Document And Entity Information
Document And Entity Information - $ / shares | 9 Months Ended | |
Jun. 28, 2024 | Jul. 25, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Jun. 28, 2024 | |
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 | 5260 California Avenue | |
Entity Address, City or Town | Irvine | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92617 | |
City Area Code | (949) | |
Local Phone Number | 231-3000 | |
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 | 159,716,371 | |
Entity Listing, Par Value Per Share | $ 0.25 | |
Entity Central Index Key | 0000004127 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --09-27 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 28, 2024 | Jun. 30, 2023 | Jun. 28, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Net revenue | $ 905.5 | $ 1,071.2 | $ 3,153 | $ 3,553.6 |
Cost of goods sold | 541.4 | 607.1 | 1,862 | 1,924.4 |
Gross profit | 364.1 | 464.1 | 1,291 | 1,629.2 |
Operating expenses: | ||||
Research and development | 160.7 | 148 | 468.1 | 460 |
Selling, general, and administrative | 71.2 | 77.2 | 226.7 | 240.7 |
Amortization of intangibles | 0.2 | 3.8 | 0.7 | 29.5 |
Restructuring, impairment, and other charges | 1.6 | 4.4 | 17.5 | 28 |
Total operating expenses | 233.7 | 233.4 | 713 | 758.2 |
Operating income | 130.4 | 230.7 | 578 | 871 |
Interest expense | (6.6) | (16.2) | (23.8) | (52) |
Other income, net | 9.6 | 7.6 | 23.8 | 13.6 |
Income before income taxes | 133.4 | 222.1 | 578 | 832.6 |
Provision for income taxes | 12.5 | 26.3 | 42.5 | 94.6 |
Net income | $ 120.9 | $ 195.8 | $ 535.5 | $ 738 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.75 | $ 1.23 | $ 3.34 | $ 4.63 |
Diluted (in dollars per share) | $ 0.75 | $ 1.22 | $ 3.32 | $ 4.61 |
Weighted average shares: | ||||
Basic (in shares) | 160.4 | 159.2 | 160.2 | 159.4 |
Diluted (in shares) | 161.4 | 160 | 161.4 | 160 |
Common stock, dividends declared (in dollars per share) | $ 0.68 | $ 0.62 | $ 2.04 | $ 1.86 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 28, 2024 | Jun. 30, 2023 | Jun. 28, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 120.9 | $ 195.8 | $ 535.5 | $ 738 |
Other comprehensive income (loss), net of tax: | ||||
Pension adjustments | 0 | 0 | (0.1) | (0.8) |
Comprehensive income | $ 120.9 | $ 195.8 | $ 535.4 | $ 737.2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 28, 2024 | Sep. 29, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 1,263,400 | $ 718,800 |
Marketable securities, current | 5,600 | 15,600 |
Receivables, net of allowances of $0.9 and $0.8, respectively | 607,400 | 864,300 |
Inventory | 822,800 | 1,119,700 |
Other current assets | 539,900 | 461,100 |
Total current assets | 3,239,100 | 3,179,500 |
Property, plant, and equipment, net | 1,265,300 | 1,390,100 |
Operating lease right-of-use assets | 197,000 | 205,400 |
Goodwill | 2,176,700 | 2,176,700 |
Intangible assets, net | 1,075,600 | 1,222,100 |
Deferred tax assets, net | 192,900 | 192,300 |
Marketable securities, noncurrent | 14,900 | 4,100 |
Other long-term assets | 74,900 | 56,500 |
Total assets | 8,236,400 | 8,426,700 |
Current liabilities: | ||
Accounts payable | 160,900 | 159,200 |
Accrued compensation and benefits | 115,900 | 94,300 |
Current portion of long-term debt | 0 | 299,400 |
Other current liabilities | 286,100 | 402,800 |
Total current liabilities | 562,900 | 955,700 |
Long-term debt | 994,000 | 992,900 |
Long-term tax liabilities | 119,900 | 162,800 |
Long-term operating lease liabilities | 187,100 | 188,700 |
Other long-term liabilities | 36,100 | 43,900 |
Total liabilities | 1,900,000 | 2,344,000 |
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; 159.7 shares issued and outstanding at June 28, 2024, and 159.5 shares issued and outstanding at September 29, 2023 | 39,900 | 39,900 |
Additional paid-in capital | 217,800 | 172,400 |
Retained earnings | 6,084,400 | 5,876,000 |
Accumulated other comprehensive loss | (5,700) | (5,600) |
Total stockholders’ equity | 6,336,400 | 6,082,700 |
Total liabilities and stockholders’ equity | $ 8,236,400 | $ 8,426,700 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Jun. 28, 2024 | Sep. 29, 2023 |
Current assets: | ||
Receivables, allowance for credit loss | $ 0.9 | $ 0.8 |
Stockholders’ equity: | ||
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 | 159.7 | 159.5 |
Common stock, shares outstanding | 159.7 | 159.5 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 28, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 535,500 | $ 738,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Share-based compensation | 142,100 | 135,200 |
Depreciation | 196,300 | 295,800 |
Amortization of intangible assets | 139,600 | 174,700 |
Deferred income taxes | (2,200) | (86,300) |
Asset impairment charges | 16,800 | 17,000 |
Amortization of debt discount and issuance costs | 2,000 | 2,900 |
Other, net | (6,600) | (2,200) |
Changes in assets and liabilities: | ||
Receivables, net | 256,900 | 367,200 |
Inventory | 291,500 | (24,900) |
Accounts payable | 400 | (98,300) |
Other current and long-term assets and liabilities | (223,700) | (28,200) |
Net cash provided by operating activities | 1,348,600 | 1,490,900 |
Cash flows from investing activities: | ||
Capital expenditures | (74,200) | (140,200) |
Purchased intangibles | (20,200) | (18,800) |
Purchases of marketable securities | (25,700) | (282,100) |
Sales and maturities of marketable securities | 25,300 | 289,000 |
Other | 10,300 | 5,900 |
Net cash used in investing activities | (84,500) | (146,200) |
Cash flows from financing activities: | ||
Repurchase of common stock - payroll tax withholdings on equity awards | (34,400) | (33,600) |
Repurchase of common stock - stock repurchase program | (77,300) | (175,300) |
Dividends paid | (327,100) | (296,700) |
Net proceeds from exercise of stock options | 1,100 | 1,000 |
Proceeds from employee stock purchase plan | 18,200 | 15,500 |
Payments of debt | (300,000) | (700,000) |
Net cash used in financing activities | (719,500) | (1,189,100) |
Net increase in cash and cash equivalents | 544,600 | 155,600 |
Cash and cash equivalents at beginning of period | 718,800 | 566,000 |
Cash and cash equivalents at end of period | 1,263,400 | 721,600 |
Supplemental cash flow disclosures: | ||
Income taxes paid | 154,300 | 177,800 |
Interest paid | 27,700 | 48,900 |
Incentives paid in common stock | 1,200 | 19,200 |
Non-cash investing in capital expenditures, accrued but not paid | 34,300 | 20,900 |
Operating lease assets obtained in exchange for new lease liabilities | $ 14,500 | $ 6,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands, shares in Millions | Total | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss |
Common stock, shares outstanding | 160.2 | ||||
Balances | $ 5,469,000 | $ 40,000 | $ 11,900 | $ 5,421,900 | $ (4,800) |
Net income | 309,400 | 309,400 | |||
Exercise and settlement of share-based awards, net of shares withheld for taxes (in shares) | 0.7 | ||||
Exercise and settlement of share-based awards, net of shares withheld for taxes | (11,700) | $ 200 | (11,900) | ||
