Stockholder's Equity

6 Months Ended

Mar. 27, 2020

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 March 27, 2020, the Company paid $283.8 million (including commissions) in connection with the repurchase of 3.2 million shares of its common stock (paying an average price of $87.61 per share). During the six months ended March 27, 2020, the Company paid $358.0 million (including commissions) in connection with the repurchase of 4.0 million shares of its common stock (paying an average price of $89.92 per share). As of March 27, 2020, $1.3 billion remained available under the existing stock repurchase authorization.

Dividends

On May 4, 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 June 11, 2020, to the Company’s stockholders of record as of the close of business on May 21, 2020.

During the three and six months ended March 27, 2020, dividends charged to retained earnings were as follows (in millions, except per share data):



	2020
	Per Share		Total Amount
First quarter	$	0.44	$	75.1
Second quarter	0.44		74.9
Total	$	0.88	$	150.0

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				Six Months Ended
	March 27, 2020		March 29, 2019		March 27, 2020		March 29, 2019
Cost of goods sold	$	7.2	$	3.3	$	11.4	$	6.9
Research and development	17.2		9.9		32.0		22.4
Selling, general and administrative	15.8		8.6		30.4		13.3
Total share-based compensation	$	40.2	$	21.8	$	73.8	$	42.6