(Mark One) | |||||
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
DXC TECHNOLOGY COMPANY | ||||||||
(Exact name of registrant as specified in its charter) |
Nevada
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61-1800317
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||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||||||||
1775 Tysons Boulevard
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|||||||||||||||||
Tysons, Virginia
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22102
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(Address of principal executive offices) | (zip code) | ||||||||||||||||
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $0.01 par value per share
|
DXC
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The New York Stock Exchange | ||||||
2.750% Senior Notes Due 2025
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DXC 25
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The New York Stock Exchange | ||||||
1.750% Senior Notes Due 2026
|
DXC 26
|
The New York Stock Exchange | ||||||
Securities registered pursuant to Section 12(g) of the Act: None
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Large Accelerated Filer |
x
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Accelerated Filer | o | |||||||||||||||||
Non-accelerated Filer |
o
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Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ |
Item | Page | ||||||||||
1. | |||||||||||
1A. | |||||||||||
1B. | |||||||||||
2. | |||||||||||
3. | |||||||||||
4. | |||||||||||
5. | |||||||||||
6. | |||||||||||
7. | |||||||||||
7A. | |||||||||||
8. | |||||||||||
9. | |||||||||||
9A. | |||||||||||
9B. | |||||||||||
10. | |||||||||||
11. | |||||||||||
12. | |||||||||||
13. | |||||||||||
14. | |||||||||||
PART IV | |||||||||||
15. | |||||||||||
16. |
Name | Age | Year First Elected as Officer | Term as an Officer | Position Held with the Registrant as of the filing date | Family Relationship | |||||||||||||||||||||||||||
Michael J. Salvino | 55 | 2019 | Indefinite | President and Chief Executive Officer | None | |||||||||||||||||||||||||||
Kenneth P. Sharp | 50 | 2020 | Indefinite | Executive Vice President and Chief Financial Officer | None | |||||||||||||||||||||||||||
William L. Deckelman, Jr. | 63 | 2017 | Indefinite | Executive Vice President and General Counsel | None | |||||||||||||||||||||||||||
Mary E. Finch | 51 | 2019 | Indefinite | Executive Vice President and Chief Human Resources Officer | None | |||||||||||||||||||||||||||
Vinod Bagal | 55 | 2019 | Indefinite | Executive Vice President, Global Delivery and Transformation | None | |||||||||||||||||||||||||||
Neil A. Manna | 58 | 2017 | Indefinite |
Senior Vice President, Corporate Controller and
Principal Accounting Officer |
None |
Geographic Area |
Approximate
Square Feet (in millions) |
|||||||||||||||||||||||||||||||
Owned | Leased | Total | ||||||||||||||||||||||||||||||
United States | 5 | 1 | 6 | |||||||||||||||||||||||||||||
International | 4 | 13 | 17 | |||||||||||||||||||||||||||||
Total | 9 | 14 | 23 |
Indexed Return | ||||||||||||||||||||||||||
Return 2018* | Return 2019 | Return 2020 | Return 2021 | |||||||||||||||||||||||
DXC Technology Company | 48.9 | % | (25.0) | % | (76.9) | % | 121.5 | % | ||||||||||||||||||
S&P 500 Index | 14.2 | % | 9.5 | % | (7.0) | % | 56.4 | % | ||||||||||||||||||
S&P North American Technology Index | 31.4 | % | 15.7 | % | 3.8 | % | 72.0 | % |
Fiscal Years Ended | ||||||||||||||||||||||||||
(In millions, except per-share amounts) | March 31, 2021 | March 31, 2020 | ||||||||||||||||||||||||
Revenues | $ | 17,729 | $ | 19,577 | ||||||||||||||||||||||
Income (loss) from continuing operations, before taxes | 654 | (5,228) | ||||||||||||||||||||||||
Income tax expense | 800 | 130 | ||||||||||||||||||||||||
Net loss | $ | (146) | $ | (5,358) | ||||||||||||||||||||||
Diluted loss per common share: | $ | (0.59) | $ | (20.76) |
Fiscal Years Ended | ||||||||||||||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | Change | Percent Change | ||||||||||||||||||||||
GBS | $ | 8,336 | $ | 9,111 | $ | (775) | (8.5) | % | ||||||||||||||||||
GIS | 9,393 | 10,466 | (1,073) | (10.3) | % | |||||||||||||||||||||
Total Revenues | $ | 17,729 | $ | 19,577 | $ | (1,848) | (9.4) | % |
Fiscal Years Ended | ||||||||||||||||||||||||||
(in millions) | Constant Currency March 31, 2021 | March 31, 2020 | Change | Percentage Change | ||||||||||||||||||||||
GBS | $ | 8,188 | $ | 9,111 | $ | (923) | (10.1)% | |||||||||||||||||||
GIS | 9,224 | 10,466 | (1,242) | (11.9)% | ||||||||||||||||||||||
Total Revenues | $ | 17,412 | $ | 19,577 | $ | (2,165) | (11.1)% |
Fiscal Years Ended | ||||||||||||||||||||||||||||||||
Amount | Percentage of Revenues | |||||||||||||||||||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | March 31, 2021 | March 31, 2020 | Percentage Point Change | |||||||||||||||||||||||||||
Costs of services (excludes depreciation and amortization and restructuring costs) | $ | 14,086 | $ | 14,901 | 79.5 | % | 76.0 | % | 3.5 | |||||||||||||||||||||||
Selling, general and administrative (excludes depreciation and amortization and restructuring costs) | 2,066 | 2,050 | 11.7 | 10.5 | 1.2 | |||||||||||||||||||||||||||
Depreciation and amortization | 1,970 | 1,942 | 11.1 | 9.9 | 1.2 | |||||||||||||||||||||||||||
Goodwill impairment losses | — | 6,794 | — | 34.7 | (34.7) | |||||||||||||||||||||||||||
Restructuring costs | 551 | 252 | 3.1 | 1.3 | 1.8 | |||||||||||||||||||||||||||
Interest expense | 361 | 383 | 2.0 | 2.0 | — | |||||||||||||||||||||||||||
Interest income | (98) | (165) | (0.6) | (0.8) | 0.2 | |||||||||||||||||||||||||||
Debt extinguishment costs | 41 | — | 0.2 | — | 0.2 | |||||||||||||||||||||||||||
Gain on disposition of businesses | (2,004) | — | (11.3) | — | (11.3) | |||||||||||||||||||||||||||
Gain on arbitration award | — | (632) | — | (3.2) | 3.2 | |||||||||||||||||||||||||||
Other expense (income), net | 102 | (720) | 0.6 | (3.7) | 4.3 | |||||||||||||||||||||||||||
Total costs and expenses | $ | 17,075 | $ | 24,805 | 96.3 | % | 126.7 | % | (30.4) |
Fiscal Years Ended | ||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | ||||||||||||
Non-service cost components of net periodic pension expense (income) | $ | 110 | $ | (658) | ||||||||||
Foreign currency loss (gain) | 14 | (25) | ||||||||||||
Other gain | (22) | (37) | ||||||||||||
Total | $ | 102 | $ | (720) |
Fiscal Years Ended | ||||||||||||||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | Change | Percentage Change | ||||||||||||||||||||||
Income (loss) from continuing operations | $ | 654 | $ | (5,228) | $ | 5,882 | 112.5 | % | ||||||||||||||||||
Non-GAAP income from continuing operations | $ | 839 | $ | 1,843 | $ | (1,004) | (54.5) | % | ||||||||||||||||||
Net income loss | $ | (146) | $ | (5,358) | $ | 5,212 | 97.3 | % | ||||||||||||||||||
Adjusted EBIT | $ | 1,102 | $ | 2,061 | $ | (959) | (46.5) | % |
Fiscal Year Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per-share amounts) | As Reported | Restructuring Costs | Transaction, Separation and Integration-Related Costs | Amortization of Acquired Intangible Assets | Impairment Losses | Gains and Losses on Dispositions | Pension and OPEB Actuarial and Settlement Gains and Losses | Debt Extinguishment Costs | Tax Adjustment | Non-GAAP Results | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs of services (excludes depreciation and amortization and restructuring costs) | $ | 14,086 | $ | — | $ | (2) | $ | — | $ | (190) | $ | — | $ | — | $ | — | $ | — | $ | 13,894 | ||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative (excludes depreciation and amortization and restructuring costs) | 2,066 | — | (363) | — | — | — | — | — | — | 1,703 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations, before taxes | 654 | 551 | 358 | 530 | 190 | (2,004) | 519 | 41 | — | 839 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 800 | 92 | 87 | 121 | 49 | (920) | 115 | 10 | (142) | 212 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | (146) | 459 | 271 | 409 | 141 | (1,084) | 404 | 31 | 142 | 627 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: net income attributable to non-controlling interest, net of tax | 3 | — | — | — | — | — | — | — | — | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income attributable to DXC common stockholders | $ | (149) | $ | 459 | $ | 271 | $ | 409 | $ | 141 | $ | (1,084) | $ | 404 | $ | 31 | $ | 142 | $ | 624 | ||||||||||||||||||||||||||||||||||||||||||
Effective Tax Rate | 122.3 | % | 25.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic EPS | $ | (0.59) | $ | 1.81 | $ | 1.07 | $ | 1.61 | $ | 0.55 | $ | (4.27) | $ | 1.59 | $ | 0.12 | $ | 0.56 | $ | 2.46 | ||||||||||||||||||||||||||||||||||||||||||
Diluted EPS | $ | (0.59) | $ | 1.79 | $ | 1.06 | $ | 1.59 | $ | 0.55 | $ | (4.22) | $ | 1.57 | $ | 0.12 | $ | 0.55 | $ | 2.43 | ||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding for: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic EPS | 254.14 | 254.14 | 254.14 | 254.14 | 254.14 | 254.14 | 254.14 | 254.14 | 254.14 | 254.14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted EPS | 254.14 | 256.86 | 256.86 | 256.86 | 256.86 | 256.86 | 256.86 | 256.86 | 256.86 | 256.86 |
Fiscal Year Ended March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per-share amounts) | As Reported | Restructuring Costs | Transaction, Separation and Integration-Related Costs | Amortization of Acquired Intangible Assets | Impairment Losses | Gain on Arbitration Award | Pension and OPEB Actuarial and Settlement Gains | Tax Adjustment | Non-GAAP Results | |||||||||||||||||||||||||||||||||||||||||||||||
Costs of services (excludes depreciation and amortization and restructuring costs) | $ | 14,901 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 14,901 | ||||||||||||||||||||||||||||||||||||||
Selling, general and administrative (excludes depreciation and amortization and restructuring costs) | 2,050 | — | (318) | — | — | — | — | — | 1,732 | |||||||||||||||||||||||||||||||||||||||||||||||
(Loss) income from continuing operations, before taxes | (5,228) | 252 | 318 | 583 | 6,794 | (632) | (244) | — | 1,843 | |||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 130 | 44 | 63 | 133 | 95 | — | (51) | (33) | 381 | |||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | (5,358) | 208 | 255 | 450 | 6,699 | (632) | (193) | 33 | 1,462 | |||||||||||||||||||||||||||||||||||||||||||||||
Less: net income attributable to non-controlling interest, net of tax | 11 | — | — | — | — | — | — | — | 11 | |||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income attributable to DXC common stockholders | $ | (5,369) | $ | 208 | $ | 255 | $ | 450 | $ | 6,699 | $ | (632) | $ | (193) | $ | 33 | $ | 1,451 | ||||||||||||||||||||||||||||||||||||||
Effective Tax Rate | (2.5) | % | 20.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic EPS | $ | (20.76) | $ | 0.80 | $ | 0.99 | $ | 1.74 | $ | 25.91 | $ | (2.44) | $ | (0.75) | $ | 0.13 | $ | 5.61 | ||||||||||||||||||||||||||||||||||||||
Diluted EPS | $ | (20.76) | $ | 0.80 | $ | 0.98 | $ | 1.73 | $ | 25.78 | $ | (2.43) | $ | (0.74) | $ | 0.13 | $ | 5.58 | ||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding for: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic EPS | 258.57 | 258.57 | 258.57 | 258.57 | 258.57 | 258.57 | 258.57 | 258.57 | 258.57 | |||||||||||||||||||||||||||||||||||||||||||||||
Diluted EPS | 258.57 | 259.81 | 259.81 | 259.81 | 259.81 | 259.81 | 259.81 | 259.81 | 259.81 |
Fiscal Years Ended | ||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | ||||||||||||
Net loss | $ | (146) | $ | (5,358) | ||||||||||
Income tax expense | 800 | 130 | ||||||||||||
Interest income | (98) | (165) | ||||||||||||
Interest expense | 361 | 383 | ||||||||||||
EBIT | 917 | (5,010) | ||||||||||||
Restructuring costs | 551 | 252 | ||||||||||||
Transaction, separation and integration-related costs | 358 | 318 | ||||||||||||
Amortization of acquired intangible assets | 530 | 583 | ||||||||||||
(Gains) and losses on dispositions | (2,004) | — | ||||||||||||
Pension and OPEB actuarial and settlement losses (gains) | 519 | (244) | ||||||||||||
Debt extinguishment costs | 41 | — | ||||||||||||
Impairment losses | 190 | 6,794 | ||||||||||||
Gain on arbitration award | — | (632) | ||||||||||||
Adjusted EBIT | $ | 1,102 | $ | 2,061 |
Fiscal Year Ended | ||||||||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | March 31, 2019 | |||||||||||||||||
Net cash provided by operating activities | $ | 124 | $ | 2,350 | $ | 1,783 | ||||||||||||||
Net cash provided by (used in) investing activities | 4,665 | (2,137) | 69 | |||||||||||||||||
Net cash (used in) provided by financing activities | (5,476) | 657 | (1,663) | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 39 | (90) | (19) | |||||||||||||||||
Cash classified within current assets held for sale | (63) | — | — | |||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (711) | 780 | 170 | |||||||||||||||||
Cash and cash equivalents at beginning of year | 3,679 | 2,899 | 2,729 | |||||||||||||||||
Cash and cash equivalents at end of year | $ | 2,968 | $ | 3,679 | $ | 2,899 |
As of | ||||||||||||||||||||
March 31, 2021 | March 31, 2020 | March 31, 2019 | ||||||||||||||||||
Days of sales outstanding in accounts receivable | 67 | 65 | 64 | |||||||||||||||||
Days of purchases outstanding in accounts payable | (41) | (66) | (69) | |||||||||||||||||
Cash conversion cycle | 26 | (1) | (5) |
As of | ||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | ||||||||||||
Short-term debt and current maturities of long-term debt | $ | 1,167 | $ | 1,276 | ||||||||||
Long-term debt, net of current maturities | 4,345 | 8,672 | ||||||||||||
Total debt | $ | 5,512 | $ | 9,948 |
As of | ||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | ||||||||||||
Total debt | $ | 5,512 | $ | 9,948 | ||||||||||
Cash and cash equivalents(1)
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2,968 | 3,679 | ||||||||||||
Net debt(2)
|
$ | 2,544 | $ | 6,269 | ||||||||||
Total debt | $ | 5,512 | $ | 9,948 | ||||||||||
Equity | 5,308 | 5,129 | ||||||||||||
Total capitalization | $ | 10,820 | $ | 15,077 | ||||||||||
Debt-to-total capitalization | 50.9 | % | 66.0 | % | ||||||||||
Net debt-to-total capitalization(2)
|
23.5 | % | 41.6 | % |
Rating Agency | Long Term Ratings | Short Term Ratings | Outlook | |||||||||||||||||
Fitch | BBB | F-2 | Stable | |||||||||||||||||
Moody's | Baa2 | P-2 | Negative | |||||||||||||||||
S&P | BBB- | - | Stable |
As of | ||||||||
(in millions) | March 31, 2021 | |||||||
Cash and cash equivalents | $ | 2,968 | ||||||
Available borrowings under our revolving credit facility | 4,000 | |||||||
Total liquidity
|
$ | 6,968 |
(in millions) |
Less than
1 year
|
2-3 years | 4-5 years |
More than
5 years
|
Total | |||||||||||||||||||||||||||
Debt(1)
|
$ | 555 | $ | 908 | $ | 2,173 | $ | 737 | $ | 4,373 | ||||||||||||||||||||||
Finance lease liabilities | 398 | 425 | 71 | — | 894 | |||||||||||||||||||||||||||
Operating Leases(2)
|
452 | 629 | 305 | 208 | 1,594 | |||||||||||||||||||||||||||
Purchase Obligations(3)
|
1,487 | 1,650 | 352 | 15 | 3,504 | |||||||||||||||||||||||||||
U.S. Tax Reform - Transition Tax(4)
|
23 | 43 | 109 | — | 175 | |||||||||||||||||||||||||||
U.S. FICA payroll tax deferral | 33 | 33 | — | — | 66 | |||||||||||||||||||||||||||
U.K. VAT deferral | 66 | — | — | — | 66 | |||||||||||||||||||||||||||
Interest and preferred dividend payments(5)
|
132 | 241 | 162 | 104 | 639 | |||||||||||||||||||||||||||
Total(6)
|
$ | 3,146 | $ | 3,929 | $ | 3,172 | $ | 1,064 | $ | 11,311 |
March 31, 2021 | March 31, 2020 | March 31, 2019 | ||||||||||||||||||||||||||||||||||||
Discount rates | 2.4 | % | 2.4 | % | 2.5 | % | ||||||||||||||||||||||||||||||||
Expected long-term rates of return on assets | 5.6 | % | 5.8 | % | 5.3 | % |
(in millions) | Change | Approximate Change in Net Periodic Pension Expense | Approximate Change in Settlement, Contractual Termination, and Mark-to-Market Charges | |||||||||||||||||
Expected long-term return on plan assets | 0.5% | $ | (58) | $ | 61 | |||||||||||||||
Expected long-term return on plan assets | (0.5)% | $ | 58 | $ | (61) | |||||||||||||||
Discount rate | 0.5% | $ | 25 | $ | (1,001) | |||||||||||||||
Discount rate | (0.5)% | $ | (29) | $ | 1,246 |
Page | |||||
As of | ||||||||||||||
(in millions, except per share and share amounts) | March 31, 2021 | March 31, 2020 | ||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 2,968 | $ | 3,679 | ||||||||||
Receivables and contract assets, net of allowance for doubtful accounts of $91 and $74
|
4,156 | 4,392 | ||||||||||||
Prepaid expenses | 567 | 646 | ||||||||||||
Other current assets | 357 | 270 | ||||||||||||
Assets held for sale | 160 | — | ||||||||||||
Total current assets | 8,208 | 8,987 | ||||||||||||
Intangible assets, net of accumulated amortization of $4,422 and $4,347
|
4,043 | 5,731 | ||||||||||||
Operating right-of-use assets, net | 1,366 | 1,428 | ||||||||||||
Goodwill | 641 | 2,017 | ||||||||||||
Deferred income taxes, net | 289 | 265 | ||||||||||||
Property and equipment, net of accumulated depreciation of $4,121 and $3,818
|
2,946 | 3,547 | ||||||||||||
