TREASURY STOCK ACTIVITY

9 Months Ended

Sep. 29, 2024

Equity [Abstract]

TREASURY STOCK ACTIVITY

TREASURY STOCK ACTIVITY

A summary of our treasury stock activity is as follows:

	Nine Months Ended September 29, 2024
	Shares	Dollars
		In thousands
Shares repurchased in the open market under pre-approved share repurchase programs	2,022,064	$	400,000
Shares repurchased in the open market to replace Treasury Stock issued for stock options and incentive compensation	483,033	94,191
Total share repurchases	2,505,097	494,191
Shares issued for stock options and incentive compensation	(457,998)	(19,058)
Total net share repurchases	2,047,099	475,133
Excise tax associated with net share repurchases (1)	—	4,751
Net change	2,047,099	$	479,884

(1)A corresponding liability for excise tax associated with net share repurchases is classified on our Consolidated Balance Sheets within accrued liabilities.

In February 2023, the Company entered into a Stock Purchase Agreement with Hershey Trust Company, as trustee for the Milton Hershey School Trust (the “School Trust”), pursuant to which the Company purchased 1,000,000 shares of the Company’s Common Stock from the School Trust at a price equal to $239.91 per share, for a total purchase price of $239,910.

In July 2018, our Board of Directors approved a $500 million share repurchase authorization to repurchase shares of our Common Stock. As a result of the February 2023 Stock Purchase Agreement with Hershey Trust Company, as trustee for the School Trust, the July 2018 share repurchase authorization was completed. In May 2021, our Board of Directors approved an additional $500 million share repurchase authorization, which was completed as of March 31, 2024. In December 2023, our Board of Directors approved an additional $500 million share repurchase authorization. This program commenced after the existing May 2021 authorization was completed. As a result of the share repurchase authorization, approximately $470 million remains available for repurchases under our December 2023 share repurchase authorization. We are authorized to purchase our outstanding shares in open market and privately negotiated transactions. The program has no expiration date and acquired shares of Common Stock will be held as treasury shares. Purchases under approved share repurchase authorizations are in addition to our practice of buying back shares sufficient to offset those issued under incentive compensation plans.