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Share-Based Compensation (Tables) | 12 Months Ended
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Sep. 29, 2023
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"), Retention Time-Based Options ("TBO-Rs"), Time-Based Restricted Stock Units ("RSUs"), PSUs, Deferred Stock Units and Employee Stock Purchase Plan ("ESPP") recorded within "Selling and general corporate expenses" on the Consolidated Statements of Income (Loss) (in millions).
|  | Fiscal Year Ended
|  | September 29, 2023 |  | September 30, 2022 |  | October 1, 2021
TBOs |  | $ | 15.4 |  |  | $ | 16.2 |  |  | $ | 15.1 |
TBO-Rs |  | 5.2 |  |  | 4.8 |  |  | 4.6 |
RSUs |  | 51.5 |  |  | 57.8 |  |  | 46.0 |
PSUs |  | 10.7 |  |  | 5.6 |  |  | — |
Deferred Stock Units |  | 1.7 |  |  | 2.0 |  |  | 1.9 |
ESPP(1) |  | 2.4 |  |  | 9.1 |  |  | 3.5 |
|  | $ | 86.9 |  |  | $ | 95.5 |  |  | $ | 71.1 |
Taxes related to share-based compensation |  | $ | 15.6 |  |  | $ | 16.9 |  |  | $ | 22.6 |
Cash Received from Option Exercises/ESPP Purchases |  | 47.0 |  |  | 49.3 |  |  | 41.6 |
Tax Benefit on Share Deliveries (2) |  | 1.9 |  |  | 1.0 |  |  | 3.8 |
(1) | Share-based compensation expense related to the ESPP decreased during fiscal 2023 compared to fiscal 2022 as the Company suspended its ESPP beginning in the second quarter of fiscal 2023. Share-based compensation expense related to the ESPP increased during fiscal 2022 compared to fiscal 2021 as the program was available for the entirety of fiscal 2022 as compared to only a portion of fiscal 2021, and the program expanded to additional countries in fiscal 2022.
(2) | The tax benefit on option exercises, restricted stock unit and ESPP unit deliveries is included in "Accrued Expenses" on the Consolidated Statements of Cash Flows.
Schedule of Unrecognized Compensation Cost, Nonvested Awards | The below table summarizes the unrecognized compensation expense as of September 29, 2023 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 |  | $ | 16.6 |  |  | 2.53
TBO-Rs |  | 6.2 |  |  | 1.59
RSUs |  | 59.7 |  |  | 2.39
PSU |  | 23.3 |  |  | 2.51
Total |  | $ | 105.8 |  |  |
Schedule of Stock Option Valuation Assumptions | The table below presents the weighted average assumptions and related valuations for TBOs.
|  | Fiscal Year Ended
|  | September 29, 2023 |  | September 30, 2022 |  | October 1, 2021
Expected volatility |  | 42% |  | 41% |  | 40%
Expected dividend yield |  | 1.00% - 1.19% |  | 1.18% - 1.30% |  | 1.08% - 1.25%
Expected life (in years) |  | 6.25 |  | 6.00 |  | 6.08
Risk-free interest rate |  | 3.65% - 4.28% |  | 1.26% - 2.96% |  | 0.52% - 1.15%
Weighted-average grant-date fair value |  | $17.01 |  | $13.27 |  | $13.08
|  | Fiscal Year Ended
|  | September 29, 2023 |  | September 30, 2022 |  | October 1, 2021
Total intrinsic value exercised (in millions) |  | $ | 12.0 |  |  | $ | 6.4 |  |  | $ | 14.5 |
Total fair value that vested (in millions) |  | 15.7 |  |  | 13.8 |  |  | 16.0 |
|  | Fiscal Year Ended
|  | September 29, 2023 |  | September 30, 2022 |  | October 1, 2021
Total intrinsic value exercised (in millions) |  | $ | — |  |  | $ | — |  |  | $ | — |
Total fair value that vested (in millions) |  | 6.9 |  |  | 0.3 |  |  | — |
|  | Fiscal Year Ended
|  | September 29, 2023 |  | September 30, 2022 |  | October 1, 2021
Total fair value that vested (in millions) |  | $ | 57.1 |  |  | $ | 41.6 |  |  | $ | 58.7 |
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 30, 2022 |  | 7,343 |  |  | $ | 34.19 |  |  |  |  |
Granted |  | 928 |  |  | $ | 40.28 |  |  |  |  |
Exercised |  | (1,369) |  |  | $ | 31.94 |  |  |  |  |
Forfeited and expired |  | (302) |  |  | $ | 37.52 |  |  |  |  |
Outstanding at September 29, 2023 |  | 6,600 |  |  | $ | 35.36 |  |  | $ | 14,641 |  |  | 6.3
Exercisable at September 29, 2023 |  | 4,733 |  |  | $ | 33.92 |  |  | $ | 14,353 |  |  | 5.5
Expected to vest at September 29, 2023 |  | 1,707 |  |  | $ | 39.00 |  |  | $ | 272 |  |  | 8.3
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 30, 2022 |  | 5,562 |  |  | $ | 66.15 |  |  |  |  |
Exercised |  | (8) |  |  | $ | 35.00 |  |  |  |  |
Forfeited and expired |  | (332) |  |  | $ | 66.84 |  |  |  |  |
Outstanding at September 29, 2023 |  | 5,222 |  |  | $ | 66.15 |  |  | $ | — |  |  | 6.9
Exercisable at September 29, 2023 |  | 1,741 |  |  | $ | 66.15 |  |  | $ | — |  |  | 6.9
Expected to vest at September 29, 2023 |  | 3,209 |  |  | $ | 66.15 |  |  | $ | — |  |  | 6.9
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 30, 2022 |  | 3,464 |  | $ | 35.59 |
Granted |  | 1,337 |  | $ | 40.26 |
Vested |  | (1,672) |  | $ | 34.18 |
Forfeited |  | (421) |  | $ | 36.70 |
Outstanding at September 29, 2023 |  | 2,708 |  |  | $ | 38.54 |
Performance Stock Units |  | Units (000s) |  | Weighted Average Grant-Date Fair Value
Outstanding at September 30, 2022 |  | 1,000 |  | $ | 41.13 |
Granted |  | 477 |  | $ | 48.88 |
Forfeited |  | (579) |  | $ | 42.93 |
Outstanding at September 29, 2023 |  | 898 |  |  | $ | 44.32 |

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