Stockholders' Equity

3 Months Ended

Jul. 01, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders' Equity

Dividends

On August 4, 2022, we announced that our Board of Directors declared a cash dividend of $0.125 per share of common stock to be paid in September 2022. 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 on the open market and through accelerated stock repurchase transactions. As of July 1, 2022, we had $1,474 million remaining under the authorization to be completed in future periods with no expiration date. No shares were repurchased during the three months ended July 2, 2021.

The following table summarizes activity related to this program during the three months ended July 1, 2022:

	Three Months Ended
(In millions, except per share amounts)	July 1, 2022
Number of shares repurchased	12
Average price per share	$	24.35
Aggregate purchase price	$	300

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 1, 2022	$	(4)
Other comprehensive income (loss), net of taxes	(40)
Balance as of July 1, 2022	$	(44)