Other assets | 4,192 | 4,031 | ||||||||||||
Assets held for sale - non-current | 353 | — | ||||||||||||
Total Assets | $ | 22,038 | $ | 26,006 | ||||||||||
LIABILITIES and EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Short-term debt and current maturities of long-term debt | $ | 1,167 | $ | 1,276 | ||||||||||
Accounts payable | 914 | 1,598 | ||||||||||||
Accrued payroll and related costs | 698 | 630 | ||||||||||||
Current operating lease liabilities | 418 | 482 | ||||||||||||
Accrued expenses and other current liabilities | 3,358 | 2,801 | ||||||||||||
Deferred revenue and advance contract payments | 1,079 | 1,021 | ||||||||||||
Income taxes payable | 398 | 87 | ||||||||||||
Liabilities related to assets held for sale | 118 | — | ||||||||||||
Total current liabilities | 8,150 | 7,895 | ||||||||||||
Long-term debt, net of current maturities | 4,345 | 8,672 | ||||||||||||
Non-current deferred revenue | 622 | 735 | ||||||||||||
Non-current operating lease liabilities | 1,038 | 1,063 | ||||||||||||
Non-current pension obligations | 793 | 761 | ||||||||||||
Non-current income tax liabilities and deferred tax liabilities | 854 | 1,157 | ||||||||||||
Other long-term liabilities | 908 | 594 | ||||||||||||
Liabilities related to assets held for sale - non-current | 20 | — | ||||||||||||
Total Liabilities | 16,730 | 20,877 | ||||||||||||
Commitments and contingencies | ||||||||||||||
DXC stockholders’ equity: | ||||||||||||||
Preferred stock, par value $0.01 per share; authorized 1,000,000 shares; none issued as of March 31, 2021 and March 31, 2020
|
— | — | ||||||||||||
Common stock, par value $0.01 per share; authorized 750,000,000 shares; issued 257,052,533 as of March 31, 2021 and 255,674,040 as of March 31, 2020
|
3 | 3 | ||||||||||||
Additional paid-in capital | 10,761 | 10,714 | ||||||||||||
Accumulated deficit | (5,331) | (5,177) | ||||||||||||
Accumulated other comprehensive loss | (302) | (603) | ||||||||||||
Treasury stock, at cost, 2,458,027 and 2,148,708 shares as of March 31, 2021 and March 31, 2020
|
(158) | (152) | ||||||||||||
Total DXC stockholders’ equity | 4,973 | 4,785 | ||||||||||||
Non-controlling interest in subsidiaries | 335 | 344 | ||||||||||||
Total Equity | 5,308 | 5,129 | ||||||||||||
Total Liabilities and Equity | $ | 22,038 | $ | 26,006 |
Fiscal Years Ended | ||||||||||||||||||||
(in millions, except per-share amounts) | March 31, 2021 | March 31, 2020 | March 31, 2019 | |||||||||||||||||
Revenues | $ | 17,729 | $ | 19,577 | $ | 20,753 | ||||||||||||||
Costs of services (excludes depreciation and amortization and restructuring costs) | 14,086 | 14,901 | 14,946 | |||||||||||||||||
Selling, general and administrative (excludes depreciation and amortization and restructuring costs) | 2,066 | 2,050 | 1,959 | |||||||||||||||||
Depreciation and amortization | 1,970 | 1,942 | 1,968 | |||||||||||||||||
Goodwill impairment losses | — | 6,794 | — | |||||||||||||||||
Restructuring costs | 551 | 252 | 465 | |||||||||||||||||
Interest expense | 361 | 383 | 334 | |||||||||||||||||
Interest income | (98) | (165) | (128) | |||||||||||||||||
Debt extinguishment costs | 41 | — | — | |||||||||||||||||
Gain on disposition of businesses | (2,004) | — | — | |||||||||||||||||
Gain on arbitration award | — | (632) | — | |||||||||||||||||
Other expense (income), net | 102 | (720) | (306) | |||||||||||||||||
Total costs and expenses | 17,075 | 24,805 | 19,238 | |||||||||||||||||
Income (loss) from continuing operations, before taxes | 654 | (5,228) | 1,515 | |||||||||||||||||
Income tax expense | 800 | 130 | 288 | |||||||||||||||||
(Loss) income from continuing operations | (146) | (5,358) | 1,227 | |||||||||||||||||
Income from discontinued operations, net of taxes | — | — | 35 | |||||||||||||||||
Net (loss) income | (146) | (5,358) | 1,262 | |||||||||||||||||
Less: net income attributable to non-controlling interest, net of tax | 3 | 11 | 5 | |||||||||||||||||
Net (loss) income attributable to DXC common stockholders | $ | (149) | $ | (5,369) | $ | 1,257 | ||||||||||||||
(Loss) income per common share | ||||||||||||||||||||
Basic: | ||||||||||||||||||||
Continuing operations | $ | (0.59) | $ | (20.76) | $ | 4.40 | ||||||||||||||
Discontinued operations | — | — | 0.13 | |||||||||||||||||
$ | (0.59) | $ | (20.76) | $ | 4.53 | |||||||||||||||
Diluted: | ||||||||||||||||||||
Continuing operations | $ | (0.59) | $ | (20.76) | $ | 4.35 | ||||||||||||||
Discontinued operations | — | — | 0.12 | |||||||||||||||||
$ | (0.59) | $ | (20.76) | $ | 4.47 |
Fiscal Years Ended | ||||||||||||||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | March 31, 2019 | |||||||||||||||||||||||
Net (loss) income | $ | (146) | $ | (5,358) | $ | 1,262 | ||||||||||||||||||||
Other comprehensive income (loss), net of taxes: | ||||||||||||||||||||||||||
Foreign currency translation adjustments, net of tax (1)
|
300 | (323) | (259) | |||||||||||||||||||||||
Cash flow hedges adjustments, net of tax (2)
|
19 | (17) | (12) | |||||||||||||||||||||||
Available-for-sale securities, net of tax (3)
|
(9) | — | — | |||||||||||||||||||||||
Pension and other post-retirement benefit plans, net of tax: | ||||||||||||||||||||||||||
Prior service cost, net of tax (4)
|
7 | — | (21) | |||||||||||||||||||||||
Amortization of prior service cost, net of tax (5)
|
(13) | (8) | (13) | |||||||||||||||||||||||
Pension and other post-retirement benefit plans, net of tax | (6) | (8) | (34) | |||||||||||||||||||||||
Other comprehensive income (loss), net of taxes | 304 | (348) | (305) | |||||||||||||||||||||||
Comprehensive income (loss) | 158 | (5,706) | 957 | |||||||||||||||||||||||
Less: comprehensive income attributable to non-controlling interest | 6 | 22 | 2 | |||||||||||||||||||||||
Comprehensive income (loss) attributable to DXC common stockholders | $ | 152 | $ | (5,728) | $ | 955 |
Fiscal Years Ended | ||||||||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | March 31, 2019 | |||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net (loss) income | $ | (146) | $ | (5,358) | $ | 1,262 | ||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 1,988 | 1,960 | 2,023 | |||||||||||||||||
Goodwill impairment losses | — | 6,794 | — | |||||||||||||||||
Operating right-of-use expense | 616 | 698 | — | |||||||||||||||||
Pension & other post-employment benefits, actuarial & settlement losses (gains) | 519 | (244) | 143 | |||||||||||||||||
Share-based compensation | 56 | 68 | 74 | |||||||||||||||||
Deferred taxes | (403) | (56) | 97 | |||||||||||||||||
(Gain) loss on dispositions | (1,983) | 1 | (163) | |||||||||||||||||
Provision for losses on accounts receivable | 53 | 3 | (10) | |||||||||||||||||
Unrealized foreign currency exchange (gains) losses | (36) | 24 | 30 | |||||||||||||||||
Impairment losses and contract write-offs | 275 | 30 | — | |||||||||||||||||
Debt extinguishment costs | 41 | — | — | |||||||||||||||||
Amortization of debt issuance costs and discount (premium) | 3 | (4) | (10) | |||||||||||||||||
Cash surrender value in excess of premiums paid | (3) | (12) | (11) | |||||||||||||||||
Other non-cash charges, net | 1 | — | 11 | |||||||||||||||||
Changes in assets and liabilities, net of effects of acquisitions and dispositions: | ||||||||||||||||||||
Decrease (increase) in receivables | 257 | 269 | (947) | |||||||||||||||||
Increase in prepaid expenses and other current assets | (299) | (229) | (632) | |||||||||||||||||
Decrease in accounts payable and accruals | (527) | (565) | (52) | |||||||||||||||||
Increase (decrease) in income taxes payable and income tax liability | 434 | (197) | (107) | |||||||||||||||||
Decrease in operating lease liability | (616) | (698) | — | |||||||||||||||||
Decrease in advance contract payments and deferred revenue | (66) | (146) | (74) | |||||||||||||||||
Other operating activities, net | (40) | 12 | 149 | |||||||||||||||||
Net cash provided by operating activities | 124 | 2,350 | 1,783 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of property and equipment | (261) | (350) | (297) | |||||||||||||||||
Payments for transition and transformation contract costs | (261) | (281) | (394) | |||||||||||||||||
Software purchased and developed | (254) | (235) | (261) | |||||||||||||||||
Proceeds (payments) for acquisitions, net of cash acquired | 184 | (1,997) | (365) | |||||||||||||||||
Business dispositions | 4,947 | — | (65) | |||||||||||||||||
Cash collections related to deferred purchase price receivable | 159 | 671 | 1,084 | |||||||||||||||||
Proceeds from sale of assets | 164 | 73 | 357 | |||||||||||||||||
Short-term investing | — | (75) | — | |||||||||||||||||
Proceeds from short-term investing | — | 38 | — | |||||||||||||||||
Other investing activities, net | (13) | 19 | 10 | |||||||||||||||||
Net cash provided by (used in) investing activities | 4,665 | (2,137) | 69 | |||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings of commercial paper | 1,486 | 4,939 | 2,747 | |||||||||||||||||
Repayments of commercial paper | (1,852) | (5,076) | (2,840) | |||||||||||||||||
Borrowings under lines of credit | 2,500 | 1,500 | — | |||||||||||||||||
Repayment of borrowings under lines of credit | (4,000) | — | — | |||||||||||||||||
Borrowings on long-term debt | — | 2,198 | 1,646 | |||||||||||||||||
Principal payments on long-term debt | (3,552) | (1,039) | (2,625) | |||||||||||||||||
Payments on finance leases and borrowings for asset financing | (930) | (865) | (944) |
Borrowings for USPS spin transaction | — | — | 1,114 | |||||||||||||||||
Proceeds from bond issuance | 993 | — | 753 | |||||||||||||||||
Proceeds from stock options and other common stock transactions | 1 | 11 | 47 | |||||||||||||||||
Taxes paid related to net share settlements of share-based compensation awards | (7) | (16) | (54) | |||||||||||||||||
Repurchase of common stock and advance payment for accelerated share repurchase | — | (736) | (1,344) | |||||||||||||||||
Dividend payments | (53) | (214) | (210) | |||||||||||||||||
Payments for debt extinguishment costs | (41) | — | — | |||||||||||||||||
Other financing activities, net | (21) | (45) | 47 | |||||||||||||||||
Net cash (used in) provided by financing activities | (5,476) | 657 | (1,663) | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 39 | (90) | (19) | |||||||||||||||||
Net (decrease) increase in cash and cash equivalents including cash classified within current assets held for sale | (648) | 780 | 170 | |||||||||||||||||
Less: cash classified within current assets held for sale | (63) | — | — | |||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (711) | 780 | 170 | |||||||||||||||||
Cash and cash equivalents at beginning of year | 3,679 | 2,899 | 2,729 | |||||||||||||||||
Cash and cash equivalents at end of year | $ | 2,968 | $ | 3,679 | $ | 2,899 |
(in millions, except shares in thousands) | Common Stock |
Additional
Paid-in Capital
|
Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Treasury Stock(1)
|
Total
DXC Equity
|
Non-
Controlling Interest
|
Total Equity | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||
Balance at March 31, 2018 | 286,393 | $ | 3 | $ | 12,210 | $ | 1,301 | $ | 58 | $ | (85) | $ | 13,487 | $ | 350 | $ | 13,837 | |||||||||||||||
Cumulative effect of adopting the new revenue standard | 114 | 114 | 114 | |||||||||||||||||||||||||||||
Net income | 1,257 | 1,257 | 5 | 1,262 | ||||||||||||||||||||||||||||
Other comprehensive loss | (302) | (302) | (3) | (305) | ||||||||||||||||||||||||||||
Share-based compensation expense | 74 | 74 | 74 | |||||||||||||||||||||||||||||
Acquisition of treasury stock | (51) | (51) | (51) | |||||||||||||||||||||||||||||
Share repurchase program | (19,343) | (845) | (494) | (1,339) | (1,339) | |||||||||||||||||||||||||||
Stock option exercises and other common stock transactions | 3,164 | 37 | 37 | 37 | ||||||||||||||||||||||||||||
Dividends declared ($0.76 per share)
|
(209) | (209) | (209) | |||||||||||||||||||||||||||||
Non-controlling interest distributions and other | — | (29) | (29) | |||||||||||||||||||||||||||||
Divestiture of USPS | (175) | (1,491) | (1,666) | (1,666) | ||||||||||||||||||||||||||||
Balance at March 31, 2019 | 270,214 | $ | 3 | $ | 11,301 | $ | 478 | $ | (244) | $ | (136) | $ | 11,402 | $ | 323 | $ | 11,725 |
(in millions, except shares in thousands) | Common Stock |
Additional
Paid-in Capital
|
Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss |
Treasury Stock(1)
|
Total
DXC Equity
|
Non-
Controlling Interest
|
Total Equity | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||
Balance at March 31, 2019 | 270,214 | $ | 3 | $ | 11,301 | $ | 478 | $ | (244) | $ | (136) | $ | 11,402 | $ | 323 | $ | 11,725 | |||||||||||||||
Net loss | (5,369) | (5,369) | 11 | (5,358) | ||||||||||||||||||||||||||||
Other comprehensive loss | (359) | (359) | 11 | (348) | ||||||||||||||||||||||||||||
Share-based compensation expense | 70 | 70 | 70 | |||||||||||||||||||||||||||||
Acquisition of treasury stock | (16) | (16) | (16) | |||||||||||||||||||||||||||||
Share repurchase program | (15,934) | (669) | (67) | (736) | (736) | |||||||||||||||||||||||||||
Stock option exercises and other common stock transactions | 1,394 | 12 | 12 | 12 | ||||||||||||||||||||||||||||
Dividends declared ($0.84 per share)
|
(219) | (219) | (219) | |||||||||||||||||||||||||||||
Non-controlling interest distributions and other | — | (1) | (1) | |||||||||||||||||||||||||||||
Balance at March 31, 2020 | 255,674 | $ | 3 | $ | 10,714 | $ | (5,177) | $ | (603) | $ | (152) | $ | 4,785 | $ | 344 | $ | 5,129 |
(in millions, except shares in thousands) | Common Stock |
Additional
Paid-in Capital
|
Accumulated Deficit |
Accumulated
Other Comprehensive Loss |
Treasury Stock (1)
|
Total
DXC Equity
|
Non-
Controlling Interest
|
Total Equity | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 255,674 | $ | 3 | $ | 10,714 | $ | (5,177) | $ | (603) | $ | (152) | $ | 4,785 | $ | 344 | $ | 5,129 | |||||||||||||||
Cumulative effect of adopting ASU 2016-13 | (4) | (4) | (4) | |||||||||||||||||||||||||||||
Net loss | (149) | (149) | 3 | (146) | ||||||||||||||||||||||||||||
Other comprehensive income | 301 | 301 | 3 | 304 | ||||||||||||||||||||||||||||
Share-based compensation expense | 46 | 46 | 46 | |||||||||||||||||||||||||||||
Acquisition of treasury stock | (6) | (6) | (6) | |||||||||||||||||||||||||||||
Stock option exercises and other common stock transactions | 1,379 | 1 | 1 | 1 | ||||||||||||||||||||||||||||
Non-controlling interest distributions and other | (1) | (1) | (15) | (16) | ||||||||||||||||||||||||||||
Balance at March 31, 2021 | 257,053 | 3 | 10,761 | (5,331) | (302) | (158) | 4,973 | 335 | 5,308 |
Level 1: |
Quoted prices unadjusted for identical assets or liabilities in an active market.
|
||||
Level 2: |
Quoted prices for similar assets or liabilities in an active market, quoted prices for identical similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data.
|
||||
Level 3: | Unobservable inputs that reflect the entity's own assumptions which market participants would use in pricing the asset or liability. |
Buildings |
Up to 40 years
|
||||
Computers and related equipment |
4 to 7 years
|
||||
Furniture and other equipment |
3 to 15 years
|
||||
Leasehold improvements |
Shorter of lease term or useful life up to 20 years
|
||||
Software |
2 to 10 years
|
||||
Customer related intangibles | Expected customer service life | ||||
Acquired contract related intangibles | Contract life and first contract renewal, where applicable |
Date Issued and ASU | Date Adopted and Method | Description | Impact | ||||||||
June 2016
ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” |
April 1, 2020
Modified retrospective |
This update requires the measurement and recognition of expected credit losses using the current expected credit loss model for financial assets held at amortized cost, which includes the Company’s trade accounts receivable, certain financial instruments and contract assets. It replaces the existing incurred loss impairment model with an expected loss methodology. The recorded credit losses are adjusted each period for changes in expected lifetime credit losses. The standard requires a cumulative effect adjustment to the statement of financial position as of the beginning of the first reporting period in which the guidance is effective.
|
The Company adopted this standard using the modified retrospective approach and recorded an immaterial cumulative effect adjustment in retained earnings as of April 1, 2020.
|
||||||||
August 2018
ASU 2018-15,
"Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract"
|
April 1, 2020 Prospective | This update helps entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. Entities have the option to apply this standard prospectively to all implementation costs incurred after the date of adoption or retrospectively. | The Company adopted this standard using the prospective method and determined that the adoption of ASU 2018-15 had no material impact to its condensed consolidated financial statements. |
Date Issued and ASU | DXC Effective Date | Description | Impact | ||||||||
December 2019
ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes" |
Fiscal 2022 |
This update is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. Early adoption of this update is permitted.
