Equity

6 Months Ended

Mar. 29, 2024

Equity

Equity

14. Equity

Common Shares

In March 2024, our shareholders reapproved and extended through March 13, 2025, our board of directors’ authorization to issue additional new shares to a maximum of 120% and/or reduce shares to a minimum of 80% of the existing share capital, subject to certain conditions specified in our articles of association.

Common Shares Held in Treasury

In March 2024, our shareholders approved the cancellation of approximately six million shares purchased under our share repurchase program during the period beginning October 1, 2022 and ending September 29, 2023. The capital reduction by cancellation of these shares, which was subject to a notice period, filing with the commercial register in Switzerland, and other requirements, became effective in March 2024.

Dividends

We paid cash dividends to shareholders as follows:

	For the				For the
	Quarters Ended				Six Months Ended
	March 29,		March 31,		March 29,		March 31,
	2024		2023		2024		2023
Dividends paid per common share	$	0.59	$	0.56	$	1.18	$	1.12

In March 2024, our shareholders approved a dividend payment to shareholders of $2.60 per share, payable in four equal quarterly installments of $0.65 per share beginning in the third quarter of fiscal 2024 and ending in the second quarter of fiscal 2025.

Upon shareholders’ approval of a dividend payment, we record a liability with a corresponding charge to equity. At March 29, 2024 and September 29, 2023, the unpaid portion of the dividends recorded in accrued and other current liabilities on the Condensed Consolidated Balance Sheets totaled $798 million and $368 million, respectively.

Share Repurchase Program

During the six months ended March 29, 2024, our board of directors authorized an increase of $1.5 billion in our share repurchase program. Common shares repurchased under the share repurchase program were as follows:

	For the
	Six Months Ended
	March 29,		March 31,
	2024		2023
	(in millions)
Number of common shares repurchased		6		4
Repurchase value	$	826	$	432

At March 29, 2024, we had $1.4 billion of availability remaining under our share repurchase authorization.