Stockholders' Equity

9 Months Ended

Sep. 28, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

Fiscal 2024 Long-Term Incentive Opportunity Awards (2024 LTIP). On December 15, 2023, the Compensation Committee (the “Committee”) of the Company’s Board of Directors adopted the 2024 LTIP pursuant to which on January 3, 2024 the Company awarded certain of the Company’s key employees, 162,913 restricted stock units and 244,376 performance share units (the “PSUs”) under the Company’s 2017 Omnibus Incentive Plan. The restricted stock units vest 33.33% on the first, second and third anniversaries of the grant date. The PSUs are tied to a three-year forward-looking performance period and will be earned based on the Company’s average return on gross investment (“ROGI”), as calculated in accordance with the terms of the award agreement, relative to the average ROGI of the Company’s performance peer group companies, with the earned award to be determined in the first quarter of fiscal 2027, after the final results for the relevant performance period are determined. The PSUs were granted at a target of 100%, but each PSU will reduce or increase (up to 225%) depending on the Company’s ROGI relative to that of the performance peer group companies and is also subject to the application of a total shareholder return (“TSR”) cap/

collar modifier depending on the Company’s TSR during the performance period relative to that of the performance peer group companies.

The Company’s Board of Directors approved a share repurchase program in August 2017, then refreshed the program on June 21, 2024 back up to an aggregate of $500.0 million of the Company’s Common Stock depending on market conditions, and extended the program to August 13, 2026. During the first nine months of fiscal 2024 (prior to the latest refresh), $29.2 million of Common Stock was repurchased under the share repurchase program. As of September 28, 2024, the Company had approximately $500.0 million remaining under the share repurchase program.