Share-based compensation expense | 49,700 | 49,700 | |||
Repurchase of common stock (in shares) | (1.8) | ||||
Repurchase of common stock | 166,300 | $ 500 | 45,800 | 120,000 | |
Dividends declared | (99,400) | (99,400) | |||
Other comprehensive loss | (800) | (800) | |||
Net income | 738,000 | ||||
Common stock, shares outstanding | 159.1 | ||||
Balances | 5,549,900 | $ 39,700 | 3,900 | 5,511,900 | (5,600) |
Net income | 232,800 | 232,800 | |||
Exercise and settlement of share-based awards, net of shares withheld for taxes (in shares) | 0.2 | ||||
Exercise and settlement of share-based awards, net of shares withheld for taxes | 14,900 | $ 0 | 14,900 | ||
Share-based compensation expense | 43,000 | 43,000 | |||
Repurchase of common stock (in shares) | (0.1) | ||||
Repurchase of common stock | 9,100 | $ 0 | 5,600 | 3,500 | |
Dividends declared | (98,600) | (98,600) | |||
Common stock, shares outstanding | 159.2 | ||||
Balances | 5,732,900 | $ 39,700 | 56,200 | 5,642,600 | (5,600) |
Net income | 195,800 | 195,800 | |||
Exercise and settlement of share-based awards, net of shares withheld for taxes (in shares) | 0 | ||||
Exercise and settlement of share-based awards, net of shares withheld for taxes | (900) | $ 100 | (1,000) | ||
Share-based compensation expense | 48,800 | 48,800 | |||
Dividends declared | (98,700) | (98,700) | |||
Common stock, shares outstanding | 159.2 | ||||
Balances | $ 5,877,900 | $ 39,800 | 104,000 | 5,739,700 | (5,600) |
Common stock, shares outstanding | 159.5 | 159.5 | |||
Balances | $ 6,082,700 | $ 39,900 | 172,400 | 5,876,000 | (5,600) |
Net income | 231,300 | 231,300 | |||
Exercise and settlement of share-based awards, net of shares withheld for taxes (in shares) | 0.7 | ||||
Exercise and settlement of share-based awards, net of shares withheld for taxes | (30,400) | $ 200 | (30,600) | ||
Share-based compensation expense | 52,600 | 52,600 | |||
Dividends declared | (108,900) | (108,900) | |||
Other comprehensive loss | (100) | (100) | |||
Net income | 535,500 | ||||
Common stock, shares outstanding | 160.2 | ||||
Balances | 6,227,200 | $ 40,100 | 194,400 | 5,998,400 | (5,700) |
Net income | 183,300 | 183,300 | |||
Exercise and settlement of share-based awards, net of shares withheld for taxes (in shares) | 0.2 | ||||
Exercise and settlement of share-based awards, net of shares withheld for taxes | 17,500 | $ 0 | 17,500 | ||
Share-based compensation expense | 40,300 | 40,300 | |||
Dividends declared | (109,100) | (109,100) | |||
Common stock, shares outstanding | 160.4 | ||||
Balances | 6,359,200 | $ 40,100 | 252,200 | 6,072,600 | (5,700) |
Net income | 120,900 | 120,900 | |||
Exercise and settlement of share-based awards, net of shares withheld for taxes (in shares) | 0.1 | ||||
Exercise and settlement of share-based awards, net of shares withheld for taxes | (1,000) | $ 0 | (1,000) | ||
Share-based compensation expense | 43,800 | 43,800 | |||
Repurchase of common stock (in shares) | (0.8) | ||||
Repurchase of common stock | 77,400 | $ 200 | 77,200 | 0 | |
Dividends declared | $ (109,100) | (109,100) | |||
Common stock, shares outstanding | 159.7 | 159.7 | |||
Balances | $ 6,336,400 | $ 39,900 | $ 217,800 | $ 6,084,400 | $ (5,700) |
Description of Business, Basis
Description of Business, Basis of Presentation, and Summary of Significant Accounting Policies | 9 Months Ended |
Jun. 28, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business, Basis of Presentation, and Summary of Significant Accounting Policies | DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION, AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Skyworks Solutions, Inc., together with its consolidated subsidiaries (“Skyworks” or the “Company”), is empowering the wireless networking revolution. The Company’s analog and mixed-signal semiconductors are connecting people, places, and things, spanning a number of new applications within the aerospace, automotive, broadband, cellular infrastructure, connected home, defense, entertainment and gaming, industrial, medical, 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 29, 2023, filed with the SEC on November 17, 2023, as amended by Amendment No. 1 to such Annual Report on Form 10-K, filed with the SEC on January 26, 2024 (“2023 10-K”). Certain items in the prior period financial statements have been reclassified to conform to the current period presentation. 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 during the reporting period. 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, revenue reserves, 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. The fiscal year ending on September 27, 2024 consists of 52 weeks (“fiscal 2024”). The fiscal year ended on September 29, 2023 consisted of 52 weeks (“fiscal 2023”). The three and nine months ended June 28, 2024, and June 30, 2023, each consisted of 13 weeks and 39 weeks, respectively. Property, Plant, and Equipment Property, plant, and equipment are carried at cost less accumulated depreciation, with significant renewals and betterments being capitalized and retired equipment written off in the respective periods. Maintenance and repairs are expensed as incurred. Depreciation is calculated using the straight-line method over the estimated useful lives, which range from five to forty years for buildings and improvements and from five to ten years for machinery and equipment. Leasehold improvements are depreciated over the lesser of the economic life or the life of the associated lease. During the nine months ended June 28, 2024, the Company changed its accounting estimate for the expected useful lives of certain machinery and equipment. The Company evaluated its current asset base and reassessed the estimated useful lives of certain machinery and equipment in connection with its recent usage of older equipment, including considering the technological and physical obsolescence of such machinery and equipment. Based on its ability to re-use equipment across generations of process technologies and historical usage trends, the Company determined that the expected useful lives for certain machinery and equipment should be increased by up to two years to reflect more closely the estimated economic lives of those assets. This change in estimate was applied prospectively effective during the first quarter of fiscal 2024 and resulted in a decrease in depreciation expense of $18.9 million and $56.6 million for the three and nine months ended June 28, 2024, respectively. This benefit decreased cost of goods sold by $8.9 million and $10.7 million and decreased research and development expenses by $2.4 million and $7.4 million for the three and nine months ended June 28, 2024, respectively, and decreased ending inventory by $38.5 million as of June 28, 2024. As a result of this change in accounting estimate, net income increased by $11.3 million and $18.1 million and diluted earnings per share increased by $0.07 and $0.11 for the three and nine months ended June 28, 2024, respectively. