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Share-Based Compensation (Tables) | 12 Months Ended
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Oct. 02, 2020
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 (reduction) and related information for Time-Based Options ("TBOs"), Retention Time-Based Options ("TBO-Rs"), Performance-Based Options ("PBOs"), Time-Based Restricted Stock Units ("RSUs"), Performance Stock Units ("PSUs") and Deferred Stock Units classified as "Selling and general corporate expenses" on the Consolidated Statements of (Loss) Income (in millions).
|  | Fiscal Year Ended
|  | October 2, 2020 |  | September 27, 2019 |  | September 28, 2018
TBOs |  | $ | 10.8 |  |  | $ | 14.7 |  |  | $ | 18.5 |
TBO-Rs |  | 0.3 |  |  | — |  |  | — |
RSUs |  | 35.1 |  |  | 28.9 |  |  | 24.1 |
PSUs (1) |  | (17.8) |  |  | 9.9 |  |  | 43.7 |
Deferred Stock Units |  | 1.9 |  |  | 1.8 |  |  | 2.0 |
|  | $ | 30.3 |  |  | $ | 55.3 |  |  | $ | 88.3 |
Taxes related to share-based compensation |  | $ | 7.2 |  |  | $ | 13.7 |  |  | $ | 24.1 |
Cash Received from Option Exercises |  | 90.0 |  |  | 39.1 |  |  | 21.5 |
Tax Benefit on Share Deliveries (2) |  | 46.2 |  |  | 4.8 |  |  | 7.4 |
(1) | Share-based compensation expense was reduced during fiscal 2020 based on lower than estimated target attainment on plan metrics on each of the fiscal 2018, fiscal 2019 and fiscal 2020 PSU grants, resulting in the reversal of previously recognized share-based compensation expense of $29.8 million. 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 "Prepayments and Other Current Assets" on the Consolidated Statement of Cash Flows.
Schedule of Unrecognized Compensation Cost, Nonvested Awards | The below table summarizes the unrecognized compensation expense as of October 2, 2020 related to non-vested awards and the weighted-average period they are expected to be recognized:
|  | Unrecognized Compensation Expense (in millions) |  | Weighted-Average Period (Years)
TBOs |  | $ | 38.2 |  |  | 2.72
TBO-Rs |  | 22.2 |  |  | 4.49
RSUs |  | 114.9 |  |  | 2.61
PSUs |  | — |  |  | 1.90
Total |  | $ | 175.3 |  |  |
Schedule of Stock Option Valuation Assumptions | The table below presents the weighted average assumptions and related valuations for TBOs.
|  | Fiscal Year Ended
|  | October 2, 2020 |  | September 27, 2019 |  | September 28, 2018
Expected volatility |  | 30% |  | 20% |  | 20%
Expected dividend yield |  | 1.01% - 2.09% |  | 1.17% - 1.44% |  | 1.03% - 1.11%
Expected life (in years) |  | 6.22 |  | 6.25 |  | 6.25
Risk-free interest rate |  | 0.40% - 1.74% |  | 1.62% - 3.02% |  | 2.25% - 2.94%
Weighted-average grant-date fair value |  | $9.07 |  | $8.23 |  | $8.75
|  | Fiscal Year Ended
|  | October 2, 2020 |  | September 27, 2019 |  | September 28, 2018
Total intrinsic value exercised (in millions) |  | $ | 114.6 |  |  | $ | 26.8 |  |  | $ | 16.6 |
Total fair value that vested (in millions) |  | 9.9 |  |  | 16.3 |  |  | 17.3 |
The table below presents the weighted average assumptions and related valuations for TBO-Rs.
| Fiscal Year Ended
| October 2, 2020
Expected volatility | 37.82%
Expected dividend yield | 1.55%
Expected life (in years) | 7.00
Risk-free interest rate | 0.50%
Weighted-average grant-date fair value | $3.93
Schedule of Options Activity | 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 27, 2019 |  | 12,356 |  |  | $ | 28.22 |  |  |  |  |
Granted |  | 4,327 |  |  | $ | 33.61 |  |  |  |  |
Exercised |  | (5,390) |  |  | $ | 21.72 |  |  |  |  |
Forfeited and expired |  | (2,574) |  |  | $ | 36.55 |  |  |  |  |
Outstanding at October 2, 2020 |  | 8,719 |  |  | $ | 32.45 |  |  | $ | 9,803 |  |  | 7.3
Exercisable at October 2, 2020 |  | 3,213 |  |  | $ | 29.49 |  |  | $ | 9,219 |  |  | 4.3
Expected to vest at October 2, 2020 |  | 4,839 |  |  | $ | 34.33 |  |  | $ | 481 |  |  | 8.9
A summary of TBO-R activity is presented below:
Options |  | Shares (000s) |  | Weighted-Average Exercise Price |  | Aggregate Intrinsic Value ($000s) |  | Weighted-Average Remaining Term (Years)
Outstanding at September 27, 2019 |  | — |  |  | $ | — |  |  |  |  |
Granted |  | 5,732 |  |  | $ | 66.15 |  |  |  |  |
Exercised |  | — |  |  | $ | — |  |  |  |  |
Forfeited and expired |  | — |  |  | $ | — |  |  |  |  |
Outstanding at October 2, 2020 |  | 5,732 |  |  | $ | 66.15 |  |  | $ | — |  |  | 9.9
Expected to vest at October 2, 2020 |  | 4,275 |  |  | $ | 66.15 |  |  | $ | — |  |  | 9.9
The Company no longer grants PBOs under the 2013 Stock Plan. All PBOs remain exercisable for 10 years from the date of grant. 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 27, 2019 |  | 1,511 |  |  | $ | 12.77 |  |  |  |  |
Granted |  | — |  |  | $ | — |  |  |  |  |
Exercised |  | (1,205) |  |  | $ | 12.97 |  |  |  |  |
Forfeited and expired |  | — |  |  | $ | — |  |  |  |  |
Outstanding at October 2, 2020 |  | 306 |  |  | $ | 11.99 |  |  | $ | 4,765 |  |  | 0.9
Exercisable at October 2, 2020 |  | 306 |  |  | $ | 11.99 |  |  | $ | 4,765 |  |  | 0.9
Schedule of Restricted Stock Units Activity | 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 27, 2019 |  | 2,649 |  | $ | 36.89 |
Granted |  | 3,355 |  | $ | 32.80 |
Vested |  | (925) |  | $ | 35.79 |
Forfeited |  | (453) |  | $ | 38.67 |
Outstanding at October 2, 2020 |  | 4,626 |  |  | $ | 34.08 |
Performance Stock Units |  | Units (000s) |  | Weighted Average Grant Date Fair Value
Outstanding at September 27, 2019 |  | 1,621 |  | $ | 36.20 |
Granted(1) |  | 642 |  | $ | 42.99 |
Vested |  | (590) |  | $ | 34.13 |
Forfeited |  | (358) |  | $ | 36.65 |
Outstanding at October 2, 2020 |  | 1,315 |  |  | $ | 37.61 |
(1) | Includes approximately 0.3 million shares resulting from the payout of the fiscal 2017 PSU grants due to exceeding the adjusted earnings per share target.

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