Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 29, 2018 | Jul. 27, 2018 | |
Entity Registrant Name | Dolby Laboratories, Inc. | |
Entity Central Index Key | 1,308,547 | |
Current Fiscal Year End Date | --09-28 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 29, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Class A Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 64,363,621 | |
Class B Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 39,283,678 |
Interim Condensed Consolidated
Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 29, 2018 | Sep. 29, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 829,621 | $ 627,017 |
Restricted cash | 7,842 | 7,351 |
Short-term investments | 195,284 | 247,757 |
Accounts receivable, net of allowance for doubtful accounts of $5,622 and $2,967 | 149,582 | 73,750 |
Inventories | 23,932 | 25,051 |
Prepaid expenses and other current assets | 32,672 | 30,508 |
Total current assets | 1,238,933 | 1,011,434 |
Long-term investments | 243,179 | 314,364 |
Property, plant, and equipment, net | 502,041 | 485,275 |
Intangible assets, net | 185,140 | 189,648 |
Goodwill | 314,317 | 311,087 |
Deferred taxes | 143,949 | 190,915 |
Other non-current assets | 42,260 | 30,831 |
Total assets | 2,669,819 | 2,533,554 |
Current liabilities: | ||
Accounts payable | 16,970 | 14,373 |
Accrued liabilities | 197,076 | 207,034 |
Income taxes payable | 4,830 | 1,216 |
Deferred revenue | 21,436 | 23,150 |
Total current liabilities | 240,312 | 245,773 |
Long-term deferred revenue | 37,775 | 36,425 |
Other non-current liabilities | 203,813 | 107,514 |
Total liabilities | 481,900 | 389,712 |
Stockholders’ equity: | ||
Additional paid-in capital | 89,077 | 61,331 |
Retained earnings | 2,105,621 | 2,083,063 |
Accumulated other comprehensive (loss) | (13,301) | (7,753) |
Total stockholders’ equity – Dolby Laboratories, Inc. | 2,181,500 | 2,136,742 |
Controlling interest | 6,419 | 7,100 |
Total stockholders’ equity | 2,187,919 | 2,143,842 |
Total liabilities and stockholders’ equity | 2,669,819 | 2,533,554 |
Class A, $0.001 par value, one vote per share, 500,000,000 shares authorized: 64,077,013 shares issued and outstanding at June 29, 2018 and 59,281,837 at September 29, 2017 | ||
Stockholders’ equity: | ||
Common stock | 60 | 58 |
Class B, $0.001 par value, ten votes per share, 500,000,000 shares authorized: 39,511,036 shares issued and outstanding at June 29, 2018 and 42,873,597 at September 29, 2017 | ||
Stockholders’ equity: | ||
Common stock | $ 43 | $ 43 |
Interim Condensed Consolidated3
Interim Condensed Consolidated Balance Sheets (Parenthetical) $ in Thousands | Jun. 29, 2018USD ($)vote / shares$ / sharesshares | Sep. 29, 2017USD ($)vote / shares$ / sharesshares |
Allowance for doubtful accounts | $ | $ (5,622) | $ (2,967) |
Class A Common Stock [Member] | ||
Common stock, par value (usd per share) | $ / shares | $ 0.001 | $ 0.001 |
Common stock voting right per share (votes per share) | vote / shares | 1 | 1 |
Common stock, shares authorized (shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (shares) | 64,077,013 | 59,281,837 |
Common stock, shares outstanding (shares) | 64,077,013 | 59,281,837 |
Class B Common Stock [Member] | ||
Common stock, par value (usd per share) | $ / shares | $ 0.001 | $ 0.001 |
Common stock voting right per share (votes per share) | vote / shares | 10 | 10 |
Common stock, shares authorized (shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (shares) | 39,511,036 | 42,873,597 |
Common stock, shares outstanding (shares) | 39,511,036 | 42,873,597 |
Interim Condensed Consolidated4
Interim Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2018 | Jun. 30, 2017 | Jun. 29, 2018 | Jun. 30, 2017 | |
Revenue: | ||||
Licensing | $ 286,325 | $ 278,106 | $ 817,484 | $ 752,422 |
Products | 26,265 | 22,569 | 73,863 | 71,493 |
Services | 4,857 | 4,990 | 15,252 | 15,491 |
Total revenue | 317,447 | 305,665 | 906,599 | 839,406 |
Cost of revenue: | ||||
Cost of licensing | 12,111 | 12,711 | 31,980 | 29,628 |
Cost of products | 17,213 | 14,910 | 49,851 | 46,618 |
Cost of services | 5,141 | 4,504 | 14,469 | 12,823 |
Total cost of revenue | 34,465 | 32,125 | 96,300 | 89,069 |
Gross margin | 282,982 | 273,540 | 810,299 | 750,337 |
Operating expenses: | ||||
Research and development | 60,357 | 59,631 | 176,294 | 175,490 |
Sales and marketing | 79,834 | 73,480 | 224,002 | 220,275 |
General and administrative | 48,081 | 44,497 | 147,113 | 129,290 |
Restructuring credits | (82) | 0 | (446) | 0 |
Total operating expenses | 188,190 | 177,608 | 546,963 | 525,055 |
Operating income | 94,792 | 95,932 | 263,336 | 225,282 |
Other income/expense: | ||||
Interest income | 5,488 | 2,511 | 13,161 | 6,511 |
Interest expense | (87) | (31) | (151) | (94) |
Other income/(expense), net | (3,603) | (2,109) | (5,439) | (1,546) |
Total other income | 1,798 | 371 | 7,571 | 4,871 |
Income before income taxes | 96,590 | 96,303 | 270,907 | 230,153 |
Provision for income taxes | (13,302) | (20,117) | (198,332) | (49,666) |
Net income including controlling interest | 83,288 | 76,186 | 72,575 | 180,487 |
Less: net (income) attributable to controlling interest | (143) | (143) | (421) | (480) |
Net income attributable to Dolby Laboratories, Inc. | $ 83,145 | $ 76,043 | $ 72,154 | $ 180,007 |
Net income per share: | ||||
Basic (in usd per share) | $ 0.80 | $ 0.75 | $ 0.70 | $ 1.77 |
Diluted (in usd per share) | $ 0.78 | $ 0.73 | $ 0.67 | $ 1.73 |
Weighted-average shares outstanding: | ||||
Basic (in shares) | 103,836 | 101,905 | 103,386 | 101,725 |
Diluted (in shares) | 106,950 | 104,222 | 106,943 | 103,986 |
Related party rent expense: | ||||
Included in operating expenses | $ 1,017 | $ 784 | $ 2,585 | $ 2,359 |
Included in net income attributable to controlling interest | $ 179 | $ 176 | $ 535 | $ 526 |
Common stock, dividends declared (in dollars per share) | $ 0.16 | $ 0.14 | $ 0.48 | $ 0.42 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.16 | $ 0.14 | $ 0.48 | $ 0.42 |
Interim Condensed Consolidated5
Interim Condensed Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2018 | Jun. 30, 2017 | Jun. 29, 2018 | Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income including controlling interest | $ 83,288 | $ 76,186 | $ 72,575 | $ 180,487 |
Other comprehensive income: | ||||
Foreign currency translation adjustments, net of tax | (8,297) | 3,267 | (2,815) | (12) |
Unrealized gains/(losses) on available-for-sale securities, net of tax | 339 | 75 | (2,813) | (1,363) |
Comprehensive income | 75,330 | 79,528 | 66,947 | 179,112 |
Less: comprehensive (income) attributable to controlling interest | 130 | (295) | (341) | (426) |
Comprehensive income attributable to Dolby Laboratories, Inc. | $ 75,460 | $ 79,233 | $ 66,606 | $ 178,686 |
Interim Condensed Consolidated6
Interim Condensed Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Total Dolby Laboratories,Inc.[Member] | Controlling Interest [Member] | Class A Common Stock [Member]Common Stock [Member] | Class A Common Stock [Member]Additional Paid-In Capital [Member] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Shares, Outstanding | 101,000 | ||||||||
Beginning balance at Sep. 30, 2016 | $ 1,978,735 | $ 42,032 | $ 1,938,320 | $ (10,197) | $ 1,970,256 | $ 8,479 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 180,487 | 180,007 | 180,007 | 480 | |||||
Translation adjustments, net of tax of $829 and $(64), respectively | (12) | 42 | 42 | (54) | |||||
Unrealized gains (losses) on available-for-sale securities, net of tax of $(327) and $(98), respectively | (1,363) | (1,363) | (1,363) | ||||||
Distributions to controlling interest | (2,094) | (2,094) | |||||||
Stock-based compensation expense | 48,940 | 48,940 | 48,940 | ||||||
Shares repurchased (in shares) | (2,000) | ||||||||
Repurchase of common stock | (74,994) | (74,992) | (74,994) | ||||||
Cash dividends declared and paid on common stock | (42,768) | (42,768) | (42,768) | ||||||
Tax benefit/(deficiency) from the stock incentive plans | 4,558 | 4,558 | 4,558 | ||||||
Common stock issued under employee stock plans | 47,765 | 47,763 | 47,765 | $ 2 | |||||
Tax withholdings on vesting of restricted stock | (16,875) | (16,875) | $ (16,875) | ||||||
Ending balance at Jun. 30, 2017 | 2,122,379 | 51,426 | 2,075,559 | (11,518) | 2,115,568 | 6,811 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Shares, Outstanding | 101,000 | ||||||||
Shares, Outstanding | 101,000 | ||||||||
Beginning balance at Sep. 29, 2017 | 2,143,842 | 61,331 | 2,083,063 | (7,753) | 2,136,742 | 7,100 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 72,575 | 72,154 | 72,154 | 421 | |||||
Translation adjustments, net of tax of $829 and $(64), respectively | (2,815) | (2,735) | (2,735) | (80) | |||||
Unrealized gains (losses) on available-for-sale securities, net of tax of $(327) and $(98), respectively | (2,813) | (2,813) | (2,813) | ||||||
Distributions to controlling interest | (1,022) | (1,022) | |||||||
Stock-based compensation expense | $ 53,476 | 53,476 | 53,476 | ||||||
Shares repurchased (in shares) | (1,468,278) | (1,000) | |||||||
Repurchase of common stock | $ (90,480) | (90,479) | (90,480) | ||||||
Cash dividends declared and paid on common stock | (49,596) | (49,596) | (49,596) | ||||||
Tax benefit/(deficiency) from the stock incentive plans | |||||||||
Common stock issued under employee stock plans | 85,941 | 85,938 | 85,941 | $ 3 | |||||
Tax withholdings on vesting of restricted stock | (21,189) | (21,189) | $ (21,189) | ||||||
Ending balance at Jun. 29, 2018 | $ 2,187,919 | $ 89,077 | $ 2,105,621 | $ (13,301) | $ 2,181,500 | $ 6,419 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Shares, Outstanding | 103,000 |
Interim Condensed Consolidated7
Interim Condensed Consolidated Statements Of Stockholders' Equity - Parenthetical - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 29, 2018 | Jun. 30, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||
Translation adjustments, tax | $ 110 | $ 205 |
Unrealized gains/(losses) on available-for-sale securities, tax | $ 155 | $ 22 |
Interim Condensed Consolidated8
Interim Condensed Consolidated Statements Of Cash Flows - USD ($) | 9 Months Ended | |
Jun. 29, 2018 | Jun. 30, 2017 | |
Operating activities: | ||
Net income including controlling interest | $ 72,575,000 | $ 180,487,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 61,398,000 | 64,543,000 |
Stock-based compensation | 53,476,000 | 48,940,000 |
Amortization of premium on investments | 2,046,000 | 2,077,000 |
Provision for doubtful accounts | 2,653,000 | 1,167,000 |
Deferred income taxes | 47,145,000 | (11,446,000) |
Other non-cash items affecting net income | 5,147,000 | 2,547,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (78,480,000) | (7,576,000) |
Inventories | (508,000) | (6,840,000) |
Prepaid expenses and other assets | (13,719,000) | (10,657,000) |
Accounts payable and other liabilities | (12,781,000) | 14,877,000 |
Income taxes, net | 102,422,000 | 19,033,000 |
Deferred revenue | (366,000) | (560,000) |
Other non-current liabilities | (537,000) | 773,000 |
Net cash provided by operating activities | 240,471,000 | 297,365,000 |
Investing activities: | ||
Purchase of investments | (151,585,000) | (204,447,000) |
Proceeds from sales of investment securities | 72,090,000 | 36,579,000 |
Proceeds from maturities of investment securities | 194,038,000 | 126,199,000 |
Purchases of property, plant and equipment | (54,869,000) | (81,668,000) |
Payments for business acquisitions, net of cash acquired | 6,563,000 | 0 |
Purchases of intangible assets | (12,543,000) | (5,250,000) |
Change in restricted cash | (491,000) | (2,542,000) |
Net cash provided by/(used in) investing activities | 40,077,000 | (131,129,000) |
Financing activities: | ||
Proceeds from issuance of common stock | 85,941,000 | 47,765,000 |
Repurchase of common stock | (90,480,000) | (74,994,000) |
Payment of cash dividend | (49,596,000) | (42,768,000) |
Distribution to controlling interest | (1,022,000) | (2,094,000) |
Shares repurchased for tax withholdings on vesting of restricted stock | (21,189,000) | (16,875,000) |
Net cash used in financing activities | (76,346,000) | (88,966,000) |
Effect of foreign exchange rate changes on cash and cash equivalents | (1,598,000) | (766,000) |
Net increase/(decrease) in cash and cash equivalents | 202,604,000 | 76,504,000 |
Cash and cash equivalents at beginning of period | 627,017,000 | 516,112,000 |
Cash and cash equivalents at end of period | 829,621,000 | |
Supplemental disclosure: | ||
Cash paid for income taxes, net of refunds received | 48,931,000 | 44,694,000 |
Non-cash investing activities: | ||
Net change in PP&E purchased and unpaid at period-end | 4,820,000 | (11,614,000) |
Purchase consideration payable for acquisition | 750,000 | 0 |
Purchase consideration payable for intangibles | $ 200,000 | $ 0 |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Jun. 29, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | Unaudited Interim Condensed Consolidated Financial Statements We have prepared the accompanying unaudited interim condensed consolidated financial statements in accordance with U.S. GAAP, and with SEC rules and regulations, which allow for certain information and footnote disclosures that are normally included in annual financial statements prepared in accordance with U.S. GAAP to be condensed or omitted. In our opinion, these unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements for the fiscal year ended September 29, 2017 and include all adjustments necessary for fair presentation. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with our consolidated financial statements for the fiscal year ended September 29, 2017 , which are included in our Annual Report on Form 10-K filed with the SEC. The results for the fiscal quarter ended June 29, 2018 are not necessarily indicative of the results to be expected for any subsequent quarterly or annual financial period, including the fiscal year ending September 28, 2018 . Principles of Consolidation The unaudited interim condensed consolidated financial statements include the accounts of Dolby Laboratories, Inc. and our wholly owned subsidiaries. In addition, we have consolidated the financial results of jointly owned affiliated companies in which our principal stockholder has a controlling interest. We report these controlling interests as a separate line in our consolidated statements of operations as net income attributable to controlling interest and in our consolidated balance sheets as a controlling interest. We eliminate all intercompany accounts and transactions upon consolidation. Operating Segments Since we operate as a single reporting segment, all required financial segment information is included in our unaudited interim condensed consolidated financial statements. This determination reflects the fact that our CODM, our Chief Executive Officer, evaluates our financial information and resources, and assesses the performance of these resources on a consolidated basis. Use of Estimates The preparation of our financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported and disclosed in our unaudited interim condensed consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include estimated selling prices for elements sold in ME revenue arrangements; valuation allowances for accounts receivable; carrying values of inventories and certain property, plant, and equipment, goodwill and intangible assets; fair values of investments; accrued liabilities including liabilities for unrecognized tax benefits, deferred income tax assets and liabilities, and stock-based compensation. Actual results could differ from our estimates. Fiscal Year Our fiscal year is a 52 or 53 week period ending on the last Friday in September. The fiscal periods presented herein include the 13 week periods ended June 29, 2018 and June 30, 2017 . Our fiscal year ending September 28, 2018 (fiscal 2018 ) and our fiscal year ended September 29, 2017 (fiscal 2017 ) both consist of 52 weeks. Reclassifications We have reclassified certain prior period amounts within our consolidated financial statements and accompanying notes to conform to our current period presentation. These reclassifications did not affect total revenue, operating income, or net income. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 9 Months Ended |
Jun. 29, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies We continually assess any ASUs or other new accounting pronouncements issued by the FASB to determine their applicability and impact on us. Where it is determined that a new accounting pronouncement will result in a change to our financial reporting, we take the appropriate steps to ensure that such changes are properly reflected in our consolidated financial statements or notes thereto. Recently Issued Accounting Standards Adopted Standards Share-Based Compensation . During the first quarter of fiscal 2018, we adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting , which simplifies several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory withholding requirements, as well as classification in the statement of cash flows. Upon adoption, excess tax benefits or deficiencies from stock-based awards are recorded as a component of the income tax provision, whereas they previously were recorded as additional paid-in capital. In the fiscal quarter and year-to-date periods ended June 29, 2018 , we recognized an excess tax benefit of $0.5 million and $9.9 million , respectively, related to stock-based awards in the provision for income taxes. We elected to continue to account for forfeitures based on an estimate of expected forfeitures, rather than to account for forfeitures as they occur. Additionally, we adopted the aspects of the guidance affecting the cash flow presentation retrospectively, which results in a reclassification of excess tax benefits from financing activities to operating activities in the consolidated statements of cash flows. Standards Not Yet Effective Revenue Recognition. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which outlines a comprehensive revenue recognition model and supersedes most current revenue recognition guidance. The new standard defines a five-step approach for recognizing revenue, which may require a company to use more judgment and make more estimates than under the current guidance. Amongst the elements in the new standard are requirements for an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers, to capitalize certain direct costs associated with revenues and contract acquisition costs, and to provide expanded disclosures. We have evaluated the impact of adoption of Topic 606 on all of our revenue streams and believe that the following are the most significant changes that are expected to occur: • Estimating and recording royalty-based revenue earned from our licensees’ shipments in the same period in which those shipments occurred, rather than recognizing our royalty-based revenue in the quarter in which it is reported to us by our licensees, which is typically in the quarter after those shipments have occurred; • Specified performance obligations for which we have not historically had VSOE and which resulted in the deferral of revenue balances may accelerate revenue recognition as VSOE for the undelivered elements is no longer required to separately recognize revenue for the delivered elements; • Recording a one-time adjustment to retained earnings to reflect the cumulative impact of the changes noted above for the periods prior to adoption; • For certain transactions that have minimum commitment or fixed fee terms, recognizing licensing revenues on contract execution instead of as payments become due. We have not yet quantified the impact of these anticipated changes. We plan to adopt the new standard using the full retrospective method, whereby the standard is applied to all periods presented, on the adoption date. Although permitted, we do not intend to early-adopt the new standard, but will adopt it on September 29, 2018, which is the beginning of our first quarter of fiscal 2019. In addition to our ongoing evaluation of the accounting changes and of our transition options, we are also addressing the impact of the new accounting standard and its expanded disclosure requirements on our policies, processes, controls, and systems. Leases. