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Earnings Per Share and Certain Related Information | 9 Months Ended
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Jun. 30, 2023
Earnings Per Share Reconciliation [Abstract] |
Earnings Per Share and Certain Related Information | Earnings Per Share and Certain Related Information Basic and diluted earnings per share (“EPS”) are computed using the two-class method, which is an earnings allocation method that determines EPS for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings. Net earnings used for the purpose of determining basic and diluted EPS is determined by taking net earnings less earnings available to participating securities. The following table reconciles the denominator used to compute basic EPS to the denominator used to compute diluted EPS for the three and nine months ended June 30, 2023 and July 1, 2022 (in thousands):
| Three Months Ended |  | Nine Months Ended
| June 30, 2023 |  | July 1, 2022 |  | June 30, 2023 |  | July 1, 2022
Numerator for Basic and Diluted EPS: |  |  |  |  |  |  |
Net earnings from continuing operations allocated to common stock for EPS calculation | $ | 163,945 |  |  | $ | 196,326 |  |  | $ | 516,886 |  |  | $ | 419,408 |
Net earnings (loss) from discontinued operations allocated to common stock for EPS calculation | $ | 294 |  |  | $ | (343) |  |  | $ | (489) |  |  | $ | (576) |
Net earnings allocated to common stock for EPS calculation | $ | 164,239 |  |  | $ | 195,983 |  |  | $ | 516,397 |  |  | $ | 418,832 |
Denominator for Basic and Diluted EPS: |  |  |  |  |  |  |
Shares used for calculating basic EPS attributable to common stock | 126,646 |  |  | 128,225 |  |  | 126,785 |  |  | 128,966 |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock compensation plans | 492 |  |  | 708 |  |  | 546 |  |  | 767 |
Shares used for calculating diluted EPS attributable to common stock | 127,138 |  |  | 128,933 |  |  | 127,331 |  |  | 129,733 |
Net Earnings Per Share: |  |  |  |  |  |  |
Basic Net Earnings from Continuing Operations Per Share | $ | 1.29 |  |  | $ | 1.53 |  |  | $ | 4.08 |  |  | $ | 3.25 |
Basic Net Loss from Discontinued Operations Per Share | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Basic Earnings Per Share | $ | 1.30 |  |  | $ | 1.53 |  |  | $ | 4.07 |  |  | $ | 3.25 |
Diluted Net Earnings from Continuing Operations Per Share | $ | 1.29 |  |  | $ | 1.52 |  |  | $ | 4.06 |  |  | $ | 3.23 |
Diluted Net Loss from Discontinued Operations Per Share | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Diluted Earnings Per Share | $ | 1.29 |  |  | $ | 1.52 |  |  | $ | 4.06 |  |  | $ | 3.23 |
Note: Per share amounts may not add due to rounding. Share Repurchases
On January 16, 2020, the Company's Board of Directors authorized a share repurchase program of up to $1.0 billion of the Company's common stock (the "2020 Repurchase Authorization"). In the fourth quarter of fiscal 2021, the Company initiated an accelerated share repurchase program under the 2020 Repurchase Authorization by advancing $250 million to a financial institution in a privately negotiated transaction, with final non-cash settlement on the program during the first quarter of fiscal 2022 of 342,054 shares.
The 2020 Repurchase Authorization expired on January 15, 2023. On January 25, 2023, the Company's Board of Directors authorized an incremental share repurchase program of up to $1.0 billion of the Company's common stock, to expire on January 25, 2026 (the "2023 Repurchase Authorization"). At June 30, 2023, the Company has $875.0 million remaining under the 2023 Repurchase Authorization. The following table summarizes repurchase activity under the 2020 Repurchase Authorization during fiscal year 2023 through expiration during the second fiscal quarter of 2023:
Amount Authorized (2020 Repurchase Authorization) |  | Average Price Per Share (1) |  | Total Shares Retired |  | Shares Repurchased
$1,000,000,000 |  | $113.56 |  | 1,237,688 |  | 1,237,688
(1)Includes commissions paid and calculated at the average price per share The following table summarizes repurchase activity under the 2023 Repurchase Authorization from January 25, 2023 through the third fiscal quarter of 2023:
Amount Authorized (2023 Repurchase Authorization) |  | Average Price Per Share (1) |  | Total Shares Retired |  | Shares Repurchased
$1,000,000,000 |  | $114.91 |  | 1,088,012 |  | 1,088,012
(1)Includes commissions paid and calculated at the average price per share
Our share repurchase program does not obligate the Company to purchase any shares. Share repurchases may be executed through various means including, without limitation, accelerated share repurchases, open market transactions, privately negotiated transactions, purchases pursuant to Rule 10b5-1 plans or otherwise. The authorization for the share repurchase programs may be terminated, increased or decreased by the Company’s Board of Directors in its discretion at any time. The timing, amount and manner of share repurchases may depend upon market conditions and economic circumstances, availability of investment opportunities, the availability and costs of financing, currency fluctuations, the market price of the Company's common stock, other uses of capital and other factors.
Dividends On July 6, 2023, the Company’s Board of Directors declared a quarterly dividend of $0.26 per share of the Company’s common stock to be paid on August 25, 2023, to shareholders of record on the close of business on July 28, 2023. Future dividend declarations are subject to review and approval by the Company’s Board of Directors. Dividends paid through the third fiscal quarter of 2023 and the preceding fiscal year are as follows:
Declaration Date |  | Record Date |  | Payment Date |  | Cash Amount (per share) |  |
April 27, 2023 |  | May 26, 2023 |  | June 23, 2023 |  | $0.26 |  |
January 25, 2023 |  | February 24, 2023 |  | March 24, 2023 |  | $0.26 |  |
September 15, 2022 |  | September 30, 2022 |  | October 28, 2022 |  | $0.23 |  |
July 13, 2022 |  | July 29, 2022 |  | August 26, 2022 |  | $0.23 |  |
April 28, 2022 |  | May 27, 2022 |  | June 24, 2022 |  | $0.23 |  |
January 26, 2022 |  | February 25, 2022 |  | March 25, 2022 |  | $0.23 |  |
September 23, 2021 |  | October 15, 2021 |  | October 29, 2021 |  | $0.21 |  |

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