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Stockholders' Equity
 9 Months Ended
Sep. 29, 2024
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Share Repurchases
On May 22, 2024, the Company's board of directors authorized a new $600 million share repurchase program for its common stock. This authorization replaced the Company's then-existing share repurchase authorization of $600 million that was due to expire on December 31, 2024, of which $119.3 million remained available upon its replacement, and under which no further shares may be repurchased. The following table outlines the common stock share repurchase programs authorized by the Company’s board of directors and the related repurchase activity and available authorization as of September 29, 2024:
Effective dateExpiration dateAmount
authorized		Cost of
repurchases		Authorization
available
March 2, 2022December 31, 2024$600,000 $480,715 $— 
May 22, 2024May 22, 2027$600,000 $40,602 $559,398 
The shares under the Company’s repurchase programs may be purchased on a discretionary basis from time to time through the applicable expiration date, 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 programs does not obligate the Company to acquire any particular amount of common stock, and the repurchase programs 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 endedThirty-nine weeks ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Number of common shares acquired264,135831,4161,861,4535,307,759
Average price per common share acquired$96.60 $38.89 $70.22 $34.28 
Total cost of common shares acquired$25,516 $32,333 $130,708 $181,974 
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 September 29, 2024 and through the date of this filing, the Company repurchased an additional 0.1 million shares of common stock for $5.6 million, excluding excise tax.