Quarterly report pursuant to Section 13 or 15(d)

Capital Stock (Notes)

v3.21.2
Capital Stock (Notes)
9 Months Ended
Jun. 27, 2021
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. The stock repurchase program has no expiration date.
In the nine months ended June 27, 2021 and June 28, 2020, we repurchased and retired 18 million and 31 million shares, respectively, for $2.6 billion and $2.5 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, if any, to retained earnings. At June 27, 2021, $2.0 billion remained authorized for repurchase under our stock repurchase program.
Dividends. On July 14, 2021, we announced a cash dividend of $0.68 per share on our common stock, payable on September 23, 2021 to stockholders of record as of the close of business on September 2, 2021.
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 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 Nine Months Ended
June 27,
2021
June 28,
2020
June 27,
2021
June 28,
2020
Dilutive common share equivalents included in diluted shares 16  12  19  13 
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 —  —