Stockholders' Equity

9 Months Ended

Oct. 02, 2022

Equity [Abstract]

Stockholders' Equity

. Stockholders’ Equity

Share Repurchases

On March 2, 2022, the Company's board of directors authorized a new $600 million share repurchase program for its common stock. The new authorization replaced the Company's then-existing share repurchase authorization of $300 million that was due to expire on March 3, 2024, of which $99.8 million remained available upon its replacement. No further shares may be repurchased under the $300 million authorization. The following table outlines the common stock share repurchase programs authorized by the Company’s board of directors and the related repurchase activity and available authorization as of October 2, 2022.

Effective date	Expiration date	Amount authorized		Cost of repurchases		Authorization available
March 3, 2021	March 2, 2022	$	300,000	$	200,200	$	—
March 2, 2022	December 31, 2024	$	600,000	$	143,236	$	456,764

The shares under the Company’s repurchase programs may be purchased on a discretionary basis from time to time through the applicable expiration date, subject to general business and market conditions and other investment opportunities, through open market purchases, privately negotiated transactions, or other means, including through Rule 10b5-1 trading plans. The board’s authorization of the share repurchase programs does not obligate the Company to acquire any particular amount of common stock, and the repurchase programs may be commenced, suspended, or discontinued at any time.

Share repurchase activity under the Company’s repurchase programs for the periods indicated was as follows (total cost in thousands):

	Thirteen weeks ended				Thirty-nine weeks ended
	October 2, 2022		October 3, 2021		October 2, 2022		October 3, 2021
Number of common shares acquired		1,558,196		2,079,420		5,437,054		5,360,037
Average price per common share acquired	$	28.25	$	24.05	$	28.53	$	25.65
Total cost of common shares acquired	$	44,023	$	50,000	$	155,094	$	137,484

Shares purchased under the Company’s repurchase programs were subsequently retired and the excess of the repurchase price over par value was charged to retained earnings.

Subsequent to October 2, 2022 and through November 4, 2022, the Company repurchased an additional 0.6 million shares of common stock for $17.8 million.