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CASH FLOW SUPPLEMENTARY INFORMATION
 6 Months Ended
Jun. 27, 2015
CASH FLOW SUPPLEMENTARY INFORMATION  
CASH FLOW SUPPLEMENTARY INFORMATION

 

(5) CASH FLOW SUPPLEMENTARY INFORMATION

        The Company considers all highly liquid temporary cash investments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Cash payments for interest and income taxes (net of refunds) for the twenty-six weeks ended June 27, 2015 and June 28, 2014 were as follows:

                                                                                                                                                                                    

 

 

2015

 

2014

 

Interest

 

$
22,898 

 

$
16,564 

 

Income taxes

 

 
14,280 

 

 
77,691 

 

        On May 13, 2014, the Company announced a new capital allocation philosophy which increased the dividend by 50% and covered a share repurchase program of up to $500 million of the Company's outstanding common stock to be acquired from time to time over twelve months at prevailing market prices, through open market or privately-negotiated transactions. On February 24, 2015, the Board of Directors authorized an additional purchase of up to $250 million of the Company's outstanding common stock with no stated expiration date. As of June 27, 2015, the Company has acquired 3,700,970 shares for approximately $516.1 million under the share repurchase programs.