Document And Entity Information
Document And Entity Information - $ / shares | 3 Months Ended | |
Dec. 27, 2019 | Jan. 21, 2020 | |
Cover page. | ||
Document Type | 10-Q | |
Document Period End Date | Dec. 27, 2019 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-05560 | |
Entity Registrant Name | Skyworks Solutions, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 04-2302115 | |
Entity Address, Address Line One | 20 Sylvan Road, | |
Entity Address, City or Town | Woburn | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01801 | |
City Area Code | (781) | |
Local Phone Number | 376-3000 | |
Title of 12(b) Security | Common Stock, par value $0.25 per share | |
Trading Symbol | SWKS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 170,155,181 | |
Entity Listing, Par Value Per Share | $ 0.25 | |
Entity Central Index Key | 0000004127 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --10-02 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Dec. 27, 2019 | Dec. 28, 2018 | |
Income Statement [Abstract] | ||
Document Period End Date | Dec. 27, 2019 | |
Net revenue | $ 896.1 | $ 972 |
Cost of goods sold | 451.8 | 486.9 |
Gross profit | 444.3 | 485.1 |
Operating expenses: | ||
Research and development | 107.7 | 109.2 |
Selling, general and administrative | 55.4 | 47.8 |
Amortization of intangibles | 3.1 | 7.4 |
Restructuring and other charges (benefit) | 0.8 | (0.2) |
Total operating expenses | 167 | 164.2 |
Operating income | 277.3 | 320.9 |
Other income, net | 1.4 | 2.9 |
Income before income taxes | 278.7 | 323.8 |
Provision for income taxes | 21.6 | 38.9 |
Net income | $ 257.1 | $ 284.9 |
Earnings per share: | ||
Basic (in dollars per share) | $ 1.51 | $ 1.61 |
Diluted (in dollars per share) | $ 1.50 | $ 1.60 |
Weighted average shares: | ||
Basic (in shares) | 170.2 | 176.6 |
Diluted (in shares) | 171.6 | 177.7 |
Common Stock, Dividends, Per Share, Declared | $ 0.44 | $ 0.38 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Dec. 27, 2019 | Dec. 28, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 257.1 | $ 284.9 |
Other comprehensive income, net of tax | ||
Fair value of investments | (0.1) | 0.1 |
Comprehensive income | $ 257 | $ 285 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | 3 Months Ended | |
Dec. 27, 2019 | Sep. 27, 2019 | |
Statement of Financial Position [Abstract] | ||
Document Period End Date | Dec. 27, 2019 | |
Current assets: | ||
Cash and cash equivalents | $ 928.2 | $ 851.3 |
Marketable Securities, Current | 262.2 | 203.3 |
Receivables, net of allowance of $0.8 and $0.8, respectively | 426.8 | 465.3 |
Inventory | 604.4 | 609.7 |
Other current assets | 124.9 | 105 |
Total current assets | 2,346.5 | 2,234.6 |
Property, plant and equipment, net | 1,190.8 | 1,205.6 |
Operating Lease, Right-of-Use Asset | 159.1 | 0 |
Goodwill | 1,189.8 | 1,189.8 |
Intangible assets, net | 96.5 | 107.9 |
Deferred tax assets, net | 39.9 | 40.8 |
Marketable Securities, Noncurrent | 38.2 | 27.6 |
Other long-term assets | 31 | 33.3 |
Total assets | 5,091.8 | 4,839.6 |
Current liabilities: | ||
Accounts payable | 138.5 | 190.5 |
Accrued compensation and benefits | 79.9 | 76 |
Other current liabilities | 114.8 | 107.5 |
Total current liabilities | 333.2 | 374 |
Long-term tax liabilities | 309.5 | 312.4 |
Operating Lease, Liability, Noncurrent | 150.9 | 0 |
Other long-term liabilities | 30.9 | 30.9 |
Total liabilities | 824.5 | 717.3 |
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; 231.5 shares issued and 170.5 shares outstanding at December 27, 2019, and 230.2 shares issued and 170.1 shares outstanding at September 27, 2019 | 42.6 | 42.5 |
Additional paid-in capital | 3,251.9 | 3,188 |
Treasury stock, at cost | (3,513.8) | (3,412.9) |
Retained earnings | 4,494.6 | 4,312.6 |
Accumulated other comprehensive loss | (8) | (7.9) |
Total stockholders’ equity | 4,267.3 | 4,122.3 |
Total liabilities and stockholders’ equity | $ 5,091.8 | $ 4,839.6 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Dec. 27, 2019 | Sep. 27, 2019 |
Current assets: | ||
Allowance for doubtful accounts | $ 0.8 | $ 0.8 |
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 | 231.5 | 230.2 |
Common stock, shares outstanding | 170.5 | 170.1 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Dec. 27, 2019 | Dec. 28, 2018 | |
Statement of Cash Flows [Abstract] | ||
Net income | $ 257.1 | $ 284.9 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Share-based compensation | 33.6 | 20.8 |
Depreciation | 79.8 | 77.5 |
Amortization of intangible assets, including inventory step-up | 11.4 | 15.5 |
Deferred income taxes | 0.9 | 1.8 |
Other, net | 0 | 1 |
Changes in assets and liabilities: | ||
Receivables, net | 38.5 | 131.4 |
Inventory | 7.9 | (5) |
Accounts payable | (6.7) | (22.2) |
Other current and long-term assets and liabilities | (24.1) | 43.3 |
Net Cash Provided by (Used in) Operating Activities | 398.4 | 549 |
Cash flows from investing activities: | ||
Capital expenditures | (111.2) | (129.5) |
Payments to Acquire Marketable Securities | (131.5) | (2.2) |
Maturity of investments | 62.2 | 303.2 |
Net Cash Provided by (Used in) Investing Activities | (180.5) | 171.5 |
Cash flows from financing activities: | ||
Repurchase of common stock - payroll tax withholdings on equity awards | (26.6) | (19.4) |
Repurchase of common stock - stock repurchase program | (74.2) | (284) |
Dividends paid | (75.1) | (67.1) |
