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Shareholders' Equity | 9 Months Ended
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Jul. 01, 2017
Equity [Abstract] |
Shareholders' Equity | Shareholders’ Equity Dividends The Company declared and paid cash dividends per share during the periods presented as follows:
| Dividends Per Share |  | Amount (in millions)
2017: |  |  |
Third quarter | $ | 0.63 |  |  | $ | 3,281 |
Second quarter | 0.57 |  |  | 2,988 |
First quarter | 0.57 |  |  | 3,042 |
Total cash dividends declared and paid | $ | 1.77 |  |  | $ | 9,311 |
2016: |  |  |
Fourth quarter | $ | 0.57 |  |  | $ | 3,071 |
Third quarter | 0.57 |  |  | 3,117 |
Second quarter | 0.52 |  |  | 2,879 |
First quarter | 0.52 |  |  | 2,898 |
Total cash dividends declared and paid | $ | 2.18 |  |  | $ | 11,965 |
Future dividends are subject to declaration by the Board of Directors. Share Repurchase Program In May 2017, the Company’s Board of Directors increased the share repurchase authorization from $175 billion to $210 billion of the Company’s common stock, of which $158 billion had been utilized as of July 1, 2017. 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 Sheets 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 nine months ended July 1, 2017 and the year ended September 24, 2016:
| Purchase Period End Date |  | Number of Shares (in thousands) |  | Average Repurchase Price Per Share |  | ASR Amount (in millions)
May 2017 ASR | August 2017 |  | 15,598 |  | (1) | (1) |  |  | $ | 3,000 |
February 2017 ASR | May 2017 |  | 20,949 |  | (2) | $ | 143.20 |  |  | $ | 3,000 |
November 2016 ASR | February 2017 |  | 51,157 |  |  | $ | 117.29 |  |  | $ | 6,000 |
August 2016 ASR | November 2016 |  | 26,850 |  |  | $ | 111.73 |  |  | $ | 3,000 |
May 2016 ASR | August 2016 |  | 60,452 |  |  | $ | 99.25 |  |  | $ | 6,000 |
November 2015 ASR | April 2016 |  | 29,122 |  |  | $ | 103.02 |  |  | $ | 3,000 |
(1) | “Number of Shares” represents those shares delivered at the beginning of the purchase period and does not represent the final number of shares to be delivered under the ASR. The total number of shares ultimately delivered, and therefore the average repurchase price paid per share, will be determined at the end of the purchase period based on the volume-weighted average price of the Company’s common stock during that period. The May 2017 ASR purchase period will end in August 2017.
(2) | Includes 17.5 million shares delivered and retired at the beginning of the purchase period, which began in the second quarter of 2017 and 3.4 million shares delivered and retired at the end of the purchase period, which concluded in the third quarter of 2017.
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)
2017: |  |  |  |  |
Third quarter | 30,356 |  |  | $ | 148.24 |  |  | $ | 4,500 |
Second quarter | 31,070 |  |  | $ | 128.74 |  |  | 4,001 |
First quarter | 44,333 |  |  | $ | 112.78 |  |  | 5,000 |
Total open market common stock repurchases | 105,759 |  |  |  |  | $ | 13,501 |
2016: |  |  |  |  |
Fourth quarter | 28,579 |  |  | $ | 104.97 |  |  | $ | 3,000 |
Third quarter | 41,238 |  |  | $ | 97.00 |  |  | 4,000 |
Second quarter | 71,766 |  |  | $ | 97.54 |  |  | 7,000 |
First quarter | 25,984 |  |  | $ | 115.45 |  |  | 3,000 |
Total open market common stock repurchases | 167,567 |  |  |  |  | $ | 17,000 |

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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 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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