Stockholders' Equity

12 Months Ended

Mar. 31, 2017

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Dividends

The following table summarizes dividends declared and paid and dividend equivalents paid for the periods presented:

	Year Ended
(In millions, except per share data)	March 31, 2017		April 1, 2016		April 3, 2015
Dividends declared and paid	$	186	$	3,020	$	408
Dividend equivalents paid	36		10		5
Total dividends and dividend equivalents paid	$	222	$	3,030	$	413
Cash dividends declared per common share	$	0.30	$	4.60	$	0.60

Fiscal 2016 included a special dividend of $4.00 per share that was declared and paid during the fourth quarter of fiscal 2016 and was recorded as a reduction of retained earnings. Our RSUs and PRUs are entitled to dividend equivalents to be paid in the form of cash upon vesting for each share of the underlying unit.

On May 10, 2017, we declared a cash dividend of $0.075 per share of common stock to be paid on June 21, 2017 to all stockholders of record as of the close of business on June 7, 2017. All shares of common stock issued and outstanding and unvested RSUs and PRUs as of the record date will be entitled to the dividend and dividend equivalents, respectively. Any future dividends and dividend equivalents will be subject to the approval of our Board of Directors.

Shares outstanding

Shares of our common stock outstanding were as follows:

	Year Ended
(In millions)	March 31, 2017		April 1, 2016		April 3, 2015
Balance, beginning of year	612		684		695
Common stock issued under employee stock plans	14		12		10
Direct stock purchase	3		—		—
Repurchases of common stock	(21	)	(84	)	(21	)
Balance, end of year	608		612		684

Stock repurchases

Under our stock repurchase programs, we may purchase shares of our outstanding common stock through open market and through accelerated stock repurchase (“ASR”) transactions. On November 20, 2016, our Board of Directors increased the authorization under our stock repurchase program by $510 million, bringing the total authorization to $1.3 billion for stock repurchases. The Board of Directors also authorized up to $500 million of the $1.3 billion to be expended before March 31, 2017. In March 2017, we entered into an ASR agreement with financial institutions (the “March 2017 ASR”) to repurchase an aggregate $500 million of our common stock. The remaining $800 million authorization, to be completed in future periods, does not have an expiration date.

Repurchases on open market transactions

The following table summarizes our stock repurchases on open market transactions for the periods presented and excludes the impact of shares purchased under our ASR agreements (except for the remaining authorization amount):

	Year Ended
(In millions, except per share data)	March 31, 2017		April 1, 2016		April 3, 2015
Total number of shares repurchased	—		17		21
Dollar amount of shares repurchased	$	—	$	368	$	500
Average price paid per share	$	—	$	21.69	$	23.73
Remaining authorization at end of period	$	800	$	790	$	1,158

Accelerated stock repurchase agreements

Pursuant to the March 2017 ASR, we made an upfront payment of $500 million and received and retired an initial delivery of 14.2 million shares of our common stock in March 2017. On May 19, 2017, which was in our first quarter of fiscal 2018, the ASR was completed, which, per the terms of the agreements, resulted in us receiving an additional 2.2 million shares of our common stock. The total shares received under the terms of the ASR were 16.4 million, with an average price paid per share of $30.51.

In March 2016, we entered into an ASR agreement with financial institutions (the “March 2016 ASR”) to repurchase an aggregate of $1.0 billion of our common stock. Pursuant to the March 2016 ASR, we made an upfront payment of $1.0 billion and received and retired an initial delivery of 42.4 million shares of our common stock in March 2016. We completed the repurchase and received an additional 6.5 million shares of our common stock in November 2016. The total shares received and retired under the terms of the March 2016 ASR were 48.9 million, with an average price paid per share of $20.44.

In November 2015, we entered into an ASR agreement with a financial institution (the “November 2015 ASR”) to repurchase an aggregate of $500 million of our common stock. Pursuant to the November 2015 ASR, we made an upfront payment of $500 million and received and retired an initial delivery of 19.9 million shares of our common stock in November 2016. We completed the repurchase and received an additional 5.0 million shares of our common stock in January 2016. The total shares received and retired under the terms of the November 2015 ASR were 24.9 million, with an average price paid per share of $20.08.

The upfront payment amounts for the ASRs are included in repurchases of common stock on our Consolidated Statements of Cash Flows for their respective periods.

Accumulated other comprehensive income

The changes in accumulated other comprehensive income (“AOCI”) by component, on a net of tax basis, were as follows:

(In millions)	Foreign Currency Translation Adjustments			Unrealized Gain On Available-For-Sale Securities			Total AOCI
Balance as of April 1, 2016	$	15		$	7		$	22
Other comprehensive loss before reclassifications	(8		)	(2		)	(10		)
Balance as of March 31, 2017	$	7		$	5		$	12