PTC (PTC) 10-Q 5 Aug 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 27, 2020	Aug. 03, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 27, 2020
Document Transition Report	false
Entity File Number	0-18059
Entity Registrant Name	PTC Inc.
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-2866152
Entity Address, Address Line One	121 Seaport Boulevard
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02210
City Area Code	781
Local Phone Number	370-5000
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	PTC
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		116,117,972
Amendment Flag	false
Entity Central Index Key	0000857005
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 27, 2020	Sep. 30, 2019
ASSETS
Cash and cash equivalents	$ 377,428	$ 269,579
Short-term marketable securities	25,830	27,891
Accounts receivable, net of allowance for doubtful accounts of $632 and $744 at June 27, 2020 and September 30, 2019, respectively	319,244	372,743
Prepaid expenses	72,630	52,701
Other current assets	52,106	59,707
Total current assets	847,238	782,621
Property and equipment, net	101,617	105,531
Goodwill	1,605,204	1,238,179
Acquired intangible assets, net	247,173	169,949
Long-term marketable securities	31,958	29,544
Deferred tax assets	196,701	198,634
Operating right-of-use lease assets	151,044	0
Other assets	195,234	140,130
Total assets	3,376,169	2,664,588
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	29,954	42,442
Accrued expenses and other current liabilities	97,305	104,028
Accrued compensation and benefits	89,728	88,769
Accrued income taxes	16,707	17,407
Deferred revenue	395,849	385,509
Short-term lease obligations	36,748	0
Total current liabilities	666,291	638,155
Long-term debt	1,124,702	669,134
Deferred tax liabilities	17,097	41,683
Deferred revenue	8,833	11,123
Long-term lease obligations	179,331	0
Other liabilities	52,348	102,495
Total liabilities	2,048,602	1,462,590
Commitments and contingencies (Note 15)
Stockholders’ equity:
Preferred stock, $0.01 par value; 5,000 shares authorized; none issued	0	0
Common stock, $0.01 par value; 500,000 shares authorized; 115,976 and 114,899 shares issued and outstanding at June 27, 2020 and September 30, 2019, respectively	1,160	1,149
Additional paid-in capital	1,552,291	1,502,949
Accumulated deficit	(115,673)	(191,390)
Accumulated other comprehensive loss	(110,211)	(110,710)
Total stockholders’ equity	1,327,567	1,201,998
Total liabilities and stockholders’ equity	$ 3,376,169	$ 2,664,588

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 27, 2020	Sep. 30, 2019
Current assets:
Allowance for doubtful accounts	$ 632	$ 744
Stockholders’ equity:
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	115,976,000	114,899,000
Common stock, shares outstanding	115,976,000	114,899,000

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Revenue:
Revenue	$ 351,721	$ 295,486	$ 1,067,434	$ 920,626
Cost of revenue:
Cost of revenue	79,224	82,705	249,656	239,961
Gross margin	272,497	212,781	817,778	680,665
Operating expenses:
Sales and marketing	104,594	108,202	319,636	316,142
Research and development	61,429	60,590	186,691	182,774
General and administrative	35,709	28,773	113,895	102,008
Amortization of acquired intangible assets	7,302	5,920	21,367	17,786
Restructuring and other charges, net	62	(9)	32,338	45,464
Total operating expenses	209,096	203,476	673,927	664,174
Operating income	63,401	9,305	143,851	16,491
Interest and debt premium expense	(19,660)	(10,816)	(64,376)	(32,475)
Other income (expense), net	775	1,026	(150)	2,501
Income (loss) before income taxes	44,516	(485)	79,325	(13,483)
Provision for income taxes	9,838	14,273	2,036	23,803
Net income (loss)	$ 34,678	$ (14,758)	$ 77,289	$ (37,286)
Earnings (loss) per share—Basic	$ 0.30	$ (0.13)	$ 0.67	$ (0.32)
Earnings (loss) per share—Diluted	$ 0.30	$ (0.13)	$ 0.67	$ (0.32)
Weighted-average shares outstanding—Basic	115,759	116,133	115,521	117,636
Weighted-average shares outstanding—Diluted	116,229	116,133	115,981	117,636
License
Revenue:
Revenue	$ 118,248	$ 62,918	$ 369,285	$ 230,116
Cost of revenue:
Cost of revenue	13,001	13,307	40,047	38,745
Support and cloud services
Revenue:
Revenue	199,146	190,487	586,555	566,053
Cost of revenue:
Cost of revenue	34,788	33,785	107,980	97,856
Software
Revenue:
Revenue	317,394	253,405	955,840	796,169
Cost of revenue:
Cost of revenue	47,789	47,092	148,027	136,601
Professional services
Revenue:
Revenue	34,327	42,081	111,594	124,457
Cost of revenue:
Cost of revenue	$ 31,435	$ 35,613	$ 101,629	$ 103,360

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 34,678	$ (14,758)	$ 77,289	$ (37,286)
Other comprehensive income (loss), net of tax:
Hedge loss arising during the period, net of tax benefit of $0.4 million and $0.2 million in the third quarter of 2020 and 2019, respectively, and $1.2 million and $0 million in the first nine months of 2020 and 2019, respectively	(1,148)	(2,644)	(3,790)	(1,818)
Net hedge gain reclassified into earnings, net of tax provision of $0 million in the third quarter of 2020 and 2019, respectively, and $0 million and $0.1 million in the first nine months of 2020 and 2019, respectively	0	0	0	(549)
Realized and unrealized loss on hedging instruments	(1,148)	(2,644)	(3,790)	(2,367)
Foreign currency translation adjustment, net of tax of $0 for each period	3,089	4,393	2,677	(7,209)
Unrealized gain on marketable securities, net of tax of $0 for each period	822	175	278	477
Amortization of net actuarial pension gain included in net income, net of tax provision of $0.3 million and $0.2 million in the third quarter of 2020 and 2019, respectively, and $0.8 million and $0.5 million in the first nine months of 2020 and 2019, respectively	673	418	2,027	1,277
Change in unamortized pension gain (loss) during the period related to changes in foreign currency	(152)	(230)	(693)	395
Other comprehensive income (loss)	3,284	2,112	499	(7,427)
Comprehensive income (loss)	$ 37,962	$ (12,646)	$ 77,788	$ (44,713)

Consolidated Statements Of Co_2

Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Statement Of Income And Comprehensive Income [Abstract]
Hedge loss arising during the period, tax	$ 400,000	$ 200,000	$ 1,200,000	$ 0
Net hedge gain reclassified into earnings, tax	0	0	0	100,000
Foreign currency translation adjustment, tax	0	0	0	0
Unrealized gain (loss) on marketable securities, tax	0	0	0	0
Amortization of net actuarial pension gain included in net income, tax	$ 300,000	$ 200,000	$ 800,000	$ 500,000

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
Cash flows from operating activities:
Net income (loss)	$ 77,289	$ (37,286)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	60,677	58,634
Amortization of right-of-use lease assets	29,467	0
Stock-based compensation	73,605	71,608
Other non-cash items, net	(2,786)	(2,721)
Changes in operating assets and liabilities, excluding the effects of acquisitions:
Accounts receivable	54,662	88,254
Accounts payable and accrued expenses	4,255	4,124
Accrued compensation and benefits	878	(23,442)
Deferred revenue	3,357	25,325
Accrued income taxes	(44,445)	(12,777)
Other current assets and prepaid expenses	15,311	(6,336)
Operating lease liabilities	(8,871)	0
Other noncurrent assets and liabilities	(63,565)	64,546
Net cash provided by operating activities	199,834	229,929
Cash flows from investing activities:
Additions to property and equipment	(15,412)	(59,579)
Purchases of short- and long-term marketable securities	(26,087)	(18,950)
Proceeds from sales of short- and long-term marketable securities	1,521	0
Proceeds from maturities of short- and long-term marketable securities	24,271	20,677
Acquisitions of businesses, net of cash acquired	(468,520)	(86,737)
Purchases of investments	0	(7,500)
Purchase of intangible assets	(11,050)	0
Settlement of net investment hedges	(1,729)	4,509
Net cash used in investing activities	(497,006)	(147,580)
Cash flows from financing activities:
Proceeds from issuance of Senior Notes	1,000,000	0
Borrowings under credit facility	455,000	205,000
Repayments of Senior Notes	(500,000)	0
Repayments of borrowings under credit facility	(490,125)	(150,000)
Repurchases of common stock	0	(89,995)
Proceeds from issuance of common stock	8,980	4,158
Debt issuance costs	(17,083)	0
Contingent consideration	0	(1,575)
Debt early redemption premium	(15,000)	0
Payments of withholding taxes in connection with stock-based awards	(33,232)	(44,191)
Net cash provided by (used in) financing activities	408,540	(76,603)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(4,127)	2,143
Net change in cash, cash equivalents, and restricted cash	107,241	7,889
Cash, cash equivalents, and restricted cash, beginning of period	270,689	261,093
Cash, cash equivalents, and restricted cash, end of period	$ 377,930	$ 268,982

Consolidated Statements of Stoc

Consolidated Statements of Stockholder's Equity - USD ($) $ in Thousands	Total	Net Investment Hedging	Cash Flow Hedging	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive LossNet Investment Hedging	Accumulated Other Comprehensive LossCash Flow Hedging
Beginning balance at Sep. 30, 2018	$ 874,589			$ 1,180	$ 1,558,403	$ (599,409)	$ (85,585)
Beginning balance (in shares) at Sep. 30, 2018				117,981,000
Common stock issued for employee stock-based awards	0			$ 15	(15)
Common stock issued for employee stock-based awards (in shares)				1,479,000
Shares surrendered by employees to pay taxes related to stock-based awards	(44,191)			$ (5)	(44,186)	0	0
Shares surrendered by employees to pay taxes related to stock-based awards (in shares)				(501,000)
Common stock issued	(140)				(140)
Common stock issued for employee stock purchase plan	8,798			$ 1	8,797
Common stock issued for employee stock purchase plan (in shares)				122,000
Compensation expense from stock-based awards	71,608				71,608
Net income (loss)	(37,286)					(37,286)
Repurchases of common stock	(89,995)			$ (40)	(89,955)
Repurchases of common stock (in shares)				(3,970,000)
Unrealized loss on hedging instruments, net of tax		$ (1,982)	$ (385)					$ (1,982)	$ (385)
Foreign currency translation adjustment	(7,209)						(7,209)
Unrealized gain on available-for-sale securities, net of tax	477						477
Change in pension benefits, net of tax	1,672						1,672
Ending balance at Jun. 29, 2019	1,215,595			$ 1,151	1,504,512	(197,056)	(93,012)
Ending balance (in shares) at Jun. 29, 2019				115,111,000
Beginning balance at Mar. 30, 2019	1,247,708			$ 1,181	1,523,949	(182,298)	(95,124)
Beginning balance (in shares) at Mar. 30, 2019				118,098,000
Common stock issued for employee stock-based awards	0			$ 4	(4)
Common stock issued for employee stock-based awards (in shares)				371,000
Shares surrendered by employees to pay taxes related to stock-based awards	(9,700)			$ (1)	(9,699)	0	0
Shares surrendered by employees to pay taxes related to stock-based awards (in shares)				(113,000)
Compensation expense from stock-based awards	15,234				15,234
Net income (loss)	(14,758)					(14,758)
Repurchases of common stock	(25,001)			$ (33)	(24,968)
Repurchases of common stock (in shares)				(3,245,000)
Unrealized loss on hedging instruments, net of tax	(2,644)						(2,644)
Foreign currency translation adjustment	4,393						4,393
Unrealized gain on available-for-sale securities, net of tax	175						175
Change in pension benefits, net of tax	188						188
Ending balance at Jun. 29, 2019	1,215,595			$ 1,151	1,504,512	(197,056)	(93,012)
Ending balance (in shares) at Jun. 29, 2019				115,111,000
Cumulative effect of new accounting principle in period of adoption | Accounting Standards Update 2016-16	72,261					72,261
Cumulative effect of new accounting principle in period of adoption | Accounting Standards Update 2014-09	367,378					367,378
Beginning balance at Sep. 30, 2019	$ 1,201,998			$ 1,149	1,502,949	(191,390)	(110,710)
Beginning balance (in shares) at Sep. 30, 2019	114,899,000			114,899,000
Common stock issued for employee stock-based awards	$ 0			$ 14	(14)
Common stock issued for employee stock-based awards (in shares)				1,370,000
Shares surrendered by employees to pay taxes related to stock-based awards	(33,232)			$ (4)	(33,228)	0	0
Shares surrendered by employees to pay taxes related to stock-based awards (in shares)				(449,000)
Common stock issued for employee stock purchase plan	8,980			$ 1	8,979
Common stock issued for employee stock purchase plan (in shares)				156,000
Compensation expense from stock-based awards	73,605				73,605
Net income (loss)	77,289					77,289
Unrealized loss on hedging instruments, net of tax		(3,790)						(3,790)
Foreign currency translation adjustment	2,677						2,677
Unrealized gain on available-for-sale securities, net of tax	278						278
Change in pension benefits, net of tax	1,334						1,334
Ending balance at Jun. 27, 2020	$ 1,327,567			$ 1,160	1,552,291	(115,673)	(110,211)
Ending balance (in shares) at Jun. 27, 2020	115,976,000			115,976,000
Beginning balance at Mar. 28, 2020	$ 1,274,081			$ 1,157	1,536,770	(150,351)	(113,495)
Beginning balance (in shares) at Mar. 28, 2020				115,695,000
Common stock issued for employee stock-based awards	0			$ 4	(4)
Common stock issued for employee stock-based awards (in shares)				412,000
Shares surrendered by employees to pay taxes related to stock-based awards	(9,661)			$ (1)	(9,660)	0	0
Shares surrendered by employees to pay taxes related to stock-based awards (in shares)				(131,000)
Compensation expense from stock-based awards	25,185				25,185
Net income (loss)	34,678					34,678
Unrealized loss on hedging instruments, net of tax		$ (1,148)						$ (1,148)
Foreign currency translation adjustment	3,089						3,089
Unrealized gain on available-for-sale securities, net of tax	822						822
Change in pension benefits, net of tax	521						521
Ending balance at Jun. 27, 2020	$ 1,327,567			$ 1,160	$ 1,552,291	(115,673)	$ (110,211)
Ending balance (in shares) at Jun. 27, 2020	115,976,000			115,976,000
Cumulative effect of new accounting principle in period of adoption | Accounting Standards Update 2016-02	$ (1,572)					$ (1,572)

