Stockholder's Equity

9 Months Ended

Jun. 28, 2019

Stockholders' Equity Note [Abstract]

STOCKHOLDERS’ EQUITY

Stock Repurchase Program

On January 30, 2019, the Board of Directors approved a stock repurchase program, pursuant to which the Company is authorized to repurchase up to $2.0 billion of its common stock from time to time prior to January 30, 2021, on the open market or in privately negotiated transactions, as permitted by securities laws and other legal requirements. This newly authorized stock repurchase plan replaced in its entirety the January 31, 2018, stock repurchase program. The timing and amount of any shares of the Company’s common stock that are repurchased under the new repurchase program will be determined by the Company’s management based on its evaluation of market conditions and other factors.

During the three months ended June 28, 2019, the Company paid $85.8 million (including commissions) in connection with the repurchase of 1.2 million shares of its common stock (paying an average price of $72.20 per share). During the nine months ended June 28, 2019, the Company paid $511.3 million (including commissions) in connection with the repurchase of 6.9 million shares of its common stock (paying an average price of $73.85 per share). As of June 28, 2019, $1.8 billion remained available under the existing stock repurchase authorization.

Dividends

On August 7, 2019, the Company announced that the Board of Directors had declared a cash dividend on its common stock of $0.44 per share, payable on September 17, 2019, to the Company’s stockholders of record as of the close of business on August 27, 2019.

During the three and nine months ended June 28, 2019, dividends charged to retained earnings were as follows (in millions, except per share data):



	2019
	Per share		Total Amount
First quarter	$	0.38	$	67.1
Second quarter	0.38		66.0
Third quarter	0.38		65.7
Total	$	1.14	$	198.8

Share-based Compensation

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



	Three Months Ended				Nine Months Ended
	June 28, 2019		June 29, 2018		June 28, 2019		June 29, 2018
Cost of goods sold	$	1.3	$	3.3	$	8.2	$	11.6
Research and development	9.5		6.5		31.9		32.2
Selling, general and administrative	5.2		9.7		18.5		42.5
Total share-based compensation	$	16.0	$	19.5	$	58.6	$	86.3