EARNINGS PER SHARE

12 Months Ended

Jun. 29, 2024

Earnings Per Share, Basic [Abstract]

The following table sets forth the computation of basic and diluted earnings per share:


	2024		2023		2022
	(In millions, except for share and per share data)
Numerator:
Net earnings	$	1,955	$	1,770	$	1,359
Denominator:
Weighted-average basic shares outstanding	501,238,422		507,362,913		510,630,645
Dilutive effect of share-based awards	1,857,664		2,356,843		3,375,182
Weighted-average diluted shares outstanding	503,096,086		509,719,756		514,005,827
Basic earnings per share	$	3.90	$	3.49	$	2.66
Diluted earnings per share	$	3.89	$	3.47	$	2.64

The number of securities that were not included in the diluted earnings per share calculation because the effect would have been anti-dilutive was approximately 4,611,724, 2,373,000 and 1,538,000 for fiscal 2024, 2023 and 2022, respectively.

Dividends declared were $1.0 billion, $999 million and $971 million in fiscal 2024, 2023 and 2022, respectively. Included in dividends declared for each year were dividends declared but not yet paid at year-end of approximately $251 million, $253 million and $249 million in fiscal 2024, 2023 and 2022, respectively.

Accelerated Share Repurchase Program

In January 2024, we entered into a Master Confirmation and Supplemental Confirmation (collectively, the ASR Agreement) with Goldman, Sachs & Co. (Goldman) relating to an accelerated share repurchase program (the ASR Program). Pursuant to the terms of the ASR Agreement, we agreed to repurchase $500 million of our common stock from Goldman under the share repurchase program authorized by our Board of Directors in May 2021.

In connection with the ASR Program, we paid $500 million to Goldman and received an initial tranche of 6,026,110 shares of Sysco’s outstanding common stock. At settlement, 323,109 incremental shares were provided to Sysco. The incremental number of shares due upon settlement was determined based on the volume-weighted average share price of Sysco’s common stock during the term of the ASR Agreement less an agreed discount. The shares received were recognized in treasury stock and reduced the number of weighted average shares outstanding in fiscal 2024. In total, 6,349,219 shares were repurchased at an average price of $78.75.