0000004127-24-000131 | 10-K | XBRL Viewer

Goodwill and Intangible Assets

12 Months Ended

Sep. 27, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

7. GOODWILL AND INTANGIBLE ASSETS

The Company’s goodwill balance was $2,176.7 million as of each of September 27, 2024, and September 29, 2023. In fiscal 2024, the Company performed an impairment test of its goodwill and its indefinite-lived intangible assets as of the first day of the fourth fiscal quarter in accordance with its regularly scheduled testing. The results of these tests indicated that the Company’s goodwill was not impaired. Refer to Note 4 for a discussion of IPR&D impairments of $146.7 million and $20.7 million in fiscal 2024 and fiscal 2022, respectively. There was no IPR&D impairment in fiscal 2023.

Intangible assets consist of the following (in millions):


		As of
	Weighted Average Amortization Period (Years)	September 27, 2024						September 29, 2023
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed technology and other	6.3	$	1,379.6	$	(540.7)	$	838.9	$	1,290.4	$	(379.4)	$	911.0
Technology licenses	3.1	75.0		(48.8)		26.2		75.8		(36.0)		39.8
In-process research and development		35.4		—		35.4		271.3		—		271.3
Total intangible assets		$	1,490.0	$	(589.5)	$	900.5	$	1,637.5	$	(415.4)	$	1,222.1

Fully amortized intangible assets are eliminated from both the gross and accumulated amortization amounts in the first quarter of each fiscal year. During fiscal 2024, $89.1 million of IPR&D assets were transferred to definite-lived intangible assets, of which $33.4 million is being amortized over their useful lives of 12 years and $55.7 million is being amortized over their useful lives of 8 years. Amortization expense related to definite-lived intangible assets was $186.5 million, $225.9 million, and $288.4 million during fiscal 2024, fiscal 2023, and fiscal 2022, respectively, primarily recorded within cost of goods sold.

Annual amortization expense for the next five fiscal years related to definite-lived intangible assets, excluding IPR&D, is expected to be as follows (in millions):


	2025		2026		2027		2028		2029		Thereafter
Amortization expense	$	168.7	$	140.4	$	124.4	$	100.2	$	86.9	$	244.5

Debt

12 Months Ended

Sep. 27, 2024

Debt Disclosure [Abstract]

DEBT

16. DEBT

Debt consists of the following (in millions, except percentages):


	Effective Interest Rate		As of
			September 27, 2024		September 29, 2023
1.80% Senior Notes due 2026	1.97	%	$	500.0	$	500.0
3.00% Senior Notes due 2031	3.13	%	500.0		500.0
Term Loans due 2024	(1)		—		300.0
Unamortized debt discount and issuance costs			(5.7)		(7.7)
Total debt			994.3		1,292.3
Less: current portion of long-term debt			—		(299.4)
Total long-term debt			$	994.3	$	992.9

(1) In fiscal 2023, the effective interest rate of the Terms Loans due in 2024 was 6.37%.

Senior Notes

On May 26, 2021, the Company issued $500.0 million of its 0.90% Senior Notes due 2023 (the “2023 Notes”), $500.0 million of its 1.80% Senior Notes due 2026 (the “2026 Notes”), and $500.0 million of its 3.00% Senior Notes due 2031 (the “2031 Notes” and, together with the 2026 Notes, the “Notes”). During fiscal 2023, the Company repaid $500.0 million of the 2023 Notes at maturity. The Notes are senior unsecured obligations of the Company and rank equally in right of payment with all of its existing and future senior unsecured debt but effectively junior to any of the Company’s senior secured debt to the extent of the value of collateral securing such debt and are structurally subordinated to all existing and future obligations of the Company’s subsidiaries. The Notes will mature on each respective maturity date, unless earlier redeemed in accordance with their terms. Interest on the Notes is payable on June 1 and December 1 of each year.

The Company may redeem all or a portion of the 2026 Notes and the 2031 Notes at any time and from time to time prior to maturity, in whole or in part, for cash at the applicable redemption prices set forth in the respective supplemental indenture. If the Company undergoes a change of control repurchase event, as defined in the indenture governing the Notes (as supplemented, the “Indenture”), holders may require the Company to repurchase the Notes in whole or in part for cash at a price equal to 101% of the principal amount of the Notes to be purchased, plus any accrued and unpaid interest. As of September 27, 2024, the Company considered the likelihood of acceleration related to the 2026 and 2031 Notes and recorded the Notes as long-term debt. The Notes are recorded net of discount and issuance costs, which are amortized to interest expense over the respective terms of these borrowings.

The Indenture contains customary events of default, including failure to make required payments of principal and interest, certain events of bankruptcy and insolvency, and default in the performance or breach of any covenant or warranty contained in the Indenture or the Notes. As of September 27, 2024, the Company was in compliance with all debt covenants under the Senior Notes.

Term Credit Agreement

On May 21, 2021, the Company entered into a term credit agreement (as amended, the “Term Credit Agreement”) providing for a $1.0 billion term loan facility (the “Term Loan Facility”). On July 26, 2021, the Company borrowed $1.0 billion in aggregate principal amount of term loans (the “Term Loans”) under the Term Loan Facility to finance a portion of the purchase price for the acquisition of the Infrastructure and Automotive business of Silicon Laboratories Inc. and to pay fees and expenses incurred in connection therewith. During fiscal 2024, fiscal 2023, and fiscal 2022, the Company repaid $300.0 million, $400.0 million, and $50.0 million, respectively, of outstanding borrowings under the Term Loans. The Term Credit Agreement expired on July 26, 2024.

Revolving Credit Agreement

On May 21, 2021, the Company entered into a revolving credit agreement (as amended, the “Revolving Credit Agreement”) providing for a $750.0 million revolving credit facility (the “Revolver”). The proceeds of the Revolver will be used for general corporate purposes and working capital needs of the Company and its subsidiaries.

The Revolver provides for revolving credit borrowings and letters of credit, with sublimits for letters of credit. The Revolver may be increased in specified circumstances by up to $250.0 million at the discretion of the lenders. The Revolver matures on July 26, 2026, and all unpaid borrowings, together with accrued and unpaid interest thereon, are repayable at maturity.

The Revolving Credit Agreement contains customary representations and warranties and covenants, including restrictions on the incurrence of indebtedness by non-guarantor subsidiaries and the creation of liens, and a financial covenant consisting of a limitation on leverage, defined as consolidated total indebtedness divided by consolidated earnings before interest, taxes, depreciation, and amortization for the period of four consecutive quarters not to exceed a ratio of 3.0 to 1.0. As of September 27, 2024, there were no borrowings outstanding and the Company was in compliance with all debt covenants under the Revolver.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes, Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Deferred tax assets:
Inventory	$ 44.5	$ 24.1
Accrued compensation and benefits	16.5	14.4
Product returns, allowances, and warranty	5.5	7.0
Share-based and other deferred compensation	25.3	24.5
Net operating loss carry forwards	6.4	12.2
Tax credits	165.7	155.7
Operating leases	46.1	45.6
R&D capitalization	170.4	95.3
Intangible assets	50.0	24.4
Other, net	4.8	6.8
Deferred tax assets	535.2	410.0
Less valuation allowance	(174.1)	(164.2)
Net deferred tax assets	361.1	245.8
Deferred tax liabilities:
Property, plant, and equipment	(22.5)	(18.3)
Operating leases	(47.0)	(44.3)
Net deferred tax liabilities	(69.5)	(62.6)
Total net deferred tax assets	291.6	183.2
Income Taxes [Line Items]
Deferred tax assets	303.5	192.3
Total net deferred tax assets	291.6	183.2
Other noncurrent assets
Income Taxes [Line Items]
Deferred tax assets	303.5	192.3
Other noncurrent liabilities
Income Taxes [Line Items]
Deferred tax liabilities	$ (11.9)	$ (9.1)

Stockholders' Equity, Restricted and Performance Awards (Details) - $ / shares shares in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested awards outstanding, beginning balance (in shares)	3.4
Granted (in shares)	2.5
Vested (in shares)	(1.2)
Canceled/forfeited (in shares)	(0.4)
Non-vested awards outstanding, ending balance (in shares)	4.3	3.4
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Non-vested awards outstanding, weighted average exercise price, beginning balance	$ 112.69
Granted, weighted average exercise price	92.24	$ 92.86	$ 151.20
Vested, weighted average exercise price	117.84
Canceled/forfeited, weighted average exercise price	121.22
Non-vested awards outstanding, weighted average exercise price, ending balance	$ 98.51	$ 112.69

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Current assets:
Receivables, allowance for credit loss	$ 0.9	$ 0.8
Stockholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized	25.0	25.0
Preferred stock, shares issued	0.0	0.0
Common stock, par value (in dollars per share)	$ 0.25	$ 0.25
Common stock, shares authorized	525.0	525.0
Common stock, shares issued	159.9	159.5
Common stock, shares outstanding	159.9	159.5

Earnings Per Share

12 Months Ended

Sep. 27, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

13. EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share amounts):


	Fiscal Years Ended
	September 27, 2024		September 29, 2023		September 30, 2022
Net income	$	596.0	$	982.8	$	1,275.2

Weighted average shares outstanding – basic	160.1		159.4		162.4
Dilutive effect of equity-based awards	1.4		0.9		0.9
Weighted average shares outstanding – diluted	161.5		160.3		163.3

Net income per share – basic	$	3.72	$	6.17	$	7.85
Net income per share – diluted	$	3.69	$	6.13	$	7.81

Anti-dilutive common stock equivalents	—		0.1		0.7

Basic earnings per share are calculated by dividing net income by the weighted average number of shares of the Company’s common stock outstanding during the period. The calculation of diluted earnings per share includes the dilutive effect of equity-based awards that were outstanding during fiscal 2024, fiscal 2023, and fiscal 2022, using the treasury stock method. Shares issuable upon the vesting of performance stock awards are likewise included in the calculation of diluted earnings per share as of the date the condition(s) have been satisfied, assuming the end of the reporting period was the end of the contingency period. Certain of the Company’s outstanding share-based awards, noted in the table above, were excluded because they were anti-dilutive, but they could become dilutive in the future.

Income Taxes, Changes in Unrecognized Tax Benefits (Details) $ in Millions	12 Months Ended
	Sep. 27, 2024 USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, beginning balance	$ 57.9
Increases based on positions related to prior years	18.4
Decreases based on positions related to prior years	(7.7)
Increases based on positions related to current year	7.9
Decreases based on expirations of statute of limitations	(8.1)
Decreases based on settlements with taxing authorities	(6.1)
Unrecognized tax benefits, ending balance	$ 62.3

Stockholders' Equity (Tables)

12 Months Ended

Sep. 27, 2024

Stockholders' Equity Note [Abstract]

Dividends Declared

Dividends charged to retained earnings were as follows (in millions, except per share data):


	Fiscal Years Ended
	September 27, 2024				September 29, 2023
	Per Share		Total Amount		Per Share		Total Amount
First quarter	$	0.68	$	108.9	$	0.62	$	99.4
Second quarter	0.68		109.1		0.62		98.6
Third quarter	0.68		109.1		0.62		98.7
Fourth quarter	0.70		112.0		0.68		108.5
Total dividends	$	2.74	$	439.1	$	2.54	$	405.2

Share-Based Compensation, Outstanding Awards Activity

The following table represents a summary of the Company’s restricted and performance awards and units:


	Shares (in millions)	Weighted Average Grant Date Fair Value
Non-vested awards outstanding at September 29, 2023	3.4	$	112.69
Granted (1)	2.5	$	92.24
Vested	(1.2)	$	117.84
Canceled/forfeited	(0.4)	$	121.22
Non-vested awards outstanding at September 27, 2024	4.3	$	98.51

(1) Includes performance stock awards granted and earned assuming target performance under the underlying performance metrics.

