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Stockholders' Equity
 12 Months Ended
Mar. 31, 2020
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 "Board").

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. Share repurchases may be made from time to time through various means, including in open market purchases, 10b5-1 plans, privately-negotiated transactions, accelerated stock repurchases, block trades and other transactions, in compliance with Rule 10b-18 under the Exchange Act as well as, to the extent applicable, other federal and state securities laws and other legal requirements. The timing, volume, and nature of share repurchases pursuant to the share repurchase plan are at the discretion of management and may be suspended or discontinued at any time.

As part of the share repurchase program, during fiscal 2020, DXC entered into an accelerated share repurchase ("ASR") agreement with a third-party financial institution and repurchased 3,654,544 shares of common stock for $200 million, resulting in an average price paid of $54.73 per share.

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)
2020
 
 
 
 
 
 
Open market purchases
 
12,279,107

 
$43.67
 
$
536

ASR
 
3,654,544

 
$54.73
 
$
200

2020 Total
 
15,933,651

 
$46.21
 
$
736

2019
 


 

 

Open market purchases
 
19,342,586

 
$69.20
 
$
1,339

2019 Total
 
19,342,586

 
$69.20
 
$
1,339

2018
 


 

 

Open market purchases
 
1,537,782

 
$89.41
 
$
137

2018 Total
 
1,537,782

 
$89.41
 
$
137


Treasury Stock Transactions

In fiscal 2020, 2019 and 2018 the Company accepted 38,902, 42,008 and 332,558 shares of its common stock, respectively, in lieu of cash in connection with the exercise of stock options. In fiscal 2020, 2019 and 2018, the Company accepted 321,148, 729,703 and 684,389 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 2,148,708 treasury shares as of March 31, 2020.

Dividends
 
 
Dividends Declared
(in millions, except per share amounts)
 
Per Common Share
 
Total
 
Unpaid at Fiscal Year End
Fiscal 2020
 
$
0.84

 
$
219

 
$
55

Fiscal 2019
 
$
0.76

 
$
209

 
$
53

Fiscal 2018
 
$
0.72

 
$
209

 
$
51


Accumulated Other Comprehensive (Loss) Income

The following table shows the changes in accumulated other comprehensive (loss) income, 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 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
)
Current-period other comprehensive loss
 
(334
)
 
(15
)
 
—

 
—

 
(349
)
Amounts reclassified from accumulated other comprehensive (loss) income, net of taxes
 
—

 
(2
)
 
—

 
(8
)
 
(10
)
Balance at March 31, 2020
 
$
(851
)
 
$
(20
)
 
$
9

 
$
259

 
$
(603
)