Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Mar. 29, 2019 | May 01, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Skyworks Solutions, Inc. | |
Entity Central Index Key | 0000004127 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 29, 2019 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --09-27 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 172,693,582 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 29, 2019 | Mar. 30, 2018 | |
Income Statement [Abstract] | ||||
Net revenue | $ 810.4 | $ 913.4 | $ 1,782.4 | $ 1,965.3 |
Cost of goods sold | 410.2 | 454.7 | 897 | 969.8 |
Gross profit | 400.2 | 458.7 | 885.4 | 995.5 |
Operating expenses: | ||||
Research and development | 107.5 | 106.7 | 216.7 | 204.7 |
Selling, general and administrative | 47.9 | 57.5 | 95.7 | 108.8 |
Amortization of acquisition-related intangibles | 5.7 | 4.1 | 13.1 | 8.1 |
Restructuring and other charges | 1.5 | 1 | 1.4 | 1 |
Total operating expenses | 162.6 | 169.3 | 326.9 | 322.6 |
Operating income | 237.6 | 289.4 | 558.5 | 672.9 |
Other income, net | 3.7 | 2.9 | 6.6 | 5 |
Income before income taxes | 241.3 | 292.3 | 565.1 | 677.9 |
Provision for income taxes | 27.3 | 16.3 | 66.3 | 331.5 |
Net income | $ 214 | $ 276 | $ 498.8 | $ 346.4 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 1.23 | $ 1.51 | $ 2.85 | $ 1.89 |
Diluted (in dollars per share) | $ 1.23 | $ 1.50 | $ 2.83 | $ 1.87 |
Weighted average shares: | ||||
Basic (in shares) | 173.8 | 182.5 | 175.2 | 182.8 |
Diluted (in shares) | 174.6 | 184.3 | 176.1 | 184.9 |
Cash dividends declared and paid per share (usd per share) | $ 0.38 | $ 0.32 | $ 0.76 | $ 0.64 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 29, 2019 | Mar. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 214 | $ 276 | $ 498.8 | $ 346.4 |
Other comprehensive income | ||||
Fair value of investments | 0.1 | 0 | 0.2 | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | 0.5 | 0 | 0.5 | 0 |
Foreign currency translation adjustment | 0 | (0.3) | 0 | (0.3) |
Comprehensive income | $ 214.6 | $ 275.7 | $ 499.5 | $ 346.1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 29, 2019 | Sep. 28, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 816.3 | $ 733.3 |
Marketable Securities, Current | 141.1 | 294.1 |
Receivables, net of allowance for doubtful accounts of $0.6 and $0.5, respectively | 543.8 | 655.8 |
Inventory | 555 | 490.2 |
Other current assets | 103.9 | 88.8 |
Total current assets | 2,160.1 | 2,262.2 |
Property, plant and equipment, net | 1,169.8 | 1,140.9 |
Goodwill | 1,189.8 | 1,189.8 |
Intangible assets, net | 129.9 | 143.7 |
Deferred tax assets, net | 49.2 | 36.5 |
Marketable Securities, Noncurrent | 33.9 | 22.8 |
Other assets | 32.8 | 33 |
Total assets | 4,765.5 | 4,828.9 |
Current liabilities: | ||
Accounts payable | 167.9 | 229.9 |
Accrued compensation and benefits | 70.3 | 85.2 |
Other current liabilities | 100.1 | 74.6 |
Total current liabilities | 338.3 | 389.7 |
Long-term tax liabilities | 315.7 | 310.5 |
Other long-term liabilities | 30.6 | 31.7 |
Total liabilities | 684.6 | 731.9 |
Commitments and contingencies (Note 8) | ||
Stockholders’ equity: | ||
Preferred stock, no par value: 25.0 shares authorized, no shares issued | 0 | 0 |
Common stock, $0.25 par value; 525.0 shares authorized; 228.1 shares issued and 179.7 shares outstanding at June 29, 2018, and 226.0 shares issued and 183.1 shares outstanding at September 29, 2017 | 43.2 | 44.4 |
Additional paid-in capital | 3,126.2 | 3,061 |
Treasury stock, at cost | (3,179.1) | (2,732.5) |
Retained earnings | 4,098.7 | 3,732.9 |
Accumulated other comprehensive loss | (8.1) | (8.8) |
Total stockholders’ equity | 4,080.9 | 4,097 |
Total liabilities and stockholders’ equity | $ 4,765.5 | $ 4,828.9 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Mar. 29, 2019 | Sep. 28, 2018 |
Current assets: | ||
Allowance for doubtful accounts | $ 0.7 | $ 0.6 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized | 25 | 25 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.25 | $ 0.25 |
Common stock, shares authorized | 525 | 525 |
Common stock, shares issued | 229.6 | 228.4 |
Common stock, shares outstanding | 172.7 | 177.4 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Mar. 29, 2019 | Mar. 30, 2018 | |
Statement of Cash Flows [Abstract] | ||
Net income | $ 498.8 | $ 346.4 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Share-based compensation | 42.6 | 66.8 |
Depreciation | 156.4 | 129.6 |
Amortization of intangible assets | 28.6 | 11.1 |
Deferred income taxes | (27.6) | 25.6 |
Other | 0.8 | 0 |
Changes in assets and liabilities net of acquired balances: | ||
Receivables, net | 112 | 87.5 |
Inventory | (66.9) | 26.3 |
Other current and long-term assets | (14.9) | (27.1) |
Accounts payable | (23.9) | (82.2) |
Other current and long-term liabilities | 35.2 | 211 |
Net cash provided by operating activities | 741.1 | 795 |
Cash flows from investing activities: | ||
Capital expenditures | (226.2) | (118.5) |
Payments for Software | (12.9) | (6) |
Payments to Acquire Marketable Securities | (166.7) | 0 |
Maturity of investments | 309.2 | 0 |
Net cash used in investing activities | (96.6) | (124.5) |
Cash flows from financing activities: | ||
Repurchase of common stock - payroll tax withholdings on equity awards | (21) | (46.5) |
Repurchase of common stock - stock repurchase program | (425.5) | (284.2) |
Dividends paid | (133.1) | (117.5) |
Net proceeds from exercise of stock options | 6.8 | 32.3 |
Proceeds from employee stock purchase plan | 11.3 | 9.9 |
Net cash used in financing activities | (561.5) | (406) |
Net increase (decrease) in cash and cash equivalents | 83 | 264.5 |
Cash and cash equivalents at beginning of period | 733.3 | 1,616.8 |
Cash and cash equivalents at end of period | 816.3 | 1,881.3 |
Supplemental cash flow disclosures: | ||
Income taxes paid | $ 87.5 | $ 76.2 |
Statement of Stockholders Equit
Statement of Stockholders Equity Statement - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Deferred Tax Asset [Domain] |
Common stock, shares outstanding | 183.1 | ||||||
Stockholders' Equity Attributable to Parent | $ 4,065.7 | $ 45.8 | $ (1,925) | $ 2,893.8 | $ 3,059.6 | $ (8.5) | |
Treasury Stock, Shares | 42.9 | ||||||
Net income | 70.4 | 70.4 | |||||
StockIssuedDuringPeriodSharesShareBasedCompensationNetofRelatedTaxes(inshares) | 0.9 | 0.4 | |||||
StockIssuedDuringPeriodValueShareBasedCompensationNetofRelatedTaxes | (29.8) | $ 0.2 | $ (44.7) | 14.7 | |||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 25.5 | 27.4 | |||||
Treasury Stock, Shares, Acquired | 1.6 | ||||||
Treasury Stock, Value, Acquired, Par Value Method | 172.5 | $ 0.4 | $ 172.5 | (0.4) | |||
Stock Repurchased During Period, Shares | 1.6 | ||||||
Dividends | 58.8 | 58.8 | |||||
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | |||||
Net income | 346.4 | ||||||
Common stock, shares outstanding | 182.4 | ||||||
Stockholders' Equity Attributable to Parent | 3,900.5 | $ 45.6 | $ (2,142.2) | 2,936.3 | 3,069.3 | (8.5) | |
Treasury Stock, Shares | 44.9 | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | ||||||
Net income | 276 | 276 | |||||
StockIssuedDuringPeriodSharesShareBasedCompensationNetofRelatedTaxes(inshares) | 0.7 | 0 | |||||
StockIssuedDuringPeriodValueShareBasedCompensationNetofRelatedTaxes | 26.2 | $ 0.2 | $ (1.7) | 27.7 | |||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 38.1 | 38.1 | |||||
Treasury Stock, Shares, Acquired | 1 | ||||||
Treasury Stock, Value, Acquired, Par Value Method | 111.8 | $ 0.3 | $ 111.8 | (0.3) | |||
Stock Repurchased During Period, Shares | 1 | ||||||
Dividends | 58.5 | 58.5 | |||||
Other Comprehensive Income (Loss), Net of Tax | 0.3 | 0.3 | |||||
Common stock, shares outstanding | 182.1 | ||||||
Stockholders' Equity Attributable to Parent | $ 4,070.2 | $ 45.5 | $ (2,255.7) | 3,002.4 | 3,286.8 | (8.8) | |
Treasury Stock, Shares | 45.9 | ||||||
Common stock, shares outstanding | 177.4 | 177.4 | |||||
Stockholders' Equity Attributable to Parent | $ 4,097 | $ 44.4 | $ (2,732.5) | 3,061 | 3,732.9 | (8.8) | |
Treasury Stock, Shares | 51 | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (1.9) | ||||||
Net income | 284.9 | 284.9 | |||||
