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Equity | 12 Months Ended
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Sep. 28, 2024
Equity [Abstract] |
Equity | EQUITY Capital Stock We have two classes of capital stock, Class A Common stock, $0.10 par value (“Class A stock”) and Class B Common Stock, $0.10 par value (“Class B stock”). Holders of Class B stock may convert such stock into Class A stock on a share-for-share basis. Holders of Class B stock are entitled to 10 votes per share, while holders of Class A stock are entitled to one vote per share on matters submitted to shareholders for approval. As of September 28, 2024, TLP owned 99.987% of the outstanding shares of Class B stock and the TLP and members of the Tyson family owned, in the aggregate, 2.43% of the outstanding shares of Class A stock, giving them, collectively, control of approximately 71.70% of the total voting power of the outstanding voting stock. The Class B stock is considered a participating security requiring the use of the two-class method for the computation of basic earnings per share. The two-class computation method for each period reflects the cash dividends paid for each class of stock, plus the amount of allocated undistributed earnings (losses) computed using the participation percentage, which reflects the dividend rights of each class of stock. Basic earnings per share were computed using the two-class method for all periods presented. The shares of Class B stock are considered to be participating convertible securities since the shares of Class B stock are convertible on a share-for-share basis into shares of Class A stock. Diluted earnings per share, if dilutive, were computed assuming the conversion of the Class B shares into Class A shares as of the beginning of each period. Dividends Cash dividends cannot be paid to holders of Class B stock unless they are simultaneously paid to holders of Class A stock. The per share amount of the cash dividend paid to holders of Class B stock cannot exceed 90% of the cash dividend simultaneously paid to holders of Class A stock. We pay quarterly cash dividends to Class A and Class B shareholders. We paid Class A dividends per share of $1.96, $1.92, and $1.84 in fiscal 2024, 2023, and 2022, respectively. We paid Class B dividends per share of $1.76, $1.73, and $1.66 in fiscal 2024, 2023, and 2022, respectively. Effective November 8, 2024, the Board of Directors increased the quarterly dividend previously declared on August 8, 2024, to $0.50 per share on our Class A stock and $0.45 per share on our Class B stock. The increased quarterly dividend is payable on December 13, 2024, to shareholders of record at the close of business on November 29, 2024. We had dividends payable of $171 million and $167 million at September 28, 2024 and September 30, 2023, respectively. Share Repurchases As of September 28, 2024, 7.3 million shares remained available for repurchase under the Company’s share repurchase program. The program has no fixed or scheduled termination date, and the timing and extent to which we repurchase shares will depend upon, among other things, our working capital needs, markets, industry conditions, liquidity targets, limitations under our debt obligations and regulatory requirements. In addition to the share repurchase program, we purchase shares on the open market to fund certain obligations under our equity compensation plans. A summary of cumulative share repurchases of our Class A stock for fiscal years 2024, 2023 and 2022 is as follows (in millions):
|  | September 28, 2024 |  | September 30, 2023 |  | October 1, 2022
|  | Shares |  | Dollars |  | Shares |  | Dollars |  | Shares |  | Dollars
Shares repurchased: |  |  |  |  |  |  |  |  |  |  |  |
Under share repurchase program |  | — |  |  | $ | — |  |  | 4.7 |  |  | $ | 300 |  |  | 6.9 |  |  | $ | 587 |
To fund certain obligations under equity compensation plans |  | 0.9 |  |  | 49 |  |  | 0.9 |  |  | 54 |  |  | 1.3 |  |  | 115 |
Total share repurchases |  | 0.9 |  |  | $ | 49 |  |  | 5.6 |  |  | $ | 354 |  |  | 8.2 |  |  | $ | 702 |

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