Stockholder's Equity

9 Months Ended

Jul. 01, 2022

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

10.     STOCKHOLDERS’ EQUITY

Stock Repurchase

On January 26, 2021, 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 26, 2023, on the open market or in privately negotiated transactions, as permitted by securities laws and other legal requirements. This authorized stock repurchase program replaced in its entirety the January 30, 2019, stock repurchase program. 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 July 1, 2022, the Company paid $119.1 million (including commissions) in connection with the repurchase of 1.0 million shares of its common stock (paying an average price of $119.07 per share). During the nine months ended July 1, 2022, the Company paid $806.5 million (including commissions) in connection with the repurchase of 5.7 million shares of its common stock (paying an average price of $141.30 per share), all of which shares were repurchased pursuant to the January 26, 2021, stock repurchase program. As of July 1, 2022, $1.2 billion remained available under the January 26, 2021, stock repurchase program.

During the three months ended July 2, 2021, the Company did not repurchase any shares of its common stock. During the nine months ended July 2, 2021, the Company paid $195.6 million (including commissions) in connection with the repurchase of 1.4 million shares of its common stock (paying an average price of $138.85 per share), all of which shares were repurchased pursuant to the January 30, 2019, stock repurchase program.

Dividends

On August 4, 2022, the Company announced that the Board of Directors had declared a cash dividend on the Company’s common stock of $0.62 per share. This dividend is payable on September 15, 2022, to the Company’s stockholders of record as of the close of business on August 25, 2022.

Dividends charged to retained earnings were as follows (in millions, except per share data):

	2022				2021
	Per Share		Total Amount		Per Share		Total Amount
First quarter	$	0.56	$	92.5	$	0.50	$	83.0
Second quarter	0.56		91.2		0.50		82.6
Third quarter	0.56		90.0		0.50		82.5
Total dividends	$	1.68	$	273.7	$	1.50	$	248.1

Share-based Compensation

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

	Three Months Ended				Nine Months Ended
	July 1, 2022		July 2, 2021		July 1, 2022		July 2, 2021
Cost of goods sold	$	8.0	$	4.9	$	22.9	$	24.0
Research and development	24.2		17.9		74.4		62.2
Selling, general, and administrative	19.9		20.6		60.9		58.1
Total share-based compensation	$	52.1	$	43.4	$	158.2	$	144.3