StockIssuedDuringPeriodSharesShareBasedCompensationNetofRelatedTaxes(inshares) | 0.7 | 0.2 | |||||
StockIssuedDuringPeriodValueShareBasedCompensationNetofRelatedTaxes | (14.4) | $ 0.1 | $ (19.6) | 5.1 | |||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 21.3 | 21.3 | |||||
Treasury Stock, Shares, Acquired | 4 | ||||||
Treasury Stock, Value, Acquired, Par Value Method | 284 | $ 1 | $ 284 | (1) | |||
Stock Repurchased During Period, Shares | 4 | ||||||
Dividends | 67.1 | 67.1 | |||||
Other Comprehensive Income (Loss), Net of Tax | (0.6) | (0.6) | |||||
Net income | $ 498.8 | ||||||
Treasury Stock, Shares, Acquired | 5.7 | ||||||
Treasury Stock, Value, Acquired, Par Value Method | $ 425.5 | ||||||
Common stock, shares outstanding | 174.1 | ||||||
Stockholders' Equity Attributable to Parent | 4,038.3 | $ 43.5 | $ (3,036.1) | 3,088.4 | 3,950.7 | (8.2) | |
Treasury Stock, Shares | 55.2 | ||||||
Net income | 214 | 214 | |||||
StockIssuedDuringPeriodSharesShareBasedCompensationNetofRelatedTaxes(inshares) | 0.3 | 0.1 | |||||
StockIssuedDuringPeriodValueShareBasedCompensationNetofRelatedTaxes | 14.2 | $ 0.1 | $ (1.5) | 15.5 | |||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | $ 21.8 | 21.8 | |||||
Treasury Stock, Shares, Acquired | 1.7 | 1.7 | |||||
Treasury Stock, Value, Acquired, Par Value Method | $ 141.5 | $ 0.4 | $ 141.5 | (0.5) | |||
Stock Repurchased During Period, Shares | 1.7 | ||||||
Dividends | 66 | 66 | |||||
Other Comprehensive Income (Loss), Net of Tax | $ (0.1) | (0.1) | |||||
Common stock, shares outstanding | 172.7 | 172.7 | |||||
Stockholders' Equity Attributable to Parent | $ 4,080.9 | $ 43.2 | $ (3,179.1) | $ 3,126.2 | $ 4,098.7 | $ (8.1) | |
Treasury Stock, Shares | 57 |
Description Of Business and Bas
Description Of Business and Basis Of Presentation | 6 Months Ended |
Mar. 29, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Skyworks Solutions, Inc., together with its consolidated subsidiaries (“Skyworks” or the “Company”), is empowering the wireless networking revolution. The Company’s analog semiconductors are connecting people, places, and things, spanning a number of new applications within the aerospace, automotive, broadband, cellular infrastructure, connected home, industrial, medical, military, smartphone, tablet and wearable markets. The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Certain information and footnote disclosures, normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), have been condensed or omitted pursuant to those rules and regulations. However, in management’s opinion, the financial information reflects all adjustments, including those of a normal recurring nature, necessary to present fairly the results of operations, financial position, and cash flows of the Company for the periods presented. The results of operations, financial position, and cash flows for the Company during the interim periods are not necessarily indicative of those expected for the full year. This information should be read in conjunction with the Company’s financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended September 28, 2018 , filed with the SEC on November 15, 2018, as amended by Amendment No. 1 to such Annual Report on Form 10-K, filed with the SEC on January 25, 2019 (the “2018 10-K”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, revenue, expenses, comprehensive income and accumulated other comprehensive loss that are reported in these unaudited consolidated financial statements and accompanying disclosures. The Company evaluates its estimates on an ongoing basis using historical experience and other factors, including the current economic environment. Significant judgment is required in determining the reserves for and fair value of items such as overall fair value assessments of assets and liabilities, particularly those classified as Level 2 or Level 3 in the fair value hierarchy, marketable securities, inventory, intangible assets associated with business combinations, share-based compensation, loss contingencies, and income taxes. In addition, significant judgment is required in determining whether a potential indicator of impairment of long-lived assets exists and in estimating future cash flows for any necessary impairment testing. Actual results could differ significantly from these estimates. The Company’s fiscal year ends on the Friday closest to September 30. Fiscal 2019 consists of 52 weeks and ends on September 27, 2019 . Fiscal 2018 consisted of 52 weeks and ended on September 28, 2018 . The second quarters of fiscal 2019 and 2018 each consisted of 13 weeks and ended on March 29, 2019 , and March 30, 2018 , respectively. Recently Adopted Accounting Pronouncements In August 2015, the Financial Accounting Standards Board (“FASB”) deferred the effective date of Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), (“ASU 2014-09”), which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The Company adopted ASU 2014-09 at the beginning of the first quarter of fiscal 2019 using the modified retrospective approach, with the cumulative effect of applying the new guidance recognized as an adjustment to the opening retained earnings balance. The Company has determined the impact of the new revenue standard on its business processes, systems, controls and consolidated financial statements is not material. Refer to Note 2 , Revenue Recognition, for additional information. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740), Intra-entity Transfers of an Asset Other than Inventory (“ASU 2016-16”). This ASU provides guidance that changes the accounting for income tax effects of intra-entity transfers of assets other than inventory. Under the new guidance, the selling (transferring) entity is required to recognize a current tax expense or benefit upon transfer of the asset. Similarly, the purchasing (receiving) entity is required to recognize a deferred tax asset or deferred tax liability, as well as the related deferred tax benefit or expense, upon receipt of the asset. The Company adopted ASU 2016-16 during the first quarter of fiscal 2019. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 320), (“ASU 2016-13”). This ASU requires a financial asset (or a group of financial assets) measured on the basis of amortized cost to be presented at the net amount expected to be collected. This ASU requires that the income statement reflect the measurement of credit losses for newly recognized financial assets as well as the expected increases or decreases of expected credit losses that have taken place during the period. This ASU requires that credit losses of debt securities designated as available-for-sale be recorded through an allowance for credit losses. The ASU also limits the credit loss to the amount by which fair value is below amortized cost. The Company adopted ASU 2016-13 during the first quarter of fiscal 2019. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 320), (“ASU 2016-01”). This ASU provides guidance for the recognition, measurement, presentation, and disclosure of financial assets and liabilities. The Company adopted ASU 2016-01 during the first quarter of fiscal 2019. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718), Improvements to Nonemployee Share-based Payments (“ASU 2018-07”). This ASU expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The Company adopted ASU 2018-07 during the second quarter of fiscal 2019. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Topic 350), Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”). The new guidance clarifies the accounting for implementation costs in cloud computing arrangements. The Company adopted ASU 2018-15, on a prospective basis, during the second quarter of fiscal 2019. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”). This ASU requires lessees to reflect most leases on their balance sheet as assets and obligations. The Company plans to adopt the new guidance in the first quarter of fiscal 2020. The Company will utilize the modified retrospective method and will recognize any cumulative effect adjustment in retained earnings at the beginning of the period of adoption. The Company is currently evaluating the effect that ASU 2016-02 will have on the consolidated financial statements and related disclosures, including the available practical expedients and the discount rate to be applied in the valuations. Supplemental Cash Flow Information At March 29, 2019 , the Company had $13.9 million accrued to other long-term liabilities for capital equipment, and $38.1 million accrued to accounts payable for capital equipment. At September 28, 2018, the Company had $13.9 million accrued to other long-term liabilities for capital equipment, and $94.1 million accrued to accounts payable for capital equipment. These amounts accrued at March 29, 2019 , for capital equipment purchases have been excluded from the consolidated statements of cash flows for the six months ended March 29, 2019 , and are expected to be paid in subsequent periods. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Mar. 29, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
