Common Stock Repurchase Program

9 Months Ended

Dec. 28, 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, 2018, the Board authorized a repurchase program to repurchase the Company's common stock and debentures up to $500.0 million (2018 Repurchase Program). On October 22, 2019, the Board authorized another repurchase program to repurchase the Company's common stock and debentures up to $1.00 billion (2019 Repurchase Program). The 2018 and 2019 Repurchase Programs have no stated expiration date. 

Through December 28, 2019, the Company had fully utilized the entire amount authorized under the 2018 Repurchase Program and used $191.9 million of the $1.00 billion authorized under the 2019 Repurchase Program, leaving $808.1 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 28, 2019 and March 30, 2019.

During the first nine months of fiscal 2020, the Company repurchased a total of 7.2 million shares of common stock for $738.2 million in the open market and through an accelerated share repurchase program with independent financial institutions. During

the first nine months of fiscal 2019, the Company repurchased 2.4 million shares of common stock in the open market with independent financial institutions for a total of $161.6 million.