|
DXC has evaluated the impact of adopting ASU 2019-12 and determined that the adoption will be immaterial to the consolidated financial statements. | ||||||||
(in millions) | Fair Value | |||||||
Cash and cash equivalents | $ | 113 | ||||||
Accounts receivable | 233 | |||||||
Other current assets | 15 | |||||||
Total current assets | 361 | |||||||
Property and equipment | 31 | |||||||
Intangible assets | 577 | |||||||
Other assets | 99 | |||||||
Total assets acquired | 1,068 | |||||||
Accounts payable, accrued payroll, accrued expenses, and other current liabilities | (121) | |||||||
Deferred revenue | (8) | |||||||
Long-term deferred tax liabilities and income tax payable | (106) | |||||||
Other liabilities | (72) | |||||||
Total liabilities assumed | (307) | |||||||
Net identifiable assets acquired | 761 | |||||||
Goodwill | 1,262 | |||||||
Total consideration transferred | $ | 2,023 |
Estimated Useful Lives (Years) | ||||||||||||||
Customer related intangibles | 10 | |||||||||||||
Trade names | 20 | |||||||||||||
Developed technology | 3 | |||||||||||||
Third-party purchased software | 3 | |||||||||||||
(in millions) |
Twelve Months Ended March 31, 2020(1)
|
|||||||
Revenues | $ | 695 | ||||||
Net income (loss) | $ | (25) | ||||||
(in millions) | As of October 1, 2020 | |||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 8 | ||||||
Accounts receivable, net | 295 | |||||||
Prepaid expenses | 39 | |||||||
Other current assets | 2 | |||||||
Total current assets | 344 | |||||||
Intangible assets, net | 1,308 | |||||||
Operating right-of-use assets, net | 74 | |||||||
Goodwill | 1,354 | |||||||
Property and equipment, net | 46 | |||||||
Other assets | 54 | |||||||
Total non-current assets | 2,836 | |||||||
Total assets | $ | 3,180 | ||||||
Liabilities: | ||||||||
Accounts payable | $ | 79 | ||||||
Accrued payroll and related costs | 13 | |||||||
Current operating lease liabilities | 27 | |||||||
Accrued expenses and other current liabilities | 36 | |||||||
Deferred revenue and advance contract payments | 20 | |||||||
Total current liabilities | 175 | |||||||
Non-current deferred revenue | 32 | |||||||
Long-term operating lease liabilities | 48 | |||||||
Other long term liabilities | 2 | |||||||
Total long-term liabilities | 82 | |||||||
Total liabilities | $ | 257 |
(in millions) | As of May 31, 2018 | |||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 95 | ||||||
Receivables, net | 458 | |||||||
Prepaid expenses | 82 | |||||||
Other current assets | 35 | |||||||
Total current assets of discontinued operations | 670 | |||||||
Intangible assets, net(1)
|
870 | |||||||
Goodwill | 2,029 | |||||||
Property and equipment, net | 294 | |||||||
Other assets(1)
|
169 | |||||||
Total non-current assets of discontinued operations | 3,362 | |||||||
Total assets | $ | 4,032 | ||||||
Liabilities: | ||||||||
Short-term debt and current maturities of long-term debt | $ | 161 | ||||||
Accounts payable | 165 | |||||||
Accrued payroll and related costs | 17 | |||||||
Accrued expenses and other current liabilities | 358 | |||||||
Deferred revenue and advance contract payments | 53 | |||||||
Income tax payable | 18 | |||||||
Total current liabilities of discontinued operations | 772 | |||||||
Long-term debt, net of current maturities | 1,320 | |||||||
Non-current deferred revenue | 5 | |||||||
Non-current income tax liabilities and deferred tax liabilities | 196 | |||||||
Other long-term liabilities | 71 | |||||||
Total long-term liabilities of discontinued operations | 1,592 | |||||||
Total liabilities | $ | 2,364 |
(in millions) |
Fiscal Year Ended March 31, 2019 (1)
|
||||||||||
Revenue | $ | 431 | |||||||||
Costs of services | 311 | ||||||||||
Selling, general and administrative | 50 | ||||||||||
Depreciation and amortization | 33 | ||||||||||
Restructuring costs | 1 | ||||||||||
Interest expense | 8 | ||||||||||
Other (income) expense, net | (25) | ||||||||||
Total costs and expenses | 378 | ||||||||||
Total income from discontinued operations, before income taxes | 53 | ||||||||||
Income tax expense | 18 | ||||||||||
Total income from discontinued operations | $ | 35 |
(in millions) |
Fiscal Year Ended March 31, 2019 (1)
|
||||||||||
Depreciation | $ | 16 | |||||||||
Amortization | $ | 17 | |||||||||
Capital expenditures | $ | — | |||||||||
Significant operating non-cash items: | |||||||||||
Gain on dispositions | $ | 24 |
(in millions) | HPS Business | Other | Total | |||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 28 | $ | 35 | $ | 63 | ||||||||||||||
Accounts receivable, net | 64 | 17 | 81 | |||||||||||||||||
Prepaid expenses | 6 | 5 | 11 | |||||||||||||||||
Other current assets | — | 5 | 5 | |||||||||||||||||
Total current assets held for sale | 98 | 62 | 160 | |||||||||||||||||
Intangible assets, net | 101 | 16 | 117 | |||||||||||||||||
Operating right-of-use assets, net | 5 | 18 | 23 | |||||||||||||||||
Goodwill | 80 | 9 | 89 | |||||||||||||||||
Deferred income taxes, net | 43 | — | 43 | |||||||||||||||||
Property and equipment, net | 4 | 52 | 56 | |||||||||||||||||
Other assets | 16 | 9 | 25 | |||||||||||||||||
Total non-current assets held for sale | 249 | 104 | 353 | |||||||||||||||||
Total assets held for sale | $ | 347 | $ | 166 | $ | 513 | ||||||||||||||
Liabilities: | ||||||||||||||||||||
Accounts payable | $ | 4 | $ | 8 | $ | 12 | ||||||||||||||
Accrued payroll and related costs | 7 | 2 | 9 | |||||||||||||||||
Current operating lease liabilities | 2 | 17 | 19 | |||||||||||||||||
Accrued expenses and other current liabilities | 13 | 13 | 26 | |||||||||||||||||
Deferred revenue and advance contract payments | 46 | 6 | 52 | |||||||||||||||||
Total current liabilities related to assets held for sale | 72 | 46 | 118 | |||||||||||||||||
Non-current deferred revenue | 10 | — | 10 | |||||||||||||||||
Long-term operating lease liabilities | 3 | 1 | 4 | |||||||||||||||||
Income tax liabilities and deferred tax liabilities | 1 | — | 1 | |||||||||||||||||
Other long term liabilities | 3 | 2 | 5 | |||||||||||||||||
Total long-term liabilities related to assets held for sale | 17 | 3 | 20 | |||||||||||||||||
Total liabilities related to assets held for sale | $ | 89 | $ | 49 | $ | 138 |
Fiscal Years Ended
|
||||||||||||||||||||
(in millions, except per-share amounts)
|
March 31, 2021 | March 31, 2020 | March 31, 2019 | |||||||||||||||||
Net (loss) income attributable to DXC common shareholders: | ||||||||||||||||||||
From continuing operations | $ | (149) | $ | (5,369) | $ | 1,222 | ||||||||||||||
From discontinued operations | — | — | 35 | |||||||||||||||||
$ | (149) | $ | (5,369) | $ | 1,257 | |||||||||||||||
Common share information: | ||||||||||||||||||||
Weighted average common shares outstanding for basic EPS | 254.14 | 258.57 | 277.54 | |||||||||||||||||
Dilutive effect of stock options and equity awards | — | — | 3.89 | |||||||||||||||||
Weighted average common shares outstanding for diluted EPS | 254.14 | 258.57 | 281.43 | |||||||||||||||||
EPS: | ||||||||||||||||||||
Basic
|
||||||||||||||||||||
Continuing operations
|
$ | (0.59) | $ | (20.76) | $ | 4.40 | ||||||||||||||
Discontinued operations
|
— | — | 0.13 | |||||||||||||||||
Total
|
$ | (0.59) | $ | (20.76) | $ | 4.53 | ||||||||||||||
Diluted
|
||||||||||||||||||||
Continuing operations
|
$ | (0.59) | $ | (20.76) | $ | 4.35 | ||||||||||||||
Discontinued operations
|
— | — | 0.12 | |||||||||||||||||
Total
|
$ | (0.59) | $ | (20.76) | $ | 4.47 |
Fiscal Years Ended | ||||||||||||||||||||
March 31, 2021(1)
|
March 31, 2020(1)
|
March 31, 2019 | ||||||||||||||||||
Stock Options | 1,596,985 | 1,075,901 | — | |||||||||||||||||
RSUs | 2,768,022 | 2,029,567 | 46,051 | |||||||||||||||||
PSUs | 1,463,872 | 289,972 | 25,086 |
As of | ||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | ||||||||||||
Billed trade receivables | $ | 2,009 | $ | 2,094 | ||||||||||
Unbilled receivables | 1,214 | 1,419 | ||||||||||||
Other receivables | 933 | 879 | ||||||||||||
Total | $ | 4,156 | $ | 4,392 |
As of and for Fiscal Years Ended | ||||||||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | ||||||||||||||||||
Beginning balance | $ | 74 | $ | 60 | ||||||||||||||||
Impact of adoption of the Credit Loss Standard | 4 | — | ||||||||||||||||||
Provisions for losses on accounts receivable | 53 | 3 | ||||||||||||||||||
Other adjustments to allowance and write-off's | (40) | 11 | ||||||||||||||||||
Ending balance | $ | 91 | $ | 74 |
As of and for the Fiscal Year Ended | ||||||||||||||
(in millions) | March 31, 2020 | |||||||||||||
Beginning balance | $ | 574 | ||||||||||||
Transfers of receivables | 1,214 | |||||||||||||
Collections | (1,265) | |||||||||||||
Change in funding availability | 2 | |||||||||||||
Facility amendments | (525) | |||||||||||||
Ending balance | $ | — |
(in millions) | As of March 31, 2021 | As of March 31, 2020 | ||||||||||||
Beginning balance | $ | 103 | $ | — | ||||||||||
Transfers of receivables | 417 | 996 | ||||||||||||
Collections | (420) | (879) | ||||||||||||
Change in funding availability | 2 | (14) | ||||||||||||
Facility amendments | (102) | — | ||||||||||||
Ending balance | $ | — | $ | 103 |
For the Fiscal Year Ended | ||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | ||||||||||||
Operating lease cost | $ | 616 | $ | 698 | ||||||||||
Short-term lease cost | 53 | 49 | ||||||||||||
Variable lease cost | 56 | 46 | ||||||||||||
Sublease income | (40) | (45) | ||||||||||||
Total operating costs | $ | 685 | $ | 748 | ||||||||||
Finance lease cost: | ||||||||||||||
Amortization of right-of-use assets | $ | 433 | $ | 405 | ||||||||||
Interest on lease liabilities | 45 | 65 | ||||||||||||
Total finance lease cost | $ | 478 | $ | 470 |
For the Fiscal Year Ended | ||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | ||||||||||||
Cash paid for amounts included in the measurement of: | ||||||||||||||
Operating cash flows from operating leases | $ | 616 | $ | 698 | ||||||||||
Operating cash flows from finance leases | $ | 45 | $ | 65 | ||||||||||
Financing cash flows from finance leases | $ | 584 | $ | 576 | ||||||||||
As of
|
||||||||||||||||||||
(in millions) |
Balance Sheet Line Item
|
March 31, 2021 | March 31, 2020 | |||||||||||||||||
Assets:
|
||||||||||||||||||||
ROU operating lease assets | Operating right-of-use assets, net | $ | 1,366 | $ | 1,428 | |||||||||||||||
ROU finance lease assets | Property and Equipment, net | 834 | $ | 1,220 | ||||||||||||||||
Total | $ | 2,200 | $ | 2,648 | ||||||||||||||||
Liabilities:
|
||||||||||||||||||||
Current
|
||||||||||||||||||||
Operating lease | Current operating lease liabilities | $ | 418 | $ | 482 | |||||||||||||||
Finance lease | Short-term debt and current maturities of long-term debt | 398 | 444 | |||||||||||||||||
Total | $ | 816 | $ | 926 | ||||||||||||||||
Non-current
|
||||||||||||||||||||
Operating lease | Non-current operating lease liabilities | $ | 1,038 | $ | 1,063 | |||||||||||||||
Finance lease | Long-term debt, net of current maturities | 496 | 602 | |||||||||||||||||
Total | $ | 1,534 | $ | 1,665 |
Fiscal year | Operating Leases | |||||||||||||||||||
(in millions) | Real Estate | Equipment | Finance Leases | |||||||||||||||||
2022 | $ | 411 | $ | 41 | $ | 418 | ||||||||||||||
2023 | 335 | 23 | 290 | |||||||||||||||||
2024 | 260 | 11 | 152 | |||||||||||||||||
2025 | 190 | 5 | 59 | |||||||||||||||||
2026 | 108 | 2 | 14 | |||||||||||||||||
Thereafter | 207 | 1 | — | |||||||||||||||||
Total lease payments | 1,511 | 83 | 933 | |||||||||||||||||
Less: imputed interest | 135 | 3 | 39 | |||||||||||||||||
Total payments | $ | 1,376 | $ | 80 | $ | 894 |
Fair Value Hierarchy | ||||||||||||||||||||||||||
(in millions) | As of March 31, 2021 | |||||||||||||||||||||||||
Assets: | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Money market funds and money market deposit accounts | $ | 12 | $ | 12 | $ | — | $ | — | ||||||||||||||||||
Time deposits(1)
|
78 | 78 | — | — | ||||||||||||||||||||||
Other securities(2)
|
57 | — | 55 | 2 | ||||||||||||||||||||||
Total assets | $ | 147 | $ | 90 | $ | 55 | $ | 2 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Contingent consideration | $ | 27 | $ | — | $ | — | $ | 27 | ||||||||||||||||||
Total liabilities | $ | 27 | $ | — | $ | — | $ | 27 |
(in millions) | As of March 31, 2020 | |||||||||||||||||||||||||
Assets: | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Money market funds and money market deposit accounts | $ | 156 | $ | 156 | $ | — | $ | — | ||||||||||||||||||
Time deposits(1)
|
595 | 595 | — | — | ||||||||||||||||||||||
Other debt securities(2)
|
51 | — | 48 | 3 | ||||||||||||||||||||||
Deferred purchase price receivable | 103 | — | — | 103 | ||||||||||||||||||||||
Total assets | $ | 905 | $ | 751 | $ | 48 | $ | 106 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Contingent consideration | $ | 46 | $ | — | $ | — | $ | 46 | ||||||||||||||||||
Total Liabilities | $ | 46 | $ | — | $ | — | $ | 46 | ||||||||||||||||||
Fiscal Years Ended | ||||||||||||||||||||||||||||||||||||||
(in millions) | Statement of Operations Line Item | March 31, 2021 | March 31, 2020 | March 31, 2019 | ||||||||||||||||||||||||||||||||||
Foreign currency forward contracts | Other expense (income), net | $ | 51 | $ | (37) | $ | 16 | |||||||||||||||||||||||||||||||
Derivative Assets | ||||||||||||||||||||||||||||||||||||||
As of | ||||||||||||||||||||||||||||||||||||||
(in millions) | Balance Sheet Line Item | March 31, 2021 | March 31, 2020 | |||||||||||||||||||||||||||||||||||
Derivatives designated for hedge accounting: | ||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts | Other current assets | 9 | — | |||||||||||||||||||||||||||||||||||
Total fair value of derivatives designated for hedge accounting | $ | 9 | $ | — | ||||||||||||||||||||||||||||||||||
Derivatives not designated for hedge accounting: | ||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts | Other current assets | $ | 3 | $ | 16 | |||||||||||||||||||||||||||||||||
Total fair value of derivatives not designated for hedge accounting | $ | 3 | $ | 16 |
Derivative Liabilities | ||||||||||||||||||||||||||||||||||||||
As of | ||||||||||||||||||||||||||||||||||||||
(in millions) | Balance Sheet Line Item | March 31, 2021 | March 31, 2020 | |||||||||||||||||||||||||||||||||||
Derivatives designated for hedge accounting: | ||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts | Accrued expenses and other current liabilities | $ | 5 | $ | 20 | |||||||||||||||||||||||||||||||||
Total fair value of derivatives designated for hedge accounting: | $ | 5 | $ | 20 | ||||||||||||||||||||||||||||||||||
Derivatives not designated for hedge accounting: | ||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts | Accrued expenses and other current liabilities | $ | 3 | $ | 12 | |||||||||||||||||||||||||||||||||
Total fair value of derivatives not designated for hedge accounting | $ | 3 | $ | 12 |
As of | ||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | ||||||||||||
Property and equipment — gross: | ||||||||||||||
Land, buildings and leasehold improvements | $ | 2,228 | $ | 2,233 | ||||||||||
Computers and related equipment | 4,596 | 4,876 | ||||||||||||
Furniture and other equipment | 227 | 226 | ||||||||||||
Construction in progress | 16 | 30 | ||||||||||||
7,067 | 7,365 | |||||||||||||
Less: accumulated depreciation | 4,121 | 3,818 | ||||||||||||
