Stockholders' Equity

3 Months Ended

Jun. 28, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders' Equity

Common Stock

The Company issued an immaterial amount and 0.2 million shares of common stock during the three months ended June 28, 2025 and June 29, 2024, respectively, 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, which is included as a reduction to accumulated earnings in the Consolidated Condensed Statements of Stockholders' Equity. As of June 28, 2025, approximately $2.3 million is accrued 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. During the three months ended June 28, 2025, the Company completed share repurchases under the 2022 authorization. In March 2025, the Board of Directors authorized the repurchase of up to $500 million of the Company's common stock. As of June 28, 2025, approximately $45.9 million of the Company's common stock has been repurchased under the share repurchase authorization, leaving approximately $454.1 million available for repurchase under the 2025 authorization. During the three months ended June 28, 2025, the Company repurchased 1.0 million shares of the Company's common stock for $100.0 million, at an average cost of $98.66 per share under the combined share authorizations.