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Subsequent Events
6 Months Ended
Sep. 27, 2014
Subsequent Events

14. Subsequent Events

On October 24, 2014, the Company purchased an aircraft from a former board member (who resigned on September 10, 2014) in the amount of $16.5 million. The purchase price was the fair market value of the aircraft at the purchase date and was no less favorable to the Company than it would have received in an arm’s-length transaction. The aircraft was purchased for purposes of business travel for the Company’s executives, and was recorded as a fixed asset in the Company’s consolidated balance sheets.

On October 30, 2014, the Company’s Board of Directors authorized a $1.0 billion share repurchase program. The program allows for the repurchasing of the Company’s ordinary shares either in the open market or through privately negotiated transactions. The program authorizes repurchases for a two year period and may be suspended or discontinued at any time. Share repurchasing will be subject to market conditions, applicable legal requirements, as well as trading restrictions under the Company’s insider trading policy, and other relevant factors. The Company will account for any repurchased shares as treasury shares.