Common Stock Repurchase Program

3 Months Ended

Jun. 28, 2014

Stockholders' Equity Note [Abstract]

Common Stock and Debentures Repurchase Program [Text Block]

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. The last approval was the 2012 Repurchase program, which was authorized by the Board in August 2012 to repurchase $750.0 million of the Company’s common stock. The 2012 Repurchase Program has no stated expiration date.

Through June 28, 2014, the Company has used $352.7 million of the $750.0 million authorized under the 2012 Repurchase Program, leaving $397.3 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 June 28, 2014 and March 29, 2014.

During the first quarter of 2015, the Company repurchased 2.1 million shares of common stock in the open market for a total of $100.0 million. There was no repurchase of common stock during the first quarter of fiscal 2014.