Treasury Stock

12 Months Ended

Dec. 28, 2024

Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]

The Company’s Board of Directors has authorized common stock repurchases under a share repurchase program which was announced in February 2007. As of December 28, 2024, the authorization amount of the program, which has been increased from time to time, was authorized for up to $6.50 billion, exclusive of any fees, commissions or other expenses related to such repurchases. The share repurchase program does not have an expiration date. The repurchases may be made from time to time on the open market or in privately negotiated transactions. The timing and amount of any shares repurchased under the program will depend on a variety of factors, including price, corporate and regulatory requirements, capital availability and other market conditions. Repurchased shares are accounted for at cost and will be held in treasury for future issuance. The program may be limited, temporarily paused, or terminated at any time without prior notice. As of December 28, 2024, the Company had remaining authorization under the share repurchase program of $487.3 million, exclusive of any fees, commissions or other expenses.

On February 12, 2025 the Company’s Board of Directors authorized a $1.00 billion increase to the existing share repurchase program, bringing the total amount authorized to date under the program to $7.50 billion.

The following table provides the number of shares repurchased, average price paid per share, and total costs of share repurchases in fiscal 2024, 2023, and 2022, respectively (in thousands, except per share amounts):


	Fiscal Year
	2024		2023		2022
Total number of shares repurchased (a)	10,576		13,658		16,891
Average price paid per share (a)	$	53.02	$	43.71	$	41.45
Total costs of share repurchases (b)	$	566,383	$	602,947	$	700,063

(a) All share and per share amounts have been adjusted to reflect the five-for-one Stock Split effective December 20, 2024 as discussed in Note 1.

(b) Effective January 1, 2023, the Company’s share repurchases are subject to a 1% excise tax as a result of the Inflation Reduction Act of 2022. Excise taxes incurred on share repurchases represent direct costs of the repurchase and are recorded as a part of the cost basis of the shares within treasury stock. The cost of shares repurchased may differ from the repurchases of common stock amounts in the consolidated statements of cash flows due to unsettled share repurchases at the end of a period and excise taxes incurred on share repurchases.