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure” (“ASU 2023-07”). ASU 2023-07 requires disclosure of incremental segment information on an annual and interim basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-07 on its consolidated financial statements and related disclosures. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Jun. 28, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION The Company presents net revenue by geographic area, based upon the location of the original equipment manufacturers’ (“OEMs”) headquarters, and by sales channel, 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. Individually insignificant OEMs are presented based upon the location of the Company’s direct customer, which is typically a distributor. Net revenue by geographic area is as follows (in millions): Three Months Ended Nine Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 United States $ 658.5 $ 793.9 $ 2,422.8 $ 2,668.8 China 75.9 81.6 232.7 277.0 Taiwan 80.7 81.2 226.1 252.0 South Korea 52.9 48.1 158.1 139.6 Europe, Middle East, and Africa 31.3 51.3 87.6 164.0 Other Asia-Pacific 6.2 15.1 25.7 52.2 Total net revenue $ 905.5 $ 1,071.2 $ 3,153.0 $ 3,553.6 Net revenue by sales channel is as follows (in millions): Three Months Ended Nine Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Distributors $ 767.1 $ 937.0 $ 2,745.0 $ 3,183.1 Direct customers 138.4 134.2 408.0 370.5 Total net revenue $ 905.5 $ 1,071.2 $ 3,153.0 $ 3,553.6 |
Marketable Securities
Marketable Securities | 9 Months Ended |
Jun. 28, 2024 | |
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 June 28, 2024 September 29, 2023 June 28, 2024 September 29, 2023 U.S. Treasury and government securities $ 5.2 $ 15.1 $ 14.9 $ 4.1 Corporate bonds and notes 0.3 — — — Municipal bonds 0.1 0.5 — — Total marketable securities $ 5.6 $ 15.6 $ 14.9 $ 4.1 |
Fair Value
Fair Value | 9 Months Ended |
Jun. 28, 2024 | |
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 June 28, 2024 September 29, 2023 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 (1) $ 1,263.4 $ 1,263.0 $ 0.4 $ — $ 718.8 $ 718.5 $ 0.3 $ — U.S. Treasury and government securities 20.1 1.6 18.5 — 19.2 — 19.2 — Corporate bonds and notes 0.3 — 0.3 — — — — — Municipal bonds 0.1 — 0.1 — 0.5 — 0.5 — Total assets at fair value $ 1,283.9 $ 1,264.6 $ 19.3 $ — $ 738.5 $ 718.5 $ 20.0 $ — (1) Cash equivalents included in Levels 1 and 2 consist of money market funds, municipal bonds, and U.S. Treasury and government 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. During the three and nine months ended June 28, 2024, the Company recorded impairment charges of $0.7 million and $16.8 million, respectively. The impairment charges for the nine months ended June 28, 2024 primarily related to the abandonment of a previously capitalized in-process research and development (“IPR&D”) project. During the three months ended June 30, 2023, there were no indicators of impairment identified. During the nine months ended June 30, 2023, the Company recorded impairment charges of $17.0 million. Fair Value of Debt The Company’s debt is carried at amortized cost and is measured at fair value quarterly for disclosure purposes. The estimated fair values are based on Level 2 inputs as the fair value is based on quoted prices for the Company’s debt and comparable instruments in inactive markets. The carrying amount and estimated fair value of debt consists of the following (in millions): As of June 28, 2024 September 29, 2023 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value 1.80% Senior Notes due 2026 $ 498.4 $ 465.1 $ 497.7 $ 444.5 3.00% Senior Notes due 2031 495.6 424.8 495.2 390.4 Total debt under Senior Notes $ 994.0 $ 889.9 $ 992.9 $ 834.9 |
Inventory
Inventory | 9 Months Ended |
Jun. 28, 2024 | |
Inventory, Net [Abstract] | |
Inventory | INVENTORY Inventory consists of the following (in millions): As of June 28, 2024 September 29, 2023 Raw materials $ 29.6 $ 57.2 Work-in-process 607.2 746.8 Finished goods 186.0 315.7 Total inventory $ 822.8 $ 1,119.7 |
Property, Plant, and Equipment,
Property, Plant, and Equipment, Net | 9 Months Ended |
Jun. 28, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment, Net | PROPERTY, PLANT, AND EQUIPMENT, NET Property, plant, and equipment, net consists of the following (in millions): As of June 28, 2024 September 29, 2023 Land and improvements $ 11.9 $ 11.8 Buildings and improvements 603.3 588.2 Furniture and fixtures 79.1 74.8 Machinery and equipment 3,394.4 3,389.3 Construction in progress 57.2 107.6 Total property, plant, and equipment, gross 4,145.9 4,171.7 Accumulated depreciation (2,880.6) (2,781.6) Total property, plant, and equipment, net $ 1,265.3 $ 1,390.1 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 9 Months Ended |
Jun. 28, 2024 | |
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 nine months ended June 28, 2024. 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 nine months ended June 28, 2024. Intangible assets consist of the following (in millions): As of Weighted June 28, 2024 September 29, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology and other 6.3 $ 1,379.6 $ (500.4) $ 879.2 $ 1,290.4 $ (379.4) $ 911.0 Technology licenses 3.1 72.5 (42.1) 30.4 75.8 (36.0) 39.8 In-process research and development 166.0 — 166.0 271.3 — 271.3 Total intangible assets $ 1,618.1 $ (542.5) $ 1,075.6 $ 1,637.5 $ (415.4) $ 1,222.1 Fully amortized intangible assets are eliminated from both the gross and accumulated amortization amounts in the first quarter of each fiscal year. During the three months ended June 28, 2024, $33.4 million of IPR&D assets were transferred to definite-lived intangible assets, and are being amortized over their useful lives of 12 years. During the nine months ended June 28, 2024, $89.1 million of IPR&D assets were transferred to definite-lived intangible assets, of which $33.4 million is being amortized over their useful lives of 12 years and $55.7 million is being amortized over their useful lives of 8 years. During the nine months ended June 30, 2023, $9.5 million of IPR&D assets were transferred to definite-lived intangible assets, and are being amortized over their useful lives of 12 years. Amortization expense related to definite-lived intangible assets was $46.0 million and $139.6 million for the three and nine months ended June 28, 2024, respectively. Amortization expense related to definite-lived intangible assets was $51.3 million and $174.7 million for the three and nine months ended June 30, 2023, 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 2024 2025 2026 2027 2028 Thereafter Amortization expense $ 46.5 $ 167.9 $ 140.0 $ 124.0 $ 100.1 $ 331.1 |
Income Taxes
Income Taxes | 9 Months Ended |
Jun. 28, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The provision for income taxes consists of the following components (in millions): Three Months Ended Nine Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 United States income taxes $ 8.6 $ 17.5 $ 16.0 $ 60.0 Foreign income taxes 3.9 8.8 26.5 34.6 Provision for income taxes $ 12.5 $ 26.3 $ 42.5 $ 94.6 Effective tax rate 9.4 % 11.8 % 7.4 % 11.4 % The difference between the Company’s effective tax rate and the 21.0% United States federal statutory rate for the three and nine months ended June 28, 2024 and June 30, 2023 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 tax expense related to share-based compensation shortfalls. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Jun. 28, 2024 | |
