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Stockholders' Equity
 6 Months Ended
Jun. 28, 2025
Earnings Per Share [Abstract]  
Stockholders' Equity STOCKHOLDERS’ EQUITY
Earnings Per Share

The Company computes EPS in accordance with Accounting Standards Codification (“ASC”) 260, Earnings per Share. Basic EPS is computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding.

Diluted EPS is computed using the weighted average number of shares of common stock, plus the effect of potentially dilutive securities. The Company applied the treasury method to calculate the dilution impact of share-based awards—stock options, non-vested restricted shares with forfeitable dividend rights, restricted stock units, and employee stock purchase plan deferrals. For the 13 weeks ended June 28, 2025, share-based awards representing less than 1 million underlying common shares were not included in the computation because the effect would have been anti-dilutive. For the 13 weeks ended June 29, 2024, there were no anti-dilutive shares excluded from the dilutive share-based calculation. For both the 26 weeks ended June 28, 2025 and June 29, 2024, share-based awards representing 1 million underlying common shares were not included in the computation because the effect would have been anti-dilutive.

The following table sets forth the computation of basic and diluted EPS:
13 weeks ended26 weeks ended
June 28, 2025June 29, 2024June 28, 2025June 29, 2024
Numerator:
Net income$224 $198 $339 $280 
Denominator:
Weighted-average common shares outstanding—basic230 246 230 245 
Effect of dilutive share-based awards3 2 4 3 
Weighted-average common shares outstanding—diluted233 248 234 248 
Net income per share
Basic$0.97 $0.81 $1.47 $1.14 
Diluted
$0.96 $0.80 $1.45 $1.13 
Share Repurchase Programs
On November 2, 2022, our Board of Directors approved a share repurchase program (“2022 Share Repurchase Program”) under which the Company was authorized to repurchase up to $500 million of its outstanding common stock. On June 1, 2024, the Board approved an increase in the amount of common stock that could be purchased under the 2022 Share Repurchase Program to $1 billion (collectively, the “Original Share Repurchase Program”). On May 7, 2025, the Board of Directors approved, and on May 8, 2025, the Company announced a new share repurchase program (“New Share Repurchase Program”) under which the Company is authorized to repurchase up to an additional $1 billion of its outstanding common stock. As of June 28, 2025, there were no remaining funds authorized under the Original Share Repurchase Program and approximately $802 million in remaining funds authorized under the New Share Repurchase Program.
For the 13 weeks ended June 28, 2025, the Company repurchased 701,813 shares at an aggregate purchase price of approximately $52 million under the Original Share Repurchase Program inclusive of fees, commissions, and the related 1% excise tax, and 2,527,678 shares at an aggregate purchase price of approximately $198 million under the New Share Repurchase Program inclusive of fees, commissions, and the related 1% excise tax. For the 26 weeks ended June 28, 2025, the Company repurchased 1,029,813 shares at an aggregate purchase price of approximately $75 million under the Original Share Repurchase Program inclusive of fees, commissions, and the related 1% excise tax and 2,527,678 shares at an aggregate purchase price of approximately $198 million under the New Share Repurchase Program inclusive of fees, commissions, and the related 1% excise tax.
The size and timing of any repurchases will depend on a number of factors, including share price, general business and market conditions and other factors. Under the New Share Repurchase Program, repurchases can be made from time to time using a variety of methods, including open market purchases, privately negotiated transactions, accelerated share repurchases and Rule 10b5-1 trading plans. The New Share Repurchase Program does not obligate the Company to acquire any particular amount of shares, and the New Share Repurchase Program may be suspended or discontinued at any time at the Company’s discretion. The New Share Repurchase Program does not have an expiration date.