Common Stock Repurchase Program

3 Months Ended

Jul. 03, 2021

Stockholders' Equity Note [Abstract]

Common Stock Repurchase Program

Common Stock Repurchase Program

The Board of Directors (Board) 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 July 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 July 3, 2021 and April 3, 2021.

There was no common stock repurchase during the first quarter of fiscal 2022. During the first quarter of fiscal 2021, the Company repurchased 0.7 million shares of common stock in the open market for a total of $53.7 million.