Share-Based Compensation, Aggregate Intrinsic Value, Awards Vested

The following table summarizes the total intrinsic value for awards vested (in millions):


	Fiscal Years Ended
	September 27, 2024		September 29, 2023		September 30, 2022
Awards	$	111.8	$	111.9	$	249.6

Share-Based Compensation, Expensed and Capitalized

The following table summarizes pre-tax share-based compensation expense by financial statement line item and related tax benefit (in millions):


	Fiscal Years Ended
	September 27, 2024		September 29, 2023		September 30, 2022
Cost of goods sold	$	32.0	$	20.7	$	26.9
Research and development	85.5		94.8		93.8
Selling, general, and administrative	62.8		69.6		74.5
Total share-based compensation	$	180.3	$	185.1	$	195.2

Share-based compensation tax expense (benefit)	$	18.9	$	9.1	$	(20.1)
Capitalized share-based compensation expense at period end	$	10.1	$	14.5	$	6.8

Unrecognized Compensation Cost, Nonvested Awards

The following table summarizes total compensation costs related to unvested share-based awards not yet recognized and the weighted-average period over which it is expected to be recognized as of September 27, 2024:


	Unrecognized Compensation Cost for Unvested Awards (in millions)		Weighted Average Remaining Recognition Period (in years)
Awards	$	253.1	3.2

Share-Based Compensation, Performance Shares, Valuation Assumptions Used

The fair value of these performance stock unit awards was estimated on the date of the grant using a Monte Carlo simulation with the following weighted-average assumptions:


	Fiscal Year Ended
	September 27, 2024		September 29, 2023		September 30, 2022
Volatility of common stock	37.36	%	45.71	%	44.04	%
Average volatility of peer companies	30.95	%	40.74	%	46.28	%
Average correlation coefficient of peer companies	0.54		0.65		0.65
Risk-free interest rate	4.61	%	4.51	%	0.79	%
Dividend yield	3.04	%	2.80	%	1.40	%

Leases, Operating Lease Liabilities, Maturity (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2025	$ 20.0
2026	32.4
2027	31.0
2028	28.4
2029	26.1
Thereafter	102.4
Total lease payments	240.3
Less: imputed interest	(34.2)
Present value of lease liabilities	206.1	$ 217.0
Less: current portion (included in other current liabilities)	20.2	28.3
Long-term operating lease liabilities	$ 185.9	$ 188.7

Stockholders' Equity, Valuation Assumptions Used in Calculating Performance Awards (Details) - Performance shares	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility of common stock	37.36%	45.71%	44.04%
Average volatility of peer companies	30.95%	40.74%	46.28%
Average correlation coefficient of peer companies	0.54	0.65	0.65
Risk-free interest rate	4.61%	4.51%	0.79%
Dividend yield	3.04%	2.80%	1.40%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Leases

12 Months Ended

Sep. 27, 2024

Leases [Abstract]

LEASES

10. LEASES

The Company’s lease arrangements consist primarily of corporate, manufacturing, design, and other facility agreements as well as various machinery and office equipment agreements. The leases expire at various dates through 2061, some of which include options to extend the lease term. The longest potential remaining lease term consists of a 37 year land lease in Osaka, Japan.

During fiscal 2024, fiscal 2023, and fiscal 2022, the Company recorded $35.5 million, $39.8 million, and $43.6 million of operating lease expense, and $20.6 million, $19.2 million, and $12.3 million of variable lease expense, respectively.

Supplemental cash information and non-cash activities related to operating leases are as follows (in millions):


	Fiscal Year Ended
	September 27, 2024		September 29, 2023		September 30, 2022
Operating cash outflows from operating leases	$	35.4	$	34.0	$	32.0
Operating lease assets obtained in exchange for new lease liabilities	$	16.2	$	11.1	$	84.6

Operating leases are classified as follows (in millions):


	As of
	September 27, 2024		September 29, 2023
Other current liabilities	$	20.2	$	28.3
Long-term operating lease liabilities	185.9		188.7
Total lease liabilities	$	206.1	$	217.0

Maturities of lease liabilities under operating leases by fiscal year are as follows (in millions):


	As of
	September 27, 2024
2025	$	20.0
2026	32.4
2027	31.0
2028	28.4
2029	26.1
Thereafter	102.4
Total lease payments	240.3
Less: imputed interest	(34.2)
Present value of lease liabilities	206.1
Less: current portion (included in other current liabilities)	(20.2)
Long-term operating lease liabilities	$	185.9

Weighted-average remaining lease term and discount rate related to operating leases are as follows:


	As of
	September 27, 2024		September 29, 2023
Weighted-average remaining lease term (in years)	11.9		12.3
Weighted-average discount rate	3.7	%	3.6	%

Marketable Securities (Details) - USD ($) $ in Millions	12 Months Ended
Marketable Securities (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Debt Securities, Available-for-sale [Line Items]
Marketable securities, noncurrent, maximum contractual maturity	2 years
Current assets
Debt Securities, Available-for-sale [Line Items]
Marketable securities, current	$ 194.1	$ 15.6
Noncurrent assets
Debt Securities, Available-for-sale [Line Items]
Marketable securities, noncurrent	11.4	4.1
U.S. Treasury and government securities \| Current assets
Debt Securities, Available-for-sale [Line Items]
Marketable securities, current	39.0	15.1
U.S. Treasury and government securities \| Noncurrent assets
Debt Securities, Available-for-sale [Line Items]
Marketable securities, noncurrent	11.1	4.1
Corporate bonds and notes \| Current assets
Debt Securities, Available-for-sale [Line Items]
Marketable securities, current	155.0	0.0
Corporate bonds and notes \| Noncurrent assets
Debt Securities, Available-for-sale [Line Items]
Marketable securities, noncurrent	0.3	0.0
Municipal bonds \| Current assets
Debt Securities, Available-for-sale [Line Items]
Marketable securities, current	0.1	0.5
Municipal bonds \| Noncurrent assets
Debt Securities, Available-for-sale [Line Items]
Marketable securities, noncurrent	$ 0.0	$ 0.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Leases (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Leases [Abstract]
Longest remaining lease term	37 years
Operating lease expense	$ 35.5	$ 39.8	$ 43.6
Variable lease expense	$ 20.6	$ 19.2	$ 12.3

Property, Plant, And Equipment, Net

12 Months Ended

Sep. 27, 2024

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT, AND EQUIPMENT, NET

6. PROPERTY, PLANT, AND EQUIPMENT, NET

Property, plant, and equipment, net consists of the following (in millions):


	As of
	September 27, 2024		September 29, 2023
Land and improvements	$	11.9	$	11.8
Buildings and improvements	610.2		588.2
Furniture and fixtures	81.3		74.8
Machinery and equipment	3,418.0		3,389.3
Construction in progress	88.7		107.6
Total property, plant, and equipment, gross	4,210.1		4,171.7
Accumulated depreciation	(2,929.8)		(2,781.6)
Total property, plant, and equipment, net	$	1,280.3	$	1,390.1

Income Taxes (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Income Taxes [Line Items]
US federal statutory income tax rate	21.00%	21.00%	21.00%
Deemed repatriation tax, liability, current	$ 46.1	$ 34.9
Deemed repatriation tax, liability, noncurrent	$ 57.0	105.8
Income tax holiday, Singapore	September 30, 2030
Impact of income tax holiday, Singapore	$ 67.7	$ 66.0	$ 96.6
Impact of income tax holiday on diluted earnings per share, Singapore (in dollars per share)	$ 0.42	$ 0.41	$ 0.59
Valuation allowance, amount	$ 174.1	$ 164.2
Tax benefit to recognize if valuation allowance is reversed	174.1
Future taxable income needed to utilize deferred tax assets	1,200.0
Valuation allowance, increase (decrease), amount	9.9
Total unrecognized tax benefits that would impact the effective tax rate	47.3
Change in unrecognized tax benefits, amount of unrecorded benefit	5.7
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	5.5	2.9	$ 1.2
Unrecognized tax benefits, income tax penalties and interest accrued	11.7	6.2
Adjustments to previous tax returns		$ 1.6
US federal and state
Income Taxes [Line Items]
Valuation allowance, amount	155.4
Foreign
Income Taxes [Line Items]
Valuation allowance, amount	$ 18.7
United States
Income Taxes [Line Items]
Open tax year	2021
California
Income Taxes [Line Items]
Open tax year	2004
Canada
Income Taxes [Line Items]
Open tax year	2017
Mexico
Income Taxes [Line Items]
Open tax year	2014
Japan
Income Taxes [Line Items]
Open tax year	2017
Singapore
Income Taxes [Line Items]
Open tax year	2017

Inventory (Tables)

12 Months Ended

Sep. 27, 2024

Inventory, Net [Abstract]

Inventory

Inventory consists of the following (in millions):


	As of
	September 27, 2024		September 29, 2023
Raw materials	$	30.3	$	57.2
Work-in-process	520.5		746.8
Finished goods	234.0		315.7
Total inventory	$	784.8	$	1,119.7

