Stockholder's Equity

3 Months Ended

Dec. 27, 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. The timing and amount of any shares of the Company’s common stock that are repurchased under the repurchase program are determined by the Company’s management based on its evaluation of market conditions and other factors.

During the three months ended December 27, 2019, the Company paid $74.2 million (including commissions) in connection with the repurchase of 0.7 million shares of its common stock (paying an average price of $100.01 per share). As of December 27, 2019, $1.6 billion remained available under the existing stock repurchase authorization.

Dividends

On January 23, 2020, the Company announced that the Board of Directors had declared a cash dividend on the Company’s common stock of $0.44 per share. This dividend is payable on March 3, 2020, to the Company’s stockholders of record as of the close of business on February 11, 2020.

During the three months ended December 27, 2019, the Company declared and paid a $0.44 dividend per share of common stock with a total charge to retained earnings of $75.1 million.

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
	December 27, 2019		December 28, 2018
Cost of goods sold	$	4.2	$	3.6
Research and development	14.8		12.5
Selling, general and administrative	14.6		4.7
Total share-based compensation	$	33.6	$	20.8