Stockholders' Equity |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 05, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity | Stockholders’ Equity Comprehensive Income: The components of accumulated other comprehensive loss consisted of the following:
The unrealized foreign exchange losses (gains), net of income taxes, on intercompany debt for which repayment is not anticipated in the foreseeable future that was recorded in accumulated other comprehensive income (“AOCI”) were $39.9 million and $(58.1) million for the three months ended April 5, 2026 and March 30, 2025, respectively. Income tax (benefit) expense related to foreign currency translation adjustments recognized in AOCI was $(12.9) million for the three months ended April 5, 2026 and $4.2 million for the three months ended March 30, 2025. Stock Repurchases: On October 23, 2025, the Company’s Board of Directors (the “Board”) authorized the Company to repurchase shares of common stock for an aggregate amount up to $1.0 billion under a stock repurchase program (the “Repurchase Program”). The Repurchase Program will expire on October 22, 2027 unless terminated earlier by the Board and may be suspended or discontinued at any time. During the three months ended April 5, 2026, the Company repurchased 784,142 shares of common stock under the Repurchase Program for an aggregate cost of $79.0 million. As of April 5, 2026, $800.5 million remained available for aggregate repurchases of shares under the Repurchase Program. Subsequent to the first quarter of fiscal year 2026, the Company repurchased 93,303 shares of common stock under the Repurchase Program at an aggregate cost of $7.8 million. In addition, the Board has authorized the Company to repurchase shares of common stock to satisfy minimum statutory tax withholding obligations in connection with the vesting of restricted stock awards and restricted stock unit awards granted pursuant to the Company’s equity incentive plans and to satisfy obligations related to the exercise of stock options made pursuant to the Company’s equity incentive plans. During the three months ended April 5, 2026, the Company repurchased 51,115 shares of common stock for this purpose at an aggregate cost of $5.0 million. The repurchased shares have been reflected as additional authorized but unissued shares, with the payments reflected in common stock and capital in excess of par value. Dividends: The Board declared a regular quarterly cash dividend of $0.07 per share for the first quarter of fiscal year 2026 and in each quarter of fiscal year 2025. At April 5, 2026, the Company had accrued $7.8 million for dividends declared on January 26, 2026 for the first quarter of fiscal year 2026 that were paid in May 2026. On April 30, 2026, the Company announced that the Board had declared a quarterly dividend of $0.07 per share for the second quarter of fiscal year 2026 that will be payable in August 2026. In the future, the Board may determine to reduce or eliminate the Company’s common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources.
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