Electronic Arts 2016 Annual Report Download - page 171

Annual Report
401(k) Plan, Registered Retirement Savings Plan and ITP Plan
We have a 401(k) plan covering substantially all of our U.S. employees, a Registered Retirement Savings Plan
covering substantially all of our Canadian employees, and an ITP pension plan covering substantially all our
Swedish employees. These plans permit us to make discretionary contributions to employees’ accounts based on
our financial performance. We contributed an aggregate of $27 million, $27 million and $16 million to these
plans in fiscal years 2016, 2015, and 2014, respectively.
Stock Repurchase Program
In May 2014, a special committee of our Board of Directors, on behalf of the full Board of Directors, authorized
a two-year program to repurchase up to $750 million of our common stock. Since inception, we repurchased
approximately 9.2 million shares for approximately $394 million under this program.
In May 2015, our Board of Directors authorized a program to repurchase up to $1 billion of our common stock.
This stock repurchase program, which expires on May 31, 2017, supersedes and replaces the stock repurchase
authorization approved in May 2014. Under this program, we may purchase stock in the open market or through
privately-negotiated transactions in accordance with applicable securities laws, including pursuant to pre-
arranged stock trading plans. The timing and actual amount of the stock repurchases will depend on several
factors including price, capital availability, regulatory requirements, alternative investment opportunities and
other market conditions. We are not obligated to repurchase any specific number of shares under this program
and it may be modified, suspended or discontinued at any time. We repurchased approximately 6.9 million shares
for approximately $461 million under this program during fiscal year 2016. We continue to actively repurchase
shares.
In February 2016, we announced a new $500 million stock repurchase program. This new program was
incremental to the existing two-year $1 billion stock repurchase program announced in May 2015. We completed
repurchases under the February 2016 program during the quarter ended March 31, 2016. We repurchased
approximately 7.8 million shares for approximately $500 million under this new program.
The following table summarizes total shares repurchased during fiscal years 2016 and 2015:
May 2014 Program May 2015 Program February 2016 Program Total
(In millions) Shares Amount Shares Amount Shares Amount Shares Amount
Fiscal Year 2015 . . . 8.2 $337 — $ — — $ — 8.2 $ 337
Fiscal Year 2016 . . . 1.0 $ 57 6.9 $461 7.8 $500 15.7 $1,018
During fiscal year 2014, we did not repurchase any shares of our common stock.
(16) INTEREST AND OTHER INCOME (EXPENSE), NET
Interest and other income (expense), net, for the fiscal years ended March 31, 2016, 2015 and 2014 consisted of
(in millions):
Year Ended March 31,
2016 2015 2014
Loss on conversion of Convertible Notes ..................................... $(10) $ — $ —
Interest expense ......................................................... (28) (31) (30)
Interest income .......................................................... 15 10 5
Net gain (loss) on foreign currency transactions ................................ (14) (62) 4
Net gain (loss) on foreign currency forward contracts ............................ 15 59 (5)
Other income, net ........................................................ 1 1 —
Interest and other income (expense), net .................................... $(21) $(23) $(26)
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