XML 29 R16.htm IDEA: XBRL DOCUMENT
v3.21.2

Stockholder's Equity | 9 Months Ended
--- | ---
Jul. 02, 2021
Stockholders' Equity Note [Abstract] |
STOCKHOLDERS' EQUITY | 10. STOCKHOLDERS’ EQUITY Stock Repurchase Program On January 26, 2021, the Board of Directors approved a stock repurchase program, pursuant to which the Company is authorized to repurchase up to $2.0 billion of its common stock from time to time prior to January 26, 2023, on the open market or in privately negotiated transactions, as permitted by securities laws and other legal requirements. This authorized stock repurchase plan replaced in its entirety the January 30, 2019, stock repurchase program. The timing and amount of any shares of the Company’s common stock that are repurchased under the repurchase program are determined by the Company’s management based on its evaluation of market conditions and other factors. During the three months ended July 2, 2021, the Company did not repurchase any shares of its common stock. During the nine months ended July 2, 2021, the Company paid $195.6 million (including commissions) in connection with the repurchase of 1.4 million shares of its common stock (paying an average price of $138.85 per share), all of which shares were repurchased pursuant to the January 30, 2019, stock repurchase program. As of July 2, 2021, $2.0 billion remained available under the January 26, 2021, stock repurchase program. In connection with the Asset Purchase and the debt incurred to finance the Asset Purchase (as discussed in Notes 13 and 14 of the Notes to Consolidated Financial Statements), the Company has temporarily suspended repurchase activities under the January 26, 2021, stock repurchase program. During the three and nine months ended July 2, 2021, the Board of Directors approved the retirement of 68.5 million shares of treasury stock at an aggregated historical cost of $4,342.6 million. During the three months ended June 26, 2020, the Company paid $58.5 million (including commissions) in connection with the repurchase of 0.7 million shares of its common stock (paying an average price of $87.42 per share). During the nine months ended June 26, 2020, the Company paid $416.5 million (including commissions) in connection with the repurchase of 4.6 million shares of its common stock (paying an average price of $89.56 per share). Dividends On July 29, 2021, the Company announced that the Board of Directors had declared a cash dividend on the Company’s common stock of $0.56 per share. This dividend is payable on September 7, 2021, to the Company’s stockholders of record as of the close of business on August 17, 2021. Dividends charged to retained earnings were as follows (in millions, except per share data):
| 2021 |  | 2020
| Per Share |  | Total Amount |  | Per Share |  | Total Amount
First quarter | $ | 0.50 |  |  | $ | 83.0 |  |  | $ | 0.44 |  |  | $ | 75.1 |
Second quarter | 0.50 |  |  | 82.6 |  |  | 0.44 |  |  | 74.9 |
Third quarter | 0.50 |  |  | 82.5 |  |  | 0.44 |  |  | 73.5 |
Total | $ | 1.50 |  |  | $ | 248.1 |  |  | $ | 1.32 |  |  | $ | 223.5 |
Share-based Compensation The following table summarizes the share-based compensation expense by line item in the Statements of Operations (in millions):
| Three Months Ended |  | Nine Months Ended
| July 2, 2021 |  | June 26, 2020 |  | July 2, 2021 |  | June 26, 2020
Cost of goods sold | $ | 4.9 |  |  | $ | 4.7 |  |  | $ | 24.0 |  |  | $ | 16.1 |
Research and development | 17.9 |  |  | 17.0 |  |  | 62.2 |  |  | 49.0 |
Selling, general, and administrative | 20.6 |  |  | 16.1 |  |  | 58.1 |  |  | 46.5 |
Total share-based compensation | $ | 43.4 |  |  | $ | 37.8 |  |  | $ | 144.3 |  |  | $ | 111.6 |

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration