Stockholders' Equity

3 Months Ended

Jul. 03, 2015

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

Dividends

The following table summarizes dividends declared and paid for the periods presented:

	Three Months Ended
	July 3, 2015		July 4, 2014
	(Dollars in millions, except per share data)
Dividends declared and paid	$	103	$	104
Cash dividends declared per common share	$	0.15	$	0.15

Each quarterly dividend was recorded as a reduction to additional paid-in capital. Our restricted stock and performance-based stock units have dividend equivalent rights entitling holders to dividend equivalents to be paid in the form of cash upon vesting for each share of the underlying units.

On August 11, 2015, we declared a cash dividend of $0.15 per share of common stock to be paid on September 16, 2015 to all stockholders of record as of the close of business on August 26, 2015. All shares of common stock issued and outstanding, and unvested restricted stock and performance-based stock, as of the record date will be entitled to the dividend and dividend equivalents, respectively. Any future dividends and dividend equivalents will be subject to the approval of our Board of Directors.

Stock repurchases

Through our stock repurchase programs we have repurchased shares on a quarterly basis since the fourth quarter of fiscal 2004. The following table summarizes our stock repurchases for the period presented.

	Three Months Ended
	July 3, 2015
	(In millions, except per share data)
Total number of shares repurchased	4
Dollar amount of shares repurchased	$	90
Average price paid per share	$	24.39
Remaining authorization at end of period	$	1,068

Changes in accumulated other comprehensive income by component

Components of accumulated other comprehensive income, on a net of tax basis, were as follows:

	Foreign Currency Translation Adjustments		Unrealized Gain On Available-For-Sale Securities		Total
	(Dollars in millions)
Balance as of April 3, 2015	$	101	$	3	$	104
Other comprehensive income before reclassifications	12		—		12
Amounts reclassified from accumulated other comprehensive income	—		—		—
Balance as of July 3, 2015	$	113	$	3	$	116