Stock Repurchase Program

9 Months Ended

Sep. 26, 2020

17. Stock Repurchase Program

In July 2018, the Company’s Board of Directors (Board) approved a stock repurchase program, authorizing the Company to purchase up to 5.0 million additional shares of its common stock over a period of up to three years (2018 Repurchase Program). The Company expects to fund the 2018 Repurchase Program through its available cash, cash expected to be generated from future operations, the credit facility and other potential sources of capital. The 2018 Repurchase Program can be carried out at the discretion of a committee comprised of the Company’s CEO and CFO through open market purchases, one or more Rule 10b5-1 trading plans, block trades and privately negotiated transactions. As of September 26, 2020, 4.7 million shares remained available for repurchase pursuant the 2018 Repurchase Program.

The following table provides a summary of the Company’s stock repurchase activities (in thousands, except per share amounts):


	Three Months Ended						Nine Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Shares repurchased⁽¹⁾	—		1		4		208
Average cost per share	$	—	$	139.91	$	164.44	$	134.05
Value of shares repurchased	$	—	$	70	$	591	$	27,924

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⁽¹⁾ Excludes shares withheld from the shares of its common stock actually issued in connection with the vesting of PSU or RSU awards to satisfy certain U.S. federal and state tax withholding obligations.