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Employee Stock and Benefit Plans | 12 Months Ended
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Sep. 29, 2024
Share-Based Payment Arrangement [Abstract] |
Employee Stock and Benefit Plans | Employee Stock and Benefit Plans We maintain several equity incentive plans under which we may grant non-qualified stock options, incentive stock options, restricted stock, RSUs, or stock appreciation rights to employees, non-employee directors, and consultants. We issue new shares of common stock upon exercise of stock options and the vesting of RSUs. We also have an employee stock purchase plan (“ESPP”). As of September 29, 2024, there were 83.2 million shares of common stock available for issuance pursuant to future equity-based compensation awards and 9.7 million shares available for issuance under our ESPP. Stock-based compensation expense recognized in the consolidated financial statements (in millions):
Fiscal Year Ended | Sep 29, 2024 |  | Oct 1, 2023 |  | Oct 2, 2022
RSUs | $ | 308.3 |  |  | $ | 302.6 |  |  | $ | 271.8 |
Options | — |  |  | 0.1 |  |  | (0.2) |
Total stock-based compensation expense recognized in the consolidated statements of earnings | $ | 308.3 |  |  | $ | 302.7 |  |  | $ | 271.6 |
Total related tax benefit | $ | 57.0 |  |  | $ | 50.9 |  |  | $ | 45.9 |
Total capitalized stock-based compensation included in net property, plant and equipment on the consolidated balance sheets | $ | 3.6 |  |  | $ | 3.7 |  |  | $ | 3.9 |
RSUs We have both time-vested and performance-based RSUs. Time-vested RSUs are awarded to eligible employees and entitle the grantee to receive shares of common stock at the end of a vesting period, subject to the employee’s continuing employment. The time-vested RSUs generally vest in either two or four equal annual installments beginning a year from the grant date. Our performance-based RSUs are awarded to eligible employees and entitle the grantee to receive shares of common stock if we achieve specified performance goals during the performance period and the grantee remains employed through the vesting period. RSU transactions for the fiscal year ended September 29, 2024 (in millions, except per share and contractual life amounts):
| Number of Shares |  | Weighted Average Grant Date Fair Value per Share |  | Weighted Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value
Nonvested, October 1, 2023 | 7.3 |  |  | $ | 99.56 |  |  | 1.0 |  | $ | 670 |
Granted | 5.4 |  |  | 103.82 |  |  |  |  |
Vested | (3.1) |  |  | 100.02 |  |  |  |  |
Forfeited/canceled | (0.9) |  |  | 101.65 |  |  |  |  |
Nonvested, September 29, 2024 | 8.7 |  |  | 102.91 |  |  | 1.2 |  | 844 |
As of September 29, 2024, total unrecognized stock-based compensation expense related to nonvested RSUs, net of estimated forfeitures, was approximately $255 million, before income taxes, and is expected to be recognized over a weighted average period of approximately 2.3 years. The total fair value of RSUs vested was $314 million, $292 million, and $298 million during fiscal 2024, 2023, and 2022, respectively. For fiscal 2023 and 2022, the weighted average fair value per RSU granted was $97.66 and $107.71, respectively. Stock Options We may provide stock options as a form of employee compensation, which are primarily time-vested. Stock options have not been broadly used as part of our compensation strategy in recent years. The majority of time-vested options become exercisable in four equal installments beginning a year from the grant date and generally expire 10 years from the grant date. Options granted to non-employee directors generally vest immediately or one year from grant. All outstanding stock options are non-qualified stock options. No stock options were granted during the fiscal years ended September 29, 2024, October 1, 2023, and October 2, 2022. Stock option transactions for the fiscal year ended September 29, 2024 (in millions, except per share and contractual life amounts):
| Shares Subject to Options |  | Weighted Average Exercise Price per Share |  | Weighted Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value
Outstanding, October 1, 2023 | 2.0 |  |  | $ | 55.16 |  |  | 2.3 |  | $ | 72 |
Granted | — |  |  | — |  |  |  |  |
Exercised | (1.1) |  |  | 52.36 |  |  |  |  |
Expired/forfeited | — |  |  | 56.79 |  |  |  |  |
Outstanding, September 29, 2024 | 0.9 |  |  | 58.45 |  |  | 1.8 |  | 36 |
Exercisable, September 29, 2024 | 0.9 |  |  | 58.45 |  |  | 1.8 |  | 36 |
Vested, September 29, 2024 | 0.9 |  |  | 58.45 |  |  | 1.8 |  | 36 |
The aggregate intrinsic value in the table above, which is the amount by which the market value of the underlying stock exceeded the exercise price of outstanding options, is before applicable income taxes and represents the amount optionees would have realized if all in-the-money options had been exercised on the last business day of the period indicated. As of September 29, 2024, all options outstanding were vested and exercisable. No options vested during fiscal 2024 and 2023. The total fair value of options vested was $8 million during fiscal 2022. The total intrinsic value of options exercised was $44 million, $98 million, and $57 million during fiscal 2024, 2023, and 2022, respectively. ESPP Our ESPP allows eligible employees to contribute up to 10% of their base earnings toward the quarterly purchase of our common stock, subject to an annual maximum dollar amount. The purchase price is 95% of the fair market value of the stock on the last business day of the quarterly offering period. The number of shares issued under our ESPP was 0.6 million in fiscal 2024. Deferred Compensation Plan We have a Deferred Compensation Plan for Non-Employee Directors under which non-employee directors may, for any fiscal year, irrevocably elect to defer receipt of shares of common stock the director would have received upon vesting of restricted stock units. The number of deferred shares outstanding related to deferrals made under this plan is not material. Defined Contribution Plans We maintain voluntary defined contribution plans, both qualified and non-qualified, covering eligible employees as defined in the plan documents. Participating employees may elect to defer and contribute a portion of their eligible compensation to the plans up to limits stated in the plan documents, not to exceed the dollar amounts set by applicable laws. Our matching contributions to all U.S. and non-U.S. plans were $194.4 million, $178.1 million, and $156.7 million in fiscal 2024, 2023, and 2022, respectively.

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