Stockholders' Equity

12 Months Ended

Mar. 28, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Preferred Stock

The Company’s Certificate of Incorporation authorized 2.0 million shares of undesignated preferred stock. The preferred stock may be issued in one or more series. The Board of Directors is authorized to determine or alter the rights, preferences, privileges and restrictions granted to, or imposed upon, any wholly unissued series of preferred stock. As of March 28, 2015 and March 29, 2014, no preferred shares were issued or outstanding.

Common Stock and Debentures Repurchase Programs

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 August 2012, the Board authorized the repurchase of up to $750.0 million of the Company’s common stock and debentures (2012 Repurchase Program). In November 2014, the Board authorized the repurchase of an additional $800.0 million of the Company's common stock (2014 Repurchase Program). The shares authorized for repurchase under the 2014 Repurchase Program are in addition to the shares authorized for purchase under the 2012 Repurchase Program. The 2012 and 2014 Repurchase Programs have no stated expiration date.

Through March 28, 2015, the Company has used up the $750.0 million authorized under the 2012 Repurchase Program, and $152.6 million of the $800.0 million authorized under the 2014 Repurchase Program, leaving $647.4 million available for future repurchases under the 2014 Repurchase Program. The Company’s current policy is to retire all repurchased shares, and consequently, no treasury shares were held as of March 28, 2015 and March 29, 2014.

During fiscal 2015, the Company repurchased 15.3 million shares of common stock in the open market for a total of approximately $650.0 million under the 2012 and 2014 Repurchase Programs. During fiscal 2014, the Company repurchased 5.2 million shares of common stock in the open market for a total of $242.1 million.