Net proceeds from exercise of stock options | 34.9 | 2.4 |
Net Cash Provided by (Used in) Financing Activities | (141) | (368.1) |
Net increase in cash and cash equivalents | 76.9 | 352.4 |
Cash and cash equivalents at beginning of period | 851.3 | 733.3 |
Cash and cash equivalents at end of period | 928.2 | 1,085.7 |
Supplemental cash flow disclosures: | ||
Income taxes paid | 26.1 | 1.6 |
Capital Expenditures Incurred but Not yet Paid | $ 70.1 | $ 56.7 |
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] |
Common stock, shares outstanding | 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 | |||||
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 | ||||
Common stock, shares outstanding | 170.5 | |||||
Stockholders' Equity Attributable to Parent | $ 4,267.3 | $ 42.6 | $ (3,513.8) | 3,251.9 | 4,494.6 | (8) |
Treasury Stock, Shares | 61.1 | |||||
Common stock, shares outstanding | 170.1 | 170.1 | ||||
Stockholders' Equity Attributable to Parent | $ 4,122.3 | $ 42.5 | $ (3,412.9) | 3,188 | 4,312.6 | (7.9) |
Treasury Stock, Shares | 60.1 | |||||
Net income | 257.1 | 257.1 | ||||
StockIssuedDuringPeriodSharesShareBasedCompensationNetofRelatedTaxes(inshares) | 1.1 | 0.3 | ||||
StockIssuedDuringPeriodValueShareBasedCompensationNetofRelatedTaxes | 8.2 | $ 0.3 | $ (26.7) | 34.6 | ||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | $ 29.1 | 29.1 | ||||
Treasury Stock, Shares, Acquired | (0.7) | (0.7) | ||||
Treasury Stock, Value, Acquired, Par Value Method | $ (74.2) | $ (0.2) | $ 0.2 | |||
Stock Repurchased During Period, Shares | 0.7 | |||||
Dividends | (75.1) | $ (75.1) | ||||
Other Comprehensive Income (Loss), Net of Tax | $ 0.1 | $ (0.1) | ||||
Common stock, shares outstanding | 170.5 | |||||
Stockholders' Equity Attributable to Parent | $ 4,267.3 |
Description Of Business and Bas
Description Of Business and Basis Of Presentation | 3 Months Ended |
Dec. 27, 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 27, 2019 , filed with the SEC on November 14, 2019 (the “2019 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. 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, 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 2020 consists of 53 weeks and ends on October 2, 2020 . Fiscal 2019 consisted of 52 weeks and ended on September 27, 2019 . The first quarters of fiscal 2020 and 2019 each consisted of 13 weeks and ended on December 27, 2019 , and December 28, 2018 , respectively. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASU 2016-02”). This ASU requires lessees to reflect leases with a term greater than one year on their balance sheet as assets and obligations. The Company adopted the standard in the first quarter of fiscal 2020, using the modified retrospective approach, whereby the Company was not required to adjust comparative period financial statements for the new standard. Upon adoption, the Company recorded a right-of-use asset of $141.4 million and a lease liability of $143.1 million . This standard did not have a material impact on the Consolidated Statement of Operations or Consolidated Statement of Cash Flows. Upon adoption, the Company elected the package of three practical expedients that permits the Company to maintain its historical conclusions about lease identification, lease classification and initial direct costs for leases that exist at the date of adoption. Further, the Company elected the practical expedient to not separate lease and non-lease components. Recently Issued Accounting Pronouncements Although there are several other new accounting pronouncements issued or proposed by the FASB, the Company does not believe any of these accounting pronouncements has had or will have a material impact on its consolidated financial position or operating results. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Dec. 27, 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: December 27, 2019 September 27, December 27, 2019 September 27, U.S. Treasury and government $ 58.6 $ 34.2 $ 27.7 $ 20.0 Corporate bonds and notes 94.9 66.2 10.5 5.9 Municipal bonds 108.7 102.9 — 1.7 Total $ 262.2 $ 203.3 $ 38.2 $ 27.6 The contractual maturities of noncurrent available-for-sale marketable securities were due within two years or less. There were gross unrealized gains of $0.1 million on U.S. Treasury securities, $0.1 million on corporate bonds and notes, and $0.1 million on municipal bonds as of December 27, 2019 , and $0.1 million in gross unrealized losses on municipal bonds as of September 27, 2019 |
Fair Value
Fair Value | 3 Months Ended |
Dec. 27, 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. Assets and liabilities recorded at fair value on a recurring basis consisted of the following (in millions): As of December 27, 2019 As of September 27, 2019 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* $ 928.2 $ 852.5 $ 75.7 $ — $ 851.3 $ 809.5 $ 41.8 $ — U.S. Treasury and government securities 86.3 46.5 39.8 — 54.2 28.4 25.8 — Corporate bonds and notes 105.4 — 105.4 — 72.1 — 72.1 — Municipal bonds 108.7 — 108.7 — 104.6 — 104.6 — Total $ 1,228.6 $ 899.0 $ 329.6 $ — $ 1,082.2 $ 837.9 $ 244.3 $ — * Cash equivalents included in Levels 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. 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 months ended December 27, 2019 |
Inventory
Inventory | 3 Months Ended |
Dec. 27, 2019 | |
Inventory, Net [Abstract] | |
