Stock Repurchase Program (Notes)

3 Months Ended

Mar. 30, 2019

17. Stock Repurchase Program

In September 2015, the Company’s Board of Directors (Board) authorized a stock repurchase program, whereby the Company could purchase up to 5.0 million shares of its common stock over a period of up to three years (2015 Repurchase Program). A total of 3.1 million shares were purchased by the Company pursuant to the 2015 Repurchase Program prior to its expiration in September 2018.

In July 2018, the Board approved a new stock repurchase program, authorizing the Company to purchase up to 5.0 million additional shares of its common stock over a period of up to three years (2018 Repurchase Program). The 2018 Repurchase Program became effective in September 2018 upon the expiration of the 2015 Repurchase Program. The Company expects to fund the 2018 Repurchase Program through its available cash, cash expected to be generated from future operations, the 2018 Credit Facility and other potential sources of capital. The 2018 Repurchase Program can be carried out at the discretion of a committee comprised of the Company’s CEO and CFO through open market purchases, one or more Rule 10b5-1 trading plans, block trades and privately negotiated transactions.

The following table provides a summary of the Company’s stock repurchase activities during the three months ended March 30, 2019 and March 31, 2018 (in thousands, except per share amounts):



	Three Months Ended
	March 30, 2019		March 31, 2018
Shares repurchased⁽¹⁾	—		198
Average cost per share	$	—	$	84.14
Value of shares repurchased	$	—	$	16,490

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⁽¹⁾	Excludes shares withheld from the shares of its common stock actually issued in connection the vesting of PSU awards to satisfy certain U.S. federal and state tax withholding obligations.