Stockholders' Equity

12 Months Ended

Apr. 02, 2021

Equity [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 May 10, 2021, we announced that our Board of Directors declared a cash dividend of $0.125 per share of common stock to be paid in June 2021. All shares of common stock issued and outstanding and all RSUs and 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 April 2, 2021, we have $274 million remaining under the authorization to be completed in future periods with no expiration date.

The following table summarizes activity related to our stock repurchase program:

	Year Ended
(In millions, except per share amounts)	April 2, 2021		April 3, 2020
Number of shares repurchased	15		68
Average price per share	$	20.50	$	22.97
Aggregate purchase price	$	304	$	1,562

Repurchases of 1 million shares executed during 2019 were settled in fiscal 2020.

On May 4, 2021, our Board of Directors approved an incremental share repurchase authorization of $1,500 million, bringing the total authorized under the stock repurchase program to $1,774 million. The authorization does not have an expiration date.

Accumulated other comprehensive income (loss)

Components and activities of AOCI, net of tax, were as follows:

(In millions)	Foreign Currency Translation Adjustments		Unrealized Gain (Loss) On Available-For-Sale Securities		Equity Method Investee		Total AOCI
Balance as of March 29, 2019	$	(5)	$	(1)	$	(1)	$	(7)
Other comprehensive income (loss) before reclassifications	(11)		1		2		(8)
Reclassification to net income	—		—		(1)		(1)
Balance as of April 3, 2020	(16)		—		—		(16)
Other comprehensive income before reclassifications	63		—		—		63
Balance as of April 2, 2021	$	47	$	—	$	—	$	47