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Stockholders' Equity and Stock-Based Compensation (Tables)

12 Months Ended

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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