Equity Accelerated Share Repurchase (Tables) - USD ($)
shares in Thousands, $ in Millions

3 Months Ended

9 Months Ended

Sep. 27, 2018

Sep. 27, 2018

Accelerated Share Repurchases [Line Items]

Accelerated Share Repurchases [Table Text Block]

Accelerated Share Repurchase Program

In May 2018, the Company entered into accelerated share repurchase agreements (“ASRs”) with Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC (collectively, the “Dealers”) to repurchase in total $725.0 of the Company’s class A common stock. Under the ASRs, the Company delivered a total of $725.0 in cash to the Dealers and received a total of 7.3 million shares which represented approximately 85% of the total common shares expected to be repurchased under the ASRs based on the closing price on the day the Company entered into the ASRs. The final number of shares to be repurchased and the final average price per share under the ASRs will depend on the volume-weighted average price of the Company’s class A common stock, less a discount, during the term of the agreement. All purchases under the ASRs are expected to be completed in the fourth quarter of 2018.

For further information regarding the ASRs, refer to the Company's Current Report on Form 8-K filed with the SEC on May 30, 2018.

The Company accounts for the ASRs as two separate transactions: (i) as shares of reacquired common stock for the shares delivered to us upon effectiveness of the ASRs and (ii) as a forward contract indexed to the Company's own common stock for the undelivered shares. The initial delivery of shares is included in treasury stock at cost and results in an immediate reduction of the outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted earnings per share. The forward contracts indexed to the Company's own common stock meet the criteria for equity classification, and these amounts are initially recorded in additional paid-in capital and reclassified to treasury stock upon completion of the ASRs.

Accelerated Share Repurchase - Initial Share Delivery [Member]

Accelerated Share Repurchases [Line Items]

Treasury Stock, Shares, Acquired

7,300

Accelerated Share Repurchase Program [Member]

Accelerated Share Repurchases [Line Items]

Treasury Stock, Value, Acquired, Cost Method

$ 725.0