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Equity | 9 Months Ended
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Jun. 29, 2024
Equity [Abstract] |
Equity | Equity Dividends On November 30, 2023, the Board of Directors declared a cash dividend of $0.30 per share ($0.5 billion) with respect to the second half of fiscal 2023, which was paid in January 2024 to shareholders of record as of December 11, 2023. On February 7, 2024, the Board of Directors declared a cash dividend of $0.45 per share ($0.8 billion) with respect to the first half of fiscal 2024, which was paid on July 25, 2024 to shareholders of record as of July 8, 2024. Share Repurchase Program Effective February 7, 2024, the Board of Directors authorized a new share repurchase program for the Company to repurchase a total of 400 million shares of its common stock. During the quarter and nine months ended June 29, 2024, the Company repurchased 14 million and 23 million shares of its common stock for $1.5 billion and $2.5 billion, respectively (amount excludes the one percent excise tax on stock repurchases imposed by the Inflation Reduction Act of 2022). As of June 29, 2024, the Company had remaining authorization in place to repurchase approximately 377 million additional shares. The repurchase program does not have an expiration date. The following tables summarize the changes in each component of accumulated other comprehensive income (loss) (AOCI) including our proportional share of equity method investee amounts:
| Market Value Adjustments for Hedges |  | Unrecognized Pension and Postretirement Medical Expense |  | Foreign Currency Translation and Other |  | AOCI
AOCI, before tax |
Third quarter of fiscal 2024 |  |  |  |  |  |  |
Balance at March 30, 2024 | $ | (6) |  |  | $ | (2,229) |  |  | $ | (1,944) |  |  | $ | (4,179) |
Quarter Ended June 29, 2024: |  |  |  |  |  |  |
Unrealized gains (losses) arising during the period | 235 |  |  | (2) |  |  | (22) |  |  | 211 |
Reclassifications of realized net (gains) losses to net income | (109) |  |  | (24) |  |  | — |  |  | (133) |
Balance at June 29, 2024 | $ | 120 |  |  | $ | (2,255) |  |  | $ | (1,966) |  |  | $ | (4,101) |
Third quarter of fiscal 2023 |  |  |  |  |  |  |
Balance at April 1, 2023 | $ | 2 |  |  | $ | (3,697) |  |  | $ | (1,701) |  |  | $ | (5,396) |
Quarter Ended July 1, 2023: |  |  |  |  |  |  |
Unrealized gains (losses) arising during the period | 85 |  |  | — |  |  | (44) |  |  | 41 |
Reclassifications of realized net (gains) losses to net income | (73) |  |  | 1 |  |  | — |  |  | (72) |
Balance at July 1, 2023 | $ | 14 |  |  | $ | (3,696) |  |  | $ | (1,745) |  |  | $ | (5,427) |
Nine months ended fiscal 2024 |  |  |  |  |  |  |
Balance at September 30, 2023 | $ | 259 |  |  | $ | (2,172) |  |  | $ | (1,974) |  |  | $ | (3,887) |
Nine Months Ended June 29, 2024: |  |  |  |  |  |  |
Unrealized gains (losses) arising during the period | 202 |  |  | (11) |  |  | 8 |  |  | 199 |
Reclassifications of realized net (gains) losses to net income | (341) |  |  | (72) |  |  | — |  |  | (413) |
Balance at June 29, 2024 | $ | 120 |  |  | $ | (2,255) |  |  | $ | (1,966) |  |  | $ | (4,101) |
Nine months ended fiscal 2023 |  |  |  |  |  |  |
Balance at October 1, 2022 | $ | 804 |  |  | $ | (3,770) |  |  | $ | (2,014) |  |  | $ | (4,980) |
Nine Months Ended July 1, 2023: |  |  |  |  |  |  |
Unrealized gains (losses) arising during the period | (383) |  |  | 71 |  |  | 227 |  |  | (85) |
Reclassifications of realized net (gains) losses to net income | (407) |  |  | 3 |  |  | 42 |  |  | (362) |
Balance at July 1, 2023 | $ | 14 |  |  | $ | (3,696) |  |  | $ | (1,745) |  |  | $ | (5,427) |
| Market Value Adjustments for Hedges |  | Unrecognized Pension and Postretirement Medical Expense |  | Foreign Currency Translation and Other |  | AOCI
Tax on AOCI |
Third quarter of fiscal 2024 |  |  |  |  |  |  |
Balance at March 30, 2024 | $ | (3) |  |  | $ | 529 |  |  | $ | 144 |  |  | $ | 670 |
Quarter Ended June 29, 2024: |  |  |  |  |  |  |
Unrealized gains (losses) arising during the period | (54) |  |  | — |  |  | (1) |  |  | (55) |
Reclassifications of realized net (gains) losses to net income | 26 |  |  | 6 |  |  | — |  |  | 32 |
Balance at June 29, 2024 | $ | (31) |  |  | $ | 535 |  |  | $ | 143 |  |  | $ | 647 |
Third quarter of fiscal 2023 |  |  |  |  |  |  |
Balance at April 1, 2023 | $ | (1) |  |  | $ | 885 |  |  | $ | 123 |  |  | $ | 1,007 |
Quarter Ended July 1, 2023: |  |  |  |  |  |  |
