| Equity |
Equity The Company declared the following dividends in fiscal 2026, 2025 and 2024: | | | | | | | | | | | | | | | | Per Share | | Amount | | Payment Date | | $0.75 | | $1.3 billion(1) | | July 22, 2026 | | $0.75 | | $1.3 billion(1) | | January 15, 2026 | | $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 |
(1)Amount represents our estimate of the dividends that will be paid on January 15, 2026 and July 22, 2026. The actual amount will be determined based on shareholders of record at the record date. The Company did not declare or pay a dividend in fiscal 2023. 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 year ended September 27, 2025, the Company repurchased 32 million shares of its common stock for $3.5 billion. During the year ended September 28, 2024, the Company repurchased 28 million shares of its common stock for $3.0 billion. The amount of repurchases in both fiscal 2025 and fiscal 2024 exclude the one percent excise tax on stock repurchases imposed by the Inflation Reduction Act of 2022. As of September 27, 2025, the Company had remaining authorization in place to repurchase approximately 339 million additional shares. The repurchase program does not have an expiration date. The following table summarizes 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 | | | | | | | | | Balance at October 1, 2022 | $ | 804 | | | $ | (3,770) | | | $ | (2,014) | | | $ | (4,980) | | Unrealized gains (losses) arising during the period | (101) | | | 1,594 | | | (2) | | | 1,491 | | | Reclassifications of net (gains) losses to net income | (444) | | | 4 | | | 42 | | | (398) | | | | | | | | | | | Balance at September 30, 2023 | $ | 259 | | | $ | (2,172) | | | $ | (1,974) | | | $ | (3,887) | | | Unrealized gains (losses) arising during the period | (112) | | | 25 | | | 119 | | | 32 | | | Reclassifications of net (gains) losses to net income | (466) | | | (96) | | | — | | | (562) | | | Balance at September 28, 2024 | $ | (319) | | | $ | (2,243) | | | $ | (1,855) | | | $ | (4,417) | | Unrealized gains (losses) arising during the period | 20 | | | 210 | | | (134) | | | 96 | | Reclassifications of net (gains) losses to net income | (250) | | | 132 | | | — | | | (118) | | Star India Transaction | — | | | — | | | 904 | | | 904 | | | Balance at September 27, 2025 | $ | (549) | | | $ | (1,901) | | | $ | (1,085) | | | $ | (3,535) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | Market Value
Adjustments
for Hedges | | Unrecognized
Pension and
Postretirement
Medical
Expense | | Foreign
Currency
Translation
and Other | | AOCI | | | | | | Tax on AOCI | | | | | | | | | Balance at October 1, 2022 | $ | (179) | | | $ | 901 | | | $ | 139 | | | $ | 861 | | Unrealized gains (losses) arising during the period | 12 | | | (384) | | | 17 | | | (355) | | | Reclassifications of net (gains) losses to net income | 103 | | | — | | | (14) | | | 89 | | | | | | | | | | | Balance at September 30, 2023 | $ | (64) | | | $ | 517 | | | $ | 142 | | | $ | 595 | | Unrealized gains (losses) arising during the period | 27 | | | (10) | | | (26) | | | (9) | | Reclassifications of net (gains) losses to net income | 108 | | | 24 | | | — | | | 132 | | | Balance at September 28, 2024 | $ | 71 | | | $ | 531 | | | $ | 116 | | | $ | 718 | | Unrealized gains (losses) arising during the period | (9) | | | (53) | | | (3) | | | (65) | | Reclassifications of net (gains) losses to net income | 58 | | | (32) | | | — | | | 26 | | Star India Transaction | — | | | — | | | (58) | | | (58) | | | Balance at September 27, 2025 | $ | 120 | | | $ | 446 | | | $ | 55 | | | $ | 621 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | Market Value
Adjustments
for Hedges | | Unrecognized
Pension and
Postretirement
Medical
Expense | | Foreign
Currency
Translation
and Other | | AOCI | | | | | | AOCI, after tax | | | | | | | | | Balance at October 1, 2022 | $ | 625 | | | $ | (2,869) | | | $ | (1,875) | | | $ | (4,119) | | Unrealized gains (losses) arising during the period | (89) | | | 1,210 | | | 15 | | | 1,136 | | | Reclassifications of net (gains) losses to net income | (341) | | | 4 | | | 28 | | | (309) | | | | | | | | | | | Balance at September 30, 2023 | $ | 195 | | | $ | (1,655) | | | $ | (1,832) | | | $ | (3,292) | | Unrealized gains (losses) arising during the period | (85) | | | 15 | | | 93 | | | 23 | | Reclassifications of net (gains) losses to net income | (358) | | | (72) | | | — | | | (430) | | | Balance at September 28, 2024 | $ | (248) | | | $ | (1,712) | | | $ | (1,739) | | | $ | (3,699) | | Unrealized gains (losses) arising during the period | 11 | | | 157 | | | (137) | | | 31 | | Reclassifications of net (gains) losses to net income | (192) | | | 100 | | | — | | | (92) | | Star India Transaction | — | | | — | | | 846 | | | 846 | | | Balance at September 27, 2025 | $ | (429) | | | $ | (1,455) | | | $ | (1,030) | | | $ | (2,914) | |
Details about AOCI components reclassified to net income are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | Gains (losses) in net income: | | Affected line item in the Consolidated Statements of Operations: | | 2025 | | 2024 | | 2023 | Market value adjustments, primarily cash flow hedges | | Primarily revenue | | $ | 250 | | | $ | 466 | | | $ | 444 | | | Estimated tax | | Income taxes | | (58) | | | (108) | | | (103) | | | | | | 192 | | | 358 | | | 341 | | | | | | | | | | | | | | | | | | | | Pension and postretirement medical expense | | Interest expense, net | | (132) | | | 96 | | | (4) | | | Estimated tax | | Income taxes | | 32 | | | (24) | | | — | | | | | | (100) | | | 72 | | | (4) | | | | | | | | | | | Foreign currency translation and other | | Other income (expense), net | | — | | | — | | | (42) | | Estimated tax | | Income taxes | | — | | | — | | | 14 | | | | | | — | | | — | | | (28) | | | | | | | | | | | Total reclassifications for the period | | | | $ | 92 | | | $ | 430 | | | $ | 309 | |
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