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Stockholders' Equity and Stock-Based Compensation (Tables)

12 Months Ended

Sep. 24, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Expense in Consolidated Statement of Operations

The following presents stock-based compensation expense in the Company’s Consolidated Statements of Operations in fiscal 2022, 2021 and 2020:

						2022						2021						2020
Cost of revenues						$	9.1					$	8.0					$	6.7
Research and development						8.8						7.7						8.0
Selling and marketing						10.5						9.5						10.2
General and administrative						38.3						38.9						50.9
Restructuring						—						0.9						7.5
						$	66.7					$	65.0					$	83.3

Information Pertaining to Stock Options Granted and Related Assumptions

Information pertaining to stock options granted during fiscal 2022, 2021 and 2020 and related assumptions are noted in the following table:

						Years ended
						September 24, 2022						September 25, 2021						September 26, 2020
Options granted (in millions)						0.7						0.6						1.0
Weighted-average exercise price						$	71.07					$	68.62					$	45.96
Weighted-average grant date fair value						$	21.01					$	19.86					$	13.92
Assumptions:
Risk-free interest rates						1.1		%				0.4		%				1.7		%
Expected life (in years)						4.8						4.8						4.8
Expected volatility						34.2		%				35.0		%				33.6		%
Dividend yield						—						—						—

Stock Option Activity

The following table summarizes all stock option activity under the Company’s stock option plans for the year ended September 24, 2022:

						Number of Shares (in millions)						Weighted- Average Exercise Price						Weighted- Average Remaining Contractual Life (in Years)						Aggregate Intrinsic Value (in millions)
Options outstanding at September 25, 2021						4.2						$	44.66					6.6						$	132.7
Granted						0.7						71.07
Canceled/ forfeited						(0.2)						59.36
Exercised						(0.3)						41.32												11.1
Options outstanding at September 24, 2022						4.4						$	48.46					6.1						$	71.0
Options exercisable at September 24, 2022						2.8						$	41.57					5.2						$	61.6
Options vested and expected to vest at September 24, 2022 (1)						4.3						$	48.38					6.1						$	70.9

(1)This represents the number of vested stock options as of September 24, 2022 plus the unvested outstanding options at September 24, 2022 expected to vest in the future, adjusted for estimated forfeitures.

Restricted Stock Unit Activity

A summary of the Company’s RSU, PSU, FCF and MSU activity during the year ended September 24, 2022 is presented below:

Non-vested Shares						Number of Shares (in millions)						Weighted-Average Grant-Date Fair Value
Non-vested at September 25, 2021						1.7						$	54.21
Granted						1.0						71.45
Vested						(0.9)						50.03
Forfeited						(0.1)						55.24
Non-vested at September 24, 2022						1.7						$	64.43

Black-Scholes Model Weighted Average Assumptions Used to Estimate Fair Value of Shares to Be Issued as of Grant Date

The Company uses the Black-Scholes model to estimate the fair value of shares to be issued as of the grant date using the following weighted average assumptions:

						September 24, 2022						September 25, 2021						September 26, 2020
Assumptions:
Risk-free interest rates						0.96		%				0.26		%				1.32		%
Expected life (in years)						0.5						0.5						0.5
Expected volatility						34.0		%				34.1		%				26.9		%
Dividend yield						—						—						—

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