Stockholders' Equity

6 Months Ended

Sep. 28, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders' Equity

Common Stock 

The Company issued a net 0.2 million and 0.4 million of shares of common stock during each of the three and six months ended September 28, 2024, and issued a net 0.1 million of shares of common stock for both the three and six months ended September 23, 2023 pursuant to the Company's equity incentive plans.

Share Repurchase Program 

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 in the Consolidated Condensed Statements of Stockholders' Equity. As of September 28, 2024, the Company has accrued approximately $1.8 million related to this excise tax. Disclosure of repurchased amounts and related average costs exclude the impact of excise taxes.

In July 2022, the Board of Directors authorized the repurchase of up to $500 million of the Company's common stock. As of September 28, 2024, approximately $275.9 million of the Company's common stock has been repurchased under the share repurchase authorization, leaving approximately $224.1 million available for repurchase. During the three months ended September 28, 2024, the Company repurchased 0.4 million shares of the Company's common stock for $50.0 million, at an average cost of $140.26 per share. During the six months ended September 28, 2024, the Company repurchased 0.7 million shares of the Company's common stock for $91.0 million, at an average cost of $126.78 per share.