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Equity
9 Months Ended
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 period235 (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$$(3,697)$(1,701)$(5,396)
Quarter Ended July 1, 2023:
Unrealized gains (losses) arising during the period85    —    (44)   41    
Reclassifications of realized net (gains) losses to net income(73)— (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 period202 (11)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)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 income26 — 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)   —       (10)   
Reclassifications of realized net (gains) losses to net income17 — — 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)— (45)
Reclassifications of realized net (gains) losses to net income79 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 period81 (16)72 
Reclassifications of realized net (gains) losses to net income95 — (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 period181 (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$$(2,812)$(1,578)$(4,389)
Quarter Ended July 1, 2023:
Unrealized gains (losses) arising during the period66 — (35)31 
Reclassifications of realized net (gains) losses to net income(56)— (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 period156 (11)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)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 EndedNine Months Ended
June 29,
2024
July 1,
2023
June 29,
2024
July 1,
2023
Market value adjustments, primarily cash flow hedgesPrimarily revenue$109 $73 $341 $407 
Estimated taxIncome taxes(26)(17)(79)(95)
83 56 262 312 
Pension and postretirement medical expenseInterest expense, net24 (1)72 (3)
Estimated taxIncome taxes(6)  —   (18)  —   
18 (1)54 (3)
Foreign currency translation and otherRestructuring and impairment charges —  (42)
Estimated taxIncome taxes —  14 
 —  (28)
Total reclassifications for the period$101 $55 $316 $281