Unrealized gains (losses) arising during the period | (19) |  |  | — |  |  | 9 |  |  | (10) |
Reclassifications of realized net (gains) losses to net income | 17 |  |  | — |  |  | — |  |  | 17 |
Balance at July 1, 2023 | $ | (3) |  |  | $ | 885 |  |  | $ | 132 |  |  | $ | 1,014 |
Nine months ended fiscal 2024 |  |  |  |  |  |  |
Balance at September 30, 2023 | $ | (64) |  |  | $ | 517 |  |  | $ | 142 |  |  | $ | 595 |
Nine Months Ended June 29, 2024: |  |  |  |  |  |  |
Unrealized gains (losses) arising during the period | (46) |  |  | — |  |  | 1 |  |  | (45) |
Reclassifications of realized net (gains) losses to net income | 79 |  |  | 18 |  |  | — |  |  | 97 |
Balance at June 29, 2024 | $ | (31) |  |  | $ | 535 |  |  | $ | 143 |  |  | $ | 647 |
Nine months ended fiscal 2023 |  |  |  |  |  |  |
Balance at October 1, 2022 | $ | (179) |  |  | $ | 901 |  |  | $ | 139 |  |  | $ | 861 |
Nine Months Ended July 1, 2023: |  |  |  |  |  |  |
Unrealized gains (losses) arising during the period | 81 |  |  | (16) |  |  | 7 |  |  | 72 |
Reclassifications of realized net (gains) losses to net income | 95 |  |  | — |  |  | (14) |  |  | 81 |
Balance at July 1, 2023 | $ | (3) |  |  | $ | 885 |  |  | $ | 132 |  |  | $ | 1,014 |
| Market Value Adjustments for Hedges |  | Unrecognized Pension and Postretirement Medical Expense |  | Foreign Currency Translation and Other |  | AOCI
AOCI, after tax |
Third quarter of fiscal 2024 |  |  |  |  |  |  |
Balance at March 30, 2024 | $ | (9) |  |  | $ | (1,700) |  |  | $ | (1,800) |  |  | $ | (3,509) |
Quarter Ended June 29, 2024: |  |  |  |  |  |  |
Unrealized gains (losses) arising during the period | 181 |  |  | (2) |  |  | (23) |  |  | 156 |
Reclassifications of realized net (gains) losses to net income | (83) |  |  | (18) |  |  | — |  |  | (101) |
Balance at June 29, 2024 | $ | 89 |  |  | $ | (1,720) |  |  | $ | (1,823) |  |  | $ | (3,454) |
Third quarter of fiscal 2023 |  |  |  |  |  |  |
Balance at April 1, 2023 | $ | 1 |  |  | $ | (2,812) |  |  | $ | (1,578) |  |  | $ | (4,389) |
Quarter Ended July 1, 2023: |  |  |  |  |  |  |
Unrealized gains (losses) arising during the period | 66 |  |  | — |  |  | (35) |  |  | 31 |
Reclassifications of realized net (gains) losses to net income | (56) |  |  | 1 |  |  | — |  |  | (55) |
Balance at July 1, 2023 | $ | 11 |  |  | $ | (2,811) |  |  | $ | (1,613) |  |  | $ | (4,413) |
Nine months ended fiscal 2024 |  |  |  |  |  |  |
Balance at September 30, 2023 | $ | 195 |  |  | $ | (1,655) |  |  | $ | (1,832) |  |  | $ | (3,292) |
Nine Months Ended June 29, 2024: |  |  |  |  |  |  |
Unrealized gains (losses) arising during the period | 156 |  |  | (11) |  |  | 9 |  |  | 154 |
Reclassifications of realized net (gains) losses to net income | (262) |  |  | (54) |  |  | — |  |  | (316) |
Balance at June 29, 2024 | $ | 89 |  |  | $ | (1,720) |  |  | $ | (1,823) |  |  | $ | (3,454) |
Nine months ended fiscal 2023 |  |  |  |  |  |  |
Balance at October 1, 2022 | $ | 625 |  |  | $ | (2,869) |  |  | $ | (1,875) |  |  | $ | (4,119) |
Nine Months Ended July 1, 2023: |  |  |  |  |  |  |
Unrealized gains (losses) arising during the period | (302) |  |  | 55 |  |  | 234 |  |  | (13) |
Reclassifications of realized net (gains) losses to net income | (312) |  |  | 3 |  |  | 28 |  |  | (281) |
Balance at July 1, 2023 | $ | 11 |  |  | $ | (2,811) |  |  | $ | (1,613) |  |  | $ | (4,413) |
Details about AOCI components reclassified to net income are as follows:
Gain (loss) in net income: |  | Affected line item in the Condensed Consolidated Statements of Operations: |  | Quarter Ended |  | Nine Months Ended
|  | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Market value adjustments, primarily cash flow hedges |  | Primarily revenue |  | $ | 109 |  |  | $ | 73 |  |  | $ | 341 |  |  | $ | 407 |
Estimated tax |  | Income taxes |  | (26) |  |  | (17) |  |  | (79) |  |  | (95) |
|  |  |  | 83 |  |  | 56 |  |  | 262 |  |  | 312 |
Pension and postretirement medical expense |  | Interest expense, net |  | 24 |  |  | (1) |  |  | 72 |  |  | (3) |
Estimated tax |  | Income taxes |  | (6) |  |  | — |  |  | (18) |  |  | — |
|  |  |  | 18 |  |  | (1) |  |  | 54 |  |  | (3) |
Foreign currency translation and other |  | Restructuring and impairment charges |  | — |  |  | — |  |  | — |  |  | (42) |
Estimated tax |  | Income taxes |  | — |  |  | — |  |  | — |  |  | 14 |
|  |  |  | — |  |  | — |  |  | — |  |  | (28) |
Total reclassifications for the period |  |  |  | $ | 101 |  |  | $ | 55 |  |  | $ | 316 |  |  | $ | 281 |

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