Equity

Summary of Changes in Equity

A reconciliation of the beginning and ending amounts of equity is presented below:



	Nine Months Ended
	December 26, 2015			December 27, 2014
	(millions)
Balance at beginning of period	$	3,891		$	4,034
Comprehensive income	320			442
Dividends declared	(127		)	(118		)
Repurchases of common stock, including shares surrendered for tax withholdings	(399		)	(382		)
Stock-based compensation	79			60
Shares issued and tax benefits recognized pursuant to stock-based compensation arrangements	40			53
Conversion of stock-based compensation awards	—			(14		)
Balance at end of period	$	3,804		$	4,075

Common Stock Repurchase Program

A summary of the Company's repurchases of Class A common stock under its common stock repurchase program is presented below:



	Nine Months Ended
	December 26, 2015		December 27, 2014
	(millions)
Cost of shares repurchased	$	380	$	350
Number of shares repurchased	3.0		2.1

As of December 26, 2015, the remaining availability under the Company's Class A common stock repurchase program was approximately $200 million. Repurchases of shares of Class A common stock are subject to overall business and market conditions.

In addition, during each of the nine-month periods ended December 26, 2015 and December 27, 2014, 0.2 million shares of Class A common stock, at a cost of $19 million and $32 million, respectively, were surrendered to, or withheld by, the Company in satisfaction of withholding taxes in connection with the vesting of awards under the Company's 1997 Long-Term Stock Incentive Plan, as amended (the "1997 Incentive Plan"), and its Amended and Restated 2010 Long-Term Stock Incentive Plan (the "2010 Incentive Plan").

Repurchased and surrendered shares are accounted for as treasury stock at cost and held in treasury for future use.

Dividends

Since 2003, the Company has maintained a regular quarterly cash dividend program on its common stock. On February 3, 2015, the Company's Board of Directors approved an increase to the Company's quarterly cash dividend on its common stock from $0.45 per share to $0.50 per share. The third quarter Fiscal 2016 dividend of $0.50 per share was declared on December 11, 2015, was payable to stockholders of record at the close of business on December 24, 2015, and was paid on January 8, 2016. Dividends paid amounted to $128 million and $119 million during the nine-month periods ended December 26, 2015 and December 27, 2014, respectively.

Conversion of Stock-based Compensation Awards

During the first quarter of Fiscal 2015, the Company converted certain fully-vested and expensed stock-based compensation awards to a cash contribution into a deferred compensation account. The Company recorded the excess of these awards' then current redemption value over their original grant-date fair value to retained earnings, with a corresponding increase to other non-current liabilities in the consolidated balance sheet.