STOCKHOLDERS’ EQUITY

Stock Repurchase Program

On January 31, 2018, the Board of Directors approved a stock repurchase program, pursuant to which the Company is authorized to repurchase up to $1.0 billion of its common stock from time to time prior to January 31, 2020, on the open market or in privately negotiated transactions, as permitted by securities laws and other legal requirements.

During the three months ended June 29, 2018, the Company paid $240.3 million (including commissions) in connection with the repurchase of 2.5 million shares of its common stock (paying an average price of $97.43 per share). During the nine months ended June 29, 2018, the Company paid $524.5 million (including commissions) in connection with the repurchase of 5.1 million shares of its common stock (paying an average price of $102.06 per share). As of June 29, 2018, $647.9 million remained available under the existing stock repurchase authorization.

Dividends

On July 19, 2018, the Company announced that the Board of Directors had declared a cash dividend on its common stock of $0.38 per share, payable on August 28, 2018, to the Company’s stockholders of record as of the close of business on August 7, 2018.

During the three and nine months ended June 29, 2018, dividends charged to retained earnings were as follows (in millions, except per share data):



	Per Share		Total Amount
First quarter	$	0.32	$	58.8
Second quarter	0.32		58.5
Third quarter	0.32		57.8
Total	$	0.96	$	175.1

Share-based Compensation

The following table summarizes the share-based compensation expense by line item in the Statements of Operations (in millions):



	Three Months Ended				Nine Months Ended
	June 29, 2018		June 30, 2017		June 29, 2018		June 30, 2017
Cost of goods sold	$	3.3	$	2.9	$	11.6	$	10.1
Research and development	6.5		9.1		32.2		25.9
Selling, general and administrative	9.7		8.6		42.5		28.3
Total share-based compensation	$	19.5	$	20.6	$	86.3	$	64.3

On November 15, 2017, the Company agreed to potentially issue not more than 1% of its common stock to an unaffiliated third party as a contingent consideration for its role under a multi-year collaboration agreement, upon the achievement of certain product sales milestones. The shares have been valued utilizing a probability weighted series of Black-Scholes pricing models and could be issued after mid-2020. The shares will be marked to estimated fair value each reporting period through earnings. The amount recorded in the statement of operations within selling, general and administrative expense for the three and nine months ended June 29, 2018, is not material.