Stockholders' Equity

12 Months Ended

Mar. 31, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

Dividends

On May 11, 2023, we announced that our Board of Directors declared a cash dividend of $0.125 per share of common stock to be paid in June 2023. 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. 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 March 31, 2023, we have $870 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 March 31, 2023 and April 2, 2021:

	Year Ended
(In millions, except per share amounts)	March 31, 2023		April 2, 2021
Number of shares repurchased	40		15
Average price per share	$	22.63	$	20.50
Aggregate purchase price	$	904	$	304

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 2, 2021	$	47
Other comprehensive income (loss), net of taxes	(51)
Balance as of April 1, 2022	(4)
Other comprehensive income (loss), net of taxes	(11)
Balance as of March 31, 2023	$	(15)