Stockholders' Equity and Stock-Based Compensation (Tables)

12 Months Ended

Sep. 26, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Expense in Consolidated Statement of Operations

The following presents stock-based compensation expense in the Company’s Consolidated Statements of Operations in fiscal 2020, 2019 and 2018:

	2020		2019		2018
Cost of revenues	$	6.7	$	7.1	$	8.3
Research and development	8.0		9.2		9.5
Selling and marketing	10.2		10.2		10.3
General and administrative	50.9		35.5		35.6
Restructuring	7.5		—		1.3
	$	83.3	$	62.0	$	65.0

Information Pertaining to Stock Options Granted and Related Assumptions

Information pertaining to stock options granted during fiscal 2020, 2019 and 2018 and related assumptions are noted in the following table:

	Years ended
	September 26, 2020			September 28, 2019			September 29, 2018
Options granted (in millions)	1.0			1.0			1.7
Weighted-average exercise price	$	45.96		$	41.36		$	40.76
Weighted-average grant date fair value	$	13.92		$	13.54		$	12.98
Assumptions:
Risk-free interest rates	1.7		%	3.0		%	2.1		%
Expected life (in years)	4.8			4.8			4.7
Expected volatility	33.6		%	34.3		%	35.3		%
Dividend yield	—			—			—

Stock Option Activity

The following table summarizes all stock option activity under the Company’s stock option plans for the year ended September 26, 2020:

	Number of Shares (in millions)	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in Years)	Aggregate Intrinsic Value (in millions)
Options exercisable at September 28, 2019	5.5	$	35.23	6.1	$	78.4
Granted	1.0	45.96
Canceled/ forfeited	(0.1)	42.26
Exercised	(1.8)	27.51			44.8
Options outstanding at September 26, 2020	4.6	$	40.37	7.0	$	109.5
Options exercisable at September 26, 2020	2.2	$	37.81	6.0	$	57.2
Options vested and expected to vest at September 26, 2020 (1)	4.5	$	40.35	7.0	$	108.9

(1)This represents the number of vested stock options as of September 26, 2020 plus the unvested outstanding options at September 26, 2020 expected to vest in the future, adjusted for estimated forfeitures.

Restricted Stock Unit Activity

A summary of the Company’s RSU, PSU, FCF and MSU activity during the year ended September 26, 2020 is presented below:

Non-vested Shares	Number of Shares (in millions)	Weighted-Average Grant-Date Fair Value
Non-vested at September 28, 2019	2.5	$	42.17
Granted	0.9	45.65
Vested	(0.9)	38.54
Forfeited	(0.1)	42.69
Non-vested at September 26, 2020	2.4	$	44.22

Black-Scholes Model Weighted Average Assumptions Used to Estimate Fair Value of Shares to Be Issued as of Grant Date

The Company uses the Black-Scholes model to estimate the fair value of shares to be issued as of the grant date using the following weighted average assumptions:

	September 26, 2020		September 28, 2019		September 29, 2018
Assumptions:
Risk-free interest rates	1.32	%	2.27	%	1.62	%
Expected life (in years)	0.5		0.5		0.5
Expected volatility	26.9	%	27.1	%	25.0	%
Dividend yield	—		—		—