XML 67 R50.htm IDEA: XBRL DOCUMENT v3.8.0.1
Share Plans (Tables)
12 Months Ended
Dec. 29, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of the Valuation Assumptions Used in the Conversion
The weighted-average assumptions used in the Black-Scholes pricing model for shares granted in fiscal 2017, 2016, 2015 and the three months ended December 30, 2016, along with the weighted-average grant-date fair value, were as follows:
 
Fiscal Year Ended
 
Three Months Ended
 
December 29, 2017
 
September 30, 2016
 
September 25, 2015
 
December 30, 2016
Expected share price volatility
36
%
 
31
%
 
29
%
 
35
%
Risk-free interest rate
2.00
%
 
1.74
%
 
1.72
%
 
1.23
%
Expected annual dividend per share
%
 
%
 
%
 
%
Expected life of options (in years)
5.3

 
5.3

 
5.3

 
5.3

Fair value per option
$
18.36

 
$
22.82

 
$
30.08

 
$
20.04

Schedule of Share Option Activity
Share option activity and information is as follows:
 
Share Options
 
Weighted-Average Exercise Price
 
Weighted-Average Remaining Contractual Term
(in years)
 
Aggregate Intrinsic Value
Outstanding at September 26, 2014
3,526,789

 
$
36.84

 
 
 
 
Granted
635,567

 
102.20

 
 
 
 
Exercised
(1,132,778
)
 
29.79

 
 
 
 
Expired/Forfeited
(243,135
)
 
58.00

 
 
 
 
Outstanding at September 25, 2015
2,786,443

 
52.76

 
 
 
 
Granted
1,248,828

 
72.44

 
 
 
 
Exercised
(413,830
)
 
32.76

 
 
 
 
Expired/Forfeited
(199,585
)
 
72.65

 
 
 
 
Outstanding at September 30, 2016
3,421,856

 
61.17

 
 
 
 
Granted
3,742

 
60.01

 
 
 
 
Exercised
(16,382
)
 
36.42

 
 
 
 
Expired/Forfeited
(22,522
)
 
70.82

 
 
 
 
Outstanding at December 30, 2016
3,386,694

 
61.24

 
 
 
 
Granted
1,719,532

 
51.57

 
 
 
 
Exercised
(113,605
)
 
47.74

 
 
 
 
Expired/Forfeited
(348,637
)
 
68.08

 
 
 
 
Outstanding at December 29, 2017
4,643,984

 
57.78

 
6.9
 
$
0.2

 
 
 
 
 
 
 
 
Vested and non-vested expected to vest as of December 29, 2017
3,882,733

 
60.62

 
7.5
 
$
(0.6
)
Exercisable at December 29, 2017
1,944,709

 
52.19

 
4.7
 
0.2

Share-based Compensation, Performance Shares Award Outstanding Activity
PSU activity is as follows (1):
 
Shares
 
Weighted-Average
Grant-Date Fair Value
Non-vested at September 26, 2014
72,740

 
$
63.46

Granted
77,306

 
125.84

Forfeited
(19,072
)
 
92.05

Non-vested at September 25, 2015
130,974

 
96.05

Granted
145,192

 
83.00

Forfeited
(9,521
)
 
96.30

Non-vested at September 30, 2016
266,645

 
88.59

Forfeited
(997
)
 
154.42

Non-vested at December 30, 2016
265,648

 
88.51

Granted
348,963

 
51.73

Forfeited
(48,606
)
 
107.00

Vested
(61,554
)
 
62.65

Non-vested at December 29, 2017
504,451

 
64.44

(1)    The number of shares disclosed within this table are at the target number of 100%.
Schedule of Share-based Payment Award, Performance Share Awards, Valuation Assumptions
The assumptions used in the Monte Carlo model for PSUs granted during each year were as follows:
 
Fiscal Year Ended
 
Three Months Ended
 
December 29, 2017
 
September 30, 2016
 
September 25, 2015
 
December 30, 2016
Expected stock price volatility
48
%
 
41
%
 
27
%
 
48
%
Peer group stock price volatility
40
%
 
36
%
 
32
%
 
40
%
Correlation of returns
17
%
 
24
%
 
14
%
 
17
%
Schedule of Restricted Share Unit Activity
The grant-date fair value of RSAs, adjusted for estimated forfeitures, is recognized as expense on a straight-line basis over the service period. The weighted average grant-date fair value per share is $70.88.
 
Shares
Non-vested at September 26, 2014
1,432,031

Vested
(1,362,823
)
Forfeited
(34,646
)
Non-vested at September 25, 2015
34,562

Vested
(9,760
)
Forfeited
(7,936
)
Non-vested at September 30, 2016
16,866

Vested
(1,087
)
Forfeited
(911
)
Non-vested at December 30, 2016
14,868

Vested
(7,970
)
Forfeited
(2,223
)
Non-vested at December 29, 2017
4,675

RSU activity is as follows:
 
Shares
 
Weighted-Average
Grant-Date Fair Value
Non-vested at September 26, 2014
589,222

 
$
47.88

Granted
273,733

 
105.68

Vested
(219,189
)
 
49.84

Expired/Forfeited
(71,272
)
 
68.15

Non-vested at September 25, 2015
572,494

 
73.45

Granted
615,074

 
70.10

Vested
(193,849
)
 
69.27

Expired/Forfeited
(99,260
)
 
79.95

Non-vested at September 30, 2016
894,459

 
70.40

Granted
36,731

 
69.08

Exercised
(30,919
)
 
47.54

Expired/Forfeited
(16,809
)
 
49.62

Non-vested at December 30, 2016
883,462

 
71.03

Granted
655,282

 
50.74

Exercised
(263,189
)
 
69.14

Expired/Forfeited
(169,789
)
 
68.57

Non-vested at December 29, 2017
1,105,766

 
60.08