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TREASURY STOCK ACTIVITY | 6 Months Ended
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Jul. 02, 2023
Equity [Abstract] |
Treasury Stock Activity | TREASURY STOCK ACTIVITY A summary of our treasury stock activity is as follows:
| Six Months Ended July 2, 2023
| Shares |  | Dollars
|  |  | In thousands
Milton Hershey School Trust repurchase | 1,000,000 |  |  | $ | 239,910 |
Shares issued for stock options and incentive compensation | (484,327) |  |  | (20,153) |
Total net share repurchases | 515,673 |  |  | 219,757 |
Excise tax associated with net share repurchases (1) | — |  |  | 2,198 |
Net change | 515,673 |  |  | $ | 221,955 |
(1)A corresponding liability for excise tax associated with net share repurchases is classified on our Consolidated Balance Sheets within accrued liabilities. In February 2023, the Company entered into a Stock Purchase Agreement with Hershey Trust Company, as trustee for the Milton Hershey School Trust (the “School Trust”), pursuant to which the Company purchased 1,000,000 shares of the Company’s Common Stock from the School Trust at a price equal to $239.91 per share, for a total purchase price of $239,910. In July 2018, our Board of Directors approved a $500 million share repurchase authorization to repurchase shares of our Common Stock. In May 2021, our Board of Directors approved an additional $500 million share repurchase authorization. As a result of the February 2023 Stock Purchase Agreement with Hershey Trust Company, as trustee for the School Trust, the July 2018 share repurchase authorization was completed and as of July 2, 2023, approximately $370 million remains available for repurchases under our May 2021 share repurchase authorization. We are authorized to purchase our outstanding shares in open market and privately negotiated transactions. The program has no expiration date and acquired shares of Common Stock will be held as treasury shares. Purchases under approved share repurchase authorizations are in addition to our practice of buying back shares sufficient to offset those issued under incentive compensation plans.

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