Basis of Presentation And Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Sep. 27, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation All Skyworks subsidiaries are included in the Company’s consolidated financial statements and all intercompany balances are eliminated in consolidation. Certain items in the fiscal years 2023 and 2022 financial statements, including certain account groupings in the tax reconciliation disclosure, deferred tax disclosure, and the Consolidated Statements of Stockholders’ Equity, have been reclassified to conform to the fiscal 2024 presentation.
Fiscal Year	Fiscal Year The Company’s fiscal year ends on the Friday closest to September 30. The fiscal year ended on September 27, 2024 (“fiscal 2024”), the fiscal year ended on September 29, 2023 (“fiscal 2023”), and the fiscal year ended on September 30, 2022 (“fiscal 2022”), each consisted of 52 weeks.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, revenue, expenses, comprehensive income, and accumulated other comprehensive loss that are reported during the reporting period. The Company evaluates its estimates on an ongoing basis using historical experience and other factors, including the current economic environment. Judgment is required in determining the reserves for, and fair value of, items such as overall fair value assessments of assets and liabilities, particularly those classified as Level 2 or Level 3 in the fair value hierarchy, marketable securities, inventory, intangible assets associated with business combinations, share-based compensation, revenue reserves, loss contingencies, and income taxes. In addition, judgment is required in determining whether a potential indicator of impairment of long-lived assets, indefinite-lived intangible assets, and goodwill exists and in estimating future cash flows for any necessary impairment testing. Actual results could differ significantly from these estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company invests excess cash in money market funds, U.S. Treasury and government securities, and corporate bonds and notes. The Company considers highly liquid investments as cash equivalents including money market funds and investments with maturities of 90 days or less when purchased.
Investments	Investments The Company classifies its investment in marketable debt securities as “available-for-sale.” Available-for-sale securities are carried at fair value with unrealized holding gains or losses recorded in other comprehensive income, net of tax. Gains or losses are included in earnings in the period in which they are realized. The cost of securities sold is determined based on the specific identification method. The cost of available-for-sale debt securities is adjusted for premiums and discounts, with the amortization or accretion of such amounts included as a portion of interest. Available-for-sale debt securities with an original maturity date greater than three months and less than one year are classified as current investments. Available-for-sale debt securities with an original maturity date exceeding one year are classified as long-term.
Fair Value	Fair Value Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principle or most advantageous market in an orderly transaction between market participants at the measurement date. Applicable accounting guidance provides a hierarchy for inputs used in measuring fair value that prioritize the use of observable inputs over the use of unobservable inputs, when such observable inputs are available. The three levels of inputs that may be used to measure fair value are as follows: •Level 1 - Quoted prices in active markets for identical assets or liabilities. •Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data. •Level 3 - Fair value is derived from valuation techniques in which one or more significant inputs are unobservable, including assumptions and judgments made by the Company. It is the Company’s policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements. When available, the Company uses quoted market prices to measure fair value. If market prices are not available, the Company is required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument. The Company measures certain assets and liabilities at fair value on a recurring basis in three levels, based on the market in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. It recognizes transfers within the fair value hierarchy at the end of the fiscal quarter in which the change in circumstances that caused the transfer occurred. The carrying value of cash and cash equivalents, accounts receivable, other current assets, accounts payable, and accrued liabilities approximates fair value due to the short-term maturities of these assets and liabilities.
Inventory	Inventory Inventory is stated at the lower of cost or net realizable value on a first-in, first-out basis. Reserves for excess and obsolete inventory are established on a quarterly basis and are based on a detailed analysis of aged material, salability of our inventory, market conditions, and product life cycles. Once reserves are established, write-downs of inventory are considered permanent adjustments to the cost basis of inventory.
Property, Plant, and Equipment	Property, Plant, and Equipment Property, plant, and equipment are carried at cost less accumulated depreciation, with significant renewals and betterments being capitalized and retired equipment written off in the respective periods. Maintenance and repairs are expensed as incurred. Depreciation is calculated using the straight-line method over the estimated useful lives, which range from five to forty years for buildings and improvements and from seven to ten years for machinery and equipment. Leasehold improvements are depreciated over the lesser of the economic life or the life of the associated lease.
Change in Accounting Estimate, Useful Lives	During fiscal 2024, the Company changed its accounting estimate for the expected useful lives of certain machinery and equipment. The Company evaluated its current asset base and reassessed the estimated useful lives of certain machinery and equipment in connection with its recent usage of older equipment, including considering the technological and physical obsolescence of such machinery and equipment. Based on its ability to re-use equipment across generations of process technologies and historical usage trends, the Company determined that the expected useful lives for certain machinery and equipment should be increased by up to two years to reflect more closely the estimated economic lives of those assets. This change in estimate was applied prospectively effective during the first quarter of fiscal 2024 and resulted in a decrease in depreciation expense of $75.4 million during fiscal 2024. This benefit decreased cost of goods sold by $25.8 million and decreased research and development expenses by $9.8 million during fiscal 2024, and decreased ending inventory by $39.8 million as of September 27, 2024. As a result of this change in accounting estimate, net income increased by $35.6 million and diluted earnings per share increased by $0.22 during fiscal 2024.
Leases	Leases The Company determines if an arrangement is a lease at its inception. Right-of-use (“ROU”) assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate in determining the present value of lease payments considering the term of the lease, which is derived from information available at the lease commencement date. The lease term includes renewal options when it is reasonably certain that the option will be exercised and excludes termination options. To the extent that the Company’s agreements have variable lease payments, the Company includes variable lease payments that depend on an index or a rate and excludes those that depend on facts or circumstances occurring after the commencement date, other than the passage of time. Lease expense for these leases is recognized on a straight-line basis over the lease term. The Company has elected not to recognize ROU assets and lease liabilities that arise from short-term (12 months or less) leases for any class of underlying asset. Operating leases are included in operating lease ROU assets, other current liabilities, and long-term operating lease liabilities in the Company’s Consolidated Balance Sheets.
Valuation of Long-Lived Assets	Valuation of Long-Lived Assets Definite lived intangible assets are carried at cost less accumulated amortization. Amortization is calculated based on the pattern of benefit to be recognized from the underlying asset over its estimated useful life. Carrying values for long-lived assets and definite lived intangible assets are reviewed for possible impairment as circumstances warrant. Factors considered important that could result in an impairment review include significant underperformance relative to expected, historical or projected future operating results, significant changes in the manner of use of assets or the Company’s business strategy, or significant negative industry or economic trends. In addition, impairment reviews are conducted at the judgment of management whenever asset values are deemed to be unrecoverable relative to future undiscounted cash flows expected to be generated by that particular asset group. The determination of recoverability is based on an estimate of undiscounted cash flows expected to result from the use of an asset group and its eventual disposition. Such estimates require management to exercise judgment and make assumptions regarding factors such as future revenue streams, operating expenditures, cost allocation and asset utilization levels, all of which collectively impact future operating performance. The Company’s estimates of undiscounted cash flows may differ from actual cash flows due to, among other things, technological changes, economic conditions, changes to its business model, or changes in its operating performance. If the sum of the undiscounted cash flows is less than the carrying value of an asset group, the Company would recognize an impairment loss, measured as the amount by which the carrying value exceeds the fair value of the asset group.
Goodwill and Indefinite-Lived Intangible Assets	Goodwill and Indefinite-Lived Intangible Assets Goodwill and indefinite-lived intangible assets are not amortized but are tested at least annually as of the first day of the fourth fiscal quarter for impairment or more frequently if indicators of impairment exist during the fiscal year. The Company assesses its conclusion regarding segments and reporting units in conjunction with its annual goodwill impairment test and has determined that it has one reporting unit for the purposes of allocating and testing goodwill. The Company’s impairment analysis compares its fair value to its net book value to determine if there is an indicator of impairment. In the Company’s calculation of fair value, it considers the closing price of its common stock on the selected testing date, the number of shares of its common stock outstanding and other marketplace activity such as a related control premium. If the calculated fair value is determined to be less than the book value of the reporting unit, an impairment loss is recognized equal to that excess; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit.
Business Combinations	Business Combinations The Company uses the acquisition method of accounting for business combinations and recognizes assets acquired and liabilities assumed at their fair values on the date acquired. Goodwill represents the excess of the purchase price over the fair value of the acquired identifiable net assets. The fair values of the assets and liabilities acquired are determined based upon the Company’s valuation using a combination of market, income, or cost approaches. The valuation involves making significant estimates and assumptions, which are based on detailed financial models including the projection of future cash flows, the weighted average cost of capital, and any cost savings that are expected to be derived in the future from the viewpoint of a market participant.
Revenue Recognition	Revenue Recognition The Company derives its revenue primarily from the sale of semiconductor products under individual customer purchase orders, some of which have underlying master sales agreements that specify terms governing the product sales. In the absence of a sales agreement, the Company’s standard terms and conditions apply. Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company applies a five-step approach as defined in FASB ASC 606, Revenue from Contracts with Customers (Topic 606), in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the corresponding performance obligation is satisfied. Each distinct promise to transfer products is considered to be an identified performance obligation for which revenue is recognized at a point in time upon transfer of control of the products to the customer. Transfer of control occurs upon shipment to the distributor or direct customer or when products are pulled from consignment inventory by the customer. Point in time recognition is determined as products manufactured under non-cancellable orders create an asset with an alternative use to the Company. Returns under the Company’s general assurance warranty of products have not been material, and warranty-related services are not considered a separate performance obligation. Pricing adjustments and estimates of returns are treated as variable consideration for purposes of determining the transaction price. Sales returns are generally accepted at the Company’s discretion or from distributors with stock rotation rights. Stock rotation allows distributors limited levels of returns and is based on the distributor’s prior purchases. Price protection represents price discounts granted to certain distributors and is based on negotiations on sales to end customers. Variable consideration is estimated using the expected value method considering all reasonably available information, including the Company’s historical experience and its current expectations, and is reflected in the transaction price when sales are recorded. The Company records net revenue excluding taxes on its sales to trade customers. The Company recognizes shipping fees, if any, received from customers in revenue and includes the related shipping and handling costs in cost of revenue. Accounts receivable represents the Company’s unconditional right to receive consideration from its customer. Substantially all payments are collected within the Company’s standard terms, which do not include a significant financing component. To date, there have been no material impairment losses on accounts receivable. There were no material contract assets or contract liabilities recorded on the Consolidated Balance Sheet in any of the periods presented. All incremental customer contract acquisition costs are expensed as they are incurred as the amortization period of the asset that the Company otherwise would have recognized is one year or less in duration.
Share-Based Compensation	Share-Based Compensation The Company recognizes compensation expense for all share-based payment awards made to employees and directors including non-qualified employee stock options, share awards and units, employee stock purchase plan, and other special share-based awards based on estimated fair values. The determination of fair value of restricted and certain performance stock awards and units is based on the value of the Company’s stock on the date of grant with performance awards and units adjusted for the actual outcome of the underlying performance condition. For more complex performance awards including units with market-based performance conditions the Company employs a Monte Carlo simulation valuation method to calculate the fair value of the awards based on the most likely outcome. Under the Monte Carlo simulation, a number of variables and assumptions are used including, but not limited to: the expected stock price volatility over the term of the award, a correlation coefficient, the risk-free rate, and dividend yield. The fair value of share-based payment awards is amortized over the requisite service period, which is defined as the period during which an employee is required to provide service in exchange for an award. The Company generally uses a straight-line attribution method for all grants that include only a service condition. Awards with both performance and service conditions are expensed over the service period for each separately vesting tranche. Share-based compensation expense recognized during the period includes actual expense on vested awards and expense associated with unvested awards. Forfeitures are recorded as incurred.
Research and Development Costs	Research and Development Costs Research and development costs are expensed as incurred.
Loss Contingencies	Loss Contingencies The Company records its best estimates of a loss contingency when it is considered probable and the amount can be reasonably estimated. When a range of loss can be reasonably estimated with no best estimate in the range, the minimum estimated liability related to the claim is recorded. As additional information becomes available, the Company assesses the potential liability related to the potential pending loss contingency and revises its estimates. Material loss contingencies are disclosed if there is at least a reasonable possibility that a loss or an additional loss may have been incurred and include estimated legal costs.
Restructuring	Restructuring A liability for post-employment benefits is recorded when payment is probable and the amount is reasonably estimable. Contract exit costs include contract termination fees and are recognized in the period in which the Company terminates the contract.
Foreign Currencies	Foreign Currencies The Company’s functional currency is the United States dollar. Gains and losses related to foreign currency transactions and conversion of foreign denominated cash balances are included in current results.
Income Tax	Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. This method also requires the recognition of future tax benefits such as net operating loss carry forwards, to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The carrying value of the Company’s net deferred tax assets assumes the Company will be able to generate sufficient future taxable income in certain tax jurisdictions, based on estimates and assumptions. This assessment requires management to exercise judgment and make estimates with respect to its ability to generate revenues, gross profits, operating income, and taxable income in future periods. Amongst other factors, management must make assumptions regarding overall business and semiconductor industry conditions, operating efficiencies, the Company’s ability to develop products to its customers’ specifications, technological change, the competitive environment, and changes in regulatory requirements which may impact its ability to generate taxable income and, in turn, realize the value of its deferred tax assets. If these estimates and related assumptions change in the future, the Company may be required to record additional valuation allowances against its deferred tax assets resulting in additional income tax expense in its Consolidated Statement of Operations. Management evaluates the realizability of the deferred tax assets and assesses the adequacy of the valuation allowance quarterly. Likewise, in the event the Company were to determine that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, an adjustment to the deferred tax assets would increase income in the period such determination was made. The calculation of the Company’s tax liabilities includes addressing uncertainties in the application of complex tax regulations and is based on the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company recognizes liabilities for anticipated tax audit issues in the United States and other tax jurisdictions based on its recognition threshold and measurement attribute of whether it is more likely than not that the positions the Company has taken in tax filings will be sustained upon tax audit, and the extent to which, additional taxes, interest, and/or penalties would be due. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period in which it is determined the liabilities are no longer necessary. If the estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result. The Company recognizes any interest or penalties, if incurred, on any unrecognized tax liabilities or benefits as a component of income tax expense.
Earnings Per Share	Earnings Per Share Basic earnings per share are computed using the weighted average number of common shares outstanding during the period. Diluted earnings per share incorporates the potentially dilutive incremental shares issuable upon the assumed exercise of stock options, the assumed vesting of outstanding restricted stock units, and the assumed issuance of common stock under the stock purchase plan using the treasury share method. Shares issuable upon the vesting of performance stock awards are likewise included in the calculation of diluted earnings per share as of the date the conditions have been satisfied, assuming the end of the reporting period was the end of the contingency period.
Stock Repurchase	Stock Repurchase The Company accounts for stock repurchases in the Consolidated Balance Sheets by reducing common stock for the par value of the shares, reducing paid-in capital for the amount in excess of par to zero during the period in which the shares are repurchased, and recording the residual amount, if any, to retained earnings. Excise tax on stock repurchases is recorded as part of the cost basis of shares acquired in the Consolidated Statements of Stockholders’ Equity.
Government Assistance	Government Assistance The Company receives government assistance for qualifying capital investments, research and development, and other activities as defined by the relevant government entities awarding the incentive. Incentives provided by government entities are recognized when the Company has reasonable assurance that it will comply with the conditions of the incentive and the incentive will be received. The Company records capital-related incentives as a reduction to property, plant and equipment and recognizes a reduction to depreciation expense over the useful life of the corresponding asset. Incentives for specific operating activities are offset against the related expense in the period the expense is incurred. In August 2022, the U.S. government enacted the CHIPS and Science Act, which provides funding for manufacturing grants and research investments and establishes a 25% investment tax credit for certain investments in U.S. semiconductor manufacturing that are placed in service after December 31, 2022. As of September 27, 2024 and September 29, 2023, there were $6.2 million and $10.2 million, respectively, of receivables in other short-term assets with a corresponding reduction to the carrying amounts of the qualifying manufacturing assets. During fiscal 2024 and fiscal 2023, cost of goods sold benefited by $1.2 million and $0.2 million, respectively, from the investment tax credit, recognized as a reduction of depreciation expense. The Company recognized an immaterial benefit in the Consolidated Statements of Operations in fiscal 2024, fiscal 2023, and fiscal 2022 for grants related to operating activities.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure” (“ASU 2023-07”). ASU 2023-07 requires disclosure of incremental segment information on an annual and interim basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-07 on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, on either a prospective or retrospective basis, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements and related disclosures.

