Stockholders' Equity

3 Months Ended

Jun. 29, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders' Equity

Common Stock 

For the three months ended June 29, 2024, and June 24, 2023, the Company issued a net 0.2 million and an immaterial number of shares of common stock, 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, included as a reduction to accumulated earnings in the Consolidated Condensed Statements of Stockholders' Equity. As of June 29, 2024, the Company has accrued approximately $1.5 million 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. As of June 29, 2024, approximately $225.9 million of the Company's common stock has been repurchased under the 2022 share repurchase authorization, leaving approximately $274.1 million available for repurchase. During the three months ended June 29, 2024, the Company repurchased 0.4 million shares of the Company's common stock under the 2022 authorization for $41.0 million, at an average cost of $113.48 per share.