XML 56 R38.htm IDEA: XBRL DOCUMENT v3.21.2
Stockholders' Equity And Stock-Based Compensation (Tables)
 12 Months Ended
Sep. 24, 2021
Stockholders' Equity And Stock-Based Compensation [Abstract]  
Summary Of Restricted Stock Units Issued To Officers, Directors And Employees Under 2005 Stock Incentive Plan The following table summarizes information about RSUs issued under our 2020 Stock Plan:
SharesWeighted-Average
Grant Date Fair Value 
 (in thousands)
Non-vested at September 25, 20202,979 $62.70 
Granted1,687 91.15 
Vested(1,112)60.16 
Forfeitures(219)70.04 
Non-vested at September 24, 20213,335 $77.46 
Schedule of Share-Based Payment Fair Value by Vesting Date The fair value as of the respective vesting dates of RSUs were as follows (in thousands):
 Fiscal Year Ended
September 24,
2021		September 25,
2020		September 27,
2019
Restricted stock units - vest date fair value$101,108 $72,426 $69,956 
Schedule Of Fair Value Of Stock-Based Awards Estimated Using Weighted-Average Assumptions The weighted-average assumptions used in the determination of the fair value of our stock options were as follows:
 Fiscal Year Ended
September 24,
2021		September 25,
2020		September 27,
2019
Expected term (in years)4.884.914.90
Risk-free interest rate0.4 %1.6 %2.7 %
Expected stock price volatility28.5 %24.2 %22.9 %
Dividend yield1.1 %1.3 %1.1 %
Summary Of Weighted-Average Fair Value Of Stock Options Granted And Total Intrinsic Value Of Stock Options Exercised
The weighted-average assumptions used in the determination of the fair value of our stock options were as follows:
 Fiscal Year Ended
September 24,
2021		September 25,
2020		September 27,
2019
Expected term (in years)4.884.914.90
Risk-free interest rate0.4 %1.6 %2.7 %
Expected stock price volatility28.5 %24.2 %22.9 %
Dividend yield1.1 %1.3 %1.1 %
The following table summarizes the weighted-average fair value (per share) of stock options granted and the total intrinsic value of stock options exercised (in thousands):
 Fiscal Year Ended
September 24,
2021		September 25,
2020		September 27,
2019
Stock options granted - weighted-average grant date fair value$20.93 $13.76 $14.16 
Stock options exercised - intrinsic value102,812 47,267 33,226 
Schedule Of Stock-Based Compensation Expense By Plan
The following two tables separately present stock-based compensation expense both by award type and classification in our consolidated statements of operations (in thousands):
Expense - By Award Type
 Fiscal Year Ended
September 24,
2021		September 25,
2020		September 27,
2019
Stock options$13,724 $16,718 $17,742 
Restricted stock units80,705 65,235 54,650 
Employee stock purchase plan5,269 4,675 4,188 
Total stock-based compensation99,698 86,628 76,580 
Estimated benefit from income taxes(15,790)(14,090)(12,884)
Total stock-based compensation, net of tax$83,908 $72,538 $63,696 
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs Expense - By Income Statement Classification
 Fiscal Year Ended
September 24,
2021		September 25,
2020		September 27,
2019
Cost of products and services$2,033 $2,072 $1,710 
Research and development29,733 25,634 23,191 
Sales and marketing36,432 31,915 28,137 
General and administrative31,500 27,007 23,542 
Total stock-based compensation99,698 86,628 76,580 
Estimated benefit from income taxes(15,790)(14,090)(12,884)
Total stock-based compensation, net of tax$83,908 $72,538 $63,696 
Schedule of Tax Benefit from Exercise of Options Expense - By Income Statement Classification
 Fiscal Year Ended
September 24,
2021		September 25,
2020		September 27,
2019
Cost of products and services$2,033 $2,072 $1,710 
Research and development29,733 25,634 23,191 
Sales and marketing36,432 31,915 28,137 
General and administrative31,500 27,007 23,542 
Total stock-based compensation99,698 86,628 76,580 
Estimated benefit from income taxes(15,790)(14,090)(12,884)
Total stock-based compensation, net of tax$83,908 $72,538 $63,696 
The tax benefit that we recognize from shares issued under our ESPP is excluded from the tables above. The tax benefit recognized was $1.2 million in fiscal 2021, and was not material in fiscal 2020 and fiscal 2019.
Schedule of Treasury Stock Authorizations The following table summarizes the initial amount of authorized repurchases as well as additional repurchases approved by our Board of Directors as of September 24, 2021 (in thousands):
Authorization PeriodAuthorization Amount
Fiscal 2010: November 2009$250,000 
Fiscal 2010: July 2010300,000 
Fiscal 2011: July 2011250,000 
Fiscal 2012: February 2012100,000 
Fiscal 2015: October 2014200,000 
Fiscal 2017: January 2017200,000 
Fiscal 2018: July 2018350,000 
Fiscal 2019: July 2019350,000 
Fiscal 2021: July 2021350,000 
Total$2,350,000 
Schedule of Stock Repurchase Activity
The following table provides information regarding share repurchase activity under the program during fiscal 2021:
Quarterly Repurchase ActivityShares
Repurchased
Cost (1)
Average Price Paid Per Share (2)
(in thousands)
Q1 - Quarter ended December 25, 2020450,399 $39,985 $88.78 
Q2 - Quarter ended March 26, 2021757,019 70,790 93.51 
Q3 - Quarter ended June 25, 2021404,232 38,989 96.45 
Q4 - Quarter ended September 24, 2021972,216 96,100 98.85 
Total2,583,866 $245,864 
(1)Cost of share repurchases includes the price paid per share and applicable commissions.
(2)Average price paid per share excludes commission costs.
Dividends Declared
The following table summarizes dividends declared under the program during fiscal 2021:
Fiscal PeriodAnnouncement DateRecord DatePayment DateCash Dividend Per Common Share
Estimated Dividend Payment(1)
Q1 - Quarter ended December 25, 2020January 28, 2021February 9, 2021February 19, 2021$0.22 $22.4 million
Q2 - Quarter ended March 26, 2021May 4, 2021May 17, 2021May 25, 2021$0.22 $22.3 million
Q3 - Quarter ended June 25, 2021July 29, 2021August 11, 2021August 19, 2021$0.22 $22.3 million
Q4 - Quarter ended September 24, 2021November 16, 2021November 30, 2021December 8, 2021$0.25 $25.3 million
(1)The dividend payment amount is estimated based on the number of shares of our Class A and Class B common stock that we estimate will be outstanding as of the Record Date.