Description Of Business	12 Months Ended
Description Of Business	Sep. 27, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS Skyworks Solutions, Inc., together with its consolidated subsidiaries (“Skyworks” or the “Company”), is a leading developer, manufacturer and provider of analog and mixed-signal semiconductor products and solutions for numerous applications, including aerospace, automotive, broadband, cellular infrastructure, connected home, defense, entertainment and gaming, industrial, medical, smartphone, tablet, and wearables.

Fair Value, Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt under Senior Notes	$ 994.3	$ 992.9
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt, fair value	919.6	834.9
2026 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes, noncurrent	498.5	497.7
2026 Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	478.4	444.5
2031 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes, noncurrent	495.8	495.2
2031 Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 441.2	$ 390.4

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Paragraph 2
-Subparagraph (bbb)(2)(i)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 69B
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

Stockholders' Equity, Summary of Total Intrinsic Value (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value, awards vested	$ 111.8	$ 111.9	$ 249.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Leases (Tables)

12 Months Ended

Sep. 27, 2024

Leases [Abstract]

Operating Lease Activity

Supplemental cash information and non-cash activities related to operating leases are as follows (in millions):


	Fiscal Year Ended
	September 27, 2024		September 29, 2023		September 30, 2022
Operating cash outflows from operating leases	$	35.4	$	34.0	$	32.0
Operating lease assets obtained in exchange for new lease liabilities	$	16.2	$	11.1	$	84.6

Operating Lease Liabilities

Operating leases are classified as follows (in millions):


	As of
	September 27, 2024		September 29, 2023
Other current liabilities	$	20.2	$	28.3
Long-term operating lease liabilities	185.9		188.7
Total lease liabilities	$	206.1	$	217.0

Operating Lease Liabilities, Maturity

Maturities of lease liabilities under operating leases by fiscal year are as follows (in millions):


	As of
	September 27, 2024
2025	$	20.0
2026	32.4
2027	31.0
2028	28.4
2029	26.1
Thereafter	102.4
Total lease payments	240.3
Less: imputed interest	(34.2)
Present value of lease liabilities	206.1
Less: current portion (included in other current liabilities)	(20.2)
Long-term operating lease liabilities	$	185.9

Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate

Weighted-average remaining lease term and discount rate related to operating leases are as follows:


	As of
	September 27, 2024		September 29, 2023
Weighted-average remaining lease term (in years)	11.9		12.3
Weighted-average discount rate	3.7	%	3.6	%

Fair Value, Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	$ 1,574.1	$ 738.5
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	1,235.6	718.5
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	338.5	20.0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	0.0	0.0
Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	1,368.6	718.8
Cash and cash equivalents \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	1,199.1	718.5
Cash and cash equivalents \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	169.5	0.3
Cash and cash equivalents \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0.0	0.0
U.S. Treasury and government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	50.1	19.2
U.S. Treasury and government securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	36.5	0.0
U.S. Treasury and government securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	13.6	19.2
U.S. Treasury and government securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0.0	0.0
Corporate bonds and notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	155.3	0.0
Corporate bonds and notes \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0.0	0.0
Corporate bonds and notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	155.3	0.0
Corporate bonds and notes \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0.0	0.0
Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0.1	0.5
Municipal bonds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0.0	0.0
Municipal bonds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0.1	0.5
Municipal bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 0.0	$ 0.0

Marketable Securities (Tables)

12 Months Ended

Sep. 27, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The Company’s portfolio of available-for-sale marketable securities consists of the following (in millions):


	Current				Noncurrent
	September 27, 2024		September 29, 2023		September 27, 2024		September 29, 2023
U.S. Treasury and government securities	$	39.0	$	15.1	$	11.1	$	4.1
Corporate bonds and notes	155.0		—		0.3		—
Municipal bonds	0.1		0.5		—		—
Total marketable securities	$	194.1	$	15.6	$	11.4	$	4.1

Fair Value

12 Months Ended

Sep. 27, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE

4. FAIR VALUE

Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis

The Company measures certain assets and liabilities at fair value on a recurring basis such as its financial instruments. There have been no transfers between Level 1, 2, or 3 assets or liabilities during fiscal 2024.

Assets and liabilities recorded at fair value on a recurring basis consisted of the following (in millions):


	As of
	September 27, 2024								September 29, 2023
			Fair Value Measurements								Fair Value Measurements
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents (1)	$	1,368.6	$	1,199.1	$	169.5	$	—	$	718.8	$	718.5	$	0.3	$	—
U.S. Treasury and government securities	50.1		36.5		13.6		—		19.2		—		19.2		—
Corporate bonds and notes	155.3		—		155.3		—		—		—		—		—
Municipal bonds	0.1		—		0.1		—		0.5		—		0.5		—
Total assets at fair value	$	1,574.1	$	1,235.6	$	338.5	$	—	$	738.5	$	718.5	$	20.0	$	—

(1) Cash equivalents included in Levels 1 and 2 consist of money market funds, corporate bonds and notes, and U.S. Treasury and government securities purchased with less than ninety days until maturity.

Assets Measured and Recorded at Fair Value on a Nonrecurring Basis

The Company’s non-financial assets and liabilities, such as goodwill, intangible assets, and other long-lived assets resulting from business combinations, are measured at fair value using income approach valuation methodologies at the date of acquisition and are subsequently re-measured if there are indicators of impairment. During fiscal 2024, the Company recorded impairment charges of $147.9 million primarily related to the abandonment or delay of previously capitalized in-process research and development (“IPR&D”) projects recorded within impairment, restructuring, and other charges. During fiscal 2023, the Company recorded impairment charges of $64.5 million primarily due to reduced overall market demand related to long-term supply capacity deposits of $47.5 million recorded within cost of goods sold and a loss on divested assets of $12.3 million recorded within impairment, restructuring, and other charges. During fiscal 2022, the Company recorded impairment charges of $20.7 million primarily related to the abandonment of two previously capitalized IPR&D projects recorded within impairment, restructuring, and other charges.

Fair Value of Debt

The Company’s debt is carried at amortized cost and is measured at fair value quarterly for disclosure purposes. The estimated fair values are based on Level 2 inputs as the fair value is based on quoted prices for the Company’s debt and comparable instruments in inactive markets.

The carrying amount and estimated fair value of debt consists of the following (in millions):


	As of
	September 27, 2024				September 29, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
1.80% Senior Notes due 2026	$	498.5	$	478.4	$	497.7	$	444.5
3.00% Senior Notes due 2031	495.8		441.2		495.2		390.4
Total debt under Senior Notes	$	994.3	$	919.6	$	992.9	$	834.9

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
-Subparagraph (h)
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+ Details

Property, Plant, And Equipment, Net (Tables)

12 Months Ended

Sep. 27, 2024

Property, Plant and Equipment [Abstract]

Property, Plant, And Equipment, Net

Property, plant, and equipment, net consists of the following (in millions):


	As of
	September 27, 2024		September 29, 2023
Land and improvements	$	11.9	$	11.8
Buildings and improvements	610.2		588.2
Furniture and fixtures	81.3		74.8
Machinery and equipment	3,418.0		3,389.3
Construction in progress	88.7		107.6
Total property, plant, and equipment, gross	4,210.1		4,171.7
Accumulated depreciation	(2,929.8)		(2,781.6)
Total property, plant, and equipment, net	$	1,280.3	$	1,390.1

Goodwill and Intangible Assets, Intangible Assets Excluding Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (589.5)	$ (415.4)
Total intangible assets, gross carrying amount	1,490.0	1,637.5
Total intangible assets, net carrying amount	$ 900.5	1,222.1
Developed technology and other
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period (years)	6 years 3 months 18 days
Finite-lived intangible assets, gross	$ 1,379.6	1,290.4
Accumulated amortization	(540.7)	(379.4)
Net carrying amount	$ 838.9	911.0
Technology licenses
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period (years)	3 years 1 month 6 days
Finite-lived intangible assets, gross	$ 75.0	75.8
Accumulated amortization	(48.8)	(36.0)
Net carrying amount	26.2	39.8
In-process research and development
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, gross	35.4	271.3
Accumulated amortization	0.0	0.0
Net carrying amount	$ 35.4	$ 271.3

Stockholders' Equity, Employee Stock Benefit Plans (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	45.4
Shares available for grant (in shares)	14.7
Share-based compensation expense	$ 180.3	$ 185.1	$ 195.2
Stock compensation plan \| Long-Term Incentive Plan 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	30.5
Shares available for grant (in shares)	11.6
Stock compensation plan \| Director Long-Term Incentive Plan 2008
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	1.5
Shares available for grant (in shares)	0.5
Stock options \| Long-Term Incentive Plan 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual life maximum	7 years
Vesting period	4 years
Stock options \| Director Long-Term Incentive Plan 2008
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual life maximum	10 years
Vesting period	4 years
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost for unvested awards	$ 253.1
Weighted average remaining recognition period	3 years 2 months 12 days
Restricted stock \| Long-Term Incentive Plan 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Restricted stock \| Director Long-Term Incentive Plan 2008
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Performance shares \| Long-Term Incentive Plan 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Employee stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	13.5
Shares available for grant (in shares)	2.6
Employee contributions to ESPP	15.00%
Percent of market price	85.00%
ESPP shares issued (in shares)	0.4	0.3	0.3
Share-based compensation expense	$ 10.1	$ 10.9	$ 9.2
Unrecognized compensation cost for unvested awards	$ 4.4
Weighted average remaining recognition period	4 months

Segment Information And Concentrations

12 Months Ended

Sep. 27, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION AND CONCENTRATIONS

14. SEGMENT INFORMATION AND CONCENTRATIONS

The Company has a single reportable operating segment which designs, develops, manufactures, and markets similar proprietary semiconductor products, including intellectual property. In reaching this conclusion, management considers the definition of the chief operating decision maker (“CODM”), how the business is defined by the CODM, the nature of the information provided to the CODM, and how that information is used to make operating decisions, allocate resources, and assess performance. The Company’s CODM is the president and chief executive officer. The results of operations provided to and analyzed by the CODM are at the consolidated level and accordingly, key resource decisions and assessment of performance are performed at the consolidated level. The Company assesses its determination of operating segments at least annually.

