Stockholders' Equity

3 Months Ended

Mar. 27, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

We repurchase shares under our stock repurchase program announced on July 15, 1996, which has no specified expiration. No existing repurchase plans or programs have expired, nor have we decided to terminate any repurchase plans or programs prior to expiration. There were 233.0 million shares authorized for repurchase with approximately 16.0 million shares remaining for further repurchases under our stock repurchase program as of March 27, 2015. Since the inception of the stock repurchase program through March 27, 2015, we have repurchased a total of 217.0 million shares of our common stock for an aggregate cost of $5.0 billion.

During the three months ended March 27, 2015, we repurchased 1.6 million shares of our common stock for a total of $57.5 million under our stock repurchase program at an average price per share of $34.95. During the three months ended March 28, 2014, we repurchased 4.6 million shares of our common stock for a total of $161.8 million under our stock repurchase program at an average price per share of $35.16. All shares were retired upon acquisition and have been recorded as a reduction of Common stock, Capital in excess of par value and Retained earnings, as applicable.