Basis of Presentation

Basis of Presentation	9 Months Ended
	Jun. 27, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation General The accompanying unaudited condensed consolidated financial statements include the accounts of PTC Inc. and its wholly owned subsidiaries and have been prepared by management in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and in accordance with the rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. While we believe that the disclosures presented are adequate in order to make the information not misleading, these unaudited quarterly financial statements should be read in conjunction with our annual consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2019. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting only of those of a normal recurring nature, necessary for a fair statement of our financial position, results of operations and cash flows at the dates and for the periods indicated. The September 30, 2019 Consolidated Balance Sheet included herein is derived from our audited consolidated financial statements. Unless otherwise indicated, all references to a year mean our fiscal year, which ends on September 30. Our fiscal quarters end on a Saturday following a thirteen-week calendar and may result in different quarter end dates year to year. The third quarter of 2020 ended on June 27, 2020 and the third quarter of 2019 ended on June 29, 2019. The results of operations for the nine months ended June 27, 2020 are not necessarily indicative of the results expected for the remainder of the fiscal year. Risks and Uncertainties - COVID-19 Pandemic In December 2019, a novel strain of coronavirus, now referred to as COVID-19, surfaced. The virus has spread globally, including to the United States, and has been declared a pandemic by the World Health Organization. The COVID-19 pandemic has significantly impacted global economic activity and has created future macroeconomic uncertainty. We had lower new business sales for the three and nine months ended June 27, 2020 compared to the year-ago period, which trend we expect will continue due to the COVID-19 pandemic. We assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to us and the unknown future impacts of the COVID-19 pandemic as of June 27, 2020 and through the date of this report. The accounting matters assessed included, but were not limited to, our allowance for doubtful accounts, stock-based compensation, the carrying value of our goodwill and other long-lived assets, financial assets, valuation allowances for tax assets and revenue recognition. While these assessments did not have a material impact to our consolidated financial statements as of and for the quarter ended June 27, 2020, if our assessments and expectations change in the future relating to the magnitude and duration of the COVID-19 pandemic, as well as other factors, it could result in material impacts to our consolidated financial statements in future reporting periods. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements Leases In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2016-02, Leases (Topic 842) (ASC 842), which replaced the existing guidance in ASC 840, Leases. The updated standard aims to increase transparency and comparability among organizations by requiring lessees to recognize lease assets and lease liabilities on the balance sheet and to disclose important information about leasing arrangements. We adopted ASC 842 effective October 1, 2019 (the effective date). ASC 842 requires a modified retrospective transition method that could either be applied at the earliest comparative period in the financial statements or in the period of adoption. We elected to use the period of adoption (October 1, 2019) transition method and therefore did not recast prior periods. Since we adopted the new standard using the period of adoption transition method, we are not required to present 2020 comparative disclosures under ASC 842. However, we are required to present the required annual disclosures under the previous U.S. GAAP lease accounting standard (ASC 840). We elected the package of practical expedients as permitted under the transition guidance, which allowed us: (1) to carry forward the historical lease classification; (2) not to reassess whether expired or existing contracts are or contain leases; and (3) not to reassess the treatment of initial direct costs for existing leases. In addition, we elected an accounting policy not to recognize leases with an initial term of one year or less on the balance sheet. Upon the adoption of this standard on October 1, 2019, we recognized an operating lease liability of $224.0 million, representing the present value of the minimum lease payments remaining as of the adoption date, and a right-of-use asset in the amount of $167.9 million. The right-of-use asset reflects adjustments for derecognition of deferred leasing incentives. We also recorded a $1.6 million decrease to retained earnings as a result of the change in scheduling of reversal of temporary tax differences due to the adoption of ASC 842. Pending Accounting Pronouncements Goodwill and Other—Internal-Use Software In August 2018, the FASB issued Accounting Standards Update (ASU) 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, which aligns the requirements for capitalizing implementation costs in cloud computing arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new standard will be effective for us in the first quarter of 2021. Entities can choose to adopt the new guidance prospectively or retrospectively. We plan to adopt this standard using the prospective adoption approach. We are currently evaluating the effects of this accounting standard on our consolidated financial statements. Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, modifies and adds disclosure requirements for fair value measurements. The new standard will be effective for us in the first quarter of 2021. We do not expect this accounting standard to have a material impact on our consolidated financial statements. Financial Instruments — In June 2016, the FASB issued ASU 2016-13, Financial Instruments — The new standard will be effective for us in the first quarter of 2021.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Jun. 27, 2020
Revenue From Contract With Customer [Abstract]
Revenue from Contracts with Customers	2. Revenue from Contracts with Customers Contract Assets and Contract Liabilities (in thousands) June 27, 2020 September 30, 2019 Contract asset $ 18,642 $ 21,038 Deferred revenue $ 404,682 $ 396,632 As of June 27, 2020, $14.1 million of our contract assets are expected to be transferred to receivables within the next 12 months and therefore are included in other current assets. The remainder is included in other long-term assets and expected to be transferred within the next 24 months. Approximately $13.3 million of the September 30, 2019 contract asset balance was transferred to receivables during the nine months ended June 27, 2020 as a result of the right to payment becoming unconditional. The majority of the contract asset balance relates to two large professional services contracts with invoicing terms based on performance milestones. The net decrease in contract assets of $2.4 million includes an increase of approximately $10.9 million related to revenue recognized in the period, net of billings. There were no impairments of contract assets during the nine months ended June 27, 2020. During the nine months ended June 27, 2020, we recognized $344.5 million of revenue that was included in deferred revenue as of September 30, 2019 and there were additional deferrals of $349.9 million during the nine months ended June 27, 2020, primarily related to new billings. In addition, deferred revenue increased by an immaterial amount as a result of the acquisition of Onshape. The balance of total short- and long-term receivables as of September 30, 2019 was $412.5 million, compared to total short- and long-term receivables as of June 27, 2020 of $405.1 million. Our multi-year, non-cancellable on-premise subscription contracts provide customers with an annual right to exchange software within the subscription with other software. Although the exchange right is limited to software products within a similar product grouping, the exchange right is not limited to products with substantially similar features and functionality as those originally delivered. We determined that this right to exchange previously delivered software for different software represents variable consideration to be accounted for as a liability. We have identified a standard portfolio of contracts with common characteristics and applied the expected value method of determining variable consideration associated with this right. Additionally, where there are isolated situations that are outside of the standard portfolio of contracts due to contract size, longer contract duration, or other unique contractual terms, we use the most likely amount method to determine the amount of variable consideration. In both circumstances, the variable consideration included in the transaction price is constrained to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. As of June 27, 2020 and September 30, 2019, the total refund liability was $31.6 million and $22.9 million, respectively, primarily associated with the annual right to exchange on-premise subscription software. Costs to Obtain or Fulfill a Contract We recognize an asset for the incremental costs of obtaining a contract with a customer if the benefit of those costs is expected to be longer than one year. These deferred costs (primarily commissions) are amortized proportionately related to revenue over five years, which is generally longer than the term of the initial contract because of anticipated renewals as commissions for renewals are not commensurate with commissions related to our initial contracts. As of June 27, 2020 and September 30, 2019, deferred costs of $31.1 million and $27.7 million, respectively, were included in other current assets and $65.0 million and $64.8 million, respectively, were included in other assets (non-current). Remaining Performance Obligations Our contracts with customers include amounts allocated to performance obligations that will be satisfied at a later date. As of June 27, 2020, the amounts include additional performance obligations of $404.7 million recorded in deferred revenue and $592.6 million that are not yet recorded in the consolidated balance sheets. We expect to recognize approximately 90% of the total $997.3 million over the next 24 months, with the remaining amount thereafter. Certain of our multi-year subscription contracts with start dates on or after October 1, 2018 contain a limited annual cancellation right. For such cancellable subscription contracts, we consider each annual period a discrete contract. Early in the fourth quarter of 2019, we discontinued offering the cancellation right for substantially all new contracts. Remaining performance obligations do not include the cancellable value for subscriptions which contain this clause. Disaggregation of Revenue (in thousands) Three months ended Nine months ended June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Total recurring revenue $ 310,621 $ 244,192 $ 931,852 $ 734,815 Perpetual license 6,773 9,213 23,988 61,354 Professional services 34,327 42,081 111,594 124,457 Total revenue $ 351,721 $ 295,486 $ 1,067,434 $ 920,626 For further disaggregation of revenue by geographic region and product group see Note 11. Segment and Geographic Information

Restructuring and Other Charges

Restructuring and Other Charges	9 Months Ended
	Jun. 27, 2020
Restructuring And Related Activities [Abstract]
Restructuring and Other Charges	3. Restructuring and Other Charges Restructuring and other charges, net includes restructuring charges (credits), headquarters relocation charges and impairment and accretion expense charges related to the lease assets of exited facilities. Refer to Note 14. Leases For the three months ended June 27, 2020, restructuring and other charges, net totaled $0.1 million, of which $(0.2) million is attributable to restructuring charges and $0.3 million is attributable to accelerated depreciation related to the planned exit of a facility. For the nine months ended June 27, 2020, restructuring and other charges, net totaled $32.3 million, of which $26.8 million is attributable to restructuring charges, $4.9 million is attributable to impairment and accretion expense related to exited lease facilities, and $0.6 million to accelerated depreciation related to the planned exit of a facility. For the nine months ended June 29, 2019, restructuring and other charges totaled $45.5 million, of which $43.0 million is attributable to restructuring charges and $2.5 million is related to headquarters relocation charges. Restructuring Charges During the first quarter of 2020, we initiated a restructuring program as part of a realignment associated with expected synergies and operational efficiencies related to the Onshape acquisition. During the nine months ended June 27, 2020, we incurred $31.3 million in connection with this restructuring plan for termination benefits associated with approximately 255 employees. During the first quarter of 2019, we initiated a restructuring plan to realign our workforce to shift investment to support Industrial Internet of Things and Augmented Reality strategic opportunities. As this was a realignment of resources rather than a cost-savings initiative, it did not result in significant cost savings. The restructuring plan was completed in the first quarter of 2019 and resulted in restructuring charges of $16.3 million for termination benefits associated with approximately 240 employees, substantially all of which has been paid. In the first nine months of 2020, we recorded $0.2 million of credits related to this restructuring plan. During the second quarter of 2019, we relocated our worldwide headquarters to the Boston Seaport District. We incurred a restructuring charge for the former headquarters lease, which will not expire until November 2022. During the nine months ended June 27, 2020, we reversed $4.5 million of accrued variable operating facility restructuring charges associated with the exit of a portion of our former headquarters lease under a partial buy-out agreement with the landlord. The following table summarizes restructuring accrual activity for the nine months ended June 27, 2020: (in thousands) Employee severance and related benefits Facility closures and related costs Total October 1, 2019 $ 298 $ 30,788 $ 31,086 ASC 842 adoption — (16,462 ) (16,462 ) Charges to operations, net 31,155 (4,391 ) 26,764 Cash disbursements (21,890 ) (3,746 ) (25,636 ) Other non-cash — 164 164 Foreign exchange impact 165 3 168 Accrual, June 27, 2020 $ 9,728 $ 6,356 $ 16,084 The following table summarizes restructuring accrual activity for the nine months ended June 29, 2019: (in thousands) Employee severance and related benefits Facility closures and related costs Total October 1, 2018 $ — $ 2,415 $ 2,415 Charges to operations, net 15,719 27,243 42,962 Cash disbursements (15,397 ) (6,009 ) (21,406 ) Foreign exchange impact 6 (18 ) (12 ) Other non-cash charges — 4,812 4,812 Accrual, June 29, 2019 $ 328 $ 28,443 $ 28,771 The accrual for employee severance and related benefits is included in accrued compensation and benefits in the Consolidated Balance Sheets. Upon adoption of ASC 842, $16.5 million of accrued expenses and other current liabilities, representing the present value of lease commitments net of estimated sublease income, were reclassified to lease assets and obligations: $7.6 million to lease assets, $9.2 million to short-term lease obligations and $14.9 million to long-term lease obligations. As of June 27, 2020, the remaining restructuring facility accrual of $6.4 million relates to variable non-lease costs not subject to ASC 842, of which, $2.6 million is included in accrued expenses and other current liabilities and $3.8 million is included in other liabilities in the Consolidated Balance Sheets. Of the accrual for facility closures and related costs, as of June 29, 2019, $12.1 million is included in accrued expenses and other current liabilities and $16.3 million is included in other liabilities in the Consolidated Balance Sheets. Other - Headquarters Relocation Charges Headquarters relocation charges represent other expenses associated with exiting our prior Needham headquarters facility and relocating to our new worldwide headquarters in the Boston Seaport District. In the first nine months of 2019, we recorded

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Jun. 27, 2020
Share Based Compensation Allocation And Classification In Financial Statements [Abstract]
Stock-Based Compensation	4. Stock-based Compensation Our equity incentive plan provides for grants of nonqualified and incentive stock options, common stock, restricted stock, restricted stock units (RSUs) and stock appreciation rights to employees, directors, officers and consultants. We award RSUs as our principal equity incentive awards, including performance-based awards that are earned based on achievement of performance criteria established by the Compensation Committee of our Board of Directors. Each RSU represents the contingent right to receive one share of our common stock. For performance-based awards, we recognize stock-based compensation based on expected achievement of performance criteria. We measure the cost of employee services received in exchange for RSU awards based on the fair value of the RSU awards on the date of grant. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. We account for forfeitures as they occur, rather than estimate expected forfeitures. Our employee stock purchase plan (ESPP) allows eligible employees to contribute up to 10% of their base salary, up to a maximum of $25,000 per year and subject to other plan limitations, toward the purchase of our common stock at a discounted price. The purchase price of the shares on each purchase date is equal to 85% of the lower of the fair market value of our common stock on the first and last trading days of each offering period. The ESPP is qualified under Section 423 of the Internal Revenue Code. We estimate the fair value of each purchase right under the ESPP on the date of grant using the Black-Scholes option valuation model and use the straight-line attribution approach to record the expense over the six-month offering period. Restricted stock unit activity for the nine months ended June 27, 2020 Number of RSUs (in thousands) Weighted- Average Grant Date Fair Value Per RSU Balance of outstanding restricted stock units, October 1, 2019 3,232 $ 80.52 Granted 2,361 $ 77.04 Vested (1,369 ) $ 71.42 Forfeited or not earned (580 ) $ 84.01 Balance of outstanding restricted stock units, June 27, 2020 3,644 $ 81.11 (in thousands) Restricted Stock Units Grant Period Performance- based RSUs (1) Service-based RSUs (2) Total Shareholder Return RSUs (3) First nine months of 2020 101 2,159 101 (1) The performance-based RSUs were granted to our executives and are eligible to vest based upon annual increasing performance measures over a three-year period. RSUs not earned in either of the first two measurement periods may be earned in the third period. To the extent earned, those performance-based RSUs will vest in three substantially equal installments on November 15, 2020, November 15, 2021 and November 15, 2022, or the date the Compensation Committee determines the extent to which the applicable performance criteria have been achieved for each performance period. Up to a maximum of two times the number of RSUs can be earned (a maximum aggregate of 202 thousand RSUs). (2) The service-based RSUs were granted to employees, including our executive officers. Substantially all service-based RSUs will vest in three substantially equal annual installments on or about the anniversary of the date of grant. (3) The Total Shareholder Return RSUs (TSR RSUs) were granted to our executives pursuant to the terms described below. The number of TSR RSUs that vest over the three-year period will be determined based on the performance of PTC stock relative to the stock performance of an index of PTC peer companies established as of the grant date, as determined at the end of three measurement periods ending on September 30, 2020, 2021 and 2022, respectively. The RSUs earned for each period will vest on November 15 following each measurement period, up to a maximum of two times the number of TSR RSUs eligible to be earned for the period (up to a maximum aggregate of 202 thousand RSUs). No vesting will occur in a period unless an annual threshold requirement is achieved. If the return to PTC shareholders is negative but still meets or exceeds the peer group indexed return, a maximum of 100% of the TSR RSUs will vest for the measurement period. TSR RSUs not earned in either of the first two measurement periods are eligible to be earned in the third measurement period. The weighted-average fair value of the TSR RSUs was $106.69 per target RSU on the grant date. The fair value of the TSR RSUs was determined using a Monte Carlo simulation model, a generally accepted statistical technique used to simulate a range of possible future stock prices for PTC and the peer group. The method uses a risk-neutral framework to model future stock price movements based upon the risk-free rate of return, the volatility of each entity, and the pairwise correlations of each entity being modeled. The fair value for each simulation is the product of the payout percentage determined by PTC’s TSR rank against the peer group, the projected price of PTC stock, and a discount factor based on the risk-free rate. The significant assumptions used in the Monte Carlo simulation model were as follows: Average volatility of peer group 28.0 % Risk free interest rate 1.59 % Dividend yield — % Compensation expense recorded for our stock-based awards was classified in our Consolidated Statements of Operations as follows: (in thousands) Three months ended Nine months ended June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Cost of license revenue $ 11 $ 78 $ 22 $ 448 Cost of support and cloud services revenue 1,569 1,141 4,579 3,274 Cost of professional services revenue 1,585 1,345 4,607 5,065 Sales and marketing 9,407 5,870 24,005 25,114 Research and development 5,583 4,761 17,280 14,851 General and administrative 7,030 2,039 23,112 22,856 Total stock-based compensation expense $ 25,185 $ 15,234 $ 73,605 $ 71,608 Stock-based compensation expense includes $1.4 million and $4.2 million in the third quarter and first nine months of 2020, respectively, and $1.5 million and $4.1 million in the third quarter and first nine months of 2019, respectively, related to the ESPP.

