Stockholders' Equity

12 Months Ended

Mar. 31, 2012

Stockholders' Equity [Abstract]

Stockholders' Equity

20. Stockholders' Equity

     Each share of the Company's outstanding common stock is permitted one vote on proposals presented to stockholders and is entitled to share equally in any dividends declared by the Company's Board of Directors (the "Board").

     In April 2011, the quarterly dividend was raised from $0.18 to $0.20 per common share for dividends declared after such date, until further action by the Board. Dividends were $0.80 per share in 2012, $0.72 per share in 2011 and $0.48 per share in 2010. The Company anticipates that it will continue to pay quarterly cash dividends in the future. However, the payment and amount of future dividends remain within the discretion of the Board and will depend upon the Company's future earnings, financial condition, capital requirements and other factors.

Share Repurchases

     Stock repurchases may be made from time-to-time in open market transactions, privately negotiated transactions, through accelerated share repurchase ("ASR") programs, or by any combination of such methods. The timing of any repurchases and the actual number of shares repurchased will depend on a variety of factors, including our stock price, corporate and regulatory requirements, restrictions under our debt obligations and other market and economic conditions.

     The Board authorized the repurchase of the Company's common stock as follows: $1.0 billion in April 2010, $1.0 billion in October 2010, $1.0 billion in April 2011 and $650 million in January 2012.

     Total share repurchases transacted through ASR programs and open market transactions over the last three years were as follows:

		Years Ended March 31,
(In millions, except per share data)		2012		2011		2010
Number of shares repurchased (1)		20		29		8
Average price paid per share	$	83.47	$	69.62	$	41.47
Total value of shares repurchased	$	1,850	$	2,032	$	299

(1)

Excludes shares surrendered for tax withholding.

     In 2012 and 2011, the majority of our share repurchases were transacted through a number of ASR programs with third party financial institutions as follows: $1.0 billion in May 2010, $275 million in March 2011, $650 million in May 2011 and $1.2 billion in March 2012. In 2010, all of our share repurchases were conducted through open market transactions. All programs were funded with cash on hand.

     In March 2012, we entered into an ASR program with a third party financial institution to repurchase $1.2 billion of the Company's common stock. As of March 31, 2012, we had received 12 million shares representing the minimum number of shares due under this program, and the average price paid per share of $87.19 was based on the average daily volume-weighted average price of our common stock less a discount calculated as of March 31, 2012. The total number of shares to be ultimately repurchased by us and the final settlement price per share will be determined at the completion of this program based on the average daily volume-weighted average price of our common stock during the program, less a discount. This program is anticipated to be completed no later than the second quarter of 2013.

     In April 2012, the Board authorized the repurchase of an additional $700 million of the Company's common stock, bringing the total authorization outstanding to $1.0 billion.

Accumulated Other Comprehensive Income

Information regarding our accumulated other comprehensive income is as follows:

	March 31,
(In millions)		2012			2011
Unrealized net loss and other components of benefit plans, net of tax	$	(178	)	$	(157	)
Translation adjustments		188			244
Unrealized losses on derivative instruments, net of tax		(5	)		0
Total	$	5		$	87