Equity

Summary of Changes in Equity

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



	Three Months Ended
	July 2, 2016				June 27, 2015
	(millions)
Balance at beginning of period	$	3,744			$	3,891
Comprehensive income (loss)	(33		)		75
Dividends declared	(41		)		(43		)
Repurchases of common stock, including shares surrendered for tax withholdings	(115		)	^(a)	(169		)
Stock-based compensation	18				32
Shares issued and tax benefits (shortfalls) recognized pursuant to stock-based compensation arrangements	(7		)		21
Balance at end of period	$	3,566			$	3,807


^(a)	Includes $10 million of Class A common stock yet to be delivered to the Company under its ASR Program (as defined below), which was recorded as a reduction to additional paid-in capital in the Company's consolidated balance sheet as of July 2, 2016.

Common Stock Repurchase Program

In June 2016, as part of its common stock repurchase program, the Company entered into an accelerated share repurchase program with a third-party financial institution under which it made an upfront payment of $100 million in exchange for an initial delivery of 0.9 million shares of its Class A common stock, representing 90% of the total shares ultimately expected to be delivered over the program's term (the "ASR Program"). The initial shares received, which had an aggregate cost of $90 million based on the June 20, 2016 closing share price, were immediately retired and recorded as an increase to treasury stock. As of July 2, 2016, $10 million, representing the difference between the upfront $100 million payment and the $90 million cost of the initial share delivery, was recorded as a reduction to additional paid-in capital in the Company's consolidated balance sheet.

At the ASR Program's conclusion, the financial institution may be required to deliver additional shares of Class A common stock to the Company, or, under certain circumstances, the Company may be required to, at its election, deliver shares of its Class A common stock or make a cash payment to the financial institution. Final settlement of the ASR Program is expected to occur during the second quarter of Fiscal 2017, with the number of shares to be delivered, or the amount of any cash payment to be made, determined based on the volume-weighted average price per share of the Company's Class A common stock over the term of the ASR Program, less an agreed-upon discount.

A summary of the Company's repurchases of Class A common stock under its common stock repurchase program, including the ASR Program, is as follows:



	Three Months Ended
	July 2, 2016			June 27, 2015
	(millions)
Cost of shares repurchased	$	90	^(a)	$	150
Number of shares repurchased	0.9			1.1


^(a)	Excludes $10 million of Class A common stock yet to be delivered to the Company under its ASR Program.

As of July 2, 2016, the remaining availability under the Company's Class A common stock repurchase program was $200 million, reflecting the May 11, 2016 approval by the Company's Board of Directors to expand the program by up to an additional $200 million of Class A common stock repurchases, partially offset by the $100 million payment made under the ASR Program. Repurchases of shares of Class A common stock are subject to overall business and market conditions.

In addition, during each of the three-month periods ended July 2, 2016 and June 27, 2015, 0.2 million shares of Class A common stock, at a cost of $15 million and $19 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. The first quarter Fiscal 2017 dividend of $0.50 per share was declared on June 21, 2016, was payable to stockholders of record at the close of business on July 1, 2016, and was paid on July 15, 2016. Dividends paid amounted to $41 million and $43 million during the three-month periods ended July 2, 2016 and June 27, 2015, respectively.