Disaggregation of Revenue and Geographic Information

The Company presents net revenue by geographic area, based upon the location of the OEMs’ headquarters, and by sales channel, as it believes that doing so best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Individually insignificant OEMs are presented based upon the location of the Company’s direct customer, which is typically a distributor.

Net revenue by geographic area is as follows (in millions):


	Fiscal Years Ended
	September 27, 2024		September 29, 2023		September 30, 2022
United States	$	3,202.2	$	3,603.9	$	3,685.7
Taiwan	317.5		344.4		430.4
China	303.4		358.3		599.6
South Korea	203.9		198.3		458.2
Europe, Middle East, and Africa	114.5		204.2		235.8
Other Asia-Pacific	36.5		63.3		75.8
Total net revenue	$	4,178.0	$	4,772.4	$	5,485.5

Net revenue by sales channel is as follows (in millions):


	Fiscal Years Ended
	September 27, 2024		September 29, 2023		September 30, 2022
Distributors	$	3,622.6	$	4,235.7	$	4,488.1
Direct customers	555.4		536.7		997.4
Total net revenue	$	4,178.0	$	4,772.4	$	5,485.5

The Company’s revenue from external customers is generated principally from the sale of semiconductor products. Accordingly, the Company considers its product offerings to be similar in nature and therefore not segregated for reporting purposes.

Property, plant, and equipment, net based on the physical locations within the indicated geographic areas are as follows (in millions):


	As of
	September 27, 2024		September 29, 2023
Japan	$	526.1	$	606.4
Singapore	250.2		307.5
Mexico	244.2		233.1
United States	234.7		219.7
Rest of world	25.1		23.4
Total property, plant, and equipment, net	$	1,280.3	$	1,390.1

Concentrations

Financial instruments that potentially subject the Company to concentration of credit risk consist principally of trade accounts receivable. Trade accounts receivable are primarily derived from sales to manufacturers of communications and consumer products and electronic component distributors. The Company performs ongoing credit evaluations of customers.

During fiscal 2024, fiscal 2023, and fiscal 2022, Apple, through sales to multiple distributors, contract manufacturers, and direct sales for multiple applications including smartphones, tablets, desktop, and notebook computers, watches and other devices, in the aggregate accounted for 69%, 66%, and 58% of the Company’s net revenue, respectively.

The Company’s three largest accounts receivable balances comprised 80% and 83% of aggregate gross accounts receivable as of September 27, 2024 and September 29, 2023, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net revenue	$ 4,178.0	$ 4,772.4	$ 5,485.5
Cost of goods sold	2,457.2	2,665.1	2,881.2
Gross profit	1,720.8	2,107.3	2,604.3
Operating expenses:
Research and development	631.7	606.8	617.9
Selling, general, and administrative	300.8	314.0	329.8
Amortization of intangibles	0.9	33.2	98.9
Impairment, restructuring, and other charges	150.0	28.3	30.7
Total operating expenses	1,083.4	982.3	1,077.3
Operating income	637.4	1,125.0	1,527.0
Interest expense	(30.7)	(64.4)	(47.9)
Other income (expense), net	29.7	18.2	(2.5)
Income before income taxes	636.4	1,078.8	1,476.6
Provision for income taxes	40.4	96.0	201.4
Net income	$ 596.0	$ 982.8	$ 1,275.2
Earnings per share:
Basic (in dollars per share)	$ 3.72	$ 6.17	$ 7.85
Diluted (in dollars per share)	$ 3.69	$ 6.13	$ 7.81
Weighted average shares:
Basic (in shares)	160.1	159.4	162.4
Diluted (in shares)	161.5	160.3	163.3
Common stock, dividends declared (in dollars per share)	$ 2.74	$ 2.54

Income Taxes, Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Current tax expense:
Federal	$ 79.0	$ 164.4	$ 88.7
State	0.2	0.1	0.1
Foreign	60.8	74.4	51.5
Current income tax expense	140.0	238.9	140.3
Deferred tax expense (benefit):
Federal	(120.5)	(102.4)	43.9
State	(0.5)	(0.1)	0.1
Foreign	21.4	(40.4)	17.1
Deferred income tax expense	(99.6)	(142.9)	61.1
Provision for income taxes	$ 40.4	$ 96.0	$ 201.4

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 596.0	$ 982.8	$ 1,275.2
Other comprehensive income (loss), net of tax:
Fair value of investments	0.2	0.0	(0.2)
Pension adjustments	(0.2)	(0.8)	3.3
Comprehensive income	$ 596.0	$ 982.0	$ 1,278.3

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, ending balance	$ 2,176.7	$ 2,176.7
Goodwill, impairment loss	0.0
Finite-Lived Intangible Assets [Line Items]
Asset impairment charges	147.9	64.5	$ 20.7
Completed and transferred in-process research and development	89.1
Amortization of intangible assets	186.5	225.9	288.4
In-process research and development
Finite-Lived Intangible Assets [Line Items]
Asset impairment charges	146.7	$ 0.0	$ 20.7
In-process research and development - 12 years
Finite-Lived Intangible Assets [Line Items]
Completed and transferred in-process research and development	$ 33.4
Finite-lived intangible assets, useful life	12 years
In-process research and development - 8 years
Finite-Lived Intangible Assets [Line Items]
Completed and transferred in-process research and development	$ 55.7
Finite-lived intangible assets, useful life	8 years

Goodwill and Intangible Assets (Tables)

12 Months Ended

Sep. 27, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets Excluding Goodwill

Intangible assets consist of the following (in millions):


		As of
	Weighted Average Amortization Period (Years)	September 27, 2024						September 29, 2023
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed technology and other	6.3	$	1,379.6	$	(540.7)	$	838.9	$	1,290.4	$	(379.4)	$	911.0
Technology licenses	3.1	75.0		(48.8)		26.2		75.8		(36.0)		39.8
In-process research and development		35.4		—		35.4		271.3		—		271.3
Total intangible assets		$	1,490.0	$	(589.5)	$	900.5	$	1,637.5	$	(415.4)	$	1,222.1

Expected Annual Amortization Expense Related to Intangible Assets for the Next Five Years

Annual amortization expense for the next five fiscal years related to definite-lived intangible assets, excluding IPR&D, is expected to be as follows (in millions):


	2025		2026		2027		2028		2029		Thereafter
Amortization expense	$	168.7	$	140.4	$	124.4	$	100.2	$	86.9	$	244.5

Stockholders' Equity, Unrecognized Compensation Costs Related to Unvested Awards (Details) - Restricted stock $ in Millions	12 Months Ended
	Sep. 27, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost for unvested awards	$ 253.1
Weighted average remaining recognition period	3 years 2 months 12 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Information And Concentrations (Tables)

12 Months Ended

Sep. 27, 2024

Segment Reporting [Abstract]

Disaggregation of Revenue by Geographic Area

Net revenue by geographic area is as follows (in millions):


	Fiscal Years Ended
	September 27, 2024		September 29, 2023		September 30, 2022
United States	$	3,202.2	$	3,603.9	$	3,685.7
Taiwan	317.5		344.4		430.4
China	303.4		358.3		599.6
South Korea	203.9		198.3		458.2
Europe, Middle East, and Africa	114.5		204.2		235.8
Other Asia-Pacific	36.5		63.3		75.8
Total net revenue	$	4,178.0	$	4,772.4	$	5,485.5

Disaggregation of Revenue by Sales Channel

Net revenue by sales channel is as follows (in millions):


	Fiscal Years Ended
	September 27, 2024		September 29, 2023		September 30, 2022
Distributors	$	3,622.6	$	4,235.7	$	4,488.1
Direct customers	555.4		536.7		997.4
Total net revenue	$	4,178.0	$	4,772.4	$	5,485.5

Property, Plant, and Equipment, Net by Geographic Area

Property, plant, and equipment, net based on the physical locations within the indicated geographic areas are as follows (in millions):


	As of
	September 27, 2024		September 29, 2023
Japan	$	526.1	$	606.4
Singapore	250.2		307.5
Mexico	244.2		233.1
United States	234.7		219.7
Rest of world	25.1		23.4
Total property, plant, and equipment, net	$	1,280.3	$	1,390.1

Commitments And Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Supply Commitment [Line Items]
Asset impairment charges	$ 147.9	$ 64.5	$ 20.7
Recorded Unconditional Purchase Obligation [Line Items]
Prepaid expenses, current	234.8	306.0
Supply capacity deposits
Supply Commitment [Line Items]
Asset impairment charges		47.5
Wafer purchases
Recorded Unconditional Purchase Obligation [Line Items]
Deposits assets, current	141.7	41.7
Prepaid expenses, current	3.0	1.3
Deposits assets, noncurrent	1.3
Prepaid expenses, noncurrent	$ 21.8	$ 16.0

Segment Information And Concentrations (Details)	12 Months Ended
Segment Information And Concentrations (Details)	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Credit concentration risk \| Accounts receivable benchmark
Concentration Risk [Line Items]
Accounts receivable percentage from major customers	80.00%	83.00%
Company A \| Customer concentration risk \| Revenue benchmark
Concentration Risk [Line Items]
Revenue percentage from major customers	69.00%	66.00%	58.00%

Income Taxes, Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
United States	$ 1.9	$ 484.9	$ 663.0
Foreign	634.5	593.9	813.6
Income before income taxes	$ 636.4	$ 1,078.8	$ 1,476.6

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

Document and Entity Information - USD ($) $ / shares in Units, $ in Billions	12 Months Ended
	Sep. 27, 2024	Nov. 07, 2024	Mar. 29, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 27, 2024
Document Transition Report	false
Entity File Number	001-05560
Entity Registrant Name	Skyworks Solutions, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2302115
Entity Address, Address Line One	5260 California Avenue
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92617
City Area Code	(949)
Local Phone Number	231-3000
Title of 12(b) Security	Common Stock, par value $0.25 per share
Trading Symbol	SWKS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 17.3
Entity Common Stock, Shares Outstanding		159,920,649
Entity Listing, Par Value Per Share	$ 0.25
Entity Central Index Key	0000004127
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--09-27

Guarantees and Indemnities	12 Months Ended
Guarantees and Indemnities	Sep. 27, 2024
Guarantees [Abstract]
GUARANTEES AND INDEMNITIES	12. GUARANTEES AND INDEMNITIES The Company has made no significant contractual guarantees for the benefit of third parties. However, the Company generally indemnifies its customers from third-party intellectual property infringement litigation claims related to its products and, on occasion, also provides other indemnities related to product sales. In connection with certain facility leases, the Company has indemnified its lessors for certain claims arising from the facility or the lease. The Company indemnifies its directors and officers to the maximum extent permitted under the laws of the state of Delaware. The duration of the indemnities varies and in many cases is indefinite. The indemnities to customers in connection with product sales generally are subject to limits based upon the amount of the related product sales and in many cases are subject to geographic and other restrictions. In certain instances, the Company’s indemnities do not provide for any limitation of the maximum potential future payments the Company could be obligated to make. The Company has not recorded any liability for these indemnities in the accompanying consolidated balance sheets and does not expect that such obligations will have a material adverse impact on its financial statements.

