Stockholders' Equity

9 Months Ended

Dec. 30, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders' Equity

Dividends

On February 2, 2023, we announced that our Board of Directors declared a cash dividend of $0.125 per share of common stock to be paid in March 2023. 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. However, the 4 million unvested RSUs assumed in connection with the Merger will not be entitled to DERs. See Note 15 for further information about these equity awards. 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 December 30, 2022, we had $870 million remaining under the authorization to be completed in future periods with no expiration date. No shares were repurchased in the prior fiscal year during the three and nine months ended December 31, 2021.

The following table summarizes activity related to this program during the three and nine months ended December 30, 2022:

	Three Months Ended		Nine Months Ended
(In millions, except per share amounts)	December 30, 2022		December 30, 2022
Number of shares repurchased	23		40
Average price per share	$	21.91	$	22.63
Aggregate purchase price	$	500	$	904

Accumulated other comprehensive income (loss)

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

(In millions)	Foreign Currency Translation Gain (Loss)
Balance as of April 1, 2022	$	(4)
Other comprehensive income (loss), net of taxes	(24)
Balance as of December 30, 2022	$	(28)