v3.24.3
Stockholders' Equity And Stock-Based Compensation (Tables)
 12 Months Ended
Sep. 27, 2024
Stockholders' Equity And Stock-Based Compensation [Abstract]  
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award
The following table summarizes information about PSOs granted to our officers that have vested during the periods presented:
Grant DateAggregate Shares Granted at Target Award
Aggregate Shares Exercisable at Vest Date (1)
Percentage Vested of Target AwardVested Date
December 15, 2018241,100 158,700 75 %December 2021
The following table summarizes information on PSUs granted to our officers that have not vested as of September 27, 2024:
Aggregate Shares GrantedPotential Shares at Vest Date (at 200% of Target)
December 15, 202160,301 120,602 
December 15, 202290,613 181,226 
December 15, 202377,283 154,566 
Summary Of Restricted Stock Units Issued To Officers, Directors And Employees Under 2005 Stock Incentive Plan
The following table summarizes information about RSUs, including PSUs, issued under our 2020 Stock Plan:
SharesWeighted-Average
Grant Date Fair Value 
 (in thousands)
Non-vested as of September 29, 20233,747 $78.62 
Granted1,840 82.91 
Vested(1,312)78.84 
Forfeitures(429)81.04 
Non-vested as of September 27, 20243,846 $80.33 
Schedule of Share-Based Payment Fair Value by Vesting Date
The fair value as of the respective vesting dates of RSUs were as follows (in thousands):
 Fiscal Year Ended
September 27,
2024		September 29,
2023		September 30,
2022
Restricted stock units - vest date fair value$113,909 $92,843 $106,919 
Schedule Of Fair Value Of Stock-Based Awards Estimated Using Weighted-Average Assumptions
The weighted-average assumptions used in the determination of the fair value of our stock options were as follows:
 Fiscal Year Ended
September 27,
2024		September 29,
2023		September 30,
2022
Expected term (in years)4.864.824.78
Risk-free interest rate3.9 %3.6 %1.5 %
Expected stock price volatility29.3 %29.4 %28.8 %
Dividend yield1.4 %1.6 %1.1 %
Summary Of Weighted-Average Fair Value Of Stock Options Granted And Total Intrinsic Value Of Stock Options Exercised
The weighted-average assumptions used in the determination of the fair value of our stock options were as follows:
 Fiscal Year Ended
September 27,
2024		September 29,
2023		September 30,
2022
Expected term (in years)4.864.824.78
Risk-free interest rate3.9 %3.6 %1.5 %
Expected stock price volatility29.3 %29.4 %28.8 %
Dividend yield1.4 %1.6 %1.1 %
 Fiscal Year Ended
September 27,
2024		September 29,
2023		September 30,
2022
Stock options granted - weighted-average grant date fair value$24.12 $19.15 $21.17 
Stock options exercised - intrinsic value14,224 22,736 22,885 
Schedule Of Stock-Based Compensation Expense By Plan
The following two tables separately present stock-based compensation expense both by award type and classification in our consolidated statements of operations (in thousands):
Expense - By Award Type
 Fiscal Year Ended
September 27,
2024		September 29,
2023		September 30,
2022
Compensation expense
Stock options$6,726 $8,486 $10,244 
Restricted stock units (1) (2)
109,031 105,915 98,433 
Employee stock purchase plan4,068 4,085 6,248 
Total stock-based compensation119,825 118,486 114,925 
Estimated benefit from income taxes(17,290)(17,844)(17,581)
Total stock-based compensation, net of tax$102,535 $100,642 $97,344 
(1)Stock-based compensation expense incurred by restricted stock units includes expense from PSUs.
(2)Excludes $0.6 million, $1.2 million and $0.7 million of capitalized stock-based compensation related to internal use software in fiscal 2024, fiscal 2023 and fiscal 2022, respectively.
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Expense - By Income Statement Line Item Classification
 Fiscal Year Ended
September 27,
2024		September 29,
2023		September 30,
2022
Compensation expense
Cost of products and services$1,501 $1,697 $1,819 
Research and development38,214 39,472 37,061 
Sales and marketing40,128 40,038 41,326 
General and administrative39,982 37,279 34,719 
Total stock-based compensation119,825 118,486 114,925 
Estimated benefit from income taxes(17,290)(17,844)(17,581)
Total stock-based compensation, net of tax$102,535 $100,642 $97,344 
Schedule of Tax Benefit from Exercise of Options
Expense - By Income Statement Line Item Classification
 Fiscal Year Ended
September 27,
2024		September 29,
2023		September 30,
2022
Compensation expense
Cost of products and services$1,501 $1,697 $1,819 
Research and development38,214 39,472 37,061 
Sales and marketing40,128 40,038 41,326 
General and administrative39,982 37,279 34,719 
Total stock-based compensation119,825 118,486 114,925 
Estimated benefit from income taxes(17,290)(17,844)(17,581)
Total stock-based compensation, net of tax$102,535 $100,642 $97,344 
The tax benefit that we recognize from shares issued under our ESPP is excluded from the tables above. The tax benefit recognized was not material in fiscal 2024, fiscal 2023, and fiscal 2022.
Schedule of Treasury Stock Authorizations The following table summarizes the initial amount of authorized repurchases as well as additional repurchases approved by our Board of Directors as of September 27, 2024 (in thousands):
Date of AuthorizationAuthorization Amount
Fiscal 2010: November 2009$250,000 
Fiscal 2010: July 2010300,000 
Fiscal 2011: July 2011250,000 
Fiscal 2012: February 2012100,000 
Fiscal 2015: October 2014200,000 
Fiscal 2017: January 2017200,000 
Fiscal 2018: July 2018350,000 
Fiscal 2019: July 2019350,000 
Fiscal 2021: July 2021350,000 
Fiscal 2022: February 2022250,000 
Fiscal 2022: August 2022350,000 
Fiscal 2024: August 2024350,000 
Total$3,300,000 
Schedule of Stock Repurchase Activity
The following table provides information regarding share repurchase activity under the program during fiscal 2024:
Quarterly Repurchase ActivityShares
Repurchased
Cost (1)
Average Price Paid Per Share (2)
(in thousands)
Q1 - Quarter ended December 29, 2023967,789 $80,002 $82.66 
Q2 - Quarter ended March 29, 2024294,400 24,997 84.91 
Q3 - Quarter ended June 28, 2024422,643 35,001 82.81 
Q4 - Quarter ended September 27, 2024250,757 20,001 79.76 
Total1,935,589 $160,001 
(1)Cost of share repurchases includes the price paid per share, and excludes commission costs.
(2)Average price paid per share excludes commission costs.
Dividends Declared
The following table summarizes dividends declared under the program during fiscal 2024:
Fiscal PeriodAnnouncement DateRecord DatePayment DateCash Dividend Per Common ShareDividend Payment
Q1 - Quarter ended December 29, 2023February 1, 2024February 13, 2024February 22, 2024$0.30 $28.7 million
Q2 - Quarter ended March 29, 2024May 2, 2024May 14, 2024May 22, 2024$0.30 $28.7 million
Q3 - Quarter ended June 28, 2024August 7, 2024August 19, 2024August 27, 2024$0.30 $28.6 million
Q4 - Quarter ended September 27, 2024November 19, 2024December 3, 2024December 10, 2024$0.33 $31.5 million
(1)
(1)The dividend payment amount for the dividend declared in the fourth quarter of fiscal 2024 is estimated based on the number of shares of our Class A and Class B common stock that we estimate will be outstanding as of the Record Date.