Shareholders' Equity

3 Months Ended

Jul. 02, 2016

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

Share Repurchase Program

On May 25, 2016, the Company's Board of Directors authorized a new $1.0 billion share repurchase program, which replaced the remaining balance of the previous share repurchase program authorized on October 30, 2014. During the three months ended July 2, 2016 and June 27, 2015, the Company repurchased 8,025,749 shares and 6,960,352 shares, respectively, at a cost of $400.0 million and $350.0 million, respectively, under its share-repurchase programs through open market transactions. As of July 2, 2016, the remaining availability under the Company’s new share repurchase program was $600.0 million.

The Company also has in place a “withhold to cover” repurchase program, which allows the Company to withhold ordinary shares from certain executive officers to satisfy minimum tax withholding obligations relating to the vesting of their restricted share awards. During the three month periods ended July 2, 2016 and June 27, 2015, the Company withheld 94,151 shares and 22,540 shares, respectively, at a cost of $4.4 million and $1.1 million, respectively, in satisfaction of minimum tax withholding obligations relating to the vesting of restricted share awards.