Stockholders' Equity

9 Months Ended

Dec. 30, 2016

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

Dividends

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

	Three Months Ended				Nine Months Ended
	December 30, 2016		January 1, 2016		December 30, 2016		January 1, 2016
	(In millions, except per share data)
Dividends declared and paid	$	46	$	98	$	139	$	303
Dividend equivalents paid	7		4		34		9
Total dividends and dividend equivalents paid	$	53	$	102	$	173	$	312
Cash dividends declared per common share	$	0.075	$	0.15	$	0.225	$	0.45

Our RSUs and PRUs are entitled to dividend equivalents to be paid in the form of cash upon vesting for each share of the underlying unit.

On February 1, 2017, we declared a cash dividend of $0.075 per share of common stock to be paid on March 15, 2017, to all stockholders of record as of the close of business on February 20, 2017. 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.

Stock repurchase program

On November 20, 2016, our Board approved an increase of $510 million in authorized share repurchases to a total of $1.3 billion. Up to $500 million of the authorized repurchases may be completed on or prior to March 31, 2017. Our share repurchase authorization does not have an expiration date.

Accelerated stock repurchase agreement

In March 2016, we entered into an accelerated stock repurchase (“ASR”) agreement with financial institutions to repurchase an aggregate of $1.0 billion of our common stock. During the fourth quarter of fiscal 2016, we made an upfront payment of $1.0 billion to the financial institutions pursuant to the ASR agreement, and received and retired an initial delivery of 42.4 million shares of our common stock. In November 2016, we completed the repurchase and received an additional 6.5 million shares of our common stock. The total shares received and retired under the terms of the ASR agreement were approximately 48.9 million, with an average price paid per share of $20.44.

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
	(In millions)
Balance as of April 1, 2016	$	15		$	7		$	22
Other comprehensive loss before reclassifications	(16		)	(3		)	(19		)
Balance as of December 30, 2016	$	(1	)	$	4		$	3