−Removed: MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND
−Removed: ISSUER PURCHASES OF EQUITY SECURITIES
+Added: MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
2 unchanged sentences
Cash dividends on our common stock are paid quarterly.
−Removed: We paid a total of $49.5 million and $45.8 million in dividends in fiscal 2023 and 2022, respectively.
−Removed: The Board of Directors determines whether to declare dividends, the timing, and the amount based on financial condition and other factors it deems relevant.
−Removed: We currently expect that dividends comparable to those paid historically will continue to be paid in the future.
−Removed: Purchase of Equity Securities By the Issuer and Affiliated Purchasers
+Added: In fiscal 2024, we paid a total of $48.4 million in dividends, compared to $49.5 million in fiscal 2023.
+Added: The Board of Directors determines whether to declare dividends, including their timing and amount, based on the Company’s financial condition and other relevant factors.
+Added: We currently anticipate continuing to pay dividends at levels consistent with historical distributions.
+Added: Purchases of Equity Securities By the Issuer and Affiliated Purchasers
Total number of
−Removed: Shares Purchased
Approximate dollar
−Removed: Shares that May Yet
+Added: shares purchased
+Added: value of shares that
+Added: as part of publicly
+Added: may yet be purchased
announced plans
−Removed: Under the Program (1)
−Removed: October 1, 2023 to October 28, 2023
−Removed: October 29, 2023 to December 2, 2023
−Removed: Non-Accelerated Share Repurchase
−Removed: November 2023 Accelerated Share Repurchase (2)
+Added: under the plans
+Added: or programs (1)
+Added: September 29, 2024 to October 26, 2024
+Added: October 27, 2024 to November 30, 2024
December 1, 2024 to December 28, 2024
−Removed: (1) On May 13, 2014, we announced a capital allocation philosophy that covered both the quarterly dividend rate as well as a share repurchase program.
−Removed: The Board of Directors at that time authorized the purchase of up to $500.0 million of the Company’s outstanding common stock from time to time over twelve months at prevailing market prices, through open market or privately negotiated transactions.
−Removed: On February 24, 2015, and again on October 31, 2018, the Board of Directors authorized additional purchases of up to $250.0 million of the Company’s outstanding common stock with no stated expiration date.
−Removed: On February 27, 2023, the Board of Directors increased the amount remaining under the program by an additional $400.0 million, with no stated expiration date, bringing the total authorization to $1,400.0 million.
−Removed: As of December 30, 2023, we have acquired 7,895,724 shares for approximately $1,263.9 million under this share repurchase program.
−Removed: (2) In November 2023, we entered into an accelerated purchase agreement to repurchase $120.0 million of the Company’s outstanding common stock (“November 2023 ASR”) with CitiBank, N.A.
−Removed: as counterparty.
−Removed: The November 2023 ASR was entered into under our previously announced share repurchase program described above.
−Removed: In the fourth quarter of fiscal 2023, the Company pre-paid $120.0 million and received an initial delivery of 438,917 shares of common stock from CitiBank, which represented 75% of the prepayment amount divided by the closing price of $205.05 per share on November 28, 2023.
−Removed: The final number of shares to be delivered and the average price paid per share will be based on the daily volume weighted average share price during the term of the November 2023 ASR less a discount, which will be completed during the first quarter of fiscal 2024.
−Removed: The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022.
−Removed: Excise tax accrued for the fiscal year ended December 30, 2023 totaled $2.8 million.
+Added: (1) In May 2014, we announced a capital allocation philosophy that included a share repurchase program.
+Added: The Board of Directors initially authorized the purchase of up to $500.0 million of the Company’s outstanding common stock over a twelve-month period at prevailing market prices, either through open market or privately negotiated transactions.
+Added: The Board expanded this authorization in February 2015 and October 2018, each time adding $250.0 million with no expiration date.
+Added: In February 2023, the Board increased the program by an additional $400.0 million, bringing the total authorization to $1,400.0 million, with no expiration date.
+Added: As of December 28, 2024, we have repurchased 8,235,697 shares for approximately $1,334.0 million under this program.
+Added: Subsequent to year end, on February 18, 2025, we announced the Board of Directors increased the amount authorized under the program by an additional $700.0 million, with no stated expiration date.
+Added: The Inflation Reduction Act of 2022, enacted on August 16, 2022, introduced a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022.
+Added: As of December 28, 2024 and December 30, 2023, the excise tax accrued totaled $0.6 million and $2.8 million, respectively.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.