Stockholder's Equity

9 Months Ended

Jul. 01, 2016

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Stock Repurchase Program

On November 10, 2015, the Board of Directors approved a stock repurchase program, pursuant to which the Company is authorized to repurchase up to $400.0 million of its common stock from time to time on the open market or in privately negotiated transactions, as permitted by securities laws and other legal requirements. During the three months ended July 1, 2016, the Company paid $191.9 million (including commissions) in connection with the repurchase of 3.0 million shares of its common stock (paying an average price of $63.96 per share). During the nine months ended July 1, 2016, the Company paid $327.0 million (including commissions) in connection with the repurchase of 5.0 million shares of its common stock (paying an average price of $65.40 per share). As of July 1, 2016, $73.0 million remained available under the existing stock repurchase authorization.

On July 19, 2016, the Board of Directors approved a new stock repurchase program, pursuant to which the Company is authorized to repurchase up to $400.0 million of its common stock from time to time prior to July 19, 2018, on the open market or in privately negotiated transactions, as permitted by securities laws and other legal requirements. This newly authorized stock repurchase plan replaces in its entirety the aforementioned November 10, 2015 plan.

Dividends

On July 21, 2016, the Company announced that the Board of Directors had declared a cash dividend on its common stock of $0.28 per share, payable on August 25, 2016, to the Company’s stockholders of record as of the close of business on August 4, 2016. During the three and nine months ended July 1, 2016, dividends charged to retained earnings were as follows (in millions, except per share data):

	Per share		Total
First quarter	$	0.26	$	49.8
Second quarter	0.26		49.3
Third quarter	0.26		49.5
Total	$	0.78	$	148.6

Share-based Compensation

The following table summarizes the share-based compensation expense by line item in the Statement of Operations (in millions):

	Three Months Ended				Nine Months Ended
	July 1, 2016		July 3, 2015		July 1, 2016		July 3, 2015
Cost of sales	$	2.2	$	3.6	$	9.4	$	10.6
Research and development	7.7		11.7		23.9		33.9
Selling, general and administrative	8.0		10.6		25.0		29.9
Total share-based compensation	$	17.9	$	25.9	$	58.3	$	74.4