Equity
As of the filing date of this report, the Board of Directors had not yet declared a dividend related to fiscal 2013. The Company paid a $0.75 per share dividend ($1.3 billion) during the first quarter of fiscal 2013 related to fiscal 2012. The Company paid a $0.60 per share dividend ($1.1 billion) during the second quarter of fiscal 2012 related to fiscal 2011. The Company paid a $0.40 per share dividend ($0.8 billion) during the second quarter of fiscal 2011 related to fiscal 2010.
During fiscal 2013, the Company repurchased 71 million shares of its common stock for approximately $4.1 billion. During fiscal 2012, the Company repurchased 72 million shares of its common stock for approximately $3.0 billion. During fiscal 2011, the Company repurchased 135 million shares of its common stock for approximately $5.0 billion. On March 22, 2011, the Company’s Board of Directors increased the amount of shares that can be repurchased to 400 million shares as of that date. As of September 28, 2013, the Company had remaining authorization in place to repurchase 161 million additional shares. The repurchase program does not have an expiration date.
The following table summarizes the changes in each component of AOCI including our proportional share of equity method investee amounts, net of 37% estimated tax:
|
| | | | | | | | | | | | | | | | | | | |
| Market Value Adjustments | | Unrecognized Pension and Postretirement Medical Expense | | Foreign Currency Translation and Other | | AOCI |
| Investments | | Cash Flow Hedges (1) | |
Balance at Oct 2, 2010 | $ | 7 |
| | $ | (102 | ) | | $ | (1,866 | ) | | $ | 80 |
| | $ | (1,881 | ) |
Unrealized gains (losses) arising during the period | 2 |
| | (72 | ) | | (915 | ) | | (37 | ) | | (1,022 | ) |
Reclassifications of realized net (gains) losses to net income | (3 | ) | | 120 |
| | 156 |
| | — |
| | 273 |
|
Balance at Oct 1, 2011 | 6 |
| | (54 | ) | | (2,625 | ) | | 43 |
| | (2,630 | ) |
Unrealized gains (losses) arising during the period | 4 |
| | 38 |
| | (829 | ) | | (60 | ) | | (847 | ) |
Reclassifications of realized net (gains) losses to net income | (7 | ) | | (36 | ) | | 220 |
| | 34 |
| | 211 |
|
Balance at Sept. 29, 2012 | 3 |
| | (52 | ) | | (3,234 | ) | | 17 |
| | (3,266 | ) |
Unrealized gains (losses) arising during the period | 162 |
| | 208 |
| | 1,668 |
| | (162 | ) | | 1,876 |
|
Reclassifications of realized net (gains) losses to net income | (25 | ) | | (73 | ) | | 295 |
| | 6 |
| | 203 |
|
Balance at Sept. 28, 2013 | $ | 140 |
| | $ | 83 |
| | $ | (1,271 | ) | | $ | (139 | ) | | $ | (1,187 | ) |
(1) Reclassifications of gains / (losses) on cash flow hedges are primarily recorded in revenue.
At September 28, 2013, the Company held available-for-sale investments in unrecognized gain positions totaling $228 million and no investments in significant unrecognized loss positions. At September 29, 2012, there were no available-for-sale investments in significant unrecognized gain or loss positions.
