Stockholders' Equity

12 Months Ended

Mar. 30, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders' Equity

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. As of March 30, 2024, the Company has accrued approximately $1.3 million related to this excise tax. Disclosure of repurchased amounts and related average costs below exclude the impact of excise taxes.

In January 2021, the Board of Directors authorized the repurchase of up to an additional $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 Company announced that the Board of Directors authorized the repurchase of up to an additional $500 million of the Company's common stock. During the fiscal year ended March 30, 2024, the Company repurchased 2.3 million shares of its common stock under the combined 2021 and 2022 authorizations for $186.0 million, at an average cost of $80.68 per share. All of these shares were repurchased in the open market and were funded from existing cash. All shares of our common stock

that were repurchased were retired as of March 30, 2024. As of March 30, 2024, $315.1 million remains available for repurchase under the 2022 authorization.

Preferred Stock

We have 5.0 million shares of Preferred Stock authorized. As of March 30, 2024, we have not issued any of the authorized shares.