Earnings per Share (EPS) and Co

Earnings per Share (EPS) and Common Stock	9 Months Ended
	Jun. 27, 2020
Earnings Per Share And Common Stock [Abstract]
Earnings per Share (EPS) and Common Stock	5. Earnings per Share (EPS) and Common Stock EPS Basic EPS is calculated by dividing net income by the weighted-average number of shares outstanding during the period. Diluted EPS is calculated by dividing net income by the weighted-average number of shares outstanding plus the dilutive effect, if any, of outstanding RSUs using the treasury stock method. The calculation of the dilutive effect of outstanding equity awards under the treasury stock method includes consideration of unrecognized compensation expense as additional proceeds. Three months ended Nine months ended Calculation of Basic and Diluted EPS (in thousands, except per share data) June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Net income (loss) $ 34,678 $ (14,758 ) $ 77,289 $ (37,286 ) Weighted-average shares outstanding—Basic 115,759 116,133 115,521 117,636 Dilutive effect of restricted stock units 470 — 460 — Weighted-average shares outstanding—Diluted 116,229 116,133 115,981 117,636 Earnings (loss) per share—Basic $ 0.30 $ (0.13 ) $ 0.67 $ (0.32 ) Earnings (loss) per share—Diluted $ 0.30 $ (0.13 ) $ 0.67 $ (0.32 ) There were 258,256 and 130,086 anti-dilutive shares for the three and nine months ended June 27, 2020. For the three and nine months ended June 29, 2019, 886,072 Common Stock Repurchases Our Articles of Organization authorize us to issue up to 500 million shares of our common stock. Our Board of Directors has authorized us to repurchase up to $1,500 million of our common stock in the period October 1, 2017 through September 30, 2020. We did not repurchase any shares in the third quarter and first nine months of 2020. We repurchased $25 million and $90 million of our common stock in the third quarter and first nine months of 2019, respectively. All shares of our common stock repurchased are automatically restored to the status of authorized and unissued.

Acquisitions

Acquisitions	9 Months Ended
	Jun. 27, 2020
Business Combinations [Abstract]
Acquisitions	6. Acquisitions Acquisition-related costs in the third quarter and first nine months of 2020 totaled $0.7 million and $8.1 million, respectively, compared to $0.4 million and $1.2 million, respectively, in the third quarter and first nine months of 2019. Acquisition-related costs include direct costs of potential and completed acquisitions (e.g., investment banker fees and professional fees, including legal and valuation services) and expenses related to acquisition integration activities (e.g., professional fees and severance). In addition, subsequent adjustments to our initial estimated amount of contingent consideration associated with specific acquisitions are included within acquisition-related charges. These costs are classified in general and administrative expenses in the accompanying Consolidated Statements of Operations. Our results of operations include the results of acquired businesses beginning on their respective acquisition date. Our results of operations for the reported periods if presented on a pro forma basis would not differ materially from our reported results. Onshape On November 1, 2019, we completed our acquisition of Onshape Inc. pursuant to the Agreement and Plan of Merger dated as of October 23, 2019 by and among Onshape Inc., OPAL Acquisition Corporation and the Stockholder Representative named therein, the material terms of which are described in the Form 8-K filed by PTC on October 23, 2019 and which is filed as Exhibit 1.1 to that Form 8-K. PTC paid approximately $469 million, net of cash acquired, for Onshape, which amount we borrowed under our existing credit facility. Onshape is not expected to be material to our 2020 results. The acquisition of Onshape has been accounted for as a business combination. Assets acquired and liabilities assumed have been recorded at their estimated fair values as of the acquisition date. The fair values of intangible assets were based on valuations using a discounted cash flow model which requires the use of significant estimates and assumptions, including estimating future revenues and costs. The excess of the purchase price over the tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill. The purchase price allocation resulted in $364.9 million of goodwill, $56.8 million of customer relationships, $47.3 million of purchased software, $3.6 million of trademarks and $4.1 million of other net liabilities. The acquired customer relationships, purchased software, and trademarks are being amortized over useful lives of 10 years, 16 years, and 15 years, respectively, based on the expected benefit pattern of the assets. The acquired goodwill was allocated to our software products segment and will not be deductible for income tax purposes. The resulting amount of goodwill reflects the expected value that will be created by accelerating CAD and PLM growth, especially in the low-end of the market and participating in future growth in the CAD and PLM SaaS market. Frustum On November 19, 2018, we acquired Frustum Inc. for $69.5 million (net of cash acquired of $0.7 million). We financed the acquisition with borrowings under our credit facility. Frustum is engaged in next-generation computer-aided design, including generative design, an approach that leverages artificial intelligence to generate design options. At the time of the acquisition, Frustum had approximately 12 employees and historical annualized revenues were not material. The acquisition of Frustum was accounted for as a business combination. Assets acquired and liabilities assumed were recorded at their estimated fair values as of the acquisition date. The fair values of intangible assets were based on valuations using a discounted cash flow model which requires the use of significant estimates and assumptions, including estimating future revenues and costs. The excess of the purchase price over the tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill. The purchase price allocation resulted in $53.7 million of goodwill, $17.9 million of purchased software and $2.1 million of other net liabilities. The acquired technology is being amortized over a useful life of 15 years based on the expected benefit pattern of the assets. The acquired goodwill was allocated to our software products segment and will not be deductible for income tax purposes. The resulting amount of goodwill reflects the expected value that will be created by integrating Frustum generative design technology into our CAD solutions.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Jun. 27, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	7. Goodwill and Intangible Assets We have two operating and reportable segments: (1) Software Products and (2) Professional Services. We assess goodwill for impairment at the reporting unit level. Our reporting units are determined based on the components of our operating segments that constitute a business for which discrete financial information is available and for which operating results are regularly reviewed by segment management. Our reporting units are the same as our operating segments. As of June 27, 2020, goodwill and acquired intangible assets in the aggregate attributable to our Software Products segment was $1,807.3 million and attributable to our Professional Services segment was $45.1 million. As of September 30, 2019, goodwill and acquired intangible assets in the aggregate attributable to our Software Products segment was $1,362.4 million and attributable to our Professional Services segment was $45.7 million. Acquired intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. We evaluate goodwill for impairment in the third quarter of our fiscal year, or on an interim basis if an event occurs or circumstances change that would, more likely than not, reduce the fair value of a reporting segment below its carrying value. Factors we consider important, on an overall company basis and segment basis, when applicable, that could trigger an impairment review include significant under-performance relative to historical or projected future operating results, significant changes in our use of the acquired assets or the strategy for our overall business, significant negative industry or economic trends, a significant decline in our stock price for a sustained period and a reduction of our market capitalization relative to net book value. We completed our annual goodwill impairment review as of June 27, 2020 based on a quantitative assessment. To conduct these tests of goodwill, the fair value of the reporting unit is compared to its carrying value. If the reporting unit’s carrying value exceeds its fair value, we record an impairment loss equal to the difference between the carrying value of goodwill and its estimated fair value. We estimate the fair values of our reporting units using discounted cash flow valuation models. Those models require estimates of future revenues, profits, capital expenditures, working capital, terminal values based on revenue multiples, and discount rates for each reporting unit. We estimate these amounts by evaluating historical trends, current budgets and operating plans , including consideration of the impact of the COVID-19 pandemic on our future results, and industry data . The estimated fair value of each reporting unit significantly exceeds its carrying value as of June 27, 2020. Goodwill and acquired intangible assets consisted of the following: (in thousands) June 27, 2020 September 30, 2019 Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Goodwill (not amortized) $ 1,605,204 $ 1,238,179 Intangible assets with finite lives (amortized): Purchased software $ 437,441 $ 299,962 $ 137,479 $ 377,359 $ 278,144 $ 99,215 Capitalized software 22,877 22,877 — 22,877 22,877 — Customer lists and relationships 414,084 311,117 102,967 355,931 288,828 67,103 Trademarks and trade names 22,541 15,814 6,727 18,891 15,260 3,631 Other 3,952 3,952 — 3,910 3,910 — $ 900,895 $ 653,722 $ 247,173 $ 778,968 $ 609,019 $ 169,949 Total goodwill and acquired intangible assets $ 1,852,377 $ 1,408,128 Goodwill Changes in goodwill presented by reportable segments were as follows: (in thousands) Software Products Professional Services Total Balance, October 1, 2019 $ 1,196,064 $ 42,115 $ 1,238,179 Onshape acquisition 364,910 — 364,910 Foreign currency translation adjustment 2,043 72 2,115 Balance, June 27, 2020 $ 1,563,017 $ 42,187 $ 1,605,204 Amortization of Intangible Assets The aggregate amortization expense for intangible assets with finite lives was classified in our Consolidated Statements of Operations as follows: (in thousands) Three months ended Nine months ended June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Amortization of acquired intangible assets $ 7,302 $ 5,920 $ 21,367 $ 17,786 Cost of license revenue 6,857 6,873 20,535 20,432 Total amortization expense $ 14,159 $ 12,793 $ 41,902 $ 38,218

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Jun. 27, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	8. Fair Value Measurements Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and consider assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. GAAP prescribes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. There are three levels of inputs that may be used to measure fair value: • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2: inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or • Level 3: unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Money market funds, time deposits and corporate notes/bonds are classified within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. Certificates of deposit, commercial paper and certain U.S. government agency securities are classified within Level 2 of the fair value hierarchy. These instruments are valued based on quoted prices in markets that are not active or based on other observable inputs consisting of market yields, reported trades and broker/dealer quotes. The principal market in which we execute our foreign currency contracts is the institutional market in an over-the-counter environment with a relatively high level of price transparency. The market participants usually are large financial institutions. Our foreign currency contracts’ valuation inputs are based on quoted prices and quoted pricing intervals from public data sources and do not involve management judgment. These contracts are typically classified within Level 2 of the fair value hierarchy. Our significant financial assets and liabilities measured at fair value on a recurring basis as of June 27, 2020 and September 30, 2019 were as follows: (in thousands) June 27, 2020 Level 1 Level 2 Level 3 Total Financial assets: Cash equivalents $ 93,909 $ — $ — $ 93,909 Marketable securities: Commercial paper — 1,500 — 1,500 Corporate notes/bonds 56,288 — — 56,288 Forward contracts — 2,372 — 2,372 $ 150,197 $ 3,872 $ — $ 154,069 Financial liabilities: Forward contracts — 1,684 — 1,684 $ — $ 1,684 $ — $ 1,684 (in thousands) September 30, 2019 Level 1 Level 2 Level 3 Total Financial assets: Cash equivalents $ 108,020 $ — $ — $ 108,020 Marketable securities: Commercial paper — 999 — 999 Corporate notes/bonds 56,436 — — 56,436 Forward contracts — 3,064 — 3,064 $ 164,456 $ 4,063 $ — $ 168,519 Financial liabilities: Forward contracts — 2,771 — 2,771 $ — $ 2,771 $ — $ 2,771 Non-Marketable Equity Investments We account for non-marketable equity investments at cost, less any impairment, plus or minus adjustments resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. We monitor non-marketable equity investments for events that could indicate that the investments are impaired, such as deterioration in the investee's financial condition and business forecasts, and lower valuations in recent or proposed financings. Changes in fair value of non-marketable equity investments are recorded in other income (expense), net on the Consolidated Statements of Operations. The carrying value of our non-marketable equity investments is recorded in other assets on the Consolidated Balance Sheets and totaled $9.4 million as of both June 27, 2020 and September 30, 2019.

Marketable Securities

Marketable Securities	9 Months Ended
	Jun. 27, 2020
Marketable Securities [Abstract]
Marketable Securities	9. Marketable Securities The amortized cost and fair value of marketable securities as of June 27, 2020 and September 30, 2019 were as follows: (in thousands) June 27, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Commercial paper $ 1,492 $ 8 $ — $ 1,500 Corporate notes/bonds 55,889 411 (12 ) 56,288 $ 57,381 $ 419 $ (12 ) $ 57,788 (in thousands) September 30, 2019 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Commercial paper $ 999 $ — $ — $ 999 Corporate notes/bonds 56,318 146 (28 ) 56,436 $ 57,317 $ 146 $ (28 ) $ 57,435 Our investment portfolio consists of certificates of deposit, commercial paper, corporate notes/bonds and government securities that have a maximum maturity of three years. The longer the duration of these securities, the more susceptible they are to changes in market interest rates and bond yields. All unrealized losses are due to changes in market interest rates, bond yields and/or credit ratings. We review our investments to identify and evaluate investments that have an indication of possible impairment. We concluded that, at June 27, 2020, the unrealized losses were temporary. The following tables summarize the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in a continuous unrealized loss position as of June 27, 2020 and September 30, 2019. (in thousands) June 27, 2020 Less than twelve months Greater than twelve months Total Fair Value Gross unrealized loss Fair Value Gross unrealized loss Fair Value Gross unrealized loss Corporate notes/bonds $ 10,007 $ (12 ) $ — $ — $ 10,007 $ (12 ) (in thousands) September 30, 2019 Less than twelve months Greater than twelve months Total Fair Value Gross unrealized loss Fair Value Gross unrealized loss Fair Value Gross unrealized loss Corporate notes/bonds $ 12,419 $ (14 ) $ 16,369 $ (14 ) $ 28,788 $ (28 ) The following table presents our marketable securities by contractual maturity date as of June 27, 2020 and September 30, 2019. (in thousands) June 27, 2020 September 30, 2019 Amortized cost Fair value Amortized cost Fair value Due in one year or less $ 25,443 $ 25,623 $ 27,725 $ 27,735 Due after one year through three years 31,938 32,165 29,592 29,700 $ 57,381 $ 57,788 $ 57,317 $ 57,435

