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Stockholders' Equity
 12 Months Ended
Mar. 31, 2019
Equity [Abstract]  
Stockholders' Equity
Stockholders' Equity
Description of Capital Stock

The Company has authorized share capital consisting of 750,000,000 shares of common stock, par value $0.01 per share, and 1,000,000 shares of preferred stock, par value $0.01 per share.

Each share of common stock is equal in all respects to every other share of common stock of the Company. Each share of common stock is entitled to one vote per share at each annual or special meeting of stockholders for the election of directors and upon any other matter coming before such meeting. Subject to all the rights of the preferred stock, dividends may be paid to holders of common stock as and when declared by the Board of Directors.

The Company's charter requires that preferred stock must be all of one class but may be issued from time to time in one or more series, each of such series to have such full or limited voting powers, if any, and such designations, preferences and relative, participating, optional or other special rights or qualifications, limitations or restrictions as provided in a resolution adopted by the Board of Directors. Each share of preferred stock will rank on a parity with each other share of preferred stock, regardless of series, with respect to the payment of dividends at the respectively designated rates and with respect to the distribution of capital assets according to the amounts to which the shares of the respective series are entitled.

Share Repurchase Program

On April 3, 2017, DXC announced the establishment of a share repurchase program approved by the Board of Directors with an initial authorization of up to $2.0 billion for future repurchases of outstanding shares of DXC common stock. On November 8, 2018, DXC announced that its board of directors approved an incremental $2.0 billion share repurchase authorization. An expiration date has not been established for this repurchase plan.

The shares repurchased are retired immediately and included in the category of authorized but unissued shares. The excess of purchase price over par value of the common shares is allocated between additional paid-in capital and retained earnings. The details of shares repurchased are shown below:
Fiscal Year
 
Number of shares repurchased
 
Average Price Per Share
 
Amount (In millions)
2019
 
19,342,586

 
$69.20
 
$
1,339

2018
 
1,537,782

 
$89.41
 
$
137

2017
 
—

 
—

 
—


Treasury Stock Transactions

In fiscal 2019, 2018 and 2017 the Company accepted 42,008, 332,558 and 72,231 shares of its common stock, respectively, in lieu of cash in connection with the exercise of stock options. In fiscal 2019, 2018 and 2017, the Company accepted 729,703, 684,389 and 195,201 shares of its common stock, respectively, in lieu of cash in connection with the tax withholdings associated with the release of common stock upon vesting of restricted stock and RSUs. As a result, the Company holds 1,788,658 treasury shares as of March 31, 2019. Treasury shares held before the HPES Merger were extinguished in connection with the HPES Merger.
Dividends
 
 
Dividends Declared
(in millions, except per share amounts)
 
Per Common Share
 
Total
 
Unpaid at Fiscal Year End
Fiscal 2019
 
$
0.76

 
$
209

 
$
53

Fiscal 2018
 
$
0.72

 
$
209

 
$
51

Fiscal 2017
 
$
0.56

 
$
80

 
$
20

Accumulated Other Comprehensive (Loss) Income

The following table shows the changes in accumulated other comprehensive income (loss), net of taxes:
(in millions)
 
Foreign Currency Translation Adjustments
 
Cash Flow Hedges
 
Available-for-sale Securities
 
Pension and Other Post-retirement Benefit Plans
 
Accumulated Other Comprehensive (Loss) Income
Balance at April 1, 2016
 
$
(399
)
 
$
(1
)
 
$
—

 
$
289

 
$
(111
)
Current-period other comprehensive (loss) income
 
(59
)
 
21

 
—

 
(2
)
 
(40
)
Amounts reclassified from accumulated other comprehensive (loss) income, net of taxes
 
—

 
—

 
—

 
(11
)
 
(11
)
Balance at March 31, 2017
 
$
(458
)
 
$
20

 
$
—

 
$
276

 
$
(162
)
Current-period other comprehensive (loss) income
 
197

 
(11
)
 
9

 
—

 
195

Amounts reclassified from accumulated other comprehensive (loss) income, net of taxes
 
—

 
—

 
—

 
25

 
25

Balance at March 31, 2018
 
$
(261
)
 
$
9

 
$
9

 
$
301

 
$
58

Current-period other comprehensive loss
 
(256
)
 
(22
)
 
—

 
(21
)
 
(299
)
Amounts reclassified from accumulated other comprehensive (loss) income, net of taxes
 
—

 
10

 
—

 
(13
)
 
(3
)
Balance at March 31, 2019
 
$
(517
)
 
$
(3
)
 
$
9

 
$
267

 
$
(244
)