Stockholders' Equity

9 Months Ended

Dec. 30, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders' Equity

Common Stock 

The Company issued a net 0.5 million and 0.6 million shares of common stock for the three and nine months ended December 30, 2023, respectively, and 0.5 million and 0.6 million for the three and nine months ended December 24, 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. The Company completed share repurchases under the 2021 authorization in the first quarter of fiscal year 2024. In July 2022, the Board of Directors authorized the repurchase of up to an additional $500 million of the Company's common stock. As of December 30, 2023, approximately $134.9 million of the Company's common stock has been repurchased under the 2022 share repurchase authorization, leaving approximately $365.1 million available for repurchase. During the three months ended December 30, 2023, the Company repurchased 0.8 million shares of the Company's common stock under the 2022 authorization for $56.9 million, at an average cost of $72.93 per share. During the nine months ended December 30, 2023, the Company repurchased 1.8 million shares of the Company's common stock under the combined 2021 and 2022 authorizations for $136.0 million, at an average cost of $77.39 per share.