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 December 28, 2018, the Company paid $284.0 million (including commissions) in connection with the repurchase of 4.0 million shares of its common stock (paying an average price of $71.00 per share). As of December 28, 2018, $129.0 million remained available under the existing stock repurchase authorization.

On January 30, 2019, the Board of Directors approved a new stock repurchase program, pursuant to which the Company is authorized to repurchase up to $2.0 billion of its common stock from time to time prior to January 30, 2021, on the open market or in privately negotiated transactions, as permitted by securities laws and other legal requirements. This newly authorized stock repurchase plan replaces in its entirety the aforementioned January 31, 2018, plan. The timing and amount of any shares of the Company’s common stock that are repurchased under the new repurchase program will be determined by the Company’s management based on its evaluation of market conditions and other factors. The repurchase program may be suspended or discontinued at any time. The Company currently expects to fund the repurchase program using the Company’s working capital.

Dividends

On February 5, 2019, the Company announced that the Board of Directors had declared a cash dividend on its common stock of $0.38 per share, payable on March 19, 2019, to the Company’s stockholders of record as of the close of business on February 26, 2019.

During the three months ended December 28, 2018, the Company declared and paid a $0.38 dividend per common share with a total charge to retained earnings of $67.1 million

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
	December 28, 2018		December 29, 2017
Cost of goods sold	$	3.6	$	4.1
Research and development	12.5		11.2
Selling, general and administrative	4.7		10.5
Total share-based compensation	$	20.8	$	25.8

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 months ended December 28, 2018, is not material.