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 assess whether loss contingencies should be recognized and 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. Purchase Commitments The Company purchases materials primarily pursuant to individual purchase orders, some of which have underlying master purchase agreements. Some of these purchase commitments are cancellable, and some are non-cancelable, depending on the terms with each individual supplier. In the event of cancellation, the Company may be required to pay costs incurred through the date of cancellation or other fees. When cancellation would result in incurring costs or other fees, the Company has historically sought to negotiate amended terms to the original agreements and orders to limit its exposure. As such, the Company believes that purchase commitments as of any particular date may not be a reliable indicator of future commitments. The Company maintains certain minimum purchase commitments under long-term capacity reservation agreements primarily with foundries for the purchase of wafers. Under these agreements, the Company has agreed to pay a combination of refundable deposits and prepayments to the suppliers in exchange for reserved manufacturing production capacity over the term of the agreemen ts. As of June 28, 2024, the deposits and prepayments under the long-term capacity reservation agreements were $141.7 million and $2.5 million, respectively, recorded within other current assets, and $1.4 million and $22.6 million, respectively, recorded within other long-term assets. As of September 29, 2023, the deposits and prepayments under the long-term capacity reservation agreements were $41.7 million and $1.3 million, respectively, recorded within other current assets and $16.0 million of prepayments recorded within other long-term assets. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Jun. 28, 2024 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY Stock Repurchase On January 31, 2023, the Board of Directors approved a stock repurchase program (“January 31, 2023 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 through February 1, 2025, on the open market or in privately negotiated transactions, in compliance with applicable securities laws and other legal requirements. The January 31, 2023 stock repurchase program succeeds in its entirety the stock repurchase program approved by the Board of Directors on January 26, 2021 (“January 26, 2021 stock repurchase program”). The timing and amount of any shares of the Company’s common stock that are repurchased under the January 31, 2023 stock repurchase program will be determined by the Company’s management based on its evaluation of market conditions and other factors. The January 31, 2023 stock repurchase program may be suspended or discontinued at any time. The Company currently expects to fund the January 31, 2023 stock repurchase program using the Company’s working capital. During the three and nine months ended June 28, 2024, the Company paid $77.4 million (including commissions and excise tax, as applicable) in connection with the repurchase of 0.8 million shares of its common stock (paying an average price of $101.33 per share), all of which shares were repurchased pursuant to the January 31, 2023 stock repurchase program. As of June 28, 2024, $1.9 billion remained available under the January 31, 2023 stock repurchase program. During the three months ended June 30, 2023, the Company did not repurchase any shares of its common stock pursuant to the January 31, 2023 stock repurchase program. During the nine months ended June 30, 2023, the Company paid $175.3 million (including commissions) in connection with the repurchase of 1.9 million shares of its common stock (paying an average price of $90.60 per share), all of which shares were repurchased pursuant to the January 26, 2021 stock repurchase program. Dividends On July 30, 2024, the Company announced that the Board of Directors had declared a cash dividend on the Company’s common stock of $0.70 per share. This dividend is payable on September 10, 2024, to the Company’s stockholders of record as of the close of business on August 20, 2024. Dividends charged to retained earnings were as follows (in millions, except per share data): Fiscal Years Ended September 27, 2024 September 29, 2023 Per Share Total Amount Per Share Total Amount First quarter $ 0.68 $ 108.9 $ 0.62 $ 99.4 Second quarter 0.68 109.1 0.62 98.6 Third quarter 0.68 109.1 0.62 98.7 Total dividends $ 2.04 $ 327.1 $ 1.86 $ 296.7 Share-based Compensation The following table summarizes the share-based compensation expense by line item in the Consolidated Statements of Operations (in millions): Three Months Ended Nine Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Cost of goods sold $ 5.7 $ 3.3 $ 26.1 $ 13.4 Research and development 21.8 24.4 67.1 69.7 Selling, general, and administrative 15.2 17.1 48.9 52.1 Total share-based compensation $ 42.7 $ 44.8 $ 142.1 $ 135.2 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Jun. 28, 2024 | |
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 Nine Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Net income $ 120.9 $ 195.8 $ 535.5 $ 738.0 Weighted average shares outstanding – basic 160.4 159.2 160.2 159.4 Dilutive effect of equity-based awards 1.0 0.8 1.2 0.6 Weighted average shares outstanding – diluted 161.4 160.0 161.4 160.0 Net income per share – basic $ 0.75 $ 1.23 $ 3.34 $ 4.63 Net income per share – diluted $ 0.75 $ 1.22 $ 3.32 $ 4.61 Anti-dilutive common stock equivalents 0.3 0.7 — 0.5 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 nine months ended June 28, 2024, and June 30, 2023, using the treasury stock method. Shares issuable upon the vesting of performance stock awards are likewise included in the calculation of diluted earnings per share as of the date the condition(s) have been satisfied, assuming the end of the reporting period was the end of the contingency period. 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. |
Supplemental Financial Informat
Supplemental Financial Information | 9 Months Ended |
Jun. 28, 2024 | |
Condensed Financial Information Disclosure [Abstract] | |
Supplemental Financial Information | SUPPLEMENTAL FINANCIAL INFORMATION Other current assets consist of the following (in millions): As of June 28, 2024 September 29, 2023 Prepaid expenses $ 233.7 $ 306.0 Other 306.2 155.1 Total other current assets $ 539.9 $ 461.1 Other current liabilities consist of the following (in millions): As of June 28, 2024 September 29, 2023 Accrued customer liabilities $ 197.6 $ 270.9 Accrued taxes 36.3 58.8 Short-term operating lease liabilities 19.7 28.3 Other 32.5 44.8 Total other current liabilities $ 286.1 $ 402.8 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Jun. 28, 2024 | Mar. 29, 2024 | Dec. 29, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 30, 2022 | Jun. 28, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||||||