- Definition

The entire disclosure for each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

+ References + Details

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income	$ 596.0	$ 982.8	$ 1,275.2
Weighted average shares outstanding - basic (in shares)	160.1	159.4	162.4
Dilutive effect of equity-based awards (in shares)	1.4	0.9	0.9
Weighted average shares outstanding - diluted (in shares)	161.5	160.3	163.3
Basic (in dollars per share)	$ 3.72	$ 6.17	$ 7.85
Diluted (in dollars per share)	$ 3.69	$ 6.13	$ 7.81
Anti-dilutive common stock equivalents (in shares)	0.0	0.1	0.7

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Income Taxes

12 Months Ended

Sep. 27, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

8. INCOME TAXES

Income before income taxes consists of the following components (in millions):


	Fiscal Years Ended
	September 27, 2024		September 29, 2023		September 30, 2022
United States	$	1.9	$	484.9	$	663.0
Foreign	634.5		593.9		813.6
Income before income taxes	$	636.4	$	1,078.8	$	1,476.6

The provision for income taxes consists of the following components (in millions):


	Fiscal Years Ended
	September 27, 2024		September 29, 2023		September 30, 2022
Current tax expense:
Federal	$	79.0	$	164.4	$	88.7
State	0.2		0.1		0.1
Foreign	60.8		74.4		51.5
	140.0		238.9		140.3
Deferred tax expense (benefit):
Federal	(120.5)		(102.4)		43.9
State	(0.5)		(0.1)		0.1
Foreign	21.4		(40.4)		17.1
	(99.6)		(142.9)		61.1

Provision for income taxes	$	40.4	$	96.0	$	201.4

The actual income tax expense is different than that which would have been computed by applying the federal statutory tax rate to income before income taxes. A reconciliation of income tax expense as computed at the United States federal statutory income tax rate to the provision for income tax expense is as follows (in millions):


	Fiscal Years Ended
	September 27, 2024		September 29, 2023		September 30, 2022
Tax expense at United States statutory rate	$	133.6	$	226.5	$	310.1
Foreign tax rate difference	(84.7)		(90.7)		(105.3)
Effect of stock compensation	11.3		16.0		(13.1)
Research and development credits	(28.7)		(29.7)		(26.1)
Change in tax reserve	11.1		8.1		7.4
Global Intangible Low-Taxed Income	18.1		16.3		36.1
Foreign Derived Intangible Income	(49.3)		(65.9)		(39.9)
Section 162(m) limitation	10.6		10.9		21.0
Other, net	18.4		4.5		11.2
Provision for income taxes	$	40.4	$	96.0	$	201.4

The Company operated in foreign jurisdictions with income tax rates lower than the United States tax rate of 21.0% for fiscal 2024, fiscal 2023, and fiscal 2022.

The Company had accrued $46.1 million and $57.0 million of the deemed repatriation tax in short-term and long-term liabilities within the Consolidated Balance Sheets, respectively, as of September 27, 2024. The Company had accrued $34.9 million and $105.8 million of the deemed repatriation tax in short-term and long-term liabilities within the Consolidated Balance Sheets, respectively, as of September 29, 2023. The remaining repatriation tax is payable over the next two years.

The Company operates under a tax holiday in Singapore, which is effective through September 30, 2025, with the ability to extend through September 30, 2030. The current tax holiday is conditioned upon the Company’s compliance with certain conditions, including employment and investment thresholds in Singapore. The impact of the tax holiday decreased Singapore taxes owed by $67.7 million, $66.0 million, and $96.6 million during fiscal 2024, fiscal 2023, and fiscal 2022, respectively, which resulted in tax benefits of $0.42, $0.41, and $0.59 of diluted earnings per share, respectively. These tax benefits were partially offset by an increase in tax expense on GILTI.

Deferred income tax assets and liabilities consist of the tax effects of temporary differences related to the following (in millions):


	As of
	September 27, 2024		September 29, 2023
Deferred tax assets:
Inventory	$	44.5	$	24.1
Accrued compensation and benefits	16.5		14.4
Product returns, allowances, and warranty	5.5		7.0
Share-based and other deferred compensation	25.3		24.5
Net operating loss carry forwards	6.4		12.2
Tax credits	165.7		155.7
Operating leases	46.1		45.6
R&D capitalization	170.4		95.3
Intangible assets	50.0		24.4
Other, net	4.8		6.8
Deferred tax assets	535.2		410.0
Less valuation allowance	(174.1)		(164.2)
Net deferred tax assets	361.1		245.8
Deferred tax liabilities:
Property, plant, and equipment	(22.5)		(18.3)
Operating leases	(47.0)		(44.3)
Net deferred tax liabilities	(69.5)		(62.6)
Total net deferred tax assets	$	291.6	$	183.2

The deferred tax assets and liabilities based on tax jurisdictions are presented on our Consolidated Balance Sheets as follows (in millions):


	As of
	September 27, 2024		September 29, 2023
Deferred tax assets	$	303.5	$	192.3
Deferred tax liabilities	(11.9)		(9.1)
Net deferred tax assets	$	291.6	$	183.2

In accordance with GAAP, management has determined that it is more likely than not that a portion of the Company’s historic and current year income tax benefits will not be realized. As of September 27, 2024, the Company has a valuation allowance of $174.1 million. This valuation allowance is comprised of $155.4 million related to United States federal and state tax attributes and $18.7 million related to foreign deferred tax assets. The United States tax credits relate primarily to California research tax

credits that can be carried forward indefinitely, for which the Company has provided a full valuation allowance. The Company does not anticipate sufficient taxable income or tax liability to utilize the United States and foreign credits. If these benefits are recognized in a future period, the valuation allowance on deferred tax assets will be reversed and up to a $174.1 million income tax benefit may be recognized. The Company will need to generate $1.2 billion of future United States federal taxable income to utilize its United States deferred tax assets, net of deferred tax liabilities and excluding state deferred tax assets with a full valuation allowance, as of September 27, 2024. The Company believes that future reversals of taxable temporary differences, and its forecast of continued earnings in its domestic and foreign jurisdictions, support its decision to not record a valuation allowance on other deferred tax assets. The Company will continue to assess its valuation allowance in future periods. The net valuation allowance increased by $9.9 million in fiscal 2024 primarily related to increases in state tax credit carryforwards.

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in millions):


	Unrecognized Tax Benefits
Balance at September 29, 2023	$	57.9
Increases based on positions related to prior years	18.4
Decreases based on positions related to prior years	(7.7)
Increases based on positions related to current year	7.9

Decreases based on expirations of statute of limitations	(8.1)
Decreases based on settlements with taxing authorities	(6.1)
Balance at September 27, 2024	$	62.3

Of the total unrecognized tax benefits at September 27, 2024, $47.3 million would impact the effective tax rate, if recognized. The remaining unrecognized tax benefits would not impact the effective tax rate, if recognized, due to the Company’s valuation allowance on certain tax attributes.

The Company anticipates reversals within the next 12 months related to items such as the lapse of the statute of limitations, audit closures, and other items that occur in the normal course of business. Although the Company cannot predict the timing of resolution with taxing authorities, if any, the Company believes it is reasonably possible that its unrecognized tax benefits will be reduced by $5.7 million in the next 12 months due to expiration of the applicable statute of limitations. During fiscal 2024, fiscal 2023, and fiscal 2022, the Company recognized $5.5 million, $2.9 million, and $1.2 million, respectively, of interest or penalties related to unrecognized tax benefits. Accrued interest and penalties of $11.7 million and $6.2 million related to uncertain tax positions have been included in long-term tax liabilities within the Consolidated Balance Sheets as of September 27, 2024, and September 29, 2023, respectively.

During fiscal 2023, the Company concluded an Internal Revenue Service examination of its federal income tax returns for the fiscal year ended September 28, 2018 (“fiscal 2018”) and the fiscal year ended September 27, 2019 (“fiscal 2019”). The Company agreed to various adjustments to fiscal 2018 and fiscal 2019 tax returns that resulted in the recognition of net tax expense of $1.6 million during fiscal 2023.

The Company’s major tax jurisdictions as of September 27, 2024 are the United States, California, Canada, Mexico, Japan, and Singapore. For the United States, the Company has open tax years dating back to fiscal 2021. For California, the Company has open tax years dating back to fiscal 2004. For Canada, the Company has open tax years dating back to fiscal 2017. For Mexico, the Company has open tax years dating back to fiscal 2014. For Japan, the Company has open tax years dating back to fiscal 2017. For Singapore, the Company has open tax years dating back to fiscal 2017. The Company is subject to audit examinations by the respective taxing authorities on a periodic basis, of which the results could impact its financial position, results of operations, or cash flows.

In August 2022, the U.S. government enacted the Inflation Reduction Act, which imposes a corporate alternative minimum tax (“CAMT”) of 15% on corporations with three-year average annual adjusted financial statement income exceeding $1.0 billion. The Company is subject to the provisions of CAMT in fiscal 2024. CAMT had no impact to the Company’s consolidated financial statements for fiscal 2024.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Supplemental Financial Information

12 Months Ended

Sep. 27, 2024

Condensed Financial Information Disclosure [Abstract]

SUPPLEMENTAL FINANCIAL INFORMATION

15. SUPPLEMENTAL FINANCIAL INFORMATION

Other current assets consist of the following (in millions):


	As of
	September 27, 2024		September 29, 2023
Prepaid expenses	$	234.8	$	306.0
Other	249.9		155.1
Total other current assets	$	484.7	$	461.1

Other current liabilities consist of the following (in millions):


	As of
	September 27, 2024		September 29, 2023
Accrued customer liabilities	$	192.2	$	270.9
Accrued taxes	52.5		58.8
Short-term operating lease liabilities	20.2		28.3
Other	38.1		44.8
Total other current liabilities	$	303.0	$	402.8

Stockholders' Equity, Common and Preferred Shares (Details) - $ / shares shares in Millions	Sep. 27, 2024	Sep. 29, 2023
Stockholders' Equity Note [Abstract]
Common stock, shares authorized	525.0	525.0
Common stock, par value (in dollars per share)	$ 0.25	$ 0.25
Common stock, shares issued	159.9	159.5
Common stock, shares outstanding	159.9	159.5
Preferred stock, shares authorized	25.0	25.0
Preferred stock, shares issued	0.0	0.0

Leases, Operating Lease Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Leases [Abstract]
Operating cash outflows from operating leases	$ 35.4	$ 34.0	$ 32.0
Operating lease assets obtained in exchange for new lease liabilities	$ 16.2	$ 11.1	$ 84.6

