Stockholders' Equity

3 Months Ended

Mar. 30, 2025

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Share Repurchases

On May 22, 2024, the Company's board of directors authorized a $600 million share repurchase program for its common stock. The new authorization replaced the Company's then-existing share repurchase authorization of $600 million that was due to expire on December 31, 2024, of which $119.3 million remained available upon its replacement, and under which no further shares may be repurchased. 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 March 30, 2025:

Effective date	Expiration date	Amount authorized		Cost of repurchases		Authorization available
March 2, 2022	December 31, 2024	$	600,000	$	480,715	$	—
May 22, 2024	May 22, 2027	$	600,000	$	368,238	$	231,762

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
	March 30, 2025		March 31, 2024
Number of common shares acquired	1,568,017		957,780
Average price per common share acquired	$	140.68	$	63.04
Total cost of common shares acquired	$	220,594	$	60,380

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. The cost of common shares repurchased included the 1% excise tax imposed as part of the Inflation Reduction Act of 2022.

Subsequent to March 30, 2025 and through April 28, 2025, the Company repurchased an additional 0.3 million shares of common stock for $53.0 million, excluding excise tax.