Stockholders' Equity

12 Months Ended

Mar. 28, 2020

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, 2020 and March 30, 2019, 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. On October 22, 2019, the Board authorized a repurchase program to repurchase the Company's common stock and debentures up to $1.00 billion (2019 Repurchase Program). The 2019 Repurchase Program has no stated expiration date. 

Through March 28, 2020, the Company has used $662.6 million of the $1.00 billion authorized under the 2019 Repurchase Program, leaving $337.4 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 28, 2020 and March 30, 2019.

During fiscal 2020, the Company repurchased 12.9 million shares of common stock in the open market and through accelerated share repurchase agreements with independent financial institutions for a total of $1.21 billion. During fiscal 2019, the Company repurchased 2.4 million in the open market with independent financial institutions for a total of $161.6 million.