Stockholder's Equity

3 Months Ended

Dec. 30, 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. During the three months ended December 30, 2022, the Company paid $166.2 million (including commissions) in connection with the repurchase of 1.8 million shares of its common stock (paying an average price of $90.57 per share). During the three months ended December 31, 2021, the Company paid $269.4 million (including commissions) in connection with the repurchase of 1.7 million shares of its common stock (paying an average price of $159.56 per share). As of December 30, 2022, $947.0 million remained available under the January 26, 2021 stock repurchase program.

On January 31, 2023, the Board of Directors approved a new 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 through February 1, 2025, on the open market or in privately negotiated transactions, as permitted by securities laws and other legal requirements. This newly authorized stock repurchase program succeeds in its entirety the aforementioned January 26, 2021 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. The repurchase program may be suspended or discontinued at any time. The Company currently expects to fund the repurchase program using the Company’s working capital.

Dividends

On February 6, 2023, 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 March 21, 2023, to the Company’s stockholders of record as of the close of business on February 28, 2023.

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

	2023				2022
	Per Share		Total Amount		Per Share		Total Amount
First quarter	$	0.62	$	99.4	$	0.56	$	92.5

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
	December 30, 2022		December 31, 2021
Cost of goods sold	$	2.6	$	8.7
Research and development	27.9		18.8
Selling, general, and administrative	18.9		22.9
Total share-based compensation	$	49.4	$	50.4