INVENTORY | INVENTORY Inventory consists of the following (in millions): As of December 27, September 27, Raw materials $ 22.8 $ 24.4 Work-in-process 376.5 336.2 Finished goods 202.8 245.7 Finished goods held on consignment by customers 2.3 3.4 Total inventory $ 604.4 $ 609.7 |
Property, Plant And Equipment
Property, Plant And Equipment | 3 Months Ended |
Dec. 27, 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 December 27, September 27, Land and improvements $ 11.8 $ 11.7 Buildings and improvements 392.0 354.4 Furniture and fixtures 38.0 33.8 Machinery and equipment 2,346.6 2,311.5 Construction in progress 157.0 172.5 Total property, plant and equipment, gross 2,945.3 2,883.9 Accumulated depreciation (1,754.5 ) (1,678.3 ) Total property, plant and equipment, net $ 1,190.8 $ 1,205.6 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 3 Months Ended |
Dec. 27, 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 months ended December 27, 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 months ended December 27, 2019 . Intangible assets consist of the following (in millions): As of As of Weighted December 27, 2019 September 27, 2019 Gross Accumulated Net Gross Accumulated Net Customer relationships 5.0 $ 18.2 $ (13.0 ) $ 5.2 $ 25.6 $ (19.5 ) $ 6.1 Developed technology and other 4.1 94.4 (56.9 ) 37.5 94.4 (48.9 ) 45.5 Trademarks 3.0 1.6 (1.5 ) 0.1 1.6 (1.3 ) 0.3 Technology licenses 3.1 24.9 (7.1 ) 17.8 24.9 (4.8 ) 20.1 IPR&D 35.9 — 35.9 35.9 — 35.9 Total intangible assets $ 175.0 $ (78.5 ) $ 96.5 $ 182.4 $ (74.5 ) $ 107.9 Fully amortized intangible assets have been eliminated from both the gross and accumulated amortization amounts. Accrued technology licenses payable of $15.5 million and $20.1 million have been included in other current liabilities within the consolidated balance sheets as of December 27, 2019 , and September 27, 2019 , respectively. Annual amortization expense for the next five fiscal years related to definite-lived intangible assets, excluding IPR&D, is expected to be as follows (in millions): Remaining 2020 2021 2022 2023 2024 Thereafter Amortization expense, cost of goods sold $ 15.6 $ 4.9 $ 0.9 $ 1.0 $ 1.0 $ 1.9 Amortization expense, operating expense $ 17.4 $ 11.7 $ 4.2 $ 0.1 $ 0.1 $ 1.8 Total amortization expense $ 33.0 $ 16.6 $ 5.1 $ 1.1 $ 1.1 $ 3.7 |
Income Taxes
Income Taxes | 3 Months Ended |
Dec. 27, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The provision for income taxes consists of the following components (in millions): Three Months Ended December 27, 2019 December 28, United States income taxes $ 11.5 $ 29.5 Foreign income taxes 10.1 9.4 Provision for income taxes $ 21.6 $ 38.9 Effective tax rate 7.8 % 12.0 % The difference between the Company’s effective tax rate and the 21.0% United States federal statutory rate for the three months ended December 27, 2019 , and the three months ended December 28, 2018, 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 Company operates under a tax holiday in Singapore, which is effective through September 30, 2030. The current tax holiday is conditioned upon the Company’s compliance with certain employment and investment thresholds in Singapore. Accrued taxes of $26.6 million and $29.7 million have been included in other current liabilities within the consolidated balance sheets as of December 27, 2019 , and September 27, 2019 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Dec. 27, 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 Indemnities 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 | 3 Months Ended |
Dec. 27, 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. The timing and amount of any shares of the Company’s common stock that are repurchased under the repurchase program are determined by the Company’s management based on its evaluation of market conditions and other factors. During the three months ended December 27, 2019 , the Company paid $74.2 million (including commissions) in connection with the repurchase of 0.7 million shares of its common stock (paying an average price of $100.01 per share). As of December 27, 2019 , $1.6 billion remained available under the existing stock repurchase authorization. Dividends On January 23, 2020 , the Company announced that the Board of Directors had declared a cash dividend on the Company’s common stock of $0.44 per share. This dividend is payable on March 3, 2020 , to the Company’s stockholders of record as of the close of business on February 11, 2020 . During the three months ended December 27, 2019 , the Company declared and paid a $0.44 dividend per share of common stock with a total charge to retained earnings of $75.1 million . 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 December 27, 2019 December 28, Cost of goods sold $ 4.2 $ 3.6 Research and development 14.8 12.5 Selling, general and administrative 14.6 4.7 Total share-based compensation $ 33.6 $ 20.8 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Dec. 27, 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 December 27, December 28, Net income $ 257.1 $ 284.9 Weighted average shares outstanding – basic 170.2 176.6 Dilutive effect of equity based awards 1.4 1.1 Weighted average shares outstanding – diluted 171.6 177.7 Net income per share – basic $ 1.51 $ 1.61 Net income per share – diluted $ 1.50 $ 1.60 Anti-dilutive common stock equivalents 0.5 1.7 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 months ended December 27, 2019 , and December 28, 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) | 3 Months Ended |
