Quarterly report [Sections 13 or 15(d)]

Share Repurchase Program

v3.25.3
Share Repurchase Program
 9 Months Ended
Sep. 27, 2025
Equity [Abstract]  
Share Repurchase Program
16. 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 September 27, 2025, 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:

Three Months Ended Nine Months Ended
(amounts in millions, except per share data) September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024
Number of shares repurchased 81,927 4,265,363 1,925,242 6,038,919
Share repurchase cost (including excise taxes) $ 0.8  $ 45.5  $ 16.0  $ 70.9