Stockholders' Equity

12 Months Ended

Apr. 02, 2017

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

Stock Repurchase Program.  In April 2015, the Company's Board of Directors approved a new share repurchase program authorization for $300 million. In October 2015, the Company's Board of Directors approved an increase in the share repurchase authorization by another $300 million. In fiscal 2015, the Company repurchased 5.3 million shares for $79.2 million. In fiscal 2016, the Company repurchased 17.9 million shares for $422.3 million. In fiscal 2017, the Company repurchased 4.3 million shares for $93.5 million.

As of April 2, 2017, approximately $92.1 million was available for future purchase under the Company's share repurchase program.  Share repurchases were recorded as treasury stock and resulted in a reduction of stockholders’ equity. The program is intended to reduce the number of outstanding shares of common stock to offset dilution from employee equity grants and increase stockholder value.

Accelerated Share Repurchase. On November 2, 2015, the Company entered into separate accelerated share repurchase agreements (the ASR Agreements) with JPMorgan Chase Bank and Bank of America to repurchase a total of $225 million of its common stock. Pursuant to the terms of the ASR Agreements, approximately 7.0 million shares of its common stock at $25.69 per share were received by the Company on November 5, 2015. Of the total initial amount paid to the Dealers, $45 million represents prepayment for subsequent settlement of the ASR Agreements. In January 2016, the ASR Agreements settled resulting in the repurchase of 1.6 million of the Company's common stock at an average price per share of $28.32. The shares delivered resulted in a reduction, on the delivery date, of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share. The ASR Agreements were entered into pursuant to the Company’s increase in share repurchase authorization effective October 2015.