| Equity |
Equity The Company declared the following dividends in fiscal 2025 and 2024: | | | | | | | | | | | | | | | | | Per Share | | Amount | | Payment Date | | | | $0.50 | | $0.9 billion | | July 23, 2025 | | | | $0.50 | | $0.9 billion | | January 16, 2025 | | | | $0.45 | | $0.8 billion | | July 25, 2024 | | | | $0.30 | | $0.5 billion | | January 10, 2024 | | |
Share Repurchase Program Effective February 7, 2024, the Board of Directors authorized the Company to repurchase a total of 400 million shares of its common stock. During the quarter and nine months ended June 28, 2025, the Company repurchased 7.2 million and 23.7 million shares of its common stock for $0.7 billion and $2.5 billion, respectively (amount excludes the one percent excise tax on stock repurchases imposed by the Inflation Reduction Act of 2022). During the quarter and nine months ended June 29, 2024, the Company repurchased 14.3 million and 23.2 million shares of its common stock for $1.5 billion and $2.5 billion, respectively. As of June 28, 2025, the Company had remaining authorization in place to repurchase approximately 348 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 2025 | | | | | | | | | Balance at March 29, 2025 | $ | (178) | | | $ | (2,184) | | | $ | (1,147) | | | $ | (3,509) | | | Quarter Ended June 28, 2025: | | | | | | | | | Unrealized gains (losses) arising during the period | (433) | | | — | | | 235 | | | (198) | | | Reclassifications of realized net (gains) losses to net income | (74) | | | 33 | | | — | | | (41) | | | Balance at June 28, 2025 | $ | (685) | | | $ | (2,151) | | | $ | (912) | | | $ | (3,748) | | | | | | | | | | 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) | | | | | | | | | | Nine months ended fiscal 2025 | | | | | | | | | Balance at September 28, 2024 | $ | (319) | | | $ | (2,243) | | | $ | (1,855) | | | $ | (4,417) | | | Nine Months Ended June 28, 2025: | | | | | | | | | Unrealized gains (losses) arising during the period | (87) | | | (7) | | | 39 | | | (55) | | | Reclassifications of realized net (gains) losses to net income | (279) | | | 99 | | | — | | | (180) | | | Star India Transaction | — | | | — | | | 904 | | | 904 | | | Balance at June 28, 2025 | $ | (685) | | | $ | (2,151) | | | $ | (912) | | | $ | (3,748) | | | | | | | | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | Market Value
Adjustments
for Hedges | | Unrecognized
Pension and
Postretirement
Medical
Expense | | Foreign
Currency
Translation
and Other | | AOCI | | | | Tax on AOCI | | | Third quarter of fiscal 2025 | | | | | | | | | Balance at March 29, 2025 | $ | 39 | | | $ | 515 | | | $ | 78 | | | $ | 632 | | | Quarter Ended June 28, 2025: | | | | | | | | | Unrealized gains (losses) arising during the period | 99 | | | — | | | (41) | | | 58 | | | Reclassifications of realized net (gains) losses to net income | 17 | | | (8) | | | — | | | 9 | | | Balance at June 28, 2025 | $ | 155 | | | $ | 507 | | | $ | 37 | | | $ | 699 | | | | | | | | | | | 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 | | | | | | | | | | | Nine months ended fiscal 2025 | | | | | | | | | Balance at September 28, 2024 | $ | 71 | | | $ | 531 | | | $ | 116 | | | $ | 718 | | | Nine Months Ended June 28, 2025: | | | | | | | | | Unrealized gains (losses) arising during the period | 19 | | | — | | | (21) | | | (2) | | | Reclassifications of realized net (gains) losses to net income | 65 | | | (24) | | | — | | | 41 | | | Star India Transaction | — | | | — | | | (58) | | | (58) | | | Balance at June 28, 2025 | $ | 155 | | | $ | 507 | | | $ | 37 | | | $ | 699 | | | | | | | | | | | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | Market Value
Adjustments
for Hedges | | Unrecognized
Pension and
Postretirement
Medical
Expense | | Foreign
Currency
Translation
and Other | | AOCI | | | | AOCI, after tax | | | Third quarter of fiscal 2025 | | | | | | | | | Balance at March 29, 2025 | $ | (139) | | | $ | (1,669) | | | $ | (1,069) | | | $ | (2,877) | | | Quarter Ended June 28, 2025: | | | | | | | | | Unrealized gains (losses) arising during the period | (334) | | | — | | | 194 | | | (140) | | | Reclassifications of realized net (gains) losses to net income | (57) | | | 25 | | | — | | | (32) | | | Balance at June 28, 2025 | $ | (530) | | | $ | (1,644) | | | $ | (875) | | | $ | (3,049) | | | | | | | | | | | 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) | | | | | | | | | | | Nine months ended fiscal 2025 | | | | | | | | | Balance at September 28, 2024 | $ | (248) | | | $ | (1,712) | | | $ | (1,739) | | | $ | (3,699) | | | Nine Months Ended June 28, 2025: | | | | | | | | | Unrealized gains (losses) arising during the period | (68) | | | (7) | | | 18 | | | (57) | | | Reclassifications of realized net (gains) losses to net income | (214) | | | 75 | | | — | | | (139) | | | Star India Transaction | — | | | — | | | 846 | | | 846 | | | Balance at June 28, 2025 | $ | (530) | | | $ | (1,644) | | | $ | (875) | | | $ | (3,049) | | | | | | | | | | | 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) | |
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 28,
2025 | | June 29,
2024 | | June 28,
2025 | | June 29,
2024 | | Market value adjustments, primarily cash flow hedges | | Primarily revenue | | $ | 74 | | | $ | 109 | | | $ | 279 | | | $ | 341 | | | Estimated tax | | Income taxes | | (17) | | | (26) | | | (65) | | | (79) | | | | | | 57 | | | 83 | | | 214 | | | 262 | | | | | | | | | | | | | | | | | | | | | | | | | Pension and postretirement medical expense | | Interest expense, net | | (33) | | | 24 | | | (99) | | | 72 | | | Estimated tax | | Income taxes | | 8 | | | (6) | | | 24 | | | (18) | | | | | | (25) | | | 18 | | | (75) | | | 54 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total reclassifications for the period | | | | $ | 32 | | | $ | 101 | | | $ | 139 | | | $ | 316 | |
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