Property and equipment, net | $ | 2,946 | $ | 3,547 |
As of March 31, 2021 | ||||||||||||||||||||
(in millions) | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | |||||||||||||||||
Software | $ | 4,014 | $ | 2,733 | $ | 1,281 | ||||||||||||||
Customer related intangible assets | 4,212 | 1,641 | 2,571 | |||||||||||||||||
Other intangible assets | 239 | 48 | 191 | |||||||||||||||||
Total intangible assets | $ | 8,465 | $ | 4,422 | $ | 4,043 |
As of March 31, 2020 | ||||||||||||||||||||
(in millions) | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | |||||||||||||||||
Software | $ | 4,048 | $ | 2,614 | $ | 1,434 | ||||||||||||||
Customer related intangible assets | 5,795 | 1,697 | 4,098 | |||||||||||||||||
Other intangible assets | 235 | 36 | 199 | |||||||||||||||||
Total intangible assets | $ | 10,078 | $ | 4,347 | $ | 5,731 |
Fiscal Years Ended | ||||||||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | March 31, 2019 | |||||||||||||||||
Intangible asset amortization | $ | 952 | $ | 1,019 | $ | 890 | ||||||||||||||
Transition and transformation contract cost amortization(1)
|
264 | 280 | 258 | |||||||||||||||||
Total amortization expense | $ | 1,216 | $ | 1,299 | $ | 1,148 |
Fiscal Year | (in millions) | |||||||
2022 | $ | 837 | ||||||
2023 | $ | 755 | ||||||
2024 | $ | 669 | ||||||
2025 | $ | 554 | ||||||
2026 | $ | 505 |
(in millions) | GBS | GIS | Total | |||||||||||||||||
Balance as of March 31, 2020, net | $ | 2,017 | $ | — | $ | 2,017 | ||||||||||||||
Acquisition related adjustments | 15 | — | 15 | |||||||||||||||||
Divestitures | (1,355) | — | (1,355) | |||||||||||||||||
Assets held for sale | (90) | — | (90) | |||||||||||||||||
Foreign currency translation | 54 | — | 54 | |||||||||||||||||
Goodwill, gross | 5,131 | 5,066 | 10,197 | |||||||||||||||||
Accumulated impairment losses | (4,490) | (5,066) | (9,556) | |||||||||||||||||
Balance as of March 31, 2021, net | $ | 641 | $ | — | $ | 641 |
(in millions) | GBS | GIS | Total | |||||||||||||||||
Balance as of March 31, 2019, net | 4,599 | 3,007 | 7,606 | |||||||||||||||||
Acquisitions | 1,288 | 70 | 1,358 | |||||||||||||||||
Impairment Losses | (3,789) | (3,005) | (6,794) | |||||||||||||||||
Foreign currency translation | (81) | (72) | (153) | |||||||||||||||||
Goodwill, gross | 6,507 | 5,066 | 11,573 | |||||||||||||||||
Accumulated impairment losses | (4,490) | (5,066) | (9,556) | |||||||||||||||||
Balance as of March 31, 2020, net | $ | 2,017 | $ | — | $ | 2,017 |
Fiscal Years Ended | ||||||||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | March 31, 2019 | |||||||||||||||||
Domestic entities | $ | 975 | $ | (2,928) | $ | 511 | ||||||||||||||
Entities outside the United States | (321) | (2,300) | 1,004 | |||||||||||||||||
Total | $ | 654 | $ | (5,228) | $ | 1,515 |
Fiscal Years Ended | ||||||||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | March 31, 2019 | |||||||||||||||||
Current: | ||||||||||||||||||||
Federal | $ | 730 | $ | 3 | $ | (50) | ||||||||||||||
State | 257 | 16 | 42 | |||||||||||||||||
Foreign | 216 | 167 | 218 | |||||||||||||||||
1,203 | 186 | 210 | ||||||||||||||||||
Deferred: | ||||||||||||||||||||
Federal | (221) | (125) | 95 | |||||||||||||||||
State | (51) | 17 | 23 | |||||||||||||||||
Foreign | (131) | 52 | (40) | |||||||||||||||||
(403) | (56) | 78 | ||||||||||||||||||
Total income tax expense | $ | 800 | $ | 130 | $ | 288 |
Fiscal Years Ended | ||||||||||||||||||||
March 31, 2021 | March 31, 2020 | March 31, 2019 | ||||||||||||||||||
Statutory rate | 21.0 | % | (21.0) | % | 21.0 | % | ||||||||||||||
State income tax, net of federal tax | 10.8 | (1.4) | 3.2 | |||||||||||||||||
Foreign tax rate differential | (198.4) | (11.9) | (18.4) | |||||||||||||||||
Goodwill impairment | — | 28.3 | — | |||||||||||||||||
Change in valuation allowances | 239.3 | 12.1 | 16.9 | |||||||||||||||||
Income Tax and Foreign Tax Credits | (48.7) | (2.6) | (0.6) | |||||||||||||||||
Arbitration Award | — | (3.6) | — | |||||||||||||||||
Change in uncertain tax positions | 17.2 | 1.1 | (1.5) | |||||||||||||||||
Withholding Taxes | 10.3 | 0.9 | 3.5 | |||||||||||||||||
U.S. Tax on Foreign Income | 17.6 | 0.4 | 2.4 | |||||||||||||||||
Excess tax benefits or expense for stock compensation | 2.2 | 0.1 | (1.1) | |||||||||||||||||
Capitalized transaction costs | 0.5 | 0.1 | 0.1 | |||||||||||||||||
United States Tax Reform | (0.7) | (0.7) | (3.4) | |||||||||||||||||
Change in Indefinite Reinvestment Assertion | — | — | (3.1) | |||||||||||||||||
Impact of Business Divestitures | 52.6 | — | — | |||||||||||||||||
Granite Trust Capital Loss | (5.7) | — | — | |||||||||||||||||
Other items, net | 4.3 | 0.7 | — | |||||||||||||||||
Effective tax rate | 122.3 | % | 2.5 | % | 19.0 | % |
As of | ||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | ||||||||||||
Deferred tax assets | ||||||||||||||
Investment basis differences | $ | 32 | $ | — | ||||||||||
Tax loss/credit carryforwards | 4,039 | 2,516 | ||||||||||||
Accrued interest | 20 | 12 | ||||||||||||
Operating lease liabilities
|
359 | 370 | ||||||||||||
Contract accounting
|
92 | 126 | ||||||||||||
Other assets | 351 | 144 | ||||||||||||
Total deferred tax assets | 4,893 | 3,168 | ||||||||||||
Valuation allowance | (3,860) | (2,162) | ||||||||||||
Net deferred tax assets | 1,033 | 1,006 | ||||||||||||
Deferred tax liabilities | ||||||||||||||
Depreciation and amortization | (513) | (850) | ||||||||||||
Operating right-of-use asset | (339) | (343) | ||||||||||||
Investment basis differences | — | (68) | ||||||||||||
Employee benefits | (6) | (48) | ||||||||||||
Other liabilities
|
(246) | (150) | ||||||||||||
Total deferred tax liabilities | (1,104) | (1,459) | ||||||||||||
Total net deferred tax assets (liabilities) | $ | (71) | $ | (453) |
As of | ||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | ||||||||||||
Current: | ||||||||||||||
Income tax receivables and prepaid taxes | $ | 67 | $ | 58 | ||||||||||
$ | 67 | $ | 58 | |||||||||||
Non-current: | ||||||||||||||
Income taxes receivable and prepaid taxes | $ | 136 | $ | 180 | ||||||||||
Deferred tax assets | 289 | 265 | ||||||||||||
$ | 425 | $ | 445 | |||||||||||
Total | $ | 492 | $ | 503 |
As of | ||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | ||||||||||||
Current: | ||||||||||||||
Liability for uncertain tax positions | $ | (30) | $ | (12) | ||||||||||
Income taxes payable | (368) | (75) | ||||||||||||
$ | (398) | $ | (87) | |||||||||||
Non-current: | ||||||||||||||
Deferred taxes | (360) | (718) | ||||||||||||
Income taxes payable | (130) | (168) | ||||||||||||
Liability for uncertain tax positions | (364) | (271) | ||||||||||||
$ | (854) | $ | (1,157) | |||||||||||
Total | $ | (1,252) | $ | (1,244) |
As of March 31, 2021 | As of March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) |
Total
|
With No Expiration
|
With Expiration
|
Expiration Dates Through
|
Total | With No Expiration | With Expiration | Expiration Dates Through | ||||||||||||||||||||||||||||||||||||||||||
Net operating loss carryforwards | ||||||||||||||||||||||||||||||||||||||||||||||||||
Federal
|
$ | 132 | $ | 128 | $ | 4 | 2033 | $ | 15 | $ | 3 | $ | 12 | 2033 | ||||||||||||||||||||||||||||||||||||
State
|
$ | 369 | $ | 6 | $ | 363 | 2041 | $ | 673 | $ | 6 | $ | 667 | 2040 | ||||||||||||||||||||||||||||||||||||
Foreign
|
$ | 16,700 | $ | 6,191 | $ | 10,509 | 2041 | $ | 10,512 | $ | 6,471 | $ | 4,041 | 2040 | ||||||||||||||||||||||||||||||||||||
Tax credit carryforwards | ||||||||||||||||||||||||||||||||||||||||||||||||||
Federal
|
$ | 5 | $ | — | $ | 5 | 2040 | $ | 9 | $ | — | $ | 9 | 2040 | ||||||||||||||||||||||||||||||||||||
State
|
$ | — | $ | — | $ | — | N/A | $ | 16 | $ | 7 | $ | 9 | 2039 | ||||||||||||||||||||||||||||||||||||
Foreign
|
$ | — | $ | — | $ | — | N/A | $ | 16 | $ | — | $ | 16 | 2020 | ||||||||||||||||||||||||||||||||||||
Capital loss carryforwards | ||||||||||||||||||||||||||||||||||||||||||||||||||
Federal | $ | — | $ | — | $ | — | N/A | $ | — | $ | — | $ | — | N/A | ||||||||||||||||||||||||||||||||||||
State | $ | — | $ | — | $ | — | N/A | $ | — | $ | — | $ | — | N/A | ||||||||||||||||||||||||||||||||||||
Foreign | $ | 45 | $ | 45 | $ | — | N/A | $ | 59 | $ | 40 | $ | 19 | 2023 |
Fiscal Years Ended | ||||||||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | ||||||||||||||||||
Tax | $ | 354 | $ | 253 | ||||||||||||||||
Interest | 46 | 45 | ||||||||||||||||||
Penalties | 22 | 21 | ||||||||||||||||||
Offset to receivable | (18) | (24) | ||||||||||||||||||
Net of tax attributes | (10) | (12) | ||||||||||||||||||
Total | $ | 394 | $ | 283 |
Fiscal Years Ended | ||||||||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | March 31, 2019 | |||||||||||||||||
Balance at beginning of fiscal year | $ | 253 | $ | 165 | $ | 219 | ||||||||||||||
Gross increases related to prior year tax positions | 60 | 74 | 4 | |||||||||||||||||
Gross decreases related to prior year tax positions | (30) | (9) | (27) | |||||||||||||||||
Gross increases related to current year tax positions | 102 | 15 | — | |||||||||||||||||
Settlements and statute of limitation expirations | (36) | (7) | (23) | |||||||||||||||||
Acquisitions | 6 | 18 | — | |||||||||||||||||
Foreign exchange and others | (1) | (3) | (8) | |||||||||||||||||
Balance at end of fiscal year | $ | 354 | $ | 253 | $ | 165 |
Jurisdiction: |
Tax Years that Remain Subject to Examination
(Fiscal Year Ending):
|
|||||||
United States – Federal | 2008 and forward | |||||||
United States – Various States | 2008 and forward | |||||||
Australia | 2012 and forward | |||||||
Canada | 2006 and forward | |||||||
France | 2016 and forward | |||||||
Germany | 2010 and forward | |||||||
India | 2001 and forward | |||||||
U. K. | 2018 and forward |
As of | |||||||||||||||||||||||||||||
(in millions)
|
Interest Rates
|
Fiscal Year Maturities
|
March 31, 2021 | March 31, 2020 | |||||||||||||||||||||||||
Short-term debt and current maturities of long-term debt
|
|||||||||||||||||||||||||||||
Commercial paper(1)
|
(0.39)% - 0.44%
|
2022 | $ | 213 | $ | 542 | |||||||||||||||||||||||
Current maturities of long-term debt
|
Various | 2022 | 556 | 290 | |||||||||||||||||||||||||
Current maturities of finance lease liabilities |
0.59% - 19.79%
|
2022 | 398 | 444 | |||||||||||||||||||||||||
Short-term debt and current maturities of long-term debt
|
$ | 1,167 | $ | 1,276 | |||||||||||||||||||||||||
Long-term debt, net of current maturities
|
|||||||||||||||||||||||||||||
AUD term loan
|
0.94% - 0.96%
|
2022 | — | 489 | |||||||||||||||||||||||||
GBP term loan
|
0.88% - 1.46%
|
2022 | — | 556 | |||||||||||||||||||||||||
EUR term loan
|
0.65% | 2022 - 2023 | — | 822 | |||||||||||||||||||||||||
EUR term loan
|
0.80%(2)
|
2023 - 2024 | 469 | 821 | |||||||||||||||||||||||||
USD term loan
|
1.40% - 2.24%
|
2025 | — | 480 | |||||||||||||||||||||||||
$274 million Senior notes
|
4.45% | 2023 | 154 | 276 | |||||||||||||||||||||||||
$171 million Senior notes
|
4.45% | 2023 | 165 | 172 | |||||||||||||||||||||||||
$500 million Senior notes
|
4.25% | 2025 | 504 | 505 | |||||||||||||||||||||||||
$500 million Senior notes
|
4.13% | 2026 | 496 | — | |||||||||||||||||||||||||
£250 million Senior notes
|
2.75% | 2025 | 343 | 307 | |||||||||||||||||||||||||
€650 million Senior notes
|
1.75% | 2026 | 760 | 709 | |||||||||||||||||||||||||
$500 million Senior notes
|
4.75% | 2028 | 506 | 507 | |||||||||||||||||||||||||
$234 million Senior notes
|
7.45% | 2030 | 268 | 271 | |||||||||||||||||||||||||
Revolving credit facility
|
1.26% - 2.08%
|
2024 - 2025 | — | 1,500 | |||||||||||||||||||||||||
Lease credit facility
|
1.15% - 1.99%
|
2022 - 2023 | — | 11 | |||||||||||||||||||||||||
Finance lease liabilities
|
0.59% - 19.79%
|
2022 - 2027 | 894 | 1,046 | |||||||||||||||||||||||||
Borrowings for assets acquired under long-term financing
|
0.00% - 6.39%
|
2022 - 2027 | 672 | 802 | |||||||||||||||||||||||||
Mandatorily redeemable preferred stock outstanding
|
6.00% | 2023 | 63 | 62 | |||||||||||||||||||||||||
Other borrowings | Various | 2022 - 2023 | 5 | 70 | |||||||||||||||||||||||||
Long-term debt
|
5,299 | 9,406 | |||||||||||||||||||||||||||
Less: current maturities
|
954 | 734 | |||||||||||||||||||||||||||
Long-term debt, net of current maturities
|
$ | 4,345 | $ | 8,672 |
Fiscal Year | (in millions) | |||||||
2022 | $ | 555 | ||||||
2023 | 304 | |||||||
2024 | 615 | |||||||
2025 | 898 | |||||||
2026 | 1,278 | |||||||
Thereafter | 756 | |||||||
Total | $ | 4,406 |
As of | ||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | ||||||||||||
Projected benefit obligation at beginning of year | $ | 10,150 | $ | 11,016 | ||||||||||
Service cost | 91 | 92 | ||||||||||||
Interest cost | 245 | 237 | ||||||||||||
Plan participants’ contributions | 31 | 30 | ||||||||||||
Amendments | (9) | — | ||||||||||||
Business/contract acquisitions/divestitures | 11 | 12 | ||||||||||||
Contractual termination benefits | 13 | 10 | ||||||||||||
Settlement/curtailment | (37) | (60) | ||||||||||||
Actuarial loss (gain) | 1,262 | (362) | ||||||||||||
Benefits paid | (393) | (359) | ||||||||||||
Foreign currency exchange rate changes | 1,084 | (457) | ||||||||||||
Other | (12) | (9) | ||||||||||||
Projected benefit obligation at end of year | $ | 12,436 | $ | 10,150 |
Fiscal Years Ended | ||||||||||||||
March 31, 2021 | March 31, 2020 | |||||||||||||
Discount rate | 2.0 | % | 2.4 | % | ||||||||||
Rates of increase in compensation levels | 2.5 | % | 1.6 | % | ||||||||||
Interest Crediting Rate | 4.0 | % | N/A |
As of | ||||||||||||||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 11,090 | $ | 11,343 | ||||||||||||||||||||||
Actual return on plan assets | 1,401 | 526 | ||||||||||||||||||||||||
Employer contribution | 117 | 108 | ||||||||||||||||||||||||
Plan participants’ contributions | 31 | 30 | ||||||||||||||||||||||||
Benefits paid | (393) | (359) | ||||||||||||||||||||||||
Business/contract acquisitions/divestitures | — | 7 | ||||||||||||||||||||||||
Contractual termination benefits | 7 | 15 | ||||||||||||||||||||||||
Plan settlement | (31) | (63) | ||||||||||||||||||||||||
Foreign currency exchange rate changes | 1,224 | (507) | ||||||||||||||||||||||||
Other | (21) | (10) | ||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 13,425 | $ | 11,090 | ||||||||||||||||||||||
Funded status at end of year | $ | 989 | $ | 940 |
As of | ||||||||||||||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | ||||||||||||||||||||||||
Other assets | $ | 1,884 | $ | 1,735 | ||||||||||||||||||||||
Accrued expenses and other current liabilities | (81) | (16) | ||||||||||||||||||||||||
Non-current pension obligations | (796) | (761) | ||||||||||||||||||||||||
Other long-term liabilities - OPEB | (18) | (18) | ||||||||||||||||||||||||
Net amount recorded | $ | 989 | $ | 940 | ||||||||||||||||||||||
Accumulated benefit obligation | $ | 12,346 | $ | 10,072 |
Benefit Plans with Projected Benefit Obligation in Excess of Plan Assets | Benefit Plans with Accumulated Benefit Obligation in Excess of Plan Assets | |||||||||||||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | March 31, 2021 | March 31, 2020 | ||||||||||||||||||||||
Projected benefit obligation | $ | 2,490 | $ | 2,191 | $ | 2,453 | $ | 2,159 | ||||||||||||||||||
Accumulated benefit obligation | $ | 2,431 | $ | 2,131 | $ | 2,402 | $ | 2,108 | ||||||||||||||||||
