Stockholders' Equity

9 Months Ended

Dec. 29, 2017

Stockholders' Equity Note [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
(In millions, except per share data)	December 29, 2017		December 30, 2016		December 29, 2017		December 30, 2016
Dividends declared and paid	$	47	$	46	$	139	$	139
Dividend equivalents paid	2		7		24		34
Total dividends and dividend equivalents paid	$	49	$	53	$	163	$	173
Cash dividends declared per common share	$	0.075	$	0.075	$	0.225	$	0.225

Our restricted stock units and performance based restricted stock units are entitled to dividend equivalents to be paid in the form of cash upon vesting for each share of the underlying unit.

On January 31, 2018, we declared a cash dividend of $0.075 per share of common stock to be paid on March 14, 2018 to all stockholders of record as of the close of business on February 20, 2018. 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 of Directors.

Stock repurchase program

As of December 29, 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 AOCI by component

Components of AOCI net of taxes were as follows:

(In millions)	Foreign Currency Translation Adjustments		Unrealized Gain (Loss) on Available-For-Sale Securities			Total
Balance as of March 31, 2017	$	7	$	5		$	12
Reclassification to net income	5		(4		)	1
Other comprehensive income (loss)	4		(2		)	2
Balance as of December 29, 2017	$	16	$	(1	)	$	15

Net gain (loss) reclassified from AOCI to the Condensed Consolidated Statement of Operations was as follows:

	Amount Reclassified from AOCI										Line Items in Condensed Consolidated Statements of Operations
	Three Months Ended					Nine Months Ended
(In millions)	December 29, 2017			December 30, 2016		December 29, 2017			December 30, 2016
AOCI Components:
Foreign currency translation adjustments:
Gain on liquidations	$	—		$	—	$	3		$	—	Other income (expense), net
Sale of foreign entities	(8		)	—		(8		)	—		Gain on divestiture
Total adjustments	(8		)	—		(5		)	—		Income (loss) from continuing operations
Available-for-sale securities:
Gain realized	7			—		7			—		Gain on divestiture
Income tax expense	3			—		3			—		Income tax expense (benefit)
Gain, net of tax	4			—		4			—		Income (loss) from continuing operations
Total	$	(4	)	$	—	$	(1	)	$	—