Common Stock Repurchases

9 Months Ended

Oct. 02, 2026

Equity [Abstract]

Common Stock Repurchases

NOTE 2. COMMON STOCK REPURCHASES

On December 3, 2025, the Board of Directors approved a stock repurchase program for up to $1.0 billion in repurchases of our common stock (the “December 2025 Program”).

On August 10, 2026, the Board of Directors approved a new stock repurchase program authorizing up to $1.0 billion in repurchases of our common stock (the “August 2026 Program”), which replaced the December 2025 Program, of which $608.2 million was remaining as of the end of the second quarter of 2026 and was subsequently cancelled.

Under the August 2026 Program, we may repurchase common stock from time to time through accelerated stock repurchase programs, open market transactions, privately negotiated transactions, block purchases, tender offers, or other means. The timing and amount of any stock repurchased will depend on a variety of factors, including market conditions, our stock price, other available sources and uses of capital, applicable legal requirements, and other factors. This program may be suspended, modified, or discontinued at any time at our discretion without prior notice. At the end of the third quarter of 2026, there were remaining authorized funds of $768.3 million.

During the third quarter and the first three quarters of 2026, we repurchased approximately 4.0 million and 8.7 million shares of common stock in open market purchases at an average price of $58.45 and $63.40 per share for a total of $231.7 million and $548.6 million, excluding related excise taxes.

During the third quarter and the first three quarters of 2025, we repurchased approximately 0.6 million and 10.3 million shares of common stock in open market purchases at an average price of $80.88 and $70.69 per share for a total of $50.0 million and $727.4 million, excluding related excise taxes.

Stock repurchases are reflected as a decrease to common stock based on par value and additional-paid-in-capital, determined by the average book value per share of outstanding stock, calculated at the time of each individual repurchase transaction. The excess of the purchase price over this average for each repurchase was charged to retained earnings. Stock repurchases were recorded based upon the trade date.