Equity

9 Months Ended

Jun. 27, 2020

Equity

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

The Board of Directors elected not to declare a dividend payable in July 2020 with respect to the first half of fiscal year 2020.

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⁽¹⁾		Unrecognized Pension and Postretirement Medical Expense		Foreign Currency Translation and Other		AOCI

AOCI, before tax
Third quarter of fiscal 2020
Balance at March 28, 2020	$	158	$	(7,268)	$	(1,368)	$	(8,478)
Quarter Ended June 27, 2020:
Unrealized gains (losses) arising during the period	(87)		(6)		23		(70)
Reclassifications of realized net (gains) losses to net income	(78)		132		—		54
Balance at June 27, 2020	$	(7)	$	(7,142)	$	(1,345)	$	(8,494)

Third quarter of fiscal 2019
Balance at March 30, 2019	$	57	$	(4,163)	$	(728)	$	(4,834)
Quarter Ended June 29, 2019:
Unrealized gains (losses) arising during the period	40		(37)		48		51
Reclassifications of realized net (gains) losses to net income	(55)		69		—		14

Balance at June 29, 2019	$	42	$	(4,131)	$	(680)	$	(4,769)

Nine months ended fiscal 2020
Balance at September 28, 2019	$	129	$	(7,502)	$	(1,086)	$	(8,459)
Nine Months Ended June 27, 2020:
Unrealized gains (losses) arising during the period	44		(49)		(259)		(264)
Reclassifications of realized net (gains) losses to net income	(180)		409		—		229

Balance at June 27, 2020	$	(7)	$	(7,142)	$	(1,345)	$	(8,494)

Nine months ended fiscal 2019
Balance at September 29, 2018	$	201	$	(4,323)	$	(727)	$	(4,849)
Nine Months Ended June 29, 2019:
Unrealized gains (losses) arising during the period	(20)		(18)		47		9
Reclassifications of realized net (gains) losses to net income	(116)		210		—		94
Reclassifications to retained earnings	(23)		—		—		(23)
Balance at June 29, 2019	$	42	$	(4,131)	$	(680)	$	(4,769)


	Market Value Adjustments⁽¹⁾		Unrecognized Pension and Postretirement Medical Expense		Foreign Currency Translation and Other		AOCI

Tax on AOCI
Third quarter of fiscal 2020
Balance at March 28, 2020	$	(36)	$	1,702	$	175	$	1,841
Quarter Ended June 27, 2020:
Unrealized gains (losses) arising during the period	19		2		28		49
Reclassifications of realized net (gains) losses to net income	18		(31)		—		(13)
Balance at June 27, 2020	$	1	$	1,673	$	203	$	1,877

Third quarter of fiscal 2019
Balance at March 30, 2019	$	(13)	$	984	$	77	$	1,048
Quarter Ended June 29, 2019:
Unrealized gains (losses) arising during the period	(10)		8		5		3
Reclassifications of realized net (gains) losses to net income	13		(16)		—		(3)

Balance at June 29, 2019	$	(10)	$	976	$	82	$	1,048

Nine months ended fiscal 2020
Balance at September 28, 2019	$	(29)	$	1,756	$	115	$	1,842
Nine Months Ended June 27, 2020:
Unrealized gains (losses) arising during the period	(12)		12		88		88
Reclassifications of realized net (gains) losses to net income	42		(95)		—		(53)

Balance at June 27, 2020	$	1	$	1,673	$	203	$	1,877

Nine months ended fiscal 2019
Balance at September 29, 2018	$	(41)	$	1,690	$	103	$	1,752
Nine Months Ended June 29, 2019:
Unrealized gains (losses) arising during the period	4		2		(5)		1
Reclassifications of realized net (gains) losses to net income	27		(49)		—		(22)
Reclassifications to retained earnings⁽²⁾	—		(667)		(16)		(683)
Balance at June 29, 2019	$	(10)	$	976	$	82	$	1,048


	Market Value Adjustments⁽¹⁾		Unrecognized Pension and Postretirement Medical Expense		Foreign Currency Translation and Other		AOCI

AOCI, after tax
Third quarter of fiscal 2020
Balance at March 28, 2020	$	122	$	(5,566)	$	(1,193)	$	(6,637)
Quarter Ended June 27, 2020:
Unrealized gains (losses) arising during the period	(68)		(4)		51		(21)
Reclassifications of realized net (gains) losses to net income	(60)		101		—		41
Balance at June 27, 2020	$	(6)	$	(5,469)	$	(1,142)	$	(6,617)

Third quarter of fiscal 2019
Balance at March 30, 2019	$	44	$	(3,179)	$	(651)	$	(3,786)
Quarter Ended June 29, 2019:
Unrealized gains (losses) arising during the period	30		(29)		53		54
Reclassifications of realized net (gains) losses to net income	(42)		53		—		11

Balance at June 29, 2019	$	32	$	(3,155)	$	(598)	$	(3,721)

Nine months ended fiscal 2020
Balance at September 28, 2019	$	100	$	(5,746)	$	(971)	$	(6,617)
Nine Months Ended June 27, 2020:
Unrealized gains (losses) arising during the period	32		(37)		(171)		(176)
Reclassifications of realized net (gains) losses to net income	(138)		314		—		176

Balance at June 27, 2020	$	(6)	$	(5,469)	$	(1,142)	$	(6,617)

Nine months ended fiscal 2019
Balance at September 29, 2018	$	160	$	(2,633)	$	(624)	$	(3,097)
Nine Months Ended June 29, 2019:
Unrealized gains (losses) arising during the period	(16)		(16)		42		10
Reclassifications of realized net (gains) losses to net income	(89)		161		—		72
Reclassifications to retained earnings⁽²⁾	(23)		(667)		(16)		(706)
Balance at June 29, 2019	$	32	$	(3,155)	$	(598)	$	(3,721)

⁽¹⁾Primarily reflects market value adjustments for cash flow hedges.

⁽²⁾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 are as follows:


Gain (loss) in net income:	Affected line item in the Condensed Consolidated Statements of Income:	Quarter Ended						Nine Months Ended
				June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Market value adjustments, primarily cash flow hedges	Primarily revenue	$	78	$	55	$	180	$	116
Estimated tax	Income taxes	(18)		(13)		(42)		(27)
		60		42		138		89


Pension and postretirement medical expense	Interest expense, net	(132)		(69)		(409)		(210)
Estimated tax	Income taxes	31		16		95		49
		(101)		(53)		(314)		(161)





Total reclassifications for the period		$	(41)	$	(11)	$	(176)	$	(72)