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Stockholders' Equity and Stock-Based Compensation (Tables)
 12 Months Ended
Sep. 24, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation Expense in Consolidated Statement of Operations
The following presents stock-based compensation expense in the Company’s Consolidated Statements of Operations in fiscal 2016, 2015 and 2014:
 
 
2016
 
2015
 
2014
Cost of revenues
 
$
10.5

 
$
8.7

 
$
7.3

Research and development
 
10.8

 
8.6

 
8.4

Selling and marketing
 
10.9

 
8.8

 
8.2

General and administrative
 
32.8

 
29.1

 
19.5

Restructuring and divestiture
 
0.4

 
4.1

 
6.6

 
 
$
65.4


$
59.3


$
50.0
Information Pertaining to Stock Options Granted and Related Assumptions
Information pertaining to stock options granted during fiscal 2016, 2015 and 2014 and related assumptions are noted in the following table:
 
 
Years ended
September 24, 2016
 
September 26, 2015
 
September 27, 2014
Options granted (in millions)
 
1.1

 
1.3

 
2.4

Weighted-average exercise price
 
$
39.32

 
$
27.68

 
$
22.01

Weighted-average grant date fair value
 
$
12.91

 
$
9.95

 
$
7.67

Assumptions:
 
 
 
 
 
 
Risk-free interest rates
 
1.6
%
 
1.7
%
 
1.2
%
Expected life (in years)
 
4.7

 
5.3

 
4.4

Expected volatility
 
37.8
%
 
38.6
%
 
41.4
%
Dividend yield
 
—

 
—

 
—
Stock Option Activity
The following table summarizes all stock option activity under the Company’s stock option plans for the year ended September 24, 2016:
 
 
 
Number
of Shares (in millions)
 
Weighted-
Average
Exercise Price
 
Weighted-
Average
Remaining
Contractual Life
(in Years)
 
Aggregate
Intrinsic
Value (in millions)
Options outstanding at September 26, 2015
 
6.7

 
$
22.21

 
4.9
 
$
119.1

Granted
 
1.1

 
39.32

 
 
 
 
Canceled/ forfeited
 
(0.5
)
 
27.00

 
 
 
 
Exercised
 
(1.2
)
 
19.55

 
 
 
$
21.6

Options outstanding at September 24, 2016
 
6.1

 
$
25.37

 
4.9
 
$
80.1

Options exercisable at September 24, 2016
 
3.0

 
$
21.95

 
3.1
 
$
48.8

Options vested and expected to vest at September 24, 2016 (1)
 
5.9

 
$
25.32

 
4.9
 
$
79.0

 
(1)
This represents the number of vested stock options as of September 24, 2016 plus the unvested outstanding options at September 24, 2016 expected to vest in the future, adjusted for estimated forfeitures.
Restricted Stock Unit Activity
A summary of the Company’s RSU activity during the year ended September 24, 2016 is presented below:
 
Non-vested Shares
 
Number of
Shares
(in millions)
 
Weighted-Average
Grant-Date  Fair
Value
Non-vested at September 26, 2015
 
3.7

 
$
24.54

Granted
 
1.0

 
39.38

Vested
 
(1.2
)
 
22.96

Forfeited
 
(0.4
)
 
25.74

Non-vested at September 24, 2016
 
3.1

 
$
29.98
Black-Scholes Model Weighted Average Assumptions Used to Estimate Fair Value of Shares to Be Issued as of Grant Date
The Company uses the Black-Scholes model to estimate the fair value of shares to be issued as of the grant date using the following weighted average assumptions:
 
 
September 24, 2016
 
September 26, 2015
 
September 27, 2014
Assumptions:
 
 
 
 
 
 
Risk-free interest rates
 
0.34
%
 
0.10
%
 
0.08
%
Expected life (in years)
 
0.5

 
0.5

 
0.5

Expected volatility
 
27.2
%
 
27.4
%
 
30.0
%
Dividend yield
 
—

 
—

 
—