Dec. 27, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | 2. REVENUE RECOGNITION The Company presents net revenue by geographic area based upon the location of the original equipment manufacturers’ (“OEMs”) headquarters 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 is as follows (in millions): Three Months Ended December 27, 2019 December 28, United States $ 590.4 $ 600.1 China 168.4 194.5 South Korea 59.0 99.1 Taiwan 42.0 40.7 Europe, Middle East and Africa 30.3 32.7 Other Asia-Pacific 6.0 4.9 Total $ 896.1 $ 972.0 The Company’s revenue from 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. Accrued customer liabilities of $35.9 million and $38.5 million have been included in other current liabilities within the consolidated balance sheets as of December 27, 2019 , and September 27, 2019 |
Leases (Notes)
Leases (Notes) | 3 Months Ended |
Dec. 27, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | 11. LEASES The Company determines if an arrangement is a lease at its inception. Right-of-use (“ROU”) assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate in determining the present value of lease payments considering the term of the lease, which is derived from information available at the lease commencement date. The lease term includes renewal options when it is reasonably certain that the option will be exercised, and excludes termination options. To the extent that the Company’s agreements have variable lease payments, the Company includes variable lease payments that depend on an index or a rate and excludes those that depend on facts or circumstances occurring after the commencement date, other than the passage of time. Lease expense for these leases is recognized on a straight-line basis over the lease term. The Company has elected not to recognize ROU assets and lease liabilities that arise from short-term (12 months or less) leases for any class of underlying asset. Operating leases are included in operating lease ROU assets, other current liabilities, and long-term operating lease liabilities in the Company's condensed consolidated balance sheet. The Company’s lease arrangements consist primarily of corporate, manufacturing and other facility agreements as well as various machinery and office equipment agreements. The leases expire at various dates through 2033, some of which include options to extend the lease term. The options with the longest potential total lease term consist of options for extension of up to three five-year periods following expiration of the original lease term. During the three months ended December 27, 2019 , the Company recorded $5.7 million and $1.1 million of operating lease expense and variable lease expense, respectively. During the three months ended December 28, 2018 , the Company recorded $4.7 million of rent expense. The Company's finance leases and short-term leases are immaterial. Supplemental cash information and non-cash activities related to operating leases are as follows (in millions): Three Months Ended December 27, Operating cash flows from operating leases $ 5.1 Operating lease assets obtained in exchange for new lease liabilities 20.7 Maturities of lease liabilities under operating leases are as follows (in millions): December 27, 2020 $ 11.8 2021 23.4 2022 22.1 2023 21.8 2024 20.1 Thereafter 89.7 Total lease payments 188.9 Less: imputed interest (28.7 ) Present value of lease liabilities 160.2 Less: current portion (included in other current assets) (9.3 ) Total $ 150.9 Future minimum lease liabilities under non-cancelable operating leases are as follows (in millions): September 27, 2020 $ 26.7 2021 25.9 2022 24.8 2023 23.3 2024 21.5 Thereafter 97.7 Total $ 219.9 Weighted-average remaining lease term and discount rate related to operating leases are as follows: December 27, Weighted-average remaining lease term (years) 8.26 Weighted-average discount rate 3.37 % |
Description Of Business and B_2
Description Of Business and Basis Of Presentation (Policies) | 3 Months Ended | |
Dec. 27, 2019 | Dec. 28, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Lessee, Leases [Policy Text Block] | The Company determines if an arrangement is a lease at its inception. Right-of-use (“ROU”) assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate in determining the present value of lease payments considering the term of the lease, which is derived from information available at the lease commencement date. The lease term includes renewal options when it is reasonably certain that the option will be exercised, and excludes termination options. To the extent that the Company’s agreements have variable lease payments, the Company includes variable lease payments that depend on an index or a rate and excludes those that depend on facts or circumstances occurring after the commencement date, other than the passage of time. Lease expense for these leases is recognized on a straight-line basis over the lease term. The Company has elected not to recognize ROU assets and lease liabilities that arise from short-term (12 months or less) leases for any class of underlying asset. Operating leases are included in operating lease ROU assets, other current liabilities, and long-term operating lease liabilities in the Company's condensed consolidated balance sheet. The Company’s lease arrangements consist primarily of corporate, manufacturing and other facility agreements as well as various machinery and office equipment agreements. The leases expire at various dates through 2033, some of which include options to extend the lease term. The options with the longest potential total lease term consist of options for extension of up to three five-year periods following expiration of the original lease term. | |
