Stockholders' Equity

12 Months Ended

Mar. 31, 2015

Equity [Abstract]

Stockholders' Equity

Note 12 — Stockholders’ Equity

Stock Repurchases: On May 14, 2014, the Company’s Board of Directors approved a stock repurchase program that authorized the Company to acquire up to $1 billion of its common stock.

During fiscal year 2015, the Company repurchased approximately 7.2 million shares of its common stock for approximately $215 million. At March 31, 2015, the Company remained authorized to purchase approximately $785 million of its common stock under its current stock repurchase program.

During fiscal year 2014, the Company repurchased approximately 16.3 million shares of its common stock for approximately $505 million, which completed its previous stock repurchase program.

During fiscal year 2013, the Company completed an Accelerated Share Repurchase (ASR) agreement with a bank to repurchase $500 million of its common stock, which was entered into during the fourth quarter of fiscal year 2012. During the first quarter of fiscal year 2013, the Company received approximately 3.7 million additional shares and, as a result, the initial amount recorded as additional paid-in capital of $125 million was reclassified to treasury stock. The final number of shares delivered upon settlement of the agreement was determined based on the average price of the Company’s common stock over the term of the ASR agreement.

Accumulated Other Comprehensive Loss: Foreign currency translation losses included in "Accumulated other comprehensive loss" in the Company's Consolidated Balance Sheets at March 31, 2015, 2014 and 2013 were approximately $418 million, $171 million and $155 million, respectively.

Cash Dividends: The Company’s Board of Directors declared the following dividends during fiscal years 2015 and 2014:

Year Ended March 31, 2015:

(in millions, except per share amounts)

Declaration Date	Dividend Per Share	Record Date	Total Amount	Payment Date
May 15, 2014	$0.25	May 29, 2014	$111	June 17, 2014
July 31, 2014	$0.25	August 21, 2014	$111	September 9, 2014
November 6, 2014	$0.25	November 20, 2014	$111	December 9, 2014
February 5, 2015	$0.25	February 19, 2015	$111	March 17, 2015

Year Ended March 31, 2014:

(in millions, except per share amounts)

Declaration Date	Dividend Per Share	Record Date	Total Amount	Payment Date
May 9, 2013	$0.25	May 23, 2013	$114	June 11, 2013
August 1, 2013	$0.25	August 22, 2013	$114	September 10, 2013
November 6, 2013	$0.25	November 21, 2013	$113	December 10, 2013
February 5, 2014	$0.25	February 20, 2014	$112	March 18, 2014

Rights Plan: Under the Stockholder Protection Rights Agreement dated November 8, 2012, each outstanding share of the Company's common stock carries a right (Right). The Rights will trade with the common stock until the Separation Time, which would occur on the next business day after: (i) the Company's announcement that a person or group (an Acquiring Person) has become the beneficial owner of 20% or more of the Company's outstanding common stock (other than Martin Haefner and Eva Maria Bucher-Haefner and their respective affiliates and associates, who are “grandfathered” under this provision so long as their aggregate ownership of common stock does not exceed the sum of 126,562,500 shares of common stock and that number of shares equal to 0.1% of the then outstanding shares of common stock); (ii) the date on which any Acquiring Person becomes the beneficial owner of more than 50% of the outstanding shares of common stock; or (iii) the 10th business day after the commencement of a tender offer or exchange offer (or such later date as the Company's Board of Directors may from time to time determine prior to the Separation Time) that would result in an Acquiring Person owning 20% or more of the Company's outstanding common stock. Following the Separation Time, each Right may be exercised to purchase 0.001 shares of the Company's participating preferred stock at a purchase price of $100 per share. If the Separation Time occurs pursuant to an event described in (i) or (ii) above, however, each Right, other than rights held by an Acquiring Person, will entitle the holder to receive, for an exercise price of $100, that number of shares of the Company's common stock (or, in certain circumstances, cash, property or other securities) having an aggregate Market Price (as determined under the Rights Agreement) equal to two times the exercise price. The Rights will not be triggered by a Qualifying Offer, as defined in the Rights Agreement, if holders of at least 10% of the outstanding shares of the Company's common stock request pursuant to the terms of the Rights Agreement that a special meeting of stockholders be convened for the purpose of exempting such offer from the Rights Agreement, and thereafter the stockholders vote at that meeting to exempt that Qualifying Offer from the Rights Agreement. The Rights, which are redeemable by the Company at $0.001 per Right, and the Rights Agreement expire November 30, 2015.