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Jun. 27, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	10. Derivative Financial Instruments Our earnings and cash flows are subject to fluctuations due to changes in foreign currency exchange rates. Our most significant foreign currency exposures relate to Western European countries, Japan, China, Israel, India and Canada. Our foreign currency risk management strategy is principally designed to mitigate the future potential financial impact of changes in the U.S. Dollar value of anticipated transactions and balances denominated in foreign currency resulting from changes in foreign currency exchange rates. We enter into derivative transactions, specifically foreign currency forward contracts, to manage the exposures to foreign currency exchange risk to reduce earnings volatility. We do not enter into derivatives transactions for trading or speculative purposes. Non-Designated Hedges We hedge our net foreign currency monetary assets and liabilities primarily resulting from foreign currency denominated receivables and payables with foreign exchange forward contracts to reduce the risk that our earnings and cash flows will be adversely affected by changes in foreign currency exchange rates. These contracts have maturities of up to approximately three months. Generally, we do not designate these foreign currency forward contracts as hedges for accounting purposes and changes in the fair value of these instruments are recognized immediately in earnings. Because we enter into forward contracts only as an economic hedge, any gain or loss on the underlying foreign-denominated balance would be offset by the loss or gain on the forward contract. Gains and losses on forward contracts and foreign denominated receivables and payables are included in other income (expense), net. As of June 27, 2020 and September 30, 2019, we had outstanding forward contracts with notional amounts equivalent to the following: Currency Hedged (in thousands) June 27, 2020 September 30, 2019 Canadian / U.S. Dollar $ 6,393 $ 9,408 Euro / U.S. Dollar 311,797 308,282 British Pound / U.S. Dollar 860 3,756 Israeli Sheqel / U.S. Dollar 9,603 10,272 Japanese Yen / U.S. Dollar — 37,462 Swiss Franc / U.S. Dollar 2,128 12,001 Danish Kroner/ U.S. Dollar 4,637 2,423 Swedish Kronor / U.S. Dollar 7,215 20,636 Singapore Dollar / U.S. Dollar 3,250 34,585 Chinese Renminbi / U.S. Dollar 3,960 52,466 Russian Ruble / U.S. Dollar 8,521 — All other 5,346 7,064 Total $ 363,710 $ 498,355 The following table shows the effect of our non-designated hedges in the Consolidated Statements of Operations for the three and nine months ended June 27, 2020 and June 29, 2019: Derivatives Not Designated as Hedging Instruments (in thousands) Location of Gain or (Loss) Recognized in Income Net realized and unrealized gain or (loss) (excluding the underlying foreign currency exposure being hedged) Three months ended Nine months ended June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Forward Contracts Other income (expense), net $ (370 ) $ 1,735 $ 2,474 $ (1,004 ) In the three months ended June 27, 2020, foreign currency gains, net were $0.2 million and in the nine months ended June 27, 2020, foreign currency losses, net were $2.3 million. In the three months ended June 29, 2019, foreign currency gains, net were $0.1 million and in the nine months ended June 29, 2019, foreign currency losses, net were $0.2 million. Net Investment Hedges We translate balance sheet accounts of subsidiaries with foreign functional currencies into the U.S. Dollar using the exchange rate at each balance sheet date. Resulting translation adjustments are reported as a component of accumulated other comprehensive loss on the Consolidated Balance Sheet. We designate certain foreign exchange forward contracts as net investment hedges against exposure on translation of balance sheet accounts of Euro functional subsidiaries. Net investment hedges partially offset the impact of foreign currency translation adjustment recorded in accumulated other comprehensive loss on the Consolidated Balance Sheet. All foreign exchange forward contracts are carried at fair value on the Consolidated Balance Sheet and the maximum duration of foreign exchange forward contracts is approximately three months. Net investment hedge relationships are designated at inception, and effectiveness is assessed retrospectively on a quarterly basis using the net equity position of Euro functional subsidiaries. As the forward contracts are highly effective in offsetting exchange rate exposure, we record changes in these net investment hedges in accumulated other comprehensive loss and subsequently reclassify them to foreign currency translation adjustment in accumulated other comprehensive loss at the time of forward contract maturity. Changes in the fair value of foreign exchange forward contracts due to changes in time value are excluded from the assessment of effectiveness. Our derivatives are not subject to any credit contingent features. We manage credit risk with counterparties by trading among several counterparties and we review our counterparties’ credit at least quarterly. As of June 27, 2020 and September 30, 2019, we had outstanding forward contracts designated as net investment hedges with notional amounts equivalent to the following: Currency Hedged (in thousands) June 27, 2020 September 30, 2019 Euro / U.S. Dollar $ 186,397 $ 183,396 Total $ 186,397 $ 183,396 The following table shows the effect of our derivative instruments designated as net investment hedges in the Consolidated Statements of Operations for the three and nine months ended June 27, 2020 and June 29, 2019 (in thousands): Derivatives Designated as Hedging Instruments Gain or (Loss) Recognized in OCI Location of Gain or (Loss) Reclassified from OCI Gain or (Loss) Reclassified from OCI Location of Gain or (Loss) Excluded from Effectiveness Testing Gain or (Loss) Recognized - Excluded Portion Three months ended Three months ended Three months ended June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Forward Contracts $ 2,406 $ (7,258 ) Accumulated other comprehensive loss $ (2,735 ) $ (4,132 ) Other income (expense), net $ 888 $ 1,562 Nine months ended Nine months ended Nine months ended June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Forward Contracts $ (3,300 ) $ (6,490 ) Accumulated other comprehensive loss $ (9,513 ) $ (5,172 ) Other income (expense), net $ 3,079 $ 3,155 As of June 27, 2020, we estimate that all amounts reported in accumulated other comprehensive loss will be applied against exposed balance sheet accounts upon translation within the next three months. The following table shows our derivative instruments measured at gross fair value as reflected in the Consolidated Balance Sheets: (in thousands) Fair Value of Derivatives Designated As Hedging Instruments Fair Value of Derivatives Not Designated As Hedging Instruments June 27, 2020 September 30, 2019 June 27, 2020 September 30, 2019 Derivative assets (1) Forward Contracts $ 1,453 $ 1,674 $ 919 $ 1,390 Derivative liabilities (2) Forward Contracts $ — $ — $ 1,684 $ 2,771 (1) As of June 27, 2020 and September 30, 2019, current derivative assets of $2.4 million and $3.1 million, respectively, are recorded in other current assets in the Consolidated Balance Sheets. (2) As of June 27, 2020 and September 30, 2019, current derivative liabilities of $1.7 million and $2.8 million, respectively, are recorded in accrued expenses and other current liabilities in the Consolidated Balance Sheets. Offsetting Derivative Assets and Liabilities We have entered into master netting arrangements that allow net settlements under certain conditions. Although netting is permitted, it is currently our policy and practice to record all derivative assets and liabilities on a gross basis in the Consolidated Balance Sheets. The following table sets forth the offsetting of derivative assets as of June 27, 2020: (in thousands) Gross Amounts Offset in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets As of June 27, 2020 Gross Amount of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets Presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral Received Net Amount Forward Contracts $ 2,372 $ — $ 2,372 $ (1,684 ) $ — $ 688 The following table sets forth the offsetting of derivative liabilities as of June 27, 2020: (in thousands) Gross Amounts Offset in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets As of June 27, 2020 Gross Amount of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities Presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral Pledged Net Amount Forward Contracts $ 1,684 $ — $ 1,684 $ (1,684 ) $ — $ —

Segment and Geographic Informat

Segment and Geographic Information	9 Months Ended
	Jun. 27, 2020
Segment Reporting [Abstract]
Segment and Geographic Information	11. Segment and Geographic Information We operate within a single industry segment -- computer software and related services. Operating segments as defined under GAAP are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. Our chief operating decision maker is our President and Chief Executive Officer. We have two operating and reportable segments: (1) Software Products, which includes license, subscription and related support revenue (including updates and technical support) for all our products; and (2) Professional Services, which includes consulting, implementation and training services. We do not allocate sales and marketing or general and administrative expense to our operating segments as these activities are managed on a consolidated basis. Additionally, segment profit does not include stock-based compensation, amortization of intangible assets, restructuring charges and certain other identified costs that we do not allocate to the segments for purposes of evaluating their operational performance. The revenue and profit attributable to our operating segments are summarized below. We do not produce asset information by reportable segment; therefore, it is not reported. (in thousands) Three months ended Nine months ended June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Software Products Revenue $ 317,394 $ 253,405 $ 955,840 $ 796,169 Operating costs (1) 95,198 94,829 292,302 280,370 Profit 222,196 158,576 663,538 515,799 Professional Services Revenue 34,327 42,081 111,594 124,457 Operating costs (2) 29,850 34,326 97,022 98,515 Profit 4,477 7,755 14,572 25,942 Total segment revenue 351,721 295,486 1,067,434 920,626 Total segment costs 125,048 129,155 389,324 378,885 Total segment profit 226,673 166,331 678,110 541,741 Unallocated operating expenses: Sales and marketing expenses 95,187 102,332 295,631 291,028 General and administrative expenses 28,005 26,310 82,719 77,937 Restructuring and other charges, net 62 (9 ) 32,338 45,464 Intangibles amortization 14,159 12,793 41,902 38,218 Stock-based compensation 25,185 15,234 73,605 71,608 Other unallocated operating expenses (3) 674 366 8,064 995 Total operating income 63,401 9,305 143,851 16,491 Interest expense (19,660 ) (10,816 ) (64,376 ) (32,475 ) Other income (expense), net 775 1,026 (150 ) 2,501 Income (loss) before income taxes $ 44,516 $ (485 ) $ 79,325 $ (13,483 ) (1) Operating costs for the Software Products segment include all costs of software revenue and research and development costs, excluding stock-based compensation and intangible amortization. (2) Operating costs for the Professional Services segment include all cost of professional services revenue, excluding stock-based compensation and fair value adjustments for deferred services costs. (3) Other unallocated operating expenses include acquisition-related and other transactional costs and fair value adjustments for deferred services costs. Our international revenue is presented based on the location of our customer. Revenue for the geographic regions in which we operate is presented below. (in thousands) Three months ended Nine months ended Revenue June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Americas $ 156,221 $ 122,867 $ 466,188 $ 384,437 Europe 121,317 112,083 404,260 342,477 Asia-Pacific 74,183 60,536 196,986 193,712 Total revenue $ 351,721 $ 295,486 $ 1,067,434 $ 920,626

Income Taxes

Income Taxes	9 Months Ended
	Jun. 27, 2020
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes In the third quarter and first nine months of 2020, our effective tax rate was 22% on pre-tax income of $44.5 million and 3% on a pre-tax income of $79.3 million, respectively, compared to (2,940%) on a pre-tax loss of $(0.5) million and (177%) on a pre-tax loss of $(13.5) million in the third quarter and first nine months of 2019, respectively. In the first nine months of 2020 and 2019, our effective tax rate differed from the statutory federal income tax rate of 21% due to U.S. tax reform, our corporate structure in which our foreign taxes are at a net effective tax rate lower than the U.S. rate, the excess tax benefit related to stock-based compensation and the indirect effects of the adoption of ASC 606. Additionally, in the first nine months of 2020 and 2019, we reduced the valuation allowance by $21.2 million and $1.8 million as the result of the Onshape and Frustum acquisitions, respectively. A significant amount of our foreign earnings is generated by our subsidiaries organized in Ireland. In 2020 and 2019, the foreign rate differential predominantly relates to these Irish earnings. On March 27, 2020, the U.S. Federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES ACT”). The CARES Act is an emergency economic stimulus package in response to the coronavirus outbreak, which among other things contains numerous income tax provisions. While we continue to evaluate the impact of the CARES Act, we do not currently believe it will have a material impact on our consolidated financial statements or related disclosures. We have concluded, based on the weight of available evidence, that a full valuation allowance continues to be required against our U.S. net deferred tax assets as they are not more likely than not to be realized in the future. We will continue to reassess our valuation allowance requirements each financial reporting period. In the normal course of business, PTC and its subsidiaries are examined by various taxing authorities, including the Internal Revenue Service in the U.S. We regularly assess the likelihood of additional assessments by tax authorities and provide for these matters as appropriate. We are currently under audit by tax authorities in several jurisdictions. Audits by tax authorities typically involve examination of the deductibility of certain permanent items, limitations on net operating losses and tax credits. As of June 27, 2020 and September 30, 2019, we had unrecognized tax benefits of $14.7 million and $11.5 million, respectively. If all our unrecognized tax benefits as of June 27, 2020 were to become recognizable in the future, we would record a benefit to the income tax provision of $14.7 million, which would be partially offset by an increase in the U.S. valuation allowance of $7.2 million. Although we believe our tax estimates are appropriate, the final determination of tax audits and any related litigation could result in favorable or unfavorable changes in our estimates. We believe it is reasonably possible that within the next 12 months the amount of unrecognized tax benefits related to the resolution of multi-jurisdictional tax positions could be reduced by up to $0.7 million. In the fourth quarter of 2016, we received an assessment of approximately $12 million from the tax authorities in South Korea. The assessment relates to various tax issues, primarily foreign withholding taxes. We have appealed and intend to vigorously defend our positions. We believe that upon completion of a multi-level appeal process it is more likely than not that our positions will be sustained. Accordingly, we have not recorded a tax reserve for this matter. We paid this assessment in the first quarter of 2017 and have recorded the amount in other assets, pending resolution of the appeal process. If the South Korean tax authorities were to prevail then, in addition to the $12 million already assessed, the potential additional exposure through the third quarter of 2020 would be approximately $16 million. We are continuing to work with our advisors during the court process and still believe our position is sustainable. In April 2020 we became aware of a potential new interpretation of a withholding tax law in a non-U.S. jurisdiction and its application to certain transactions that was not previously reasonably knowable by us. We have evaluated our information and made an estimate of the potential tax liability, which was recorded in the third quarter of 2020 and had an immaterial impact to our consolidated financial statements. In July 2015, the U.S. Tax Court issued an opinion in Altera Corp. v. Commissioner related to the treatment of stock-based compensation expense in an intercompany cost-sharing arrangement. The opinion invalidated part of a treasury regulation requiring stock-based compensation to be included in any qualified intercompany cost-sharing arrangement. The Company follows the 2015 Tax Court opinion, which was subsequently overturned by the Ninth Circuit Court of Appeals. All appeals have now been exhausted and the Altera decision is considered to be final in the Ninth Circuit. Because the Company does not reside in the Ninth Circuit and is therefore not bound by this decision, we have determined no adjustment is required to the consolidated financial statements as a result of this ruling.

Debt

Debt	9 Months Ended
	Jun. 27, 2020
Debt Disclosure [Abstract]
Debt	13. Debt At June 27, 2020 and September 30, 2019, we had the following debt obligations: (in thousands) June 27, 2020 September 30, 2019 4.000% Senior notes due 2028 (1) $ 500,000 $ — 3.625% Senior notes due 2025 (1) 500,000 — 6.000% Senior notes due 2024 (2) — 500,000 Credit facility revolver (3) 138,000 173,125 Total debt 1,138,000 673,125 Unamortized debt issuance costs for the Senior notes (4) (13,298 ) (3,991 ) Total debt, net of issuance costs $ 1,124,702 $ 669,134 (1) The 2028 and 2025 notes issued in February 2020 were classified as long-term debt as of June 27, 2020 on the Consolidated Balance Sheet. (2) The 2024 notes issued in May 2016 were classified as long-term debt as of September 30, 2019 on the Consolidated Balance Sheet. (3) The amount outstanding under the credit facility revolver was classified as long-term debt as of June 27, 2020 and September 30, 2019 on the Consolidated Balance Sheets. Unamortized debt issuance costs related to the credit facility were $5.2 million and $3.1 million as of June 27, 2020 and September 30, 2019, respectively, and were included in other assets on the Consolidated Balance Sheets. (4) Of the $14.1 million in financing costs incurred in connection with the issuance of the 2028 and 2025 notes, unamortized debt issuance costs were $13.3 million as of June 27, 2020 and were included in long-term debt on the Consolidated Balance Sheet. Unamortized debt issuance costs as of September 30, 2019 related to the 2024 notes and were included in long-term debt on the Consolidated Balance Sheet. Senior Notes In February 2020, we issued $500 million in aggregate principal amount of 4.0% senior, unsecured long-term debt at par value, due in 2028 (the 2028 notes) and $500 million in aggregate principal amount of 3.625% senior, unsecured long-term debt at par value, due in 2025 (the 2025 notes). In the second quarter of 2020, we used $460 million of the net proceeds from the sale of the notes to repay a portion of the outstanding revolving loan under our credit facility. In the third quarter of 2020, we used the remaining net proceeds from the sale of the notes to redeem the $500 million aggregate principal amount of our outstanding 6.0% senior notes due in 2024 (the 2024 notes). The redemption price for the 2024 notes wa s 103 % of the aggregate principal amount of the notes, plus accrued and unpaid interest to, but excluding, May 15, 2020. As of June 27, 2020, the total estimated fair value of the 2028 and 2025 senior notes was approximately $497.5 million and $494.5 million, respectively, based on quoted prices for the notes on that date. We were in compliance with all the covenants for all of our senior notes as of June 27, 2020. Terms of the 2028 and 2025 Notes Interest on the 2028 and 2025 notes is payable semi-annually on February 15 and August 15. The debt indenture for the 2028 and 2025 notes includes covenants that limit our ability to, among other things, incur additional debt, grant liens on our properties or capital stock, enter into sale and leaseback transactions or asset sales, and make capital distributions. We may, on one or more occasions, redeem the 2025 and 2028 notes in whole or in part at specified redemption prices. In certain circumstances constituting a change of control, we will be required to make an offer to repurchase the notes at a purchase price equal to 101% of the aggregate principal amount of the notes, plus accrued and unpaid interest. Our ability to repurchase the notes upon such event may be limited by law, by the indenture associated with the notes, by our then-available financial resources or by the terms of other agreements to which we may be party at such time. If we fail to repurchase the notes as required by the indenture, it would constitute an event of default under the indenture which, in turn, may also constitute an event of default under other obligations. Credit Agreement In February 2020, we entered into a Third Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A., as Administrative Agent, for a new secured multi-currency bank credit facility with a syndicate of banks. The new credit facility replaced our prior credit facility. As with the prior credit facility, we expect to use the new credit facility for general corporate purposes, including acquisitions of businesses, share repurchases and working capital requirements. As of June 27, 2020, the fair value of our credit facility approximates its book value. The credit facility consists of a $1 billion revolving credit facility, which may be increased by up to an additional $500 million in the aggregate if the existing or additional lenders are willing to make such increased commitments. The maturity date of the credit facility is February 13, 2025, when all remaining amounts outstanding will be due and payable. The revolving loan commitment does not require amortization of principal and may be repaid in whole or in part prior to the scheduled maturity date at our option without penalty or premium. PTC Inc. and certain eligible foreign subsidiaries are eligible to borrow under the credit facility. The obligations under the credit facility are required to be guaranteed by PTC Inc.’s material domestic subsidiaries that become parties to the subsidiary guaranty, if any. As of the filing of this Form 10-Q, there are no subsidiary guarantors of the obligations under the credit facility. Any borrowings by eligible foreign subsidiary borrowers would be guaranteed by PTC Inc. and any subsidiary guarantors. As of the filing of this Form 10-Q, there were no borrowings by eligible foreign subsidiaries. In addition, substantially all existing and after-acquired personal property of PTC Inc. and certain of its material domestic subsidiaries that become parties to the subsidiary guaranty, if any, is or will be, in the case of such subsidiary guarantors, subject to first priority perfected liens in favor of the lenders under the credit facility. 100% of the voting equity interests of certain of PTC Inc.’s domestic subsidiaries and 65% of its material first-tier foreign subsidiaries are pledged as collateral for the obligations under the credit facility. Loans under the credit facility bear interest at variable rates which reset every 30 to 180 days depending on the rate and period selected by PTC as described below. As of June 27, 2020, the annual rate for borrowings outstanding was 2.1%. Interest rates on borrowings outstanding under the credit facility range from 1.25% to 1.75% above an adjusted LIBO rate (or an agreed successor rate) for Euro currency borrowings or range from 0.25% to 0.75% above the defined base rate (the greater of the Prime Rate, the NYFRB rate plus 0.5%, or an adjusted LIBO rate plus 1%) for base rate borrowings, in each case based upon PTC’s total leverage ratio. Additionally, PTC may borrow certain foreign currencies at rates set in the same range above the respective LIBO rates (or agreed successor rates) for those currencies, based on PTC’s total leverage ratio. A quarterly commitment fee on the undrawn portion of the credit facility is required, ranging from 0.175 % to 0.30 % per annum based upon PTC’s total leverage ratio. The credit facility limits PTC’s and its subsidiaries’ ability to, among other things: incur additional indebtedness, incur liens or guarantee obligations; pay dividends (other than to PTC) and make other distributions; make investments and enter into joint ventures; dispose of assets; and engage in transactions with affiliates, except on an arms-length basis. Under the credit facility, PTC and its material domestic subsidiaries may not invest cash or property in, or loan to, PTC’s foreign subsidiaries in aggregate amounts exceeding $100 million for any purpose and an additional $200 million for acquisitions of businesses. In addition, under the credit facility, PTC and its subsidiaries must maintain the following financial ratios: • Total leverage ratio, defined as consolidated funded indebtedness to consolidated trailing four quarters EBITDA, not to exceed 4.50 to 1.00 as of the last day of any fiscal quarter; • Senior secured leverage ratio, defined as senior consolidated total indebtedness (which excludes unsecured indebtedness) to the consolidated trailing four quarters EBITDA, not to exceed 3.00 to 1.00 as of the last day of any fiscal quarter; and • Interest coverage ratio, defined as the ratio of consolidated trailing four quarters EBITDA to consolidated trailing four quarters of cash basis interest expense, of not less than 3.00 to 1.00 as of the last day of any fiscal quarter. As of June 27, 2020, our total leverage ratio was 2.97 to 1.00, our senior secured leverage ratio was 0.40 to 1.00 and our interest coverage ratio was 6.78 to 1.00 and we were in compliance with all financial and operating covenants of the credit facility. Any failure to comply with the financial or operating covenants of the credit facility would prevent PTC from being able to borrow additional funds, and would constitute a default, permitting the lenders to, among other things, accelerate the amounts outstanding, including all accrued interest and unpaid fees, under the credit facility and to terminate the credit facility. A change in control of PTC, as defined in the agreement, also constitutes an event of default, permitting the lenders to accelerate the indebtedness and terminate the credit facility. We incurred $2.0 million in financing costs in connection with the February 2020 credit facility and $1.0 million in connection with a November 2019 amendment to our prior credit facility. These origination costs are recorded as deferred debt issuance costs and are included in other assets. Financing costs are expensed over the remaining term of the obligations. In the third quarter and first nine months of 2020, we paid $16.4 million and $40.0 million, respectively, of interest on our debt, and in the third quarter of 2020 we paid $15 million in penalties for the early redemption of the 6.000% Senior Notes due in 2024. In the third quarter and first nine months of 2019, we paid $18.0 million and $38.4 million of interest, respectively, on our debt. The average interest rate on borrowings outstanding in the third quarter and first nine months of 2020 was approximately 4.0% and 4.5%, respectively. The average interest rate on borrowings outstanding in the third quarter and first nine months of 2019 was approximately 5.4% and 5.4%, respectively.