Fiscal Period | The Company’s fiscal year ends on the Friday closest to September 30. Fiscal 2020 consists of 53 weeks and ends on October 2, 2020 . Fiscal 2019 consisted of 52 weeks and ended on September 27, 2019 . The first quarters of fiscal 2020 and 2019 each consisted of 13 weeks and ended on December 27, 2019 , and December 28, 2018 , respectively. | |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASU 2016-02”). This ASU requires lessees to reflect leases with a term greater than one year on their balance sheet as assets and obligations. The Company adopted the standard in the first quarter of fiscal 2020, using the modified retrospective approach, whereby the Company was not required to adjust comparative period financial statements for the new standard. Upon adoption, the Company recorded a right-of-use asset of $141.4 million and a lease liability of $143.1 million . This standard did not have a material impact on the Consolidated Statement of Operations or Consolidated Statement of Cash Flows. Upon adoption, the Company elected the package of three practical expedients that permits the Company to maintain its historical conclusions about lease identification, lease classification and initial direct costs for leases that exist at the date of adoption. Further, the Company elected the practical expedient to not separate lease and non-lease components. Recently Issued Accounting Pronouncements Although there are several other new accounting pronouncements issued or proposed by the FASB, the Company does not believe any of these accounting pronouncements has had or will have a material impact on its consolidated financial position or operating results. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Dec. 27, 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: December 27, 2019 September 27, December 27, 2019 September 27, U.S. Treasury and government $ 58.6 $ 34.2 $ 27.7 $ 20.0 Corporate bonds and notes 94.9 66.2 10.5 5.9 Municipal bonds 108.7 102.9 — 1.7 Total $ 262.2 $ 203.3 $ 38.2 $ 27.6 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Dec. 27, 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 December 27, 2019 As of September 27, 2019 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* $ 928.2 $ 852.5 $ 75.7 $ — $ 851.3 $ 809.5 $ 41.8 $ — U.S. Treasury and government securities 86.3 46.5 39.8 — 54.2 28.4 25.8 — Corporate bonds and notes 105.4 — 105.4 — 72.1 — 72.1 — Municipal bonds 108.7 — 108.7 — 104.6 — 104.6 — Total $ 1,228.6 $ 899.0 $ 329.6 $ — $ 1,082.2 $ 837.9 $ 244.3 $ — |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Dec. 27, 2019 | |
Inventory, Net [Abstract] | |
Schedule Of Inventories | Inventory consists of the following (in millions): As of December 27, September 27, Raw materials $ 22.8 $ 24.4 Work-in-process 376.5 336.2 Finished goods 202.8 245.7 Finished goods held on consignment by customers 2.3 3.4 Total inventory $ 604.4 $ 609.7 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Dec. 27, 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 December 27, September 27, Land and improvements $ 11.8 $ 11.7 Buildings and improvements 392.0 354.4 Furniture and fixtures 38.0 33.8 Machinery and equipment 2,346.6 2,311.5 Construction in progress 157.0 172.5 Total property, plant and equipment, gross 2,945.3 2,883.9 Accumulated depreciation (1,754.5 ) (1,678.3 ) Total property, plant and equipment, net $ 1,190.8 $ 1,205.6 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Dec. 27, 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 December 27, 2019 September 27, 2019 Gross Accumulated Net Gross Accumulated Net Customer relationships 5.0 $ 18.2 $ (13.0 ) $ 5.2 $ 25.6 $ (19.5 ) $ 6.1 Developed technology and other 4.1 94.4 (56.9 ) 37.5 94.4 (48.9 ) 45.5 Trademarks 3.0 1.6 (1.5 ) 0.1 1.6 (1.3 ) 0.3 Technology licenses 3.1 24.9 (7.1 ) 17.8 24.9 (4.8 ) 20.1 IPR&D 35.9 — 35.9 35.9 — 35.9 Total intangible assets $ 175.0 $ (78.5 ) $ 96.5 $ 182.4 $ (74.5 ) $ 107.9 |
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 definite-lived intangible assets, excluding IPR&D, is expected to be as follows (in millions): Remaining 2020 2021 2022 2023 2024 Thereafter Amortization expense, cost of goods sold $ 15.6 $ 4.9 $ 0.9 $ 1.0 $ 1.0 $ 1.9 Amortization expense, operating expense $ 17.4 $ 11.7 $ 4.2 $ 0.1 $ 0.1 $ 1.8 Total amortization expense $ 33.0 $ 16.6 $ 5.1 $ 1.1 $ 1.1 $ 3.7 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Dec. 27, 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 December 27, 2019 December 28, United States income taxes $ 11.5 $ 29.5 Foreign income taxes 10.1 9.4 Provision for income taxes $ 21.6 $ 38.9 Effective tax rate 7.8 % 12.0 % |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 3 Months Ended |
Dec. 27, 2019 | |
Stockholders' Equity Note [Abstract] | |
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 December 27, 2019 December 28, Cost of goods sold $ 4.2 $ 3.6 Research and development 14.8 12.5 Selling, general and administrative 14.6 4.7 Total share-based compensation $ 33.6 $ 20.8 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Dec. 27, 2019 | |
