Stockholders' Equity

3 Months Ended

Jun. 30, 2017

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
(In millions, except per share data)	June 30, 2017		July 1, 2016
Dividends declared and paid	$	46	$	46
Dividend equivalents paid	20		22
Total dividends and dividend equivalents paid	$	66	$	68
Cash dividends declared per common share	$	0.075	$	0.075

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 August 2, 2017, we declared a cash dividend of $0.075 per share of common stock to be paid on September 13, 2017 to all stockholders of record as of the close of business on August 21, 2017. All shares of common stock issued and outstanding and all shares of 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

As of June 30, 2017, the remaining balance of our share repurchase authorization is $800 million and does not have an expiration date.

Accelerated stock repurchase agreement

During the fourth quarter of fiscal 2017, we entered into an accelerated stock repurchase (“ASR”) agreement with financial institutions to repurchase an aggregate of $500 million of our common stock. Pursuant to the ASR agreement, we made an upfront payment of $500 million to the financial institutions and received and retired an initial delivery of 14.2 million shares of our common stock. In the first quarter of fiscal 2018, we completed the ASR and received and retired an additional delivery of 2.2 million shares of our common stock. The total shares received and retired under the terms of the ASR agreement were 16.4 million, with an average price paid per share of $30.51.

Changes in accumulated other comprehensive income by component

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

(In millions)	Foreign Currency Translation Adjustments			Unrealized Gain on Available-For-Sale Securities		Total
Balance as of March 31, 2017	$	7		$	5	$	12
Other comprehensive loss before reclassifications	(2		)	—		(2		)
Balance as of June 30, 2017	$	5		$	5	$	10