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which amends the existing accounting standards for leases. Under the new guidance, a lessee will be required to recognize a lease liability and right-of-use asset for most leases. The new guidance also modifies the classification criteria and accounting for sales-type and direct financing leases, and requires additional disclosures to enable users of financial statements to understand the amount, timing, and uncertainty of cash flows arising from leases. Topic 842 must be applied using a modified retrospective approach. Upon adoption, we will recognize a lease liability and right-of-use asset for each of our long-term lease arrangements, which exceed 70 as of June 29, 2018 . We intend to early adopt this new standard concurrently with the adoption of the new revenue recognition standard beginning September 29, 2018. We continue to refine our quantification and anticipate this standard will have a material impact on our consolidated balance sheets, but will not have a material impact on our consolidated income statements. We currently expect the most significant impact will be the recognition of right-of-use assets and lease liabilities for operating leases. Our accounting for capital leases is expected to remain substantially unchanged. Financial Instruments. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . The new guidance requires certain equity investments that are not consolidated or accounted for under the equity method of accounting to be measured at fair value with changes in fair value recognized in net income. Additionally, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The ASU is effective for us beginning September 29, 2018, and we do not currently plan to early adopt. We do not anticipate that the new standard will materially impact our consolidated financial statements. Cash Flow Classification. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . The new guidance addresses eight specific cash flow issues, with the objective of reducing an existing diversity in practices regarding the manner in which certain cash receipts and payments are presented and classified in the statement of cash flows. The ASU is effective for us beginning September 29, 2018, and we do not currently plan to early adopt. We do not anticipate that the new standard will materially impact our consolidated financial statements. Income Taxes: Intra-Entity Asset Transfers. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory . The new guidance requires the recognition of the income tax consequences of an intercompany asset transfer, other than transfers of inventory, when the transfer occurs. For intercompany transfers of inventory, the income tax effects will continue to be deferred until the inventory has been sold to a third party. The ASU is effective for us beginning September 29, 2018, and we do not currently plan to early adopt. We do not anticipate that the new standard will materially impact our consolidated financial statements. Restricted Cash. In November 2016, the FASB issued ASU 2016-18, Restricted Cash — a consensus of the FASB Emerging Issues Task Force , which clarifies how entities should present restricted cash and restricted cash equivalents in the statement of cash flows. The new guidance requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The ASU is effective for us beginning September 29, 2018, and we do not currently plan to early adopt. Aside from conforming to new cash flow presentation and restricted cash disclosure requirements, we do not anticipate that the new standard will materially impact our consolidated financial statements. Accounting for Hedging Activities. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which enables entities to better portray the economics of their risk management activities in the financial statements while enhancing the transparency and understandability of hedge results. The new guidance eliminates the requirement to separately measure and report hedge ineffectiveness. The ASU is effective for us beginning September 29, 2018, and we do not currently plan to early adopt. We do not anticipate that the new standard will materially impact our consolidated financial statements. Income Taxes: Comprehensive Income. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act ("Tax Act"). In February 2018, the FASB issued ASU 2018-02, Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act and requires entities to provide certain disclosures regarding stranded tax effects. The ASU is effective for us beginning September 28, 2019, and we do not currently plan to early adopt. We are currently evaluating the timing and impact of the standard on our consolidated financial statements. |
Composition Of Certain Financia
Composition Of Certain Financial Statement Captions | 9 Months Ended |
Jun. 29, 2018 | |
Composition Of Certain Financial Statement Captions [Abstract] | |
Composition Of Certain Financial Statement Captions | 3. Composition of Certain Financial Statement Captions The following tables present detailed information from our consolidated balance sheets as of June 29, 2018 and September 29, 2017 (amounts displayed in thousands, except as otherwise noted). Accounts Receivable June 29, September 29, Trade accounts receivable $ 131,916 $ 62,305 Accounts receivable from patent administration program customers 23,288 14,412 Accounts receivable, gross 155,204 76,717 Less: allowance for doubtful accounts (5,622 ) (2,967 ) Total $ 149,582 $ 73,750 Trade accounts receivable includes unbilled accounts receivable balances related to amounts that are contractually owed. Inventories June 29, September 29, Raw materials $ 4,202 $ 6,812 Work in process 4,566 4,954 Finished goods 15,164 13,285 Total $ 23,932 $ 25,051 Inventories are stated at the lower of cost and net realizable value. Inventory with a consumption period expected to exceed twelve months is recorded within other non-current assets in our consolidated balance sheets. In addition to the amounts shown in the table above, we have included $3.5 million and $1.8 million of inventory within other non-current assets in our consolidated balance sheets as of June 29, 2018 and September 29, 2017 , respectively. We write-down inventory at the time it is deemed excess or obsolete. Prepaid Expenses And Other Current Assets June 29, September 29, Prepaid expenses $ 17,941 $ 16,681 Other current assets 14,079 11,383 Income tax receivable 652 2,444 Total $ 32,672 $ 30,508 Accrued Liabilities June 29, September 29, Accrued royalties $ 2,764 $ 2,274 Amounts payable to patent administration program partners 49,926 49,141 Accrued compensation and benefits 74,157 92,277 Accrued professional fees 7,632 5,530 Unpaid PP&E additions 13,130 10,096 Other accrued liabilities 49,467 47,716 Total $ 197,076 $ 207,034 Other Non-Current Liabilities June 29, September 29, Supplemental retirement plan obligations $ 3,220 $ 2,928 Non-current tax liabilities 188,027 91,013 Other liabilities 12,566 13,573 Total $ 203,813 $ 107,514 |
Investments & Fair Value Measur
Investments & Fair Value Measurements | 9 Months Ended |
Jun. 29, 2018 | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |
Investments & Fair Value Measurements | . Investments & Fair Value Measurements We use cash holdings to purchase investment grade securities diversified among security types, industries, and issuers. All of our investment securities are measured at fair value, and are recorded within cash equivalents and both short-term and long-term investments in our consolidated balance sheets. With the exception of our mutual fund investments held in our SERP and classified as trading securities, all of our investments are classified as AFS securities. Our investment securities primarily consist of government bonds, certificates of deposit, municipal debt securities, corporate bonds, U.S. agency securities, and commercial paper. In addition, our cash and cash equivalents may also consist of corporate bonds, money market funds, and municipal debt securities that meet the high liquidity requirements set forth in our accounting policy. Consistent with our investment policy, none of our municipal debt investments are supported by letters of credit or standby purchase agreements. Our cash and investment portfolio consisted of the following (in thousands): June 29, 2018 Cost Unrealized Estimated Fair Value Gains Losses Total Level 1 Level 2 Level 3 Cash and cash equivalents: Cash $ 702,582 $ 702,582 Cash equivalents: Commercial paper 61,194 5 — 61,199 61,199 Corporate bonds 4,404 — — 4,404 4,404 Money market funds 61,136 61,136 61,136 Municipal debt securities 300 300 300 Cash and cash equivalents 829,616 5 — 829,621 61,136 65,903 — Short-term investments: Certificate of deposit (1) 26,065 23 26,088 26,088 U.S. agency securities 2,802 (6 ) 2,796 2,796 Government bonds 535 535 535 Commercial paper 5,517 — (4 ) 5,513 5,513 Corporate bonds 129,156 58 (474 ) 128,740 128,740 Municipal debt securities 31,672 — (60 ) 31,612 31,612 Short-term investments 195,747 81 (544 ) 195,284 535 194,749 — Long-term investments: U.S. agency securities 20,286 (327 ) 19,959 19,959 Government bonds 14,962 (289 ) 14,673 14,673 Corporate bonds 187,728 53 (2,310 ) 185,471 185,471 Municipal debt securities 21,970 9 (75 ) 21,904 21,903 Other long-term investments (2) 924 248 1,172 248 Long-term investments 245,870 310 (3,001 ) 243,179 14,921 227,333 — Total cash, cash equivalents, and investments $ 1,271,233 $ 396 $ (3,545 ) $ 1,268,084 $ 76,592 $ 487,985 $ — Investments held in supplemental retirement plan: Assets 3,318 3,318 3,318 Included in prepaid expenses and other current assets & other non-current assets Liabilities 3,318 3,318 3,318 Included in accrued liabilities & other non-current liabilities (1) Certificates of deposit include marketable securities, while those with a maturity in excess of one year as of June 29, 2018 are classified within long-term investments. (2) Other long-term investments as of June 29, 2018 include a marketable equity security of $0.3 million , and other investments that are not carried at fair value including an equity method investment of $0.4 million and one cost method equity investment of $0.5 million . During the third quarter of fiscal 2018, we recorded a write-off charge to reduce the carrying value of a cost method equity investment to zero in recognition of an other-than-temporary impairment. September 29, 2017 Cost Unrealized Estimated Fair Value Gains Losses Total Level 1 Level 2 Level 3 Cash and cash equivalents: Cash $ 623,244 $ 623,244 Cash equivalents: Commercial paper 1,223 — — 1,223 1,223 Money market funds 2,550 — — 2,550 2,550 Cash and cash equivalents 627,017 — — 627,017 2,550 1,223 — Short-term investments: Certificate of deposit (1) 17,236 9 (1 ) 17,244 17,244 U.S. agency securities 9,518 — (20 ) 9,498 9,498 Government bonds 2,034 — (6 ) 2,028 2,028 Commercial paper 15,160 2 (1 ) 15,161 15,161 Corporate bonds 174,750 54 (163 ) 174,641 174,641 Municipal debt securities 29,178 16 (9 ) 29,185 29,185 Short-term investments 247,876 81 (200 ) 247,757 2,028 245,729 — Long-term investments: Certificate of deposit (1) 22,940 5 (6 ) 22,939 22,939 U.S. agency securities 21,779 — (178 ) 21,601 21,601 Government bonds 17,839 — (107 ) 17,732 17,732 Corporate bonds 218,857 327 (537 ) 218,647 218,647 Municipal debt securities 28,913 29 (25 ) 28,917 28,917 Other long-term investments (2) 4,171 357 — 4,528 357 — Long-term investments 314,499 718 (853 ) 314,364 18,089 292,104 — Total cash, cash equivalents, and investments $ 1,189,392 $ 799 $ (1,053 ) $ 1,189,138 $ 22,667 $ 539,056 $ — Investments held in supplemental retirement plan: Assets 3,026 3,026 3,026 Included in prepaid expenses and other current assets & other non-current assets Liabilities 3,026 3,026 3,026 Included in accrued liabilities & other non-current liabilities (1) Certificates of deposit include marketable securities, while those with a maturity in excess of one year as of September 29, 2017 are classified within long-term investments. (2) Other long-term investments as of September 29, 2017 include a marketable equity security of $0.4 million , and other investments that are not carried at fair value including an equity method investment of $0.6 million and two cost method equity investments of $3.0 million and $0.5 million . Fair Value Hierarchy. Fair value is the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants at the measurement date. We minimize the use of unobservable inputs and use observable market data, if available, when determining fair value. We classify our inputs to measure fair value using the following three-level hierarchy: Level 1: Quoted prices in active markets at the measurement date for identical assets and liabilities. We base the fair value of our Level 1 financial instruments, which are traded in active markets, using quoted market prices for identical instruments. Level 2: Prices may be based upon quoted prices in active markets or inputs not quoted on active markets but are corroborated by market data. We obtain the fair value of our Level 2 financial instruments from a professional pricing service, which may use quoted market prices for identical or comparable instruments, or model driven valuations using observable market data or inputs corroborated by observable market data. To validate the fair value determination provided by our primary pricing service, we perform quality controls over values received which include comparing our pricing service provider’s assessment of the fair values of our investment securities against the fair values of our investment securities obtained from another independent source, reviewing the pricing movement in the context of overall market trends, and reviewing trading information from our investment managers. In addition, we assess the inputs and methods used in determining the fair value in order to determine the classification of securities in the fair value hierarchy. Level 3: Unobservable inputs are used when little or no market data is available and reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. Securities In Gross Unrealized Loss Position. We periodically evaluate our investments for other-than- temporary declines in fair value. The unrealized losses on our AFS securities were primarily the result of unfavorable changes in interest rates subsequent to the initial purchase of these securities. The following table presents the gross unrealized losses and fair value for those AFS securities that were in an unrealized loss position for less than twelve months and for twelve months or greater as of June 29, 2018 and September 29, 2017 (in thousands): June 29, 2018 September 29, 2017 Less Than 12 Months 12 Months Or Greater Less Than 12 Months 12 Months Or Greater Investment Type Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Certificate of deposit $ 19,750 $ (6 ) $ — $ — U.S. agency securities 22,755 (333 ) — — 19,713 (91 ) 11,386 (108 ) Government bonds 14,673 (289 ) — — 15,029 (64 ) 4,729 (49 ) Commercial paper 4,418 (4 ) — — 4,292 (1 ) — — Corporate bonds 221,466 (2,438 ) 26,804 (347 ) 125,890 (251 ) 109,806 (449 ) Municipal debt securities 48,699 (135 ) — — 26,749 (24 ) 3,625 (10 ) Total $ 312,011 $ (3,199 ) $ 26,804 $ (347 ) $ 211,423 $ (437 ) $ 129,546 $ (616 ) Although we had certain securities that were in an unrealized loss position as of June 29, 2018 , we expect to recover the full carrying value of these securities. As a result, we do not consider any portion of the unrealized losses at either June 29, 2018 or September 29, 2017 to represent an other–than–temporary impairment, nor do we consider any of the unrealized losses to be credit losses. Investment Maturities. The following table summarizes the amortized cost and estimated fair value of the AFS securities within our investment portfolio based on stated maturities as of June 29, 2018 and September 29, 2017 , which are recorded within cash equivalents and both short and long-term investments in our consolidated balance sheets (in thousands): June 29, 2018 September 29, 2017 Range of maturity Amortized Cost Fair Value Amortized Cost Fair Value Due within 1 year $ 322,782 $ 322,323 $ 251,649 $ 251,530 Due in 1 to 2 years 148,567 147,032 213,555 213,154 Due in 2 to 3 years 96,380 94,975 96,773 96,682 Total $ 567,729 $ 564,330 $ 561,977 $ 561,366 |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Jun. 29, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | . Property, Plant, & Equipment Property, plant, and equipment are recorded at cost, with depreciation expense included in cost of licensing, cost of products, cost of services, R&D, S&M, and G&A expenses in our consolidated statements of operations. PP&E consist of the following (in thousands): June 29, September 29, Land $ 43,339 $ 43,364 Buildings and building improvements 283,459 281,196 Leasehold improvements 62,560 65,034 Machinery and equipment 104,643 98,437 Computer equipment and software 187,701 173,341 Furniture and fixtures 29,737 28,118 Equipment provided under operating leases 129,301 97,456 Construction-in-progress 11,115 3,673 Property, plant, and equipment, gross 851,855 790,619 Less: accumulated depreciation (349,814 ) (305,344 ) Property, plant, & equipment, net $ 502,041 $ 485,275 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Jun. 29, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | . Goodwill & Intangible Assets Goodwill The following table outlines changes to the carrying amount of goodwill (in thousands): Goodwill Balance at September 29, 2017 $ 311,087 Acquired goodwill 4,807 Translation adjustments (1,577 ) Balance at June 29, 2018 $ 314,317 Intangible Assets Our intangible assets are stated at their original cost less accumulated amortization, and principally consist of acquired technology, patents, trademarks, customer relationships and contracts. Intangible assets subject to amortization consist of the following (in thousands): June 29, 2018 September 29, 2017 Intangible Assets Cost Accumulated Amortization Net Cost Accumulated Amortization Net Acquired patents and technology $ 314,799 $ (146,549 ) $ 168,250 $ 299,707 $ (128,986 ) $ 170,721 Customer relationships 56,836 (40,345 ) 16,491 56,843 (38,368 ) 18,475 Other intangibles 22,734 (22,335 ) 399 22,742 (22,290 ) 452 Total $ 394,369 $ (209,229 ) $ 185,140 $ 379,292 $ (189,644 ) $ 189,648 We purchase various patents and developed technologies that enable us to further develop our audio, imaging and potential product offerings. With regard to our purchase of intangible assets during the periods presented, the following table summarizes the consideration paid, the weighted-average useful lives over which the acquired assets will be amortized using the greater of either the straight-line basis or a ratio-to-revenue method, and the classification of their amortized expense in our consolidated statements of operations: Fiscal Period Total Purchase Consideration (1) Weighted-Average Useful Life (in millions) (in years) Fiscal 2017 Q1 - Quarter ended December 30, 2016 None Q2 - Quarter ended March 31, 2017 5.3 18.0 $5.3 18.0 Fiscal 2018 Q1 - Quarter ended December 29, 2017 $12.0 14.1 Q2 - Quarter ended March 30, 2018 $2.8 5.3 Q3 - Quarter ended June 29, 2018 $0.7 5.0 $15.5 12.1 (1) Amortization expense on the intangible assets from patent portfolio and business acquisitions is included within cost of revenue, R&D, and G&A in our consolidated statements of operations. Amortization expense for our intangible assets is included in cost of licensing, cost of products, R&D, S&M, and G&A expenses in our consolidated statements of operations. Amortization expense was $6.7 million and $7.3 million in the third quarter of fiscal 2018 and 2017 , respectively, and $19.8 million and $24.0 million in the fiscal year-to-date period ended June 29, 2018 and June 30, 2017 , respectively. As of June 29, 2018 , estimated amortization expense in future fiscal periods was as follows (in thousands): Fiscal Year Amortization Expense Remainder of 2018 $ 6,778 2019 26,525 2020 26,061 2021 26,034 2022 23,370 Thereafter 76,372 Total $ 185,140 |
