Stockholder's Equity

3 Months Ended

Jun. 26, 2020

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

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 June 26, 2020, the Company paid $58.5 million (including commissions) in connection with the repurchase of 0.7 million shares of its common stock (paying an average price of $87.42 per share). During the nine months ended June 26, 2020, the Company paid $416.5 million (including commissions) in connection with the repurchase of 4.6 million shares of its common stock (paying an average price of $89.56 per share). As of June 26, 2020, $1.2 billion remained available under the existing stock repurchase authorization.

Dividends

On July 23, 2020, the Company announced that the Board of Directors had declared a cash dividend on the Company’s common stock of $0.50 per share. This dividend is payable on September 1, 2020, to the Company’s stockholders of record as of the close of business on August 11, 2020.

During the three and nine months ended June 26, 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
Third quarter	0.44		73.5
Total	$	1.32	$	223.5

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 26, 2020		June 28, 2019		June 26, 2020		June 28, 2019
Cost of goods sold	$	4.7	$	1.3	$	16.1	$	8.2
Research and development	17.0		9.5		49.0		31.9
Selling, general and administrative	16.1		5.2		46.5		18.5
Total share-based compensation	$	37.8	$	16.0	$	111.6	$	58.6