Equity (Tables)

6 Months Ended

Mar. 28, 2020

Dividends Declared

The Company paid the following dividends in fiscal 2020 and 2019:

Per Share

Total Paid

Payment Timing

Related to Fiscal Period

$0.88

$1.6 billion

Second Quarter of Fiscal 2020

Second Half 2019

$0.88

$1.6 billion

Fourth Quarter of Fiscal 2019

First Half 2019

$0.88

$1.3 billion

Second Quarter of Fiscal 2019

Second Half 2018

Changes in Accumulated Other Comprehensive Income (Loss)

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:


					Unrecognized Pension and Postretirement Medical Expense		Foreign Currency Translation and Other		AOCI
	Market Value Adjustments
AOCI, before tax	Investments		Cash Flow Hedges
Second quarter of fiscal 2020
Balance at December 28, 2019	$	—	$	(12)	$	(7,363)	$	(1,004)	$	(8,379)
Quarter Ended March 28, 2020:
Unrealized gains (losses) arising during the period	—		212		(43)		(364)		(195)
Reclassifications of realized net (gains) losses to net income	—		(42)		138		—		96
Balance at March 28, 2020	$	—	$	158	$	(7,268)	$	(1,368)	$	(8,478)

Second quarter of fiscal 2019
Balance at December 29, 2018	$	—	$	166	$	(4,254)	$	(743)	$	(4,831)
Quarter Ended March 30, 2019:
Unrealized gains (losses) arising during the period	(5)		(82)		19		15		(53)
Reclassifications of realized net (gains) losses to net income	—		(22)		72		—		50

Balance at March 30, 2019	$	(5)	$	62	$	(4,163)	$	(728)	$	(4,834)

Six months ended fiscal 2020
Balance at September 28, 2019	$	—	$	129	$	(7,502)	$	(1,086)	$	(8,459)
Six Months Ended March 28, 2020:
Unrealized gains (losses) arising during the period	—		131		(43)		(282)		(194)
Reclassifications of realized net (gains) losses to net income	—		(102)		277		—		175

Balance at March 28, 2020	$	—	$	158	$	(7,268)	$	(1,368)	$	(8,478)

Six months ended fiscal 2019
Balance at September 29, 2018	$	24	$	177	$	(4,323)	$	(727)	$	(4,849)
Six Months Ended March 30, 2019:
Unrealized gains (losses) arising during the period	(5)		(55)		19		(1)		(42)
Reclassifications of realized net (gains) losses to net income	—		(61)		141		—		80
Reclassifications to retained earnings	(24)		1		—		—		(23)
Balance at March 30, 2019	$	(5)	$	62	$	(4,163)	$	(728)	$	(4,834)


					Unrecognized Pension and Postretirement Medical Expense		Foreign Currency Translation and Other		AOCI
	Market Value Adjustments
Tax on AOCI	Investments		Cash Flow Hedges
Second quarter of fiscal 2020
Balance at December 28, 2019	$	—	$	5	$	1,724	$	117	$	1,846
Quarter Ended March 28, 2020:
Unrealized gains (losses) arising during the period	—		(51)		10		58		17
Reclassifications of realized net (gains) losses to net income	—		10		(32)		—		(22)
Balance at March 28, 2020	$	—	$	(36)	$	1,702	$	175	$	1,841

Second quarter of fiscal 2019
Balance at December 29, 2018	$	—	$	(38)	$	1,007	$	80	$	1,049
Quarter Ended March 30, 2019:
Unrealized gains (losses) arising during the period	1		19		(6)		(3)		11
Reclassifications of realized net (gains) losses to net income	—		5		(17)		—		(12)

Balance at March 30, 2019	$	1	$	(14)	$	984	$	77	$	1,048

Six months ended fiscal 2020
Balance at September 28, 2019	$	—	$	(29)	$	1,756	$	115	$	1,842
Six Months Ended March 28, 2020:
Unrealized gains (losses) arising during the period	—		(31)		10		60		39
Reclassifications of realized net (gains) losses to net income	—		24		(64)		—		(40)

