Stockholders' Equity

3 Months Ended

Jul. 01, 2016

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

Dividends

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

	Three Months Ended
	July 1, 2016		July 3, 2015
	(Dollars in millions, except per share data)
Dividends declared and paid	$	46	$	103
Dividend equivalent rights paid	22		4
Total dividends and dividend equivalents paid	$	68	$	107
Dividends declared per common share	$	0.075	$	0.15

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 unit.

On August 4, 2016, we declared a cash dividend of $0.075 per share of common stock to be paid on September 14, 2016, to all stockholders of record as of the close of business on August 22, 2016. 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 (the "Board").

Stock repurchases

Through our stock repurchase programs we repurchase shares on the open market and through accelerated stock repurchase ("ASR") transactions. The following table summarizes our stock repurchases, which were all open market transactions, for the periods presented. The remaining authorization amount includes the impact of shares purchased under our ASR agreements.

	Three Months Ended
	July 1, 2016		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	$	790	$	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 1, 2016	$	15		$	7		$	22
Other comprehensive loss before reclassifications	(24		)	(1		)	(25		)
Balance as of July 1, 2016	$	(9	)	$	6		$	(3	)