Stockholders' Equity

12 Months Ended

Mar. 31, 2014

Stockholders' Equity Note [Abstract]

Stockholders' Equity

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 July 2013, the quarterly dividend was raised from $0.20 to $0.24 per common share for dividends declared after such date, until further action by the Board. Dividends were $0.92 per share in 2014 and $0.80 per share in 2013 and 2012. 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 Repurchase Plans

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.

Information regarding the share repurchase activity over the last three years is as follows:

	Share Repurchases (1)
(In millions, except price per share data)		Total Number of Shares Purchased (2) (3)	Average Price Paid Per Share		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Programs
Balance, March 31, 2011					$	499
Share repurchase plans approved:
April 2011					1,000
January 2012					650
Shares repurchased		20	$	83.47	(1,850		)
Balance, March 31, 2012					$	299
Share repurchase plans approved:
April 2012					700
January 2013					500
Shares repurchased		13	$	100.82	(1,159		)
Balance, March 31, 2013					$	340
Shares repurchased		—	$	—	—
Balance, March 31, 2014					$	340

(1) This table does not include shares tendered to satisfy the exercise price in connection with cashless exercises of employee stock options or shares tendered to satisfy tax withholding obligations in connection with employee equity awards.

(2) All of the shares purchased were part of the publicly announced programs.

(3) The number of shares purchased reflects rounding adjustments.

During the fourth quarter of 2013, we retired approximately 2 million shares repurchased for $217 million by the Company.   The retired shares constitute authorized but unissued shares. We elected to allocate any excess of share repurchase price over par value between additional paid-in capital and retained earnings. As such, $195 million was recorded as a decrease to retained earnings.

Other Comprehensive Income (Loss)

Information regarding other comprehensive income (loss) including noncontrolling interest, net of tax by component are as follows:

	Years Ended March 31,
(In millions)	2014			2013			2012
Foreign currency translation adjustments
Foreign currency translation adjustments arising during period, net of income tax expense (benefit) of nil, ($2) and $2 (1)	$	9		$	(52	)	$	(56	)
Reclassified to income statement, net of income tax expense of $24, nil and nil (2)	44			—			—
	53			(52		)	(56		)
Unrealized losses on cash flow hedges
Unrealized losses on cash flow hedges arising during period, net of income tax benefit of nil, nil and nil	(6		)	—			(5		)
Changes in retirement-related benefit plans
Net actuarial gain (loss) and prior service credit (cost) arising during period, net of income tax (benefit) of $16, ($22) and ($18)	17			(40		)	(38		)
Amortization of actuarial loss, prior service cost and transition obligation, net of income tax expense of $12, $12 and $9 (3)	22			18			17
Foreign currency translation adjustments, net of income tax expense of nil, nil and nil	(4		)	4			—
Reclassified to income statement, net of income tax expense of $1, nil and nil	1			—			—
	36			(18		)	(21		)
Other Comprehensive Income (Loss), net of tax	$	83		$	(70	)	$	(82	)

(1) The 2014 amounts include net foreign currency translation gain of $21 million attributable to noncontrolling interests.

(2) As a result of our sale of our 49% equity interest in Nadro, foreign currency translation net losses of $44 million were reclassified from AOCI to other income, within our consolidated statement of operations. Such losses were previously considered in our impairment evaluation of the investment when we committed to a plan to sell the investment during the fourth quarter of 2013, and accordingly did not impact earnings for 2014.

(3) Pre-tax amount was reclassified into cost of sales and operating expenses in the consolidated statements of operations. The related tax expense (benefit) was reclassified into income tax expense in the consolidated statements of operations.

Accumulated Other Comprehensive Income (Loss)

Information regarding changes in our accumulated other comprehensive income (loss) by component are as follows:

(In millions)	Foreign Currency Translation Adjustments, Net of Tax			Unrealized Losses on Cash Flow Hedges, Net of Tax			Unrealized Net Loss and Other Components of Benefit Plans, Net of Tax			Total Accumulated Other Comprehensive Income (Loss)
Balance at March 31, 2012	$	188		$	(5	)	$	(178	)	$	5
Other comprehensive loss before reclassifications	(52		)	—			(18		)	(70		)
Other comprehensive loss	(52		)	—			(18		)	(70		)
Balance at March 31, 2013	$	136		$	(5	)	$	(196	)	$	(65	)
Other comprehensive income (loss) before reclassifications	(12		)	(6		)	35			17
Amounts reclassified to earnings	44			—			1			45
Other comprehensive income (loss)	32			(6		)	36			62
Balance at March 31, 2014	$	168		$	(11	)	$	(160	)	$	(3	)