Balance at March 28, 2020	$	—	$	(36)	$	1,702	$	175	$	1,841

Six months ended fiscal 2019
Balance at September 29, 2018	$	(9)	$	(32)	$	1,690	$	103	$	1,752
Six Months Ended March 30, 2019:
Unrealized gains (losses) arising during the period	1		13		(6)		(10)		(2)
Reclassifications of realized net (gains) losses to net income	—		14		(33)		—		(19)
Reclassifications to retained earnings⁽¹⁾	9		(9)		(667)		(16)		(683)
Balance at March 30, 2019	$	1	$	(14)	$	984	$	77	$	1,048


					Unrecognized Pension and Postretirement Medical Expense		Foreign Currency Translation and Other		AOCI
	Market Value Adjustments
AOCI, after tax	Investments		Cash Flow Hedges
Second quarter of fiscal 2020
Balance at December 28, 2019	$	—	$	(7)	$	(5,639)	$	(887)	$	(6,533)
Quarter Ended March 28, 2020:
Unrealized gains (losses) arising during the period	—		161		(33)		(306)		(178)
Reclassifications of realized net (gains) losses to net income	—		(32)		106		—		74
Balance at March 28, 2020	$	—	$	122	$	(5,566)	$	(1,193)	$	(6,637)

Second quarter of fiscal 2019
Balance at December 29, 2018	$	—	$	128	$	(3,247)	$	(663)	$	(3,782)
Quarter Ended March 30, 2019:
Unrealized gains (losses) arising during the period	(4)		(63)		13		12		(42)
Reclassifications of realized net (gains) losses to net income	—		(17)		55		—		38

Balance at March 30, 2019	$	(4)	$	48	$	(3,179)	$	(651)	$	(3,786)

Six months ended fiscal 2020
Balance at September 28, 2019	$	—	$	100	$	(5,746)	$	(971)	$	(6,617)
Six Months Ended March 28, 2020:
Unrealized gains (losses) arising during the period	—		100		(33)		(222)		(155)
Reclassifications of realized net (gains) losses to net income	—		(78)		213		—		135

Balance at March 28, 2020	$	—	$	122	$	(5,566)	$	(1,193)	$	(6,637)

Six months ended fiscal 2019
Balance at September 29, 2018	$	15	$	145	$	(2,633)	$	(624)	$	(3,097)
Six Months Ended March 30, 2019:
Unrealized gains (losses) arising during the period	(4)		(42)		13		(11)		(44)
Reclassifications of realized net (gains) losses to net income	—		(47)		108		—		61
Reclassifications to retained earnings⁽¹⁾	(15)		(8)		(667)		(16)		(706)
Balance at March 30, 2019	$	(4)	$	48	$	(3,179)	$	(651)	$	(3,786)

⁽¹⁾At the beginning of fiscal 2019, the Company adopted new FASB accounting guidance, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, and reclassified $691 million from AOCI to retained earnings.

In addition, at the beginning of fiscal 2019, the Company adopted new FASB accounting guidance, Recognition and Measurement of Financial Assets and Liabilities, and reclassified $24 million ($15 million after tax) of market value adjustments on investments previously recorded in AOCI to retained earnings.

Details about AOCI Components Reclassified to Net Income

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 Income:	Quarter Ended						Six Months Ended
				March 28, 2020		March 30, 2019		March 28, 2020		March 30, 2019
Cash flow hedges	Primarily revenue	$	42	$	22	$	102	$	61
Estimated tax	Income taxes	(10)		(5)		(24)		(14)
		32		17		78		47


Pension and postretirement medical expense	Interest expense, net	(138)		(72)		(277)		(141)
Estimated tax	Income taxes	32		17		64		33
		(106)		(55)		(213)		(108)





Total reclassifications for the period		$	(74)	$	(38)	$	(135)	$	(61)