Fair value of plan assets | $ | 1,596 | $ | 1,397 | $ | 1,562 | $ | 1,369 |
Fiscal Years Ended | ||||||||||||||||||||||||||||||||||||||
(in millions)
|
March 31, 2021 | March 31, 2020 | March 31, 2019 | |||||||||||||||||||||||||||||||||||
Service cost
|
$ | 91 | $ | 92 | $ | 88 | ||||||||||||||||||||||||||||||||
Interest cost
|
245 | 237 | 253 | |||||||||||||||||||||||||||||||||||
Expected return on assets
|
(659) | (651) | (570) | |||||||||||||||||||||||||||||||||||
Amortization of transition obligation
|
— | — | — | |||||||||||||||||||||||||||||||||||
Amortization of prior service costs
|
(8) | (9) | (15) | |||||||||||||||||||||||||||||||||||
Contractual termination benefit
|
13 | 10 | 3 | |||||||||||||||||||||||||||||||||||
Settlement/curtailment (gain) loss | (18) | 7 | (10) | |||||||||||||||||||||||||||||||||||
Recognition of actuarial loss (gain) | 537 | (252) | 153 | |||||||||||||||||||||||||||||||||||
Net periodic pension expense (income) | $ | 201 | $ | (566) | $ | (98) |
Fiscal Years Ended | ||||||||||||||||||||||||||||||||||||||
March 31, 2021 | March 31, 2020 | March 31, 2019 | ||||||||||||||||||||||||||||||||||||
Discount or settlement rates | 2.4 | % | 2.4 | % | 2.5 | % | ||||||||||||||||||||||||||||||||
Expected long-term rates of return on assets | 5.6 | % | 5.8 | % | 5.3 | % | ||||||||||||||||||||||||||||||||
Rates of increase in compensation levels | 1.7 | % | 2.0 | % | 2.1 | % |
Fiscal Years Ended | ||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | ||||||||||||
Prior service cost | $ | (239) | $ | (247) | ||||||||||
(in millions) | ||||||||||||||
Employer contributions: | ||||||||||||||
2022 | $ | 155 | ||||||||||||
Benefit Payments: | ||||||||||||||
2022 | $ | 506 | ||||||||||||
2023 | 443 | |||||||||||||
2024 | 444 | |||||||||||||
2025 | 452 | |||||||||||||
2026 | 462 | |||||||||||||
2026 and thereafter | 2,454 | |||||||||||||
Total | $ | 4,761 |
As of March 31, 2021 | |||||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||
US Domestic Stocks | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Global Stocks | — | — | — | — | |||||||||||||||||||||||||
Global/International Equity commingled funds | 246 | 2,260 | — | 2,506 | |||||||||||||||||||||||||
Global equity mutual funds | — | — | — | — | |||||||||||||||||||||||||
U.S./North American Equity commingled funds | — | 6 | — | 6 | |||||||||||||||||||||||||
Fixed Income: | |||||||||||||||||||||||||||||
Non-U.S. Government funds | — | — | — | — | |||||||||||||||||||||||||
Fixed income commingled funds | 1 | 42 | 15 | 58 | |||||||||||||||||||||||||
Fixed income mutual funds | — | 4 | — | 4 | |||||||||||||||||||||||||
Corporate bonds | — | 5,500 | — | 5,500 | |||||||||||||||||||||||||
Alternatives: | |||||||||||||||||||||||||||||
Other Alternatives (1)
|
1 | 2,706 | 1,930 | 4,637 | |||||||||||||||||||||||||
Hedge Funds(2)
|
— | 10 | 1 | 11 | |||||||||||||||||||||||||
Other Assets | 70 | 65 | 85 | 220 | |||||||||||||||||||||||||
Insurance contracts | 4 | 380 | — | 384 | |||||||||||||||||||||||||
Cash and cash equivalents | 97 | 2 | — | 99 | |||||||||||||||||||||||||
Totals
|
$ | 419 | $ | 10,975 | $ | 2,031 | $ | 13,425 | |||||||||||||||||||||
As of March 31, 2020 | |||||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||
US Domestic Stocks | $ | — | $ | 3 | $ | — | $ | 3 | |||||||||||||||||||||
Global Stocks | — | 3 | — | 3 | |||||||||||||||||||||||||
Global/International Equity commingled funds | 315 | 1,763 | — | 2,078 | |||||||||||||||||||||||||
Global equity mutual funds | 8 | — | — | 8 | |||||||||||||||||||||||||
U.S./North American Equity commingled funds | 1 | 4 | — | 5 | |||||||||||||||||||||||||
Fixed Income: | |||||||||||||||||||||||||||||
Non-U.S. Government funds | 136 | — | — | 136 | |||||||||||||||||||||||||
Fixed income commingled funds | 55 | 71 | — | 126 | |||||||||||||||||||||||||
Fixed income mutual funds | 3 | — | — | 3 | |||||||||||||||||||||||||
Corporate bonds | 1 | 4,807 | — | 4,808 | |||||||||||||||||||||||||
Alternatives: | |||||||||||||||||||||||||||||
Other Alternatives (1)
|
— | 2,038 | 1,297 | 3,335 | |||||||||||||||||||||||||
Hedge Funds(2)
|
2 | 7 | 2 | 11 | |||||||||||||||||||||||||
Other Assets | 87 | 229 | 59 | 375 | |||||||||||||||||||||||||
Insurance contracts | — | 136 | — | 136 | |||||||||||||||||||||||||
Cash and cash equivalents | 61 | 2 | — | 63 | |||||||||||||||||||||||||
Totals | $ | 669 | $ | 9,063 | $ | 1,358 | $ | 11,090 | |||||||||||||||||||||
As of | ||||||||||||||||||||||||||||||||
Asset Category | March 31, 2021 | March 31, 2020 | ||||||||||||||||||||||||||||||
Equity securities | 19 | % | 19 | % | ||||||||||||||||||||||||||||
Debt securities | 42 | % | 46 | % | ||||||||||||||||||||||||||||
Alternatives | 37 | % | 31 | % | ||||||||||||||||||||||||||||
Cash and other | 2 | % | 4 | % | ||||||||||||||||||||||||||||
Total | 100 | % | 100 | % |
Fiscal Year | Number of shares repurchased | Average Price Per Share |
Amount
(In millions) |
|||||||||||||||||
2020 | ||||||||||||||||||||
Open market purchases | 12,279,107 | $43.67 | $ | 536 | ||||||||||||||||
ASR | 3,654,544 | $54.73 | $ | 200 | ||||||||||||||||
2020 Total | 15,933,651 | $46.21 | $ | 736 | ||||||||||||||||
2019 | ||||||||||||||||||||
Open market purchases | 19,342,586 | $69.20 | $ | 1,339 | ||||||||||||||||
2019 Total | 19,342,586 | $69.20 | $ | 1,339 |
Dividends Declared | ||||||||||||||||||||
(in millions, except per share amounts) | Per Common Share | Total | Unpaid at Fiscal Year End | |||||||||||||||||
Fiscal 2020 | $ | 0.84 | $ | 219 | $ | 55 | ||||||||||||||
Fiscal 2019 | $ | 0.76 | $ | 209 | $ | 53 |
(in millions) | Foreign Currency Translation Adjustments | Cash Flow Hedges | Available-for-sale Securities | Pension and Other Post-retirement Benefit Plans | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||
Balance at March 31, 2018 | $ | (261) | $ | 9 | $ | 9 | $ | 301 | $ | 58 | ||||||||||||||||||||||
Current-period other comprehensive loss | (256) | (22) | — | (21) | (299) | |||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes | — | 10 | — | (13) | (3) | |||||||||||||||||||||||||||
Balance at March 31, 2019 | $ | (517) | $ | (3) | $ | 9 | $ | 267 | $ | (244) | ||||||||||||||||||||||
Current-period other comprehensive loss | (334) | (15) | — | — | (349) | |||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income, net of taxes | — | (2) | — | (8) | (10) | |||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | (851) | $ | (20) | $ | 9 | $ | 259 | $ | (603) | ||||||||||||||||||||||
Current-period other comprehensive income (loss) | 297 | 14 | (9) | — | 302 | |||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes | — | 5 | — | (6) | (1) | |||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | (554) | $ | (1) | $ | — | $ | 253 | $ | (302) |
As of March 31, 2021 | |||||||||||
Reserved for issuance | Available for future grants | ||||||||||
DXC Employee Equity Plan | 51,200,000 | 32,858,137 | |||||||||
DXC Director Equity Plan | 745,000 | 435,951 | |||||||||
DXC Share Purchase Plan | 250,000 | 155,308 | |||||||||
Total | 52,195,000 | 33,449,396 |
Fiscal Years Ended | ||||||||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | March 31, 2019 | |||||||||||||||||
Total share-based compensation cost | $ | 56 | $ | 68 | $ | 74 | ||||||||||||||
Related income tax benefit | $ | 6 | $ | 12 | $ | 15 | ||||||||||||||
Total intrinsic value of options exercised | $ | 1 | $ | 8 | $ | 44 | ||||||||||||||
Tax benefits from exercised stock options and awards | $ | 6 | $ | 14 | $ | 39 | ||||||||||||||
Number
of Option Shares
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Term
|
Aggregate
Intrinsic
Value
(in millions)
|
|||||||||||||||||||||||
Outstanding as of March 31, 2018 (1)
|
2,933,501 | $ | 32.54 | 5.24 | $ | 185 | ||||||||||||||||||||
Granted | — | $ | — | |||||||||||||||||||||||
Issued due to Separation modification | 400,170 | $ | 31.72 | |||||||||||||||||||||||
Exercised | (969,103) | $ | 37.33 | $ | 44 | |||||||||||||||||||||
Canceled/Forfeited | (14,607) | $ | 48.33 | |||||||||||||||||||||||
Expired | (31,193) | $ | 25.03 | |||||||||||||||||||||||
Outstanding as of March 31, 2019 | 2,318,768 | $ | 30.40 | 4.80 | $ | 79 | ||||||||||||||||||||
Granted | — | $ | — | |||||||||||||||||||||||
Exercised | (331,172) | $ | 31.36 | $ | 8 | |||||||||||||||||||||
Canceled/Forfeited | (2,213) | $ | 55.95 | |||||||||||||||||||||||
Expired | (115,568) | $ | 34.97 | |||||||||||||||||||||||
Outstanding as of March 31, 2020 | 1,869,815 | $ | 29.92 | 4.27 | $ | — | ||||||||||||||||||||
Granted | — | $ | — | |||||||||||||||||||||||
Exercised | (89,335) | $ | 16.01 | $ | 1 | |||||||||||||||||||||
Canceled/Forfeited | — | $ | — | |||||||||||||||||||||||
Expired | (104,900) | $ | 33.53 | |||||||||||||||||||||||
Outstanding as of March 31, 2021 | 1,675,580 | $ | 30.43 | 3.61 | $ | 8 | ||||||||||||||||||||
Vested and expected to vest in the future as of March 31, 2021 | 1,675,580 | $ | 30.43 | 3.61 | $ | 8 | ||||||||||||||||||||
Exercisable as of March 31, 2021 | 1,675,580 | $ | 30.43 | 3.61 | $ | 8 |
As of March 31, 2021 | ||||||||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||||||||||
Range of Option Exercise Price |
Number
Outstanding
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Term
|
Number
Exercisable
|
Weighted
Average
Exercise
Price
|
|||||||||||||||||||||||||||
$8.96 - $24.47
|
413,808 | $ | 19.72 | 2.56 | 413,808 | $ | 19.71 | |||||||||||||||||||||||||
$25.14 - $41.92
|
798,509 | $ | 27.71 | 3.68 | 798,509 | $ | 27.71 | |||||||||||||||||||||||||
$42.05 - $58.80
|
463,263 | $ | 44.70 | 4.42 | 463,263 | $ | 44.70 | |||||||||||||||||||||||||
1,675,580 | 1,675,580 |
Number of
Shares |
Weighted
Average
Grant Date
Fair Value
|
||||||||||
Outstanding as of March 31, 2018 (1)
|
3,985,616 | $ | 47.25 | ||||||||
Granted | 1,136,002 | $ | 77.10 | ||||||||
Issued due to Separation modification | 649,649 | $ | 51.98 | ||||||||
Released/Issued | (2,207,467) | $ | 33.05 | ||||||||
Canceled/Forfeited | (754,025) | $ | 62.01 | ||||||||
Outstanding as of March 31, 2019 | 2,809,775 | $ | 67.27 | ||||||||
Granted | 3,166,405 | $ | 45.58 | ||||||||
Released/Issued | (1,039,346) | $ | 54.39 | ||||||||
Canceled/Forfeited | (762,358) | $ | 59.46 | ||||||||
Outstanding as of March 31, 2020 | 4,174,476 | $ | 55.45 | ||||||||
Granted | 8,026,810 | $ | 20.92 | ||||||||
Released/Issued | (1,249,681) | $ | 52.82 | ||||||||
Canceled/Forfeited | (2,625,385) | $ | 35.16 | ||||||||
Outstanding as of March 31, 2021 | 8,326,220 | $ | 28.98 |
Number of
Shares |
Weighted
Average
Grant Date
Fair Value
|
||||||||||
Outstanding as of March 31, 2018 (1)
|
66,386 | $ | 37.26 | ||||||||
Granted | 19,200 | $ | 87.88 | ||||||||
Issued due to Separation modification | 10,488 | $ | 37.69 | ||||||||
Released/Issued | (20,324) | $ | 51.59 | ||||||||
Canceled/Forfeited | — | $ | — | ||||||||
Outstanding as of March 31, 2019 | 75,750 | $ | 46.31 | ||||||||
Granted | 62,200 | $ | 35.90 | ||||||||
Released/Issued | (23,335) | $ | 60.90 | ||||||||
Canceled/Forfeited | — | $ | — | ||||||||
Outstanding as of March 31, 2020 | 114,615 | $ | 37.69 | ||||||||
Granted | 118,500 | $ | 18.82 | ||||||||
Released/Issued | (48,455) | $ | 26.90 | ||||||||
Canceled/Forfeited | — | $ | — | ||||||||
Outstanding as of March 31, 2021 | 184,660 | $ | 28.42 |
Fiscal Years Ended | ||||||||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | March 31, 2019 | |||||||||||||||||
Cash paid for: | ||||||||||||||||||||
Interest | $ | 334 | $ | 371 | $ | 308 | ||||||||||||||
Taxes on income, net of refunds(1)
|
$ | 798 | $ | 247 | $ | 197 | ||||||||||||||
Non-cash activities: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
ROU assets obtained in exchange for lease, net(2)
|
$ | 530 | $ | 411 | $ | — | ||||||||||||||
Prepaid assets acquired under long-term financing | $ | 46 | $ | 99 | $ | 48 | ||||||||||||||
Investing: | ||||||||||||||||||||
Capital expenditures in accounts payable and accrued expenses | $ | 341 | $ | 66 | $ | 45 | ||||||||||||||
Capital expenditures through finance lease obligations | $ | 348 | $ | 605 | $ | 668 | ||||||||||||||
Assets acquired under long-term financing | $ | 35 | $ | 376 | $ | 200 | ||||||||||||||
(Decrease) increase in deferred purchase price receivable | $ | (52) | $ | (205) | $ | 1,489 | ||||||||||||||
Contingent consideration | $ | 3 | $ | 18 | $ | 41 | ||||||||||||||
Financing: | ||||||||||||||||||||
Dividends declared but not yet paid | $ | — | $ | 55 | $ | 53 | ||||||||||||||
Fiscal Years Ended | ||||||||||||||||||||
(in millions)
|
March 31, 2021 | March 31, 2020 | March 31, 2019 | |||||||||||||||||
Non-service cost components of net periodic pension expense (income) | $ | 110 | $ | (658) | $ | (182) | ||||||||||||||
Foreign currency loss (gain) | 14 | (25) | 31 | |||||||||||||||||
Other gain
|
(22) | (37) | (155) | |||||||||||||||||
Totals
|
$ | 102 | $ | (720) | $ | (306) |
(in millions) | GBS | GIS | Total Reportable Segments | All Other | Totals | |||||||||||||||||||||||||||||||||
Fiscal Year Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Revenues | $ | 8,336 | $ | 9,393 | $ | 17,729 | $ | — | $ | 17,729 | ||||||||||||||||||||||||||||
Segment Profit | $ | 1,120 | $ | 245 | $ | 1,365 | $ | (263) | $ | 1,102 | ||||||||||||||||||||||||||||
Depreciation and amortization (1)
|
$ | 212 | $ | 1,122 | $ | 1,334 | $ | 106 | $ | 1,440 | ||||||||||||||||||||||||||||
Fiscal Year Ended March 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Revenues | $ | 9,111 | $ | 10,466 | $ | 19,577 | $ | — | $ | 19,577 | ||||||||||||||||||||||||||||
Segment Profit | $ | 1,301 | $ | 1,007 | $ | 2,308 | $ | (247) | $ | 2,061 | ||||||||||||||||||||||||||||
Depreciation and amortization (1)
|
$ | 199 | $ | 1,051 | $ | 1,250 | $ | 109 | $ | 1,359 | ||||||||||||||||||||||||||||
Fiscal Year Ended March 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Revenues | $ | 8,684 | $ | 12,069 | $ | 20,753 | $ | — | $ | 20,753 | ||||||||||||||||||||||||||||
Segment Profit | $ | 1,645 | $ | 1,911 | $ | 3,556 | $ | (287) | $ | 3,269 | ||||||||||||||||||||||||||||
Depreciation and amortization (1)
|
$ | 90 | $ | 1,212 | $ | 1,302 | $ | 127 | $ | 1,429 |
Fiscal Years Ended | ||||||||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | March 31, 2019 | |||||||||||||||||
Profit | ||||||||||||||||||||
Total profit for reportable segment | $ | 1,365 | $ | 2,308 | $ | 3,556 | ||||||||||||||
All other loss | (263) | (247) | (287) | |||||||||||||||||
Interest income | 98 | 165 | 128 | |||||||||||||||||
Interest expense | (361) | (383) | (334) | |||||||||||||||||
Restructuring costs | (551) | (252) | (465) | |||||||||||||||||
Transaction, separation and integration-related costs | (358) | (318) | (401) | |||||||||||||||||
Amortization of acquired intangibles | (530) | (583) | (539) | |||||||||||||||||
Gains on dispositions | 2,004 | — | — | |||||||||||||||||
Pension and OPEB actuarial and settlement (losses) gains | (519) | 244 | (143) | |||||||||||||||||
Debt extinguishment cost | (41) | — | — | |||||||||||||||||
Impairment losses | (190) | (6,794) | — | |||||||||||||||||
Gain on arbitration award | — | 632 | — | |||||||||||||||||
Income (loss) from continuing operations before taxes | $ | 654 | $ | (5,228) | $ | 1,515 |
As of | ||||||||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | ||||||||||||||||||
