Stockholders' Equity

12 Months Ended

Apr. 01, 2022

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

Dividends

On May 5, 2022, we announced that our Board of Directors declared a cash dividend of $0.125 per share of common stock to be paid in June 2022. 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. On May 4, 2021, our Board of Directors approved an incremental share repurchase authorization of $1,500 million. As of April 1, 2022, we have $1,774 million remaining under the authorization to be completed in future periods with no expiration date. No shares were repurchased during the year ended April 1, 2022.

The following table summarizes activity related to our stock repurchase program during the years ended April 2, 2021 and April 3, 2020:

	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

Subsequent to April 1, 2022, we executed repurchases of 4 million shares of our common stock for an aggregate amount of $107 million. As a result, we have $1,667 million remaining under our existing share repurchase program.

Accumulated other comprehensive income (loss)

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

(In millions)	Foreign Currency Translation Adjustments
Balance as of April 3, 2020	$	(16)
Other comprehensive income (loss) before reclassifications	63
Balance as of April 2, 2021	47
Other comprehensive income (loss) before reclassifications	(51)
Balance as of April 1, 2022	$	(4)