The Company has a share repurchase program that is executed through purchases made from time to time either in the open market or otherwise. On July 24, 2018, the Board of Directors approved a $1 billion common stock repurchase program. The authorization is effective for 36 months. As part of the share repurchase program, during the first quarter of fiscal 2020, SBH entered into an accelerated share repurchase ("ASR") agreement with a third-party financial institution to repurchase $125 million of the Company’s common stock. At inception, pursuant to the agreement, the Company paid $125 million to the financial institution using cash on hand and took delivery of 1.7 million shares which represented approximately 85% of the total shares the Company expected to receive based on the market price at the time of the initial delivery. The transaction was accounted for as an equity transaction. The fair value of shares received initially of $106.3 million was recorded as a treasury stock transaction, with the remainder of $18.7 million recorded as a reduction to additional paid-in capital. Upon initial receipt of the shares, there was an immediate reduction in the weighted average common shares calculation for basic and diluted earnings per share. Upon settlement of the ASR agreement, the financial institution may deliver additional shares, or the Company may deliver shares, with the final number of shares delivered determined with reference to the volume weighted average price per share of our common stock over the term of the agreement, less a negotiated discount. The final settlement of the transaction under the agreement is expected to occur no later than May 6, 2020.

The following summarizes the activity of common stock repurchases under the program for the three month periods ended December 29, 2019 and December 30, 2018:


	December 29, 2019					December 30, 2018
	Number of	Average				Number of	Average
	Shares	Price				Shares	Price
Three Month Periods Ended (in millions except per share data)	Repurchased	Per Share		Amount		Repurchased	Per Share		Amount
Open Market Purchases	1.3	$	62.06	$	81.4	—	$	—	$	—
Private Purchases	0.2		62.30		9.2	0.3		56.02		18.5
ASR	1.7		61.79		106.3	—		—		—
Total Purchases	3.2	$	61.92	$	196.9	0.3	$	56.02	$	18.5