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Share-Based Compensation (Tables)

12 Months Ended

Sep. 27, 2019

Share-based Payment Arrangement [Abstract]

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan

The following table summarizes the share-based compensation expense and related information for Time-Based Options ("TBOs"), Performance-Based Options ("PBOs"), Time-Based Restricted Stock Units ("RSUs"), Performance Stock Units and Performance Restricted Stock ("PSUs"), and Deferred Stock Units classified as "Selling and general corporate expenses" in the Consolidated Statements of Income (in millions).

		Fiscal Year Ended
		September 27, 2019				September 28, 2018				September 29, 2017
TBOs		$	14.7			$	18.5			$	20.4
RSUs		28.9				24.1				20.8
PSUs (1)		9.9				43.7				21.6
Deferred Stock Units		1.8				2.0				2.4
		$	55.3			$	88.3			$	65.2
Taxes related to share-based compensation		$	13.7			$	24.1			$	24.2
Cash Received from Option Exercises		39.1				21.5				28.8
Tax Benefit on Share Deliveries (2)		4.8				7.4				23.3

(1)

Share-based compensation expense was reduced during fiscal 2019 based on lower than estimated target attainment on plan metrics for the fiscal 2018 PSU grants, resulting in the reversal of previously recognized share-based compensation expense of $6.6 million. The Company also reversed previously recognized share-based compensation expense based on the actual target for the 2017 PSU grants achieved as of the end of fiscal 2019 of $5.2 million. During fiscal 2018, the Company increased the estimated target attainment on plan metrics for both the fiscal 2016 and fiscal 2017 PSU grants, resulting in an additional $18.9 million of share-based compensation expense.

(2)

The tax benefit on option exercises and restricted stock unit deliveries is included in "Accrued Expenses" in the Consolidated Statements of Cash Flows.

Schedule of Unrecognized Compensation Cost, Nonvested Awards

The below table summarizes the unrecognized compensation expense as of September 27, 2019 related to nonvested awards and the weighted-average period they are expected to be recognized:

		Unrecognized Compensation Expense (in millions)				Weighted-Average Period (Years)
TBOs		$	15.7			2.25
RSUs		54.5				2.34
PSUs		15.9				1.54
Total		$	86.1

Schedule of Stock Option Valuation Assumptions

		Fiscal Year Ended
		September 27, 2019				September 28, 2018				September 29, 2017
Total intrinsic value exercised (in millions)		$	26.8			$	16.6			$	32.2
Total fair value that vested (in millions)		16.3				17.3				17.7

The table below presents the weighted average assumptions and related valuations for TBOs.

		Fiscal Year Ended
		September 27, 2019		September 28, 2018		September 29, 2017
Expected volatility		20%		20%		25%
Expected dividend yield		1.17% - 1.44%		1.03% - 1.11%		1.11% - 1.21%
Expected life (in years)		6.25		6.25		6.25
Risk-free interest rate		1.62% - 3.02%		2.25% - 2.94%		2.14% - 2.20%
Weighted-average grant-date fair value		$8.23		$8.75		$8.47

Schedule of Options Activity

A summary of PBO activity is presented below:

Options		Shares (000s)			Weighted-Average Exercise Price				Aggregate Intrinsic Value ($000s)				Weighted-Average Remaining Term (Years)
Outstanding at September 28, 2018		1,875			$	12.46
Granted		—			$	—
Exercised		(364	)		$	11.17
Forfeited and expired		—			$	—
Outstanding at September 27, 2019		1,511			$	12.77			$	45,696			2.2
Exercisable at September 27, 2019		1,511			$	12.77			$	45,696			2.2

A summary of TBO activity is presented below:

Options		Shares (000s)			Weighted-Average Exercise Price				Aggregate Intrinsic Value ($000s)				Weighted-Average Remaining Term (Years)
Outstanding at September 28, 2018		13,302			$	26.60
Granted		1,955			$	36.42
Exercised		(1,973	)		$	21.90
Forfeited and expired		(928	)		$	35.72
Outstanding at September 27, 2019		12,356			$	28.22			$	182,889			5.7
Exercisable at September 27, 2019		8,150			$	23.82			$	156,493			4.4
Expected to vest at September 27, 2019		3,980			$	36.72			$	25,066			8.2

Schedule of Restricted Stock Units Activity

Performance Stock Units		Units (000s)			Weighted Average Grant Date Fair Value
Outstanding at September 28, 2018		1,614			$	34.99
Granted(3)		1,299			$	36.44
Vested		(1,051)			$	32.65
Forfeited		(241)			$	36.66
Outstanding at September 27, 2019		1,621			$	36.20

(3) Includes approximately 0.5 million shares resulting from the payout of the fiscal 2016 PSU grants due to exceeding the adjusted earnings per share target.

The unvested units are subject to

forfeiture if employment is terminated other than due to death, disability or retirement, and the units are nontransferable while subject to forfeiture.

Restricted Stock Units		Units (000s)			Weighted Average Grant Date Fair Value
Outstanding at September 28, 2018		2,408			$	36.66
Granted		1,204			$	36.53
Vested		(630)			$	35.49
Forfeited		(333)			$	36.99
Outstanding at September 27, 2019		2,649			$	36.89

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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