MARKETABLE SECURITIES | . MARKETABLE SECURITIES The Company's portfolio of available-for-sale marketable securities consists of the following (in millions): Current Noncurrent Available for sale: March 29, September 28, March 29, September 28, U.S. Treasury and government 27.3 65.0 5.1 — Corporate bonds and notes 53.7 204.1 11.9 12.0 Municipal bonds 56.9 2.0 16.9 0.8 Other government 3.2 23.0 — 10.0 Total 141.1 294.1 33.9 22.8 The contractual maturities of noncurrent available-for-sale marketable securities were due within two years or less. There were $0.1 million in unrealized gains on municipal bonds at March 29, 2019 , and $0.1 million in unrealized losses on municipal bonds at September 28, 2018 . |
Fair Value
Fair Value | 6 Months Ended |
Mar. 29, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | FAIR VALUE Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis The Company groups its financial assets and liabilities measured at fair value on a recurring basis in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data. • Level 3 - Fair value is derived from valuation techniques in which one or more significant inputs are unobservable, including assumptions and judgments made by the Company. The Company measures certain assets and liabilities at fair value on a recurring basis such as its financial instruments. There have been no transfers between Level 1, 2 or 3 assets or liabilities during the three and six months ended March 29, 2019 . Contingent consideration related to business combinations is recorded as a Level 3 liability because management uses significant judgments and unobservable inputs to determine the fair value. The Company reassesses the fair value of its contingent consideration liabilities on a quarterly basis and records any fair value adjustments to earnings in the period that they are determined. The fair value of the contingent consideration was determined using a probabilistic Black-Scholes pricing model calibrated to the expected revenue forecast to be generated from the acquired business over a one-year period. Assets and liabilities recorded at fair value on a recurring basis consisted of the following (in millions): As of March 29, 2019 As of September 28, 2018 Fair Value Measurements Fair Value Measurements Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets Cash and cash equivalents* $ 816.3 $ 707.8 $ 108.5 $ — $ 733.3 $ 683.7 $ 49.6 $ — U.S. Treasury and government securities 32.4 10.5 21.9 — 65.0 15.0 50.0 — Corporate bonds and notes 65.6 — 65.6 — 216.0 — 216 — Municipal bonds 73.8 — 73.8 — 2.8 — 2.8 — Other government securities 3.2 — 3.2 — 33.1 — 33.1 — Total $ 991.3 $ 718.3 $ 273.0 $ — $ 1,050.2 $ 698.7 $ 351.5 $ — Liabilities Contingent consideration $ 3.1 $ — $ — $ 3.1 $ 3.1 $ — $ — $ 3.1 Total $ 3.1 $ — $ — $ 3.1 $ 3.1 $ — $ — $ 3.1 * Cash equivalents included in level 1 and 2 consist of money market funds and corporate bonds and notes, foreign government bonds, commercial paper, and agency securities purchased with less than ninety days until maturity. There were no changes to the fair value of the Level 3 liabilities during the three and six months ended March 29, 2019 . Assets Measured and Recorded at Fair Value on a Nonrecurring Basis The Company’s non-financial assets and liabilities, such as goodwill, intangible assets, and other long-lived assets resulting from business combinations, are measured at fair value using income approach valuation methodologies at the date of acquisition and are subsequently re-measured if there are indicators of impairment. There were no indicators of impairment identified during the three and six months ended March 29, 2019 . |
Inventory
Inventory | 6 Months Ended |
Mar. 29, 2019 | |
Inventory, Net [Abstract] | |
INVENTORY | INVENTORY Inventory consists of the following (in millions): As of March 29, September 28, Raw materials $ 20.3 $ 20.2 Work-in-process 332.9 340.7 Finished goods 193.8 124.8 Finished goods held on consignment by customers 8.0 4.5 Total inventory $ 555.0 $ 490.2 |
Property, Plant And Equipment
Property, Plant And Equipment | 6 Months Ended |
Mar. 29, 2019 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net consists of the following (in millions): As of March 29, September 28, Land and improvements $ 11.7 $ 11.6 Buildings and improvements 262.6 238.0 Furniture and fixtures 31.9 31.5 Machinery and equipment 2,230.6 2,089.6 Construction in progress 188.5 179.0 Total property, plant and equipment, gross 2,725.3 2,549.7 Accumulated depreciation (1,555.5 ) (1,408.8 ) Total property, plant and equipment, net $ 1,169.8 $ 1,140.9 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 6 Months Ended |
Mar. 29, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS There were no changes to the carrying amount of goodwill during the three and six months ended March 29, 2019 . The Company tests its goodwill for impairment annually as of the first day of its fourth fiscal quarter and in interim periods if certain events occur indicating the carrying value of goodwill may be impaired. There were no indicators of impairment noted during the three and six months ended March 29, 2019 . Intangible assets consist of the following (in millions): As of As of Weighted March 29, 2019 September 28, 2018 Gross Accumulated Net Gross Accumulated Net Customer relationships 3.4 $ 31.7 $ (20.9 ) $ 10.8 $ 31.7 $ (13.2 ) $ 18.5 Developed technology and other 4.3 89.9 (38.1 ) 51.8 89.9 (23.5 ) 66.4 Trademarks 3.0 1.6 (1.0 ) 0.6 1.6 (0.8 ) 0.8 Capitalized software 2.9 30.9 (10.2 ) 20.7 18.0 (6.0 ) 12.0 IPR&D 46.0 — 46.0 46.0 — 46.0 Total intangible assets $ 200.1 $ (70.2 ) $ 129.9 $ 187.2 $ (43.5 ) $ 143.7 Fully amortized intangible assets have been eliminated from both the gross and accumulated amortization amounts. Annual amortization expense for the next five fiscal years related to intangible assets is expected to be as follows (in millions): Remaining 2019 2020 2021 2022 2023 Thereafter Amortization expense, cost of goods sold $ 15.0 $ 27.0 $ 4.9 $ 0.9 $ 0.9 $ 2.8 Amortization expense, operating expense $ 9.6 $ 11.9 $ 7.4 $ 1.4 $ 0.1 $ 2.0 Total amortization expense $ 24.6 $ 38.9 $ 12.3 $ 2.3 $ 1.0 $ 4.8 |
Income Taxes
Income Taxes | 6 Months Ended |
