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Shareholders' Equity | 6 Months Ended
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Mar. 28, 2015
Shareholders' Equity | Note 7 – Shareholders’ Equity Dividends The Company declared and paid cash dividends per share during the periods presented as follows:
|  | Dividends Per Share |  |  | Amount (in millions) |
2015: |  |  |  |  |  |  |  |
Second quarter |  | $ | 0.47 |  |  | $ | 2,734 |
First quarter |  |  | 0.47 |  |  |  | 2,750 |
Total cash dividends declared and paid |  | $ | 0.94 |  |  | $ | 5,484 |
2014: |  |  |  |  |  |  |  |
Fourth quarter |  | $ | 0.47 |  |  | $ | 2,807 |
Third quarter |  |  | 0.47 |  |  |  | 2,830 |
Second quarter |  |  | 0.44 |  |  |  | 2,655 |
First quarter |  |  | 0.44 |  |  |  | 2,739 |
Total cash dividends declared and paid |  | $ | 1.82 |  |  | $ | 11,031 |
Future dividends are subject to declaration by the Board of Directors. Share Repurchase Program In 2014, the Company’s Board of Directors increased the share repurchase authorization to $90 billion of the Company’s common stock, of which $80.0 billion had been utilized as of March 28, 2015. The Company’s share repurchase program does not obligate it to acquire any specific number of shares. Under the program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company has entered, and in the future may enter, into accelerated share repurchase arrangements (“ASRs”) with financial institutions. In exchange for up-front payments, the financial institutions deliver shares of the Company’s common stock during the purchase periods of each ASR. The total number of shares ultimately delivered, and therefore the average repurchase price paid per share, is determined at the end of the applicable purchase period of each ASR based on the volume weighted-average price of the Company’s common stock during that period. The shares received are retired in the periods they are delivered, and the up-front payments are accounted for as a reduction to shareholders’ equity in the Company’s Condensed Consolidated Balance Sheet in the periods the payments are made. The Company reflects the ASRs as a repurchase of common stock in the period delivered for purposes of calculating earnings per share and as forward contracts indexed to its own common stock. The ASRs met all of the applicable criteria for equity classification, and therefore, were not accounted for as derivative instruments. The following table shows the Company’s ASR activity and related information during the six months ended March 28, 2015 and the year ended September 27, 2014:
|  | Purchase Period End Date |  |  | Number of Shares (in thousands) |  |  | Average Repurchase Price Per Share |  |  | ASR Amount (in millions) |
August 2014 ASR |  |  | February 2015 |  |  |  | 81,525 (1) |  |  | $ | 110.40 |  |  | $ | 9,000 |
January 2014 ASR |  |  | December 2014 |  |  |  | 134,247 |  |  | $ | 89.39 |  |  | $ | 12,000 |
April 2013 ASR |  |  | March 2014 |  |  |  | 172,548 |  |  | $ | 69.55 |  |  | $ | 12,000 |
| (1) | Includes 59.9 million shares delivered and retired at the beginning of the purchase period, which began in the fourth quarter of 2014, 8.3 million net shares delivered and retired in the first quarter of 2015 and 13.3 million shares delivered and retired at the end of the purchase period, which concluded in the second quarter of 2015. |
Additionally, the Company repurchased shares of its common stock in the open market, which were retired upon repurchase, during the periods presented as follows:
|  | Number of Shares (in thousands) |  |  | Average Repurchase Price Per Share |  |  | Amount (in millions) |
2015: |  |  |  |  |  |  |  |  |  |  |  |
Second quarter |  |  | 56,400 |  |  | $ | 124.11 |  |  | $ | 7,000 |
First quarter |  |  | 45,704 |  |  | $ | 109.40 |  |  |  | 5,000 |
Total open market common stock repurchases |  |  | 102,104 |  |  |  |  |  |  | $ | 12,000 |
2014: |  |  |  |  |  |  |  |  |  |  |  |
Fourth quarter |  |  | 81,255 |  |  | $ | 98.46 |  |  | $ | 8,000 |
Third quarter |  |  | 58,661 |  |  | $ | 85.23 |  |  |  | 5,000 |
Second quarter |  |  | 79,749 |  |  | $ | 75.24 |  |  |  | 6,000 |
First quarter |  |  | 66,847 |  |  | $ | 74.79 |  |  |  | 5,000 |
Total open market common stock repurchases |  |  | 286,512 |  |  |  |  |  |  | $ | 24,000 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph d -Article 4 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 + Details
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