United States | $ | 1,189 | $ | 1,621 | ||||||||||||||||
U.K. | 465 | 493 | ||||||||||||||||||
Australia | 149 | 134 | ||||||||||||||||||
Other Europe | 603 | 757 | ||||||||||||||||||
Other International | 540 | 542 | ||||||||||||||||||
Total Property and Equipment, net | $ | 2,946 | $ | 3,547 |
Twelve Months Ended | ||||||||||||||||||||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | March 31, 2019 | |||||||||||||||||||||||||||||
United States | $ | 5,983 | $ | 7,225 | $ | 7,677 | ||||||||||||||||||||||||||
U.K. | 2,413 | 2,776 | 3,175 | |||||||||||||||||||||||||||||
Other Europe | 5,129 | 5,121 | 5,294 | |||||||||||||||||||||||||||||
Australia | 1,529 | 1,487 | 1,582 | |||||||||||||||||||||||||||||
Other International | 2,675 | 2,968 | 3,025 | |||||||||||||||||||||||||||||
Total Revenues | $ | 17,729 | $ | 19,577 | $ | 20,753 |
As of | ||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | ||||||||||||
Trade receivables, net | $ | 2,871 | $ | 3,059 | ||||||||||
Contract assets | $ | 351 | $ | 454 | ||||||||||
Contract liabilities | $ | 1,701 | $ | 1,756 |
(in millions) | Twelve Months Ended March 31, 2021 | Twelve Months Ended March 31, 2020 | ||||||||||||
Balance, beginning of period | $ | 1,756 | $ | 1,886 | ||||||||||
Deferred revenue | 2,933 | 2,910 | ||||||||||||
Recognition of deferred revenue | (2,922) | (2,925) | ||||||||||||
Currency translation adjustment | 128 | (48) | ||||||||||||
Other(1)
|
(194) | (67) | ||||||||||||
Balance, end of period | $ | 1,701 | $ | 1,756 |
As of | ||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | ||||||||||||
Capitalized sales commission costs(1)
|
$ | 256 | $ | 262 | ||||||||||
Transition and transformation contract costs, net(2)
|
$ | 888 | $ | 874 |
Fiscal Years Ended | ||||||||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | March 31, 2019 | |||||||||||||||||
Capitalized sales commission costs amortization(1)
|
$ | 70 | $ | 72 | $ | 62 | ||||||||||||||
Transition and transformation contract cost amortization(2)
|
$ | 264 | $ | 280 | $ | 258 | ||||||||||||||
As of | ||||||||||||||
(in millions) | March 31, 2021 | March 31, 2020 | ||||||||||||
Accrued expenses and other current liabilities | $ | 225 | $ | 145 | ||||||||||
Other long-term liabilities | 45 | 35 | ||||||||||||
Total | $ | 270 | $ | 180 |
Restructuring Liability as of March 31, 2020 |
Costs Expensed,
Net of Reversals(1)
|
Costs Not Affecting Restructuring Liability(2)
|
Cash Paid |
Other(3)
|
Restructuring Liability as of March 31, 2021 | |||||||||||||||||||||||||||||||||
Fiscal 2021 Plan | ||||||||||||||||||||||||||||||||||||||
Workforce Reductions | $ | — | $ | 501 | $ | (11) | $ | (313) | $ | 3 | $ | 180 | ||||||||||||||||||||||||||
Facilities Costs | — | 37 | (17) | (14) | (3) | 3 | ||||||||||||||||||||||||||||||||
Total | $ | — | $ | 538 | $ | (28) | $ | (327) | $ | — | $ | 183 | ||||||||||||||||||||||||||
Fiscal 2020 Plan | ||||||||||||||||||||||||||||||||||||||
Workforce Reductions(4)
|
$ | 74 | $ | 8 | $ | 1 | $ | (60) | $ | 4 | $ | 27 | ||||||||||||||||||||||||||
Facilities Costs | 2 | (4) | 4 | (2) | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 76 | $ | 4 | $ | 5 | $ | (62) | $ | 4 | $ | 27 | ||||||||||||||||||||||||||
Fiscal 2019 Plan | ||||||||||||||||||||||||||||||||||||||
Workforce Reductions | $ | 25 | $ | (1) | $ | (2) | $ | (17) | $ | 2 | $ | 7 | ||||||||||||||||||||||||||
Facilities Costs | 5 | (2) | 1 | (1) | 3 | 6 | ||||||||||||||||||||||||||||||||
Total | $ | 30 | $ | (3) | $ | (1) | $ | (18) | $ | 5 | $ | 13 | ||||||||||||||||||||||||||
Other Prior Year Plans | ||||||||||||||||||||||||||||||||||||||
Workforce Reductions | $ | 24 | $ | 12 | $ | (7) | $ | (19) | $ | 2 | $ | 12 | ||||||||||||||||||||||||||
Facilities Costs | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 24 | $ | 12 | $ | (7) | $ | (19) | $ | 2 | $ | 12 | ||||||||||||||||||||||||||
Acquired Liabilities | ||||||||||||||||||||||||||||||||||||||
Workforce Reductions | $ | 39 | $ | 1 | $ | — | $ | (7) | $ | 1 | $ | 34 | ||||||||||||||||||||||||||
Facilities Costs | 11 | (1) | 1 | (9) | (1) | 1 | ||||||||||||||||||||||||||||||||
Total | $ | 50 | $ | — | $ | 1 | $ | (16) | $ | — | $ | 35 |
Restructuring Liability as of March 31, 2019 |
Adoption of ASC 842(1)
|
Costs Expensed,
Net of Reversals(2)
|
Costs Not Affecting Restructuring Liability(3)
|
Cash Paid |
Other(4)
|
Restructuring Liability as of March 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Fiscal 2020 Plan | ||||||||||||||||||||||||||||||||||||||||||||
Workforce Reductions | $ | — | $ | — | $ | 271 | $ | (11) | $ | (177) | $ | (9) | $ | 74 | ||||||||||||||||||||||||||||||
Facilities Costs | — | — | 21 | (3) | (16) | — | 2 | |||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | — | $ | 292 | $ | (14) | $ | (193) | $ | (9) | $ | 76 | ||||||||||||||||||||||||||||||
Fiscal 2019 Plan | ||||||||||||||||||||||||||||||||||||||||||||
Workforce Reductions | $ | 138 | $ | — | $ | (25) | $ | — | $ | (83) | $ | (5) | $ | 25 | ||||||||||||||||||||||||||||||
Facilities Costs | 68 | (53) | — | (1) | (7) | (2) | 5 | |||||||||||||||||||||||||||||||||||||
Total | $ | 206 | $ | (53) | $ | (25) | $ | (1) | $ | (90) | $ | (7) | $ | 30 | ||||||||||||||||||||||||||||||
Fiscal 2018 Plan | ||||||||||||||||||||||||||||||||||||||||||||
Workforce Reductions | $ | 59 | $ | — | $ | (10) | $ | — | $ | (29) | $ | — | $ | 20 | ||||||||||||||||||||||||||||||
Facilities Costs | 35 | (36) | (1) | — | (2) | 4 | — | |||||||||||||||||||||||||||||||||||||
Total | $ | 94 | $ | (36) | $ | (11) | $ | — | $ | (31) | $ | 4 | $ | 20 | ||||||||||||||||||||||||||||||
Other Prior Year Plans | ||||||||||||||||||||||||||||||||||||||||||||
Workforce Reductions | $ | 9 | $ | — | $ | (1) | $ | — | $ | (3) | $ | (1) | $ | 4 | ||||||||||||||||||||||||||||||
Facilities Costs | 1 | (1) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total | $ | 10 | $ | (1) | $ | (1) | $ | — | $ | (3) | $ | (1) | $ | 4 | ||||||||||||||||||||||||||||||
Acquired Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Workforce Reductions | $ | 51 | $ | — | $ | 1 | $ | — | $ | (16) | $ | 3 | $ | 39 | ||||||||||||||||||||||||||||||
Facilities Costs | 18 | — | (4) | — | (1) | (2) | 11 | |||||||||||||||||||||||||||||||||||||
Total | $ | 69 | $ | — | $ | (3) | $ | — | $ | (17) | $ | 1 | $ | 50 |
Fiscal year | Minimum Purchase Commitment | |||||||
(in millions) | ||||||||
2022 | $ | 1,487 | ||||||
2023 | 1,227 | |||||||
2024 | 423 | |||||||
2025 | 175 | |||||||
2026 | 177 | |||||||
Thereafter | 15 | |||||||
Total | $ | 3,504 |
(in millions) | Fiscal 2022 | Fiscal 2023 | Fiscal 2024 and Thereafter | Totals | ||||||||||||||||||||||
Surety bonds | $ | 98 | $ | 18 | $ | 69 | $ | 185 | ||||||||||||||||||
Letters of credit | 172 | 30 | 510 | 712 | ||||||||||||||||||||||
Stand-by letters of credit | 71 | 26 | 11 | 108 | ||||||||||||||||||||||
Totals | $ | 341 | $ | 74 | $ | 590 | $ | 1,005 |
Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans excluding securities reflected in column (a) | ||||||||||||||||||
Plan Category | (a) | (b) | (c) | |||||||||||||||||
Equity compensation plans approved by security holders | 10,186,460 | 5.01 | 33,294,088 | |||||||||||||||||
Equity compensation plans not approved by security holders | — | — | — | |||||||||||||||||
Total | 10,186,460 | 5.01 | 33,294,088 |
Exhibit
Number |
Description of Exhibit
|
||||
2.1 | |||||
2.2 | |||||
2.3 | |||||
2.4 | |||||
2.5 | |||||
2.6 | |||||
2.7 | |||||
2.8 | |||||
2.9 | |||||
2.10 |
2.11 | |||||
2.12 | |||||
2.13 | |||||
2.14 | |||||
2.15 | |||||
2.16 | |||||
2.17 | |||||
2.18 | |||||
2.19 | |||||
2.20 | |||||
2.21 | |||||
2.22 | |||||
2.23 | |||||
3.1 | |||||
3.2 | |||||
4.1 | |||||
4.2 | |||||
4.3 | |||||
4.4 | |||||
4.5 |
10.12 | |||||
10.13 | |||||
10.14 | |||||
10.15 | |||||
10.16 | |||||
10.17 | |||||
10.18 | |||||
10.19 | |||||
10.20 | |||||
10.21 |
|
||||
10.22 |
|
||||
10.23 | |||||
10.24 | |||||
10.25 |
10.26 | |||||
10.27 | |||||
10.28 |
|
||||
10.29 |
|
||||
10.30 | |||||
10.31 | |||||
10.32 |
|
||||
10.33 | |||||
10.34* |
|
||||
10.35* |
|
||||
10.36* | |||||
10.37* | |||||
10.38* | |||||
10.39* | |||||
10.40* |
Form of Fiscal 2022 Performance Based Restricted Stock Unit Award under the DXC Technology Company 2017 Omnibus Incentive Plan (filed herewith)
|
||||
10.41* | |||||
10.42* | |||||
10.43* |
10.44* | |||||
10.45* | |||||
10.46* | |||||
10.47* | |||||
10.48* | |||||
10.49* | |||||
10.50* |
|
||||
10.51* |
|
||||
10.52* | |||||
10.53* | |||||
10.54* |
|
||||
10.55* |
|
||||
21 | |||||
23 | |||||
31.1 | |||||
31.2 | |||||
32.1** | |||||
32.2** | |||||
101.INS | XBRL Instance | ||||
101.SCH | XBRL Taxonomy Extension Schema | ||||
101.CAL | XBRL Taxonomy Extension Calculation | ||||
101.LAB | XBRL Taxonomy Extension Labels | ||||
101.PRE | XBRL Taxonomy Extension Presentation | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
DXC TECHNOLOGY COMPANY | |||||||||||
Dated: | May 27, 2021 | By: | /s/ Kenneth P. Sharp | ||||||||
Name: | Kenneth P. Sharp | ||||||||||
Title: |
Executive Vice President and Chief Financial Officer
|
Signature | Title | Date | ||||||||||||
/s/ Michael J. Salvino | President and Chief Executive Officer, Director | May 27, 2021 | ||||||||||||
Michael J. Salvino | (Principal Executive Officer) | |||||||||||||
/s/ Kenneth P. Sharp | Executive Vice President and Chief Financial Officer | May 27, 2021 | ||||||||||||
Kenneth P. Sharp | (Principal Financial Officer) | |||||||||||||
/s/ Neil A. Manna | Senior Vice President and Corporate Controller | May 27, 2021 | ||||||||||||
Neil A. Manna | (Principal Accounting Officer) | |||||||||||||
/s/ Ian C. Read | Chairman | May 27, 2021 | ||||||||||||
Ian C. Read | ||||||||||||||
/s/ Mukesh Aghi | Director | May 27, 2021 | ||||||||||||
Mukesh Aghi | ||||||||||||||
/s/ Amy E. Alving | Director | May 27, 2021 | ||||||||||||
Amy E. Alving | ||||||||||||||
/s/ David A. Barnes | Director | May 27, 2021 | ||||||||||||
David A. Barnes | ||||||||||||||
/s/ Raul J. Fernandez | Director | May 27, 2021 | ||||||||||||
Raul J. Fernandez | ||||||||||||||
/s/ David L. Herzog | Director | May 27, 2021 | ||||||||||||
David L. Herzog | ||||||||||||||
/s/ Mary Louise Krakauer | Director | May 27, 2021 | ||||||||||||
Mary Louise Krakauer | ||||||||||||||
/s/ Dawn Rogers | Director | May 27, 2021 | ||||||||||||
Dawn Rogers | ||||||||||||||
/s/ Manoj P. Singh | Director | May 27, 2021 | ||||||||||||
Manoj P. Singh | ||||||||||||||
/s/ Akihiko Washington | Director | May 27, 2021 | ||||||||||||
Akihiko Washington | ||||||||||||||
/s/ Robert F. Woods | Director | May 27, 2021 | ||||||||||||
Robert F. Woods |
The Employee acknowledges receipt of the Plan and a Prospectus relating to this Award, and further acknowledges that he or she has reviewed this Agreement and the related documents and accepts the provisions thereof. |
Title |
Date |
Identifying Number
or Brief Description |
||||||
The Employee acknowledges receipt of the Plan and a Prospectus relating to this Award, and further acknowledges that he or she has reviewed this Agreement and the related documents and accepts the provisions thereof. |
Title |
Date |
Identifying Number
or Brief Description |
||||||
3. | In all other respects not amended, the Plan is hereby ratified and confirmed. |
The Employee acknowledges receipt of the Plan and a Prospectus relating to this Award, and further acknowledges that he or she has reviewed this Agreement and the related documents and accepts the provisions thereof. |
EX-21 EXHIBIT 21
|
||||||||
DXC TECHNOLOGY COMPANY | ||||||||
Subsidiaries as of March 31, 2021 | ||||||||
|
||||||||
|
|
|||||||
Entity Name | Jurisdiction of Organization | |||||||
EURL CSC Computer Sciences Corporation Algeria
|
Algeria
|
|||||||
CSC Computer Sciences Argentina S.R.L.
|
Argentina
|
|||||||
Enterprise Services Argentina S.R.L
|
Argentina
|
|||||||
DXC Technology Australia Pty. Limited
|
Australia
|
|||||||
DXC Technology Australia Holdings Pty Limited
|
Australia
|
|||||||
Dawriver Pty Limited
|
Australia
|
|||||||
HAS Solutions Pty Ltd.
|
Australia
|
|||||||
DH (Australia) Pty Ltd
|
Australia
|
|||||||
iSOFT Australia Pty Limited
|
Australia
|
|||||||
iSOFT eHealth Pty Ltd
|
Australia
|
|||||||
iSOFT Holdings Pty Limited
|
Australia
|
|||||||
iSOFT Solutions Pty Ltd
|
Australia
|
|||||||
iSOFT Systems Pty Ltd.
|
Australia
|
|||||||
iSOFT Solutions (International) Pty Ltd.
|
Australia
|
|||||||
CSC Agility Platform Australia Pty Limited
|
Australia
|
|||||||
DXC United Pty Limited
|
Australia
|
|||||||
UXC BSG Holdings Pty Ltd
|
Australia
|
|||||||
DXC Eclipse Pty Ltd
|
Australia
|
|||||||
DXC Oxygen Pty Ltd
|
Australia
|
|||||||
DXC Red Rock Pty Ltd
|
Australia
|
|||||||
DXC Consulting Pty Ltd
|
Australia
|
|||||||
Integ Group Pty Ltd
|
Australia
|
|||||||
DXC Connect Pty Ltd
|
Australia
|
|||||||
DXC Professional Solutions Pty Ltd
|
Australia
|
|||||||
DXC SN Pty Ltd
|
Australia
|
|||||||
UXC Holdings Pty Ltd
|
Australia
|
|||||||
White Labelled Pty Ltd
|
Australia
|
|||||||
Lucid IT Pty Ltd
|
Australia
|
|||||||
Australian College of Project Management Pty Ltd
|
Australia
|
|||||||
Saltbush Consulting Pty Ltd
|
Australia
|
|||||||
Lucid IT Unit Trust
|
Australia
|
|||||||
Integ Queensland Pty Ltd
|
Australia
|
|||||||
CeleritiFinTech Services Australia Pty Limited
|
Australia
|
|||||||
Xchanging Procurement Services Pty Limited
|
Australia
|
|||||||
Xchanging Pty Limited
|
Australia
|
|||||||
Xchanging Integrated Services Victoria Pty Limited
|
Australia
|
|||||||
Xchanging Integrated Services Australia Pty Limited
|
Australia
|
Xchanging Technology for Intermediaries Pty Limited
|
Australia
|
|||||||
CeleritiFinTech Australia Pty Limited
|
Australia
|
|||||||
EIT Services India Private Limited Australia Branch
|
Australia
|
|||||||
DXC Enterprise Australia Pty Ltd
|
Australia
|
|||||||
DXC NZ Holdings Pty Ltd
|
Australia
|
|||||||
DXC SAE Pty Limited
|
Australia
|
|||||||
Sable Systems Pty Ltd.
|
Australia
|
|||||||
Sable Systems Unit Trust
|
Australia
|
|||||||
System Partners Pty Ltd
|
Australia
|
|||||||
TESM Australia Pty Ltd
|
Australia
|
|||||||
Excelian Ltd (Australian Branch)
|
Australia
|
|||||||
Bluleader Pty Ltd
|
Australia
|
|||||||
DXC Insurance Solutions Australia Pty Ltd
|
Australia
|
|||||||
DH Software Solutions Australia Pty Ltd
|
Australia
|
|||||||
DXC Technology Austria GmbH
|
Austria
|
|||||||
EntServ Enterprise Services Austria GmbH
|
Austria
|
|||||||
ES SHARED SERVICE CENTER SOCIETA PER AZIONI, Branch Austria
|
Austria
|
|||||||
Enterprise Services International Trade B.V. Azerbaijan Branch
|
Azerbaijan
|
|||||||
Enterprise Services (AP) Limited Bangladesh Branch
|
Bangladesh
|
|||||||
"Ent Services Bel" Limited Liability Company
|
Belarus
|
|||||||
DXC Technology Belgium VOF/SNC
|
Belgium
|
|||||||
Experteam S.A./N.V.
|
Belgium
|
|||||||
UltraGenda N.V
|
Belgium
|
|||||||
Enterprise Services Belgium BVBA
|
Belgium
|
|||||||
DXC Field Delivery Belgium BVBA
|
Belgium
|
|||||||
High Tech Services Insurance, Ltd.
|
Bermuda
|
|||||||
CSC Computer Sciences Brasil S/A
|
Brazil
|
|||||||
Enterprise Services Brasil Serviços de Tecnologia Ltda
|
Brazil
|
|||||||
ES Brasil Participações Ltda.
|
Brazil
|
|||||||
DXC Brasil Servicos de Telecomunicacoes Ltda
|
Brazil
|
|||||||
Luxoft Holding Inc.
