Common Stock and Debentures Repurchase Program

9 Months Ended

Dec. 31, 2011

Common Stock and Debentures Repurchase Program [Abstract]

Common Stock and Debentures Repurchase Program

Note 11. Common Stock and Debentures Repurchase Program

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. In June 2010, the Board authorized the repurchase of up to $500.0 million of common stock (2010 Repurchase Program). The 2010 Repurchase Program has no stated expiration date. Through December 31, 2011, the Company had used $312.9 million of the $500.0 million authorized under the 2010 Repurchase Program, leaving $187.1 million available for future repurchases. The Company’s current policy is to retire all repurchased shares and debentures, and consequently, no treasury shares or debentures were held as of December 31, 2011 and April 2, 2011.

During the first nine months of fiscal 2012, the Company repurchased 7.0 million shares of common stock in the open market for a total of $219.6 million under the 2010 Repurchase Program. During the first nine months of fiscal 2011, the Company repurchased 17.8 million shares of common stock for a total of $468.9 million.