Stockholders' Equity And Stock-
Stockholders' Equity And Stock-Based Compensation | 9 Months Ended |
Jun. 29, 2018 | |
Stockholders' Equity And Stock-Based Compensation [Abstract] | |
Stockholders' Equity And Stock-Based Compensation | . Stockholders' Equity & Stock-Based Compensation We provide stock-based awards as a form of compensation for employees, officers and directors. We have issued stock-based awards in the form of stock options and RSUs under our equity incentive plans, as well as shares under our ESPP. Common Stock - Class A and Class B Our Board of Directors has authorized two classes of common stock, Class A and Class B. At June 29, 2018 , we had authorized 500,000,000 Class A shares and 500,000,000 Class B shares. At June 29, 2018 , we had 64,077,013 shares of Class A common stock and 39,511,036 shares of Class B common stock issued and outstanding. Holders of our Class A and Class B common stock have identical rights, except that holders of our Class A common stock are entitled to one vote per share and holders of our Class B common stock are entitled to ten votes per share. Shares of Class B common stock can be converted to shares of Class A common stock at any time at the option of the stockholder and automatically convert upon sale or transfer, except for certain transfers specified in our amended and restated certificate of incorporation. Stock Incentive Plans 2005 Stock Plan. In January 2005, our stockholders approved our 2005 Stock Plan, which our Board of Directors adopted in November 2004. The 2005 Stock Plan became effective on February 16, 2005, the day prior to the completion of our initial public offering. Our 2005 Stock Plan, as amended and restated, provides for the ability to grant incentive stock options, non-qualified stock options, restricted stock, RSUs, stock appreciation rights, deferred stock units, performance units, performance bonus awards, and performance shares. A total of 46.0 million shares of our Class A common stock is authorized for issuance under the 2005 Stock Plan. For awards granted prior to February 2011, any shares subject to an award with a per share price less than the fair market value of our Class A common stock on the date of grant and any shares subject to an outstanding RSU award will be counted against the authorized share reserve as two shares for every one share subject to the award, and if returned to the 2005 Stock Plan, such shares will be counted as two shares for every one share returned. For those awards granted from February 2011 onward, any shares subject to an award with a per share price less than the fair market value of our Class A common stock on the date of grant and any shares subject to an outstanding RSU award will be counted against the authorized share reserve as 1.6 shares for every one share subject to the award, and if returned to the 2005 Stock Plan, such shares will be counted as 1.6 shares for every one share returned. Stock Options. Stock options are granted at fair market value on the date of grant. Options granted to employees and officers prior to June 2008 generally vested over four years , with equal annual cliff-vesting and expire on the earlier of ten years after the date of grant or three months after termination of service. Options granted to employees and officers from June 2008 onward generally vest over four years, with 25% of the shares subject to the option becoming exercisable on the one-year anniversary of the date of grant and the balance of the shares vesting in equal monthly installments over the following 36 months . These options expire on the earlier of ten years after the date of grant or three months after termination of service. All options granted vest over the requisite service period and upon the exercise of stock options, we issue new shares of Class A common stock under the 2005 Stock Plan. Our 2005 Stock Plan also allows us to grant stock awards which vest based on the satisfaction of specific performance criteria. Performance-Based Stock Options (PSOs). In fiscal 2016, we began granting PSOs to our executive officers with shares of our Class A common stock underlying such options. The contractual term for the PSOs is seven years , with vesting contingent upon market-based performance conditions, representing the achievement of specified Dolby annualized TSR targets at the end of a three -year measurement period following the date of grant. If the minimum conditions are met, the PSOs earned will cliff vest on the third anniversary of the grant date, upon certification of achievement of the performance conditions by our Compensation Committee. Anywhere from 0% to 125% of the shares subject to a PSO may vest based on achievement of the performance conditions at the end of the three-year performance period. In valuing the PSOs, which will be recognized as compensation cost, we used a Monte Carlo valuation model. Aside from the use of an expected term for the PSOs commensurate with their shorter contractual term, the nature of the valuation inputs used in the Monte Carlo valuation model were consistent with those used to value our non-performance based options granted under the 2005 Plan. Compensation cost is being amortized on a straight-line basis over the requisite service period. On December 15, 2017, we granted PSOs to our executive officers exercisable for an aggregate of 264,000 shares at the target award amount, which would be exercisable up to an aggregate of 330,000 shares at 125% of the target award amount. On December 15, 2016, we granted PSOs to our executive officers exercisable for an aggregate of 276,199 shares at the target award amount, which would be exercisable up to an aggregate of 345,248 shares at 125% of the target award amount. On December 15, 2015, we granted PSOs to our executive officers exercisable for an aggregate of 335,699 shares at the target award amount, which would be exercisable up to an aggregate of 419,623 shares at 125% of the target award amount. As of June 29, 2018 , PSOs which would be exercisable for an aggregate of 784,898 shares at the target award amount ( 981,121 at 125% of the target award amount) were outstanding. The following table summarizes information about all stock options issued under our 2005 Stock Plan: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value (1) (in thousands) (in years) (in thousands) Options outstanding at September 29, 2017 8,741 $ 38.65 Grants 1,295 62.33 Exercises (1,938 ) 37.20 Forfeitures and cancellations (382 ) 40.43 Options outstanding at June 29, 2018 7,716 42.90 6.75 $ 145,793 Options vested and expected to vest at June 29, 2018 7,241 42.27 6.67 141,285 Options exercisable at June 29, 2018 4,123 $ 37.61 5.81 99,275 (1) Aggregate intrinsic value is based on the closing price of our Class A common stock on June 29, 2018 of $61.69 and excludes the impact of options that were not in-the-money. Restricted Stock Units. Beginning in fiscal 2008, we began granting RSUs to certain directors, officers, and employees under our 2005 Stock Plan. Awards granted to employees and officers generally vest over four years, with equal annual cliff-vesting. Awards granted to directors prior to November 2010 generally vested over three years, with equal annual cliff-vesting. Awards granted after November 2010 and prior to fiscal 2014 to new directors vested over approximately two years, with 50% vesting per year, while awards granted from November 2010 onward to ongoing directors generally vest over approximately one year. Awards granted to new directors from fiscal 2014 onward vest on the earlier of the first anniversary of the award’s date of grant, or the day immediately preceding the date of the next annual meeting of stockholders that occurs after the award’s date of grant. Our 2005 Stock Plan also allows us to grant RSUs that vest based on the satisfaction of specific performance criteria, although no such awards had been granted as of June 29, 2018 . At each vesting date, the holder of the award is issued shares of our Class A common stock. Compensation expense from these awards is equal to the fair market value of our Class A common stock on the date of grant and is recognized on a straight-line basis over the requisite service period. The following table summarizes information about RSUs issued under our 2005 Stock Plan: Shares Weighted-Average Grant Date Fair Value (in thousands) Non-vested at September 29, 2017 2,839 $ 44.38 Granted 1,224 62.59 Vested (1,002 ) 40.53 Forfeitures (302 ) 44.15 Non-vested at June 29 , 2018 2,759 $ 53.89 Employee Stock Purchase Plan . Our plan allows eligible employees to have up to 10 percent of their eligible compensation withheld and used to purchase Class A common stock, subject to a maximum of $25,000 worth of stock purchased in a calendar year or no more than 1,000 shares in an offering period, whichever is less. An offering period consists of successive six -month purchase periods, with a look back feature to our stock price at the commencement of a one -year offering period. The plan provides for a discount equal to 15 percent of the lower of the closing price of our Class A common stock on the New York Stock Exchange on the first and last day of the offering periods. The plan also includes an automatic reset feature that provides for an offering period to be reset and recommenced to a new lower-priced offering if the offering price of a new offering period is less than that of the immediately preceding offering period. Stock Option Valuation Assumptions We use the Black-Scholes option pricing model to determine the estimated fair value of employee stock options at the date of the grant. The Black-Scholes model includes inputs that require us to make certain estimates and assumptions regarding the expected term of the award, as well as the future risk-free interest rate, and the volatility of our stock price over the expected term of the award. Expected Term. The expected term of an award represents the estimated period of time that options granted will remain outstanding, and is measured from the grant date to the date at which the option is either exercised or canceled. Our determination of the expected term involves an evaluation of historical terms and other factors such as the exercise and termination patterns of our employees who hold options to acquire our Class A common stock, and is based on certain assumptions made regarding the future exercise and termination behavior. Risk-Free Interest Rate. The risk-free interest rate is based on the yield curve of United States Treasury instruments in effect on the date of grant. In determining an estimate for the risk-free interest rate, we use average interest rates based on these instruments’ constant maturities with a term that approximates and corresponds with the expected term of our awards. Expected Stock Price Volatility. The expected volatility represents the estimated volatility in the price of our Class A common stock over a time period that approximates the expected term of the awards, and is determined using a blended combination of historical and implied volatility. Historical volatility is representative of the historical trends in our stock price for periods preceding the measurement date for a period that is commensurate with the expected term. Implied volatility is based upon externally traded option contracts of our Class A common stock. Dividend Yield. The dividend yield is based on our anticipated dividend payout over the expected term of our option awards. Dividend declarations and the establishment of future record and payment dates are subject to the Board of Directors’ continuing determination that the dividend policy is in the best interests of our stockholders. The dividend policy may be changed or canceled at the discretion of the Board of Directors at any time. The weighted-average assumptions used in the determination of the fair value of our stock options were as follows: Fiscal Quarter Ended Fiscal Year-To-Date Ended June 29, June 30, June 29, June 30, Expected life (in years) 5.06 5.13 5.06 5.13 Risk-free interest rate 2.9 % 1.8 % 2.2 % 2.1 % Expected stock price volatility 22.5 % 25.1 % 22.6 % 27.4 % Dividend yield 1.0 % 1.1 % 1.1 % 1.1 % Stock-Based Compensation Expense Stock-based compensation expense for equity awards granted to employees is determined by estimating their fair value on the date of grant, and recognizing that value as an expense on a straight-line basis over the requisite service period in which our employees earn the awards. Compensation expense related to these equity awards is recognized net of estimated forfeitures, which reduce the expense recorded in the consolidated statements of operations. The selection of applicable estimated forfeiture rates is based on an evaluation of trends in our historical forfeiture data with consideration for other potential driving factors. If in subsequent periods actual forfeitures significantly differ from our initial estimates, we will revise such estimates accordingly. 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 Quarter Ended Fiscal Year-To-Date Ended June 29, June 30, June 29, June 30, Compensation expense - by type Stock options $ 4,500 $ 4,489 $ 16,554 $ 13,867 Restricted stock units 11,581 10,349 33,993 32,446 Employee stock purchase plan 1,020 904 2,929 2,627 Total stock-based compensation 17,101 15,742 53,476 48,940 Benefit from income taxes (3,488 ) (4,568 ) (11,041 ) (14,231 ) Total stock-based compensation, net of tax $ 13,613 $ 11,174 $ 42,435 $ 34,709 Expense - By Income Statement Line Item Classification Fiscal Quarter Ended Fiscal Year-To-Date Ended June 29, June 30, June 29, June 30, Compensation expense - by classification Cost of products $ 249 $ 229 $ 756 $ 710 Cost of services 151 126 411 383 Research and development 4,859 4,551 14,486 13,987 Sales and marketing 6,469 6,187 18,266 19,563 General and administrative 5,373 4,649 19,557 14,297 Total stock-based compensation expense 17,101 15,742 53,476 48,940 Benefit from income taxes (3,488 ) (4,568 ) (11,041 ) (14,231 ) Total stock-based compensation, net of tax $ 13,613 $ 11,174 $ 42,435 $ 34,709 The tax benefit that we recognize from shares issued under our ESPP is excluded from the tables above. This benefit was as follows (in thousands): Fiscal Quarter Ended Fiscal Year-To-Date Ended June 29, June 30, June 29, June 30, Tax benefit - shares issued under ESPP $ 113 $ 367 $ 470 $ 786 Unrecognized Compensation Expense. At June 29, 2018 , total unrecorded compensation expense associated with employee stock options expected to vest was approximately $30.6 million , which is expected to be recognized over a weighted-average period of 2.3 years. At June 29, 2018 , total unrecorded compensation expense associated with RSUs expected to vest was approximately $101.7 million , which is expected to be recognized over a weighted-average period of 2.5 years. Common Stock Repurchase Program In November 2009, we announced a stock repurchase program ("program"), providing for the repurchase of up to $250.0 million of our Class A common stock. The following table summarizes the initial amount of authorized repurchases as well as additional repurchases approved by our Board of Directors as of June 29, 2018 (in thousands): Authorization Period Authorization Amount Fiscal 2010: November 2009 $ 250,000 Fiscal 2010: July 2010 300,000 Fiscal 2011: July 2011 250,000 Fiscal 2012: February 2012 100,000 Fiscal 2015: October 2014 200,000 Fiscal 2017: January 2017 200,000 Total $ 1,300,000 Stock repurchases under the program may be made through open market transactions, negotiated purchases, or otherwise, at times and in amounts that we consider appropriate. The timing of repurchases and the number of shares repurchased depend upon a variety of factors, including price, regulatory requirements, the rate of dilution from our equity compensation plans, and other market conditions. The program does not have a specified expiration date, and can be limited, suspended or terminated at our discretion at any time without prior notice. Shares repurchased under the program will be returned to the status of authorized but unissued shares of Class A common stock. As of June 29, 2018 , the remaining authorization to purchase additional shares is approximately $61.5 million . The following table provides information regarding share repurchase activity under the program during fiscal 2018 : Quarterly Repurchase Activity Shares Repurchased Cost in thousands (1) Average Price Paid Per Share (2) Q1 - Quarter ended December 29, 2017 493,884 $ 29,999 $ 60.73 Q2 - Quarter ended March 30, 2018 77,705 5,001 64.33 Q3 - Quarter ended June 29, 2018 896,689 55,480 61.86 Total 1,468,278 $ 90,480 (1) Cost of share repurchases includes the price paid per share and applicable commissions. (2) Average price paid per share excludes commission costs. Dividend In October 2014, our Board of Directors initiated a recurring quarterly dividend program for our stockholders. The following table summarizes dividends declared under the program in relation to fiscal 2018 : Fiscal Period Announcement Date Record Date Payment Date Cash Dividend Per Common Share Dividend Payment Fiscal 2018 Q1 - Quarter ended December 29, 2017 January 24, 2018 February 5, 2018 February 14, 2018 $ 0.16 $16.6 million Q2 - Quarter ended March 30, 2018 April 24, 2018 May 7, 2018 May 16, 2018 $ 0.16 $16.7 million Q3 - Quarter ended June 29, 2018 July 24, 2018 August 6, 2018 August 14, 2018 $ 0.16 $16.6 million (1) (1) The amount of the dividend payment 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. