Shareholders' Equity

6 Months Ended

Apr. 01, 2023

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders' Equity

On August 11, 2021, the Board of Directors approved a share repurchase program under which the Company was authorized to repurchase up to $50.0 million of its common stock (the "2022 Program"). The 2022 Program commenced upon completion of the 2021 Program and was completed in fiscal 2022. During the three months ended April 2, 2022, the Company repurchased 305,707 shares under this program for $25.0 million at an average price of $81.79 per share. During the six months ended April 2, 2022, the Company repurchased 416,147 shares under this program for $35.2 million at an average price of $84.43 per share.

On August 18, 2022, the Board of Directors approved a share repurchase program under which the Company is authorized to repurchase up to $50.0 million of its common stock (the "2023 Program"). The 2023 Program became effective immediately and has no expiration. During the three months ended April 1, 2023, the Company repurchased 125,639 shares under this program for $12.4 million at an average price of $98.75 per share. During the six months ended April 1, 2023, the Company repurchased 241,362 shares under this program for $23.9 million at an average price of $98.93 per share. As of April 1, 2023, $22.6 million of the 2023 Program remained available to repurchase shares.

All shares repurchased under the aforementioned programs were recorded as treasury stock.