Earnings Per Share [Abstract] | |
Schedule Of 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 December 27, December 28, Net income $ 257.1 $ 284.9 Weighted average shares outstanding – basic 170.2 176.6 Dilutive effect of equity based awards 1.4 1.1 Weighted average shares outstanding – diluted 171.6 177.7 Net income per share – basic $ 1.51 $ 1.61 Net income per share – diluted $ 1.50 $ 1.60 Anti-dilutive common stock equivalents 0.5 1.7 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Dec. 27, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The Company presents net revenue by geographic area based upon the location of the original equipment manufacturers’ (“OEMs”) headquarters 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 is as follows (in millions): Three Months Ended December 27, 2019 December 28, United States $ 590.4 $ 600.1 China 168.4 194.5 South Korea 59.0 99.1 Taiwan 42.0 40.7 Europe, Middle East and Africa 30.3 32.7 Other Asia-Pacific 6.0 4.9 Total $ 896.1 $ 972.0 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Dec. 27, 2019 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities of lease liabilities under operating leases are as follows (in millions): December 27, 2020 $ 11.8 2021 23.4 2022 22.1 2023 21.8 2024 20.1 Thereafter 89.7 Total lease payments 188.9 Less: imputed interest (28.7 ) Present value of lease liabilities 160.2 Less: current portion (included in other current assets) (9.3 ) Total $ 150.9 Future minimum lease liabilities under non-cancelable operating leases are as follows (in millions): September 27, 2020 $ 26.7 2021 25.9 2022 24.8 2023 23.3 2024 21.5 Thereafter 97.7 Total $ 219.9 |
Lease, Cost [Table Text Block] | Supplemental cash information and non-cash activities related to operating leases are as follows (in millions): Three Months Ended December 27, Operating cash flows from operating leases $ 5.1 Operating lease assets obtained in exchange for new lease liabilities 20.7 Weighted-average remaining lease term and discount rate related to operating leases are as follows: December 27, Weighted-average remaining lease term (years) 8.26 Weighted-average discount rate 3.37 % |
Description Of Business and B_3
Description Of Business and Basis Of Presentation (Details) | 3 Months Ended | |
Dec. 27, 2019 | Dec. 28, 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 (New Accounting Pronouncements) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 27, 2019 | Sep. 27, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Lease, Right-of-Use Asset | $ 159.1 | $ 0 |
Operating Lease, Liability | $ 160.2 | |
Document Period End Date | Dec. 27, 2019 | |
Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Lease, Right-of-Use Asset | $ 141.4 | |
Operating Lease, Liability | $ 143.1 |
Description Of Business and B_5
Description Of Business and Basis Of Presentation (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 27, 2019 | Dec. 28, 2018 | |
Supplemental Cash Flow Elements [Abstract] | ||
Capital Expenditures Incurred but Not yet Paid | $ 70.1 | $ 56.7 |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) $ in Millions | Dec. 27, 2019 | Sep. 27, 2019 |
Other Current Assets [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities | $ 262.2 | $ 203.3 |
Other Noncurrent Assets [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities | 38.2 | 27.6 |
US Treasury and Government [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities | 86.3 | |
US Treasury and Government [Member] | Other Current Assets [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities | 58.6 | 34.2 |
US Treasury and Government [Member] | Other Noncurrent Assets [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities | 27.7 | 20 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities | 105.4 | |
Corporate Debt Securities [Member] | Other Current Assets [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities | 94.9 | 66.2 |
Corporate Debt Securities [Member] | Other Noncurrent Assets [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities | 10.5 | 5.9 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities | 108.7 | |
US States and Political Subdivisions Debt Securities [Member] | Other Current Assets [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities | 108.7 | 102.9 |
US States and Political Subdivisions Debt Securities [Member] | Other Noncurrent Assets [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities | $ 0 | $ 1.7 |
Marketable Securities Schedule
Marketable Securities Schedule of Available-for-sale Securities (Details) - USD ($) $ in Millions | Dec. 27, 2019 | Sep. 27, 2019 |
US Treasury and Government [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | $ 0.1 | |
Available-for-sale Securities | 86.3 | |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0.1 | |
Available-for-sale Securities | 105.4 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0.1 | |
Available-for-sale Securities | $ 108.7 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 0.1 |
Marketable Securities Contractu
Marketable Securities Contractual Maturity (Details) | 3 Months Ended |
Dec. 27, 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) | 3 Months Ended |
Dec. 27, 2019USD ($) | |
