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STOCKHOLDERS’ EQUITY
 4 Months Ended
Apr. 23, 2016
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

18. STOCKHOLDERS’ EQUITY

On March 16, 2016, the company announced that we entered into an accelerated share repurchase program (“ASR”) agreement to repurchase an aggregate of $120.0 million of the company’s common stock.  Under the terms of the ASR, the company paid $120.0 million in cash and received an initial delivery of 5.6 million shares immediately.  The final number of shares repurchased will be based on the daily volume-weighted average stock price over the life of the transaction, less a negotiated discount.  The balance of shares will be issued to the company at the time of settlement.  The ASR is expected to be completed by the end of the company’s second fiscal quarter (July 16, 2016).  The ASR met all applicable criteria for equity classification and, therefore, was not accounted for as a derivative instrument.  Shares purchased under the ASR are added to our treasury shares.  The company funded the ASR with borrowings on its credit facility and cash on hand.

During the sixteen weeks ended April 23, 2016, 6.0 million shares, at a cost of $108.3 million, of the company’s common stock were purchased (and settled) under an authorized share repurchase plan and the ASR.  From the inception of the plan through April 23, 2016, 66.8 million shares, at a cost of $612.4 million, have been purchased.  There are $18.0 million of shares that will settle under the ASR by the end of the company’s second fiscal quarter.