Net income | $ 120.9 | $ 183.3 | $ 231.3 | $ 195.8 | $ 232.8 | $ 309.4 | $ 535.5 | $ 738 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 28, 2024 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | ITEM 5. OTHER INFORMATION. Director and Officer Trading Arrangements A significant portion of the compensation of our directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) is in the form of equity awards and, from time to time, directors and officers engage in open-market transactions with respect to the securities acquired pursuant to such equity awards or our other securities, including to satisfy tax withholding obligations when equity awards vest or are exercised, and for diversification or other personal reasons. Transactions in our securities by directors and officers are required to be made in accordance with our insider trading policy, which requires that the transactions be in accordance with applicable U.S. federal securities laws that prohibit trading while in possession of material nonpublic information. Rule 10b5-1 under the Exchange Act provides an affirmative defense that enables directors and officers to prearrange transactions in our securities in a manner that avoids concerns about initiating transactions while in possession of material nonpublic information. The following table describes contracts, instructions or written plans for the sale or purchase of our securities adopted by our directors and officers during the quarter covered by this report that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a “Rule 10b5-1 trading arrangement”): Name and Title Date of Adoption Duration of Rule 10b5-1 Trading Arrangement Aggregate Number of Securities to Be Purchased or Sold Robert Terry, Senior Vice President and General Counsel May 7, 2024 Until May 1, 2025, or such earlier date upon which all transactions are completed or expire without execution Sale of up to 14,457 shares Reza Kasnavi, Senior Vice President, Technology and Manufacturing May 15, 2024 Until May 1, 2025, or such earlier date upon which all transactions are completed or expire without execution Sale of up to 16,843 shares Carlos Bori, Senior Vice President, Sales and Marketing June 10, 2024 Until February 14, 2025, or such earlier date upon which all transactions are completed or expire without execution Sale of up to 19,498 shares None of our directors or officers terminated a Rule 10b5-1 trading arrangement or adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the quarterly period covered by this report. |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Robert Terry [Member] | |
Trading Arrangements, by Individual | |
Name | Robert Terry |
Title | Senior Vice President and General Counsel |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | May 7, 2024 |
Expiration Date | May 1, 2025 |
Aggregate Available | 14,457 |
Reza Kasnavi [Member] | |
Trading Arrangements, by Individual | |
Name | Reza Kasnavi |
Title | Senior Vice President, Technology and Manufacturing |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | May 15, 2024 |
Expiration Date | May 1, 2025 |
Aggregate Available | 16,843 |
Carlos Bori [Member] | |
Trading Arrangements, by Individual | |
Name | Carlos Bori |
Title | Senior Vice President, Sales and Marketing |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | June 10, 2024 |
Expiration Date | February 14, 2025 |
Aggregate Available | 19,498 |
Description of Business, Basi_2
Description of Business, Basis of Presentation, and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Jun. 28, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting, Policy | Skyworks Solutions, Inc., together with its consolidated subsidiaries (“Skyworks” or the “Company”), is empowering the wireless networking revolution. The Company’s analog and mixed-signal semiconductors are connecting people, places, and things, spanning a number of new applications within the aerospace, automotive, broadband, cellular infrastructure, connected home, defense, entertainment and gaming, industrial, medical, 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 29, 2023, filed with the SEC on November 17, 2023, as amended by Amendment No. 1 to such Annual Report on Form 10-K, filed with the SEC on January 26, 2024 (“2023 10-K”). Certain items in the prior period financial statements have been reclassified to conform to the current period presentation. 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 during the reporting period. 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, revenue reserves, 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. |
Fiscal Period | The Company’s fiscal year ends on the Friday closest to September 30. The fiscal year ending on September 27, 2024 consists of 52 weeks (“fiscal 2024”). The fiscal year ended on September 29, 2023 consisted of 52 weeks (“fiscal 2023”). The three and nine months ended June 28, 2024, and June 30, 2023, each consisted of 13 weeks and 39 weeks, respectively. |
Property, Plant, and Equipment, Policy | Property, Plant, and Equipment Property, plant, and equipment are carried at cost less accumulated depreciation, with significant renewals and betterments being capitalized and retired equipment written off in the respective periods. Maintenance and repairs are expensed as incurred. Depreciation is calculated using the straight-line method over the estimated useful lives, which range from five to forty years for buildings and improvements and from five to ten years for machinery and equipment. Leasehold improvements are depreciated over the lesser of the economic life or the life of the associated lease. |
Use of Estimates, Policy | During the nine months ended June 28, 2024, the Company changed its accounting estimate for the expected useful lives of certain machinery and equipment. The Company evaluated its current asset base and reassessed the estimated useful lives of certain machinery and equipment in connection with its recent usage of older equipment, including considering the technological and physical obsolescence of such machinery and equipment. Based on its ability to re-use equipment across generations of process technologies and historical usage trends, the Company determined that the expected useful lives for certain machinery and equipment should be increased by up to two years to reflect more closely the estimated economic lives of those assets. This change in estimate was applied prospectively effective during the first quarter of fiscal 2024 and resulted in a decrease in depreciation expense of $18.9 million and $56.6 million for the three and nine months ended June 28, 2024, respectively. This benefit decreased cost of goods sold by $8.9 million and $10.7 million and decreased research and development expenses by $2.4 million and $7.4 million for the three and nine months ended June 28, 2024, respectively, and decreased ending inventory by $38.5 million as of June 28, 2024. As a result of this change in accounting estimate, net income increased by $11.3 million and $18.1 million and diluted earnings per share increased by $0.07 and $0.11 for the three and nine months ended June 28, 2024, respectively. |
