Stockholders' Equity |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 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 $2.4 million and $(157.5) million for the three months ended July 5, 2026 and June 29, 2025, respectively, and $42.3 million and $(228.6) million for the six months ended July 5, 2026 and June 29, 2025, respectively. The income tax effects associated with foreign currency translation adjustments recognized in AOCI reflected a tax expense of $0.5 million and $3.1 million for the three months ended July 5, 2026 and June 29, 2025, respectively. The income tax effects associated with foreign currency translation adjustments recognized in AOCI reflected a tax benefit of $12.4 million and $1.1 million for the six months ended July 5, 2026 and June 29, 2025, respectively. 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 July 5, 2026, the Company repurchased 93,303 shares of common stock under the Repurchase Program for an aggregate cost of $7.8 million. During the six months ended July 5, 2026, the Company repurchased 877,445 shares of common stock under the Repurchase Program for an aggregate cost of $86.9 million. As of July 5, 2026, $792.7 million remained available for aggregate repurchases of shares under the Repurchase Program. There have been no share repurchases subsequent to the second quarter of fiscal year 2026. 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 July 5, 2026, the Company repurchased 1,570 shares of common stock for this purpose at an aggregate cost of $0.2 million. During the six months ended July 5, 2026, the Company repurchased 52,685 shares of common stock for this purpose at an aggregate cost of $5.2 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. In the second quarter of fiscal years 2026 and 2025, the Company paid $8.0 million and $3.2 million in excise taxes related to the 2025 and 2024 share repurchases, respectively. Amounts paid for excise taxes on share repurchases are included in financing activities in the accompanying consolidated condensed statements of cash flows. Dividends: The Board declared a regular quarterly cash dividend of $0.07 per share for each of the first two quarters of fiscal year 2026 and in each quarter of fiscal year 2025. At July 5, 2026, the Company had accrued $7.8 million for dividends declared on April 30, 2026 for the second quarter of fiscal year 2026 that were paid in August 2026. On July 31, 2026, the Company announced that the Board had declared a quarterly dividend of $0.07 per share for the third quarter of fiscal year 2026 that will be payable in November 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||