Treasury Stock

12 Months Ended

Dec. 26, 2020

Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]

Treasury Stock:

The Company’s Board of Directors has authorized common stock repurchases under a share repurchase program which was announced in February 2007. The authorization amount of the program, which has been increased from time to time, is currently authorized for up to $4.5 billion, exclusive of any fees, commissions or other expenses related to such repurchases. The share repurchase program does not have an expiration date. The repurchases may be made from time to time on the open market or in privately negotiated transactions. The timing and amount of any shares repurchased under the program will depend on a variety of factors, including price, corporate and regulatory requirements, capital availability and other market conditions. Repurchased shares are accounted for at cost and will be held in treasury for future issuance. The program may be limited, temporarily paused, or terminated at any time without prior notice. As of December 26, 2020, the Company had remaining authorization under the share repurchase program of $1.14 billion, exclusive of any fees, commissions or other expenses.

The following table provides the number of shares repurchased, average price paid per share, and total amount paid for share repurchases in fiscal 2020, 2019, and 2018, respectively (in thousands, except per share amounts):


	Fiscal Year
	2020		2019		2018
Total number of shares repurchased	3,439		5,384		4,987
Average price paid per share	$	99.72	$	99.05	$	70.14
Total cash paid for share repurchases	$	342,957	$	533,319	$	349,776

Shares repurchased in fiscal 2020 were impacted by the temporary suspension of our share repurchase program from March 12, 2020 until November 5, 2020, in order to strengthen our liquidity and preserve cash while navigating the COVID-19 pandemic.