Stockholders' Equity

12 Months Ended

Apr. 03, 2021

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 Company's 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 April 3, 2021 and March 28, 2020, no preferred shares were issued or outstanding.

Common Stock and Debentures Repurchase Programs

The Company's 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 Company's board of directors 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 April 3, 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. 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. The Company's current policy is to retire all repurchased shares, and consequently, no treasury shares were held as of April 3, 2021 and March 28, 2020.

During fiscal 2021, the Company repurchased 685 thousand shares of common stock in the open market and through accelerated share repurchase agreements with independent financial institutions for a total of $53.7 million. During fiscal 2020, the Company repurchased 12.9 million shares of common stock in the open market with independent financial institutions for a total of $1.21 billion.