Stockholders' Equity

3 Months Ended

Jun. 24, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders' Equity

Common Stock 

The Company issued an immaterial number of shares of common stock during the three months ended June 24, 2023, and June 25, 2022, respectively, pursuant to the Company's equity incentive plans.

Share Repurchase Program 

In fiscal year 2024, the Company's net stock repurchases are subject to a 1 percent excise tax under the Inflation Reduction Act, included as a reduction to accumulated earnings (deficit) in the Consolidated Condensed Statements of Stockholders' Equity. Disclosure of repurchased amounts and related average costs exclude the impact of excise taxes.

In January 2021, the Board of Directors authorized the repurchase of $350 million of the Company’s common stock. During the three months ended June 24, 2023, the Company completed share repurchases under the 2021 authorization, leaving no remaining authorization under this program. In July 2022, the Board of Directors authorized the repurchase of up to $500 million of the Company's common stock. As of June 24, 2023, approximately $37.4 million of the Company's common stock has been repurchased under the 2022 share repurchase authorization, leaving approximately $462.6 million available for repurchase. During the three months ended June 24, 2023, the Company repurchased 0.5 million of the Company's common stock under the combined 2021 and 2022 authorizations for $38.5 million, at an average cost of $82.59 per share.