XML 25 R15.htm IDEA: XBRL DOCUMENT v3.21.2
COMMON STOCK
 6 Months Ended
Jul. 03, 2021
Stockholders' Equity Note [Abstract]  
COMMON STOCK COMMON STOCK
Open Market Share Repurchases
The Company repurchased and retired shares in open market transactions in the following amounts for the fiscal periods indicated:
Fiscal quarter endedTwo fiscal quarters ended
July 3, 2021June 27, 2020July 3, 2021June 27, 2020
Number of shares repurchased— — — 474,684 
Aggregate cost of shares repurchased (dollars in thousands)$— $— $— $45,255 
Average price per share$— $— $— $95.34 
The total aggregate remaining capacity under outstanding repurchase authorizations as of July 3, 2021 was approximately $650.4 million. The authorizations have no expiration date.
As previously announced, the Company, in connection with the COVID-19 pandemic, suspended its common stock share repurchase program at the end of the first quarter in fiscal 2020. While the Company may elect to resume repurchases at any time, the timing and amount of any future repurchases will be determined by the Company based on its evaluation of market conditions, share price, investment priorities, and other factors.
Dividends
On May 1, 2020, in connection with the COVID-19 pandemic, the Company suspended its quarterly cash dividend. As a result, the Company did not declare or pay cash dividends through April 27, 2021. On April 27, 2021, in connection with the announcement of the amendment on the Company’s secured revolving credit facility, the Company’s Board of Directors authorized a quarterly cash dividend payment of $0.40 per common share, which was paid in the second quarter of fiscal 2021.
The Company did not declare or pay cash dividends in the second fiscal quarter ended June 27, 2020. In the first two fiscal quarters ended June 27, 2020, the Company declared and paid cash dividends per share of $0.60.
The Board of Directors will evaluate future dividend declarations based on a number of factors, including restrictions under the Company’s secured revolving credit facility, business conditions, the Company’s financial performance, and other considerations.
Provisions in the Company’s secured revolving credit facility could have the effect of restricting the Company’s ability to pay cash dividends on, or make future repurchases of, its common stock, as further described in Note 8, Long-Term Debt to the consolidated financial statements.