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Share Repurchase

12 Months Ended

Mar. 25, 2023

Share Repurchase [Abstract]

Share Repurchase

Note 15 – Share Repurchase

On May 19, 2022, our Board of Directors authorized a share repurchase program for the repurchase of up to $150 million of shares of our common stock. The Board of Directors did not specify a date upon which the authorization will expire. Shares repurchased under this authorization will become treasury shares.

We periodically repurchased shares of our common stock under the repurchase program through open market transactions.

Share Repurchase Activity
(thousands, except per share data)		2023
Number of shares purchased			2,201.3
Average price paid per share		$	44.00
Total repurchased		$	96,853

On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted into law. The IRA includes a one percent excise tax on stock repurchases. The new excise tax equals one percent of the fair market value of the stock repurchased, less the fair market value of stock issued, and applies to repurchases of stock after December 31, 2022. No excise tax was paid during 2023.

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- Definition

The entire disclosure for treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-URI https://asc.fasb.org/subtopic&trid=2208821

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