Stockholders' Equity

3 Months Ended

Jun. 28, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders' Equity

Dividends

On August 1, 2024, we announced that our Board of Directors declared a cash dividend of $0.125 per share of common stock to be paid in September 2024. 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, 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 acquisition of Avast will not be entitled to DERs. See Note 14 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

In May 2024, our Board of Directors authorized a new stock repurchase program through which we may repurchase shares of our common stock in an aggregate amount of up to $3 billion with no fixed expiration. 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 June 28, 2024, we had $2,728 million remaining under the authorization to be completed in future periods.

The following table summarizes activity related to our stock repurchase program during three months ended June 28, 2024 and June 30, 2023:

	Three Months Ended
(In millions, except per share amounts)	June 28, 2024		June 30, 2023
Number of shares repurchased	11		3
Average price per share	$	24.65	$	16.71
Aggregate purchase price	$	272	$	41

Accumulated other comprehensive income (loss)

Accumulated other comprehensive income (loss), net of taxes, consisted of foreign currency translation adjustments and unrealized gain (loss) on derivative instruments:

(In millions)	Foreign Currency Translation Adjustments		Unrealized Gain (Loss) On Derivative Instruments		Total
Balance as of March 29, 2024	$	(5)	$	16	$	11
Other comprehensive income (loss), net of taxes	(5)		—		(5)
Balance as of June 28, 2024	$	(10)	$	16	$	6