Recently Issued Accounting Pronouncements, Policy | Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure” (“ASU 2023-07”). ASU 2023-07 requires disclosure of incremental segment information on an annual and interim basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-07 on its consolidated financial statements and related disclosures. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Jun. 28, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Net revenue by geographic area is as follows (in millions): Three Months Ended Nine Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 United States $ 658.5 $ 793.9 $ 2,422.8 $ 2,668.8 China 75.9 81.6 232.7 277.0 Taiwan 80.7 81.2 226.1 252.0 South Korea 52.9 48.1 158.1 139.6 Europe, Middle East, and Africa 31.3 51.3 87.6 164.0 Other Asia-Pacific 6.2 15.1 25.7 52.2 Total net revenue $ 905.5 $ 1,071.2 $ 3,153.0 $ 3,553.6 Net revenue by sales channel is as follows (in millions): Three Months Ended Nine Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Distributors $ 767.1 $ 937.0 $ 2,745.0 $ 3,183.1 Direct customers 138.4 134.2 408.0 370.5 Total net revenue $ 905.5 $ 1,071.2 $ 3,153.0 $ 3,553.6 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Jun. 28, 2024 | |
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 June 28, 2024 September 29, 2023 June 28, 2024 September 29, 2023 U.S. Treasury and government securities $ 5.2 $ 15.1 $ 14.9 $ 4.1 Corporate bonds and notes 0.3 — — — Municipal bonds 0.1 0.5 — — Total marketable securities $ 5.6 $ 15.6 $ 14.9 $ 4.1 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Jun. 28, 2024 | |
Fair Value Disclosures [Abstract] | |
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 June 28, 2024 September 29, 2023 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 (1) $ 1,263.4 $ 1,263.0 $ 0.4 $ — $ 718.8 $ 718.5 $ 0.3 $ — U.S. Treasury and government securities 20.1 1.6 18.5 — 19.2 — 19.2 — Corporate bonds and notes 0.3 — 0.3 — — — — — Municipal bonds 0.1 — 0.1 — 0.5 — 0.5 — Total assets at fair value $ 1,283.9 $ 1,264.6 $ 19.3 $ — $ 738.5 $ 718.5 $ 20.0 $ — |
Carrying Values and Estimated Fair Values of Debt Instruments | The carrying amount and estimated fair value of debt consists of the following (in millions): As of June 28, 2024 September 29, 2023 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value 1.80% Senior Notes due 2026 $ 498.4 $ 465.1 $ 497.7 $ 444.5 3.00% Senior Notes due 2031 495.6 424.8 495.2 390.4 Total debt under Senior Notes $ 994.0 $ 889.9 $ 992.9 $ 834.9 |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Jun. 28, 2024 | |
Inventory, Net [Abstract] | |
Inventory | Inventory consists of the following (in millions): As of June 28, 2024 September 29, 2023 Raw materials $ 29.6 $ 57.2 Work-in-process 607.2 746.8 Finished goods 186.0 315.7 Total inventory $ 822.8 $ 1,119.7 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment, Net (Tables) | 9 Months Ended |
Jun. 28, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment, Net | Property, plant, and equipment, net consists of the following (in millions): As of June 28, 2024 September 29, 2023 Land and improvements $ 11.9 $ 11.8 Buildings and improvements 603.3 588.2 Furniture and fixtures 79.1 74.8 Machinery and equipment 3,394.4 3,389.3 Construction in progress 57.2 107.6 Total property, plant, and equipment, gross 4,145.9 4,171.7 Accumulated depreciation (2,880.6) (2,781.6) Total property, plant, and equipment, net $ 1,265.3 $ 1,390.1 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Jun. 28, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Excluding Goodwill | Intangible assets consist of the following (in millions): As of Weighted June 28, 2024 September 29, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology and other 6.3 $ 1,379.6 $ (500.4) $ 879.2 $ 1,290.4 $ (379.4) $ 911.0 Technology licenses 3.1 72.5 (42.1) 30.4 75.8 (36.0) 39.8 In-process research and development 166.0 — 166.0 271.3 — 271.3 Total intangible assets $ 1,618.1 $ (542.5) $ 1,075.6 $ 1,637.5 $ (415.4) $ 1,222.1 |
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 2024 2025 2026 2027 2028 Thereafter Amortization expense $ 46.5 $ 167.9 $ 140.0 $ 124.0 $ 100.1 $ 331.1 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Jun. 28, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Tax Components | The provision for income taxes consists of the following components (in millions): Three Months Ended Nine Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 United States income taxes $ 8.6 $ 17.5 $ 16.0 $ 60.0 Foreign income taxes 3.9 8.8 26.5 34.6 Provision for income taxes $ 12.5 $ 26.3 $ 42.5 $ 94.6 Effective tax rate 9.4 % 11.8 % 7.4 % 11.4 % |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Jun. 28, 2024 | |
Stockholders' Equity Note [Abstract] | |
Dividends Declared | Dividends charged to retained earnings were as follows (in millions, except per share data): Fiscal Years Ended September 27, 2024 September 29, 2023 Per Share Total Amount Per Share Total Amount First quarter $ 0.68 $ 108.9 $ 0.62 $ 99.4 Second quarter 0.68 109.1 0.62 98.6 Third quarter 0.68 109.1 0.62 98.7 Total dividends $ 2.04 $ 327.1 $ 1.86 $ 296.7 |
Share-Based Compensation Expense | The following table summarizes the share-based compensation expense by line item in the Consolidated Statements of Operations (in millions): Three Months Ended Nine Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Cost of goods sold $ 5.7 $ 3.3 $ 26.1 $ 13.4 Research and development 21.8 24.4 67.1 69.7 Selling, general, and administrative 15.2 17.1 48.9 52.1 Total share-based compensation $ 42.7 $ 44.8 $ 142.1 $ 135.2 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Jun. 28, 2024 | |
Earnings Per Share [Abstract] | |
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 Nine Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Net income $ 120.9 $ 195.8 $ 535.5 $ 738.0 Weighted average shares outstanding – basic 160.4 159.2 160.2 159.4 Dilutive effect of equity-based awards 1.0 0.8 1.2 0.6 Weighted average shares outstanding – diluted 161.4 160.0 161.4 160.0 Net income per share – basic $ 0.75 $ 1.23 $ 3.34 $ 4.63 Net income per share – diluted $ 0.75 $ 1.22 $ 3.32 $ 4.61 Anti-dilutive common stock equivalents 0.3 0.7 — 0.5 |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 9 Months Ended |
Jun. 28, 2024 | |
Condensed Financial Information Disclosure [Abstract] | |
Other current assets | Other current assets consist of the following (in millions): As of June 28, 2024 September 29, 2023 Prepaid expenses $ 233.7 $ 306.0 Other 306.2 155.1 Total other current assets $ 539.9 $ 461.1 |
