Common Stock Repurchases |
3 Months Ended |
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Apr. 03, 2026 | |
| Equity [Abstract] | |
| Common Stock Repurchases | NOTE 2. COMMON STOCK REPURCHASES In the first quarter of 2025, the Board of Directors approved a repurchase program of up to $1.0 billion in repurchases of the Company’s common stock (the “February 2025 Program”), which replaced and cancelled the prior 2024 stock repurchase program approved in January 2024. On December 3, 2025, the Board of Directors approved a new stock repurchase program for up to $1.0 billion in repurchases of the Company’s common stock (the “December 2025 Program”). The December 2025 Program does not have an expiration date and replaces the February 2025 Program, of which $199 million was remaining but is now cancelled. Under the December 2025 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 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 first quarter of 2026, there were remaining authorized funds of $608.2 million. During the first quarter of 2026, we repurchased approximately 4.7 million shares of common stock in open market purchases at an average price of $67.59 per share for a total of $316.9 million. During the first quarter of 2025, we repurchased approximately 9.0 million shares of common stock in open market purchases at an average price of $69.93 per share for a total of $627.4 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. Stock repurchases were recorded based upon the trade date.
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