Stockholders' Equity

12 Months Ended

Mar. 29, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders' Equity

Share Repurchase Program

Beginning 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 in the Consolidated Statements of Stockholders' Equity. As of March 29, 2025, the Company has accrued approximately $1.4 million related to this excise tax. Disclosure of repurchased amounts and related average costs below exclude the impact of excise taxes.

In July 2022, the Company announced that the Board of Directors authorized the repurchase of up to $500 million of the Company's common stock. During the fiscal year ended March 29, 2025, the Company repurchased 2.3 million shares of its common stock under the 2022 authorization for $261.0 million, at an average cost of $112.33 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 29, 2025. As of March 29, 2025, $54.1 million remains available for repurchase under the 2022 authorization. Additionally, in March 2025, the Board of Directors authorized the repurchase of up to an additional $500 million of the Company's common stock. No shares have been repurchased under the 2025 authorization as of March 29, 2025.

Preferred Stock

We have 5.0 million shares of Preferred Stock authorized. As of March 29, 2025, we have not issued any of the authorized shares.