COMPUTER SCIENCES CORP

CIK:0000023082|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2017	Apr. 01, 2016	Apr. 03, 2015
Income Statement [Abstract]
Revenues	$ 7,607	$ 7,106	$ 8,117
Costs of services (excludes depreciation and amortization and restructuring costs)	5,545	5,185	6,159
Selling, general and administrative (excludes depreciation and amortization, SEC settlement related charges and restructuring costs)	1,279	1,040	1,220
Selling, general and administrative - SEC settlement related charges	0	0	197
Depreciation and amortization	647	658	840
Restructuring costs	238	23	256
Separation costs	0	19	0
Interest expense	117	123	126
Interest income	(35)	(38)	(20)
Debt extinguishment costs	0	95	0
Other (income) expense, net	(10)	(9)	10
Total costs and expenses	7,781	7,096	8,788
(Loss) income from continuing operations, before taxes	(174)	10	(671)
Income tax benefit	(74)	(62)	(464)
(Loss) income from continuing operations	(100)	72	(207)
Income from discontinued operations, net of taxes	0	191	224
Net (loss) income	(100)	263	17
Less:
Less: net income attributable to noncontrolling interest, net of tax	23	12	15
Net (loss) income attributable to CSC common stockholders	$ (123)	$ 251	$ 2
(Loss) earnings per common share - Basic:
Continuing operations (in dollars per share)	$ (0.88)	$ 0.51	$ (1.45)
Discontinued operations (in dollars per share)	0.00	1.31	1.46
Basic EPS (in dollars per share)	(0.88)	1.82	0.01
(Loss) earnings per common share - Diluted:
Continuing operations (in dollars per share)	(0.88)	0.50	(1.45)
Discontinued operations (in dollars per share)	0.00	1.28	1.46
Diluted EPS (in dollars per share)	(0.88)	1.78	0.01
Cash dividend per common share (in dollars per share)	$ 0.56	$ 2.99	$ 0.92

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2017	Apr. 01, 2016	Apr. 03, 2015
Cash flows from operating activities:
Net (loss) income	$ (100)	$ 263	$ 17
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	658	767	977
Pension & other post-employment benefits, actuarial & settlement losses	87	92	782
Share-based compensation	75	45	68
Deferred taxes	(92)	(37)	(449)
Loss (gain) on dispositions	6	(41)	(22)
Provision for losses on accounts receivable	4	6	2
Unrealized foreign currency exchange losses (gain)	24	43	(4)
Impairment losses and contract write-offs	8	2	0
Debt extinguishment costs	0	95	0
Amortization of prepaid debt issuance costs	17	0	0
Cash surrender value in excess of premiums paid	(7)	(10)	(9)
Other non-cash charges, net	0	0	39
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Decrease in receivables	586	129	237
Increase in deferred purchase price receivable	(252)	0	0
Increase in prepaid expenses and other current assets	(29)	(15)	(36)
Increase (decrease) in accounts payable and accruals	54	(357)	(313)
SEC settlement related charges	0	(190)	190
(Decrease) increase in income taxes payable and income tax liability	(32)	58	(33)
(Decrease) increase in advances contract payments and deferred revenue	(67)	(37)	11
Other operating activities, net	38	(11)	16
Net cash provided by operating activities	978	802	1,473
Cash flows from investing activities:
Purchases of property and equipment	(246)	(356)	(381)
Payments for outsourcing contract costs	(101)	(101)	(68)
Short-term investing	0	(70)	0
Software purchased and developed	(140)	(184)	(199)
Payments for acquisitions, net of cash acquired	(434)	(554)	(49)
Business dispositions	3	37	(13)
Proceeds from sale of assets	57	61	155
Other investing activities, net	(65)	(13)	19
Net cash used in investing activities	(926)	(1,180)	(536)
Cash flows from financing activities:
Borrowings of commercial paper	2,191	821	0
Repayments of commercial paper	(2,086)	(263)	0
Borrowings under lines of credit and short-term debt	920	2,206	0
Repayment of borrowings under lines of credit	(789)	(1,825)	(32)
Borrowings on long-term debt, net of discount	159	928	0
Principal payments on long-term debt	(313)	(1,869)	(242)
Proceeds from structured sale of facility	85	0	0
Proceeds from stock options and other common stock transactions	54	82	196
Taxes paid related to net share settlements of share-based compensation awards	(13)	(48)	(22)
Debt extinguishment costs	0	(95)	0
Repurchase of common stock and advance payment for accelerated share repurchase	0	(73)	(842)
Dividend payments	(78)	(430)	(128)
Borrowings for CSRA spin transaction	0	1,508	0
Transfers of cash to CSRA upon Separation	0	(1,440)	0
Other financing activities, net	(37)	13	(8)
Net cash provided by (used in) financing activities	93	(485)	(1,078)
Effect of exchange rate changes on cash and cash equivalents	(60)	(57)	(204)
Net increase (decrease) in cash and cash equivalents	85	(920)	(345)
Cash and cash equivalents at beginning of year	1,178	2,098	2,443
Cash and cash equivalents at end of year	$ 1,263	$ 1,178	$ 2,098

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2017	Apr. 01, 2016
Current assets:
Cash and cash equivalents	$ 1,263	$ 1,178
Receivables, net of allowance for doubtful accounts of $26 and $31	1,643	1,831
Prepaid expenses and other current assets	341	403
Total current assets	3,247	3,412
Intangible assets, net of accumulated amortization of $2,293 and $2,228	1,794	1,328
Goodwill	1,855	1,277
Deferred income taxes, net	381	345
Property and equipment, net of accumulated depreciation of $2,816 and $2,894	903	1,025
Deferred income taxes, net	483	349
Total Assets	8,663	7,736
Current liabilities:
Short-term debt and current maturities of long-term debt	738	710
Accounts payable	410	341
Accrued payroll and related costs	248	288
Accrued expenses and other current liabilities	998	720
Deferred revenue and advance contract payments	518	509
Income taxes payable	38	40
Total current liabilities	2,950	2,608
Long-term debt, net of current maturities	2,225	1,934
Non-current deferred revenue	286	348
Non-current pension obligations	342	298
Non-current income tax liabilities and deferred tax liabilities	423	356
Other long-term liabilities	271	160
Total Liabilities	6,497	5,704
Commitments and contingencies
CSC stockholders’ equity:
Preferred stock, par value $1 per share; authorized 1,000,000 shares; none issued	0	0
Common stock, par value $1 per share; authorized 750,000,000 shares; issued 151,932,040 and 148,746,672	152	149
Additional paid-in capital	2,565	2,439
(Accumulated deficit) retained earnings	(170)	33
Accumulated other comprehensive loss	(162)	(111)
Treasury stock, at cost, 10,633,243 and 10,365,811 shares	(497)	(485)
Total CSC stockholders’ equity	1,888	2,025
Noncontrolling interest in subsidiaries	278	7
Total Equity	2,166	2,032
Total Liabilities and Equity	$ 8,663	$ 7,736