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Share-Based Compensation (Tables)

12 Months Ended

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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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 for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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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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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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