Other current liabilities | Other current liabilities consist of the following (in millions): As of June 28, 2024 September 29, 2023 Accrued customer liabilities $ 197.6 $ 270.9 Accrued taxes 36.3 58.8 Short-term operating lease liabilities 19.7 28.3 Other 32.5 44.8 Total other current liabilities $ 286.1 $ 402.8 |
Description of Business, Basi_3
Description of Business, Basis of Presentation, and Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Jun. 28, 2024 | Mar. 29, 2024 | Dec. 29, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 30, 2022 | Jun. 28, 2024 | Jun. 30, 2023 | |
Change in Accounting Estimate [Line Items] | ||||||||
Decrease in depreciation expense | $ 196.3 | $ 295.8 | ||||||
Decrease in cost of goods sold | $ 541.4 | $ 607.1 | 1,862 | 1,924.4 | ||||
Decrease in research and development | 160.7 | 148 | 468.1 | 460 | ||||
Increase in net income | $ 120.9 | $ 183.3 | $ 231.3 | $ 195.8 | $ 232.8 | $ 309.4 | $ 535.5 | $ 738 |
Increase in diluted EPS (in dollars per share) | $ 0.75 | $ 1.22 | $ 3.32 | $ 4.61 | ||||
Change in useful life | ||||||||
Change in Accounting Estimate [Line Items] | ||||||||
Increase in useful life | 2 years | 2 years | ||||||
Decrease in depreciation expense | $ 18.9 | $ 56.6 | ||||||
Decrease in cost of goods sold | 8.9 | 10.7 | ||||||
Decrease in research and development | 2.4 | 7.4 | ||||||
Decrease in ending inventory | 38.5 | 38.5 | ||||||
Increase in net income | $ 11.3 | $ 18.1 | ||||||
Increase in diluted EPS (in dollars per share) | $ 0.07 | $ 0.11 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 28, 2024 | Jun. 30, 2023 | Jun. 28, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue by geographic area | $ 905.5 | $ 1,071.2 | $ 3,153 | $ 3,553.6 |
Revenue by sales channel | 905.5 | 1,071.2 | 3,153 | 3,553.6 |
Distributors | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by sales channel | 767.1 | 937 | 2,745 | 3,183.1 |
Direct customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by sales channel | 138.4 | 134.2 | 408 | 370.5 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by geographic area | 658.5 | 793.9 | 2,422.8 | 2,668.8 |
China | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by geographic area | 75.9 | 81.6 | 232.7 | 277 |
Taiwan | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by geographic area | 80.7 | 81.2 | 226.1 | 252 |
South Korea | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by geographic area | 52.9 | 48.1 | 158.1 | 139.6 |
Europe, Middle East, and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by geographic area | 31.3 | 51.3 | 87.6 | 164 |
Other Asia-Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by geographic area | $ 6.2 | $ 15.1 | $ 25.7 | $ 52.2 |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) $ in Millions | Jun. 28, 2024 | Sep. 29, 2023 |
Current assets | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable securities, current | $ 5.6 | $ 15.6 |
Noncurrent assets | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable securities, noncurrent | 14.9 | 4.1 |
U.S. Treasury and government securities | Current assets | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable securities, current | 5.2 | 15.1 |
U.S. Treasury and government securities | Noncurrent assets | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable securities, noncurrent | 14.9 | 4.1 |
Corporate bonds and notes | Current assets | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable securities, current | 0.3 | 0 |
Corporate bonds and notes | Noncurrent assets | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable securities, noncurrent | 0 | 0 |
Municipal bonds | Current assets | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable securities, current | 0.1 | 0.5 |
Municipal bonds | Noncurrent assets | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable securities, noncurrent | $ 0 | $ 0 |
Fair Value, Fair Value Assets a
Fair Value, Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Millions | Jun. 28, 2024 | Sep. 29, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 1,283.9 | $ 738.5 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 1,264.6 | 718.5 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 19.3 | 20 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 1,263.4 | 718.8 |
Cash and cash equivalents | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 1,263 | 718.5 |
Cash and cash equivalents | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0.4 | 0.3 |
Cash and cash equivalents | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
U.S. Treasury and government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 20.1 | 19.2 |
U.S. Treasury and government securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1.6 | 0 |
U.S. Treasury and government securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 18.5 | 19.2 |
U.S. Treasury and government securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Corporate bonds and notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0.3 | 0 |
Corporate bonds and notes | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Corporate bonds and notes | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0.3 | 0 |
Corporate bonds and notes | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0.1 | 0.5 |
Municipal bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Municipal bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0.1 | 0.5 |
Municipal bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 0 | $ 0 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 28, 2024 | Jun. 30, 2023 | Jun. 28, 2024 | Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | ||||
Asset impairment charges | $ 0.7 | $ 0 | $ 16.8 | $ 17 |
Fair Value, Carrying Values and
Fair Value, Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Millions | Jun. 28, 2024 | Sep. 29, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt under Senior Notes | $ 994 | $ 992.9 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt, fair value | 889.9 | 834.9 |
2026 Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes, noncurrent | 498.4 | 497.7 |
2026 Notes | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 465.1 | 444.5 |
2031 Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes, noncurrent | 495.6 | 495.2 |
2031 Notes | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 424.8 | $ 390.4 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Millions | Jun. 28, 2024 | Sep. 29, 2023 |
Inventory, Net [Abstract] | ||
Raw materials | $ 29.6 | $ 57.2 |
Work-in-process | 607.2 | 746.8 |
Finished goods | 186 | 315.7 |
Total inventory | $ 822.8 | $ 1,119.7 |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment, Net (Details) - USD ($) $ in Millions | Jun. 28, 2024 | Sep. 29, 2023 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment, gross | $ 4,145.9 | $ 4,171.7 |
Accumulated depreciation | (2,880.6) | (2,781.6) |
