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Equity
6 Months Ended
Mar. 30, 2024
Equity [Abstract]  
Equity Equity
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 (estimated at $0.8 billion) with respect to the first half of fiscal 2024, which will be paid on July 25, 2024 to shareholders of record as of July 8, 2024.
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 six months ended March 30, 2024, the Company repurchased 9 million shares of its common stock for $1.0 billion (amount excludes the one percent excise tax on stock repurchases imposed by the Inflation Reduction Act of 2022). As of March 30, 2024, the Company had remaining authorization in place to repurchase approximately 391 million additional shares. The repurchase program does not have an expiration date.
The following tables summarize the changes in each component of accumulated other comprehensive income (loss) (AOCI) including our proportional share of equity method investee amounts:
 Market Value
Adjustments
for Hedges
Unrecognized
Pension and 
Postretirement
Medical 
Expense
Foreign
Currency
Translation
and Other
AOCI
AOCI, before tax
Second quarter of fiscal 2024
Balance at December 30, 2023$(158)$(2,199)$(1,837)$(4,194)
Quarter Ended March 30, 2024:
Unrealized gains (losses) arising during the period244 (6)(107)131 
Reclassifications of realized net (gains) losses to net income(92)(24)— (116)
Balance at March 30, 2024$(6)$(2,229)$(1,944)$(4,179)
Second quarter of fiscal 2023
Balance at December 31, 2022$111 $(3,769)$(1,826)$(5,484)
Quarter Ended April 1, 2023:
Unrealized gains (losses) arising during the period   71    125    203    
Reclassifications of realized net (gains) losses to net income(116)— (115)
Balance at April 1, 2023$$(3,697)$(1,701)$(5,396)
Six months ended fiscal 2024
Balance at September 30, 2023$259 $(2,172)$(1,974)$(3,887)
Six Months Ended March 30, 2024:
Unrealized gains (losses) arising during the period(33)(9)30 (12)
Reclassifications of realized net (gains) losses to net income(232)(48)— (280)
Balance at March 30, 2024$(6)$(2,229)$(1,944)$(4,179)
Six months ended fiscal 2023
Balance at October 1, 2022$804 $(3,770)$(2,014)$(4,980)
Six Months Ended April 1, 2023:
Unrealized gains (losses) arising during the period(468)71 271 (126)
Reclassifications of realized net (gains) losses to net income(334)42 (290)
Balance at April 1, 2023$$(3,697)$(1,701)$(5,396)
 Market Value
Adjustments
for Hedges
Unrecognized
Pension and 
Postretirement
Medical 
Expense
Foreign
Currency
Translation
and Other
AOCI
Tax on AOCI
Second quarter of fiscal 2024
Balance at December 30, 2023$34 $523 $135 $692 
Quarter Ended March 30, 2024:
Unrealized gains (losses) arising during the period(58)— (49)
Reclassifications of realized net (gains) losses to net income21 — 27 
Balance at March 30, 2024$(3)$529 $144 $670 
Second quarter of fiscal 2023
Balance at December 31, 2022$(28)$901 $133 $1,006 
Quarter Ended April 1, 2023:
Unrealized gains (losses) arising during the period—    (16)   (10)   (26)   
Reclassifications of realized net (gains) losses to net income27 — — 27 
Balance at April 1, 2023$(1)$885 $123 $1,007 
Six months ended fiscal 2024
Balance at September 30, 2023$(64)$517 $142 $595 
Six Months Ended March 30, 2024:
Unrealized gains (losses) arising during the period— 10 
Reclassifications of realized net (gains) losses to net income53 12 — 65 
Balance at March 30, 2024$(3)$529 $144 $670 
Six months ended fiscal 2023
Balance at October 1, 2022$(179)$901 $139 $861 
Six Months Ended April 1, 2023:
Unrealized gains (losses) arising during the period100 (16)(2)82 
Reclassifications of realized net (gains) losses to net income78 — (14)64 
Balance at April 1, 2023$(1)$885 $123 $1,007 
 Market Value
Adjustments
for Hedges
Unrecognized
Pension and 
Postretirement
Medical 
Expense
Foreign
Currency
Translation
and Other
AOCI
AOCI, after tax
Second quarter of fiscal 2024
Balance at December 30, 2023$(124)$(1,676)$(1,702)$(3,502)
Quarter Ended March 30, 2024:
Unrealized gains (losses) arising during the period186 (6)(98)82 
Reclassifications of realized net (gains) losses to net income(71)(18)— (89)
Balance at March 30, 2024$(9)$(1,700)$(1,800)$(3,509)
Second quarter of fiscal 2023
Balance at December 31, 2022$83 $(2,868)$(1,693)$(4,478)
Quarter Ended April 1, 2023:
Unrealized gains (losses) arising during the period55 115 177 
Reclassifications of realized net (gains) losses to net income(89)— (88)
Balance at April 1, 2023$$(2,812)$(1,578)$(4,389)
Six months ended fiscal 2024
Balance at September 30, 2023$195 $(1,655)$(1,832)$(3,292)
Six Months Ended March 30, 2024:
Unrealized gains (losses) arising during the period(25)(9)32 (2)
Reclassifications of realized net (gains) losses to net income(179)   (36)   —    (215)   
Balance at March 30, 2024$(9)$(1,700)$(1,800)$(3,509)
Six months ended fiscal 2023
Balance at October 1, 2022$625 $(2,869)$(1,875)$(4,119)
Six Months Ended April 1, 2023:
Unrealized gains (losses) arising during the period(368)55 269 (44)
Reclassifications of realized net (gains) losses to net income(256)28 (226)
Balance at April 1, 2023$$(2,812)$(1,578)$(4,389)
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 EndedSix Months Ended
March 30,
2024
April 1,
2023
March 30,
2024
April 1,
2023
Market value adjustments, primarily cash flow hedgesPrimarily revenue$92 $116 $232 $334 
Estimated taxIncome taxes(21)(27)(53)(78)
71 89 179 256 
Pension and postretirement medical expenseInterest expense, net24 (1)48 (2)
Estimated taxIncome taxes(6)  —   (12)  —   
18 (1)36 (2)
Foreign currency translation and otherRestructuring and impairment charges —  (42)
Estimated taxIncome taxes —  14 
 —  (28)
Total reclassifications for the period$89 $88 $215 $226