Stockholders' Equity

6 Months Ended

Mar. 28, 2025

Stockholders' Equity Note [Abstract]

STOCKHOLDERS’ EQUITY

10.     STOCKHOLDERS’ EQUITY

Stock Repurchase and Retirement

On February 4, 2025, the Board of Directors approved a new stock repurchase program (“February 4, 2025 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 3, 2027, on the open market or in privately negotiated transactions, in compliance with applicable securities laws and other legal requirements. The February 4, 2025 stock repurchase program succeeds in its entirety the stock repurchase program approved by the Board of Directors on January 31, 2023 (“January 31, 2023 stock repurchase program”). The timing and amount of any shares of the Company’s common stock that are repurchased under the February 4, 2025 stock repurchase program will be determined by the Company’s management based on its evaluation of market conditions and other factors. The February 4, 2025 stock repurchase program may be suspended or discontinued at any time. The Company currently expects to fund the February 4, 2025 stock repurchase program using the Company’s working capital.

During each of the three and six months ended March 28, 2025, the Company repurchased 7.4 million shares of its common stock for $504.3 million (including commissions and excise tax, as applicable), all of which shares were repurchased pursuant to the February 4, 2025 stock repurchase program. As of March 28, 2025, approximately $1.5 billion remained available under the February 4, 2025 stock repurchase program.

During the three and six months ended March 29, 2024, the Company did not repurchase any shares of its common stock pursuant to the January 31, 2023 stock repurchase program.

Dividends

On May 7, 2025, the Company announced that the Board of Directors had declared a cash dividend on the Company’s common stock of $0.70 per share. This dividend is payable on June 17, 2025, to the Company’s stockholders of record as of the close of business on May 27, 2025. Future dividends are subject to declaration by the Board of Directors.

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

	Fiscal Years Ended
	October 3, 2025				September 27, 2024
	Per Share		Total Amount		Per Share		Total Amount
First quarter	$	0.70	$	112.5	$	0.68	$	108.9
Second quarter	0.70		110.6		0.68		109.1
Total dividends	$	1.40	$	223.1	$	1.36	$	218.0

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				Six Months Ended
	March 28, 2025		March 29, 2024		March 28, 2025		March 29, 2024
Cost of goods sold	$	5.7	$	11.5	$	13.0	$	20.3
Research and development	27.6		19.9		53.2		45.2
Selling, general, and administrative	16.9		14.6		35.1		33.8
Restructuring, impairment, and other charges (benefits)	12.5		—		12.5		—
Total share-based compensation	$	62.7	$	46.0	$	113.8	$	99.3