Total property, plant, and equipment, net | 1,265.3 | 1,390.1 |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment, gross | 11.9 | 11.8 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment, gross | 603.3 | 588.2 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment, gross | 79.1 | 74.8 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment, gross | 3,394.4 | 3,389.3 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment, gross | $ 57.2 | $ 107.6 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jun. 28, 2024 | Mar. 29, 2024 | Jun. 30, 2023 | Jun. 28, 2024 | Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill, period increase (decrease) | $ 0 | $ 0 | |||
Goodwill, impairment loss | 0 | 0 | |||
Completed and transferred in-process research and development | $ 33.4 | $ 55.7 | $ 89.1 | $ 9.5 | |
Finite-lived intangible assets, useful life | 12 years | 8 years | 12 years | 12 years | 12 years |
Amortization of intangible assets | $ 46 | $ 51.3 | $ 139.6 | $ 174.7 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Intangible Assets Excluding Goodwill (Details) - USD ($) $ in Millions | 9 Months Ended | |
Jun. 28, 2024 | Sep. 29, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | $ (542.5) | $ (415.4) |
Total intangible assets, gross carrying amount | 1,618.1 | 1,637.5 |
Total intangible assets, net carrying amount | $ 1,075.6 | 1,222.1 |
Developed technology and other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period (years) | 6 years 3 months 18 days | |
Finite-lived intangible assets, gross | $ 1,379.6 | 1,290.4 |
Accumulated amortization | (500.4) | (379.4) |
Net carrying amount | $ 879.2 | 911 |
Technology licenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period (years) | 3 years 1 month 6 days | |
Finite-lived intangible assets, gross | $ 72.5 | 75.8 |
Accumulated amortization | (42.1) | (36) |
Net carrying amount | 30.4 | 39.8 |
In-process research and development | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets, gross | 166 | 271.3 |
Accumulated amortization | 0 | 0 |
Net carrying amount | $ 166 | $ 271.3 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Expected Annual Amortization Expense Related to Intangible Assets for the Next Five Years (Details) $ in Millions | Jun. 28, 2024 USD ($) |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |
Remaining 2024 | $ 46.5 |
2025 | 167.9 |
2026 | 140 |
2027 | 124 |
2028 | 100.1 |
Thereafter | $ 331.1 |
Income Taxes, Income Tax Compon
Income Taxes, Income Tax Components (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 28, 2024 | Jun. 30, 2023 | Jun. 28, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
United States income taxes | $ 8.6 | $ 17.5 | $ 16 | $ 60 |
Foreign income taxes | 3.9 | 8.8 | 26.5 | 34.6 |
Provision for income taxes | $ 12.5 | $ 26.3 | $ 42.5 | $ 94.6 |
Effective tax rate | 9.40% | 11.80% | 7.40% | 11.40% |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Jun. 28, 2024 | Jun. 30, 2023 | Jun. 28, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
US federal statutory income tax rate | 21% | 21% | 21% | 21% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Jun. 28, 2024 | Sep. 29, 2023 |
Recorded Unconditional Purchase Obligation [Line Items] | ||
Prepaid expenses, current | $ 233.7 | $ 306 |
Wafer Purchases | ||
Recorded Unconditional Purchase Obligation [Line Items] | ||
Deposits assets, current | 141.7 | 41.7 |
Prepaid expenses, current | 2.5 | 1.3 |
Deposits assets, noncurrent | 1.4 | |
Prepaid expenses, noncurrent | $ 22.6 | $ 16 |
Stockholders' Equity, Stock Rep
Stockholders' Equity, Stock Repurchase (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Feb. 01, 2025 | Jun. 28, 2024 | Jun. 28, 2024 | Jun. 30, 2023 | Jan. 31, 2023 | |
2023 stock repurchase program | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Authorized amount for stock repurchase | $ 2,000 | ||||
Remaining amount authorized for stock repurchase | $ 1,900 | $ 1,900 | |||
Treasury stock repurchased | $ 77.4 | $ 77.4 | |||
Treasury stock repurchased (in shares) | 0.8 | 0.8 | |||
Average price of treasury stock repurchased (in dollars per share) | $ (101.33) | $ (101.33) | |||
2021 stock repurchase program | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Treasury stock repurchased | $ 175.3 | ||||
Treasury stock repurchased (in shares) | 1.9 | ||||
Average price of treasury stock repurchased (in dollars per share) | $ (90.60) | ||||
Subsequent event | 2023 stock repurchase program | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock repurchase program expiration date | Feb. 01, 2025 |
Stockholders' Equity, Dividends
Stockholders' Equity, Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 10, 2024 | Aug. 20, 2024 | Jul. 30, 2024 | Jun. 28, 2024 | Mar. 29, 2024 | Dec. 29, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 30, 2022 | Jun. 28, 2024 | Jun. 30, 2023 | |
Dividends Payable [Line Items] | |||||||||||
Common stock, dividends declared (in dollars per share) | $ 0.68 | $ 0.68 | $ 0.68 | $ 0.62 | $ 0.62 | $ 0.62 | $ 2.04 | $ 1.86 | |||
Payments of ordinary dividends | $ 109.1 | $ 109.1 | $ 108.9 | $ 98.7 | $ 98.6 | $ 99.4 | $ 327.1 | $ 296.7 | |||
Subsequent event | Dividends declared | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Dividend declaration date | Jul. 30, 2024 | ||||||||||
Common stock, dividends declared and payable (in dollars per share) | $ 0.70 | ||||||||||
Dividend payment date | Sep. 10, 2024 | ||||||||||
Dividend record date | Aug. 20, 2024 |
Stockholders' Equity, Share-Bas
Stockholders' Equity, Share-Based Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 28, 2024 | Jun. 30, 2023 | Jun. 28, 2024 | Jun. 30, 2023 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | $ 42.7 | $ 44.8 | $ 142.1 | $ 135.2 |
Cost of goods sold | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | 5.7 | 3.3 | 26.1 | 13.4 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | 21.8 | 24.4 | 67.1 | 69.7 |
Selling, general, and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | $ 15.2 | $ 17.1 | $ 48.9 | $ 52.1 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Jun. 28, 2024 | Mar. 29, 2024 | Dec. 29, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 30, 2022 | Jun. 28, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||||||
Net income | $ 120.9 | $ 183.3 | $ 231.3 | $ 195.8 | $ 232.8 | $ 309.4 | $ 535.5 | $ 738 |
Weighted average shares outstanding - basic (in shares) | 160.4 | 159.2 | 160.2 | 159.4 | ||||
Dilutive effect of equity-based awards (in shares) | 1 | 0.8 | 1.2 | 0.6 | ||||
Weighted average shares outstanding - diluted (in shares) | 161.4 | 160 | 161.4 | 160 | ||||
Basic (in dollars per share) | $ 0.75 | $ 1.23 | $ 3.34 | $ 4.63 | ||||
Diluted (in dollars per share) | $ 0.75 | $ 1.22 | $ 3.32 | $ 4.61 | ||||
Anti-dilutive common stock equivalents (in shares) | 0.3 | 0.7 | 0 | 0.5 |
Supplemental Financial Inform_3
Supplemental Financial Information (Details) - USD ($) $ in Thousands | Jun. 28, 2024 | Sep. 29, 2023 |
Condensed Financial Information Disclosure [Abstract] | ||
Prepaid expenses | $ 233,700 | $ 306,000 |
Other | 306,200 | 155,100 |
Total other current assets | 539,900 | 461,100 |
Accrued customer liabilities | 197,600 | 270,900 |
Accrued taxes | 36,300 | 58,800 |
Short-term operating lease liabilities | 19,700 | 28,300 |
Other | 32,500 | 44,800 |
Total other current liabilities | $ 286,100 | $ 402,800 |