COMMON STOCK |
6 Months Ended |
|---|---|
Jul. 04, 2026 | |
| Stockholders' Equity Note [Abstract] | |
| COMMON STOCK | COMMON STOCK Open Market Share Repurchases The Company’s Board of Directors (the “Board”) has authorized share repurchase programs providing for the repurchase of up to an aggregate of $1.00 billion of the Company’s common stock. As of July 4, 2026, the total remaining capacity under outstanding repurchase authorizations, based on settled repurchase transactions, was $599.0 million. The share repurchase authorizations have no expiration dates. The Company did not repurchase and retire any shares of its common stock through open market transactions during the first two quarters of fiscal 2026 and 2025. Future repurchases may occur from time to time in the open market, in privately negotiated transactions, or otherwise. The timing and amount of any repurchases will be at the discretion of the Company subject to restrictions under the Company’s secured asset-based revolving credit facility and considerations given to market conditions, stock price, other investment priorities, excise taxes, and other factors. Dividends In each of the first two quarters of fiscal 2026, the Company’s Board declared, and the Company paid, a cash dividend per common share of $0.25 (for an aggregate of $0.50 per common share for the first two quarters of fiscal 2026). In the first and second quarters of fiscal 2025, the Board declared, and the Company paid, a cash dividend per common share of $0.80 and $0.25, respectively (for an aggregate of $1.05 per common share for the first two quarters of fiscal 2025). The Board will evaluate future dividend declarations based on a number of factors, including restrictions under the Company’s secured asset-based revolving credit facility, business conditions, the Company’s financial performance, and other considerations. Provisions in the Company’s ABL facility could have the effect of restricting the Company’s ability to pay cash dividends on, or make future repurchases of, its common stock, as further described in Note 6, Long-term Debt, to the condensed consolidated financial statements.
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