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 | Dec. 27, 2019 | Sep. 27, 2019 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 928.2 | $ 851.3 |
Assets, Fair Value Disclosure, Recurring (Deprecated 2018-01-31) | 1,228.6 | 1,082.2 |
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 and cash equivalents | 852.5 | 809.5 |
Assets, Fair Value Disclosure, Recurring (Deprecated 2018-01-31) | 899 | 837.9 |
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 and cash equivalents | 75.7 | 41.8 |
Assets, Fair Value Disclosure, Recurring (Deprecated 2018-01-31) | 329.6 | 244.3 |
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 and cash equivalents | 0 | 0 |
Assets, Fair Value Disclosure, Recurring (Deprecated 2018-01-31) | 0 | 0 |
US Treasury and Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 86.3 | |
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 | 54.2 | |
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 | 46.5 | 28.4 |
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 | 39.8 | 25.8 |
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 | 105.4 | |
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 | 72.1 | |
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 | 105.4 | 72.1 |
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 | 108.7 | |
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 | 104.6 | |
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 | 108.7 | 104.6 |
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 |
Inventory (Schedule Of Inventor
Inventory (Schedule Of Inventories) (Details) - USD ($) $ in Millions | Dec. 27, 2019 | Sep. 27, 2019 |
Inventory, Net [Abstract] | ||
Raw materials | $ 22.8 | $ 24.4 |
Work-in-process | 376.5 | 336.2 |
Finished goods | 202.8 | 245.7 |
Finished goods held on consignment by customers | 2.3 | 3.4 |
Total inventory | $ 604.4 | $ 609.7 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Dec. 27, 2019 | Sep. 27, 2019 |
Property, Plant and Equipment | ||
Total property, plant and equipment, gross | $ 2,945.3 | $ 2,883.9 |
Accumulated depreciation | (1,754.5) | (1,678.3) |
Total property, plant and equipment, net | 1,190.8 | 1,205.6 |
Land and improvements [Member] | ||
Property, Plant and Equipment | ||
Total property, plant and equipment, gross | 11.8 | 11.7 |
Building and improvements [Member] | ||
Property, Plant and Equipment | ||
Total property, plant and equipment, gross | 392 | 354.4 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment | ||
Total property, plant and equipment, gross | 38 | 33.8 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment | ||
Total property, plant and equipment, gross | 2,346.6 | 2,311.5 |
Construction in progress [Member] | ||
Property, Plant and Equipment | ||
Total property, plant and equipment, gross | $ 157 | $ 172.5 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Schedule Of Intangible Assets Subject To Amortization) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 27, 2019 | Sep. 27, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (78.5) | $ (74.5) |
Total intangible assets, Gross Carrying Amount | 175 | 182.4 |
Total intangible assets, Net Carrying Amount | $ 96.5 | 107.9 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 5 years | |
Finite-Lived Intangible Assets, Gross | $ 18.2 | 25.6 |
Accumulated Amortization | (13) | (19.5) |
Net Carrying Amount | $ 5.2 | 6.1 |
Technology-Based Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 4 years 1 month 6 days | |
Finite-Lived Intangible Assets, Gross | $ 94.4 | 94.4 |
Accumulated Amortization | (56.9) | (48.9) |
Net Carrying Amount | $ 37.5 | 45.5 |
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 | (1.5) | (1.3) |
Net Carrying Amount | $ 0.1 | 0.3 |
Computer Software, Intangible Asset [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 3 years 1 month 6 days | |
Finite-Lived Intangible Assets, Gross | $ 24.9 | 24.9 |
Accumulated Amortization | (7.1) | (4.8) |
Net Carrying Amount | $ 17.8 | 20.1 |
In Process Research and Development [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 0 years | |
Finite-Lived Intangible Assets, Gross | $ 35.9 | 35.9 |
Accumulated Amortization | 0 | 0 |
Net Carrying Amount | $ 35.9 | $ 35.9 |
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 | Dec. 27, 2019USD ($) |
Expected Annual Amortization Expense related to intangible assets for the next five years [Line Items] | |
Remaining 2019 | $ 33 |
2020 | 16.6 |
2021 | 5.1 |
2022 | 1.1 |
2023 | 1.1 |
Thereafter | 3.7 |
Cost of sales [Member] | |
Expected Annual Amortization Expense related to intangible assets for the next five years [Line Items] | |
Remaining 2019 | 15.6 |
2020 | 4.9 |
2021 | 0.9 |
2022 | 1 |
2023 | 1 |
Thereafter | 1.9 |
Operating Expense [Member] | |
Expected Annual Amortization Expense related to intangible assets for the next five years [Line Items] | |
Remaining 2019 | 17.4 |
2020 | 11.7 |
2021 | 4.2 |
2022 | 0.1 |
2023 | 0.1 |
Thereafter | $ 1.8 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 27, 2019 | Dec. 28, 2018 | |
Income Tax Disclosure [Abstract] | ||
Document Period End Date | Dec. 27, 2019 | |
United States income taxes | $ 11.5 | $ 29.5 |
Foreign income taxes | 10.1 | 9.4 |
Provision for income taxes | $ 21.6 | $ 38.9 |
Effective tax rate | 7.80% | 12.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 27, 2019 | Sep. 27, 2019 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory income tax rate | 21.00% | |
