Common Stock Repurchase Program

3 Months Ended

Jun. 29, 2019

Stockholders' Equity Note [Abstract]

Common Stock and Debentures Repurchase Program [Text Block]

Common Stock Repurchase Program

The Board of Directors (Board) 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 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). On May 16, 2018, the Board authorized another program (2018 Repurchase Program) to repurchase the Company's common stock and debentures up to $500.0 million. The 2016 and 2018 Repurchase Programs have no stated expiration date. 

Through June 29, 2019, the Company fully utilized the entire amount authorized under the 2016 Repurchase Program and used $266.7 million of the $500.0 million authorized under the 2018 Repurchase Program, leaving $233.3 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 29, 2019 and March 30, 2019.

During the first quarter of fiscal 2020, the Company repurchased 1.4 million shares of common stock in the open market for a total of $145.0 million. Additionally, the Company entered into a stock repurchase agreement with an independent financial institution to repurchase shares under the 2018 Repurchase Program. Under the agreement, the Company provided the financial institution with an up-front payment totaling $300.0 million and the financial institution agreed to deliver to the Company a certain number of shares based upon the volume weighted-average price, during an averaging period, less a specified discount. Under this arrangement, the Company received an initial 1.6 million shares of common stock during the first quarter of fiscal 2020 for $168.1 million (estimated based on volume-weighted average price up to June 29, 2019). The initial shares received by the Company were retired, accounted for as a reduction to stockholders' equity in the condensed consolidated balance sheets and treated as a repurchase of common stock for purposes of calculating earnings per share. The remaining estimated $131.9 million under this arrangement is considered indexed to the Company's common stock and met all of the applicable criteria for equity classification. The Company expects to receive additional shares and a portion of the remaining estimated $131.9 million back during the next quarter.

During the first quarter of fiscal 2019, the Company repurchased 2.1 million shares of common stock in the open market for a total of $136.8 million.