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Stockholders' Equity
 3 Months Ended
Dec. 31, 2014
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
Note 7—Stockholders' Equity
The number of shares of each class and the number of shares of class A common stock on an as-converted basis at December 31, 2014, are as follows:
(in millions, except conversion rate)
Shares Outstanding
 
Conversion Rate
Into Class A
Common Stock
 
As-converted Class A Common
Stock(1)
Class A common stock
495

 
—

 
495

Class B common stock
245

 
0.4121

(2) 
101

Class C common stock
20

 
1.0000

 
20

Total
 
 
 
 
616


(1) 
Figures in the table may not recalculate exactly due to rounding. As-converted class A common stock is calculated based on unrounded numbers.
(2) 
The class B to class A common stock conversion rate has been rounded for purposes of this disclosure. Conversion calculations for dividend payments are based on a conversion rate rounded to the tenth decimal.
Reduction in as-converted class A common stock. The following table presents share repurchases in the open market.
(in millions, except per share data)
Three Months Ended December 31, 2014
Shares repurchased in the open market (1)
3

Average repurchase price per share (2)
$
259.52

Total cost
$
803

(1)  
All shares repurchased in the open market have been retired and constitute authorized but unissued shares.
(2) 
Figures in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers.
In October 2014, the Company's board of directors authorized a new $5.0 billion share repurchase program. As of December 31, 2014, the program had remaining authorized funds of $4.9 billion for share repurchase. All share repurchase programs authorized prior to October 2014 have been completed.
Class A common stock split. On January 28, 2015, Visa’s board of directors declared a four-for-one split of its class A common stock. Trading will begin on a split-adjusted basis on March 19, 2015. See Note 12—Subsequent Events.
Dividends. In January 2015, the Company’s board of directors declared a quarterly cash dividend of $0.48 per share of class A common stock (determined in the case of class B and class C common stock on an as-converted basis). The cash dividend will be paid on March 3, 2015, to all holders of record of the Company's class A, B and C common stock as of February 13, 2015, on a pre-split basis. The Company declared and paid $297 million in dividends during the three months ended December 31, 2014.