Stockholders' Equity

6 Months Ended

Oct. 02, 2015

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

Dividends

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

	Three Months Ended				Six Months Ended
	October 2, 2015		October 3, 2014		October 2, 2015		October 3, 2014
	(Dollars in millions, except per share data)
Dividends declared and paid	$	102	$	104	$	205	$	207
Cash dividends declared per common share	$	0.15	$	0.15	$	0.30	$	0.30

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 November 5, 2015, we declared a cash dividend of $0.15 per share of common stock to be paid on December 16, 2015 to all stockholders of record as of the close of business on November 23, 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

The following table summarizes our stock repurchases for the periods presented:

	Three Months Ended October 2, 2015		Six Months Ended October 2, 2015
	(In millions, except per share data)
Total number of shares repurchased	7.6		11.3
Dollar amount of shares repurchased	$	160	$	250
Average price paid per share	$	21.13	$	22.20
Remaining authorization at end of period	$	2,408	$	2,408

Through our stock repurchase programs we have repurchased shares on a quarterly basis since the fourth quarter of fiscal 2004. During the second quarter of fiscal 2016, our Board of Directors authorized a new $1.5 billionstock repurchase program which commenced immediately and does not have an expiration date. This is in addition to the remaining amount authorized for future repurchase under our previous program.

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	(22		)	5		(17		)
Loss reclassified from accumulated other comprehensive income	1			—		1
Balance as of October 2, 2015	$	80		$	8	$	88