Mar. 29, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The provision for income taxes consists of the following components (in millions): Three Months Ended Six Months Ended March 29, March 30, March 29, March 30, United States income taxes $ 21.3 $ 7.8 $ 50.9 $ 312.7 Foreign income taxes 6.0 8.5 15.4 18.8 Provision for income taxes $ 27.3 $ 16.3 $ 66.3 $ 331.5 Effective tax rate 11.4 % 5.6 % 11.8 % 48.9 % The difference between the Company’s effective tax rate and the 21.0% United States federal statutory rate for the three and six months ended March 29, 2019 , resulted primarily from foreign earnings taxed at rates lower than the federal statutory rate, a benefit from foreign derived intangible income deduction (“FDII”), and research and experimentation and foreign tax credits earned, partially offset by a tax on global intangible low-taxed income (“GILTI”), and an increase in tax expense related to a change in the reserve for uncertain tax positions. The difference between the Company’s effective tax rate and the 24.6% United States federal statutory rate for the three and six months ended March 30, 2018, resulted primarily from a decrease to tax expense of $16.9 million related to an adjustment to the mandatory deemed repatriation tax on foreign earnings, foreign earnings taxed at rates lower than the federal statutory rate, the domestic production activities deduction, research and experimentation tax credits earned, and a benefit related to windfall stock deductions, partially offset by an increase in tax expense related to a change in the reserve for uncertain tax positions. During the six months ended March 30, 2018, these amounts in the table above included a one-time charge of $240.9 million related to the mandatory deemed repatriation tax on foreign earnings and a one-time charge of $18.5 million related to the revaluation of the deferred tax assets and liabilities related to tax reform. On December 22, 2017, the President of the United States signed into law new tax legislation (the “Tax Reform Act”). In addition to the introduction of a modified territorial tax system, the Tax Reform Act includes two new sets of provisions aimed at preventing or decreasing U.S. tax base erosion—the GILTI provisions and the base erosion and anti-abuse tax (“BEAT”) provisions. The GILTI provisions impose taxes on foreign income in excess of a deemed return on tangible assets of foreign corporations. The Company is making an accounting policy election to account for GILTI as a component of tax expense in the period in which the Company is subject to the rules and therefore will not provide any deferred tax impacts of GILTI in its consolidated financial statements for the three and six months ended March 29, 2019 . The BEAT provisions eliminate the deduction of certain base-erosion payments made to related foreign corporations, and impose a minimum tax if greater than regular tax. These BEAT provisions are effective for the Company beginning in fiscal 2019. The Company has analyzed the BEAT provisions for the three and six months ended March 29, 2019 , and is not subject to the minimum tax imposed by the BEAT provisions. Other significant provisions of the Tax Reform Act that are effective in fiscal 2019 and that have an impact on the Company’s income taxes include the inclusion of performance-based compensation in determining the excessive compensation limitation and the benefit related to FDII. Accrued taxes of $31.1 million and $21.4 million have been included in other current liabilities within the consolidated balance sheets as of March 29, 2019 , and March 30, 2018 , respectively. The deemed repatriation tax is payable over the next seven years, $18.0 million per year for each of the next four years, followed by payments of $33.6 million , $44.9 million , and $56.1 million in years five through seven, respectively. The Company has accrued $188.6 million and $221.1 million of the deemed repatriation tax in long-term liabilities within the consolidated balance sheet as of March 29, 2019 , and March 30, 2018 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Mar. 29, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal Matters From time to time, various lawsuits, claims and proceedings have been, and may in the future be, instituted or asserted against the Company, including those pertaining to patent infringement, intellectual property, environmental hazards, product liability and warranty, safety and health, employment and contractual matters. The semiconductor industry is characterized by vigorous protection and pursuit of intellectual property rights. From time to time, third parties have asserted and may in the future assert patent, copyright, trademark and other intellectual property rights to technologies that are important to the Company’s business and have demanded and may in the future demand that the Company license their technology. The outcome of any such litigation cannot be predicted with certainty and some such lawsuits, claims or proceedings may be disposed of unfavorably to the Company. Generally speaking, intellectual property disputes often have a risk of injunctive relief, which, if imposed against the Company, could materially and adversely affect the Company’s financial condition, or results of operations. From time to time the Company may also be involved in legal proceedings in the ordinary course of business. The Company monitors the status of legal proceedings and other contingencies on an ongoing basis to ensure loss contingencies are recognized and/or disclosed in its financial statements and footnotes. The Company does not believe there are any pending legal proceedings that are reasonably possible to result in a material loss. The Company is engaged in various legal actions in the normal course of business and, while there can be no assurances, the Company believes the outcome of all pending litigation involving the Company will not have, individually or in the aggregate, a material adverse effect on its business or financial statements. Guarantees and Indemnifications The Company has made no significant contractual guarantees for the benefit of third parties. However, the Company generally indemnifies its customers from third-party intellectual property infringement litigation claims related to its products and, on occasion, also provides other indemnities related to product sales. In connection with certain facility leases, the Company has indemnified its lessors for certain claims arising from the facility or the lease. The Company indemnifies its directors and officers to the maximum extent permitted under the laws of the state of Delaware. The duration of the indemnities varies, and in many cases is indefinite. The indemnities to customers in connection with product sales generally are subject to limits based upon the amount of the related product sales and in many cases are subject to geographic and other restrictions. In certain instances, the Company’s indemnities do not provide for any limitation of the maximum potential future payments the Company could be obligated to make. The Company has not recorded any liability for these indemnities in the accompanying consolidated balance sheets and does not expect that such obligations will have a material adverse impact on its financial statements. |
Stockholder's Equity
Stockholder's Equity | 6 Months Ended |
Mar. 29, 2019 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Stock Repurchase Program On January 30, 2019 , the Board of Directors approved a stock repurchase program, pursuant to which the Company is authorized to repurchase up to $2.0 billion of its common stock from time to time prior to January 30, 2021 , on the open market or in privately negotiated transactions, as permitted by securities laws and other legal requirements. This newly authorized stock repurchase plan replaces in its entirety the January 31, 2018 , stock repurchase program. The timing and amount of any shares of the Company’s common stock that are repurchased under the new repurchase program will be determined by the Company’s management based on its evaluation of market conditions and other factors. The repurchase program may be suspended or discontinued at any time. The Company currently expects to fund the repurchase program using the Company’s working capital. During the three months ended March 29, 2019 , the Company paid $141.5 million (including commissions) in connection with the repurchase of 1.7 million shares of its common stock (paying an average price of $81.57 per share). During the six months ended March 29, 2019 , the Company paid $425.5 million (including commissions) in connection with the repurchase of 5.7 million shares of its common stock (paying an average price of $74.20 per share). As of March 29, 2019 , $1.9 billion remained available under the existing stock repurchase authorization. Dividends On May 2, 2019 , the Company announced that the Board of Directors had declared a cash dividend on its common stock of $0.38 per share, payable on June 11, 2019 , to the Company’s stockholders of record as of the close of business on May 21, 2019 . During the three and six months ended March 29, 2019 , dividends charged to retained earnings were as follows (in millions, except