Leases

Leases	9 Months Ended
	Jun. 27, 2020
Leases [Abstract]
Leases	14. Leases We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets and operating lease obligations on our Consolidated Balance Sheets. Our operating leases are primarily for office space, cars, servers, and office equipment. We made an election not to separate lease components from non-lease components for office space, servers and office equipment. Finance leases are included in property and equipment, accrued expenses and other current liabilities, and other liabilities on our Consolidated Balance Sheets. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the leases. Right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The right-of-use assets include any lease payments made and exclude lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Our operating leases expire at various dates through 2037. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Certain office space leases require us to pay for taxes, insurance, maintenance and other operating expenses in addition to rent. Our headquarters are located at 121 Seaport Boulevard, Boston, Massachusetts (the Boston lease). The Boston lease is for approximately 250,000 square feet and runs from January 1, 2019 through June 30, 2037. Base rent for the first year of the lease is $11.0 million and will increase by $1 per square foot per year thereafter ($0.3 million per year) with base rent first becoming payable on July 1, 2020. In addition to the base rent, we are required to pay our pro rata portions of building operating costs and real estate taxes (together, “Additional Rent”). Additional Rent is estimated to be approximately $7.1 million for the first year we begin paying rent. The lease provides for $25 million in landlord funding for leasehold improvements ($100 per square foot). The leasehold improvement funding provision was fully utilized by us and was reflected as a derecognition adjustment to the right-of-use asset. The components of lease cost reflected in the Consolidated Statement of Operations for the three and nine months ended June 27, 2020 were as follows: (in thousands) Three months ended Nine months ended June 27, 2020 June 27, 2020 Operating lease cost $ 10,324 $ 29,467 Short-term lease cost 864 3,754 Variable lease cost 535 3,025 Sublease income (996 ) (3,021 ) Total lease cost $ 10,727 $ 33,225 Supplemental cash flow and right-of use assets information for the three and nine months ended June 27, 2020 was as follows: (in thousands) Three months ended Nine months ended June 27, 2020 June 27, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 12,127 $ 27,267 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,929 $ 6,080 Right-of-use assets obtained in exchange for new financing lease liabilities $ — $ 1,500 Supplemental balance sheet information related to the leases as of June 27, 2020 was as follows: As of June 27, 2020 Weighted-average remaining lease term - operating leases 12.52 years Weighted-average remaining lease term - financing leases 5 years Weighted-average discount rate - operating leases 5.5 % Weighted-average discount rate - financing leases 3.0 % Maturities of lease liabilities as of June 27, 2020 are as follows: (in thousands) Operating Leases Remainder of 2020 $ 9,935 2021 43,275 2022 29,049 2023 21,584 2024 17,779 Thereafter 186,550 Total future lease payments $ 308,172 Less: imputed interest (92,093 ) Total $ 216,079 As of June 27, 2020, we have an operating lease that has not yet commenced. This lease will commence in 2020 with a lease term of 5 years and approximate future lease payments of $0.9 million. Under the prior lease standard (ASC 840), as of September 30, 2019, future minimum lease payments under non-cancellable operating leases were as follows (in thousands): 2020 $ 31,868 2021 33,094 2022 25,624 2023 19,279 2024 16,909 Thereafter 186,037 Total minimum lease payments $ 312,811 Exited (Restructured) Facilities As of In determining the amount of right-of-use assets for restructured facilities, we are required to estimate such factors as future vacancy rates, the time required to sublet properties and sublease rates. Updates to these estimates may result in revisions to the value of right-of-use assets recorded. The amounts recorded are based on the net present value of estimated sublease income. In the three and nine months ended June 27, 2020 we made payments of $4.6 million and $9.1 million, respectively, related to lease costs for exited facilities.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Jun. 27, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. Commitments and Contingencies Legal and Regulatory Matters Korean Tax Audit In July 2016, we received an assessment of approximately $12 million from the tax authorities in South Korea related to an ongoing tax audit. See Note 12. Income Taxes Legal Proceedings We are subject to various other legal proceedings and claims that arise in the ordinary course of business. We do not believe that resolving the legal proceedings and claims that we are currently subject to will have a material adverse impact on our financial condition, results of operations or cash flows. However, the results of legal proceedings cannot be predicted with certainty. Should any of these legal proceedings and claims be resolved against us, the operating results for a reporting period could be adversely affected. Accruals With respect to legal proceedings and claims, we record an accrual for a contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. For legal proceedings and claims for which the likelihood that a liability has been incurred is more than remote but less than probable, we estimate the range of possible outcomes. As of June 27, 2020, we estimate approximately $ 0.4 million to $ 2.5 million in legal proceedings and claims, of which we had accrued $ 0.5 million. Guarantees and Indemnification Obligations We enter into standard indemnification agreements in the ordinary course of our business. Under such agreements with our business partners or customers, we indemnify, hold harmless, and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally in connection with patent, copyright or other intellectual property infringement claims by any third party with respect to our products, claims relating to property damage or personal injury resulting from the performance of services by us or our subcontractors and data breaches. The maximum potential amount of future payments we could be required to make under indemnification agreements for intellectual property and damage and injury claims is unlimited; in most cases the maximum potential amount for indemnification for data breaches is capped in those contracts. Historically, our costs to defend lawsuits or settle claims relating to such indemnity agreements have been minimal and, accordingly, we believe the estimated fair value of liabilities under these agreements is immaterial. We warrant that our software products will perform in all material respects in accordance with our standard published specifications in effect at the time of delivery of the licensed products for a specified period of time. Additionally, we generally warrant that our consulting services will be performed consistent with generally accepted industry standards. In most cases, liability for these warranties is capped. If necessary, we would provide for the estimated cost of product and service warranties based on specific warranty claims and claim history; however, we have not incurred significant cost under our product or services warranties. As a result, we believe the estimated fair value of these liabilities is immaterial.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Jun. 27, 2020
Revenue From Contract With Customer [Abstract]
Schedule of Contract Assets and Liabilities	Contract Assets and Contract Liabilities (in thousands) June 27, 2020 September 30, 2019 Contract asset $ 18,642 $ 21,038 Deferred revenue $ 404,682 $ 396,632
Disaggregation of Revenue	Disaggregation of Revenue (in thousands) Three months ended Nine months ended June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Total recurring revenue $ 310,621 $ 244,192 $ 931,852 $ 734,815 Perpetual license 6,773 9,213 23,988 61,354 Professional services 34,327 42,081 111,594 124,457 Total revenue $ 351,721 $ 295,486 $ 1,067,434 $ 920,626

Restructuring and Other Charg_2

Restructuring and Other Charges (Tables)	9 Months Ended
	Jun. 27, 2020
Restructuring And Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost	The following table summarizes restructuring accrual activity for the nine months ended June 27, 2020: (in thousands) Employee severance and related benefits Facility closures and related costs Total October 1, 2019 $ 298 $ 30,788 $ 31,086 ASC 842 adoption — (16,462 ) (16,462 ) Charges to operations, net 31,155 (4,391 ) 26,764 Cash disbursements (21,890 ) (3,746 ) (25,636 ) Other non-cash — 164 164 Foreign exchange impact 165 3 168 Accrual, June 27, 2020 $ 9,728 $ 6,356 $ 16,084 The following table summarizes restructuring accrual activity for the nine months ended June 29, 2019: (in thousands) Employee severance and related benefits Facility closures and related costs Total October 1, 2018 $ — $ 2,415 $ 2,415 Charges to operations, net 15,719 27,243 42,962 Cash disbursements (15,397 ) (6,009 ) (21,406 ) Foreign exchange impact 6 (18 ) (12 ) Other non-cash charges — 4,812 4,812 Accrual, June 29, 2019 $ 328 $ 28,443 $ 28,771

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Jun. 27, 2020
Share Based Compensation Allocation And Classification In Financial Statements [Abstract]
Schedule of Restricted Stock Unit Activity	Restricted stock unit activity for the nine months ended June 27, 2020 Number of RSUs (in thousands) Weighted- Average Grant Date Fair Value Per RSU Balance of outstanding restricted stock units, October 1, 2019 3,232 $ 80.52 Granted 2,361 $ 77.04 Vested (1,369 ) $ 71.42 Forfeited or not earned (580 ) $ 84.01 Balance of outstanding restricted stock units, June 27, 2020 3,644 $ 81.11
Schedule of Restricted Stock Unit Grants for the Period	(in thousands) Restricted Stock Units Grant Period Performance- based RSUs (1) Service-based RSUs (2) Total Shareholder Return RSUs (3) First nine months of 2020 101 2,159 101 (1) The performance-based RSUs were granted to our executives and are eligible to vest based upon annual increasing performance measures over a three-year period. RSUs not earned in either of the first two measurement periods may be earned in the third period. To the extent earned, those performance-based RSUs will vest in three substantially equal installments on November 15, 2020, November 15, 2021 and November 15, 2022, or the date the Compensation Committee determines the extent to which the applicable performance criteria have been achieved for each performance period. Up to a maximum of two times the number of RSUs can be earned (a maximum aggregate of 202 thousand RSUs). (2) The service-based RSUs were granted to employees, including our executive officers. Substantially all service-based RSUs will vest in three substantially equal annual installments on or about the anniversary of the date of grant. (3) The Total Shareholder Return RSUs (TSR RSUs) were granted to our executives pursuant to the terms described below.
Schedule of Valuation Assumptions	The significant assumptions used in the Monte Carlo simulation model were as follows: Average volatility of peer group 28.0 % Risk free interest rate 1.59 % Dividend yield — %
Schedule of Classification of Compensation Expense	Compensation expense recorded for our stock-based awards was classified in our Consolidated Statements of Operations as follows: (in thousands) Three months ended Nine months ended June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Cost of license revenue $ 11 $ 78 $ 22 $ 448 Cost of support and cloud services revenue 1,569 1,141 4,579 3,274 Cost of professional services revenue 1,585 1,345 4,607 5,065 Sales and marketing 9,407 5,870 24,005 25,114 Research and development 5,583 4,761 17,280 14,851 General and administrative 7,030 2,039 23,112 22,856 Total stock-based compensation expense $ 25,185 $ 15,234 $ 73,605 $ 71,608

Earnings per Share (EPS) and _2

Earnings per Share (EPS) and Common Stock (Tables)	9 Months Ended
	Jun. 27, 2020
Earnings Per Share And Common Stock [Abstract]
Earnings per Share Basic and Diluted	Three months ended Nine months ended Calculation of Basic and Diluted EPS (in thousands, except per share data) June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Net income (loss) $ 34,678 $ (14,758 ) $ 77,289 $ (37,286 ) Weighted-average shares outstanding—Basic 115,759 116,133 115,521 117,636 Dilutive effect of restricted stock units 470 — 460 — Weighted-average shares outstanding—Diluted 116,229 116,133 115,981 117,636 Earnings (loss) per share—Basic $ 0.30 $ (0.13 ) $ 0.67 $ (0.32 ) Earnings (loss) per share—Diluted $ 0.30 $ (0.13 ) $ 0.67 $ (0.32 )

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Jun. 27, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Acquired Intangible Assets	Goodwill and acquired intangible assets consisted of the following: (in thousands) June 27, 2020 September 30, 2019 Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Goodwill (not amortized) $ 1,605,204 $ 1,238,179 Intangible assets with finite lives (amortized): Purchased software $ 437,441 $ 299,962 $ 137,479 $ 377,359 $ 278,144 $ 99,215 Capitalized software 22,877 22,877 — 22,877 22,877 — Customer lists and relationships 414,084 311,117 102,967 355,931 288,828 67,103 Trademarks and trade names 22,541 15,814 6,727 18,891 15,260 3,631 Other 3,952 3,952 — 3,910 3,910 — $ 900,895 $ 653,722 $ 247,173 $ 778,968 $ 609,019 $ 169,949 Total goodwill and acquired intangible assets $ 1,852,377 $ 1,408,128
Schedule of Changes in Goodwill by Reportable Segments	Changes in goodwill presented by reportable segments were as follows: (in thousands) Software Products Professional Services Total Balance, October 1, 2019 $ 1,196,064 $ 42,115 $ 1,238,179 Onshape acquisition 364,910 — 364,910 Foreign currency translation adjustment 2,043 72 2,115 Balance, June 27, 2020 $ 1,563,017 $ 42,187 $ 1,605,204
Schedule of Aggregate Amortization Expense for Intangible Assets with Finite Lives	The aggregate amortization expense for intangible assets with finite lives was classified in our Consolidated Statements of Operations as follows: (in thousands) Three months ended Nine months ended June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Amortization of acquired intangible assets $ 7,302 $ 5,920 $ 21,367 $ 17,786 Cost of license revenue 6,857 6,873 20,535 20,432 Total amortization expense $ 14,159 $ 12,793 $ 41,902 $ 38,218

