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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2015

Income from continuing operations before income taxes attributable to domestic and foreign operations

The amounts of income from continuing operations before income taxes attributable to domestic and foreign operations were as follows:



	Year Ended March 31,
(in millions)	2015		2014		2013
Domestic	$	737	$	683	$	877
Foreign	378		333		383
Income from continuing operations before income taxes	$	1,115	$	1,016	$	1,260

Income tax expense (benefit) from continuing operations

Income tax expense (benefit) from continuing operations consisted of the following:



	Year Ended March 31,
(in millions)	2015			2014			2013
Current:
Federal	$	284		$	184		$	261
State	37			33			39
Foreign	56			(19		)	26
Total current	$	377		$	198		$	326
Deferred:
Federal	$	(74	)	$	(82	)	$	(18	)
State	(12		)	(12		)	3
Foreign	14			25			28
Total deferred	$	(72	)	$	(69	)	$	13
Total:
Federal	$	210		$	102		$	243
State	25			21			42
Foreign	70			6			54
Total income tax expense from continuing operations	$	305		$	129		$	339

Schedule of effective income tax rate reconciliation

The income tax expense from continuing operations was reconciled to the tax expense computed at the U.S. federal statutory tax rate as follows:



	Year Ended March 31,
(in millions)	2015			2014			2013
Tax expense at U.S. federal statutory tax rate	$	390		$	356		$	440
Effect of international operations	(91		)	(147		)	(131		)
U.S. federal and state tax contingencies	1			(123		)	(8		)
Domestic manufacturing deduction	(23		)	(24		)	(21		)
State taxes, net of U.S. federal tax benefit	15			19			23
Valuation allowance	8			23			11
Other, net	5			25			25
Income tax expense from continuing operations	$	305		$	129		$	339

Schedule of deferred tax assets and liabilities

The tax effects of the temporary differences from continuing operations were as follows:



	At March 31,
(in millions)	2015			2014
Deferred tax assets:
Modified accrual basis accounting for revenue	$	349		$	373
Share-based compensation	31			30
Accrued expenses	36			36
Net operating losses	96			131
Intangible assets amortizable for tax purposes	3			4
Deductible state tax and interest benefits	20			20
Other	69			65
Total deferred tax assets	$	604		$	659
Valuation allowances	(85		)	(87		)
Total deferred tax assets, net of valuation allowance	$	519		$	572
Deferred tax liabilities:
Purchased software	$	48		$	76
Depreciation	3			6
Other intangible assets	17			34
Internally developed software	93			158
Total deferred tax liabilities	$	161		$	274
Net deferred tax asset	$	358		$	298

Roll-forward of uncertain tax positions

A roll-forward of the Company’s uncertain tax positions for all U.S. federal, state and foreign tax jurisdictions was as follows:



	At March 31,
(in millions)	2015			2014
Balance at beginning of year	$	170		$	382
Additions for tax positions related to the current year	16			20
Additions for tax positions from prior years	23			70
Reductions for tax positions from prior years	(43		)	(233		)
Settlement payments	(5		)	(61		)
Statute of limitations expiration	(13		)	(11		)
Translation and other	(14		)	3
Balance at end of year	$	134		$	170

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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