v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 28, 2026
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Share Repurchases
On August 13, 2025, the Company's board of directors (the "Board") authorized a new $1 billion share repurchase program for its common stock. The new authorization replaced the Company's then-existing share repurchase authorization of $600 million that was due to expire on May 22, 2027, of which $142.6 million remained available upon its replacement, and under which no further shares may be repurchased. The new repurchase authorization does not have an expiration date; however, the Board expects to periodically review the authorization to assess its continued appropriateness in light of the Company's capital allocation priorities, market conditions, alternative investment opportunities, and other factors. The following table outlines the common stock share repurchase programs authorized by the Board and the related repurchase activity and available authorization as of June 28, 2026:
Effective dateExpiration dateAmount
authorized		Cost of
repurchases		Authorization
available
May 22, 2024May 22, 2027$600,000 $457,408 $— 
August 13, 2025N/A$1,000,000 $373,994 $626,006 
The shares under the Company’s current repurchase program may be purchased on a discretionary basis from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases, privately negotiated transactions, or other means, including through Rule 10b5-1 trading plans. The Board’s authorization of the share repurchase program does not obligate the Company to acquire any particular amount of common stock, and the repurchase program may be commenced, suspended, or discontinued at any time.
Share repurchase activity under the Company’s repurchase programs for the periods indicated was as follows (total cost in thousands):
Thirteen weeks endedTwenty-six weeks ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025
Number of common shares acquired873,478466,4202,761,7522,034,437
Average price per common share acquired$80.93 $158.99 $76.69 $144.88 
Total cost of common shares acquired$70,688 $74,155 $211,810 $294,749 
Shares purchased under the Company’s repurchase programs were subsequently retired and the excess of the repurchase price over par value was charged to retained earnings. The cost of common shares repurchased included the 1% excise tax imposed as part of the Inflation Reduction Act of 2022.
Subsequent to June 28, 2026 and through July 27, 2026, the Company repurchased an additional 0.5 million shares of common stock for $40.0 million, excluding excise tax.