per share data): 2019 Per share Total Amount First quarter $ 0.38 $ 67.1 Second quarter 0.38 66.0 Total $ 0.76 $ 133.1 Share-based Compensation The following table summarizes the share-based compensation expense by line item in the Statements of Operations (in millions): Three Months Ended Six Months Ended March 29, March 30, March 29, March 30, Cost of goods sold $ 3.3 $ 4.2 $ 6.9 $ 8.3 Research and development 9.9 14.5 22.4 25.7 Selling, general and administrative 8.6 22.3 13.3 32.8 Total share-based compensation $ 21.8 $ 41.0 $ 42.6 $ 66.8 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Mar. 29, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share amounts): Three Months Ended Six Months Ended March 29, March 30, March 29, March 30, Net income $ 214.0 $ 276.0 $ 498.8 $ 346.4 Weighted average shares outstanding – basic 173.8 182.5 175.2 182.8 Dilutive effect of equity based awards 0.8 1.8 0.9 2.1 Weighted average shares outstanding – diluted 174.6 184.3 176.1 184.9 Net income per share – basic $ 1.23 $ 1.51 $ 2.85 $ 1.89 Net income per share – diluted $ 1.23 $ 1.50 $ 2.83 $ 1.87 Anti-dilutive common stock equivalents 1.9 0.1 1.8 0.2 Basic earnings per share are calculated by dividing net income by the weighted average number of shares of the Company’s common stock outstanding during the period. The calculation of diluted earnings per share includes the dilutive effect of equity based awards that were outstanding during the three and six months ended March 29, 2019 , and March 30, 2018 , using the treasury stock method. Certain of the Company’s outstanding share-based awards, noted in the table above, were excluded because they were anti-dilutive, but they could become dilutive in the future. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 6 Months Ended |
Mar. 29, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | 2. REVENUE RECOGNITION Change in Accounting Policy The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606), in the first quarter of fiscal 2019 for open contracts not completed as of the adoption date using the modified retrospective approach. The impact from the cumulative effect adjustment was not material and comparative information for prior periods has not been adjusted. The impact of applying the new standard on the Company’s consolidated financial statements for the six months ended March 29, 2019 , was not material, except for an increase in accounts receivable and other current liabilities in the amount of $30.7 million to reflect customer credits as a liability. Revenue Recognition Policy The Company derives its revenue primarily from the sale of semiconductor products under individual customer purchase orders, some of which have underlying master sales agreements that specify terms governing the product sales. In the absence of a sales agreement, the Company’s standard terms and conditions apply. Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company applies a five-step approach as defined in the new standard in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the corresponding performance obligation is satisfied. Performance Obligations Each distinct promise to transfer products is considered to be an identified performance obligation for which revenue is recognized at a point in time upon transfer of control of the products to the customer. Transfer of control occurs upon shipment to the distributor or direct customer or when products are pulled from consignment inventory by the customer. Point in time recognition is determined as products manufactured under non-cancellable orders create an asset with an alternative use to the Company. Returns under the Company’s general assurance warranty of products have not been material and warranty-related services are not considered a separate performance obligation. As of March 29, 2019 , the amount of remaining performance obligation that has not been recognized as revenue is not material. Transaction Price Pricing adjustments and estimates of returns are treated as variable consideration for purposes of determining the transaction price. Sales returns are generally accepted at the Company’s discretion or from distributors with stock rotation rights. Stock rotation allows distributors limited levels of returns and is based on the distributor’s prior purchases. Price protection represents price discounts granted to certain distributors and is based on negotiations on sales to end customers. Variable consideration is estimated using the expected value method considering all reasonably available information, including the Company’s historical experience and its current expectations, and is reflected in the transaction price when sales are recorded. The Company records net revenue excluding taxes collected on its sales to trade customers. Contract Balances Accounts receivable represents the Company’s unconditional right to receive consideration from its customer. Payments are due within one year of invoicing and do not include a significant financing component. To date, there have been no material impairment losses on accounts receivable. There were no material contract assets or contract liabilities recorded on the consolidated balance sheet in any of the periods presented. All incremental customer contract acquisition costs are expensed as they are incurred as the amortization period of the asset that the Company otherwise would have recognized is one year or less in duration. Disaggregate Revenue The Company has a single reportable operating segment which designs, develops, manufactures and markets similar proprietary semiconductor products, including intellectual property. In reaching this conclusion, management considers the definition of the chief operating decision maker (“CODM”), how the business is defined by the CODM, the nature of the information provided to the CODM and how that information is used to make operating decisions, allocate resources and assess performance. The Company’s CODM is the president and chief executive officer. The results of operations provided to and analyzed by the CODM are at the consolidated level, and accordingly, key resource decisions and assessment of performance are performed at the consolidated level. The Company assesses its determination of operating segments at least annually. The Company disaggregates revenue from contracts with customers by geography as it believes that doing so best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Net revenue by geographic area presented based upon the location of the original equipment manufacturers’ (“OEMs”) headquarters are as follows (in millions): Three Months Ended Six Months Ended March 29, March 30, March 29, March 30, United States $ 403.1 $ 419.9 $ 1,003.2 $ 1,046.7 China 199.4 242.0 394.0 441.7 South Korea 106.0 118.6 205.0 236.8 Taiwan 64.1 89.4 104.8 161.6 Europe, Middle East and Africa 31.1 37.8 63.8 67.3 Other Asia-Pacific 6.7 5.7 11.6 11.2 Total $ 810.4 $ 913.4 $ 1,782.4 $ 1,965.3 The Company’s revenue to external customers is generated principally from the sale of semiconductor products that facilitate various wireless communication applications. Accordingly, the Company considers its product offerings to be similar in nature and therefore not segregated for reporting purposes. |
Description Of Business and B_2
Description Of Business and Basis Of Presentation (Policies) | 6 Months Ended |
Mar. 29, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Policy The Company derives its revenue primarily from the sale of semiconductor products under individual customer purchase orders, some of which have underlying master sales agreements that specify terms governing the product sales. In the absence of a sales agreement, the Company’s standard terms and conditions apply. Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company applies a five-step approach as defined in the new standard in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the corresponding performance obligation is satisfied. |
