XML 32 R18.htm IDEA: XBRL DOCUMENT v2.4.0.8
Stockholder's Equity
3 Months Ended
Jun. 28, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stockholder's Equity
Stockholder's Equity

Stock Repurchase Program

In December 2010, the Company’s board of directors approved a share repurchase program authorizing up to $1 billion in share repurchases of the Company’s outstanding common stock. CSC has been implementing the program through purchases in compliance with Securities and Exchange Commission rules, market conditions and applicable federal and state legal requirements. The timing, volume, and nature of share repurchases are at the discretion of management and may be suspended or discontinued at any time. No end date was established for the repurchase program.

During the first quarter of fiscal 2014, 2,829,113 shares were purchased through open market purchases for an aggregate consideration of $127 million at a weighted average price of $44.78 per share. The repurchased shares were retired immediately and included in the category of authorized but unissued shares. The excess of purchase price over par value of the common shares was allocated between additional paid-in capital and retained earnings. During the first quarter of fiscal 2013, no shares were repurchased through open market purchases.

Accumulated Other Comprehensive Loss

The following tables show the activity in the components of other comprehensive loss, including the respective tax effects, and reclassification adjustments for the quarters ended June 28, 2013 and July 29, 2012, respectively:
For the three months ended June 28, 2013
(Amounts in millions)
 
Before Tax Amount
 
Tax (Expense)/Benefit
 
Net of Tax Amount
Foreign currency translation adjustments
 
$
(85
)
 
$
1

 
$
(84
)
Pension and other postretirement benefit plans:
 

 

 

Net actuarial gain/loss arising during the year (1)
 
1

 

 
1

Amortization of net actuarial loss (2)
 
20

 
(6
)
 
14

Total pension and other postretirement benefit plans
 
21

 
(6
)
 
15

Total other comprehensive loss
 
$
(64
)
 
$
(5
)
 
$
(69
)

(1)
Represents the result of remeasurement of pension liability associated with a non-US pension plan.
(2) 
Represents current period reclassification out of accumulated other comprehensive loss. The reclassified amounts are included in the net periodic pension cost and net periodic postretirement benefit cost of the first quarter of fiscal 2014 (see Note 8).

For the three months ended June 29, 2012
(Amounts in millions)
 
Before Tax Amount
 
Tax (Expense)/Benefit
 
Net of Tax Amount
Foreign currency translation adjustments
 
$
(128
)
 
$
1

 
$
(127
)
Pension and other postretirement benefit plans:
 

 

 

Amortization of net actuarial loss (1)
 
19

 
(5
)
 
14

Total pension and other postretirement benefit plans
 
19

 
(5
)
 
14

Total other comprehensive loss
 
$
(109
)
 
$
(4
)
 
$
(113
)

(1)
Represents current period reclassification out of accumulated other comprehensive loss. The reclassified amounts are included in the net periodic pension cost and net periodic postretirement benefit cost of the first quarter of fiscal 2014 (see Note 8).

The following tables show the changes in accumulated other comprehensive loss, for the quarters ended June 28, 2013 and July 29, 2012, respectively:
(Amounts in millions)
 
Foreign Currency Translation Adjustments
 
Pension and Other Postretirement Benefit Plans
 
Accumulated Other Comprehensive Loss
Balance at March 29, 2013
 
$
77

 
$
(1,431
)
 
$
(1,354
)
Current-period other comprehensive (loss) income, net of taxes
 
(84
)
 
1

 
(83
)
Amounts reclassified from accumulated other comprehensive loss, net of taxes and non-controlling interest
 

 
13

 
13

Balance at June 28, 2013
 
$
(7
)
 
$
(1,417
)
 
$
(1,424
)

(Amounts in millions)
 
Foreign Currency Translation Adjustments
 
Pension and Other Postretirement Benefit Plans
 
Accumulated Other Comprehensive Loss
Balance at March 30, 2012
 
$
160

 
$
(1,253
)
 
$
(1,093
)
Current-period other comprehensive loss, net of taxes
 
(127
)
 

 
(127
)
Amounts reclassified from accumulated other comprehensive loss, net of taxes and non-controlling interest
 

 
13

 
13

Balance at June 29, 2012
 
$
33

 
$
(1,240
)
 
$
(1,207
)