Stockholders' Equity

12 Months Ended

Apr. 01, 2016

Equity [Abstract]

Shareholders' Equity

Stockholders’ Equity

Share Repurchase Program

In May 2014, the Company’s Board of Directors approved a share repurchase program authorizing up to $1.5 billion in share repurchases of the Company's outstanding common stock, upon completion of the prior $1.0 billion share repurchase program.

The Company repurchases shares through a combination of open market purchases and Accelerated Share Repurchase (ASR) arrangements, 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 are retired immediately and included in the category of authorized but unissued shares. For accounting purposes, the excess of purchase price over par value of the common shares is allocated between additional paid-in capital and retained earnings.

The Company's repurchases, under both the open market purchases and the ASR arrangements, are shown below:

Fiscal year	Number of shares repurchased	Average price per share	Amount (In millions)
2016
Open market purchases	3,587,224	$48.28	$	173
ASR (1)	162,908	$0.00	—
Total	3,750,132	$46.18	$	173
2015
Open market purchases (2)	7,560,358	$60.71	$	459
ASR	4,155,193	$66.69	277
Total	11,715,551	$62.83	$	736
2014
Open market purchases	9,773,469	$51.65	$	505

⁽¹⁾  Reflects additional shares received during fiscal 2016 for the fourth quarter ASR arrangement.

⁽²⁾  The Company 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 as of March 28, 2014 and is included within fiscal 2014 purchases.

During fiscal 2015, the Company entered into two ASR arrangements with a financial institution. Both of these ASR arrangements were characterized by a) upfront cash payments by the Company against which it received an initial delivery of shares, and b) a true-up of the number of shares received, at maturity of the ASR arrangement, based on the volume weighted-average price of shares during the term of the ASR arrangement. In addition, both the ASR arrangements had prepaid contingent delivery provisions, which required the financial institution to deliver additional shares if the Company's stock price was below a predetermined price, on certain predetermined dates. However, in the event the Company's stock price exceeded the predetermined price, the prepaid amounts would be returned to the Company as cash or shares at the Company's option. Both the ASR arrangements met all applicable criteria for equity classification and, therefore, were not accounted for as derivative instruments. The amount of prepaid consideration for contingent delivery of shares, associated with the fourth quarter ASR arrangement, was initially included within equity during fiscal 2015 and subsequently reversed out of equity during fiscal 2016 when the Company received refund of the prepayment.

The details of the two fiscal 2015 ASR arrangements are as follows:

Program	Contract maturity	Total value of ASR (in millions)		Number of shares repurchased	Consideration (in millions)		Average price per share
Second quarter ASR arrangement (1)	November 6, 2014	$	125	1,290,481	$	75	$	58.12
Fourth quarter ASR arrangement (2)	November 8, 2015	302		3,027,620	202		$	66.75
Total		$	427	4,318,101	$	277	$	64.17

⁽¹⁾  In the third quarter of fiscal 2015, the Company received an additional 31,830 shares and a refund of the $50 million prepayment in cash upon settlement of the second quarter ASR arrangement.

⁽²⁾  Consideration includes transaction costs. During the second quarter of fiscal 2016, the Company received an additional 162,908 shares. During the third quarter of fiscal 2016, the Company received a refund of a $100 million prepayment in cash upon settlement of the fourth quarter ASR arrangement.

Treasury Stock Transactions

In fiscal 2016, 2015, and 2014 the Company accepted 48,416, 121,350, and 168,739 shares of its common stock, respectively, in lieu of cash in connection with the exercise of stock options. In fiscal 2016, 2015, and 2014, the Company accepted 716,999, 330,037, and 160,753 shares of its common stock, respectively, in lieu of cash in connection with the tax withholdings associated with the release of common stock upon vesting of restricted stock and restricted stock units.

Dividends

In connection with the Separation (see Note 4), CSC and CSRA each paid concurrent special cash dividends on November 30, 2015 which in the aggregate totaled $10.50 per share. Of that $10.50 per share dividend, $2.25 was paid by CSC and $8.25 was paid by CSRA. Payment of each portion of the Special Dividend was made to holders of common stock on the Record Date who received shares of CSRA common stock in the distribution.

During fiscal 2016, the Company declared cash dividends per common share of $2.99 totaling $421 million (including the Special Dividend discussed above). Of the total dividends declared, excluding dividend equivalents, $19 million was unpaid as of April 1, 2016. Such dividends were paid on April 29, 2016.

During fiscal 2015, the Company declared cash dividends per common share of $0.92 totaling $131 million. Of the total dividends declared, $32 million was unpaid as of April 3, 2015.

During fiscal 2014, the Company declared cash dividends per common share of $0.80 totaling $118 million. Of the total dividends declared, $29 million was unpaid as of March 28, 2014.

Accumulated Other Comprehensive Income (Loss)

The following table shows the changes in accumulated other comprehensive income (loss), net of taxes (in millions):

	Foreign Currency Translation Adjustments			Cash Flow Hedge			Net Change Pension and Other Postretirement Benefit Plans			Transfer to CSRA			Accumulated Other Comprehensive Income (Loss)
Balance at March 29, 2013	$	75		$	—		$	33		$	—		$	108
Current-period other comprehensive (loss) income	(81		)	—			267			—			186
Reclassified from accumulated other comprehensive loss	—			—			(15		)	—			(15		)
Balance at March 28, 2014	$	(6	)	$	—		$	285		$	—		$	279
Current-period other comprehensive (loss) income	(310		)	(2		)	57			—			(255		)
Reclassified from accumulated other comprehensive loss	—			—			(3		)	—			(3		)
Balance at April 3, 2015	$	(316	)	$	(2	)	$	339		$	—		$	21
Current-period other comprehensive (loss) income	(83		)	1			1			—			(81		)
Reclassified from accumulated other comprehensive loss	—			—			(20		)	(31		)	(51		)
Balance at April 1, 2016	$	(399	)	$	(1	)	$	320		$	(31	)	$	(111	)