Stockholders' Equity

3 Months Ended

Jun. 30, 2013

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 Company’s quarterly dividend was raised from $0.20 to $0.24 per common share for dividends declared on or after such date by the Board. 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.

In March 2013, we entered into an accelerated share repurchase program with a third party financial institution to repurchase $150 million of the Company’s common stock. As of March 31, 2013, we had received 1.2 million shares representing the minimum number of shares due under this program.  This program was completed on April 17, 2013 and we received 0.2 million additional shares on April 22, 2013. The total number of shares repurchased under this program was 1.4 million shares at an average price per share of $107.63.

The total authorization outstanding for repurchases of the Company’s common stock was $340 million at June 30, 2013.

Other Comprehensive Income (Loss)

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

	Quarter Ended June 30,
(In millions)	2013			2012
Foreign currency translation adjustments
Foreign currency translation adjustments arising during period, net of income tax expense of $2 and $4	$	(61	)	$	(41	)
Unrealized gains on cash flow hedges
Unrealized gains on cash flow hedges arising during period, net of income tax expense of nil and nil	1			—
Changes in retirement-related benefit plans
Amortization of actuarial loss, prior service cost and transition obligation, net of income tax (benefit) of ($4) and ($3) (1)	7			5
Foreign currency translation adjustments, net of income tax expense of nil and nil	—			1
	7			6
Other Comprehensive Loss, net of tax	$	(53	)	$	(35	)

(1) Pre-tax amount reclassified into cost of sales and operating expenses in the condensed 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), net of tax, 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, 2013	$	136		$	(5	)	$	(196	)	$	(65	)
Other comprehensive income (loss) before reclassifications	(61		)	1			—			(60		)
Amounts reclassified to earnings	—			—			7			7
Other comprehensive income (loss)	(61		)	1			7			(53		)
Balance at June 30, 2013	$	75		$	(4	)	$	(189	)	$	(118	)