Stockholder's Equity

6 Months Ended

Oct. 03, 2014

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. During the first quarter of fiscal 2015, CSC completed this program and the Company's Board of Directors approved a new share repurchase program authorizing up to an additional $1.5 billion in share repurchases of the Company's outstanding common stock. CSC has been implementing these programs through purchases in compliance with SEC 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 current repurchase program.

The shares repurchased under the approved plan are 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 second quarter and first six months of fiscal 2015, 4,646,630 and 7,055,050 shares were purchased, respectively, through open market purchases for an aggregate consideration of $278 million and $428 million, respectively, at a weighted average price of $59.77 and $60.63 per share, respectively. The Company also paid $6 million during the first quarter of fiscal 2015 for shares purchased during the fourth quarter of fiscal 2014 that had not yet settled in cash by March 28, 2014. The approximate amount for which shares may yet be purchased under the share repurchase program at October 3, 2014 is $1.1 billion.

During the second quarter of fiscal 2015, the Company entered into an accelerated share repurchase (ASR) agreement with a financial institution by advancing cash proceeds of $125 million. At inception, the ASR was initially settled by delivery of 1,258,651 shares to the Company, all of which were immediately retired. The actual number of shares required to be delivered to the Company was based on the trading prices of the Company's stock over a defined trading execution period under the agreement. Under certain circumstances, portions of the original amounts advanced to the financial counterparty could be returned to the Company.

Subsequent to the end of the second quarter, after completion of the pricing period, the financial institution will return $50 million to the Company and deliver 31,830 additional shares. As a result, the Company will have repurchased under the ASR, 1,290,481 shares for a net consideration of $75 million, at an average price of $58.12 per share.

During the second quarter and first six months ending September 27, 2013, the Company repurchased 2,044,109 and 4,873,222 shares through open market purchases for an aggregate consideration of $102 million and $229 million, respectively, at a weighted average price of $49.85 and $46.91 per share, respectively.

Accumulated Other Comprehensive Income (Loss)

The following tables show the activity in the components of other comprehensive income (loss), including the respective tax effects, and reclassification adjustments for the quarter and six months ended October 3, 2014 and September 27, 2013, respectively:

For the quarter ended October 3, 2014 (Amounts in millions)	Before Tax Income (Loss)			Tax Expense		Net of Tax Income (Loss)
Foreign currency translation adjustments	$	(133	)	$	—	$	(133	)
Gain (loss) on foreign currency forward and option contracts	(5		)	—		(5		)
Pension and other post-retirement benefit plans:
Amortization of transition obligation	1			—		1
Amortization of prior service credit	(4		)	—		(4		)
Total pension and other post-retirement benefit plans	(3		)	—		(3		)
Total other comprehensive income (loss)	$	(141	)	$	—	$	(141	)

For the quarter ended September 27, 2013 (Amounts in millions)	Before Tax Income (Loss)			Tax Expense		Net of Tax Income (Loss)
Foreign currency translation adjustments	$	2		$	3	$	(1	)
Pension and other post-retirement benefit plans:
Net actuarial gain (loss)	2			—		2
Foreign currency exchange rate changes	(1		)	—		(1		)
Total pension and other post-retirement benefit plans	1			—		1
Total other comprehensive income (loss)	$	3		$	3	$	—

For the six months ended October 3, 2014 (Amounts in millions)	Before Tax Income (Loss)			Tax Expense		Net of Tax Income (Loss)
Foreign currency translation adjustments	$	(98	)	$	1	$	(99	)
Gain (loss) on foreign currency forward and option contracts	(6		)	—		(6		)
Pension and other post-retirement benefit plans:
Amortization of transition obligation	1			—		1
Amortization of prior service credit	(5		)	—		(5		)
Total pension and other post-retirement benefit plans	(4		)	—		(4		)
Total other comprehensive income (loss)	$	(108	)	$	1	$	(109	)

For the six months ended September 27, 2013 (Amounts in millions)	Before Tax Income (Loss)			Tax Expense		Net of Tax Income (Loss)
Foreign currency translation adjustments	$	(82	)	$	2	$	(84	)
Pension and other post-retirement benefit plans:
Net actuarial gain (loss)	2			—		2
Amortization of prior service (credit) / cost	(1		)	—		(1		)
Foreign currency exchange rate changes	(1		)	—		(1		)
Total pension and other post-retirement benefit plans	—			—		—
Total other comprehensive income (loss)	$	(82	)	$	2	$	(84	)

The following tables show the changes in accumulated other comprehensive income (loss), for the quarters ended October 3, 2014 and September 27, 2013, respectively:

(Amounts in millions)	Foreign Currency Translation Adjustments			Cash Flow Hedge			Pension and Other Post-retirement Benefit Plans		Accumulated Other Comprehensive Income (Loss)
Balance at March 28, 2014	$	(6	)	$	—		$	285	$	279
Current-period other comprehensive (loss) income, net of taxes	(99		)	(6		)	—		(105		)
Amounts reclassified from accumulated other comprehensive loss, net of taxes	—						7		7
Balance at October 3, 2014	$	(105	)	$	(6	)	$	292	$	181

(Amounts in millions)	Foreign Currency Translation Adjustments			Pension and Other Post-retirement Benefit Plans			Accumulated Other Comprehensive Income (Loss)
Balance at March 29, 2013	$	74		$	34		$	108
Current-period other comprehensive (loss) income, net of taxes	(84		)	1			(83		)
Amounts reclassified from accumulated other comprehensive loss, net of taxes	—			(10		)	(10		)
Balance at September 27, 2013	$	(10	)	$	25		$	15