Recent Accounting Standards (Tables)

6 Months Ended

Sep. 28, 2018

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The following summarizes the effect of adopting the above new accounting standards:



(in millions)	Balance as of March 30, 2018		Revenue Recognition Guidance			Accounting for Income Taxes Guidance			Opening Balance as of March 31, 2018
Accounts receivable, net	$	809	$	24		$	—		$	833
Other current assets ⁽¹⁾	$	522	$	(8	)	$	(8	)	$	506
Other long-term assets ⁽²⁾	$	526	$	57		$	750		$	1,333
Total assets	$	15,759	$	73		$	742		$	16,574

Short-term contract liabilities	$	2,368	$	(107	)	$	—		$	2,261
Other current liabilities	$	372	$	(2	)	$	—		$	370
Long-term contract liabilities	$	735	$	(62	)	$	—		$	673
Deferred income tax liabilities	$	592	$	47		$	—		$	639
Total liabilities	$	10,736	$	(124	)	$	—		$	10,612

Retained earnings	$	328	$	197		$	742		$	1,267


(1)	The balance as of March 30, 2018, includes income tax receivable and prepaid income taxes of $107 million and short-term deferred commissions of $94 million. The opening balance as of March 31, 2018, includes income tax receivable and prepaid income taxes of $99 million and short-term deferred commissions of $86 million.

(2)

The balance as of March 30, 2018, includes long-term deferred commissions of $35 million, long-term income tax receivable and prepaid income taxes of $61 million and deferred income tax assets of $46 million. The opening balance as of March 31, 2018, includes long-term deferred commissions of $92 million, long-term income tax receivable and prepaid income taxes of $29 million and deferred income tax assets of $828 million.

The effects of the adoption of the new revenue recognition guidance on our September 28, 2018 Condensed Consolidated Balance Sheets were as follows:



	As of September 28, 2018
(In millions)	As Reported			Balances Without Adoption of New Standard			Effect of Change
Accounts receivable, net	$	537		$	491		$	46
Other current assets ⁽¹⁾	$	445		$	431		$	14
Other long-term assets ⁽²⁾	$	1,277		$	1,229		$	48
Total assets	$	16,234		$	16,126		$	108

Short-term contract liabilities	$	2,113		$	2,213		$	(100	)
Other current liabilities	$	378		$	347		$	31
Long-term contract liabilities	$	633		$	715		$	(82	)
Deferred income tax liabilities	$	652		$	606		$	46
Total liabilities	$	10,284		$	10,389		$	(105	)

Accumulated other comprehensive loss	$	(17	)	$	(13	)	$	(4	)
Retained earnings	$	1,100		$	883		$	217
Total stockholders’ equity	$	5,950		$	5,737		$	213


(1)	As reported includes short-term deferred commissions of $92 million. The balance without adoption of new standard includes short-term deferred commissions of $82 million.


(2)	As reported includes long-term deferred commissions of $88 million. The balance without adoption of new standard includes long-term deferred commissions of $41 million.