|
British Virgin Islands
|
|||||||
Luxoft Eastern Europe Limited
|
British Virgin Islands
|
|||||||
DXC Technology Sdn. Bhd
|
Brunei
|
|||||||
DH Software Sdn Bhd
|
Brunei
|
|||||||
DXC Technology Bulgaria E.O.O.D.
|
Bulgaria
|
|||||||
Enterprise Services Bulgaria EOOD
|
Bulgaria
|
|||||||
Luxoft Bulgaria E.O.O.D.
|
Bulgaria
|
|||||||
Sable37, Inc.
|
California
|
|||||||
Virtual Clarity, Inc.
|
California
|
|||||||
ViCoS, Inc.
|
California
|
|||||||
Computer Sciences Canada Inc.
|
Canada
|
|||||||
UXC Eclipse Solutions (Canada) Ltd
|
Canada
|
|||||||
Fruition Partners Canada Ltd.
|
Canada
|
|||||||
EIT Services India Private Limited Canada Branch
|
Canada
|
|||||||
ESIT Advanced Solutions Inc.
|
Canada
|
ESIT Canada Enterprise Services Co.
|
Canada
|
|||||||
Tribridge Enterprises Canada, ULC
|
Canada
|
|||||||
Excelian (Canada) Ltd.
|
Canada
|
|||||||
DXC Insurance Services Canada ULC
|
Canada
|
|||||||
ES Capital Co
|
Cayman Islands
|
|||||||
ES Investment Co
|
Cayman Islands
|
|||||||
SOS Limited
|
Cayman Islands
|
|||||||
CSC Computer Sciences Corporation Chile S.A.
|
Chile
|
|||||||
DXC Chile Inversiones Ltda.
|
Chile
|
|||||||
Enterprise Services Chile Comercial Limitada
|
Chile
|
|||||||
Beijing CSA Computer Sciences Technology Company Limited
|
China
|
|||||||
CSC Technology (Beijing) Co., Ltd.
|
China
|
|||||||
Tianjin CSA Computer Sciences Technology Company Limited
|
China
|
|||||||
CSC Software Technology (Shanghai) Company Ltd.
|
China
|
|||||||
ISI (China) Co., Limited
|
China
|
|||||||
Xchanging Business Services Limited, China Branch
|
China
|
|||||||
CSC Information Technology (Tianjin) Co. Ltd.
|
China
|
|||||||
Beijing Bokai Technology Co., Ltd.
|
China
|
|||||||
Beijing Bokai Technology Co., Ltd. Chongqing Branch
|
China
|
|||||||
Beijing Bokai Technology Co., Ltd. Dalian Branch
|
China
|
|||||||
Beijing Bokai Technology Co., Ltd. Guangzhou Branch
|
China
|
|||||||
Beijing Bokai Technology Co., Ltd. Shanghai Branch
|
China
|
|||||||
Bokai Enterprise Services (Wuhan) Co., Ltd.
|
China
|
|||||||
Guizhou Bokai Technology Co. Ltd
|
China
|
|||||||
Luxoft Information Technology (Tianjin) Limited
|
China
|
|||||||
Luxoft Information Technology (Tianjin) Limited Beijing (Branch)
|
China
|
|||||||
Luxoft Information Technology (Tianjin) Limited (Shanghai)
|
China
|
|||||||
Beijing CSA Computer Sciences Technology Company Limited, Shanghai Branch
|
China
|
|||||||
Beijing CSA Computer Sciences Technology Company Limited, Guangzhou Branch
|
China
|
|||||||
CSC Technology (Beijing) Co., Ltd., Shanghai Branch
|
China
|
|||||||
DXC Solutions Colombia S.A.S.
|
Colombia
|
|||||||
Enterprise Services Colombia S.A.S.
|
Colombia
|
|||||||
Ent. Services CentroAmerica CAC, Ltda.
|
Costa Rica
|
|||||||
EntServ Costa Rica, Limitada
|
Costa Rica
|
|||||||
Ent. Services Zagreb d.o.o.
|
Croatia
|
|||||||
Paxus N.V.
|
Curacao
|
|||||||
IDAPS Australia Finance N.V
|
Curacao
|
|||||||
Luxoft International Company Limited
|
Cyprus
|
|||||||
CSC Computer Sciences s.r.o.
|
Czech Republic
|
|||||||
DXC Technology Czech Republic s.r.o.
|
Czech Republic
|
|||||||
AppLabs Inc.
|
Delaware
|
|||||||
DXC Solutions US Brazil Holdings LLC
|
Delaware
|
|||||||
DXC US Asset Funding I LLC
|
Delaware
|
|||||||
DXC US Finance Company LLC
|
Delaware
|
|||||||
DXC Receivables LLC
|
Delaware
|
Alliance-One Services, Inc.
|
Delaware
|
|||||||
Alliance-One Holdings, LLC
|
Delaware
|
|||||||
Alliance-One Investments, LLC
|
Delaware
|
|||||||
Mynd International LLC
|
Delaware
|
|||||||
Infochimps, Inc
|
Delaware
|
|||||||
DXC US Agility Platform, LLC
|
Delaware
|
|||||||
DXC US Japan Ltd.
|
Delaware
|
|||||||
Eclipse Intelligent Solutions (USA) Inc.
|
Delaware
|
|||||||
UXC Eclipse (USA) LLC
|
Delaware
|
|||||||
UXC Eclipse (AES) LLC
|
Delaware
|
|||||||
Fruition Partners US, Inc.
|
Delaware
|
|||||||
Xchanging Inc.
|
Delaware
|
|||||||
Xchanging Software Services, Inc.
|
Delaware
|
|||||||
Xchanging Services, Inc.
|
Delaware
|
|||||||
EdgeIQ, Inc.
|
Delaware
|
|||||||
SBB Services, Inc.
|
Delaware
|
|||||||
Xchanging Systems and Services, Inc.
|
Delaware
|
|||||||
Xchanging Global Insurance Services (US), Inc.
|
Delaware
|
|||||||
Xchanging Solutions (USA), Inc.
|
Delaware
|
|||||||
Fixnetix, Inc.
|
Delaware
|
|||||||
DXC US Enterprises, L.P.
|
Delaware
|
|||||||
CeleritiFinTech USA, Inc.
|
Delaware
|
|||||||
Lux 1 Holding Company Inc.
|
Delaware
|
|||||||
DXC US (Netherlands) LLC
|
Delaware
|
|||||||
DXC US Administrative Services LLC
|
Delaware
|
|||||||
DXC US Brazil Holdings LLC
|
Delaware
|
|||||||
DXC US CIT LLC
|
Delaware
|
|||||||
DXC US Communications LLC
|
Delaware
|
|||||||
DXC US DC Holdings LLC
|
Delaware
|
|||||||
DXC US Latin America Corporation
|
Delaware
|
|||||||
DXC US World Trade LLC
|
Delaware
|
|||||||
NameCo 2017, LLC
|
Delaware
|
|||||||
Tribridge Holdings, LLC
|
Delaware
|
|||||||
Concerto Cloud Services, LLC
|
Delaware
|
|||||||
Tribridge International, LLC
|
Delaware
|
|||||||
DXC Technology Services LLC
|
Delaware
|
|||||||
TESM LLC
|
Delaware
|
|||||||
Shoto, Inc.
|
Delaware
|
|||||||
OSIX Corporation
|
Delaware
|
|||||||
Smarthome Ventures LLC
|
Delaware
|
|||||||
Wrap Media, LLC
|
Delaware
|
|||||||
Icon Technology, Inc.
|
Delaware
|
|||||||
Luxoft USA Inc.
|
Delaware
|
|||||||
Alluto LLC
|
Delaware
|
|||||||
DH Software Delaware LLC
|
Delaware
|
DXC Technology Airline Solutions Denmark A/S
|
Denmark
|
|||||||
DXC Technology Danmark A/S
|
Denmark
|
|||||||
DXC Technology Scandihealth A/S
|
Denmark
|
|||||||
Enterprise Services Denmark ApS
|
Denmark
|
|||||||
BusinessNow P/S
|
Denmark
|
|||||||
BusinessNow Copenhagen ApS
|
Denmark
|
|||||||
BusinessNow International ApS
|
Denmark
|
|||||||
DH Denmark ApS
|
Denmark
|
|||||||
iSOFT Sanidad Dominicana, S.R.L.
|
Dominican Republic
|
|||||||
iSOFT Sanidad, Sucursal Ecuador
|
Ecuador
|
|||||||
DXC Technology Egypt SAE
|
Egypt
|
|||||||
D H Healthcare Provider Software Egypt LLC
|
Egypt
|
|||||||
DXC Eclipse Pty Ltd - Fiji Branch
|
Fiji
|
|||||||
DXC Technology Oy
|
Finland
|
|||||||
DXC Technology Finland Oy
|
Finland
|
|||||||
Continuum SOCS SAS
|
France
|
|||||||
DXC Technology France SAS
|
France
|
|||||||
DXC Technology France Holding SAS
|
France
|
|||||||
DXC Technology Financial Services Holding SAS
|
France
|
|||||||
DXC Technology Financial Services SAS
|
France
|
|||||||
Enterprise Services France SAS
|
France
|
|||||||
ES Field Delivery France SAS
|
France
|
|||||||
Luxoft Information Technology (Singapore) Pte. Ltd. (France Branch)
|
France
|
|||||||
eBECS North America Inc.
|
Georgia
|
|||||||
Adeus Aktienregister-Service GmbH
|
Germany
|
|||||||
Bad Homburger Inkasso GmbH
|
Germany
|
|||||||
DXC Technology Deutschland GmbH
|
Germany
|
|||||||
DXC Technology Deutschland Consulting GmbH
|
Germany
|
|||||||
Innovative Banking Solutions AG
|
Germany
|
|||||||
Fondsdepot Bank GmbH
|
Germany
|
|||||||
EIT Services India Private Limited German Branch
|
Germany
|
|||||||
EntServ Deutschland GmbH
|
Germany
|
|||||||
Luxoft GmbH
|
Germany
|
|||||||
Symtavision GmbH
|
Germany
|
|||||||
CMORE Automotive GmbH
|
Germany
|
|||||||
DXC Pension Trust e.V
|
Germany
|
|||||||
Alluto GmbH
|
Germany
|
|||||||
AXA Bank AG
|
Germany
|
|||||||
Ent. Services Hellas - IT Services Limited Liability Company
|
Greece
|
|||||||
CSA (PRC) Company Limited
|
Hong Kong
|
|||||||
DXC Technology Hong Kong Limited
|
Hong Kong
|
|||||||
DXC Technology Enterprise Services (AP) Limited
|
Hong Kong
|
|||||||
DXC Technology Enterprise Services (Hong Kong) Limited
|
Hong Kong
|
|||||||
Luxoft Hong Kong Pte. Limited
|
Hong Kong
|
|||||||
CMORE Automotive Hong Kong Limited
|
Hong Kong
|
CSC Hungary Information Technology Services Kft
|
Hungary
|
|||||||
DXC Technology Hungary Ltd
|
Hungary
|
|||||||
Computer Sciences Corporation India Private Limited
|
India
|
|||||||
UXC India IT Services Private Ltd
|
India
|
|||||||
DXC Technology India Private Limited
|
India
|
|||||||
Xchanging Solutions Limited
|
India
|
|||||||
Nexplicit Infotech India Private Limited
|
India
|
|||||||
Xchanging Technology Services India Pvt Limited
|
India
|
|||||||
Xchanging Builders (India) Private Limited
|
India
|
|||||||
EIT Services India Private Limited
|
India
|
|||||||
Luxoft India LLP
|
India
|
|||||||
DerivIT Solutions Private Limited
|
India
|
|||||||
DH Healthcare Software Services India Private Limited
|
India
|
|||||||
PT DXC Technology Indonesia
|
Indonesia
|
|||||||
PT EIT Services Indonesia
|
Indonesia
|
|||||||
CSC Computer Sciences Ireland Limited
|
Ireland
|
|||||||
DXC Capital Funding Designated Activity Company
|
Ireland
|
|||||||
ES Field Delivery Ireland Limited
|
Ireland
|
|||||||
Global EntServ Solutions Galway Limited
|
Ireland
|
|||||||
Global EntServ Solutions Ireland Limited
|
Ireland
|
|||||||
eBECS Business Solutions (Ireland) Limited
|
Ireland
|
|||||||
TESM Ireland Limited
|
Ireland
|
|||||||
DH Healthcare Provider Software Ireland Ltd
|
Ireland
|
|||||||
Fenergo Group Limited
|
Ireland
|
|||||||
Entserv Israel Ltd.
|
Israel
|
|||||||
EntServ OMS Israel Ltd
|
Israel
|
|||||||
DXC Technology Italy S.r.l.
|
Italy
|
|||||||
CeleritiFinTech Italy S.r.l.
|
Italy
|
|||||||
CeleritiFinTech Services Italy S.r.l.
|
Italy
|
|||||||
Xchanging Italy Holding S.r.L.
|
Italy
|
|||||||
Xchanging Italy S.p.A.
|
Italy
|
|||||||
Enterprise Services Energy Italia S.r.l.
|
Italy
|
|||||||
Enterprise Services Italia S.r.l.
|
Italy
|
|||||||
Enterprise Tech Partners Italia S.r.l.
|
Italy
|
|||||||
ES Field Delivery Italia S.r.l.
|
Italy
|
|||||||
ES SHARED SERVICE CENTER S.p.A.
|
Italy
|
|||||||
Logistica Digitale Srl
|
Italy
|
|||||||
Tribridge Italy S.r.l.
|
Italy
|
|||||||
Luxoft Italy S.r.l.
|
Italy
|
|||||||
CSC UKD 4 Limited - Jamaica Branch
|
Jamaica
|
|||||||
DXC Technology Japan LLC
|
Japan
|
|||||||
DXC Technology Japan Ltd.
|
Japan
|
|||||||
Japan Systems Company Limited
|
Japan
|
|||||||
Royal Pavilion LP
|
Jersey
|
|||||||
RPDP Limited
|
Jersey
|
Royal Pavilion Nominee One Limited
|
Jersey
|
|||||||
Royal Pavilion Nominee Two Limited
|
Jersey
|
|||||||
E IT Services Co. Kazakhstan
|
Kazakhstan
|
|||||||
Entserv East Africa Limited
|
Kenya
|
|||||||
DXC Technology Korea YH
|
Korea
|
|||||||
Enterprise Services Korea A DXC Technology Company
|
Korea
|
|||||||
Luxoft Korea LLC
|
Korea
|
|||||||
DXC Technology Baltic UAB
|
Lithuania
|
|||||||
UAB ES Hague Lietuva
|
Lithuania
|
|||||||
DXC Technology Luxembourg SA
|
Luxembourg
|
|||||||
DXC Luxembourg International S.a.r.l.
|
Luxembourg
|
|||||||
DXC Luxembourg Holding S.a.r.l.
|
Luxembourg
|
|||||||
Enterprise Services Luxembourg S.à r.l.
|
Luxembourg
|
|||||||
ES Field Delivery Luxembourg S.á r.l.
|
Luxembourg
|
|||||||
DXC Lux 5 S.a.r.l.
|
Luxembourg
|
|||||||
DXC Lux 6 S.a.r.l.
|
Luxembourg
|
|||||||
Luxoft Luxembourg S.a.r.l.
|
Luxembourg
|
|||||||
DXC Technology Malaysia Sdn. Bhd
|
Malaysia
|
|||||||
IBA Health (Asia) Sdn. Bhd.
|
Malaysia
|
|||||||
iSOFT Health Systems (Malaysia) Sdn. Bhd.
|
Malaysia
|
|||||||
UXC Consulting SDN BHD
|
Malaysia
|
|||||||
Xchanging Asia Pacific Sdn Bhd
|
Malaysia
|
|||||||
Xchanging Malaysia Sdn Bhd
|
Malaysia
|
|||||||
Entserv Malaysia Sdn. Bhd.
|
Malaysia
|
|||||||
Luxoft Malaysia Sdn Bhd
|
Malaysia
|
|||||||
DXC Technology Global Services Centre Sdn. Bhd.
|
Malaysia
|
|||||||
DH Software Solutions Malaysia Sdn. Bhd.
|
Malaysia
|
|||||||
Forbes Technology Center
|
Maryland
|
|||||||
CSC Consulting, Inc.
|
Massachusetts
|
|||||||
EIT Services India Private Limited US Branch
|
Massachusetts
|
|||||||
Xchanging (Mauritius) Limited
|
Mauritius
|
|||||||
EntServ (Mauritius) Limited
|
Mauritius
|
|||||||
CSC Computer Sciences, S. de R.L. de C.V.
|
Mexico
|
|||||||
CSC Servicios, S de R.L. de C.V.
|
Mexico
|
|||||||
Implementaciones Soft Sanidad, S.A. de C.V.
|
Mexico
|
|||||||
BT Operaciones de México, S. de R.L. de C.V.
|
Mexico
|
|||||||
DXC Servicios Profesionales México, S. de R.L. de C.V.
|
Mexico
|
|||||||
Entserv Enterprise Services Mexico S. de R.L. de C.V.
|
Mexico
|
|||||||
Integradora de Servicios Central, S.A. de C.V.
|
Mexico
|
|||||||
Integradora de Servicios S.A. de C.V.
|
Mexico
|
|||||||
TechBusiness Operaciones México, S. de R.L. de C.V.
|
Mexico
|
|||||||
Luxoft Mexico S. de R.L. de C.V.
|
Mexico
|
|||||||
DXC Technology Ecuador S.A.S.
|
Mexico
|
|||||||
CSC Covansys Corporation
|
Michigan
|
|||||||
Enterprise Services CDG S.A.
|
Morocco
|
DXC Technology SARL
|
Morocco
|
|||||||
DXC Technology B.V.
|
Netherlands
|
|||||||
iSOFT Nederland B.V.
|
Netherlands
|
|||||||
Xchanging B.V.
|
Netherlands
|
|||||||
Enterprise Services International Trade B.V.
|
Netherlands
|
|||||||
Enterprise Services Nederland B.V.
|
Netherlands
|
|||||||
DXC Alps HoldCo B.V.
|
Netherlands
|
|||||||
DXC Berlin B.V.
|
Netherlands
|
|||||||
DXC Brielle B.V.
|
Netherlands
|
|||||||
DXC Caribe y Andina B.V.
|
Netherlands
|
|||||||
DXC Eastern Holding B.V.
|
Netherlands
|
|||||||
DXC Field Delivery Holding B.V.
|
Netherlands
|
|||||||
ES Field Delivery Nederland B.V.
|
Netherlands
|
|||||||
DXC Finance B.V.
|
Netherlands
|
|||||||
DXC French HoldCo B.V.