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jun. 27, 2020
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	Our significant financial assets and liabilities measured at fair value on a recurring basis as of June 27, 2020 and September 30, 2019 were as follows: (in thousands) June 27, 2020 Level 1 Level 2 Level 3 Total Financial assets: Cash equivalents $ 93,909 $ — $ — $ 93,909 Marketable securities: Commercial paper — 1,500 — 1,500 Corporate notes/bonds 56,288 — — 56,288 Forward contracts — 2,372 — 2,372 $ 150,197 $ 3,872 $ — $ 154,069 Financial liabilities: Forward contracts — 1,684 — 1,684 $ — $ 1,684 $ — $ 1,684 (in thousands) September 30, 2019 Level 1 Level 2 Level 3 Total Financial assets: Cash equivalents $ 108,020 $ — $ — $ 108,020 Marketable securities: Commercial paper — 999 — 999 Corporate notes/bonds 56,436 — — 56,436 Forward contracts — 3,064 — 3,064 $ 164,456 $ 4,063 $ — $ 168,519 Financial liabilities: Forward contracts — 2,771 — 2,771 $ — $ 2,771 $ — $ 2,771

Marketable Securities (Tables)

Marketable Securities (Tables)	9 Months Ended
	Jun. 27, 2020
Marketable Securities [Abstract]
Marketable Securities	The amortized cost and fair value of marketable securities as of June 27, 2020 and September 30, 2019 were as follows: (in thousands) June 27, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Commercial paper $ 1,492 $ 8 $ — $ 1,500 Corporate notes/bonds 55,889 411 (12 ) 56,288 $ 57,381 $ 419 $ (12 ) $ 57,788 (in thousands) September 30, 2019 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Commercial paper $ 999 $ — $ — $ 999 Corporate notes/bonds 56,318 146 (28 ) 56,436 $ 57,317 $ 146 $ (28 ) $ 57,435
Unrealized Gain (Loss) on Investments	The following tables summarize the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in a continuous unrealized loss position as of June 27, 2020 and September 30, 2019. (in thousands) June 27, 2020 Less than twelve months Greater than twelve months Total Fair Value Gross unrealized loss Fair Value Gross unrealized loss Fair Value Gross unrealized loss Corporate notes/bonds $ 10,007 $ (12 ) $ — $ — $ 10,007 $ (12 ) (in thousands) September 30, 2019 Less than twelve months Greater than twelve months Total Fair Value Gross unrealized loss Fair Value Gross unrealized loss Fair Value Gross unrealized loss Corporate notes/bonds $ 12,419 $ (14 ) $ 16,369 $ (14 ) $ 28,788 $ (28 )
Investments Classified by Contractual Maturity Date	The following table presents our marketable securities by contractual maturity date as of June 27, 2020 and September 30, 2019. (in thousands) June 27, 2020 September 30, 2019 Amortized cost Fair value Amortized cost Fair value Due in one year or less $ 25,443 $ 25,623 $ 27,725 $ 27,735 Due after one year through three years 31,938 32,165 29,592 29,700 $ 57,381 $ 57,788 $ 57,317 $ 57,435

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Jun. 27, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Forward Contracts	As of June 27, 2020 and September 30, 2019, we had outstanding forward contracts with notional amounts equivalent to the following: Currency Hedged (in thousands) June 27, 2020 September 30, 2019 Canadian / U.S. Dollar $ 6,393 $ 9,408 Euro / U.S. Dollar 311,797 308,282 British Pound / U.S. Dollar 860 3,756 Israeli Sheqel / U.S. Dollar 9,603 10,272 Japanese Yen / U.S. Dollar — 37,462 Swiss Franc / U.S. Dollar 2,128 12,001 Danish Kroner/ U.S. Dollar 4,637 2,423 Swedish Kronor / U.S. Dollar 7,215 20,636 Singapore Dollar / U.S. Dollar 3,250 34,585 Chinese Renminbi / U.S. Dollar 3,960 52,466 Russian Ruble / U.S. Dollar 8,521 — All other 5,346 7,064 Total $ 363,710 $ 498,355 As of June 27, 2020 and September 30, 2019, we had outstanding forward contracts designated as net investment hedges with notional amounts equivalent to the following: Currency Hedged (in thousands) June 27, 2020 September 30, 2019 Euro / U.S. Dollar $ 186,397 $ 183,396 Total $ 186,397 $ 183,396
Schedule of Net Gains and Losses on Foreign Currency Exposures	The following table shows the effect of our non-designated hedges in the Consolidated Statements of Operations for the three and nine months ended June 27, 2020 and June 29, 2019: Derivatives Not Designated as Hedging Instruments (in thousands) Location of Gain or (Loss) Recognized in Income Net realized and unrealized gain or (loss) (excluding the underlying foreign currency exposure being hedged) Three months ended Nine months ended June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Forward Contracts Other income (expense), net $ (370 ) $ 1,735 $ 2,474 $ (1,004 ) The following table shows the effect of our derivative instruments designated as net investment hedges in the Consolidated Statements of Operations for the three and nine months ended June 27, 2020 and June 29, 2019 (in thousands): Derivatives Designated as Hedging Instruments Gain or (Loss) Recognized in OCI Location of Gain or (Loss) Reclassified from OCI Gain or (Loss) Reclassified from OCI Location of Gain or (Loss) Excluded from Effectiveness Testing Gain or (Loss) Recognized - Excluded Portion Three months ended Three months ended Three months ended June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Forward Contracts $ 2,406 $ (7,258 ) Accumulated other comprehensive loss $ (2,735 ) $ (4,132 ) Other income (expense), net $ 888 $ 1,562 Nine months ended Nine months ended Nine months ended June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Forward Contracts $ (3,300 ) $ (6,490 ) Accumulated other comprehensive loss $ (9,513 ) $ (5,172 ) Other income (expense), net $ 3,079 $ 3,155
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table shows our derivative instruments measured at gross fair value as reflected in the Consolidated Balance Sheets: (in thousands) Fair Value of Derivatives Designated As Hedging Instruments Fair Value of Derivatives Not Designated As Hedging Instruments June 27, 2020 September 30, 2019 June 27, 2020 September 30, 2019 Derivative assets (1) Forward Contracts $ 1,453 $ 1,674 $ 919 $ 1,390 Derivative liabilities (2) Forward Contracts $ — $ — $ 1,684 $ 2,771 (1) As of June 27, 2020 and September 30, 2019, current derivative assets of $2.4 million and $3.1 million, respectively, are recorded in other current assets in the Consolidated Balance Sheets. (2) As of June 27, 2020 and September 30, 2019, current derivative liabilities of $1.7 million and $2.8 million, respectively, are recorded in accrued expenses and other current liabilities in the Consolidated Balance Sheets.
Schedule of Offsetting Assets	The following table sets forth the offsetting of derivative assets as of June 27, 2020: (in thousands) Gross Amounts Offset in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets As of June 27, 2020 Gross Amount of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets Presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral Received Net Amount Forward Contracts $ 2,372 $ — $ 2,372 $ (1,684 ) $ — $ 688
Schedule of Offsetting Liabilities	The following table sets forth the offsetting of derivative liabilities as of June 27, 2020: (in thousands) Gross Amounts Offset in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets As of June 27, 2020 Gross Amount of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities Presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral Pledged Net Amount Forward Contracts $ 1,684 $ — $ 1,684 $ (1,684 ) $ — $ —

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	9 Months Ended
	Jun. 27, 2020
Segment Reporting [Abstract]
Summary of Revenue and Profit Attributable to Our Operating Segments	The revenue and profit attributable to our operating segments are summarized below. We do not produce asset information by reportable segment; therefore, it is not reported. (in thousands) Three months ended Nine months ended June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Software Products Revenue $ 317,394 $ 253,405 $ 955,840 $ 796,169 Operating costs (1) 95,198 94,829 292,302 280,370 Profit 222,196 158,576 663,538 515,799 Professional Services Revenue 34,327 42,081 111,594 124,457 Operating costs (2) 29,850 34,326 97,022 98,515 Profit 4,477 7,755 14,572 25,942 Total segment revenue 351,721 295,486 1,067,434 920,626 Total segment costs 125,048 129,155 389,324 378,885 Total segment profit 226,673 166,331 678,110 541,741 Unallocated operating expenses: Sales and marketing expenses 95,187 102,332 295,631 291,028 General and administrative expenses 28,005 26,310 82,719 77,937 Restructuring and other charges, net 62 (9 ) 32,338 45,464 Intangibles amortization 14,159 12,793 41,902 38,218 Stock-based compensation 25,185 15,234 73,605 71,608 Other unallocated operating expenses (3) 674 366 8,064 995 Total operating income 63,401 9,305 143,851 16,491 Interest expense (19,660 ) (10,816 ) (64,376 ) (32,475 ) Other income (expense), net 775 1,026 (150 ) 2,501 Income (loss) before income taxes $ 44,516 $ (485 ) $ 79,325 $ (13,483 ) (1) Operating costs for the Software Products segment include all costs of software revenue and research and development costs, excluding stock-based compensation and intangible amortization. (2) Operating costs for the Professional Services segment include all cost of professional services revenue, excluding stock-based compensation and fair value adjustments for deferred services costs. (3) Other unallocated operating expenses include acquisition-related and other transactional costs and fair value adjustments for deferred services costs.
Summary of Revenue for Geographic Regions	Our international revenue is presented based on the location of our customer. Revenue for the geographic regions in which we operate is presented below. (in thousands) Three months ended Nine months ended Revenue June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Americas $ 156,221 $ 122,867 $ 466,188 $ 384,437 Europe 121,317 112,083 404,260 342,477 Asia-Pacific 74,183 60,536 196,986 193,712 Total revenue $ 351,721 $ 295,486 $ 1,067,434 $ 920,626

Debt (Tables)

Debt (Tables)	9 Months Ended
	Jun. 27, 2020
Debt Disclosure [Abstract]
Schedule of Debt Obligations	At June 27, 2020 and September 30, 2019, we had the following debt obligations: (in thousands) June 27, 2020 September 30, 2019 4.000% Senior notes due 2028 (1) $ 500,000 $ — 3.625% Senior notes due 2025 (1) 500,000 — 6.000% Senior notes due 2024 (2) — 500,000 Credit facility revolver (3) 138,000 173,125 Total debt 1,138,000 673,125 Unamortized debt issuance costs for the Senior notes (4) (13,298 ) (3,991 ) Total debt, net of issuance costs $ 1,124,702 $ 669,134 (1) The 2028 and 2025 notes issued in February 2020 were classified as long-term debt as of June 27, 2020 on the Consolidated Balance Sheet. (2) The 2024 notes issued in May 2016 were classified as long-term debt as of September 30, 2019 on the Consolidated Balance Sheet. (3) The amount outstanding under the credit facility revolver was classified as long-term debt as of June 27, 2020 and September 30, 2019 on the Consolidated Balance Sheets. Unamortized debt issuance costs related to the credit facility were $5.2 million and $3.1 million as of June 27, 2020 and September 30, 2019, respectively, and were included in other assets on the Consolidated Balance Sheets. (4) Of the $14.1 million in financing costs incurred in connection with the issuance of the 2028 and 2025 notes, unamortized debt issuance costs were $13.3 million as of June 27, 2020 and were included in long-term debt on the Consolidated Balance Sheet. Unamortized debt issuance costs as of September 30, 2019 related to the 2024 notes and were included in long-term debt on the Consolidated Balance Sheet.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Jun. 27, 2020
Leases [Abstract]
Components of Lease Cost	The components of lease cost reflected in the Consolidated Statement of Operations for the three and nine months ended June 27, 2020 were as follows: (in thousands) Three months ended Nine months ended June 27, 2020 June 27, 2020 Operating lease cost $ 10,324 $ 29,467 Short-term lease cost 864 3,754 Variable lease cost 535 3,025 Sublease income (996 ) (3,021 ) Total lease cost $ 10,727 $ 33,225 Supplemental cash flow and right-of use assets information for the three and nine months ended June 27, 2020 was as follows: (in thousands) Three months ended Nine months ended June 27, 2020 June 27, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 12,127 $ 27,267 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,929 $ 6,080 Right-of-use assets obtained in exchange for new financing lease liabilities $ — $ 1,500 Supplemental balance sheet information related to the leases as of June 27, 2020 was as follows: As of June 27, 2020 Weighted-average remaining lease term - operating leases 12.52 years Weighted-average remaining lease term - financing leases 5 years Weighted-average discount rate - operating leases 5.5 % Weighted-average discount rate - financing leases 3.0 %
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities as of June 27, 2020 are as follows: (in thousands) Operating Leases Remainder of 2020 $ 9,935 2021 43,275 2022 29,049 2023 21,584 2024 17,779 Thereafter 186,550 Total future lease payments $ 308,172 Less: imputed interest (92,093 ) Total $ 216,079
Schedule of Future Minimum Lease Payments Under Non-Cancellable Operating Leases Under Prior Lease Standard (ASC 840)	Under the prior lease standard (ASC 840), as of September 30, 2019, future minimum lease payments under non-cancellable operating leases were as follows (in thousands): 2020 $ 31,868 2021 33,094 2022 25,624 2023 19,279 2024 16,909 Thereafter 186,037 Total minimum lease payments $ 312,811

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Oct. 01, 2019	Sep. 30, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, liability	$ 216,079
Operating right-of-use lease assets	151,044		$ 0
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, liability		$ 224,000
Operating right-of-use lease assets		167,900
Cumulative effect of new accounting principle in period of adoption	1,572
Accumulated Deficit | Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of new accounting principle in period of adoption	$ 1,572
Scheduling of Reversal of Temporary Tax Differences | Accumulated Deficit | Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of new accounting principle in period of adoption		$ 1,600

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Sep. 30, 2019
Revenue From Contract With Customer [Abstract]
Contract asset	$ 18,642	$ 21,038
Deferred revenue	$ 404,682	$ 396,632

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 27, 2020	Sep. 30, 2019
Revenue from External Customer [Line Items]
Contract with customer, asset, expected to be transferred to receivables within the next 12 months and therefore	$ 14,100
Contract with customer, asset, reclassified to receivable	13,300
Contract with customer, asset, decrease in contract assets	(2,400)
Contract with customer, asset, increase in contract assets related to revenue recognized	10,900
Deferred revenue, revenue recognized	344,500
Deferred revenue, additions	349,900
Short term and long term accounts receivable	405,100	$ 412,500
Refund liability	31,600	22,900
Deferred revenue	404,682	396,632
Revenue, remaining performance obligation, amount	997,300
Unrecorded
Revenue from External Customer [Line Items]
Revenue, remaining performance obligation, amount	592,600
Other Current Assets
Revenue from External Customer [Line Items]
Capitalized contract cost, net	31,100	27,700
Other Assets
Revenue from External Customer [Line Items]
Capitalized contract cost, net	$ 65,000	$ 64,800

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Remaining Performance Obligations - Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-06-27	Jun. 27, 2020
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, percentage	90.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	24 months

Revenue from Contracts with C_6

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Disaggregation Of Revenue [Line Items]
Revenue	$ 351,721	$ 295,486	$ 1,067,434	$ 920,626
Total recurring revenue
Disaggregation Of Revenue [Line Items]
Revenue	310,621	244,192	931,852	734,815
Perpetual license
Disaggregation Of Revenue [Line Items]
Revenue	6,773	9,213	23,988	61,354
Professional services
Disaggregation Of Revenue [Line Items]
Revenue	$ 34,327	$ 42,081	$ 111,594	$ 124,457

