Annual report [Section 13 and 15(d), not S-K Item 405]

Share Repurchase Program

v3.25.4
Share Repurchase Program
 12 Months Ended
Jan. 03, 2026
Equity [Abstract]  
Share Repurchase Program
17. Share Repurchase Program

On February 28, 2024, the Board of Directors authorized a share repurchase program, pursuant to which we were authorized to purchase up to $100.0 of our common stock. On May 15, 2025, the Board of Directors authorized an incremental increase of $75.0 to our share repurchase program. The repurchase authorization does not have an expiration date and may be terminated by the Board of Directors at any time. As of January 3, 2026, there is $80.5 remaining under the share repurchase program.

The Inflation Reduction Act of 2022 imposes a 1% excise tax on share repurchases in excess of issuances, which is effective for share repurchases completed after December 31, 2022. We reflect the excise tax within equity as part of the repurchase of the common stock.

The following table presents the share repurchase activity for the periods presented:
Year Ended
(amounts in millions, except per share data) January 3, 2026 December 28, 2024
Number of shares repurchased 1,925,242 7,141,261
Share repurchase cost (including excise taxes) $ 16.0  $ 79.6