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Equity | 3 Months Ended
--- | ---
Jun. 29, 2024
Equity [Abstract] |
Equity | Equity Common Stock Repurchase Program A summary of the Company's repurchases of Class A common stock under its common stock repurchase program is as follows:
|  | Three Months Ended
|  | June 29, 2024 |  | July 1, 2023
|  | (millions)
Cost of shares repurchased(a) |  | $ | 176.0 |  |  | $ | 50.0 |
Number of shares repurchased |  | 1.0 |  |  | 0.4 |
(a)Excludes excise tax of $1.5 million and $0.4 million incurred during the three-month periods ended June 29, 2024 and July 1, 2023, respectively. On February 2, 2022, the Company's Board of Directors approved an expansion of the Company's existing common stock repurchase program that allows it to repurchase up to an additional $1.500 billion of its Class A common stock, excluding related excise taxes. As of June 29, 2024, the remaining availability under the Company's Class A common stock repurchase program was approximately $600 million. Repurchases of shares of the Company's Class A common stock are subject to overall business and market conditions. In addition, during the three-month periods ended June 29, 2024 and July 1, 2023, 0.2 million and 0.1 million shares of the Company's Class A common stock, at a cost of $25.2 million and $6.8 million, respectively, were surrendered to or withheld by the Company in satisfaction of withholding taxes in connection with the vesting of awards under its long-term stock incentive plans. Repurchased and surrendered shares are accounted for as treasury stock at cost and held in treasury for future use. Dividends The Company has generally maintained a regular quarterly cash dividend program on its common stock since 2003. On May 16, 2024, the Company's Board of Directors approved an increase to the Company's quarterly cash dividend on its common stock from $0.75 to $0.825 per share. The first quarterly dividend declared to reflect this increase was payable to shareholders of record at the close of business on June 28, 2024 and was paid on July 12, 2024. The Company intends to continue to pay regular dividends on outstanding shares of its common stock. However, any decision to declare and pay dividends in the future will ultimately be made at the discretion of the Company's Board of Directors and will depend on the Company's results of operations, cash requirements, financial condition, and other factors that the Board of Directors may deem relevant, including economic and market conditions.

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