Subsequent Event

6 Months Ended

Jul. 01, 2011

Subsequent Event

Subsequent Event

18. Subsequent Events

New Corporate Office Building

On July 20, 2011, the Company entered into a 20 year lease for a new corporate headquarters building that will be constructed in Ewing, New Jersey (approximately 10 miles from the Company's existing corporate headquarters in Princeton, New Jersey). Based on current expectations that the facility will be completed and occupied beginning in early 2013, the lease will expire in 2033. The Company's lease commitment is approximately $116 million. In conjunction with its lease of the new headquarters building, the Company will be vacating three leased facilities adjacent to its current Princeton headquarters facility. The Company is currently assessing the future impact of the new lease agreement, and any changes to its current lease agreements, on its consolidated financial statements.

Share Repurchase Authorization

On August 3, 2011, the Company's Board of Directors authorized the repurchase of up to $300 million of the Company's common stock. Any purchases may be made from time to time in the open market, in privately negotiated transactions or otherwise, subject to market conditions, corporate and legal requirements and other factors. The Company is not obligated to acquire any specific number of shares. As of August 2, 2011, approximately 144 million shares of the Company's common stock were outstanding.