Stockholders' Equity

3 Months Ended

Jul. 03, 2020

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders' Equity

Preferred stock

On May 22, 2020, we filed a Certificate of Elimination of Series A Junior Preferred Stock (the “Junior Preferred Stock”) with the Secretary of State of the State of Delaware, to remove the Certificate of Designations of the Junior Preferred Stock from our Amended and Restated Certificate of Incorporation. The Certificate of Elimination became effective upon filing. No shares of the Junior Preferred Stock were issued or outstanding upon filing of the Certificate of Elimination.

Dividends

On August 6, 2020, we announced that our Board of Directors declared a cash dividend of $0.125 per share of common stock to be paid in September 2020. All shares of common stock issued and outstanding and all restricted stock units (RSUs) and performance-based restricted stock units (PRUs) as of the record date will be entitled to the dividend and dividend equivalent rights (DERs), respectively, which will be paid out if and when the underlying shares are released. Any future dividends and DERs will be subject to the approval of our Board of Directors.

Stock repurchase program

Under our stock repurchase program, we may purchase shares of our outstanding common stock through open market and through accelerated stock repurchase transactions. As of July 3, 2020, we had $578 million remaining under the authorization to be completed in future periods with no expiration date.

No shares were repurchased during three months ended July 3, 2020. The following table summarizes activity related to this program for the three months ended July 5, 2019 :

	Three Months Ended July 5, 2019
(In millions, except per share amounts)
Number of shares repurchased	25
Average price per share	$	21.85
Aggregate purchase price	$	541

In addition, repurchases of 1 million shares executed during fiscal 2019 settled during the three months ended July 5, 2019.

Accumulated other comprehensive loss

Components of Accumulated other comprehensive loss, net of taxes, were as follows:

(In millions)	Foreign Currency Translation Adjustments		Unrealized Gain on Available-For-Sale Securities		Total
Balance as of April 3, 2020	$	(16)	$	—	$	(16)
Other comprehensive income before reclassifications	11		1		12
Balance as of July 3, 2020	$	(5)	$	1	$	(4)