Equity

Summary of Changes in Equity

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



	Nine Months Ended
	December 31, 2016			December 26, 2015
	(millions)
Balance at beginning of period	$	3,744		$	3,891
Comprehensive income	63			320
Dividends declared	(123		)	(127		)
Repurchases of common stock, including shares surrendered for tax withholdings	(115		)	(399		)
Stock-based compensation	46			79
Shares issued and tax benefits (shortfalls) recognized pursuant to stock-based compensation arrangements	(5		)	40
Balance at end of period	$	3,610		$	3,804

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.

In September 2016, at the ASR Program's conclusion, the Company received 0.1 million additional shares and recorded a related $10 million increase to treasury stock. The number of additional shares delivered was 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. The average price per share paid for all of the shares delivered under the ASR Program was $98.48.

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:



	Nine Months Ended
	December 31, 2016		December 26, 2015
	(millions)
Cost of shares repurchased	$	100	$	380
Number of shares repurchased	1.0		3.0

As of December 31, 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. 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 31, 2016 and December 26, 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 third quarter Fiscal 2017 dividend of $0.50 per share was declared on December 13, 2016, was payable to stockholders of record at the close of business on December 30, 2016, and was paid on January 13, 2017. Dividends paid amounted to $124 million and $128 million during the nine-month periods ended December 31, 2016 and December 26, 2015, respectively.