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Jun. 29, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income Other comprehensive income consists of two components: unrealized gains or losses on our AFS marketable investment securities and the gains and losses from the translation of assets and liabilities denominated in non-U.S. dollar functional currencies. Until realized and reported as a component of net income, these comprehensive income items accumulate and are included within accumulated other comprehensive income, a subsection within stockholders’ equity in our consolidated balance sheets. Unrealized gains and losses on our investment securities are reclassified from AOCI into earnings when realized upon sale, and are determined based on specific identification of securities sold. The following table summarizes the changes in the accumulated balances during the period, and includes information regarding the manner in which the reclassifications out of AOCI into earnings affect our consolidated statements of operations (in thousands): Fiscal Quarter Ended Fiscal Year-To-Date Ended Investment Securities Currency Translation Adjustments Total Investment Securities Currency Translation Adjustments Total Beginning Balance $ (3,529 ) $ (2,087 ) $ (5,616 ) $ (377 ) $ (7,376 ) $ (7,753 ) Other comprehensive income before reclassifications: — Unrealized gains/(losses) - investment securities 490 490 (2,599 ) — (2,599 ) Foreign currency translation gains/(losses) (1) (9,275 ) (9,275 ) — (2,845 ) (2,845 ) Income tax effect - benefit/(expense) (21 ) 1,251 1,230 82 110 192 Net of tax 469 (8,024 ) (7,555 ) (2,517 ) (2,735 ) (5,252 ) Amounts reclassified from AOCI into earnings: Realized gains/(losses) - investment securities (1) (162 ) (162 ) (369 ) (369 ) Income tax effect - benefit/(expense) (2) 32 32 73 73 Net of tax (130 ) — (130 ) (296 ) — (296 ) Net current-period other comprehensive income/(loss) 339 (8,024 ) (7,685 ) (2,813 ) (2,735 ) (5,548 ) Ending Balance $ (3,190 ) $ (10,111 ) $ (13,301 ) $ (3,190 ) $ (10,111 ) $ (13,301 ) Fiscal Quarter Ended Fiscal Year-To-Date Investment Securities Currency Translation Adjustments Total Investment Securities Currency Translation Adjustments Total Beginning Balance $ (696 ) $ (14,012 ) $ (14,708 ) $ 742 $ (10,939 ) $ (10,197 ) Other comprehensive income before reclassifications: Unrealized gains/(losses) - investment securities 67 67 (1,407 ) (1,407 ) Foreign currency translation gains/(losses) (1) 3,576 3,576 (163 ) (163 ) Income tax effect - benefit/(expense) 17 (461 ) (444 ) 20 205 225 Net of tax 84 3,115 3,199 (1,387 ) 42 (1,345 ) Amounts reclassified from AOCI into earnings: Realized gains/(losses) - investment securities (1) (12 ) (12 ) 22 22 Income tax effect - benefit/(expense) (2) 3 3 2 2 Net of tax (9 ) — (9 ) 24 — 24 Net current-period other comprehensive income/(loss) 75 3,115 3,190 (1,363 ) 42 (1,321 ) Ending Balance $ (621 ) $ (10,897 ) $ (11,518 ) $ (621 ) $ (10,897 ) $ (11,518 ) (1) Realized gains or losses, if any, from the sale of our AFS investment securities or from foreign currency translation adjustments are included within other income/expense, net in our consolidated statements of operations. (2) The income tax benefit or expense is included within provision for income taxes in our consolidated statements of operations. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | . Earnings Per Share Basic EPS is computed by dividing net income attributable to Dolby Laboratories, Inc. by the number of weighted-average shares of Class A and Class B common stock outstanding during the period. Through application of the treasury stock method, diluted EPS is computed in the same manner, except that the number of weighted-average shares outstanding is increased by the number of potentially dilutive shares from employee incentive plans during the period. Basic and diluted EPS are computed independently for each fiscal quarter and year-to-date period presented, which involves the use of different weighted-average share count figures relating to quarterly and annual periods. As a result, and after factoring the effect of rounding to the nearest cent per share, the sum of all four quarter-to-date EPS figures may not equal year-to-date EPS. Potentially dilutive shares represent the hypothetical number of incremental shares issuable under the assumed exercise of outstanding stock options (both vested and non-vested) and vesting of outstanding RSUs. The calculation of dilutive shares outstanding excludes out-of-the-money stock options (e.g., such options' exercise prices were greater than the average market price of our common shares for the period) because their inclusion would have been antidilutive. The following table sets forth the computation of basic and diluted EPS attributable to Dolby Laboratories, Inc. (in thousands, except per share amounts): Fiscal Quarter Ended Fiscal Year-To-Date Ended June 29, June 30, June 29, June 30, Numerator: Net income attributable to Dolby Laboratories, Inc. $ 83,145 $ 76,043 $ 72,154 $ 180,007 Denominator: Weighted-average shares outstanding—basic 103,836 101,905 103,386 101,725 Potential common shares from options to purchase common stock 2,198 1,571 2,364 1,494 Potential common shares from restricted stock units 916 746 1,193 767 Weighted-average shares outstanding—diluted 106,950 104,222 106,943 103,986 Net income per share attributable to Dolby Laboratories, Inc.: Basic $ 0.80 $ 0.75 $ 0.70 $ 1.77 Diluted $ 0.78 $ 0.73 $ 0.67 $ 1.73 Antidilutive awards excluded from calculation: Stock options 1,292 1,757 950 1,429 Restricted stock units 44 — 16 10 |
Income Taxes
Income Taxes | 9 Months Ended |
Jun. 29, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | . Income Taxes Our income tax expense, deferred tax assets and liabilities, and reserves for unrecognized tax benefits reflect management's best assessment of estimated current and future taxes to be paid. We are subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgments and estimates are required in determining the consolidated income tax expense. Tax Act Enacted in 2017 On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Act. The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to, (1) reducing the U.S. federal corporate income tax rate from 35 percent to 21 percent ; (2) requiring companies to pay a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries; (3) generally eliminating U.S. federal corporate income taxes on dividends from foreign subsidiaries; (4) capitalizing specific R&D expenses which are amortized over five to 15 years; and (5) other changes to how foreign and domestic earnings are taxed. Our accounting for the impact of the Tax Act reflects reasonable estimates of certain effects. We recorded a total provisional amount of $154.6 million in our first quarter of fiscal 2018 income tax provision as follows: • Remeasurement of net deferred tax assets: The Tax Act reduces the corporate tax rate from 35 percent to 21 percent , which results in an estimated net decrease of $57.9 million in our net deferred tax asset balance. While we are able to make a reasonable estimate of the impact of the reduced corporate tax rate on our net deferred tax asset balances, we are continuing to gather additional information to assess the impact. • Deemed Repatriation Transition Tax: The Deemed Repatriation Transition Tax ("Transition Tax") is a tax on certain unrepatriated earnings of our foreign subsidiaries. To determine the amount of the Transition Tax, we must determine, in addition to other factors, the amount of post-1986 earnings and profits of the relevant subsidiaries, as well as the amount of foreign income taxes paid on such earnings and profits. The portion of earnings and profits comprised of cash and other specified assets is taxed at a rate of 15.5 percent and any remaining amount of earnings and profits is taxed at a rate of eight percent. We made a reasonable estimate of the Transition Tax and recorded a liability for a provisional Transition Tax obligation of $96.7 million payable over a period of up to eight years. However, we are continuing to gather additional information to more precisely compute the liability for the Transition Tax. Other significant provisions that are not yet effective, but will impact income taxes in future years include: an exemption from U.S. tax on dividends of future foreign earnings, an incremental tax on excessive amounts paid to foreign related parties, and a minimum tax on certain foreign earnings in excess of 10 percent of the foreign subsidiaries' tangible assets ("minimum foreign tax"). We are still evaluating whether to make a policy election to treat the minimum foreign tax as a period expense or to provide U.S. deferred taxes on temporary differences related to the minimum foreign tax. The final transitional impacts of the Tax Act may differ from our initial estimate, due to, among other things, changes in interpretations of the Tax Act, any legislative actions to address questions that arise because of the Tax Act, any changes in accounting standards for income taxes or related interpretations in response to the Tax Act, any updates or changes to estimates we have utilized to calculate the transition impacts, any impact of changes to our current assertion to indefinitely reinvest foreign earnings as a result of the Tax Act, and any impacts from changes to current year earnings estimates. The Securities and Exchange Commission has issued rules that would allow for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts. We currently anticipate finalizing and recording any resulting adjustments by the end of our quarter ending December 28, 2018. Unrecognized Tax Benefit As of June 29, 2018 , the total amount of gross unrecognized tax benefits was $105.1 million , of which $92.2 million , if recognized, would reduce our effective tax rate. As of September 29, 2017 , the total amount of gross unrecognized tax benefits was $98.7 million , of which $85.0 million , if recognized, would reduce our effective tax rate. Our net liability for unrecognized tax benefits is classified within other non-current liabilities in our consolidated balance sheets. Withholding Taxes We recognize licensing revenue gross of withholding taxes, which our licensees remit directly to their local tax authorities, and for which we receive a partial foreign tax credit in our income tax provision. The foreign current tax provision includes this withholding tax expense while the appropriate foreign tax credit benefit is included in current federal and foreign taxes. Withholding taxes were as follows (in thousands): Fiscal Quarter Ended Fiscal Year-To-Date Ended June 29, June 30, June 29, June 30, Withholding taxes $ 10,366 $ 12,381 $ 38,940 $ 34,780 Effective Tax Rate Each period, the combination of different factors can impact our effective tax rate. These factors include both recurring items such as tax rates and the relative amount of income earned in foreign jurisdictions, as well as discrete items such as changes to our uncertain tax positions, that may occur in, but are not necessarily consistent between periods. Our effective tax rate in the third quarter of fiscal 2018 was 13.8% , compared with our Federal statutory rate of 24.6% and with our effective tax rate in the third quarter of fiscal 2017 of 20.9% . The decrease from the Federal statutory rate was primarily due to foreign earned income being taxed at a rate lower than our Federal statutory rate. The decrease from our effective tax rate in the third quarter of fiscal 2017 was primarily due to the reduction in the Federal statutory rate from the Tax Act. Our effective tax rate was 73.2% in the fiscal year-to-date period ended June 29, 2018 , compared with our Federal statutory rate of 24.6% and with our effective tax rate in the fiscal year-to-date period ended June 30, 2017 of 21.6% . The increase in our effective tax rate reflects the impact from the Tax Act, most notably the remeasurement of net deferred tax assets and the deemed repatriation of certain earnings of our foreign subsidiaries, partially offset by a decrease from the excess benefit related to stock-based awards. |
Restructuring
Restructuring | 9 Months Ended |
Jun. 29, 2018 | |
Restructuring Charges [Abstract] | |
Restructuring | Restructuring Restructuring charges recorded in our statements of operations represent costs associated with separate individual restructuring plans implemented in various fiscal periods. Costs arising from these actions, including fluctuations in related balances between fiscal periods, are based on the nature of activities under the various plans. Fiscal 2017 Restructuring Plan ("Restructuring Plan"). In September 2017, we implemented a plan to reduce certain activities in order to reallocate those resources towards higher priority investment areas. As a result, we recorded $12.9 million in restructuring costs during fiscal 2017, representing severance and other related benefits offered to approximately 80 employees that were affected by this action. The table presented below summarizes changes in restructuring accruals under this plan (in thousands): Severance and associated costs Restructuring charges $ 12,856 Cash payments (168 ) Non-cash and other adjustments — Balance at September 29, 2017 $ 12,688 Restructuring charges 23 Cash payments (11,946 ) Non-cash and other adjustments (583 ) Balance at June 29, 2018 $ 182 Accruals for restructuring charges are included within accrued liabilities in our consolidated balance sheets while restructuring charges/(credits) are included within restructuring charges/(credits) in our consolidated statements of operations. |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Jun. 29, 2018 | |
Loss Contingency, Information about Litigation Matters [Abstract] | |
Legal Proceedings | . Legal Matters We are involved in various legal proceedings that occasionally arise in the normal course of business. These can include claims of alleged infringement of IP rights, commercial, employment, and other matters. In our opinion, resolution of these proceedings is not expected to have a material adverse impact on our operating results or financial condition. Given the unpredictable nature of legal proceedings, it is possible that an unfavorable resolution of one or more such proceedings could materially affect our future operating results or financial condition in a particular period, including as a result of required changes to our licensing terms, monetary penalties, and other potential consequences. However, based on the information known by us as of the date of this filing and the rules and regulations applicable to the preparation of our consolidated financial statements, any such amounts are either immaterial, or it is not possible to provide an estimated amount of any such potential losses. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Jun. 29, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | . Commitments & Contingencies In the ordinary course of business, we enter into contractual agreements with third parties that include non-cancelable payment obligations, for which we are liable in future periods. These arrangements can include terms binding us to minimum payments and/or penalties if we terminate the agreement for any reason other than an event of default as described by the agreement. The following table presents a summary of our contractual obligations and commitments as of June 29, 2018 (in thousands): Payments Due By Fiscal Period Remainder of Fiscal Fiscal Fiscal Fiscal Thereafter Total Naming rights $ — $ 7,811 $ 7,909 $ 8,008 $ 8,108 $ 86,865 $ 118,701 Operating leases 4,484 17,105 14,381 11,105 9,524 25,698 82,297 Purchase obligations 32,872 25,536 22,225 433 333 — 81,399 Donation commitments — 6,300 322 122 122 958 7,824 Total $ 37,356 $ 56,752 $ 44,837 $ 19,668 $ 18,087 $ 113,521 $ 290,221 Naming Rights. We are party to an agreement for naming rights and related benefits with respect to the Dolby Theatre in Hollywood, California, the location of the Academy Awards®. The term of the agreement is 20 years, over which we will make payments on a semi-annual basis until fiscal 2032. Our payment obligations are conditioned in part on the Academy Awards being held and broadcast from the Dolby Theatre. Operating Leases . Operating lease payments represent our commitments for future minimum rent made under non-cancelable leases for office space, including those payable to our principal stockholder and portions attributable to the controlling interests in our wholly owned subsidiaries. Purchase Obligations. Purchase obligations primarily consist of our commitments made under agreements to purchase goods and services related to Dolby Cinema and for purposes that include IT and telecommunications, marketing and professional services, and manufacturing and other R&D activities. Donation Commitments. Donation commitments primarily relate to a non-cancelable obligation entered into during fiscal 2014 to install and donate imaging and audio products to the Museum of the Academy of Motion Picture Arts and Sciences in Los Angeles, California, and to provide maintenance services for fifteen years from its expected opening date in fiscal 2019, in exchange for various marketing, branding, and publicity benefits. Indemnification Clauses. On a limited basis, our contractual agreements contain a clause under which we agree to provide indemnification to the counterparty, most commonly to licensees in connection with licensing arrangements that include our IP. We have also entered into indemnification agreements with our officers, directors, and certain employees, and our certificate of incorporation and bylaws contain similar indemnification obligations. Additionally, and although not a contractual requirement, we have at times elected to defend our licensees from third party IP infringement claims. Since the terms and conditions of our contractual indemnification clauses do not explicitly specify our obligations, we are unable to reasonably estimate the maximum potential exposure for which we could be liable. Furthermore, we have not historically made any payments in connection with any such obligation and believe there to be a remote likelihood that any potential exposure in future periods would be of a material amount. As a result, no amounts have been accrued in our consolidated financial statements with respect to the contingent aspect of these indemnities. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Jun. 29, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 14. Subsequent Events Share Repurchase Program. On July 25, 2018, we announced that our Board of Directors approved an increase to the size of our stock repurchase program by $350 million , bringing the amount available for future repurchases of the Company’s Class A Common Stock to $412 million . Stock repurchases under the program may be made through open market transactions, negotiated purchases, or otherwise, at times and in amounts that we consider appropriate. The timing of repurchases and the number of shares repurchased depend upon a variety of factors, including price, regulatory requirements, the rate of dilution from our equity compensation plans and other market conditions. The program does not have a specified expiration date, and can be limited, suspended or terminated at our discretion at any time without prior notice. Any shares repurchased under the program will be returned to the status of authorized, but unissued shares of Class A Common Stock. |
Summary Of Significant Accoun23
Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Jun. 29, 2018 | |
Accounting Policies [Abstract] | |
Principles Of Consolidation | Principles of Consolidation The unaudited interim condensed consolidated financial statements include the accounts of Dolby Laboratories, Inc. and our wholly owned subsidiaries. In addition, we have consolidated the financial results of jointly owned affiliated companies in which our principal stockholder has a controlling interest. We report these controlling interests as a separate line in our consolidated statements of operations as net income attributable to controlling interest and in our consolidated balance sheets as a controlling interest. We eliminate all intercompany accounts and transactions upon consolidation. |