Accrued income taxes, current | $ 26.6 | $ 29.7 |
Stockholder's Equity (Share Rep
Stockholder's Equity (Share Repurchase) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Jan. 30, 2019 | Dec. 27, 2019 | Dec. 28, 2018 |
Equity, Class of Treasury Stock [Line Items] | |||
Share repurchase authorized date | Jan. 30, 2019 | ||
Authorized amount of stock for repurchase | $ 2,000 | ||
Stock repurchase program expiration date | Jan. 30, 2021 | ||
Stock repurchased | $ 74.2 | $ 284 | |
Treasury Stock, Shares, Acquired | 0.7 | ||
Average price of stock repurchased (in dollars per share) | $ (100.01) | ||
Remaining amount authorized fro stock repurchase | $ 1,600 |
Stockholder's Equity (Dividend)
Stockholder's Equity (Dividend) (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 03, 2020 | Feb. 11, 2020 | Jan. 23, 2020 | Dec. 27, 2019 | Dec. 28, 2018 |
Dividends Payable [Line Items] | |||||
Document Period End Date | Dec. 27, 2019 | ||||
Payments of Ordinary Dividends | $ 75.1 | $ 67.1 | |||
Common Stock, Dividends, Per Share, Declared | $ 0.44 | $ 0.38 | |||
Subsequent Event [Member] | Dividend Declared [Member] | |||||
Dividends Payable [Line Items] | |||||
Dividend declaration date | Jan. 23, 2020 | ||||
dividends date to be paid | Mar. 3, 2020 | ||||
Dividends date of record | Feb. 11, 2020 | ||||
Cash dividends declared and paid per share (usd per share) | $ 0.44 |
Stockholder's Equity (Share Bas
Stockholder's Equity (Share Based Compensation) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 27, 2019 | Dec. 28, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Document Period End Date | Dec. 27, 2019 | |
Share-based compensation expense | $ 33.6 | $ 20.8 |
Cost of sales [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | 4.2 | 3.6 |
Research and development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | 14.8 | 12.5 |
Selling, general and administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | $ 14.6 | $ 4.7 |
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 | |
Dec. 27, 2019 | Dec. 28, 2018 | |
Earnings Per Share [Abstract] | ||
Net income | $ 257.1 | $ 284.9 |
Weighted average shares outstanding - basic (shares) | 170.2 | 176.6 |
Dilutive effect of equity based awards (shares) | 1.4 | 1.1 |
Weighted average shares outstanding - diluted (shares) | 171.6 | 177.7 |
Net income per share - basic (usd per share) | $ 1.51 | $ 1.61 |
Net income per share - diluted (usd per share) | $ 1.50 | $ 1.60 |
Anti-dilutive common stock equivalents (shares) | 0.5 | 1.7 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 27, 2019 | Dec. 28, 2018 | Sep. 27, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Contract with Customer, Refund Liability | $ 35.9 | $ 38.5 | |
Document Period End Date | Dec. 27, 2019 | ||
Revenues | $ 896.1 | $ 972 | |
UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 590.4 | 600.1 | |
CHINA | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 168.4 | 194.5 | |
KOREA, REPUBLIC OF | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 59 | 99.1 | |
TAIWAN, PROVINCE OF CHINA | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 42 | 40.7 | |
EMEA [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 30.3 | 32.7 | |
Asia, Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 6 | $ 4.9 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 27, 2019 | Dec. 28, 2018 | Sep. 27, 2019 | |
Leases [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 26.7 | ||
Operating Lease, Payments | $ 5.1 | ||
Operating Lease, Weighted Average Remaining Lease Term | 8 years 3 months 3 days | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 11.8 | ||
Operating Lease, Expense | 5.7 | $ 4.7 | |
Variable Lease, Cost | 1.1 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 23.4 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 22.1 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 21.8 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 20.1 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 89.7 | ||
Lessee, Operating Lease, Liability, Payments, Due | 188.9 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (28.7) | ||
Operating Lease, Liability | 160.2 | ||
Operating Lease, Liability, Current | (9.3) | ||
Operating Lease, Liability, Noncurrent | $ 150.9 | 0 | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.37% | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 20.7 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 25.9 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 24.8 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 23.3 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 21.5 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 97.7 | ||
Operating Leases, Future Minimum Payments Due | $ 219.9 |
Uncategorized Items - q12010qde
Label | Element | Value |
AOCI Attributable to Parent [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ (8,200,000) |
Retained Earnings [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ 3,950,700,000 |
Common Stock [Member] | ||
Common Stock, Shares, Outstanding | us-gaap_CommonStockSharesOutstanding | 174,100,000 |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ 43,500,000 |
Additional Paid-in Capital [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 3,088,400,000 |
Treasury Stock [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ (3,036,100,000) |
Treasury Stock, Shares | us-gaap_TreasuryStockShares | 55,200,000 |