Quarterly report pursuant to Section 13 or 15(d)

Capital Stock (Notes)

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Capital Stock (Notes)
3 Months Ended
Dec. 29, 2019
Stockholders' Equity Attributable to Parent [Abstract]  
Capital Stock Capital Stock
Stock Repurchase Program. On July 26, 2018, we announced a stock repurchase program authorizing us to repurchase up to $30 billion of our common stock.
In the three months ended December 29, 2019 and December 30, 2018, we repurchased and retired 9.2 million and 16.8 million shares for $762 million and $1.0 billion, respectively, before commissions. To reflect share repurchases in the consolidated balance sheet, we (i) reduce common stock for the par value of the shares, (ii) reduce paid-in capital for the amount in excess of par to zero during the quarter in which the shares are repurchased and (iii) record the residual amount to retained earnings, if any. At December 29, 2019, $6.3 billion remained authorized for repurchase under our stock repurchase program. Since December 29, 2019, we repurchased and retired 2.9 million shares of common stock for $260 million.
Dividends. On January 17, 2020, we announced a cash dividend of $0.62 per share on our common stock, payable on March 26, 2020 to stockholders of record as of the close of business on March 5, 2020.
Earnings Per Common Share. Basic earnings per common share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share is computed by dividing net income by the combination of the weighted-average number of dilutive common share equivalents, comprised of shares issuable under our share-based compensation plans and shares subject to accelerated share repurchase agreements, if
any, and the weighted-average number of common shares outstanding during the reporting period. The following table provides information about the diluted earnings per share calculation (in millions):
 
Three Months Ended
 
December 29,
2019
 
December 30,
2018
Dilutive common share equivalents included in diluted shares
15.0

 
10.3

Shares of common stock equivalents not included because the effect would be anti-dilutive or certain performance conditions were not satisfied at the end of the period
0.2

 
11.7