Operating Segments | Operating Segments Since we operate as a single reporting segment, all required financial segment information is included in our unaudited interim condensed consolidated financial statements. This determination reflects the fact that our CODM, our Chief Executive Officer, evaluates our financial information and resources, and assesses the performance of these resources on a consolidated basis. |
Use of Estimates | Use of Estimates The preparation of our financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported and disclosed in our unaudited interim condensed consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include estimated selling prices for elements sold in ME revenue arrangements; valuation allowances for accounts receivable; carrying values of inventories and certain property, plant, and equipment, goodwill and intangible assets; fair values of investments; accrued liabilities including liabilities for unrecognized tax benefits, deferred income tax assets and liabilities, and stock-based compensation. Actual results could differ from our estimates. |
Fiscal Year | Fiscal Year Our fiscal year is a 52 or 53 week period ending on the last Friday in September. The fiscal periods presented herein include the 13 week periods ended June 29, 2018 and June 30, 2017 . Our fiscal year ending September 28, 2018 (fiscal 2018 ) and our fiscal year ended September 29, 2017 (fiscal 2017 ) both consist of 52 weeks. |
Reclassifications | Reclassifications We have reclassified certain prior period amounts within our consolidated financial statements and accompanying notes to conform to our current period presentation. These reclassifications did not affect total revenue, operating income, or net income. |
Recently Issued Accounting Policies | Recently Issued Accounting Standards Adopted Standards Share-Based Compensation . During the first quarter of fiscal 2018, we adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting , which simplifies several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory withholding requirements, as well as classification in the statement of cash flows. Upon adoption, excess tax benefits or deficiencies from stock-based awards are recorded as a component of the income tax provision, whereas they previously were recorded as additional paid-in capital. In the fiscal quarter and year-to-date periods ended June 29, 2018 , we recognized an excess tax benefit of $0.5 million and $9.9 million , respectively, related to stock-based awards in the provision for income taxes. We elected to continue to account for forfeitures based on an estimate of expected forfeitures, rather than to account for forfeitures as they occur. Additionally, we adopted the aspects of the guidance affecting the cash flow presentation retrospectively, which results in a reclassification of excess tax benefits from financing activities to operating activities in the consolidated statements of cash flows. Standards Not Yet Effective Revenue Recognition. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which outlines a comprehensive revenue recognition model and supersedes most current revenue recognition guidance. The new standard defines a five-step approach for recognizing revenue, which may require a company to use more judgment and make more estimates than under the current guidance. Amongst the elements in the new standard are requirements for an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers, to capitalize certain direct costs associated with revenues and contract acquisition costs, and to provide expanded disclosures. We have evaluated the impact of adoption of Topic 606 on all of our revenue streams and believe that the following are the most significant changes that are expected to occur: • Estimating and recording royalty-based revenue earned from our licensees’ shipments in the same period in which those shipments occurred, rather than recognizing our royalty-based revenue in the quarter in which it is reported to us by our licensees, which is typically in the quarter after those shipments have occurred; • Specified performance obligations for which we have not historically had VSOE and which resulted in the deferral of revenue balances may accelerate revenue recognition as VSOE for the undelivered elements is no longer required to separately recognize revenue for the delivered elements; • Recording a one-time adjustment to retained earnings to reflect the cumulative impact of the changes noted above for the periods prior to adoption; • For certain transactions that have minimum commitment or fixed fee terms, recognizing licensing revenues on contract execution instead of as payments become due. We have not yet quantified the impact of these anticipated changes. We plan to adopt the new standard using the full retrospective method, whereby the standard is applied to all periods presented, on the adoption date. Although permitted, we do not intend to early-adopt the new standard, but will adopt it on September 29, 2018, which is the beginning of our first quarter of fiscal 2019. In addition to our ongoing evaluation of the accounting changes and of our transition options, we are also addressing the impact of the new accounting standard and its expanded disclosure requirements on our policies, processes, controls, and systems. Leases. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which amends the existing accounting standards for leases. Under the new guidance, a lessee will be required to recognize a lease liability and right-of-use asset for most leases. The new guidance also modifies the classification criteria and accounting for sales-type and direct financing leases, and requires additional disclosures to enable users of financial statements to understand the amount, timing, and uncertainty of cash flows arising from leases. Topic 842 must be applied using a modified retrospective approach. Upon adoption, we will recognize a lease liability and right-of-use asset for each of our long-term lease arrangements, which exceed 70 as of June 29, 2018 . We intend to early adopt this new standard concurrently with the adoption of the new revenue recognition standard beginning September 29, 2018. We continue to refine our quantification and anticipate this standard will have a material impact on our consolidated balance sheets, but will not have a material impact on our consolidated income statements. We currently expect the most significant impact will be the recognition of right-of-use assets and lease liabilities for operating leases. Our accounting for capital leases is expected to remain substantially unchanged. Financial Instruments. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . The new guidance requires certain equity investments that are not consolidated or accounted for under the equity method of accounting to be measured at fair value with changes in fair value recognized in net income. Additionally, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The ASU is effective for us beginning September 29, 2018, and we do not currently plan to early adopt. We do not anticipate that the new standard will materially impact our consolidated financial statements. Cash Flow Classification. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . The new guidance addresses eight specific cash flow issues, with the objective of reducing an existing diversity in practices regarding the manner in which certain cash receipts and payments are presented and classified in the statement of cash flows. The ASU is effective for us beginning September 29, 2018, and we do not currently plan to early adopt. We do not anticipate that the new standard will materially impact our consolidated financial statements. Income Taxes: Intra-Entity Asset Transfers. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory . The new guidance requires the recognition of the income tax consequences of an intercompany asset transfer, other than transfers of inventory, when the transfer occurs. For intercompany transfers of inventory, the income tax effects will continue to be deferred until the inventory has been sold to a third party. The ASU is effective for us beginning September 29, 2018, and we do not currently plan to early adopt. We do not anticipate that the new standard will materially impact our consolidated financial statements. Restricted Cash. In November 2016, the FASB issued ASU 2016-18, Restricted Cash — a consensus of the FASB Emerging Issues Task Force , which clarifies how entities should present restricted cash and restricted cash equivalents in the statement of cash flows. The new guidance requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The ASU is effective for us beginning September 29, 2018, and we do not currently plan to early adopt. Aside from conforming to new cash flow presentation and restricted cash disclosure requirements, we do not anticipate that the new standard will materially impact our consolidated financial statements. Accounting for Hedging Activities. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which enables entities to better portray the economics of their risk management activities in the financial statements while enhancing the transparency and understandability of hedge results. The new guidance eliminates the requirement to separately measure and report hedge ineffectiveness. The ASU is effective for us beginning September 29, 2018, and we do not currently plan to early adopt. We do not anticipate that the new standard will materially impact our consolidated financial statements. Income Taxes: Comprehensive Income. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act ("Tax Act"). In February 2018, the FASB issued ASU 2018-02, Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act and requires entities to provide certain disclosures regarding stranded tax effects. The ASU is effective for us beginning September 28, 2019, and we do not currently plan to early adopt. We are currently evaluating the timing and impact of the standard on our consolidated financial statements. |
Composition Of Certain Financ24
Composition Of Certain Financial Statement Captions (Tables) | 9 Months Ended |
Jun. 29, 2018 | |
Composition Of Certain Financial Statement Captions [Abstract] | |
Schedule Of Accounts Receivable | Accounts Receivable June 29, September 29, Trade accounts receivable $ 131,916 $ 62,305 Accounts receivable from patent administration program customers 23,288 14,412 Accounts receivable, gross 155,204 76,717 Less: allowance for doubtful accounts (5,622 ) (2,967 ) Total $ 149,582 $ 73,750 |
Schedule Of Inventories | Inventories June 29, September 29, Raw materials $ 4,202 $ 6,812 Work in process 4,566 4,954 Finished goods 15,164 13,285 Total $ 23,932 $ 25,051 |
Schedule Of Prepaid Expenses And Other Current Assets | Prepaid Expenses And Other Current Assets June 29, September 29, Prepaid expenses $ 17,941 $ 16,681 Other current assets 14,079 11,383 Income tax receivable 652 2,444 Total $ 32,672 $ 30,508 |
Schedule Of Accrued Liabilities | Accrued Liabilities June 29, September 29, Accrued royalties $ 2,764 $ 2,274 Amounts payable to patent administration program partners 49,926 49,141 Accrued compensation and benefits 74,157 92,277 Accrued professional fees 7,632 5,530 Unpaid PP&E additions 13,130 10,096 Other accrued liabilities 49,467 47,716 Total $ 197,076 $ 207,034 |
Schedule Of Other Non-Current Liabilities | Other Non-Current Liabilities June 29, September 29, Supplemental retirement plan obligations $ 3,220 $ 2,928 Non-current tax liabilities 188,027 91,013 Other liabilities 12,566 13,573 Total $ 203,813 $ 107,514 |
Investments & Fair Value Meas25
Investments & Fair Value Measurements (Tables) | 9 Months Ended |
Jun. 29, 2018 | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |
Schedule Of Financial Assets and Liabilities Carried At Fair Value | September 29, 2017 Cost Unrealized Estimated Fair Value Gains Losses Total Level 1 Level 2 Level 3 Cash and cash equivalents: Cash $ 623,244 $ 623,244 Cash equivalents: Commercial paper 1,223 — — 1,223 1,223 Money market funds 2,550 — — 2,550 2,550 Cash and cash equivalents 627,017 — — 627,017 2,550 1,223 — Short-term investments: Certificate of deposit (1) 17,236 9 (1 ) 17,244 17,244 U.S. agency securities 9,518 — (20 ) 9,498 9,498 Government bonds 2,034 — (6 ) 2,028 2,028 Commercial paper 15,160 2 (1 ) 15,161 15,161 Corporate bonds 174,750 54 (163 ) 174,641 174,641 Municipal debt securities 29,178 16 (9 ) 29,185 29,185 Short-term investments 247,876 81 (200 ) 247,757 2,028 245,729 — Long-term investments: Certificate of deposit (1) 22,940 5 (6 ) 22,939 22,939 U.S. agency securities 21,779 — (178 ) 21,601 21,601 Government bonds 17,839 — (107 ) 17,732 17,732 Corporate bonds 218,857 327 (537 ) 218,647 218,647 Municipal debt securities 28,913 29 (25 ) 28,917 28,917 Other long-term investments (2) 4,171 357 — 4,528 357 — Long-term investments 314,499 718 (853 ) 314,364 18,089 292,104 — Total cash, cash equivalents, and investments $ 1,189,392 $ 799 $ (1,053 ) $ 1,189,138 $ 22,667 $ 539,056 $ — Investments held in supplemental retirement plan: Assets 3,026 3,026 3,026 Included in prepaid expenses and other current assets & other non-current assets Liabilities 3,026 3,026 3,026 Included in accrued liabilities & other non-current liabilities (1) Certificates of deposit include marketable securities, while those with a maturity in excess of one year as of September 29, 2017 are classified within long-term investments. (2) Other long-term investments as of September 29, 2017 include a marketable equity security of $0.4 million , and other investments that are not carried at fair value including an equity method investment of $0.6 million and two cost method equity investments of $3.0 million and $0.5 million . Our cash and investment portfolio consisted of the following (in thousands): June 29, 2018 Cost Unrealized Estimated Fair Value Gains Losses Total Level 1 Level 2 Level 3 Cash and cash equivalents: Cash $ 702,582 $ 702,582 Cash equivalents: Commercial paper 61,194 5 — 61,199 61,199 Corporate bonds 4,404 — — 4,404 4,404 Money market funds 61,136 61,136 61,136 Municipal debt securities 300 300 300 Cash and cash equivalents 829,616 5 — 829,621 61,136 65,903 — Short-term investments: Certificate of deposit (1) 26,065 23 26,088 26,088 U.S. agency securities 2,802 (6 ) 2,796 2,796 Government bonds 535 535 535 Commercial paper 5,517 — (4 ) 5,513 5,513 Corporate bonds 129,156 58 (474 ) 128,740 128,740 Municipal debt securities 31,672 — (60 ) 31,612 31,612 Short-term investments 195,747 81 (544 ) 195,284 535 194,749 — Long-term investments: U.S. agency securities 20,286 (327 ) 19,959 19,959 Government bonds 14,962 (289 ) 14,673 14,673 Corporate bonds 187,728 53 (2,310 ) 185,471 185,471 Municipal debt securities 21,970 9 (75 ) 21,904 21,903 Other long-term investments (2) 924 248 1,172 248 Long-term investments 245,870 310 (3,001 ) 243,179 14,921 227,333 — Total cash, cash equivalents, and investments $ 1,271,233 $ 396 $ (3,545 ) $ 1,268,084 $ 76,592 $ 487,985 $ — Investments held in supplemental retirement plan: Assets 3,318 3,318 3,318 Included in prepaid expenses and other current assets & other non-current assets Liabilities 3,318 3,318 3,318 Included in accrued liabilities & other non-current liabilities (1) Certificates of deposit include marketable securities, while those with a maturity in excess of one year as of June 29, 2018 are classified within long-term investments. (2) Other long-term investments as of June 29, 2018 include a marketable equity security of $0.3 million , and other investments that are not carried at fair value including an equity method investment of $0.4 million and one cost method equity investment of $0.5 million . During the third quarter of fiscal 2018, we recorded a write-off charge to reduce the carrying value of a cost method equity investment to zero in recognition of an other-than-temporary impairment. September 29, 2017 Cost Unrealized Estimated Fair Value Gains Losses Total Level 1 Level 2 Level 3 Cash and cash equivalents: Cash $ 623,244 $ 623,244 Cash equivalents: Commercial paper 1,223 — — 1,223 1,223 Money market funds 2,550 — — 2,550 2,550 Cash and cash equivalents 627,017 — — 627,017 2,550 1,223 — Short-term investments: Certificate of deposit (1) 17,236 9 (1 ) 17,244 17,244 U.S. agency securities 9,518 — (20 ) 9,498 9,498 Government bonds 2,034 — (6 ) 2,028 2,028 Commercial paper 15,160 2 (1 ) 15,161 15,161 Corporate bonds 174,750 54 (163 ) 174,641 174,641 Municipal debt securities 29,178 16 (9 ) 29,185 29,185 Short-term investments 247,876 81 (200 ) 247,757 2,028 245,729 — Long-term investments: Certificate of deposit (1) 22,940 5 (6 ) 22,939 22,939 U.S. agency securities 21,779 — (178 ) 21,601 21,601 Government bonds 17,839 — (107 ) 17,732 17,732 Corporate bonds 218,857 327 (537 ) 218,647 218,647 Municipal debt securities 28,913 29 (25 ) 28,917 28,917 Other long-term investments (2) 4,171 357 — 4,528 357 — Long-term investments 314,499 718 (853 ) 314,364 18,089 292,104 — Total cash, cash equivalents, and investments $ 1,189,392 $ 799 $ (1,053 ) $ 1,189,138 $ 22,667 $ 539,056 $ — Investments held in supplemental retirement plan: Assets 3,026 3,026 3,026 Included in prepaid expenses and other current assets & other non-current assets Liabilities 3,026 3,026 3,026 Included in accrued liabilities & other non-current liabilities |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | The following table presents the gross unrealized losses and fair value for those AFS securities that were in an unrealized loss position for less than twelve months and for twelve months or greater as of June 29, 2018 and September 29, 2017 (in thousands): June 29, 2018 September 29, 2017 Less Than 12 Months 12 Months Or Greater Less Than 12 Months 12 Months Or Greater Investment Type Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Certificate of deposit $ 19,750 $ (6 ) $ — $ — U.S. agency securities 22,755 (333 ) — — 19,713 (91 ) 11,386 (108 ) Government bonds 14,673 (289 ) — — 15,029 (64 ) 4,729 (49 ) Commercial paper 4,418 (4 ) — — 4,292 (1 ) — — Corporate bonds 221,466 (2,438 ) 26,804 (347 ) 125,890 (251 ) 109,806 (449 ) Municipal debt securities 48,699 (135 ) — — 26,749 (24 ) 3,625 (10 ) Total $ 312,011 $ (3,199 ) $ 26,804 $ (347 ) $ 211,423 $ (437 ) $ 129,546 $ (616 ) |
Available-for-sale Securities | The following table summarizes the amortized cost and estimated fair value of the AFS securities within our investment portfolio based on stated maturities as of June 29, 2018 and September 29, 2017 , which are recorded within cash equivalents and both short and long-term investments in our consolidated balance sheets (in thousands): June 29, 2018 September 29, 2017 Range of maturity Amortized Cost Fair Value Amortized Cost Fair Value Due within 1 year $ 322,782 $ 322,323 $ 251,649 $ 251,530 Due in 1 to 2 years 148,567 147,032 213,555 213,154 Due in 2 to 3 years 96,380 94,975 96,773 96,682 Total $ 567,729 $ 564,330 $ 561,977 $ 561,366 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Jun. 29, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant, and equipment are recorded at cost, with depreciation expense included in cost of licensing, cost of products, cost of services, R&D, S&M, and G&A expenses in our consolidated statements of operations. PP&E consist of the following (in thousands): June 29, September 29, Land $ 43,339 $ 43,364 Buildings and building improvements 283,459 281,196 Leasehold improvements 62,560 65,034 Machinery and equipment 104,643 98,437 Computer equipment and software 187,701 173,341 Furniture and fixtures 29,737 28,118 Equipment provided under operating leases 129,301 97,456 Construction-in-progress 11,115 3,673 Property, plant, and equipment, gross 851,855 790,619 Less: accumulated depreciation (349,814 ) (305,344 ) Property, plant, & equipment, net $ 502,041 $ 485,275 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Jun. 29, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table outlines changes to the carrying amount of goodwill (in thousands): Goodwill Balance at September 29, 2017 $ 311,087 Acquired goodwill 4,807 Translation adjustments (1,577 ) Balance at June 29, 2018 $ 314,317 |