Fiscal Period | The Company’s fiscal year ends on the Friday closest to September 30. Fiscal 2019 consists of 52 weeks and ends on September 27, 2019 . Fiscal 2018 consisted of 52 weeks and ended on September 28, 2018 . The second quarters of fiscal 2019 and 2018 each consisted of 13 weeks and ended on March 29, 2019 , and March 30, 2018 , respectively. |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2015, the Financial Accounting Standards Board (“FASB”) deferred the effective date of Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), (“ASU 2014-09”), which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The Company adopted ASU 2014-09 at the beginning of the first quarter of fiscal 2019 using the modified retrospective approach, with the cumulative effect of applying the new guidance recognized as an adjustment to the opening retained earnings balance. The Company has determined the impact of the new revenue standard on its business processes, systems, controls and consolidated financial statements is not material. Refer to Note 2 , Revenue Recognition, for additional information. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740), Intra-entity Transfers of an Asset Other than Inventory (“ASU 2016-16”). This ASU provides guidance that changes the accounting for income tax effects of intra-entity transfers of assets other than inventory. Under the new guidance, the selling (transferring) entity is required to recognize a current tax expense or benefit upon transfer of the asset. Similarly, the purchasing (receiving) entity is required to recognize a deferred tax asset or deferred tax liability, as well as the related deferred tax benefit or expense, upon receipt of the asset. The Company adopted ASU 2016-16 during the first quarter of fiscal 2019. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 320), (“ASU 2016-13”). This ASU requires a financial asset (or a group of financial assets) measured on the basis of amortized cost to be presented at the net amount expected to be collected. This ASU requires that the income statement reflect the measurement of credit losses for newly recognized financial assets as well as the expected increases or decreases of expected credit losses that have taken place during the period. This ASU requires that credit losses of debt securities designated as available-for-sale be recorded through an allowance for credit losses. The ASU also limits the credit loss to the amount by which fair value is below amortized cost. The Company adopted ASU 2016-13 during the first quarter of fiscal 2019. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 320), (“ASU 2016-01”). This ASU provides guidance for the recognition, measurement, presentation, and disclosure of financial assets and liabilities. The Company adopted ASU 2016-01 during the first quarter of fiscal 2019. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718), Improvements to Nonemployee Share-based Payments (“ASU 2018-07”). This ASU expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The Company adopted ASU 2018-07 during the second quarter of fiscal 2019. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Topic 350), Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”). The new guidance clarifies the accounting for implementation costs in cloud computing arrangements. The Company adopted ASU 2018-15, on a prospective basis, during the second quarter of fiscal 2019. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”). This ASU requires lessees to reflect most leases on their balance sheet as assets and obligations. The Company plans to adopt the new guidance in the first quarter of fiscal 2020. The Company will utilize the modified retrospective method and will recognize any cumulative effect adjustment in retained earnings at the beginning of the period of adoption. The Company is currently evaluating the effect that ASU 2016-02 will have on the consolidated financial statements and related disclosures, including the available practical expedients and the discount rate to be applied in the valuations. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Mar. 29, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | The Company's portfolio of available-for-sale marketable securities consists of the following (in millions): Current Noncurrent Available for sale: March 29, September 28, March 29, September 28, U.S. Treasury and government 27.3 65.0 5.1 — Corporate bonds and notes 53.7 204.1 11.9 12.0 Municipal bonds 56.9 2.0 16.9 0.8 Other government 3.2 23.0 — 10.0 Total 141.1 294.1 33.9 22.8 |
Available-for-sale Securities |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Mar. 29, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | Assets and liabilities recorded at fair value on a recurring basis consisted of the following (in millions): As of March 29, 2019 As of September 28, 2018 Fair Value Measurements Fair Value Measurements Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets Cash and cash equivalents* $ 816.3 $ 707.8 $ 108.5 $ — $ 733.3 $ 683.7 $ 49.6 $ — U.S. Treasury and government securities 32.4 10.5 21.9 — 65.0 15.0 50.0 — Corporate bonds and notes 65.6 — 65.6 — 216.0 — 216 — Municipal bonds 73.8 — 73.8 — 2.8 — 2.8 — Other government securities 3.2 — 3.2 — 33.1 — 33.1 — Total $ 991.3 $ 718.3 $ 273.0 $ — $ 1,050.2 $ 698.7 $ 351.5 $ — Liabilities Contingent consideration $ 3.1 $ — $ — $ 3.1 $ 3.1 $ — $ — $ 3.1 Total $ 3.1 $ — $ — $ 3.1 $ 3.1 $ — $ — $ 3.1 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Mar. 29, 2019 | |
Inventory, Net [Abstract] | |
Schedule Of Inventories | Inventory consists of the following (in millions): As of March 29, September 28, Raw materials $ 20.3 $ 20.2 Work-in-process 332.9 340.7 Finished goods 193.8 124.8 Finished goods held on consignment by customers 8.0 4.5 Total inventory $ 555.0 $ 490.2 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Mar. 29, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | Property, plant and equipment, net consists of the following (in millions): As of March 29, September 28, Land and improvements $ 11.7 $ 11.6 Buildings and improvements 262.6 238.0 Furniture and fixtures 31.9 31.5 Machinery and equipment 2,230.6 2,089.6 Construction in progress 188.5 179.0 Total property, plant and equipment, gross 2,725.3 2,549.7 Accumulated depreciation (1,555.5 ) (1,408.8 ) Total property, plant and equipment, net $ 1,169.8 $ 1,140.9 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Mar. 29, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets Excluding Goodwill | Intangible assets consist of the following (in millions): As of As of Weighted March 29, 2019 September 28, 2018 Gross Accumulated Net Gross Accumulated Net Customer relationships 3.4 $ 31.7 $ (20.9 ) $ 10.8 $ 31.7 $ (13.2 ) $ 18.5 Developed technology and other 4.3 89.9 (38.1 ) 51.8 89.9 (23.5 ) 66.4 Trademarks 3.0 1.6 (1.0 ) 0.6 1.6 (0.8 ) 0.8 Capitalized software 2.9 30.9 (10.2 ) 20.7 18.0 (6.0 ) 12.0 IPR&D 46.0 — 46.0 46.0 — 46.0 Total intangible assets $ 200.1 $ (70.2 ) $ 129.9 $ 187.2 $ (43.5 ) $ 143.7 |
Schedule Of Expected Annual Amortization Expense Related To Intangible Assets For The Next Five Years | Annual amortization expense for the next five fiscal years related to intangible assets is expected to be as follows (in millions): Remaining 2019 2020 2021 2022 2023 Thereafter Amortization expense, cost of goods sold $ 15.0 $ 27.0 $ 4.9 $ 0.9 $ 0.9 $ 2.8 Amortization expense, operating expense $ 9.6 $ 11.9 $ 7.4 $ 1.4 $ 0.1 $ 2.0 Total amortization expense $ 24.6 $ 38.9 $ 12.3 $ 2.3 $ 1.0 $ 4.8 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Mar. 29, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes consists of the following components (in millions): Three Months Ended Six Months Ended March 29, March 30, March 29, March 30, United States income taxes $ 21.3 $ 7.8 $ 50.9 $ 312.7 Foreign income taxes 6.0 8.5 15.4 18.8 Provision for income taxes $ 27.3 $ 16.3 $ 66.3 $ 331.5 Effective tax rate 11.4 % 5.6 % 11.8 % 48.9 % |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 6 Months Ended |
Mar. 29, 2019 | |
Stockholders' Equity Note [Abstract] | |
Dividends Declared | |