Restructuring and Other Charg_3

Restructuring and Other Charges - Additional Information (Details) $ in Thousands	Oct. 02, 2019USD ($)	Jun. 27, 2020USD ($)	Jun. 29, 2019USD ($)	Dec. 28, 2018USD ($)Employee	Jun. 27, 2020USD ($)Employee	Jun. 29, 2019USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
Restructuring Cost And Reserve [Line Items]
Restructuring and other charges, net		$ (62)	$ 9		$ (32,338)	$ (45,464)
Restructuring charges		200			(26,764)	(42,962)
Restructuring Reserve		16,084	28,771		16,084	28,771	$ 31,086	$ 2,415
Impairment and Accretion Exited Lease Facilities
Restructuring Cost And Reserve [Line Items]
Restructuring and other charges, net					(4,900)
Accelerated Depreciation Planned Facility Exit
Restructuring Cost And Reserve [Line Items]
Restructuring and other charges, net		(300)			(600)
Prior Headquarters Relocation Charge
Restructuring Cost And Reserve [Line Items]
Restructuring and other charges, net					$ 4,500	(2,500)
Lease expiration, month and year					2022-11
Employee Severance and Related Benefits
Restructuring Cost And Reserve [Line Items]
Restructuring charges					$ (31,155)	(15,719)
Restructuring Reserve		9,728	328		9,728	328	298	0
Employee Severance and Related Benefits | Restructuring Plan 2020
Restructuring Cost And Reserve [Line Items]
Restructuring charges					$ (31,300)
Number of employees | Employee					255
Employee Severance and Related Benefits | Restructuring Plan 2019
Restructuring Cost And Reserve [Line Items]
Restructuring charges				$ (16,300)	$ 200
Number of employees | Employee				240
Facility Closures and Related Costs
Restructuring Cost And Reserve [Line Items]
Restructuring charges					4,391	(27,243)
Restructuring Reserve		6,356	28,443		6,356	28,443	$ 30,788	$ 2,415
Facility Closures and Related Costs | Accrued Expenses and Other Current Liabilities
Restructuring Cost And Reserve [Line Items]
Restructuring Reserve		2,600	12,100		2,600	12,100
Facility Closures and Related Costs | Other Noncurrent Liabilities
Restructuring Cost And Reserve [Line Items]
Restructuring Reserve		$ 3,800	$ 16,300		$ 3,800	16,300
Facility Closures and Related Costs | Accounting Standards Update 2016-02
Restructuring Cost And Reserve [Line Items]
ASC 842 adoption	$ 16,500
Facility Closures and Related Costs | Accounting Standards Update 2016-02 | Operating Lease ROU Asset
Restructuring Cost And Reserve [Line Items]
ASC 842 adoption	7,600
Facility Closures and Related Costs | Accounting Standards Update 2016-02 | Operating Lease Short Term Lease Obligation
Restructuring Cost And Reserve [Line Items]
ASC 842 adoption	9,200
Facility Closures and Related Costs | Accounting Standards Update 2016-02 | Operating Lease Long Term Lease Obligation
Restructuring Cost And Reserve [Line Items]
ASC 842 adoption	$ 14,900
Facility Closures and Related Costs | Prior Headquarters
Restructuring Cost And Reserve [Line Items]
Depreciation						1,900
Operating Leases, Rent Expense						$ 600

Restructuring and Other Charg_4

Restructuring and Other Charges - Schedule of Restructuring Reserve (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 27, 2020	Jun. 27, 2020	Jun. 29, 2019
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance		$ 31,086	$ 2,415
Charges to operations, net	$ (200)	26,764	42,962
Cash disbursements		(25,636)	(21,406)
Other non-cash charges		164	4,812
Foreign exchange impact		168	(12)
Restructuring reserve, ending balance	16,084	16,084	28,771
Accounting Standards Update 2016-02
Restructuring Reserve [Roll Forward]
ASC 842 adoption		(16,462)
Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance		298	0
Charges to operations, net		31,155	15,719
Cash disbursements		(21,890)	(15,397)
Other non-cash charges		0	0
Foreign exchange impact		165	6
Restructuring reserve, ending balance	9,728	9,728	328
Employee Severance and Related Benefits | Accounting Standards Update 2016-02
Restructuring Reserve [Roll Forward]
ASC 842 adoption		0
Facility Closures and Related Costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance		30,788	2,415
Charges to operations, net		(4,391)	27,243
Cash disbursements		(3,746)	(6,009)
Other non-cash charges		164	4,812
Foreign exchange impact		3	(18)
Restructuring reserve, ending balance	$ 6,356	6,356	$ 28,443
Facility Closures and Related Costs | Accounting Standards Update 2016-02
Restructuring Reserve [Roll Forward]
ASC 842 adoption		$ (16,462)

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Details) $ / shares in Units, shares in Thousands	3 Months Ended		9 Months Ended
	Jun. 27, 2020USD ($)shares / unit	Jun. 29, 2019USD ($)	Jun. 27, 2020USD ($)shares / unit$ / sharesshares	Jun. 29, 2019USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock Issuable per Restricted Stock Unit | shares / unit	1		1
ESPP maximum contribution percentage	10.00%		10.00%
ESPP maximum contribution amount by employee			$ 25,000
ESPP purchase price as a % of stock price	85.00%		85.00%
Stock-based compensation	$ 25,185,000	$ 15,234,000	$ 73,605,000	$ 71,608,000
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 1,400,000	$ 1,500,000	$ 4,200,000	$ 4,100,000
TSR Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, shares | shares			101
Granted (in USD per share) | $ / shares			$ 106.69
Catch-Up Provision | TSR Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, shares | shares			202

Stock-based Compensation - Sche

Stock-based Compensation - Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) shares in Thousands	9 Months Ended
	Jun. 27, 2020$ / sharesshares
Number of RSUs (in thousands)
Balance of outstanding restricted stock units, beginning, Shares | shares	3,232
Granted, shares | shares	2,361
Vested, Shares | shares	(1,369)
Forfeited or not earned, Shares | shares	(580)
Balance of outstanding restricted stock units, ending, Shares | shares	3,644
Weighted- Average Grant Date Fair Value Per RSU
Balance of outstanding restricted stock units, beginning (in USD per share) | $ / shares	$ 80.52
Granted (in USD per share) | $ / shares	77.04
Vested (in USD per share) | $ / shares	71.42
Forfeited or not earned (in USD per share) | $ / shares	84.01
Balance of outstanding restricted stock units, ending (in USD per share) | $ / shares	$ 81.11

Stock-based Compensation - Sc_2

Stock-based Compensation - Schedule of Restricted Stock Unit Grants for the Period (Details) shares in Thousands	9 Months Ended
	Jun. 27, 2020shares
Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, shares	101
Service-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, shares	2,159
TSR Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, shares	101

Stock-based Compensation - Sc_3

Stock-based Compensation - Schedule of Restricted Stock Unit Grants for the Period (Parenthetical) (Details) shares in Thousands	9 Months Ended
	Jun. 27, 2020Installmentshares
TSR Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, shares	101
Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, shares	101
Number of equal annual installments | Installment	3
Service-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, shares	2,159
Number of equal annual installments | Installment	3
Catch-Up Provision | TSR Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, shares	202

Stock-based Compensation - Sc_4

Stock-based Compensation - Schedule of Valuation Assumptions (Details)	9 Months Ended
	Jun. 27, 2020
Volatility Assumptions [Abstract]
Average volatility of peer group	28.00%
Risk free interest rate	1.59%
Dividend yield	0.00%

Stock-based Compensation - Sc_5

Stock-based Compensation - Schedule of Classification of Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 25,185	$ 15,234	$ 73,605	$ 71,608
Sales and marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	9,407	5,870	24,005	25,114
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	5,583	4,761	17,280	14,851
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	7,030	2,039	23,112	22,856
License | Cost of Sales
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	11	78	22	448
Support and cloud services | Cost of Sales
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	1,569	1,141	4,579	3,274
Professional services | Cost of Sales
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 1,585	$ 1,345	$ 4,607	$ 5,065

Earnings per Share (EPS) and _3

Earnings per Share (EPS) and Common Stock - Earnings per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Earnings Per Share And Common Stock [Abstract]
Net income (loss)	$ 34,678	$ (14,758)	$ 77,289	$ (37,286)
Weighted-average shares outstanding—Basic	115,759	116,133	115,521	117,636
Dilutive effect of restricted stock units	470	0	460	0
Weighted-average shares outstanding—Diluted	116,229	116,133	115,981	117,636
Earnings (loss) per share—Basic	$ 0.30	$ (0.13)	$ 0.67	$ (0.32)
Earnings (loss) per share—Diluted	$ 0.30	$ (0.13)	$ 0.67	$ (0.32)

Earnings per Share (EPS) and _4

Earnings per Share (EPS) and Common Stock - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019	Sep. 30, 2019
Earnings Per Share And Common Stock [Abstract]
Stock option restricted shares and restricted stock units excluded from computation of EPS, shares	258,256	886,072	130,086	1,027,559
Common stock, shares authorized	500,000,000		500,000,000		500,000,000
Stock repurchase program, authorized amount	$ 1,500,000,000		$ 1,500,000,000
Stock repurchased during period, value		$ 25,000,000		$ 90,000,000

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) $ in Thousands	Nov. 01, 2019USD ($)	Nov. 19, 2018USD ($)Employee	Jun. 27, 2020USD ($)	Jun. 29, 2019USD ($)	Jun. 27, 2020USD ($)	Jun. 29, 2019USD ($)
Business Acquisition [Line Items]
Business combination, acquisition related costs			$ 700	$ 400	$ 8,100	$ 1,200
Onshape
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 469,000
Goodwill, acquired	364,900				$ 364,910
Liabilities	4,100
Onshape | Customer Lists and Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	56,800
Onshape | Purchased Software
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	47,300
Onshape | Trademarks
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 3,600
Onshape | Maximum | Customer Lists and Relationships
Business Acquisition [Line Items]
Acquired finite-lived intangible asset, weighted average useful life	10 years
Onshape | Maximum | Purchased Software
Business Acquisition [Line Items]
Acquired finite-lived intangible asset, weighted average useful life	16 years
Onshape | Maximum | Trademarks
Business Acquisition [Line Items]
Acquired finite-lived intangible asset, weighted average useful life	15 years
Frustum
Business Acquisition [Line Items]
Business combination, consideration transferred		$ 69,500
Goodwill, acquired		53,700
Liabilities		$ 2,100
Acquired finite-lived intangible asset, weighted average useful life		15 years
Cash acquired from acquisition		$ 700
Entity number of employees | Employee		12
Frustum | Purchased Software
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 17,900

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Details) $ in Thousands	9 Months Ended
	Jun. 27, 2020USD ($)Segment	Sep. 30, 2019USD ($)
Number of operating segments | Segment	2
Number of reportable segments | Segment	2
Intangible assets	$ 1,852,377	$ 1,408,128
Software Products
Intangible assets	1,807,300	1,362,400
Professional Services
Intangible assets	$ 45,100	$ 45,700

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Goodwill and Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Sep. 30, 2019
Goodwill (not amortized)	$ 1,605,204	$ 1,238,179
Intangible assets with finite lives (amortized), Gross Carrying Amount	900,895	778,968
Intangible assets with finite lives (amortized), Accumulated Amortization	653,722	609,019
Intangible assets with finite lives (amortized), Net Book Value	247,173	169,949
Intangible Assets, Net (Including Goodwill)	1,852,377	1,408,128
Purchased Software
Intangible assets with finite lives (amortized), Gross Carrying Amount	437,441	377,359
Intangible assets with finite lives (amortized), Accumulated Amortization	299,962	278,144
Intangible assets with finite lives (amortized), Net Book Value	137,479	99,215
Capitalized Software
Intangible assets with finite lives (amortized), Gross Carrying Amount	22,877	22,877
Intangible assets with finite lives (amortized), Accumulated Amortization	22,877	22,877
Intangible assets with finite lives (amortized), Net Book Value	0	0
Customer Lists and Relationships
Intangible assets with finite lives (amortized), Gross Carrying Amount	414,084	355,931
Intangible assets with finite lives (amortized), Accumulated Amortization	311,117	288,828
Intangible assets with finite lives (amortized), Net Book Value	102,967	67,103
Trademarks and Trade Names
Intangible assets with finite lives (amortized), Gross Carrying Amount	22,541	18,891
Intangible assets with finite lives (amortized), Accumulated Amortization	15,814	15,260
Intangible assets with finite lives (amortized), Net Book Value	6,727	3,631
Other
Intangible assets with finite lives (amortized), Gross Carrying Amount	3,952	3,910
Intangible assets with finite lives (amortized), Accumulated Amortization	3,952	3,910
Intangible assets with finite lives (amortized), Net Book Value	$ 0	$ 0

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Changes in Goodwill by Reportable Segments (Details) - USD ($) $ in Thousands	Nov. 01, 2019	Jun. 27, 2020
Goodwill [Line Items]
Balance, October 1, 2019		$ 1,238,179
Foreign currency translation adjustment		2,115
Balance, June 27, 2020		1,605,204
Onshape
Goodwill [Line Items]
Goodwill, acquired	$ 364,900	364,910
Software Products
Goodwill [Line Items]
Balance, October 1, 2019		1,196,064
Foreign currency translation adjustment		2,043
Balance, June 27, 2020		1,563,017
Software Products | Onshape
Goodwill [Line Items]
Goodwill, acquired		364,910
Professional Services
Goodwill [Line Items]
Balance, October 1, 2019		42,115
Foreign currency translation adjustment		72
Balance, June 27, 2020		42,187
Professional Services | Onshape
Goodwill [Line Items]
Goodwill, acquired		$ 0

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Schedule of Aggregate Amortization Expense for Intangible Assets with Finite Lives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization of acquired intangible assets	$ 7,302	$ 5,920	$ 21,367	$ 17,786
Cost of license revenue	6,857	6,873	20,535	20,432
Total amortization expense	$ 14,159	$ 12,793	$ 41,902	$ 38,218

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Sep. 30, 2019
Financial assets:
Cash equivalents	$ 93,909	$ 108,020
Marketable securities:	57,788	57,435
Forward contracts	2,372	3,064
Financial assets, fair value	154,069	168,519
Financial liabilities:
Forward contracts	1,684	2,771
Financial liabilities, fair value	1,684	2,771
Corporate notes/bonds
Financial assets:
Marketable securities:	56,288	56,436
Level 1
Financial assets:
Cash equivalents	93,909	108,020
Financial assets, fair value	150,197	164,456
Level 1 | Corporate notes/bonds
Financial assets:
Marketable securities:	56,288	56,436
Level 2
Financial assets:
Forward contracts	2,372	3,064
Financial assets, fair value	3,872	4,063
Financial liabilities:
Forward contracts	1,684	2,771
Financial liabilities, fair value	1,684	2,771
Commercial paper
Financial assets:
Marketable securities:	1,500	999
Commercial paper | Level 2
Financial assets:
Marketable securities:	$ 1,500	$ 999

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	Jun. 27, 2020	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Cost method investments	$ 9.4	$ 9.4

Marketable Securities (Amortize

Marketable Securities (Amortized Cost and Fair Value of Marketable Securities) (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Sep. 30, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized cost	$ 57,381	$ 57,317
Gross unrealized gains	419	146
Gross unrealized losses	(12)	(28)
Fair value	57,788	57,435
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized cost	1,492	999
Gross unrealized gains	8	0
Gross unrealized losses	0	0
Fair value	1,500	999
Corporate notes/bonds
Debt Securities, Available-for-sale [Line Items]
Amortized cost	55,889	56,318
Gross unrealized gains	411	146
Gross unrealized losses	(12)	(28)
Fair value	$ 56,288	$ 56,436

Marketable Securities (Schedule

Marketable Securities (Schedule of Fair Value and Gross Unrealized Losses) (Details) - Corporate notes/bonds - USD ($) $ in Thousands	Jun. 27, 2020	Sep. 30, 2019
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	$ 10,007	$ 12,419
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(12)	(14)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	0	16,369
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0	(14)
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	10,007	28,788
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ (12)	$ (28)

Marketable Securities (Schedu_2

Marketable Securities (Schedule of Available-for-sale Marketable Securities by Contractual Maturity Date) (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Sep. 30, 2019
Investments Debt And Equity Securities [Abstract]
Due in one year or less, amortized cost	$ 25,443	$ 27,725
Due after one year through three years, amortized cost	31,938	29,592
Amortized cost	57,381	57,317
Due in one year or less, fair value	25,623	27,735
Due after one year through three years, fair value	32,165	29,700
Fair value	$ 57,788	$ 57,435

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Derivative [Line Items]
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	$ 0.2	$ 0.1	$ (2.3)	$ (0.2)
Forward Contracts | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative remaining maturity			3 months
Forward Contracts | Designated as Hedging Instrument | Net Investment Hedging
Derivative [Line Items]
Derivative remaining maturity			3 months

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Notional Amounts of Outstanding Forward Contracts (Details) - Forward Contracts - USD ($) $ in Thousands	Jun. 27, 2020	Sep. 30, 2019
Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 363,710	$ 498,355
Designated as Hedging Instrument | Net Investment Hedging
Derivative [Line Items]
Notional amount	186,397	183,396
Canadian / U.S. Dollar | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	6,393	9,408
Euro / U.S. Dollar | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	311,797	308,282
Euro / U.S. Dollar | Designated as Hedging Instrument | Net Investment Hedging
Derivative [Line Items]
Notional amount	186,397	183,396
British Pound / U.S. Dollar | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	860	3,756
Israeli Sheqel / U.S. Dollar | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	9,603	10,272
Japanese Yen / U.S. Dollar | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	0	37,462
Swiss Franc / U.S. Dollar | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	2,128	12,001
Danish Kroner/ U.S. Dollar | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	4,637	2,423
Swedish Kronor / U.S. Dollar | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	7,215	20,636
Singapore Dollar / U.S. Dollar | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	3,250	34,585
Chinese Renminbi / U.S. Dollar | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	3,960	52,466
Russian Ruble / U.S. Dollar | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	8,521	0
All other | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 5,346	$ 7,064

