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Common Stock Repurchase Program
9 Months Ended
Dec. 29, 2012
Common Stock Repurchase Program [Abstract]  
Common Stock Repurchase Program
Common Stock Repurchase Program
The Board of Directors has approved stock repurchase programs enabling the Company to repurchase its common stock in the open market or through negotiated transactions with independent financial institutions. In June 2010, the Board authorized the repurchase of up to $500.0 million of common stock and debentures (2010 Repurchase Program). In August 2012, the Board authorized the repurchase of an additional $750.0 million of the Company's common stock and debentures (2012 Repurchase Program). The shares authorized for purchase under the 2012 Repurchase Program are in addition to the shares that were purchased under the 2010 Repurchase Program. The 2010 and the 2012 Repurchase Programs have no stated expiration date.
Through December 29, 2012, the Company had used all of the $500.0 million authorized under the 2010 Repurchase Program, and $10.6 million of the $750.0 million authorized under the 2012 Repurchase Program, leaving $739.4 million available for future repurchases. The Company’s current policy is to retire all repurchased shares, and consequently, no treasury shares were held as of December 29, 2012 and March 31, 2012.
During the first nine months of fiscal 2013, the Company repurchased 5.8 million shares of common stock in the open market for $187.1 million under the 2010 Repurchase Programs. During the first nine months of fiscal 2013, the Company repurchased 322 thousand shares of common stock in the open market for $10.6 million under the 2012 Repurchase Programs. During the first nine months of fiscal 2012, the Company repurchased 7.0 million shares of common stock for a total of $219.6 million under the 2010 Repurchase Programs.