Stockholders' Equity

6 Months Ended

Oct. 02, 2020

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders' Equity

Preferred stock

On May 22, 2020, we filed a Certificate of Elimination of Series A Junior Preferred Stock (the “Junior Preferred Stock”) with the Secretary of State of the State of Delaware, to remove the Certificate of Designations of the Junior Preferred Stock from our Amended and Restated Certificate of Incorporation. The Certificate of Elimination became effective upon filing. No shares of the Junior Preferred Stock were issued or outstanding upon filing of the Certificate of Elimination.

Dividends

On November 5, 2020, we announced that our Board of Directors declared a cash dividend of $0.125 per share of common stock to be paid in December 2020. All shares of common stock issued and outstanding and all restricted stock units (RSUs) and performance-based restricted stock units (PRUs) as of the record date will be entitled to the dividend and dividend equivalent rights (DERs), respectively, which will be paid out if and when the underlying shares are released. Any future dividends and DERs will be subject to the approval of our Board of Directors.

Stock repurchase program

Under our stock repurchase program, we may purchase shares of our outstanding common stock through open market and through accelerated stock repurchase transactions. As of October 2, 2020, we had $573 million remaining under the authorization to be completed in future periods with no expiration date.

The following table summarizes activity related to this program:

	Six Months Ended
(In millions, except per share amounts)	October 2, 2020			October 4, 2019
Number of shares repurchased	—		(1)	25
Average price per share	$	22.90		$	21.85
Aggregate purchase price	$	5		$	541

(1) The number of shares repurchased was less than 1 million.

In addition, repurchases of 1 million shares executed during fiscal 2019 settled during the six months ended October 4, 2019.

Accumulated other comprehensive income (loss)

Components of Accumulated other comprehensive income (loss), net of taxes, were as follows:

(In millions)	Foreign Currency Translation Adjustments		Unrealized Gain on Available-For-Sale Securities		Total
Balance as of April 3, 2020	$	(16)	$	—	$	(16)
Other comprehensive income before reclassifications	37		1		38
Balance as of October 2, 2020	$	21	$	1	$	22