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 596.0	$ 982.8	$ 1,275.2
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation	180.3	185.1	195.2
Depreciation	264.8	387.8	394.4
Amortization of intangible assets, including inventory step-up	186.5	225.9	295.7
Deferred income taxes	(108.4)	(151.2)	68.4
Asset impairment charges	147.9	64.5	20.7
Amortization of debt discount and issuance costs	2.5	4.0	4.0
Other, net	(8.8)	(3.5)	(1.5)
Changes in assets and liabilities:
Receivables, net	355.4	229.8	(337.8)
Inventory	330.4	90.8	(337.3)
Accounts payable	10.4	(87.1)	31.3
Other current and long-term assets and liabilities	(132.3)	(72.5)	(183.7)
Net cash provided by operating activities	1,824.7	1,856.4	1,424.6
Cash flows from investing activities:
Capital expenditures	(157.0)	(210.3)	(489.4)
Purchased intangibles	(26.1)	(25.8)	(20.3)
Purchases of marketable securities	(270.9)	(288.8)	(97.2)
Sales and maturities of marketable securities	86.5	294.0	220.3
Other	11.6	6.5	7.7
Net cash used in investing activities	(355.9)	(224.4)	(378.9)
Cash flows from financing activities:
Repurchase of common stock - payroll tax withholdings on equity awards	(36.3)	(35.9)	(88.5)
Repurchase of common stock - stock repurchase program	(77.3)	(175.3)	(886.8)
Dividends paid	(439.1)	(405.2)	(373.1)
Net proceeds from exercise of stock options	1.1	5.1	6.4
Proceeds from employee stock purchase plan	32.6	32.1	29.4
Payments of debt	(300.0)	(900.0)	(50.0)
Net cash used in financing activities	(819.0)	(1,479.2)	(1,362.6)
Net increase (decrease) in cash and cash equivalents	649.8	152.8	(316.9)
Cash and cash equivalents at beginning of period	718.8	566.0	882.9
Cash and cash equivalents at end of period	1,368.6	718.8	566.0
Supplemental cash flow disclosures:
Income taxes paid	181.2	228.9	230.0
Interest paid	28.3	62.3	44.4
Incentives paid in common stock	1.2	19.2	32.2
Non-cash investing in capital expenditures, accrued but not paid	$ 34.7	$ 12.0	$ 43.2

Debt, Long-Term Debt Instruments (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023	Jul. 26, 2021	May 26, 2021
Debt Instrument [Line Items]
Unamortized debt discount and issuance costs	$ (5.7)	$ (7.7)
Total debt	994.3	1,292.3
Less: current portion of long-term debt	0.0	299.4
Long-term debt	994.3	992.9
Term Loans
Debt Instrument [Line Items]
Debt, gross	0.0	$ 300.0	$ 1,000.0
Effective interest rate		6.37%
2026 Notes
Debt Instrument [Line Items]
Debt, gross	$ 500.0	$ 500.0		$ 500.0
Effective interest rate	1.97%
2031 Notes
Debt Instrument [Line Items]
Debt, gross	$ 500.0	$ 500.0		$ 500.0
Effective interest rate	3.13%

Goodwill and Intangible Assets, Expected Annual Amortization Expense Related to Intangible Assets for the Next Five Years (Details) $ in Millions	Sep. 27, 2024 USD ($)
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract]
2025	$ 168.7
2026	140.4
2027	124.4
2028	100.2
2029	86.9
Thereafter	$ 244.5

Stockholders' Equity, Stock Repurchase (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		12 Months Ended
	Feb. 01, 2025	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022	Jan. 31, 2023
2023 stock repurchase program
Equity, Class of Treasury Stock [Line Items]
Authorized amount for stock repurchase					$ 2,000.0
Treasury stock repurchased		$ 77.4
Treasury stock repurchased (in shares)		0.8
Average price of treasury stock repurchased (in dollars per share)		$ 101.33
Remaining amount authorized for stock repurchase		$ 1,900.0
2021 stock repurchase program
Equity, Class of Treasury Stock [Line Items]
Treasury stock repurchased			$ 175.3	$ 886.8
Treasury stock repurchased (in shares)			1.9	6.5
Average price of treasury stock repurchased (in dollars per share)			$ 90.60	$ 136.32
Subsequent event \| 2023 stock repurchase program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program expiration date	Feb. 01, 2025

Inventory (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Inventory, Net [Abstract]
Raw materials	$ 30.3	$ 57.2
Work-in-process	520.5	746.8
Finished goods	234.0	315.7
Total inventory	$ 784.8	$ 1,119.7

Earnings Per Share (Tables)

12 Months Ended

Sep. 27, 2024

Earnings Per Share [Abstract]

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share amounts):


	Fiscal Years Ended
	September 27, 2024		September 29, 2023		September 30, 2022
Net income	$	596.0	$	982.8	$	1,275.2

Weighted average shares outstanding – basic	160.1		159.4		162.4
Dilutive effect of equity-based awards	1.4		0.9		0.9
Weighted average shares outstanding – diluted	161.5		160.3		163.3

Net income per share – basic	$	3.72	$	6.17	$	7.85
Net income per share – diluted	$	3.69	$	6.13	$	7.81

Anti-dilutive common stock equivalents	—		0.1		0.7

Income Taxes (Tables)

12 Months Ended

Sep. 27, 2024

Income Tax Disclosure [Abstract]

Income before Income Tax, Domestic and Foreign

Income before income taxes consists of the following components (in millions):


	Fiscal Years Ended
	September 27, 2024		September 29, 2023		September 30, 2022
United States	$	1.9	$	484.9	$	663.0
Foreign	634.5		593.9		813.6
Income before income taxes	$	636.4	$	1,078.8	$	1,476.6

Components of Income Tax Expense (Benefit)

The provision for income taxes consists of the following components (in millions):


	Fiscal Years Ended
	September 27, 2024		September 29, 2023		September 30, 2022
Current tax expense:
Federal	$	79.0	$	164.4	$	88.7
State	0.2		0.1		0.1
Foreign	60.8		74.4		51.5
	140.0		238.9		140.3
Deferred tax expense (benefit):
Federal	(120.5)		(102.4)		43.9
State	(0.5)		(0.1)		0.1
Foreign	21.4		(40.4)		17.1
	(99.6)		(142.9)		61.1

Provision for income taxes	$	40.4	$	96.0	$	201.4

Effective Income Tax Rate Reconciliation

A reconciliation of income tax expense as computed at the United States federal statutory income tax rate to the provision for income tax expense is as follows (in millions):


	Fiscal Years Ended
	September 27, 2024		September 29, 2023		September 30, 2022
Tax expense at United States statutory rate	$	133.6	$	226.5	$	310.1
Foreign tax rate difference	(84.7)		(90.7)		(105.3)
Effect of stock compensation	11.3		16.0		(13.1)
Research and development credits	(28.7)		(29.7)		(26.1)
Change in tax reserve	11.1		8.1		7.4
Global Intangible Low-Taxed Income	18.1		16.3		36.1
Foreign Derived Intangible Income	(49.3)		(65.9)		(39.9)
Section 162(m) limitation	10.6		10.9		21.0
Other, net	18.4		4.5		11.2
Provision for income taxes	$	40.4	$	96.0	$	201.4

Deferred Tax Assets and Liabilities

Deferred income tax assets and liabilities consist of the tax effects of temporary differences related to the following (in millions):


	As of
	September 27, 2024		September 29, 2023
Deferred tax assets:
Inventory	$	44.5	$	24.1
Accrued compensation and benefits	16.5		14.4
Product returns, allowances, and warranty	5.5		7.0
Share-based and other deferred compensation	25.3		24.5
Net operating loss carry forwards	6.4		12.2
Tax credits	165.7		155.7
Operating leases	46.1		45.6
R&D capitalization	170.4		95.3
Intangible assets	50.0		24.4
Other, net	4.8		6.8
Deferred tax assets	535.2		410.0
Less valuation allowance	(174.1)		(164.2)
Net deferred tax assets	361.1		245.8
Deferred tax liabilities:
Property, plant, and equipment	(22.5)		(18.3)
Operating leases	(47.0)		(44.3)
Net deferred tax liabilities	(69.5)		(62.6)
Total net deferred tax assets	$	291.6	$	183.2

The deferred tax assets and liabilities based on tax jurisdictions are presented on our Consolidated Balance Sheets as follows (in millions):


	As of
	September 27, 2024		September 29, 2023
Deferred tax assets	$	303.5	$	192.3
Deferred tax liabilities	(11.9)		(9.1)
Net deferred tax assets	$	291.6	$	183.2

Changes in Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in millions):


	Unrecognized Tax Benefits
Balance at September 29, 2023	$	57.9
Increases based on positions related to prior years	18.4
Decreases based on positions related to prior years	(7.7)
Increases based on positions related to current year	7.9

Decreases based on expirations of statute of limitations	(8.1)
Decreases based on settlements with taxing authorities	(6.1)
Balance at September 27, 2024	$	62.3

Audit Information	12 Months Ended
Audit Information	Sep. 27, 2024
Auditor [Line Items]
Auditor Name	KPMG LLP
Auditor Location	Irvine, California
Auditor Firm ID	185

Fair Value (Details) - USD ($) $ in Millions	12 Months Ended
Fair Value (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Asset impairment charges	$ 147.9	$ 64.5	$ 20.7
Divested assets
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Asset impairment charges		12.3
Supply capacity deposits
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Asset impairment charges		$ 47.5

Supplemental Financial Information (Tables)

12 Months Ended

Sep. 27, 2024

Condensed Financial Information Disclosure [Abstract]

Other Current Assets

Other current assets consist of the following (in millions):


	As of
	September 27, 2024		September 29, 2023
Prepaid expenses	$	234.8	$	306.0
Other	249.9		155.1
Total other current assets	$	484.7	$	461.1

Other Current Liabilities

Other current liabilities consist of the following (in millions):


	As of
	September 27, 2024		September 29, 2023
Accrued customer liabilities	$	192.2	$	270.9
Accrued taxes	52.5		58.8
Short-term operating lease liabilities	20.2		28.3
Other	38.1		44.8
Total other current liabilities	$	303.0	$	402.8

Leases, Operating Lease Liabilities (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Leases [Abstract]
Short-term operating lease liabilities, BS classification	Other Liabilities, Current	Other Liabilities, Current
Short-term operating lease liabilities	$ 20.2	$ 28.3
Long-term operating lease liabilities	185.9	188.7
Total lease liabilities	$ 206.1	$ 217.0

Property, Plant, And Equipment, Net (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, gross	$ 4,210.1	$ 4,171.7
Accumulated depreciation	(2,929.8)	(2,781.6)
Total property, plant, and equipment, net	1,280.3	1,390.1
Land and improvements
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, gross	11.9	11.8
Buildings and improvements
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, gross	610.2	588.2
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, gross	81.3	74.8
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, gross	3,418.0	3,389.3
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, gross	$ 88.7	$ 107.6

Inventory

12 Months Ended

Sep. 27, 2024

Inventory, Net [Abstract]

INVENTORY

5. INVENTORY

Inventory consists of the following (in millions):


	As of
	September 27, 2024		September 29, 2023
Raw materials	$	30.3	$	57.2
Work-in-process	520.5		746.8
Finished goods	234.0		315.7
Total inventory	$	784.8	$	1,119.7

Income Taxes, Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Tax expense at United States statutory rate	$ 133.6	$ 226.5	$ 310.1
Foreign tax rate difference	(84.7)	(90.7)	(105.3)
Effect of stock compensation	11.3	16.0	(13.1)
Research and development credits	(28.7)	(29.7)	(26.1)
Change in tax reserve	11.1	8.1	7.4
Global Intangible Low-Taxed Income	18.1	16.3	36.1
Foreign Derived Intangible Income	(49.3)	(65.9)	(39.9)
Section 162(m) limitation	10.6	10.9	21.0
Other, net	18.4	4.5	11.2
Provision for income taxes	$ 40.4	$ 96.0	$ 201.4

