Shareholders' Equity

6 Months Ended

Apr. 04, 2020

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 the three months ended April 4, 2020, the Company repurchased 224,564 shares under the 2019 Program for $13.2 million at an average price of $58.57 per share. During the six months ended April 4, 2020, the Company repurchased 315,231 shares under the 2019 Program for $19.5 million at an average price of $61.81 per share. As of

April 4, 2020, $27.2 million of authority remained under the 2019 Program. The Company suspended indefinitely any share repurchases under the 2019 Program in March 2020 due to the uncertainties created by the COVID-19 outbreak.

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"). During the three months ended March 30, 2019, the Company repurchased 991,683 shares under the 2018 Program for $56.2 million, at an average price of $56.72 per share. During the six months ended March 30, 2019, the Company repurchased 1,861,632 shares under the 2018 Program for $106.3 million, at an average price of $57.10 per share. The 2018 Program was completed during the fiscal fourth quarter of 2019, when all share repurchase authority under it was exhausted.

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