Common Stock Repurchase |
6 Months Ended |
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Jul. 04, 2025 | |
| Equity [Abstract] | |
| Common Stock Repurchase | NOTE 2. COMMON STOCK REPURCHASE In the first quarter of 2025, the Board of Directors approved a new stock repurchase program authorizing up to $1.0 billion in repurchases of our common stock. The new stock repurchase program replaced the prior 2024 stock repurchase program, which was approved in January 2024 and has been cancelled. Under the 2025 stock repurchase program, we may repurchase 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 actual amount of any stock repurchased will depend on a variety of factors, including market conditions, our stock price, other available uses of capital, applicable legal requirements, and other factors. This program may be suspended, modified, or discontinued at any time without prior notice. The stock repurchase authorization does not have an expiration date. At the end of the second quarter of 2025, there were remaining authorized funds of $322.6 million. During the second quarter and first two quarters of 2025, we repurchased approximately 0.7 million and 9.7 million shares of common stock in open market purchases at an average price of $71.43 and $70.04 per share for a total of $50.0 million and $677.4 million. There were no stock repurchases during the second quarter of 2024. During the first two quarters of 2024, we repurchased approximately 2.9 million shares of common stock in open market purchases at an average price of $60.97 per share for a total of $175.0 million. 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. Common stock repurchases under the program were recorded based upon the trade date for accounting purposes.
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