Schedule of Finite-Lived Intangible Assets | Intangible assets subject to amortization consist of the following (in thousands): June 29, 2018 September 29, 2017 Intangible Assets Cost Accumulated Amortization Net Cost Accumulated Amortization Net Acquired patents and technology $ 314,799 $ (146,549 ) $ 168,250 $ 299,707 $ (128,986 ) $ 170,721 Customer relationships 56,836 (40,345 ) 16,491 56,843 (38,368 ) 18,475 Other intangibles 22,734 (22,335 ) 399 22,742 (22,290 ) 452 Total $ 394,369 $ (209,229 ) $ 185,140 $ 379,292 $ (189,644 ) $ 189,648 With regard to our purchase of intangible assets during the periods presented, the following table summarizes the consideration paid, the weighted-average useful lives over which the acquired assets will be amortized using the greater of either the straight-line basis or a ratio-to-revenue method, and the classification of their amortized expense in our consolidated statements of operations: Fiscal Period Total Purchase Consideration (1) Weighted-Average Useful Life (in millions) (in years) Fiscal 2017 Q1 - Quarter ended December 30, 2016 None Q2 - Quarter ended March 31, 2017 5.3 18.0 $5.3 18.0 Fiscal 2018 Q1 - Quarter ended December 29, 2017 $12.0 14.1 Q2 - Quarter ended March 30, 2018 $2.8 5.3 Q3 - Quarter ended June 29, 2018 $0.7 5.0 $15.5 12.1 (1) Amortization expense on the intangible assets from patent portfolio and business acquisitions is included within cost of revenue, R&D, and G&A in our consolidated statements of operations. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of June 29, 2018 , estimated amortization expense in future fiscal periods was as follows (in thousands): Fiscal Year Amortization Expense Remainder of 2018 $ 6,778 2019 26,525 2020 26,061 2021 26,034 2022 23,370 Thereafter 76,372 Total $ 185,140 |
Stockholders' Equity And Stoc28
Stockholders' Equity And Stock-Based Compensation (Tables) | 9 Months Ended |
Jun. 29, 2018 | |
Stockholders' Equity And Stock-Based Compensation [Abstract] | |
Summary Of Stock Options Issued To Officers, Directors, And Employees Under 2000 Stock Incentive Plan And 2005 Stock Plan | The following table summarizes information about all stock options issued under our 2005 Stock Plan: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value (1) (in thousands) (in years) (in thousands) Options outstanding at September 29, 2017 8,741 $ 38.65 Grants 1,295 62.33 Exercises (1,938 ) 37.20 Forfeitures and cancellations (382 ) 40.43 Options outstanding at June 29, 2018 7,716 42.90 6.75 $ 145,793 Options vested and expected to vest at June 29, 2018 7,241 42.27 6.67 141,285 Options exercisable at June 29, 2018 4,123 $ 37.61 5.81 99,275 (1) Aggregate intrinsic value is based on the closing price of our Class A common stock on June 29, 2018 of $61.69 and excludes the impact of options that were not in-the-money. |
Summary Of Restricted Stock Units Issued To Officers, Directors And Employees Under 2005 Stock Incentive Plan | The following table summarizes information about RSUs issued under our 2005 Stock Plan: Shares Weighted-Average Grant Date Fair Value (in thousands) Non-vested at September 29, 2017 2,839 $ 44.38 Granted 1,224 62.59 Vested (1,002 ) 40.53 Forfeitures (302 ) 44.15 Non-vested at June 29 , 2018 2,759 $ 53.89 |
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 Quarter Ended Fiscal Year-To-Date Ended June 29, June 30, June 29, June 30, Expected life (in years) 5.06 5.13 5.06 5.13 Risk-free interest rate 2.9 % 1.8 % 2.2 % 2.1 % Expected stock price volatility 22.5 % 25.1 % 22.6 % 27.4 % Dividend yield 1.0 % 1.1 % 1.1 % 1.1 % |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | 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 Quarter Ended Fiscal Year-To-Date Ended June 29, June 30, June 29, June 30, Compensation expense - by type Stock options $ 4,500 $ 4,489 $ 16,554 $ 13,867 Restricted stock units 11,581 10,349 33,993 32,446 Employee stock purchase plan 1,020 904 2,929 2,627 Total stock-based compensation 17,101 15,742 53,476 48,940 Benefit from income taxes (3,488 ) (4,568 ) (11,041 ) (14,231 ) Total stock-based compensation, net of tax $ 13,613 $ 11,174 $ 42,435 $ 34,709 Expense - By Income Statement Line Item Classification Fiscal Quarter Ended Fiscal Year-To-Date Ended June 29, June 30, June 29, June 30, Compensation expense - by classification Cost of products $ 249 $ 229 $ 756 $ 710 Cost of services 151 126 411 383 Research and development 4,859 4,551 14,486 13,987 Sales and marketing 6,469 6,187 18,266 19,563 General and administrative 5,373 4,649 19,557 14,297 Total stock-based compensation expense 17,101 15,742 53,476 48,940 Benefit from income taxes (3,488 ) (4,568 ) (11,041 ) (14,231 ) Total stock-based compensation, net of tax $ 13,613 $ 11,174 $ 42,435 $ 34,709 |
Schedule of Tax Benefit from Exercise of Options | This benefit was as follows (in thousands): Fiscal Quarter Ended Fiscal Year-To-Date Ended June 29, June 30, June 29, June 30, Tax benefit - shares issued under ESPP $ 113 $ 367 $ 470 $ 786 |
Schedule of Stock Repurchase Authorizations | The following table summarizes the initial amount of authorized repurchases as well as additional repurchases approved by our Board of Directors as of June 29, 2018 (in thousands): Authorization Period Authorization Amount Fiscal 2010: November 2009 $ 250,000 Fiscal 2010: July 2010 300,000 Fiscal 2011: July 2011 250,000 Fiscal 2012: February 2012 100,000 Fiscal 2015: October 2014 200,000 Fiscal 2017: January 2017 200,000 Total $ 1,300,000 |
Schedule of Stock Repurchase Activity | The following table provides information regarding share repurchase activity under the program during fiscal 2018 : Quarterly Repurchase Activity Shares Repurchased Cost in thousands (1) Average Price Paid Per Share (2) Q1 - Quarter ended December 29, 2017 493,884 $ 29,999 $ 60.73 Q2 - Quarter ended March 30, 2018 77,705 5,001 64.33 Q3 - Quarter ended June 29, 2018 896,689 55,480 61.86 Total 1,468,278 $ 90,480 (1) Cost of share repurchases includes the price paid per share and applicable commissions. (2) Average price paid per share excludes commission costs. |
Dividends Declared | In October 2014, our Board of Directors initiated a recurring quarterly dividend program for our stockholders. The following table summarizes dividends declared under the program in relation to fiscal 2018 : Fiscal Period Announcement Date Record Date Payment Date Cash Dividend Per Common Share Dividend Payment Fiscal 2018 Q1 - Quarter ended December 29, 2017 January 24, 2018 February 5, 2018 February 14, 2018 $ 0.16 $16.6 million Q2 - Quarter ended March 30, 2018 April 24, 2018 May 7, 2018 May 16, 2018 $ 0.16 $16.7 million Q3 - Quarter ended June 29, 2018 July 24, 2018 August 6, 2018 August 14, 2018 $ 0.16 $16.6 million (1) (1) The amount of the dividend payment 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. |
Accumulated Other Comprehensi29
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Jun. 29, 2018 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in the accumulated balances during the period, and includes information regarding the manner in which the reclassifications out of AOCI into earnings affect our consolidated statements of operations (in thousands): Fiscal Quarter Ended Fiscal Year-To-Date Ended Investment Securities Currency Translation Adjustments Total Investment Securities Currency Translation Adjustments Total Beginning Balance $ (3,529 ) $ (2,087 ) $ (5,616 ) $ (377 ) $ (7,376 ) $ (7,753 ) Other comprehensive income before reclassifications: — Unrealized gains/(losses) - investment securities 490 490 (2,599 ) — (2,599 ) Foreign currency translation gains/(losses) (1) (9,275 ) (9,275 ) — (2,845 ) (2,845 ) Income tax effect - benefit/(expense) (21 ) 1,251 1,230 82 110 192 Net of tax 469 (8,024 ) (7,555 ) (2,517 ) (2,735 ) (5,252 ) Amounts reclassified from AOCI into earnings: Realized gains/(losses) - investment securities (1) (162 ) (162 ) (369 ) (369 ) Income tax effect - benefit/(expense) (2) 32 32 73 73 Net of tax (130 ) — (130 ) (296 ) — (296 ) Net current-period other comprehensive income/(loss) 339 (8,024 ) (7,685 ) (2,813 ) (2,735 ) (5,548 ) Ending Balance $ (3,190 ) $ (10,111 ) $ (13,301 ) $ (3,190 ) $ (10,111 ) $ (13,301 ) Fiscal Quarter Ended Fiscal Year-To-Date Investment Securities Currency Translation Adjustments Total Investment Securities Currency Translation Adjustments Total Beginning Balance $ (696 ) $ (14,012 ) $ (14,708 ) $ 742 $ (10,939 ) $ (10,197 ) Other comprehensive income before reclassifications: Unrealized gains/(losses) - investment securities 67 67 (1,407 ) (1,407 ) Foreign currency translation gains/(losses) (1) 3,576 3,576 (163 ) (163 ) Income tax effect - benefit/(expense) 17 (461 ) (444 ) 20 205 225 Net of tax 84 3,115 3,199 (1,387 ) 42 (1,345 ) Amounts reclassified from AOCI into earnings: Realized gains/(losses) - investment securities (1) (12 ) (12 ) 22 22 Income tax effect - benefit/(expense) (2) 3 3 2 2 Net of tax (9 ) — (9 ) 24 — 24 Net current-period other comprehensive income/(loss) 75 3,115 3,190 (1,363 ) 42 (1,321 ) Ending Balance $ (621 ) $ (10,897 ) $ (11,518 ) $ (621 ) $ (10,897 ) $ (11,518 ) (1) Realized gains or losses, if any, from the sale of our AFS investment securities or from foreign currency translation adjustments are included within other income/expense, net in our consolidated statements of operations. (2) The income tax benefit or expense is included within provision for income taxes in our consolidated statements of operations. |
Per Share Data (Tables)
Per Share Data (Tables) | 9 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted EPS attributable to Dolby Laboratories, Inc. (in thousands, except per share amounts): Fiscal Quarter Ended Fiscal Year-To-Date Ended June 29, June 30, June 29, June 30, Numerator: Net income attributable to Dolby Laboratories, Inc. $ 83,145 $ 76,043 $ 72,154 $ 180,007 Denominator: Weighted-average shares outstanding—basic 103,836 101,905 103,386 101,725 Potential common shares from options to purchase common stock 2,198 1,571 2,364 1,494 Potential common shares from restricted stock units 916 746 1,193 767 Weighted-average shares outstanding—diluted 106,950 104,222 106,943 103,986 Net income per share attributable to Dolby Laboratories, Inc.: Basic $ 0.80 $ 0.75 $ 0.70 $ 1.77 Diluted $ 0.78 $ 0.73 $ 0.67 $ 1.73 Antidilutive awards excluded from calculation: Stock options 1,292 1,757 950 1,429 Restricted stock units 44 — 16 10 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Jun. 29, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Withholding Taxes | Withholding taxes were as follows (in thousands): Fiscal Quarter Ended Fiscal Year-To-Date Ended June 29, June 30, June 29, June 30, Withholding taxes $ 10,366 $ 12,381 $ 38,940 $ 34,780 |
Restructuring (Tables)
Restructuring (Tables) | 9 Months Ended |
Jun. 29, 2018 | |
Restructuring Charges [Abstract] | |
Restructuring and Related Costs | The table presented below summarizes changes in restructuring accruals under this plan (in thousands): Severance and associated costs Restructuring charges $ 12,856 Cash payments (168 ) Non-cash and other adjustments — Balance at September 29, 2017 $ 12,688 Restructuring charges 23 Cash payments (11,946 ) Non-cash and other adjustments (583 ) Balance at June 29, 2018 $ 182 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 9 Months Ended |
Jun. 29, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Contractual Obligations And Commitments | The following table presents a summary of our contractual obligations and commitments as of June 29, 2018 (in thousands): Payments Due By Fiscal Period Remainder of Fiscal Fiscal Fiscal Fiscal Thereafter Total Naming rights $ — $ 7,811 $ 7,909 $ 8,008 $ 8,108 $ 86,865 $ 118,701 Operating leases 4,484 17,105 14,381 11,105 9,524 25,698 82,297 Purchase obligations 32,872 25,536 22,225 433 333 — 81,399 Donation commitments — 6,300 322 122 122 958 7,824 Total $ 37,356 $ 56,752 $ 44,837 $ 19,668 $ 18,087 $ 113,521 $ 290,221 |
Basis Of Presentation (Details)
Basis Of Presentation (Details) - segment | 3 Months Ended | 9 Months Ended |
Jun. 29, 2018 | Jun. 29, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of weeks in fiscal year | 13 years | |
Number of Operating Segments | 1 |
Summary Of Significant Accoun35
Summary Of Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Jun. 29, 2018 | Jun. 29, 2018 | |
Accounting Policies [Abstract] | ||
Excess tax benefit | $ 0.5 | $ 9.9 |
Composition Of Certain Financ36
Composition Of Certain Financial Statement Captions (Schedule Of Accounts Receivable) (Details) - USD ($) $ in Thousands | Jun. 29, 2018 | Sep. 29, 2017 |
Composition Of Certain Financial Statement Captions [Abstract] | ||
Trade accounts receivable | $ 131,916 | $ 62,305 |
Accounts receivable related to patent administration program | 23,288 | 14,412 |
Accounts receivable, gross | 155,204 | 76,717 |
Less: allowance for doubtful accounts | (5,622) | (2,967) |
Accounts receivable, net | $ 149,582 | $ 73,750 |
Composition Of Certain Financ37
Composition Of Certain Financial Statement Captions (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Jun. 29, 2018 | Sep. 29, 2017 |
Composition Of Certain Financial Statement Captions [Abstract] | ||
Raw materials | $ 4,202 | $ 6,812 |
Work in process | 4,566 | 4,954 |
Finished goods | 15,164 | 13,285 |
Inventories | $ 23,932 | $ 25,051 |
Composition Of Certain Financ38
Composition Of Certain Financial Statement Captions (Narrative) (Details) - USD ($) $ in Thousands | Jun. 29, 2018 | Sep. 29, 2017 |
Composition Of Certain Financial Statement Captions [Line Items] | ||
Raw materials | $ 4,202 | $ 6,812 |
Capital expenditures incurred, but not yet paid | 13,130 | 10,096 |
Other Noncurrent Assets [Member] | ||
Composition Of Certain Financial Statement Captions [Line Items] | ||
Raw materials | $ 3,500 | $ 1,800 |
Composition Of Certain Financ39
Composition Of Certain Financial Statement Captions (Schedule Of Prepaid Expenses And Other Current Assets) (Details) - USD ($) $ in Thousands | Jun. 29, 2018 | Sep. 29, 2017 |
Composition Of Certain Financial Statement Captions [Abstract] | ||
Prepaid assets | $ 17,941 | $ 16,681 |
Other current assets | 14,079 | 11,383 |
Income tax receivable | 652 | 2,444 |
Prepaid expenses and other current assets | $ 32,672 | $ 30,508 |
Composition Of Certain Financ40
Composition Of Certain Financial Statement Captions (Schedule Of Accrued Liabilities) (Details) - USD ($) $ in Thousands | Jun. 29, 2018 | Sep. 29, 2017 |
Composition Of Certain Financial Statement Captions [Abstract] | ||
Accrued royalties | $ 2,764 | $ 2,274 |
Amounts payable to patent administration program partners | 49,926 | 49,141 |
Accrued compensation and benefits | 74,157 | 92,277 |
Accrued professional fees | 7,632 | 5,530 |
Capital expenditures incurred, but not yet paid | 13,130 | 10,096 |
Other accrued liabilities | 49,467 | 47,716 |
Total | $ 197,076 | $ 207,034 |
Composition Of Certain Financ41
Composition Of Certain Financial Statement Captions (Schedule Of Other Non-Current Liabilities) (Details) - USD ($) $ in Thousands | Jun. 29, 2018 | Sep. 29, 2017 |
Composition Of Certain Financial Statement Captions [Abstract] | ||
Supplemental retirement plan obligations | $ 3,220 | $ 2,928 |
Non-current tax liabilities | 188,027 | 91,013 |
Other liabilities | 12,566 | 13,573 |
Other non-current liabilities | $ 203,813 | $ 107,514 |
Investments & Fair Value Meas42
Investments & Fair Value Measurements (Schedule Of Financial Assets and Liabilities Carried At Fair Value) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Jun. 29, 2018 | Sep. 29, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | $ 829,616 | $ 627,017 | ||
Cash and cash equivalents | 829,621 | 627,017 | $ 592,616 | $ 516,112 |
Available-for-sale Debt Securities, Amortized Cost Basis | 567,729 | 561,977 | ||
Available-for-sale Securities, Debt Securities | 564,330 | 561,366 | ||
Investment Owned, Unrecognized Unrealized Depreciation | (3,545) | (1,053) | ||
Cash Cash Equivalents And Investments Total | 1,268,084 | 1,189,138 | ||
Financial assets carried at fair value | 829,621 | 627,017 | ||
Restricted Cash and Cash Equivalents | 7,842 | 7,351 | ||
Long-term investments | 243,179 | 314,364 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 312,011 | 211,423 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3,199) | (437) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 26,804 | 129,546 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (347) | (616) | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | 322,782 | 251,649 | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 322,323 | 251,530 | ||
Available For Sale Securities Debt Maturities After One Through Two Years Amortized Cost | 148,567 | 213,555 | ||
Available For Sale Securities Debt Maturities After One Through Two Years Fair Value | 147,032 | 213,154 | ||
Available For Sale Securities Debt Maturities After Two Through Three Years Amortized Cost | 96,380 | 96,773 | ||
Available For Sale Securities Debt Maturities After Two Through Three Years Fair Value | 94,975 | 96,682 | ||
Investment Owned, at Cost | 1,271,233 | 1,189,392 | ||
Investment Owned, Unrecognized Unrealized Appreciation | 396 | 799 | ||
Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 61,136 | 2,550 | ||
Financial assets carried at fair value | 76,592 | 22,667 | ||
Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 65,903 | 1,223 | ||
Financial assets carried at fair value | 487,985 | 539,056 | ||
Cash [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 702,582 | 623,244 | ||
Corporate Debt Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 4,404 | |||
Cash Equivalents, at Carrying Value | 4,404 | |||
Available-for-sale Debt Securities, Gross Unrealized Loss | 0 | |||
Money Market Funds [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 61,136 | 2,550 | ||
Cash and cash equivalents | 61,136 | |||
Money Market Funds [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 61,136 | 2,550 | ||
Certificates of Deposit [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 300 | |||
Available-for-sale Debt Securities, Gross Unrealized Loss | (1) | |||
Available-for-sale Debt Securities Gross Unrealized Gain | 9 | |||
Available-for-sale Securities, Amortized Cost Basis | 22,940 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 19,750 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (6) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |||
Certificates of Deposit [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 300 | |||
Investments, Fair Value Disclosure | 17,244 | |||
Investments, Noncurrent, Fair Value Disclosure | 22,939 | |||
U.S. Agency Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 21,779 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 22,755 | 19,713 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (333) | (91) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 11,386 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (108) | ||
