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Stock Repurchase Program
 6 Months Ended
Jul. 02, 2022
Equity [Abstract]  
Stock Repurchase Program
18. 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 shares of its common stock over a period of up to three years (2018 Repurchase Program). A total of 1.3 million shares were purchased by the Company pursuant to the 2018 Repurchase Program prior to its expiration in September 2021.
In October 2021, the Board approved a stock repurchase program, authorizing the Company to purchase up to 3.0 million shares of its common stock over a period of up to three years (2021 Repurchase Program). The 2021 Repurchase Program became effective in October 2021 upon the expiration of the 2018 Repurchase Program. The 2021 Repurchase Program was completed in May 2022.
In June 2022, the Board approved a new stock repurchase program, authorizing the Company to purchase up to 5.0 million shares of its common stock on or before December 31, 2027 (2022 Repurchase Program). The 2022 Repurchase Program became effective in July 2022. The Company expects to fund the 2022 Repurchase Program through its available cash, cash expected to be generated from future operations, the Credit Facility and other potential sources of capital. The 2022 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 July 2, 2022, 5.0 million shares remained available for repurchase pursuant the 2022 Repurchase Program.
The following table provides a summary of the Company’s stock repurchase activities:
Three Months EndedSix Months Ended
(in millions, except per share amounts)July 2,
2022		July 3,
2021		July 2,
2022		July 3,
2021
Shares repurchased(1)
3.0 — 3.0 0.5 
Average cost per share$133.82 $— $133.82 $235.88 
Value of shares repurchased$401.4 $— $401.4 $128.9 
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(1)     Excludes shares withheld from the shares of its common stock actually issued in connection with the vesting of PSU or RSU awards to satisfy certain U.S. federal and state tax withholding obligations.