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Stockholders' Equity and Stock-Based Compensation (Tables) | 12 Months Ended
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Sep. 28, 2024
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 2024, 2023 and 2022:
|  | 2024 |  | 2023 |  | 2022
Cost of revenues |  | $ | 10.7 |  |  | $ | 10.5 |  |  | $ | 9.1 |
Research and development |  | 10.3 |  |  | 10.5 |  |  | 8.8 |
Selling and marketing |  | 13.4 |  |  | 12.0 |  |  | 10.5 |
General and administrative |  | 47.8 |  |  | 46.6 |  |  | 38.3 |
Restructuring |  | 0.1 |  |  | — |  |  | — |
|  | $ | 82.3 |  |  | $ | 79.6 |  |  | $ | 66.7 |
Information Pertaining to Stock Options Granted and Related Assumptions | Information pertaining to stock options granted during fiscal 2024, 2023 and 2022 and related assumptions are noted in the following table:
|  | Years Ended
September 28, 2024 |  | September 30, 2023 |  | September 24, 2022
Options granted (in millions) |  | 0.6 |  |  | 0.5 |  |  | 0.7 |
Weighted-average exercise price |  | $ | 72.34 |  |  | $ | 74.66 |  |  | $ | 71.07 |
Weighted-average grant date fair value |  | $ | 25.07 |  |  | $ | 25.95 |  |  | $ | 21.01 |
Assumptions: |  |  |  |  |  |
Risk-free interest rates |  | 4.4 | % |  | 4.3 | % |  | 1.1 | %
Expected life (in years) |  | 4.8 |  | 4.8 |  | 4.8
Expected volatility |  | 33.4 | % |  | 33.9 | % |  | 34.2 | %
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 28, 2024:
|  | 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 30, 2023 |  | 4.2 |  |  | $ | 51.63 |  |  | 5.6 |  | $ | 77.6 |
Granted |  | 0.6 |  |  | 72.34 |  |  |  |  |
Canceled/ forfeited |  | (0.1) |  |  | 73.09 |  |  |  |  |
Exercised |  | (0.4) |  |  | 39.89 |  |  |  |  | 15.5 |
Options outstanding at September 28, 2024 |  | 4.3 |  |  | $ | 55.32 |  |  | 5.3 |  | $ | 108.8 |
Options exercisable at September 28, 2024 |  | 3.1 |  |  | $ | 48.57 |  |  | 4.2 |  | $ | 98.5 |
Options vested and expected to vest at September 28, 2024 (1) |  | 4.2 |  |  | $ | 55.21 |  |  | 5.3 |  | $ | 108.6 |
(1)This represents the number of vested stock options as of September 28, 2024 plus the unvested outstanding options at September 28, 2024 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 28, 2024 is presented below:
Non-vested Shares |  | Number of Shares (in millions) |  | Weighted-Average Grant-Date Fair Value
Non-vested at September 30, 2023 |  | 1.6 |  |  | $ | 73.33 |
Granted |  | 0.9 |  |  | 73.10 |
Vested |  | (0.7) |  |  | 70.87 |
Forfeited |  | (0.1) |  |  | 72.42 |
Non-vested at September 28, 2024 |  | 1.7 |  |  | $ | 73.84 |
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 28, 2024 |  | September 30, 2023 |  | September 24, 2022
Assumptions: |  |  |  |  |  |
Risk-free interest rates |  | 5.29 | % |  | 4.10 | % |  | 0.96 | %
Expected life (in years) |  | 0.5 |  | 0.5 |  | 0.5
Expected volatility |  | 33.4 | % |  | 34.0 | % |  | 34.0 | %
Dividend yield |  | — |  |  | — |  |  | — |

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- Definition Tabular disclosure of significant assumptions used during the year to estimate the fair value of employee stock purchase plan shares, including, but not limited to: (a) expected term, (b) expected volatility, (c) risk-free interest rate, and (d) dividend yield. + References No definition available. + Details
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