Stock Repurchase Program

3 Months Ended

Apr. 01, 2018

Equity [Abstract]

Stock Repurchase Program

Stock Repurchase Program

In April 2017, the Company's Board of Directors authorized the repurchase of $100,000,000 of the Company's common stock. As of April 1, 2018, the Company repurchased 1,744,000 shares at a cost of $100,000,000 under this program, including 803,000 shares at a cost of $45,200,000 in the three-month period ended April 1, 2018. Stock repurchases under this April 2017 program are now complete. In February 2018, the Company's Board of Directors authorized the repurchase of an additional $150,000,000 of the Company's common stock. As of April 1, 2018, the Company repurchased 453,000 shares at a cost of $24,002,000 under this program, leaving a remaining authorized balance of $125,998,000. Total stock repurchases for the three-month period ended April 1, 2018 amounted to $69,202,000. The Company may repurchase shares under this program in future periods depending upon a variety of factors, including, among other things, the impact of dilution from employee stock options, stock price, share availability, and cash requirements.