Share Repurchases (Notes)

3 Months Ended

Mar. 28, 2020

Text Block [Abstract]

Treasury Stock [Text Block]

Share Repurchases

On November 7, 2017, the company's Board of Directors approved a stock repurchase program. This program authorizes the company to repurchase in the aggregate up to 2,500,000 shares of its outstanding common stock in open market purchase transactions. For the three months ended March 28, 2020, the company repurchased 896,965 shares of its common stock under the program for $69.7 million, including applicable commissions, which represented an average price of $77.70. As of March 28, 2020, 1,023,165 shares had been purchased under the 2017 stock repurchase program. 

The company also treats shares withheld for tax purposes on behalf of employees in connection with the vesting of restricted share grants as common stock repurchases because they reduce the number of shares that would have been issued upon vesting. For the three months ended March 28, 2020, the company repurchased 59,374 shares of its common stock that were surrendered to the company for withholding taxes related to restricted stock vestings for $4.9 million.