Stockholders' Equity

12 Months Ended

Mar. 31, 2018

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 31, 2018 and April 1, 2017, 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. The last approval was obtained in May 2016 (2016 Repurchase Program), whereby the Board authorized the repurchase of up to $1.00 billion of the Company's common stock and debentures. The 2016 Repurchase Program has no stated expiration date.

Through March 31, 2018, the Company has used $792.6 million of the $1.00 billion authorized under the 2016 Repurchase Program, leaving $207.4 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 March 31, 2018 and April 1, 2017.

During fiscal 2018 and 2017, the Company repurchased 7.0 million and 9.9 million shares of common stock in the open market and through accelerated share repurchase agreements with multiple independent financial institutions for a total of approximately $474.3 million and$522.0 million, respectively.