Schedule of share-based compensation expense | The following table summarizes the share-based compensation expense by line item in the Statements of Operations (in millions): Three Months Ended Six Months Ended March 29, March 30, March 29, March 30, Cost of goods sold $ 3.3 $ 4.2 $ 6.9 $ 8.3 Research and development 9.9 14.5 22.4 25.7 Selling, general and administrative 8.6 22.3 13.3 32.8 Total share-based compensation $ 21.8 $ 41.0 $ 42.6 $ 66.8 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Mar. 29, 2019 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share | he following table sets forth the computation of basic and diluted earnings per share (in millions, except per share amounts): Three Months Ended Six Months Ended March 29, March 30, March 29, March 30, Net income $ 214.0 $ 276.0 $ 498.8 $ 346.4 Weighted average shares outstanding – basic 173.8 182.5 175.2 182.8 Dilutive effect of equity based awards 0.8 1.8 0.9 2.1 Weighted average shares outstanding – diluted 174.6 184.3 176.1 184.9 Net income per share – basic $ 1.23 $ 1.51 $ 2.85 $ 1.89 Net income per share – diluted $ 1.23 $ 1.50 $ 2.83 $ 1.87 Anti-dilutive common stock equivalents 1.9 0.1 1.8 0.2 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Mar. 29, 2019 | |
Disaggregation of Revenue [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The Company disaggregates revenue from contracts with customers by geography as it believes that doing so best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Net revenue by geographic area presented based upon the location of the original equipment manufacturers’ (“OEMs”) headquarters are as follows (in millions): Three Months Ended Six Months Ended March 29, March 30, March 29, March 30, United States $ 403.1 $ 419.9 $ 1,003.2 $ 1,046.7 China 199.4 242.0 394.0 441.7 South Korea 106.0 118.6 205.0 236.8 Taiwan 64.1 89.4 104.8 161.6 Europe, Middle East and Africa 31.1 37.8 63.8 67.3 Other Asia-Pacific 6.7 5.7 11.6 11.2 Total $ 810.4 $ 913.4 $ 1,782.4 $ 1,965.3 |
Description Of Business and B_3
Description Of Business and Basis Of Presentation (Details) | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 29, 2019 | Mar. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Number of weeks in fiscal year | 1 year | 1 year | ||
Number of weeks in fiscal quarter | 3 months | 3 months |
Description Of Business and B_4
Description Of Business and Basis Of Presentation (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Mar. 29, 2019 | Sep. 28, 2018 | |
Supplemental Cash Flow Elements [Abstract] | ||
Asset retirement obligations, noncurrent | $ 13.9 | $ 13.9 |
Capital expenditures incurred but not yet paid | $ 38.1 | $ 94.1 |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) $ in Millions | Mar. 29, 2019 | Sep. 28, 2018 |
Other Current Assets [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | $ 141.1 | $ 294.1 |
Other Noncurrent Assets [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 33.9 | 22.8 |
US Treasury and Government [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 32.4 | |
US Treasury and Government [Member] | Other Current Assets [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 27.3 | 65 |
US Treasury and Government [Member] | Other Noncurrent Assets [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 5.1 | 0 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 65.6 | |
Corporate Debt Securities [Member] | Other Current Assets [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 53.7 | 204.1 |
Corporate Debt Securities [Member] | Other Noncurrent Assets [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 11.9 | 12 |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 73.8 | |
US States and Political Subdivisions Debt Securities [Member] | Other Current Assets [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 56.9 | 2 |
US States and Political Subdivisions Debt Securities [Member] | Other Noncurrent Assets [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 16.9 | 0.8 |
Foreign Government Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 3.2 | |
Foreign Government Debt Securities [Member] | Other Current Assets [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 3.2 | 23 |
Foreign Government Debt Securities [Member] | Other Noncurrent Assets [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | $ 0 | $ 10 |
Marketable Securities Schedule
Marketable Securities Schedule of Available-for-sale Securities (Details) - USD ($) $ in Millions | Mar. 29, 2019 | Sep. 28, 2018 |
US Treasury and Government [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | $ 32.4 | |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 65.6 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0.1 | |
Available-for-sale Securities | 73.8 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | $ 0.1 | |
Foreign Government Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | $ 3.2 |
Marketable Securities Contractu
Marketable Securities Contractual Maturity (Details) | 6 Months Ended |
Mar. 29, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities, Debt Maturities, Date | 2 years |
Fair Value (Fair value transfer
Fair Value (Fair value transfers) (Details) | 6 Months Ended |
Mar. 30, 2018USD ($) | |
Fair Value Disclosures [Abstract] | |
Transfer of assets from L1 to L2 | $ 0 |
Transfers of assets from L2 to L1 | 0 |
Transfers of assets into L3 | 0 |
Transfer of liabilities from L1 to L2 | 0 |
Transfers of liabilities from L2 to L1 | $ 0 |
Fair Value (Schedule Of Financi
Fair Value (Schedule Of Financial Instruments Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Millions | Mar. 29, 2019 | Sep. 28, 2018 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 816.3 | $ 733.3 |
Assets, Fair Value Disclosure, Recurring | 991.3 | 1,050.2 |
Contingent consideration | 3.1 | 3.1 |
Total | 3.1 | 3.1 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 707.8 | 683.7 |
Assets, Fair Value Disclosure, Recurring | 718.3 | 698.7 |
Contingent consideration | 0 | 0 |
Total | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 108.5 | 49.6 |
Assets, Fair Value Disclosure, Recurring | 273 | 351.5 |
Contingent consideration | 0 | 0 |
Total | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Contingent consideration | 3.1 | 3.1 |
Total | 3.1 | 3.1 |
US Treasury and Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 32.4 | |
US Treasury and Government [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 65 | |
US Treasury and Government [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 10.5 | 15 |
US Treasury and Government [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 21.9 | 50 |
US Treasury and Government [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 65.6 | |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 216 | |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 65.6 | 216 |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 73.8 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 2.8 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 73.8 | 2.8 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Foreign Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 3.2 | |
Foreign Government Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 33.1 | |
Foreign Government Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Foreign Government Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 3.2 | 33.1 |
Foreign Government Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 0 | $ 0 |
Fair Value (Fair Value Liabilit
Fair Value (Fair Value Liabilities Measured on Recurring Basis Unobservable Input Reconciliation) (Details) - Fair Value, Measurements, Recurring [Member] $ in Millions | Mar. 29, 2019USD ($) |
Fair Value, Liabilities [Roll Forward] | |
Balance as of September 29, 2017 | $ 3.1 |
Balance as of June 29, 2018 | 3.1 |
Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Liabilities [Roll Forward] | |
Balance as of September 29, 2017 | 3.1 |
Balance as of June 29, 2018 | $ 3.1 |
Inventory (Schedule Of Inventor
Inventory (Schedule Of Inventories) (Details) - USD ($) $ in Millions | Mar. 29, 2019 | Sep. 28, 2018 |
Inventory, Net [Abstract] | ||
Raw materials | $ 20.3 | $ 20.2 |
Work-in-process | 332.9 | 340.7 |
Finished goods | 193.8 | 124.8 |
Finished goods held on consignment by customers | 8 | 4.5 |
Total inventory | $ 555 | $ 490.2 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Mar. 29, 2019 | Sep. 28, 2018 |
Property, Plant and Equipment | ||
