XML 11 R24.htm IDEA: XBRL DOCUMENT v3.20.1
Stock Repurchase Program
 3 Months Ended
Mar. 28, 2020
Equity [Abstract]  
Stock Repurchase Program
17. Stock Repurchase Program
In July 2018, the Company’s Board of Directors (Board) approved a 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 Company expects to fund the 2018 Repurchase Program through its available cash, cash expected to be generated from future operations, the 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. As of March 28, 2020, 4.7 million shares remained available for repurchase pursuant the 2018 Repurchase Program.
The following table provides a summary of the Company’s stock repurchase activities (in thousands, except per share amounts):
 
Three Months Ended
 
March 28,
2020
 
March 30,
2019
Shares repurchased(1)
3

 
—

Average cost per share
$
144.65

 
$
—

Value of shares repurchased
$
371

 
$
—


______________
(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.