U.S. Agency Securities [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Noncurrent, Fair Value Disclosure | ||||
U.S. Agency Securities [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Noncurrent, Fair Value Disclosure | 21,601 | |||
US Government Agencies Short-term Debt Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Debt Securities, Gross Unrealized Loss | (6) | (20) | ||
Available-for-sale Securities, Debt Securities | 2,796 | 9,498 | ||
Available-for-sale Debt Securities Gross Unrealized Gain | 0 | |||
US Government Agencies Short-term Debt Securities [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Fair Value Disclosure | 2,796 | 9,498 | ||
Government Bonds [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Debt Securities, Gross Unrealized Loss | (6) | |||
Available-for-sale Debt Securities Gross Unrealized Gain | 0 | |||
Available-for-sale Securities, Amortized Cost Basis | 17,839 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 14,673 | 15,029 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (289) | (64) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 4,729 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (49) | ||
Government Bonds [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Noncurrent, Fair Value Disclosure | 17,732 | |||
Commercial Paper [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 61,199 | 1,223 | ||
Cash and cash equivalents | 61,194 | |||
Available-for-sale Debt Securities, Gross Unrealized Loss | (1) | |||
Available-for-sale Debt Securities, Amortized Cost Basis | 15,160 | |||
Available-for-sale Debt Securities Gross Unrealized Gain | 2 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | ||
Investment Owned, at Cost | 4,418 | 4,292 | ||
Investment Owned, Unrecognized Unrealized Appreciation | 4 | 1 | ||
Available-for-sale Securities, Gross Unrealized Gain | 5 | |||
Available-for-sale Securities, Gross Unrealized Loss | 0 | |||
Commercial Paper [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 61,199 | 1,223 | ||
Investments, Fair Value Disclosure | 15,161 | |||
Corporate Debt Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 2,550 | |||
Available-for-sale Debt Securities, Gross Unrealized Loss | (163) | |||
Available-for-sale Debt Securities, Amortized Cost Basis | 174,750 | |||
Available-for-sale Debt Securities Gross Unrealized Gain | 54 | |||
Available-for-sale Securities, Amortized Cost Basis | 218,857 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 221,466 | 125,890 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,438) | (251) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 26,804 | 109,806 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (347) | (449) | ||
Corporate Debt Securities [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 4,404 | |||
Investments, Fair Value Disclosure | 174,641 | |||
Investments, Noncurrent, Fair Value Disclosure | 218,647 | |||
Municipal Bonds [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Debt Securities, Gross Unrealized Loss | (9) | |||
Available-for-sale Debt Securities, Amortized Cost Basis | 29,178 | |||
Available-for-sale Debt Securities Gross Unrealized Gain | 16 | |||
Available-for-sale Securities, Amortized Cost Basis | 28,913 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (135) | (24) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 3,625 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (10) | ||
Investment Owned, at Cost | 48,699 | 26,749 | ||
Municipal Bonds [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Fair Value Disclosure | 29,185 | |||
Investments, Noncurrent, Fair Value Disclosure | 28,917 | |||
Short-term Investments [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Debt Securities Gross Unrealized Gain | 81 | |||
Other Long-term Investments [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cost Method Investment, Fair Value Measurement Adjustment | 300 | 400 | ||
Available-for-sale Securities, Amortized Cost Basis | 4,171 | |||
Investments, Noncurrent, Fair Value Disclosure | 400 | 600 | ||
Other Long-term Investments [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Noncurrent, Fair Value Disclosure | 357 | |||
Investments Held In Supplemental Retirement Plan [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Financial assets carried at fair value | 3,318 | 3,026 | ||
Financial liabilities carried at fair value | 3,318 | 3,026 | ||
Cost Method Investment 1 [Member] | Other Long-term Investments [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term investments | 3,000 | |||
Cost Method Investment 2 [Member] | Other Long-term Investments [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term investments | 500 | 500 | ||
Short-term Investments [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Debt Securities, Gross Unrealized Loss | (200) | |||
Available-for-sale Debt Securities, Amortized Cost Basis | 247,876 | |||
Available-for-sale Securities, Debt Securities | 247,757 | |||
Short-term Investments [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Fair Value Disclosure | 535 | 2,028 | ||
Short-term Investments [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Fair Value Disclosure | 194,749 | 245,729 | ||
Short-term Investments [Member] | Certificates of Deposit [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Debt Securities, Gross Unrealized Loss | ||||
Available-for-sale Debt Securities, Amortized Cost Basis | 26,065 | 17,236 | ||
Available-for-sale Securities, Debt Securities | 26,088 | |||
Available-for-sale Debt Securities Gross Unrealized Gain | 23 | |||
Available-for-sale Securities | 17,244 | |||
Short-term Investments [Member] | Certificates of Deposit [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Fair Value Disclosure | 26,088 | |||
Short-term Investments [Member] | U.S. Agency Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Debt Securities, Amortized Cost Basis | 2,802 | 9,518 | ||
Short-term Investments [Member] | Government Bonds [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Debt Securities, Gross Unrealized Loss | ||||
Available-for-sale Debt Securities, Amortized Cost Basis | 535 | 2,034 | ||
Available-for-sale Securities, Debt Securities | 535 | 2,028 | ||
Short-term Investments [Member] | Government Bonds [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Fair Value Disclosure | 535 | 2,028 | ||
Short-term Investments [Member] | Commercial Paper [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Debt Securities, Gross Unrealized Loss | (4) | |||
Available-for-sale Debt Securities, Amortized Cost Basis | 5,517 | |||
Available-for-sale Securities, Debt Securities | 5,513 | 15,161 | ||
Available-for-sale Debt Securities Gross Unrealized Gain | 0 | |||
Short-term Investments [Member] | Commercial Paper [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Fair Value Disclosure | 5,513 | |||
Short-term Investments [Member] | Corporate Debt Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Debt Securities, Gross Unrealized Loss | (474) | |||
Available-for-sale Debt Securities, Amortized Cost Basis | 129,156 | |||
Available-for-sale Securities, Debt Securities | 128,740 | 174,641 | ||
Available-for-sale Debt Securities Gross Unrealized Gain | 58 | |||
Short-term Investments [Member] | Corporate Debt Securities [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Fair Value Disclosure | 128,740 | |||
Short-term Investments [Member] | Municipal Bonds [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Debt Securities, Gross Unrealized Loss | (60) | |||
Available-for-sale Debt Securities, Amortized Cost Basis | 31,672 | |||
Available-for-sale Securities, Debt Securities | 31,612 | 29,185 | ||
Available-for-sale Debt Securities Gross Unrealized Gain | 0 | |||
Short-term Investments [Member] | Municipal Bonds [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Fair Value Disclosure | 31,612 | |||
Short-term Investments [Member] | Short-term Investments [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Debt Securities, Gross Unrealized Loss | (544) | |||
Available-for-sale Debt Securities, Amortized Cost Basis | 195,747 | |||
Available-for-sale Securities, Debt Securities | 195,284 | |||
Available-for-sale Debt Securities Gross Unrealized Gain | 81 | |||
Long-term Investments [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 314,499 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 718 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (853) | |||
Available-for-sale Securities | 314,364 | |||
Long-term Investments [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Noncurrent, Fair Value Disclosure | 14,921 | 18,089 | ||
Long-term Investments [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Noncurrent, Fair Value Disclosure | 227,333 | 292,104 | ||
Long-term Investments [Member] | Certificates of Deposit [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Securities | 22,939 | |||
Available-for-sale Securities, Gross Unrealized Gain | 5 | |||
Available-for-sale Securities, Gross Unrealized Loss | 6 | |||
Long-term Investments [Member] | U.S. Agency Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 20,286 | |||
Available-for-sale Securities | 19,959 | 21,601 | ||
Available-for-sale Securities, Gross Unrealized Gain | 0 | |||
Available-for-sale Securities, Gross Unrealized Loss | 327 | 178 | ||
Long-term Investments [Member] | U.S. Agency Securities [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Noncurrent, Fair Value Disclosure | 19,959 | |||
Long-term Investments [Member] | Government Bonds [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 14,962 | |||
Available-for-sale Securities | 14,673 | 17,732 | ||
Available-for-sale Securities, Gross Unrealized Gain | 0 | |||
Available-for-sale Securities, Gross Unrealized Loss | 289 | 107 | ||
Long-term Investments [Member] | Government Bonds [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Noncurrent, Fair Value Disclosure | 14,673 | |||
Long-term Investments [Member] | Corporate Debt Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 187,728 | |||
Available-for-sale Securities | 185,471 | 218,647 | ||
Available-for-sale Securities, Gross Unrealized Gain | 53 | 327 | ||
Available-for-sale Securities, Gross Unrealized Loss | 2,310 | 537 | ||
Long-term Investments [Member] | Corporate Debt Securities [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Noncurrent, Fair Value Disclosure | 185,471 | |||
Long-term Investments [Member] | Municipal Bonds [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 21,970 | |||
Available-for-sale Securities | 21,904 | 28,917 | ||
Available-for-sale Securities, Gross Unrealized Gain | 9 | 29 | ||
Available-for-sale Securities, Gross Unrealized Loss | 75 | 25 | ||
Long-term Investments [Member] | Municipal Bonds [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Noncurrent, Fair Value Disclosure | 21,903 | |||
Long-term Investments [Member] | Other Long-term Investments [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 924 | |||
Available-for-sale Securities | 1,172 | 4,528 | ||
Available-for-sale Securities, Gross Unrealized Gain | 248 | 357 | ||
Available-for-sale Securities, Gross Unrealized Loss | $ 0 | |||
Long-term Investments [Member] | Other Long-term Investments [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Noncurrent, Fair Value Disclosure | 248 | |||
Long-term Investments [Member] | Long-term Investments [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 245,870 | |||
Available-for-sale Securities | 243,179 | |||
Available-for-sale Securities, Gross Unrealized Gain | 310 | |||
Available-for-sale Securities, Gross Unrealized Loss | $ 3,001 |
Property, Plant and Equipment43
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 29, 2018 | Sep. 29, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant And Equipment, Gross | $ 851,855 | $ 790,619 |
Less: accumulated depreciation | (349,814) | (305,344) |
Property, Plant And Equipment, Net | 502,041 | 485,275 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant And Equipment, Gross | 43,339 | 43,364 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant And Equipment, Gross | 283,459 | 281,196 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant And Equipment, Gross | 62,560 | 65,034 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant And Equipment, Gross | 104,643 | 98,437 |
Computer Systems and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant And Equipment, Gross | 187,701 | 173,341 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant And Equipment, Gross | 29,737 | 28,118 |
Equipment Leased to Other Party [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant And Equipment, Gross | 129,301 | 97,456 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant And Equipment, Gross | $ 11,115 | $ 3,673 |
Goodwill and Intangible Asset44
Goodwill and Intangible Assets Goodwill Rollforward (Details) $ in Thousands | 9 Months Ended |
Jun. 29, 2018USD ($) | |
Goodwill [Roll Forward] | |
Balance at September 29, 2017 | $ 311,087 |
Acquired goodwill | 4,807 |
Translation adjustments | (1,577) |
Balance at September 29, 2017 | $ 314,317 |
Goodwill and Intangible Asset45
Goodwill and Intangible Assets Finite-Lived Intangible Assets (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Jun. 30, 2017 | Jun. 29, 2018 | Jun. 30, 2017 | Sep. 29, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||||||
Cost | $ 394,369,000 | $ 394,369,000 | $ 379,292,000 | ||||
Accumulated Amortization | (209,229,000) | (209,229,000) | (189,644,000) | ||||
Total | 185,140,000 | 185,140,000 | 189,648,000 | ||||
Purchases of intangible assets | $ 700 | $ 2,800 | $ 5,300 | $ 12,543,000 | $ 5,250,000 | ||
Intangible Assets, Explanation of Significant Additions | 12 | 15.5 | 5.3 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | 5 years 3 months | 14 years 1 month | 18 years | 12 years 1 month | 18 years | |
Amortization of Intangible Assets | $ 6,700,000 | $ 7,300,000 | $ 19,800,000 | $ 24,000,000 | |||
Acquired Patents And Technology [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Cost | 314,799,000 | 314,799,000 | 299,707,000 | ||||
Accumulated Amortization | (146,549,000) | (146,549,000) | (128,986,000) | ||||
Total | 168,250,000 | 168,250,000 | 170,721,000 | ||||
Customer Relationships [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Cost | 56,836,000 | 56,836,000 | 56,843,000 | ||||
Accumulated Amortization | (40,345,000) | (40,345,000) | (38,368,000) | ||||
Total | 16,491,000 | 16,491,000 | 18,475,000 | ||||
Other Intangibles [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Cost | 22,734,000 | 22,734,000 | 22,742,000 | ||||
Accumulated Amortization | (22,335,000) | (22,335,000) | (22,290,000) | ||||
Total | $ 399,000 | $ 399,000 | $ 452,000 |
Goodwill and Intangible Asset46
Goodwill and Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Thousands | Jun. 29, 2018 | Sep. 29, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2018 | $ 6,778 | |
2,018 | 26,525 | |
2,019 | 26,061 | |
2,020 | 26,034 | |
2,021 | 23,370 | |
Thereafter | 76,372 | |
Total | $ 185,140 | $ 189,648 |
Goodwill and Intangible Asset47
Goodwill and Intangible Assets Intangible Assets, Additions (Details) | 3 Months Ended | 9 Months Ended | ||||
Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Jun. 30, 2017 | Jun. 29, 2018 | Jun. 30, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | 5 years 3 months | 14 years 1 month | 18 years | 12 years 1 month | 18 years |
Stockholders' Equity And Stoc48
Stockholders' Equity And Stock-Based Compensation (Narrative) (Details) | Jul. 24, 2018$ / shares | Apr. 24, 2018$ / shares | Jan. 24, 2018$ / shares | Dec. 15, 2017shares | Dec. 15, 2016shares | Dec. 15, 2015shares | Jun. 29, 2018USD ($)vote$ / sharesshares | Jun. 30, 2017$ / shares | Jun. 29, 2018USD ($)vote$ / sharesshares | Jun. 30, 2017$ / shares | Oct. 31, 2010 | Mar. 28, 2014 | Jul. 25, 2018USD ($) | Sep. 29, 2017shares | Jan. 25, 2017USD ($) | Oct. 31, 2014USD ($) | Feb. 29, 2012USD ($) | Jul. 31, 2011USD ($) | Jul. 31, 2010USD ($) | Nov. 30, 2009USD ($) |
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Options outstanding to purchase | 8,741,000 | |||||||||||||||||||
Year end stock price | $ / shares | $ 61.69 | |||||||||||||||||||
Percentage of vesting per year | 50.00% | |||||||||||||||||||
Common stock, dividends declared (in dollars per share) | $ / shares | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.14 | $ 0.48 | $ 0.42 | ||||||||||||||
Remaining authorization to purchase additional shares | $ | $ 61,500,000 | $ 61,500,000 | ||||||||||||||||||
Authorization Amount | $ | 1,300,000,000 | 1,300,000,000 | $ 250,000,000 | |||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Common stock, dividends declared (in dollars per share) | $ / shares | $ 0.16 | |||||||||||||||||||
Employee Stock Option [Member] | ||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Stock options expected to vest | $ | $ 30,600,000 | $ 30,600,000 | ||||||||||||||||||
Employee stock options expected to be recognized over a weighted-average period | 2 years 4 months | |||||||||||||||||||
Performance-Based Stock Options [Member] | ||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 7 years | |||||||||||||||||||
Compensation requisite measurement period | 3 years | |||||||||||||||||||
Performance-Based Stock Options [Member] | Executive Officer [Member] | ||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Shares exercisable (in shares) | 981,121 | 981,121 | ||||||||||||||||||
Percentage Of Target Award | 125.00% | |||||||||||||||||||
Options outstanding to purchase | 784,898 | 784,898 | ||||||||||||||||||
Performance-Based Stock Options [Member] | Executive Officer [Member] | Awarded Fiscal 2018 [Member] [Domain] | ||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Shares exercisable (in shares) | 330,000 | |||||||||||||||||||
Percentage Of Target Award | 125.00% | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 264,000 | |||||||||||||||||||
Performance-Based Stock Options [Member] | Executive Officer [Member] | Awarded Fiscal 2016 [Member] | ||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Shares exercisable (in shares) | 419,623 | |||||||||||||||||||
Percentage Of Target Award | 125.00% | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 335,699 | |||||||||||||||||||
Performance-Based Stock Options [Member] | Executive Officer [Member] | Awarded Fiscal 2017 [Member] | ||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Shares exercisable (in shares) | 345,248 | |||||||||||||||||||
Percentage Of Target Award | 125.00% | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 276,199 | |||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Stock options expected to vest | $ | $ 101,700,000 | $ 101,700,000 | ||||||||||||||||||
Employee stock options expected to be recognized over a weighted-average period | 2 years 6 months 9 days | |||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Employees and Officers [Member] | ||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Awards Granted Prior to November 2010 [Member] | Directors [Member] | ||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 1 year | ||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Awards Granted After November 2010 [Member] | Directors [Member] | ||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||||||||||||||||
Awards Granted Under 2005 Stock Plan Prior To February 2011 [Member] | ||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Terms for issuance of stock | 2 | |||||||||||||||||||
Awards Granted Under 2005 Stock Plan From February 2011 [Member] | ||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Terms for issuance of stock | 1.6 | |||||||||||||||||||
