Stockholders' Equity Stockholders' Equity

6 Months Ended

Jun. 28, 2016

Stockholders' Equity Attributable to Parent [Abstract]

Stockholders' Equity

Stockholders' Equity

Share Repurchase Authorization

On June 5, 2014, the Company's Board of Directors approved a three year share repurchase authorization of up to $600 million of the Company's Class A common stock (the “2014 repurchase authorization”), pursuant to which the Company may repurchase shares from time to time on the open market or in privately negotiated transactions and which may be made under a Rule 10b5-1 plan. On April 15, 2015, the Company's Board of Directors approved an increase of the 2014 repurchase authorization to $750 million. During the twenty-six weeks ended June 28, 2016, the Company repurchased 839,759 shares under the 2014 repurchase authorization, at an average price of $201.15 per share, for an aggregate purchase price of approximately $168.9 million. On May 19, 2016, the Company's Board of Directors terminated the 2014 repurchase authorization program.

On May 19, 2016, the Company's Board of Directors approved a new three year share repurchase authorization of up to $600 million of the Company's Class A common stock (the "2016 repurchase authorization"), pursuant to which the Company may repurchase shares from time to time on the open market or in privately negotiated transactions and which may be made under a Rule 10b5-1 plan. Repurchased shares may be retired immediately and resume the status of authorized but unissued shares or may be held by the Company as treasury stock. The 2016 repurchase authorization may be modified, suspended, or discontinued by the Company's Board of Directors at any time. As of June 28, 2016, the Company had repurchased a total of 124,952 shares under the 2016 share repurchase authorization, at a weighted average price of $218.45 per share, for an aggregate purchase price of approximately $27.3 million. There was approximately $572.7 million available under the 2016 repurchase authorization as of June 28, 2016.

In total, during the twenty-six weeks ended June 28, 2016, the Company repurchased 964,711 shares under the 2014 repurchase authorization and 2016 repurchase authorization, at an average price of $203.39 per share, for an aggregate purchase price of approximately $196.2 million.

Accumulated Other Comprehensive Income (Loss)

The following table summarizes changes in accumulated other comprehensive income (loss), net of tax, for the thirteen weeks ended June 28, 2016 and June 30, 2015 (in thousands):

	Foreign Currency Translation Adjustment			Cash Flow Hedging Instruments			Total
June 28, 2016
Net gains (losses), beginning of period	$	(2,917	)	$	(4,286	)	$	(7,203	)
Net gains (losses) recognized before reclassification	286			(1,584		)	(1,298		)
Net gains (losses) reclassified to earnings	—			—			—
Other comprehensive income (loss), net of tax	286			(1,584		)	(1,298		)
Net gains (losses), end of period	$	(2,631	)	$	(5,870	)	$	(8,501	)
June 30, 2015
Net gains (losses), beginning of period	$	(2,385	)	$	—		$	(2,385	)
Net gains (losses) recognized before reclassification	322			—			322
Net gains (losses) reclassified to earnings	—			—			—
Other comprehensive income (loss), net of tax	322			—			322
Net gains (losses), end of period	$	(2,063	)	$	—		$	(2,063	)

The following table summarizes changes in accumulated other comprehensive income (loss), net of tax, for the twenty-six weeks ended June 28, 2016 and June 30, 2015 (in thousands):

	Foreign Currency Translation Adjustment			Cash Flow Hedging Instruments			Total
June 28, 2016
Net gains (losses), beginning of period	$	(3,486	)	$	(1,543	)	$	(5,029	)
Net gains (losses) recognized before reclassification	855			(4,327		)	(3,472		)
Net gains (losses) reclassified to earnings	—			—			—
Other comprehensive income (loss), net of tax	855			(4,327		)	(3,472		)
Net gains (losses), end of period	$	(2,631	)	$	(5,870	)	$	(8,501	)
June 30, 2015
Net gains (losses), beginning of period	$	(1,360	)	$	—		$	(1,360	)
Net gains (losses) recognized before reclassification	(703		)	—			(703		)
Net gains (losses) reclassified to earnings	—			—			—
Other comprehensive income (loss), net of tax	(703		)	—			(703		)
Net gains (losses), end of period	$	(2,063	)	$	—		$	(2,063	)