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Effective November 7, 2025, the Board of Directors increased the quarterly dividend previously declared on August 7, 2025, to $0.51 per share on our Class A common stock and $0.459 per share on our Class B common stock.
−Removed: The increased quarterly dividend is payable on December 13, 2024, to shareholders of record at the close of business on November 29, 2024.
−Removed: The Board also declared a quarterly dividend of $0.50 per share on our Class A common stock and $0.45 per share on our Class B common stock, payable on March 14, 2025, to shareholders of record at the close of business on February 28, 2025.
+Added: The increased quarterly dividend is payable on December 15, 2025, to shareholders of record at the close of business on December 1, 2025.
+Added: The Board also declared on November 7, 2025 a quarterly dividend of $0.51 per share on our Class A common stock and $0.459 per share on our Class B common stock, payable on March 13, 2026, to shareholders of record at the close of business on February 27, 2026.
We anticipate the remaining quarterly dividends in fiscal 2026 will be $0.51 and $0.459 per share of our Class A and Class B stock, respectively.
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(1) On February 7, 2003, our Board of Directors approved a program to repurchase up to 25 million shares of Class A common stock from time to time in open market or privately negotiated transactions.
−Removed: On May 3, 2012, our Board of Directors approved an increase of 35 million shares, on January 30, 2014, our Board of Directors approved an increase of 25 million shares and on February 4, 2016, our Board of Directors approved an increase of 50 million shares under the program.
+Added: Additionally, our Board of Directors approved increases to the number of shares authorized to repurchase under the program of 43 million shares on August 7, 2025, 50 million shares on February 5, 2016, 25 million shares on January 30, 2014, and 35 million shares on May 3, 2012.
The program has no fixed or scheduled termination date.
(2) We purchased 45,781 shares during the period that were not made pursuant to our previously announced stock repurchase program but were purchased to fund certain Company obligations under our equity compensation plans.
−Removed: (3) Shares purchased during the period pursuant to our previously announced stock repurchase program.
+Added: (3) We purchased 3.1 million shares during the twelve months ended September 27, 2025 pursuant to our previously announced stock repurchase program.
PERFORMANCE GRAPH
−Removed: The following graph shows a five-year comparison of cumulative total returns for our Class A stock, the Standard & Poor’s (“S&P”) 500 Index, our fiscal 2023 peer group and the S&P 500 Consumer Staples Index described below.
+Added: The following graph shows a five-year comparison of cumulative total returns for our Class A stock, the Standard & Poor’s (“S&P”) 500 Index and the S&P 500 Consumer Staples Index described below.
Fiscal Years Ended
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S&P 500 Index 100.00 132.04 110.33 134.15 182.10 213.54
−Removed: Fiscal 2023 (Peer Group) 100.00 111.01 125.39 124.62 148.13 188.77
−Removed: Fiscal 2024 (S&P 500 Consumer Staples Index) 100.00 111.70 126.14 124.21 134.09 174.20
−Removed: The total cumulative return on investment (change in the year-end stock price plus reinvested dividends), which is based on the stock price or composite index at the end of fiscal 2019, is presented for each of the periods for the Company, the S&P 500 Index, our fiscal 2023 peer group and the S&P 500 Consumer Staples Index.
−Removed: The graph compares the performance of the Company’s Class A common stock with that of the S&P 500 Index, our fiscal 2023 peer group, with the return of each company in the peer group weighted on market capitalization, and the S&P 500 Consumer Staples Index.
+Added: S&P 500 Consumer Staples Index 100.00 111.73 111.35 119.53 149.63 149.94
+Added: The total cumulative return on investment (change in the year-end stock price plus reinvested dividends), which is based on the stock price or composite index at the end of fiscal 2020, is presented for each of the periods for the Company, the S&P 500 Index and the S&P 500 Consumer Staples Index.
+Added: The graph compares the performance of the Company’s Class A common stock with that of the S&P 500 Index, and the S&P 500 Consumer Staples Index.
The stock price performance of the Company’s Class A common stock shown in the above graph is not necessarily indicative of future stock price performance.
−Removed: For fiscal 2024, we selected the S&P 500 Consumer Staples Index for the comparison of total cumulative return on investment.
−Removed: The S&P 500 Consumer Staples Index was selected as it includes a larger sample of companies within or adjacent to our industry.
−Removed: For fiscal 2023, our peer group included:
−Removed: Albertsons Companies, Archer Daniels Midland Co., Bunge Ltd., Caterpillar Inc., Coca-Cola Co., Deere & Co., J.B.
−Removed: Hunt Transport Services, Kraft Heinz Co., Mondelez International, Inc., PepsiCo Inc., Performance Food Group, Sysco Corp., United Natural Foods, U.S.
−Removed: Foods Holding, Proctor & Gamble and Walmart Inc.
The information in this “Performance Graph” section shall not be deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C, or to the liabilities of Section 18 of the Securities Exchange Act of 1934.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.