Share Repurchase Program

12 Months Ended

Jan. 01, 2022

Share Repurchase Program [Abstract]

Share Repurchase Program

.    Share Repurchase Program:

In April 2021 and November 2019, our Board of Directors authorized $1.0 billion and $700.0 million for our share repurchase program. Our share repurchase program permits the repurchase of our common stock on the open market and in privately negotiated transactions from time to time. On February 8, 2022, our Board of Directors authorized an additional $1.0 billion toward the existing share repurchase program.

During 2021, we repurchased 4.6 million shares of our common stock at an aggregate cost of $886.7 million, or an average price of $192.92 per share, in connection with our share repurchase program. We had $545.5 million remaining under our share repurchase program as of January 1, 2022. During 2020, we repurchased 3.0 million shares of our common stock at an aggregate cost of $458.5 million, or an average price of $150.65 per share, under our share repurchase program.