Derivative Financial Instrume_5

Derivative Financial Instruments - Schedule of Derivative Instruments and Hedging Activities Disclosures (Details) - Forward Contracts - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Not Designated as Hedging Instrument | Other income (expense), net
Derivative Instruments Gain Loss [Line Items]
Net realized and unrealized gain or (loss) (excluding the underlying foreign currency exposure being hedged)	$ (370)	$ 1,735	$ 2,474	$ (1,004)
Designated as Hedging Instrument | Net Investment Hedging
Derivative Instruments Gain Loss [Line Items]
Gain or (Loss) Recognized in OCI-Effective Portion	2,406	(7,258)	(3,300)	(6,490)
Gain or (Loss) Reclassified from OCI into Income-Effective Portion	(2,735)	(4,132)	(9,513)	(5,172)
Designated as Hedging Instrument | Other income (expense), net | Net Investment Hedging
Derivative Instruments Gain Loss [Line Items]
Gain or (Loss) Recognized-Ineffective Portion	$ 888	$ 1,562	$ 3,079	$ 3,155

Derivative Financial Instrume_6

Derivative Financial Instruments - Schedule of Derivative Financial Instruments at Gross Fair Value (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Sep. 30, 2019
Derivative [Line Items]
Gross Amount of Recognized Assets	$ 2,372
Gross Amount of Recognized Liabilities	1,684
Forward Contracts | Designated as Hedging Instrument
Derivative [Line Items]
Gross Amount of Recognized Assets	1,453	$ 1,674
Gross Amount of Recognized Liabilities	0	0
Forward Contracts | Not Designated as Hedging Instrument
Derivative [Line Items]
Fair Value of Derivatives Not Designated As Hedging Instruments	919	1,390
Fair Value of Derivatives Not Designated As Hedging Instruments	$ 1,684	$ 2,771

Derivative Financial Instrume_7

Derivative Financial Instruments - Schedule of Derivative Financial Instruments at Gross Fair Value (Parentheticals) (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Sep. 30, 2019
Derivative [Line Items]
Gross Amount of Recognized Assets	$ 2,372
Gross Amount of Recognized Liabilities	1,684
Other Current Assets | Forward Contracts
Derivative [Line Items]
Gross Amount of Recognized Assets	2,400	$ 3,100
Other Current Liabilities | Forward Contracts
Derivative [Line Items]
Gross Amount of Recognized Liabilities	$ 1,700	$ 2,800

Derivative Financial Instrume_8

Derivative Financial Instruments - Schedule of Offsetting Assets (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Sep. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Gross Amount of Recognized Assets	$ 2,372
Gross Amounts Offset in the Consolidated Balance Sheets	0
Net Amounts of Assets Presented in the Consolidated Balance Sheets	2,372	$ 3,064
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments	(1,684)
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received	0
Net Amount	$ 688

Derivative Financial Instrume_9

Derivative Financial Instruments - Schedule of Offsetting Liabilities (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Sep. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Gross Amount of Recognized Liabilities	$ 1,684
Gross Amounts Offset in the Consolidated Balance Sheets	0
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets	1,684	$ 2,771
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments	(1,684)
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Pledged	0
Net Amount	$ 0

Segment and Geographic Inform_3

Segment and Geographic Information - Additional Information (Details)	9 Months Ended
	Jun. 27, 2020Segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2

Segment and Geographic Inform_4

Segment and Geographic Information - Summary of Revenue and Profit Attributable to Our Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	$ 351,721	$ 295,486	$ 1,067,434	$ 920,626
Operating Costs	79,224	82,705	249,656	239,961
Gross margin	272,497	212,781	817,778	680,665
Sales and marketing	104,594	108,202	319,636	316,142
General and administrative	35,709	28,773	113,895	102,008
Restructuring and other charges, net	62	(9)	32,338	45,464
Intangibles amortization	14,159	12,793	41,902	38,218
Total operating income	63,401	9,305	143,851	16,491
Interest and debt premium expense	(19,660)	(10,816)	(64,376)	(32,475)
Other income (expense), net	775	1,026	(150)	2,501
Income (loss) before income taxes	44,516	(485)	79,325	(13,483)
Operating Segments
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	351,721	295,486	1,067,434	920,626
Operating Costs	125,048	129,155	389,324	378,885
Gross margin	226,673	166,331	678,110	541,741
Unallocated
Segment Reporting Revenue Reconciling Item [Line Items]
Sales and marketing	95,187	102,332	295,631	291,028
General and administrative	28,005	26,310	82,719	77,937
Restructuring and other charges, net	62	(9)	32,338	45,464
Intangibles amortization	14,159	12,793	41,902	38,218
Stock-based compensation	25,185	15,234	73,605	71,608
Other unallocated operating expenses	674	366	8,064	995
Software Products | Operating Segments
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	317,394	253,405	955,840	796,169
Operating Costs	95,198	94,829	292,302	280,370
Gross margin	222,196	158,576	663,538	515,799
Professional Services | Operating Segments
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	34,327	42,081	111,594	124,457
Operating Costs	29,850	34,326	97,022	98,515
Gross margin	$ 4,477	$ 7,755	$ 14,572	$ 25,942

Segment and Geographic Inform_5

Segment and Geographic Information - Summary of Revenue for Geographic Regions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Segment Reporting Revenue Reconciling Item [Line Items]
Total revenue	$ 351,721	$ 295,486	$ 1,067,434	$ 920,626
Americas
Segment Reporting Revenue Reconciling Item [Line Items]
Total revenue	156,221	122,867	466,188	384,437
Europe
Segment Reporting Revenue Reconciling Item [Line Items]
Total revenue	121,317	112,083	404,260	342,477
Asia-Pacific
Segment Reporting Revenue Reconciling Item [Line Items]
Total revenue	$ 74,183	$ 60,536	$ 196,986	$ 193,712

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Sep. 30, 2016	Jun. 27, 2020	Jun. 29, 2019	Sep. 30, 2019
Income Tax Disclosure [Line Items]
Effective income tax rate	22.00%	(2940.00%)		3.00%	(177.00%)
Income before income taxes	$ 44,516	$ (485)		$ 79,325	$ (13,483)
Reduction of valuation allowance				$ 21,200	$ 1,800
Federal statutory income tax rate				21.00%	21.00%
Unrecognized tax benefits	14,700			$ 14,700		$ 11,500
Income tax provision upon recognition of unrecognized tax benefit	14,700			14,700
Unrecognized tax benefits that would impact valuation allowance	7,200			7,200
Potential reduction in unrecognized tax benefits and accrued interest over next 12 months	$ (700)			(700)
KOREA, REPUBLIC OF
Income Tax Disclosure [Line Items]
Income tax examination, estimate of possible loss			$ 12,000	$ 16,000

Debt - Schedule of Debt Obligat

Debt - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Mar. 28, 2020	Feb. 13, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Total debt	$ 1,138,000			$ 673,125
Unamortized debt issuance costs for the Senior notes	(13,298)	$ (14,100)		(3,991)
Total debt, net of issuance costs	1,124,702			669,134
4.000% Senior Notes Due 2028
Debt Instrument [Line Items]
Senior Notes			$ 500,000
3.625% Senior Notes Due 2025
Debt Instrument [Line Items]
Senior Notes			$ 500,000
Long-term Debt [Member] | Line of Credit
Debt Instrument [Line Items]
Credit facility revolver	138,000			173,125
Long-term Debt [Member] | 4.000% Senior Notes Due 2028
Debt Instrument [Line Items]
Senior Notes	500,000			0
Long-term Debt [Member] | 3.625% Senior Notes Due 2025
Debt Instrument [Line Items]
Senior Notes	$ 500,000			0
Long-term Debt [Member] | 6.000% Senior Notes Due 2024
Debt Instrument [Line Items]
Senior Notes				$ 500,000

Debt - Schedule of Debt Oblig_2

Debt - Schedule of Debt Obligations (Parenthetical) (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Mar. 28, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense	$ 13,298	$ 14,100	$ 3,991
Long-term Debt [Member] | Senior Notes
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense	13,300
Other Noncurrent Assets | Line of Credit
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense	$ 5,200		$ 3,100

Debt - Senior Notes - Additiona

Debt - Senior Notes - Additional Information (Details) - USD ($) $ in Thousands	Feb. 13, 2020	Mar. 28, 2020	Jun. 27, 2020	Jun. 29, 2019	May 31, 2016
Debt Instrument [Line Items]
Repayments of lines of credit			$ 490,125	$ 150,000
Senior Notes
Debt Instrument [Line Items]
Repayments of lines of credit		$ 460,000
Redemption price, percentage	101.00%
4.000% Senior Notes Due 2028
Debt Instrument [Line Items]
Senior Notes	$ 500,000
Interest rate	4.00%
4.000% Senior Notes Due 2028 | Senior Notes
Debt Instrument [Line Items]
Fair value amount			497,500
3.625% Senior Notes Due 2025
Debt Instrument [Line Items]
Senior Notes	$ 500,000
Interest rate	3.625%
3.625% Senior Notes Due 2025 | Senior Notes
Debt Instrument [Line Items]
Fair value amount			$ 494,500
6.000% Senior Notes Due 2024
Debt Instrument [Line Items]
Interest rate					6.00%
6.000% Senior Notes Due 2024 | Q3 2020
Debt Instrument [Line Items]
Senior Notes					$ 500,000
Interest rate					103.00%

Debt - Credit Agreement - Addit

Debt - Credit Agreement - Additional Information (Details) - USD ($)	3 Months Ended				9 Months Ended
	Jun. 27, 2020	Mar. 28, 2020	Dec. 28, 2019	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019	Aug. 05, 2020	Nov. 13, 2019
Debt Instrument [Line Items]
Credit facility amount								$ 1,000,000,000
Voting interest in domestic subsidiaries pledged against credit facility					100.00%
Voting interest in foreign subsidiaries pledged against credit facility					65.00%
Leverage ratio, actual	2.97				2.97
Senior debt leverage ratio, actual	0.40				0.40
Fixed charge coverage ratio, actual	6.78				6.78
Financing costs					$ 17,083,000	$ 0
Periodic interest payment	$ 16,400,000			$ 18,000,000	$ 40,000,000	$ 38,400,000
Interest rate during period	4.00%			5.40%	4.50%	5.40%
6.000% Senior Notes Due 2024 | Q3 2020
Debt Instrument [Line Items]
Early Repayment of Senior Debt	$ 15,000,000
Foreign Subsidiary | Subsequent Event
Debt Instrument [Line Items]
Long-term portion of long term debt							$ 0
Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity expansion amount								$ 500,000,000
Credit facility maturity date					Feb. 13, 2025
Basis spread on Federal Reserve Bank of New York (FRBNY) rate	0.50%				0.50%
Basis spread on adjusted LIBOR					1.00%
Investment limit in foreign subsidiaries	$ 100,000,000				$ 100,000,000
Cash investment limit for acquisition of business	$ 200,000,000				$ 200,000,000
Total leverage ratio	4.50				4.50
Senior secured leverage ratio	3				3
Minimum fixed charge coverage ratio allowed under debt covenant	3				3
Financing costs		$ 2,000,000	$ 1,000,000
Line of Credit | Minimum
Debt Instrument [Line Items]
Variable interest rate, length of time between updates					30 days
Credit facility commitment fees percentage					0.175%
Line of Credit | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate					1.25%
Line of Credit | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate					0.25%
Line of Credit | Maximum
Debt Instrument [Line Items]
Variable interest rate, length of time between updates					180 days
Credit facility commitment fees percentage					0.30%
Line of Credit | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate					1.75%
Line of Credit | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate					0.75%
Secured Debt | Revolving Loan, Reset Period One
Debt Instrument [Line Items]
Interest rate at period end	2.10%				2.10%

Leases - Additional Information

Leases - Additional Information (Details)	3 Months Ended	9 Months Ended
	Jun. 27, 2020USD ($)ft²	Jun. 27, 2020USD ($)ft²	Sep. 30, 2019USD ($)
Lessee Lease Description [Line Items]
Boston Lease Square Feet | ft²	250,000	250,000
Boston lease year one payments	$ 11,000,000	$ 11,000,000
Boston lease per square foot annual increase	1	1
Boston lease annual increase	300,000	300,000
Boston lease building operating cost amount estimate year one	7,100,000	7,100,000
Boston lease leasehold improvement allowance	25,000,000	25,000,000
Boston lease leasehold improvement allowance per square foot	100	100
Operating lease not commenced, future lease payments	$ 900,000	$ 900,000
Operating leases not yet commenced, term	5 years	5 years
Operating right-of-use lease assets	$ 151,044,000	$ 151,044,000	$ 0
Operating lease, liability	216,079,000	216,079,000
Lease Cost
Operating cash flows from operating leases	12,127,000	27,267,000
Onshape
Lessee Lease Description [Line Items]
Operating lease, impairment loss		700,000
Facility Closures and Related Costs
Lessee Lease Description [Line Items]
Operating lease liability, net. restructured facilities	12,000,000	12,000,000	$ 16,500,000
Operating right-of-use lease assets	4,300,000	4,300,000
Operating lease, liability	16,300,000	16,300,000
Lease Cost
Operating cash flows from operating leases	4,600,000	9,100,000
Facility Closures and Related Costs | Prior Headquarters
Lessee Lease Description [Line Items]
Operating lease, impairment loss		4,200,000
Facility Closures and Related Costs | Operating Lease Short Term Lease Obligation
Lessee Lease Description [Line Items]
Operating lease, liability	10,200,000	10,200,000
Facility Closures and Related Costs | Operating Lease Long Term Lease Obligation
Lessee Lease Description [Line Items]
Operating lease, liability	6,100,000	6,100,000
Sublease Income Committed
Lessee Lease Description [Line Items]
Sublease income assumed	3,000,000	3,000,000
Sublease Income Estimated Uncommitted
Lessee Lease Description [Line Items]
Sublease income assumed	$ 1,300,000	$ 1,300,000

Leases - Components of Lease Co

Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 27, 2020	Jun. 27, 2020
Lease Cost
Operating lease cost	$ 10,324	$ 29,467
Short-term lease cost	864	3,754
Variable lease cost	535	3,025
Sublease income	(996)	(3,021)
Total lease cost	$ 10,727	$ 33,225

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Cash Flow and Right of Use Assets Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 27, 2020	Jun. 27, 2020
Leases [Abstract]
Operating cash flows from operating leases	$ 12,127	$ 27,267
Right-of-use assets obtained in exchange for new operating lease liabilities	1,929	6,080
Right-of-use assets obtained in exchange for new financing lease liabilities	$ 0	$ 1,500

Leases - Schedule of Suppleme_2

Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Details)	Jun. 27, 2020
Leases [Abstract]
Weighted-average remaining lease term - operating leases	12 years 6 months 7 days
Weighted-average remaining lease term - financing leases	5 years
Weighted-average discount rate - operating leases	5.50%
Weighted-average discount rate - financing leases	3.00%

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Lease Liabilities (Details) $ in Thousands	Jun. 27, 2020USD ($)
Operating Lease (ASC 842)
Remainder of 2020	$ 9,935
2021	43,275
2022	29,049
2023	21,584
2024	17,779
Thereafter	186,550
Total future lease payments	308,172
Less: imputed interest	(92,093)
Operating lease, liability	$ 216,079

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments Under Non-Cancellable Operating Leases Under Prior Lease Standard (ASC 840) (Details) $ in Thousands	Sep. 30, 2019USD ($)
Operating Leases (ASC 840)
2020	$ 31,868
2021	33,094
2022	25,624
2023	19,279
2024	16,909
Thereafter	186,037
Total minimum lease payments	$ 312,811

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended
	Jul. 31, 2016	Jun. 27, 2020
Pending Litigation
Loss Contingencies [Line Items]
Loss contingency accrual		$ 0.5
Minimum | Pending Litigation
Loss Contingencies [Line Items]
Loss Contingency estimate of possible loss		0.4
Maximum | Pending Litigation
Loss Contingencies [Line Items]
Loss Contingency estimate of possible loss		$ 2.5
Korea
Loss Contingencies [Line Items]
Income tax examination, estimate of possible loss	$ 12