Employee Stock Purchase Plan [Member] | ||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Percentage of compensation withheld by employees to purchase common stock | 10.00% | |||||||||||||||||||
Common stock purchase price determined over percentage of closing price | 15.00% | |||||||||||||||||||
Additional Stock Approved [Member] | ||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Authorization Amount | $ | $ 200,000,000 | $ 200,000,000 | $ 100,000,000 | $ 250,000,000 | $ 300,000,000 | |||||||||||||||
Class A Common Stock [Member] | ||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Common stock, shares authorized (shares) | 500,000,000 | 500,000,000 | 500,000,000 | |||||||||||||||||
Common stock, shares issued (shares) | 64,077,013 | 64,077,013 | 59,281,837 | |||||||||||||||||
Common stock, number of votes per share | vote | 1 | 1 | ||||||||||||||||||
Common stock, shares outstanding (shares) | 64,077,013 | 64,077,013 | 59,281,837 | |||||||||||||||||
Class A Common Stock [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Authorization Amount | $ | $ 412,000,000 | |||||||||||||||||||
Class A Common Stock [Member] | 2005 Stock Plan. [Member] | ||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Shares authorized under plan | 46,000,000 | 46,000,000 | ||||||||||||||||||
Options outstanding to purchase | 7,716,000 | 7,716,000 | ||||||||||||||||||
Weighted average remaining contractual life | 6 years 9 months | |||||||||||||||||||
Options vested and exercisable | 4,123,000 | 4,123,000 | ||||||||||||||||||
Class A Common Stock [Member] | Employee Stock Purchase Plan [Member] | ||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Maximum value of common stock available for eligible employees | $ | $ 25,000 | |||||||||||||||||||
Maximum number of common stock available for eligible employees | 1,000 | |||||||||||||||||||
Purchase period | 6 months | |||||||||||||||||||
Look back commencement period | 1 year | |||||||||||||||||||
Class B Common Stock [Member] | ||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Common stock, shares authorized (shares) | 500,000,000 | 500,000,000 | 500,000,000 | |||||||||||||||||
Common stock, shares issued (shares) | 39,511,036 | 39,511,036 | 42,873,597 | |||||||||||||||||
Common stock, number of votes per share | vote | 10 | 10 | ||||||||||||||||||
Common stock, shares outstanding (shares) | 39,511,036 | 39,511,036 | 42,873,597 | |||||||||||||||||
Options Granted Prior To June 2008 [Member] | Employee Stock Option [Member] | ||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||||||||||
Options expiration period | 10 years | |||||||||||||||||||
Options Granted From June Two Thousand Eight Member | Employee Stock Option [Member] | ||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||||||||||
Options expiration period | 10 years | |||||||||||||||||||
Options Granted From June Two Thousand Eight Member | Employee Stock Option [Member] | One year anniversary date | ||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Percentage of stock option becoming exercisable subjected to date of grant | 25.00% | |||||||||||||||||||
Options Granted From June Two Thousand Eight Member | Employee Stock Option [Member] | Over 36 equally installment periods following one year anniversary date | ||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 36 months | |||||||||||||||||||
Minimum [Member] | Performance-Based Stock Options [Member] | ||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Percentage Of Target Award | 0.00% | |||||||||||||||||||
Maximum [Member] | Performance-Based Stock Options [Member] | ||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||||||||||||||||||
Percentage Of Target Award | 125.00% |
Stockholders' Equity And Stoc49
Stockholders' Equity And Stock-Based Compensation (Summary Of Stock Options Issued To Officers, Directors, And Employees Under 2000 Stock Incentive Plan And 2005 Stock Plan) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Jun. 29, 2018USD ($)$ / sharesshares | |
Shares | |
Shares, Options outstanding at beginning of period | shares | 8,741 |
Shares, Grants | shares | 1,295 |
Shares, Exercises | shares | (1,938) |
Shares, Forfeitures and cancellations | shares | (382) |
Shares, Options vested and expected to vest | shares | 7,241 |
Weighted-Average Exercise Price | |
Weighted Average Exercise Price, Options outstanding at beginning of period | $ 38.65 |
Weighted Average Exercise Price, Grants (in usd per share) | 62.33 |
Weighted Average Exercise Price, Exercises (in usd per share) | 37.20 |
Weighted Average Exercise Price, Forfeitures and cancellations (in usd per share) | 40.43 |
Weighted Average Exercise Price, Options outstanding at end of period | 42.90 |
Weighted Average Exercise Price, Options vested and expected to vest (in usd per share) | 42.27 |
Weighted Average Exercise Price, Options exercisable (in usd per share) | $ 37.61 |
Weighted Average Remaining Contractual Life, Options vested and expected to vest at end of period | 6 years 8 months |
Weighted Average Remaining Contractual Life, Options exercisable | 5 years 9 months 21 days |
Aggregate Intrinsic Value, Options outstanding | $ | $ 145,793 |
Aggregate Intrinsic Value, Options vested and expected to vest | $ | 141,285 |
Aggregate Intrinsic Value, Options exercisable | $ | $ 99,275 |
Employee Stock Option [Member] | Options Granted From June Two Thousand Eight Member | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Stockholders' Equity And Stoc50
Stockholders' Equity And Stock-Based Compensation (Summary Of Restricted Stock Units Issued To Officers, Directors, And Employees Under 2005 Stock Incentive Plan) (Details) shares in Thousands | 9 Months Ended |
Jun. 29, 2018$ / sharesshares | |
Shares | |
Shares, Non-vested at beginning of period | shares | 2,839 |
Shares, Granted | shares | 1,224 |
Shares, Vested | shares | (1,002) |
Shares, Forfeitures | shares | (302) |
Shares, Non-vested at end of period | shares | 2,759 |
Weighted-Average Grant Date Fair Value | |
Weighted Average Fair Value, Non-vested at beginning of period | $ / shares | $ 44.38 |
Weighted Average Fair Value, Granted | $ / shares | 62.59 |
Weighted Average Fair Value, Vested | $ / shares | 40.53 |
Weighted Average Fair Value, Forfeitures | $ / shares | 44.15 |
Weighted Average Fair Value, Non-vested at end of period | $ / shares | $ 53.89 |
Stockholders' Equity And Stoc51
Stockholders' Equity And Stock-Based Compensation (Schedule Of Fair Value Of Stock-Based Awards Estimated Using Weighted-Average Assumptions) (Details) | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2018 | Jun. 30, 2017 | Jun. 29, 2018 | Jun. 30, 2017 | |
Stockholders' Equity And Stock-Based Compensation [Abstract] | ||||
Expected life (in years) | 5 years 22 days | 5 years 1 month 17 days | 5 years 23 days | 5 years 1 month 17 days |
Risk-free interest rate | 2.90% | 1.80% | 2.20% | 2.10% |
Expected stock price volatility | 22.50% | 25.10% | 22.60% | 27.40% |
Dividend yield | 1.00% | 1.10% | 1.10% | 1.10% |
Stockholders' Equity And Stoc52
Stockholders' Equity And Stock-Based Compensation (Schedule Of Stock-Based Compensation Expense By Plan) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2018 | Jun. 30, 2017 | Jun. 29, 2018 | Jun. 30, 2017 | |
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||
Stock-based compensation expense | $ 17,101 | $ 15,742 | $ 53,476 | $ 48,940 |
Share-based Compensation | 53,476 | 48,940 | ||
Benefit from income taxes | (3,488) | (4,568) | (11,041) | (14,231) |
Total stock-based compensation, net of tax | 13,613 | 11,174 | 42,435 | 34,709 |
Stock Option [Member] | ||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||
Stock-based compensation expense | 4,500 | 4,489 | ||
Share-based Compensation | 16,554 | 13,867 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||
Stock-based compensation expense | 11,581 | 10,349 | ||
Share-based Compensation | 33,993 | 32,446 | ||
Employee Stock Purchase Plan [Member] | ||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||
Stock-based compensation expense | 1,020 | 904 | ||
Share-based Compensation | 2,929 | 2,627 | ||
Cost of Sales [Member] | ||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||
Stock-based compensation expense | 249 | 229 | 756 | 710 |
Cost Of Service [Member] | ||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||
Stock-based compensation expense | 151 | 126 | 411 | 383 |
Research and Development Expense [Member] | ||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||
Stock-based compensation expense | 4,859 | 4,551 | 14,486 | 13,987 |
Selling and Marketing Expense [Member] | ||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||
Stock-based compensation expense | 6,469 | 6,187 | 18,266 | 19,563 |
General and Administrative Expense [Member] | ||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ||||
Stock-based compensation expense | $ 5,373 | $ 4,649 | $ 19,557 | $ 14,297 |
Stockholders' Equity And Stoc53
Stockholders' Equity And Stock-Based Compensation (Schedule of Stock-Based Compensation By Classification) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2018 | Jun. 30, 2017 | Jun. 29, 2018 | Jun. 30, 2017 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 17,101 | $ 15,742 | $ 53,476 | $ 48,940 |
Benefit from income taxes | (3,488) | (4,568) | (11,041) | (14,231) |
Total stock-based compensation, net of tax | 13,613 | 11,174 | 42,435 | 34,709 |
Cost of products [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 249 | 229 | 756 | 710 |
Cost of services [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 151 | 126 | 411 | 383 |
Research and development [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 4,859 | 4,551 | 14,486 | 13,987 |
Sales and marketing [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 6,469 | 6,187 | 18,266 | 19,563 |
General and administrative [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 5,373 | $ 4,649 | $ 19,557 | $ 14,297 |
Stockholders' Equity And Stoc54
Stockholders' Equity And Stock-Based Compensation (Tax Benefit from Exercise of Options) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2018 | Jun. 30, 2017 | Jun. 29, 2018 | Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | $ 113 | $ 367 | $ 470 | $ 786 |
Stockholders' Equity And Stoc55
Stockholders' Equity And Stock-Based Compensation (Stock Repurchase Authorizations) (Details) - USD ($) $ in Thousands | Jun. 29, 2018 | Jan. 25, 2017 | Oct. 31, 2014 | Feb. 29, 2012 | Jul. 31, 2011 | Jul. 31, 2010 | Nov. 30, 2009 |
Equity, Class of Treasury Stock [Line Items] | |||||||
Authorization Amount | $ 1,300,000 | $ 250,000 | |||||
Additional Stock Approved [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Authorization Amount | $ 200,000 | $ 200,000 | $ 100,000 | $ 250,000 | $ 300,000 |
Stockholders' Equity And Stoc56
Stockholders' Equity And Stock-Based Compensation (Stock Repurchase) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Jun. 29, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares repurchased (in shares) | 896,689 | 77,705 | 1,468,278 | ||
Payments for Repurchase of Common Stock | $ 55,480 | $ 90,480 | $ 74,994 | ||
Repurchase of common stock | $ 5,001 | $ 29,999 | $ 90,480 | ||
Average Price Paid per Share (in dollars per share) | $ 61.86 | $ 64.33 | $ 61.86 | ||
Stock Repurchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares repurchased (in shares) | 493,884 | ||||
Average Price Paid per Share (in dollars per share) | $ 60.73 |
Stockholders' Equity and Stoc57
Stockholders' Equity and Stock-Based Compensation - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 24, 2018 | Apr. 24, 2018 | Jan. 24, 2018 | Jun. 29, 2018 | Jun. 30, 2017 | Jun. 29, 2018 | Jun. 30, 2017 |
Dividends Payable [Line Items] | |||||||
Common stock, dividends declared (in dollars per share) | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.14 | $ 0.48 | $ 0.42 | |
Dividend Payment | $ 16.7 | $ 16.6 | |||||
Subsequent Event [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Common stock, dividends declared (in dollars per share) | $ 0.16 | ||||||
Dividend Payment | $ 16.6 |
Accumulated Other Comprehensi58
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2018 | Jun. 30, 2017 | Jun. 29, 2018 | Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance, Beginning Of Period | $ (5,616) | $ (14,708) | $ (7,753) | $ (10,197) |
Income Tax Effect - Benefit/(Expense) | 1,230 | (444) | (192) | 225 |
Net Of Tax | (7,555) | 3,199 | (5,252) | (1,345) |
Realized (Gains) - Investment Securities | (162) | (12) | (369) | 22 |
Income Tax Effect - (Benefit)/Expense | 32 | 3 | 73 | 2 |
Net Of Tax | (130) | (9) | (296) | 24 |
Other Comprehensive Income (Loss), After Reclassifications, Net of Tax | (7,685) | 3,190 | (5,548) | (1,321) |
Balance, End Of Period | (13,301) | (11,518) | (13,301) | (11,518) |
Unrealized Gains/Losses On Available-For-Sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance, Beginning Of Period | (3,529) | (696) | (377) | 742 |
Unrealized Gains (Losses) | 490 | 67 | (2,599) | (1,407) |
Income Tax Effect - Benefit/(Expense) | 21 | 17 | (82) | 20 |
Net Of Tax | 469 | 84 | (2,517) | (1,387) |
Realized (Gains) - Investment Securities | (162) | (12) | (369) | 22 |
Income Tax Effect - (Benefit)/Expense | 32 | 3 | 73 | 2 |
Net Of Tax | (130) | (9) | (296) | 24 |
Other Comprehensive Income (Loss), After Reclassifications, Net of Tax | 339 | 75 | (2,813) | (1,363) |
Balance, End Of Period | (3,190) | (621) | (3,190) | (621) |
Foreign Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance, Beginning Of Period | (2,087) | (14,012) | (7,376) | (10,939) |
Unrealized Gains (Losses) | (9,275) | 3,576 | (2,845) | (163) |
Income Tax Effect - Benefit/(Expense) | (1,251) | (461) | (110) | 205 |
Net Of Tax | (8,024) | 3,115 | (2,735) | 42 |
Net Of Tax | (2,735) | 42 | ||
Other Comprehensive Income (Loss), After Reclassifications, Net of Tax | (8,024) | 3,115 | ||
Balance, End Of Period | $ (10,111) | $ (10,897) | $ (10,111) | $ (10,897) |
Per Share Data (Details)
Per Share Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2018 | Jun. 30, 2017 | Jun. 29, 2018 | Jun. 30, 2017 | |
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||||
Net income attributable to Dolby Laboratories, Inc. | $ 83,145 | $ 76,043 | $ 72,154 | $ 180,007 |
Weighted average shares outstanding-basic (in shares) | 103,836 | 101,905 | 103,386 | 101,725 |
Potential common shares from options to purchase common stock (in shares) | 2,198 | 1,571 | 2,364 | 1,494 |
Potential common shares from restricted stock units (in shares) | 916 | 746 | 1,193 | 767 |
Weighted average shares outstanding-diluted (in shares) | 106,950 | 104,222 | 106,943 | 103,986 |
Net income per share attributable to Dolby Laboratories, Inc. - Basic (in usd per share) | $ 0.80 | $ 0.75 | $ 0.70 | $ 1.77 |
Net income per share attributable to Dolby Laboratories, Inc. - Diluted (in usd per share) | $ 0.78 | $ 0.73 | $ 0.67 | $ 1.73 |
Employee Stock Option [Member] | ||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||||
Anti-dilutive securities, excluded from calculations (in shares) | 1,292 | 1,757 | 950 | 1,429 |
Restricted Stock Units (RSUs) [Member] | ||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||||
Anti-dilutive securities, excluded from calculations (in shares) | 44 | 0 | 16 | 10 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Jun. 29, 2018 | Dec. 29, 2017 | Jun. 30, 2017 | Jun. 29, 2018 | Jun. 30, 2017 | Sep. 29, 2017 |
Income Tax Contingency [Line Items] | |||||||
Federal tax rate | 21.00% | 24.60% | 35.00% | 24.60% | |||
Provision for income taxes | $ 13,302 | $ 20,117 | $ 198,332 | $ 49,666 | |||
Unrecognized tax benefits, gross | 105,100 | 105,100 | $ 98,700 | ||||
Unrecognized tax benefits if recognized, would affect our effective tax rate | $ 92,200 | $ 92,200 | $ 85,000 | ||||
Effective tax rate (as a percent) | 13.80% | 20.90% | 73.20% | 21.60% | |||
Impact Of Tax Cuts And Jobs Act [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Provision for income taxes | $ 154,600 | ||||||
Decrease in deferred tax assets | 57,900 | ||||||
Impact Of Tax Cuts And Jobs Act, Repatriation Transition Tax [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Tax liability | $ 96,700 |
Income Taxes (Withholding Taxes
Income Taxes (Withholding Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2018 | Jun. 30, 2017 | Jun. 29, 2018 | Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Withholding taxes | $ 10,366 | $ 12,381 | $ 38,940 | $ 34,780 |
Restructuring (Details)
Restructuring (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 29, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 29, 2018USD ($) | Jun. 30, 2017USD ($) | Sep. 29, 2017USD ($)employee | |
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges | $ 82 | $ 0 | $ 446 | $ 0 | |
2017 Restructuring Plan [Member] [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Number of positions eliminated | employee | 80 | ||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring reserve, beginning balance | 12,688 | ||||
Restructuring charges | (23) | $ (12,856) | |||
Cash payments | (11,946) | (168) | |||
Non-cash charges | (583) | 0 | |||
Restructuring reserve, ending balance | $ 182 | $ 182 | $ 12,688 |
Commitments And Contingencies63
Commitments And Contingencies (Schedule Of Contractual Obligations And Commitments) (Details) $ in Thousands | Jun. 29, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of Fiscal 2018 | $ 0 |
Naming rights, Fiscal 2019 | 7,811 |
Naming rights, Fiscal 2020 | 7,909 |
Naming rights, Fiscal 2021 | 8,008 |
Naming rights, Fiscal 2022 | 8,108 |
Naming rights, Thereafter | 86,865 |
Naming rights, Total | 118,701 |
Donation commitments, Remainder of Fiscal 2018 | 0 |
Donation commitments, Fiscal 2019 | 6,300 |
Donation commitments, Fiscal 2020 | 322 |
Donation commitments, Fiscal 2021 | 122 |
Donation commitments, Fiscal 2022 | 122 |
Donation commitments, Thereafter | 958 |
Donation commitments, Total | 82,297 |
Operating leases, Remainder of 2018 | 4,484 |
Operating leases, Fiscal 2019 | 17,105 |
Operating leases, Fiscal 2020 | 14,381 |
Operating leases, Fiscal 2021 | 11,105 |
Operating leases, Fiscal 2022 | 9,524 |
Operating leases, Thereafter | 25,698 |
Operating leases, Total | 81,399 |
Purchase obligation, Remainder of 2018 | 32,872 |
Purchase obligation, Fiscal 2019 | 25,536 |
Purchase obligation, Fiscal 2020 | 22,225 |
Purchase Obligation, Fiscal 2021 | 433 |
Purchase obligation, Fiscal 2022 | 333 |
Purchase obligation, Thereafter | 0 |
Purchase obligation, Total | 7,824 |
Total, due in Remainder of Fiscal 2018 | 37,356 |
Total, due in Fiscal 2019 | 56,752 |
Total, due in Fiscal 2020 | 44,837 |
Total, due in Fiscal 2021 | 19,668 |
Total, due in Fiscal 2022 | 18,087 |
Total, due Thereafter | 113,521 |
Total due | $ 290,221 |
Commitments And Contingencies64
Commitments And Contingencies (Narrative) (Details) | 9 Months Ended |
Jun. 29, 2018 | |
Naming Rights [Member] | |
Other Commitments [Line Items] | |
Term of agreement | 20 years |
Donation Commitments [Member] | |
Other Commitments [Line Items] | |
Term of agreement | 15 years |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | Jul. 25, 2018 | Jun. 29, 2018 | Nov. 30, 2009 |
Subsequent Event [Line Items] | |||
Stock repurchase program, authorized amount | $ 1,300,000 | $ 250,000 | |
Subsequent Event [Member] | Class A Common Stock [Member] | |||
Subsequent Event [Line Items] | |||
Stock repurchase program, increase in authorized amount | $ 350,000 | ||
Stock repurchase program, authorized amount | $ 412,000 |