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Shareholders' Equity | 9 Months Ended
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Sep. 29, 2023
Stockholders' Equity Note [Abstract] |
Shareholders' Equity | 8. Shareholders’ Equity Treasury Stock and Tender Offer On July 30, 2002, the Company announced that its Board of Directors approved the repurchase of up to $5.0 million of the Company’s common stock through its share repurchase program. Since the inception of the repurchase plan, the Board of Directors has approved the repurchase of $287.2 million of the Company’s common stock, $120.0 million of which was approved in 2022. As of September 29, 2023, the Company had affected cumulative purchases under the plan of $273.2 million, leaving $13.9 million available for future purchases. In December 2022, the Company completed a tender offer through which 4.9 million shares of the Company's common stock were purchased for a total cost, inclusive of transaction related fees, of $116.0 million, or $23.72 per share, which represented 15% of the Company's issued and outstanding stock at the time. The Company used $60.0 million in borrowings from its Credit Facility and cash on hand to fund the tender offer. During the quarter ended September 29, 2023 and September 30, 2022, the Company did no t repurchase any outstanding stock in the open market. During the nine months ended September 29, 2023 and September 30, 2022, the Company repurchased 37 thousand shares and 31 thousand shares, respectively, from members of its Board of Directors at an average price per share of $18.96 and $20.50, respectively, for a total cost of $0.7 million and $0.6 million, respectively. There is no expiration of the Company's repurchase authorization. Under the repurchase plan, the Company may buy back shares of its outstanding stock from time to time either on the open market or through privately negotiated transactions, subject to market conditions and trading restrictions. The Company holds repurchased shares of its common stock as treasury stock and accounts for treasury stock under the cost method. Shares purchased under the repurchase plan do not include shares withheld to satisfy withholding tax obligations. These withheld shares are never issued and in lieu of issuing the shares, taxes were paid on the employee’s behalf. During the quarter and nine months ended September 29, 2023, 3 thousand shares and 171 thousand shares were withheld and not issued, respectively, for a cost of $66 thousand and $3.7 million, respectively. During the quarter and nine months ended September 30, 2022, 3 thousand shares and 134 thousand shares were withheld and not issued, respectively, for a cost of $69 thousand and $2.6 million, respectively. The shares withheld for taxes are included under issuance of common stock in the accompanying consolidated statements of shareholders’ equity. 8. Shareholders’ Equity (continued) Dividend Program In 2022, the Company increased the annual dividend from $0.40 per share to $0.44 per share to be paid on a quarterly basis. During the nine months of 2023, the Company declared three quarterly dividends to its shareholders for an aggregate of $9.0 million, which were paid in April 2023, July 2023 and October 2023. These dividends were paid from U.S. domestic sources and are accounted for as a decrease to retained earnings. Subsequent to September 29, 2023, the Company declared its fourth quarter dividend in 2023 to be paid in January of 2024.

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