Treasury Stock

9 Months Ended

Sep. 26, 2020

Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]

Treasury Stock:

The Company’s Board of Directors has authorized common stock repurchases under a share repurchase program up to $4.5 billion, exclusive of any fees, commissions, or other expenses related to such repurchases. The repurchases may be made from time to time on the open market or in privately negotiated transactions. The timing and amount of any shares repurchased under the program will depend on a variety of factors, including price, corporate and regulatory requirements, capital availability, and other market conditions. Repurchased shares are accounted for at cost and will be held in treasury for future issuance. The program may be limited or terminated at any time without prior notice. As of September 26, 2020, the Company had remaining authorization under the share repurchase program of $1.22 billion, exclusive of any fees, commissions, or other expenses.

The Company has suspended the share repurchase program effective March 12, 2020, in order to strengthen its liquidity and preserve cash while navigating the COVID-19 pandemic.

The following table provides the number of shares repurchased, average price paid per share, and total amount paid for share repurchases during the fiscal three and nine months ended September 26, 2020 and September 28, 2019, respectively (in thousands, except per share amounts):


	Fiscal Three Months Ended						Fiscal Nine Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Total number of shares repurchased	—		1,470		2,853		4,926
Average price paid per share	$	—	$	105.97	$	92.28	$	99.46
Total cash paid for share repurchases	$	—	$	155,742	$	263,219	$	489,977