XML 28 R17.htm IDEA: XBRL DOCUMENT v3.6.0.2
Common Stock Repurchase Program
9 Months Ended
Dec. 31, 2016
Common Stock Repurchase Program [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. On November 17, 2014, the Board authorized the repurchase of $800.0 million of the Company's common stock (2014 Repurchase Program). On May 16, 2016, the Board authorized the repurchase of up to $1.00 billion of the Company's common stock and debentures (2016 Repurchase Program). The 2014 and 2016 Repurchase Programs have no stated expiration date.
Through December 31, 2016, the Company had used all of the $800.0 million authorized under the 2014 Repurchase Program and $209.8 million of the $1.00 billion authorized under the 2016 Repurchase Program, leaving $790.2 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 31, 2016 and April 2, 2016.

During the first nine months of fiscal 2017, the Company repurchased 8.0 million shares of common stock in the open market and through an accelerated share repurchase agreement with an independent financial institution for a total of $414.0 million. During the first nine months of fiscal 2016, the Company repurchased 6.7 million shares of common stock in the open market for a total of $300.0 million.