Stockholders' Equity

9 Months Ended

Jan. 01, 2021

Stockholders' Equity Note [Abstract]

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 February 4, 2021, we announced that our Board of Directors declared a cash dividend of $0.125 per share of common stock to be paid in March 2021. 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 January 1, 2021, we had $420 million remaining under the authorization to be completed in future periods with no expiration date.

The following table summarizes activity related to this program:


	Three Months Ended				Nine Months Ended
(In millions, except per share amounts)	January 1, 2021		January 3, 2020		January 1, 2021		January 3, 2020
Number of shares repurchased	8		14		8		39
Average price per share	$	20.34	$	25.79	$	20.40	$	23.28
Aggregate purchase price	$	153	$	364	$	158	$	904

During the three and nine months ended January 1, 2021, we executed repurchases of $20 million for 1 million shares that settled after January 1, 2021.

During the three and nine months ended January 3, 2020, we executed repurchases of $18 million for 1 million shares that were settled after January 3, 2020. In addition, repurchases of 1 million shares executed during fiscal 2019 were settled during the nine months ended January 3, 2020.

Accumulated other comprehensive income (loss)

Accumulated other comprehensive income (loss), net of taxes, consisted of foreign currency translation adjustments:


(In millions)	Foreign Currency Translation Adjustments
Balance as of April 3, 2020	$	(16)
Other comprehensive income before reclassifications	74

Balance as of January 1, 2021	$	58