Common Stock Repurchase Program

9 Months Ended

Jan. 02, 2021

Stockholders' Equity Note [Abstract]

Common Stock and Debentures Repurchase Program

Common Stock Repurchase Program

The Company's board of directors has approved stock repurchase programs enabling the Company to repurchase its common stock and debentures in the open market or through negotiated transactions with independent financial institutions. On October 22, 2019, the Board authorized another program (2019 Repurchase Program) to repurchase the Company's common stock and debentures up to $1.00 billion. The 2019 Repurchase Program has no stated expiration date. 

Through January 2, 2021, the Company has used $716.3 million of the $1.00 billion authorized under the 2019 Repurchase Program, leaving $283.7 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 January 2, 2021 and March 28, 2020.

During the first nine months of fiscal 2021, the Company repurchased 0.7 million shares of common stock in the open market for a total of $53.7 million. Pursuant to the terms of the Merger Agreement, the Company suspended its repurchase program on October 27, 2020, the date the Company announced its planned merger with AMD.

During the first nine months of fiscal 2020, the Company repurchased 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.