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Share Repurchase Program
6 Months Ended
Jul. 01, 2012
Share Repurchase Program [Abstract]  
Treasury Stock [Text Block]
Share Repurchase Program

During the fourth quarter of fiscal year 2011, the Company’s Board of Directors authorized the repurchase of up to $500.0 million of the Company’s outstanding common stock over a period of up to five years. Under this program, shares repurchased are recorded as a reduction to capital in excess of par value and retained earnings in the Company’s Condensed Consolidated Balance Sheet. The Company has cumulatively repurchased 3.9 million shares for $158.1 million, of which during the six months ended July 1, 2012, the Company repurchased 3.8 million shares for an aggregate purchase price of $154.1 million. As part of its share repurchase program, the Company may from time-to-time enter into structured share repurchase arrangements with financial institutions. These arrangements generally require the Company to make an upfront cash payment in exchange for the right to receive shares of its common stock or cash at the expiration of the agreement, dependent upon the volume-weighted average price of the Company’s common stock at the expiration date. The initial cash principal payment, as well as the subsequent repayment of principal and return on principal, if settled in cash, are recorded as a component of capital in excess of par value in the Company’s Condensed Consolidated Balance Sheet. In the first quarter of fiscal year 2012, the Company entered into structured share repurchase arrangements which required an upfront cash payment of $20.0 million. These arrangements settled within the first quarter of fiscal 2012 and resulted in zero stock repurchases and the Company receiving its original upfront cash payment of $20.0 million and returns totaling $1.1 million. In the second quarter of fiscal year 2012, the Company entered into structured share repurchase arrangements which required an upfront cash payment of $20.0 million. As of July 1, 2012, aggregate prepayments of $20.0 million were outstanding under these arrangements. These arrangements settled in late July 2012 and resulted in zero stock repurchases and the Company receiving its original upfront cash payment of $20.0 million and returns totaling $1.5 million. As of July 1, 2012, the Company had approximately $342 million remaining under this share repurchase program.