Total property, plant and equipment, gross | $ 2,725.3 | $ 2,549.7 |
Accumulated depreciation | (1,555.5) | (1,408.8) |
Total property, plant and equipment, net | 1,169.8 | 1,140.9 |
Land and improvements [Member] | ||
Property, Plant and Equipment | ||
Total property, plant and equipment, gross | 11.7 | 11.6 |
Building and improvements [Member] | ||
Property, Plant and Equipment | ||
Total property, plant and equipment, gross | 262.6 | 238 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment | ||
Total property, plant and equipment, gross | 31.9 | 31.5 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment | ||
Total property, plant and equipment, gross | 2,230.6 | 2,089.6 |
Construction in progress [Member] | ||
Property, Plant and Equipment | ||
Total property, plant and equipment, gross | $ 188.5 | $ 179 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Schedule Of Intangible Assets Subject To Amortization) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Mar. 29, 2019 | Sep. 28, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, Gross Carrying Amount | $ 200.1 | $ 187.2 |
Total intangible assets, Accumulated Amortization | (70.2) | (43.5) |
Total intangible assets, Net Carrying Amount | $ 129.9 | 143.7 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 3 years 5 months 9 days | |
Finite-Lived Intangible Assets, Gross | $ 31.7 | 31.7 |
Accumulated Amortization | (20.9) | (13.2) |
Net Carrying Amount | $ 10.8 | 18.5 |
Developed technology and other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 4 years 3 months 26 days | |
Finite-Lived Intangible Assets, Gross | $ 89.9 | 89.9 |
Accumulated Amortization | (38.1) | (23.5) |
Net Carrying Amount | $ 51.8 | 66.4 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 3 years | |
Finite-Lived Intangible Assets, Gross | $ 1.6 | 1.6 |
Accumulated Amortization | (1) | (0.8) |
Net Carrying Amount | $ 0.6 | 0.8 |
Computer Software, Intangible Asset [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 2 years 10 months 6 days | |
Finite-Lived Intangible Assets, Gross | $ 30.9 | 18 |
Accumulated Amortization | (10.2) | (6) |
Net Carrying Amount | $ 20.7 | 12 |
In Process Research and Development [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 0 years | |
Finite-Lived Intangible Assets, Gross | $ 46 | 46 |
Accumulated Amortization | 0 | 0 |
Net Carrying Amount | $ 46 | $ 46 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Schedule Of Expected Annual Amortization Expense Related To Intangible Assets For The Next Five Years) (Details) $ in Millions | Mar. 29, 2019USD ($) |
Expected Annual Amortization Expense related to intangible assets for the next five years [Line Items] | |
Remaining 2019 | $ 24.6 |
2020 | 38.9 |
2021 | 12.3 |
2022 | 2.3 |
2023 | 1 |
Thereafter | 4.8 |
Cost of sales [Member] | |
Expected Annual Amortization Expense related to intangible assets for the next five years [Line Items] | |
Remaining 2019 | 15 |
2020 | 27 |
2021 | 4.9 |
2022 | 0.9 |
2023 | 0.9 |
Thereafter | 2.8 |
Operating Expense [Member] | |
Expected Annual Amortization Expense related to intangible assets for the next five years [Line Items] | |
Remaining 2019 | 9.6 |
2020 | 11.9 |
2021 | 7.4 |
2022 | 1.4 |
2023 | 0.1 |
Thereafter | $ 2 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 29, 2019 | Mar. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
United States income taxes | $ 21.3 | $ 7.8 | $ 50.9 | $ 312.7 |
Foreign income taxes | 6 | 8.5 | 15.4 | 18.8 |
Provision for income taxes | $ 27.3 | $ 16.3 | $ 66.3 | $ 331.5 |
Effective tax rate | 11.40% | 5.60% | 11.80% | 48.90% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 30, 2018 | Dec. 29, 2017 | Mar. 29, 2019 | Mar. 30, 2018 | |
Federal statutory income tax rate | 21.00% | 24.60% | ||
Repatriation of foreign earnings, amount | $ 16.9 | $ 240,900,000 | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0 | |||
Accrued income taxes, current | 21,400,000 | $ 31,100,000 | $ 21,400,000 | |
Accrued Income Taxes, Noncurrent | $ 221,100,000 | 188,600,000 | $ 221,100,000 | |
Years One through Four [Member] [Domain] | ||||
taxes payable, repatriation tax | 18,000,000 | |||
Year Five [Member] [Domain] | ||||
taxes payable, repatriation tax | 33,600,000 | |||
Year Six [Member] | ||||
taxes payable, repatriation tax | 44,900,000 | |||
Years One through Five [Member] | ||||
taxes payable, repatriation tax | $ 56,100,000 |
Stockholder's Equity (Share Rep
Stockholder's Equity (Share Repurchase) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Jan. 30, 2019 | Jan. 31, 2018 | Mar. 29, 2019 | Dec. 28, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Mar. 29, 2019 |
Equity, Class of Treasury Stock [Line Items] | |||||||
Share repurchase authorized date | Jan. 30, 2019 | Jan. 31, 2018 | |||||
Authorized amount of stock for repurchase | $ 2,000 | ||||||
Stock repurchase program expiration date | Jan. 30, 2021 | ||||||
Stock repurchased | $ 141.5 | $ 284 | $ 111.8 | $ 172.5 | $ 425.5 | ||
Treasury Stock, Shares, Acquired | 1.7 | 5.7 | |||||
Average price of stock repurchased (in dollars per share) | $ 81.57 | $ 74.20 | |||||
Remaining amount authorized fro stock repurchase | $ 1,858.5 | $ 1,858.5 |
Stockholder's Equity (Dividend)
Stockholder's Equity (Dividend) (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 11, 2019 | May 21, 2019 | May 02, 2019 | Mar. 29, 2019 | Dec. 28, 2018 | Mar. 30, 2018 | Mar. 29, 2019 | Mar. 30, 2018 |
Dividends Payable [Line Items] | ||||||||
Cash dividends declared and paid per share (usd per share) | $ 0.38 | $ 0.38 | $ 0.32 | $ 0.76 | $ 0.64 | |||
Payments of ordinary dividends | $ 66 | $ 67.1 | $ 133.1 | |||||
Subsequent Event [Member] | Dividend Declared [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividend declaration date | May 2, 2019 | |||||||
Dividends declared (usd per share) | $ 0.38 | |||||||
dividends date to be paid | Jun. 11, 2019 | |||||||
Dividends date of record | May 21, 2019 |
Stockholder's Equity (Share Bas
Stockholder's Equity (Share Based Compensation) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 29, 2019 | Mar. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | $ 21.8 | $ 41 | $ 42.6 | $ 66.8 |
Cost of sales [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 3.3 | 4.2 | 6.9 | 8.3 |
Research and development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 9.9 | 14.5 | 22.4 | 25.7 |
Selling, general and administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | $ 8.6 | $ 22.3 | $ 13.3 | $ 32.8 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Mar. 29, 2019 | Dec. 28, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Mar. 29, 2019 | Mar. 30, 2018 | |
Earnings Per Share [Abstract] | ||||||
Net income | $ 214 | $ 284.9 | $ 276 | $ 70.4 | $ 498.8 | $ 346.4 |
Weighted average shares outstanding - basic (shares) | 173.8 | 182.5 | 175.2 | 182.8 | ||
Dilutive effect of equity based awards (shares) | 0.8 | 1.8 | 0.9 | 2.1 | ||
Weighted average shares outstanding - diluted (shares) | 174.6 | 184.3 | 176.1 | 184.9 | ||
Net income per share - basic (usd per share) | $ 1.23 | $ 1.51 | $ 2.85 | $ 1.89 | ||
Net income per share - diluted (usd per share) | $ 1.23 | $ 1.50 | $ 2.83 | $ 1.87 | ||
Anti-dilutive common stock equivalents (shares) | 1.9 | 0.1 | 1.8 | 0.2 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 29, 2019 | Mar. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 810.4 | $ 913.4 | $ 1,782.4 | $ 1,965.3 |
UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 403.1 | 419.9 | 1,003.2 | 1,046.7 |
CHINA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 199.4 | 242 | 394 | 441.7 |
KOREA, REPUBLIC OF | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 106 | 118.6 | 205 | 236.8 |
TAIWAN, PROVINCE OF CHINA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 64.1 | 89.4 | 104.8 | 161.6 |
EMEA [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 31.1 | 37.8 | 63.8 | 67.3 |
Asia, Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 6.7 | $ 5.7 | $ 11.6 | $ 11.2 |
Revenue Recognition Text (Detai
Revenue Recognition Text (Details) $ in Millions | 6 Months Ended |
Mar. 29, 2019USD ($) | |
Accounting Standards Update 2014-09 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 30.7 |