Shareholders' Equity

12 Months Ended

Sep. 28, 2019

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders' Equity

On August 20, 2019, the Board of Directors approved a new stock repurchase plan under which the Company is authorized to repurchase $50.0 million of its common stock (the "2019 Program"). The 2019 Program commenced upon completion of the 2018 Program, as defined below. During fiscal 2019, the Company repurchased 54,965 shares under this program for $3.3 million at an average price of $59.66 per share. As of September 28, 2019, $46.7 million of authority remained under the 2019 Program.

On February 14, 2018, the Board of Directors approved a stock repurchase plan under which the Company was authorized to repurchase $200.0 million of its common stock (the "2018 Program"). The 2018 Program commenced upon completion of the 2016 Program, as defined below. During fiscal 2019 and 2018, the Company completed the 2018 Program by repurchasing 3,129,059 and 343,642 shares under this program for $178.8 million and $21.2 million, at an average price of $57.15 and $61.61 per share, respectively.

On June 6, 2016, the Board of Directors authorized a multi-year stock repurchase program under which the Company was authorized to repurchase up to $150.0 million of its common stock beginning in fiscal 2017 (the "2016 Program"). During fiscal 2018 and 2017, the Company completed the 2016 Program by repurchasing 1,914,596 and 655,470 shares for $115.9 million and $34.1 million, at an average price of $60.52 and $52.08 per share, respectively.

All shares repurchased under the aforementioned programs were recorded as treasury stock.