|
Netherlands
|
|||||||
DXC Gatriam Holding B.V.
|
Netherlands
|
|||||||
DXC Globalsoft HoldCo B.V.
|
Netherlands
|
|||||||
DXC Hague B.V.
|
Netherlands
|
|||||||
DXC Hague II B.V.
|
Netherlands
|
|||||||
DXC Japan HoldCo B.V.
|
Netherlands
|
|||||||
DXC Japan Systems HoldCo B.V.
|
Netherlands
|
|||||||
DXC Russia HoldCo B.V.
|
Netherlands
|
|||||||
DXC Russia HoldCo II B.V.
|
Netherlands
|
|||||||
DXC Sinope Holding B.V.
|
Netherlands
|
|||||||
DXC Taiwan HoldCo B.V.
|
Netherlands
|
|||||||
Fruition Partners Holding B.V.
|
Netherlands
|
|||||||
Fruition Partners Group B.V.
|
Netherlands
|
|||||||
Fruition Partners B.V.
|
Netherlands
|
|||||||
Luxoft Netherlands B.V.
|
Netherlands
|
|||||||
Argo Design Europe B.V.
|
Netherlands
|
|||||||
Virtual Clarity B.V.
|
Netherlands
|
|||||||
DXC Technology Company
|
Nevada
|
|||||||
Computer Sciences Corporation
|
Nevada
|
|||||||
Century LLC
|
Nevada
|
|||||||
Century Subsidiary Corporation
|
Nevada
|
|||||||
DXC US Management Inc.
|
Nevada
|
|||||||
DXC US International Inc.
|
Nevada
|
|||||||
Century Credit Corporation
|
Nevada
|
|||||||
Continental Grand, Limited Partnership
|
Nevada
|
|||||||
DXC US LATAM Company LLC
|
Nevada
|
|||||||
CXD Infrastructure Solutions Inc.
|
Nevada
|
|||||||
INSYS Group Inc.
|
New Jersey
|
|||||||
IntroPro US Inc.
|
New Jersey
|
|||||||
UXC Eclipse (USA), Inc.
|
New York
|
|||||||
CSC New Zealand Limited
|
New Zealand
|
Computer Sciences Corporation (NZ) Holdings Limited
|
New Zealand
|
|||||||
DH (New Zealand) Limited
|
New Zealand
|
|||||||
DXC Technology NZ Limited
|
New Zealand
|
|||||||
UXC Holdings (NZ) Ltd
|
New Zealand
|
|||||||
DXC Eclipse (New Zealand) Limited
|
New Zealand
|
|||||||
Oxygen Business Solutions Limited
|
New Zealand
|
|||||||
Red Rock Limited
|
New Zealand
|
|||||||
DXC (New Zealand) Pension Limited
|
New Zealand
|
|||||||
DXC Enterprise NZ
|
New Zealand
|
|||||||
EntServ Nigeria Limited
|
Nigeria
|
|||||||
Wendover Financial Services Corporation
|
North Carolina
|
|||||||
DXC Technology Norge AS
|
Norway
|
|||||||
Enterprise Services Norge AS
|
Norway
|
|||||||
Syscom AS
|
Norway
|
|||||||
IBA Health (Middle East) LLC
|
Oman
|
|||||||
Enterprise Services Panama, S. de R.L.
|
Panama
|
|||||||
DXC Oxygen Pty Ltd - Papua New Guinea Branch
|
Papua New Guinea
|
|||||||
Mynd Partners (f/k/a Legalgard Partners, L.P.)
|
Pennsylvania
|
|||||||
CSC Computer Sciences Peru S.R.L.
|
Peru
|
|||||||
Implementaciones Soft Sanidad Peru, S.A.C.
|
Peru
|
|||||||
Enterprise Services Latin America Corporation Peru Branch
|
Peru
|
|||||||
Enterprise Services Peru S.R.L.
|
Peru
|
|||||||
DH Healthcare Software Peru S.R.L.
|
Peru
|
|||||||
AppLabs Technologies Private Limited US Branch
|
Philadelphia
|
|||||||
Mynd International LLC - Philippines Branch
|
Philippines
|
|||||||
DXC Technology (Philippines), Inc.
|
Philippines
|
|||||||
Enterprise Services (AP) Limited, Philippines Regional Operating Headquarters
|
Philippines
|
|||||||
EntServ Philippines, Inc.
|
Philippines
|
|||||||
CSC Computer Sciences Polska Sp. zO.O
|
Poland
|
|||||||
DXC Technology Polska Sp. z o.o.
|
Poland
|
|||||||
Luxoft Poland Sp.z.o.o
|
Poland
|
|||||||
DXC Technology Portugal, Lda
|
Portugal
|
|||||||
EIT Services Co. Portugal, Lda.
|
Portugal
|
|||||||
DXC Field Delivery Portugal, Unipessoal Lda.
|
Portugal
|
|||||||
DH HPS Portugal, Unipessoal Lda
|
Portugal
|
|||||||
CSC Puerto Rico, LLC
|
Puerto Rico
|
|||||||
DXC Technology Services Puerto Rico LLC
|
Puerto Rico
|
|||||||
DH Puerto Rico LLC
|
Puerto Rico
|
|||||||
CSC Computer Sciences Middle East LLC
|
Qatar
|
|||||||
Enterprise Services Doha for Information Technology Consultancy
|
Qatar
|
|||||||
CSC Computer Sciences Romania SRL
|
Romania
|
|||||||
Enterprise Services Romania SRL
|
Romania
|
|||||||
Luxoft Professional Romania SRL
|
Romania
|
|||||||
BTO Group LLC
|
Russia
|
|||||||
Limited Liability Company Enterprise Services
|
Russia
|
Luxoft Professional LLC
|
Russia
|
|||||||
Luxoft Professional Omsk (Branch)
|
Russia
|
|||||||
Luxoft Professional St Petersburg (Branch)
|
Russia
|
|||||||
Training Center Luxoft Autonomous Non-commercial Organization
|
Russia
|
|||||||
Integrity Solutions LLC
|
Russia
|
|||||||
Integrity Solutions LLC (St. Petersburg)
|
Russia
|
|||||||
Integrity Solutions LLC (Omsk)
|
Russia
|
|||||||
Integrity Solutions LLC (Nizhny Novgorod)
|
Russia
|
|||||||
Integrity Solutions LLC (Moscow)
|
Russia
|
|||||||
CSC Computer Sciences (Middle East) Limited - Saudi Arabia Branch
|
Saudi Arabia
|
|||||||
CSC Arabia Ltd.
|
Saudi Arabia
|
|||||||
Enterprise Services International Trade B.V, Saudi Arabian Branch
|
Saudi Arabia
|
|||||||
eBECS Company Limited
|
Saudi Arabia
|
|||||||
Enterprise Services d.o.o. Beograd
|
Serbia
|
|||||||
DXC Technology Singapore Pte. Ltd.
|
Singapore
|
|||||||
IBA Health (Asia) Holdings Pte Ltd.
|
Singapore
|
|||||||
iSOFT Health (Asia) Pte Ltd.
|
Singapore
|
|||||||
DXC Technology New Asia Holdings Pte. Ltd.
|
Singapore
|
|||||||
UXC Consulting Pte Ltd
|
Singapore
|
|||||||
Xchanging Solutions (Singapore) Pte Limited
|
Singapore
|
|||||||
DXC Technology Services Singapore Pte. Ltd.
|
Singapore
|
|||||||
Luxoft Singapore Pte Limited
|
Singapore
|
|||||||
Luxoft Information Technology (Singapore) Pte. Ltd.
|
Singapore
|
|||||||
Virtual Clarity Singapore Pte. Ltd.
|
Singapore
|
|||||||
DH Software Singapore Pte. Ltd.
|
Singapore
|
|||||||
DXC Technology Information Services Slovakia s.r.o
|
Slovakia
|
|||||||
DXC Technology Slovakia s.r.o.
|
Slovakia
|
|||||||
Computer Sciences Corporation Services (Proprietary) Limited
|
South Africa
|
|||||||
DXC Technology (South Africa) (Pty) Limited
|
South Africa
|
|||||||
CSC Financial Services (Proprietary) Limited
|
South Africa
|
|||||||
DXC IT Services Holdings (SA) (Pty) Ltd.
|
South Africa
|
|||||||
iSOFT Health (South Africa) (Pty) Limited
|
South Africa
|
|||||||
Enterprise Services South Africa (Pty) Ltd
|
South Africa
|
|||||||
DH Software South Africa (Pty) Ltd
|
South Africa
|
|||||||
Mynd Corporation
|
South Carolina
|
|||||||
UTE (Multiple)
|
Spain
|
|||||||
CSC Computer Sciences Iberica, S.L.
|
Spain
|
|||||||
DXC Technology Spain, S.A.
|
Spain
|
|||||||
Covansys S.L.
|
Spain
|
|||||||
iSOFT Iberia, S.L.
|
Spain
|
|||||||
iSOFT Sanidad S.A.
|
Spain
|
|||||||
Enterprise Solutions Consultoría y Aplicaciones España, S.L.U.
|
Spain
|
|||||||
Enterprise Solutions Outsourcing España, S.L.U.
|
Spain
|
|||||||
Enterprise Solutions Procesos de Negocio España, S.L.U.
|
Spain
|
|||||||
ES Field Delivery Spain, S.L.U.
|
Spain
|
DXC Technology Servicios Espana S.L.
|
Spain
|
|||||||
DH Healthcare Provider Software Spain, S.L.
|
Spain
|
|||||||
DXC Technology Sverige AB
|
Sweden
|
|||||||
Enterprise Services Sverige AB
|
Sweden
|
|||||||
BusinessNow Sweden AB
|
Sweden
|
|||||||
Luxoft Sweden AB
|
Sweden
|
|||||||
DH Sweden AB
|
Sweden
|
|||||||
DXC Technology Switzerland GmbH
|
Switzerland
|
|||||||
Aspediens Holding SA
|
Switzerland
|
|||||||
DXC Switzerland International Sàrl
|
Switzerland
|
|||||||
EntServ Schweiz GmbH
|
Switzerland
|
|||||||
LFR Technology SA
|
Switzerland
|
|||||||
Luxoft Global Operations GmbH
|
Switzerland
|
|||||||
Excelian Luxoft Financial Services (Switzerland) AG
|
Switzerland
|
|||||||
DXC Technology Taiwan Limited
|
Taiwan
|
|||||||
EIT Services Taiwan Co. Ltd.
|
Taiwan
|
|||||||
CSC Cybertek Corporation
|
Texas
|
|||||||
CSC Logic Inc.
|
Texas
|
|||||||
Mynd Partners, L.P. f/k/a Cybertek Solutions, L.P.
|
Texas
|
|||||||
DXC US Development Corporation LP
|
Texas
|
|||||||
Argo Design LLC
|
Texas
|
|||||||
Saturn Five Native LLC
|
Texas
|
|||||||
DXC Technology (Thailand) Co., Ltd.
|
Thailand
|
|||||||
iSOFT Solutions (Thailand) Limited
|
Thailand
|
|||||||
Enterprise Services (Thailand) Limited
|
Thailand
|
|||||||
ES Caribe y Andina B.V. - Trinidad & Tobago branch
|
Trinidad & Tobago
|
|||||||
DXC Technology Delivery Centre Tunisie
|
Tunisia
|
|||||||
DXC Technology Tunisie SARL
|
Tunisia
|
|||||||
DXC Turkey Teknoloji Hismetleri Limited Sirketi
|
Turkey
|
|||||||
EntServ Turkey Technological Solutions Limited Liability Company
|
Turkey
|
|||||||
DXC Technology (Middle East) FZ LLC - Abu Dhabi Branch
|
UAE
|
|||||||
DXC Technology Middle East FZ-LLC
|
UAE
|
|||||||
Enterprise IT Services Middle East FZ LLC
|
UAE
|
|||||||
EntServ International Sárl UAE Branch
|
UAE
|
|||||||
Sable37 DMCC
|
UAE
|
|||||||
Limited Liability Company "Enterprise Services Ukraine"
|
Ukraine
|
|||||||
Luxoft Ukraine LLC
|
Ukraine
|
|||||||
Agile Coworking LLC
|
Ukraine
|
|||||||
Luxoft Solutions, LLC
|
Ukraine
|
|||||||
CSC Computer Sciences Limited
|
United Kingdom
|
|||||||
DXC UK (Middle East) Limited
|
United Kingdom
|
|||||||
CSC UKD 4 Limited
|
United Kingdom
|
|||||||
CSC Life Sciences Limited
|
United Kingdom
|
|||||||
DXC UK EMEA Finance Limited
|
United Kingdom
|
|||||||
DXC UK International Holdings Limited
|
United Kingdom
|
DXC UK International Services Limited
|
United Kingdom
|
|||||||
DXC UK International Limited
|
United Kingdom
|
|||||||
DXC UK International Operations Limited
|
United Kingdom
|
|||||||
DXC UK Holdings Limited
|
United Kingdom
|
|||||||
DXC UK Financing LLP
|
United Kingdom
|
|||||||
i SOFT Limited
|
United Kingdom
|
|||||||
iSOFT Group (UK) Limited
|
United Kingdom
|
|||||||
AppLabs Technologies (UK) PVT Ltd
|
United Kingdom
|
|||||||
AppLabs Limited
|
United Kingdom
|
|||||||
Fruition Partners UK Holdco Ltd.
|
United Kingdom
|
|||||||
Fruition Partners UK Ltd.
|
United Kingdom
|
|||||||
CeleritiFinTech Limited
|
United Kingdom
|
|||||||
CeleritiFinTech Services Limited
|
United Kingdom
|
|||||||
CeleritiFinTech Services UK Limited
|
United Kingdom
|
|||||||
Fixnetix Ltd.
|
United Kingdom
|
|||||||
Xchanging Limited
|
United Kingdom
|
|||||||
Xchanging Holdings Limited
|
United Kingdom
|
|||||||
Xchanging EMEA Limited
|
United Kingdom
|
|||||||
Total Objects Limited
|
United Kingdom
|
|||||||
Spikes Cavell Analytic Limited
|
United Kingdom
|
|||||||
Xpanse No 2 Limited
|
United Kingdom
|
|||||||
Xchanging Claims Services Limited
|
United Kingdom
|
|||||||
LCO Marine Limited
|
United Kingdom
|
|||||||
LCO Non-Marine and Aviation Limited
|
United Kingdom
|
|||||||
Ins-Sure Holdings Limited
|
United Kingdom
|
|||||||
Ins-Sure Services Limited
|
United Kingdom
|
|||||||
LPSO Limited
|
United Kingdom
|
|||||||
London Processing Centre Limited
|
United Kingdom
|
|||||||
Xchanging Solutions (Europe) Limited
|
United Kingdom
|
|||||||
Xpanse Limited
|
United Kingdom
|
|||||||
Xchanging Broking Services Limited
|
United Kingdom
|
|||||||
Xchanging (Rebus) Pension Trustees Limited
|
United Kingdom
|
|||||||
Xchanging Global Insurance Systems Limited
|
United Kingdom
|
|||||||
Xchanging Global Insurance Solutions Limited
|
United Kingdom
|
|||||||
Data Integration Limited
|
United Kingdom
|
|||||||
Xchanging International Limited
|
United Kingdom
|
|||||||
Xchanging Holdco No 3 Limited
|
United Kingdom
|
|||||||
Xchanging UK Limited
|
United Kingdom
|
|||||||
Xchanging US Funding Limited
|
United Kingdom
|
|||||||
Xchanging Procurement Services Limited
|
United Kingdom
|
|||||||
XS (Int) Limited
|
United Kingdom
|
|||||||
Xchange Limited
|
United Kingdom
|
|||||||
Xchanging Software Europe (Regional Hub) Limited
|
United Kingdom
|
|||||||
Xchanging Software Europe Limited
|
United Kingdom
|
|||||||
eBECS Limited
|
United Kingdom
|
Virtual Clarity Limited
|
United Kingdom
|
|||||||
E.D.S. International Limited
|
United Kingdom
|
|||||||
EDS Finance Ltd
|
United Kingdom
|
|||||||
DXC UK Trustee Limited
|
United Kingdom
|
|||||||
EIT Services India Private Limited UK Branch
|
United Kingdom
|
|||||||
Enterprise Services Defence and Security UK Limited
|
United Kingdom
|
|||||||
Enterprise Services Information Security UK Limited
|
United Kingdom
|
|||||||
EntServ UK Limited
|
United Kingdom
|
|||||||
ES Field Delivery UK Limited
|
United Kingdom
|
|||||||
Spiritguide Limited
|
United Kingdom
|
|||||||
Spiritmodel Limited
|
United Kingdom
|
|||||||
Tribridge EMEA Ltd.
|
United Kingdom
|
|||||||
LFR Technology UK Ltd.
|
United Kingdom
|
|||||||
TESM Limited
|
United Kingdom
|
|||||||
Luxoft UK Limited
|
United Kingdom
|
|||||||
Excelian Limited
|
United Kingdom
|
|||||||
CXD Infrastructure Solutions U.K. Ltd.
|
United Kingdom
|
|||||||
HouseBuilder XL Ltd.
|
United Kingdom
|
|||||||
ViCoS Limited
|
United Kingdom
|
|||||||
DXC Pension Trustee Limited
|
United Kingdom
|
|||||||
DH Target UK Ltd
|
United Kingdom
|
|||||||
DH OpCo UK Ltd
|
United Kingdom
|
|||||||
DH HoldCo UK Ltd
|
United Kingdom
|
|||||||
DXC Caribe y Andina B.V. Sucursal Uruguay
|
Uruguay
|
|||||||
Enterprise Services Corporación Ven C.C.A.
|
Venezuela
|
|||||||
DXC Technology Services Vietnam Company Limited
|
Vietnam
|
|||||||
CeleritiFinTech Services Vietnam Company, Limited
|
Vietnam
|
|||||||
Luxoft Vietnam Company Limited
|
Vietnam
|
|||||||
Medical Facilities, Joint Venture
|
Virginia
|
|||||||
PRC/ORI JV
|
Virginia
|
|||||||
Smashing Ideas LLC
|
Washington
|
Date: | May 27, 2021 | /s/ Michael J. Salvino | ||||||||||||
Michael J. Salvino President and Chief Executive Officer |
Date: | May 27, 2021 | /s/ Kenneth P. Sharp | ||||||||||||
Kenneth P. Sharp
Executive Vice President and Chief Financial Officer |
Dated: | May 27, 2021 | /s/ Michael J. Salvino | |||||||||
Michael J. Salvino
President and Chief Executive Officer |
Dated: | May 27, 2021 | /s/ Kenneth P. Sharp | |||||||||
Kenneth P. Sharp
Executive Vice President and Chief Financial Officer |