Stockholders' Equity, Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended								12 Months Ended
	Dec. 24, 2024	Dec. 03, 2024	Nov. 12, 2024	Sep. 27, 2024	Jun. 28, 2024	Mar. 29, 2024	Dec. 29, 2023	Sep. 29, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 30, 2022	Sep. 27, 2024	Sep. 29, 2023
Dividends Payable [Line Items]
Common stock, dividends declared (in dollars per share)				$ 0.70	$ 0.68	$ 0.68	$ 0.68	$ 0.68	$ 0.62	$ 0.62	$ 0.62	$ 2.74	$ 2.54
Payments of ordinary dividends				$ 112.0	$ 109.1	$ 109.1	$ 108.9	$ 108.5	$ 98.7	$ 98.6	$ 99.4	$ 439.1	$ 405.2
Subsequent event \| Dividends declared
Dividends Payable [Line Items]
Dividend declaration date			Nov. 12, 2024
Common stock, dividends declared and payable (in dollars per share)			$ 0.70
Dividend payment date	Dec. 24, 2024
Dividend record date		Dec. 03, 2024

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 27, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	ITEM 9B. OTHER INFORMATION. Director and Officer Trading Arrangements None of our directors or officers adopted or terminated a Rule 10b5-1 trading arrangement (as defined in Item 408(a)(i) of Regulation S-K) or adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the fourth quarter of fiscal 2024.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Debt (Tables)

12 Months Ended

Sep. 27, 2024

Debt Disclosure [Abstract]

Long-term Debt Instruments

Debt consists of the following (in millions, except percentages):


	Effective Interest Rate		As of
			September 27, 2024		September 29, 2023
1.80% Senior Notes due 2026	1.97	%	$	500.0	$	500.0
3.00% Senior Notes due 2031	3.13	%	500.0		500.0
Term Loans due 2024	(1)		—		300.0
Unamortized debt discount and issuance costs			(5.7)		(7.7)
Total debt			994.3		1,292.3
Less: current portion of long-term debt			—		(299.4)
Total long-term debt			$	994.3	$	992.9

(1) In fiscal 2023, the effective interest rate of the Terms Loans due in 2024 was 6.37%.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Basis of Presentation And Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Change in Accounting Estimate [Line Items]
Decrease in depreciation expense	$ 264.8	$ 387.8	$ 394.4
Decrease in cost of goods sold	2,457.2	2,665.1	2,881.2
Decrease in research and development	631.7	606.8	617.9
Increase in net income	$ 596.0	$ 982.8	$ 1,275.2
Increase in diluted EPS (in dollars per share)	$ 3.69	$ 6.13	$ 7.81
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Investment tax credit
Government Assistance [Line Items]
Investment tax credit, asset, current, BS classification	Other Assets, Current	Other Assets, Current
Investment tax credit, asset, current	$ 6.2	$ 10.2
Investment tax credit, expense, decrease	$ 1.2	$ 0.2
Change in useful life
Change in Accounting Estimate [Line Items]
Increase in useful life	2 years
Decrease in depreciation expense	$ 75.4
Decrease in cost of goods sold	25.8
Decrease in research and development	9.8
Decrease in ending inventory	39.8
Increase in net income	$ 35.6
Increase in diluted EPS (in dollars per share)	$ 0.22

Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)
Common stock, shares outstanding beginning balance (in shares) at Oct. 01, 2021		165.3
Beginning balance at Oct. 01, 2021	$ 5,297.1	$ 41.3	$ 77.9	$ 5,185.8	$ (7.9)
Net income	1,275.2			1,275.2
Exercise and settlement of share-based awards, net of shares withheld for taxes (in shares)		1.4
Exercise and settlement of share-based awards, net of shares withheld for taxes	(20.4)	$ 0.3	(20.7)
Share-based compensation expense	173.9		173.9
Repurchase of common stock (in shares)		(6.5)
Repurchase of common stock	(886.8)	$ (1.6)	(219.2)	(666.0)
Dividends declared	(373.1)			(373.1)
Other comprehensive income (loss)	3.1				3.1
Common stock, shares outstanding ending balance (in shares) at Sep. 30, 2022		160.2
Ending balance at Sep. 30, 2022	5,469.0	$ 40.0	11.9	5,421.9	(4.8)
Net income	982.8			982.8
Exercise and settlement of share-based awards, net of shares withheld for taxes (in shares)		1.2
Exercise and settlement of share-based awards, net of shares withheld for taxes	20.7	$ 0.3	20.4
Share-based compensation expense	191.5		191.5
Repurchase of common stock (in shares)		(1.9)
Repurchase of common stock	(175.3)	$ (0.4)	(51.4)	(123.5)
Dividends declared	(405.2)			(405.2)
Other comprehensive income (loss)	$ (0.8)				(0.8)
Common stock, shares outstanding ending balance (in shares) at Sep. 29, 2023	159.5	159.5
Ending balance at Sep. 29, 2023	$ 6,082.7	$ 39.9	172.4	5,876.0	(5.6)
Net income	596.0			596.0
Exercise and settlement of share-based awards, net of shares withheld for taxes (in shares)		1.2
Exercise and settlement of share-based awards, net of shares withheld for taxes	(1.3)	$ 0.3	(1.6)
Share-based compensation expense	175.8		175.8
Repurchase of common stock (in shares)		(0.8)
Repurchase of common stock	(77.4)	$ (0.2)	(77.2)	0.0
Dividends declared	$ (439.1)			(439.1)
Common stock, shares outstanding ending balance (in shares) at Sep. 27, 2024	159.9	159.9
Ending balance at Sep. 27, 2024	$ 6,336.7	$ 40.0	$ 269.4	$ 6,032.9	$ (5.6)

Segment Information And Concentrations, Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenue by geographic area	$ 4,178.0	$ 4,772.4	$ 5,485.5
Revenue by sales channel	4,178.0	4,772.4	5,485.5
Distributors
Segment Reporting Information [Line Items]
Revenue by sales channel	3,622.6	4,235.7	4,488.1
Direct customers
Segment Reporting Information [Line Items]
Revenue by sales channel	555.4	536.7	997.4
United States
Segment Reporting Information [Line Items]
Revenue by geographic area	3,202.2	3,603.9	3,685.7
Taiwan
Segment Reporting Information [Line Items]
Revenue by geographic area	317.5	344.4	430.4
China
Segment Reporting Information [Line Items]
Revenue by geographic area	303.4	358.3	599.6
South Korea
Segment Reporting Information [Line Items]
Revenue by geographic area	203.9	198.3	458.2
Europe, Middle East, and Africa
Segment Reporting Information [Line Items]
Revenue by geographic area	114.5	204.2	235.8
Other Asia-Pacific
Segment Reporting Information [Line Items]
Revenue by geographic area	$ 36.5	$ 63.3	$ 75.8

Stockholders' Equity, Share-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 180.3	$ 185.1	$ 195.2
Share-based compensation tax expense	18.9	9.1
Share-based compensation tax benefit			20.1
Capitalized share-based compensation expense at period end	10.1	14.5	6.8
Cost of goods sold
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	32.0	20.7	26.9
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	85.5	94.8	93.8
Selling, general, and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 62.8	$ 69.6	$ 74.5

Supplemental Financial Information (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Condensed Financial Information Disclosure [Abstract]
Prepaid expenses	$ 234.8	$ 306.0
Other	249.9	155.1
Total other current assets	484.7	461.1
Accrued customer liabilities	192.2	270.9
Accrued taxes	52.5	58.8
Short-term operating lease liabilities	20.2	28.3
Other	38.1	44.8
Total other current liabilities	$ 303.0	$ 402.8

Leases, Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate (Details)	Sep. 27, 2024	Sep. 29, 2023
Leases [Abstract]
Weighted-average remaining lease term (in years)	11 years 10 months 24 days	12 years 3 months 18 days
Weighted-average discount rate	3.70%	3.60%

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 596.0	$ 982.8	$ 1,275.2

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Segment Information And Concentrations, PPE by Geographic Area (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Segment Reporting Information [Line Items]
Property, plant, and equipment, net by geographic area	$ 1,280.3	$ 1,390.1
Japan
Segment Reporting Information [Line Items]
Property, plant, and equipment, net by geographic area	526.1	606.4
Singapore
Segment Reporting Information [Line Items]
Property, plant, and equipment, net by geographic area	250.2	307.5
Mexico
Segment Reporting Information [Line Items]
Property, plant, and equipment, net by geographic area	244.2	233.1
United States
Segment Reporting Information [Line Items]
Property, plant, and equipment, net by geographic area	234.7	219.7
Rest of world
Segment Reporting Information [Line Items]
Property, plant, and equipment, net by geographic area	$ 25.1	$ 23.4

Debt (Details) $ in Millions	12 Months Ended
Debt (Details) $ in Millions	Sep. 27, 2024 USD ($)	Sep. 29, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jul. 26, 2021 USD ($)	May 26, 2021 USD ($)	May 21, 2021 USD ($)
Debt Instrument [Line Items]
Debt, repayments	$ 300.0	$ 900.0	$ 50.0
Revolver
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 750.0
Additional borrowing capacity						250.0
Debt, gross	$ 0.0
Covenant compliance, maximum leverage ratio	3.0
Term Loans
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 1,000.0
Debt, gross	$ 0.0	300.0		$ 1,000.0
Debt, repayments	300.0	400.0	$ 50.0
2023 Notes
Debt Instrument [Line Items]
Debt, gross					$ 500.0
Interest rate, stated percentage					0.90%
Debt, repayments		500.0
2026 Notes
Debt Instrument [Line Items]
Debt, gross	$ 500.0	500.0			$ 500.0
Interest rate, stated percentage					1.80%
Redemption price, percentage	101.00%
2031 Notes
Debt Instrument [Line Items]
Debt, gross	$ 500.0	$ 500.0			$ 500.0
Interest rate, stated percentage					3.00%
Redemption price, percentage	101.00%

Commitments And Contingencies	12 Months Ended
Commitments And Contingencies	Sep. 27, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	11. COMMITMENTS AND CONTINGENCIES Legal Matters From time to time, various lawsuits, claims, and proceedings have been, and may in the future be, instituted or asserted against the Company, including those pertaining to patent infringement, intellectual property, environmental hazards, product liability and warranty, safety and health, employment, and contractual matters. The semiconductor industry is characterized by vigorous protection and pursuit of intellectual property rights. From time to time, third parties have asserted and may in the future assert patent, copyright, trademark, and other intellectual property rights to technologies that are important to the Company’s business and have demanded and may in the future demand that the Company license their technology. The outcome of any such litigation cannot be predicted with certainty and some such lawsuits, claims, or proceedings may be disposed of unfavorably to the Company. Generally speaking, intellectual property disputes often have a risk of injunctive relief, which, if imposed against the Company, could materially and adversely affect the Company’s financial condition or results of operations. From time to time the Company may also be involved in legal proceedings in the ordinary course of business. The Company monitors the status of legal proceedings and other contingencies on an ongoing basis to assess whether loss contingencies should be recognized and disclosed in its financial statements and footnotes. The Company does not believe there are any pending legal proceedings that are reasonably possible to result in a material loss. The Company is engaged in various legal actions in the normal course of business and, while there can be no assurances, the Company believes the outcome of all pending litigation involving the Company will not have, individually or in the aggregate, a material adverse effect on its business or financial statements. Purchase Commitments The Company purchases materials primarily pursuant to individual purchase orders, some of which have underlying master purchase agreements. Some of these purchase commitments are cancellable, and some are non-cancelable, depending on the terms with each individual supplier. In the event of cancellation, the Company may be required to pay costs incurred through the date of cancellation or other fees. When cancellation would result in incurring costs or other fees, the Company has historically sought to negotiate amended terms to the original agreements and orders to limit its exposure. As such, the Company believes that purchase commitments as of any particular date may not be a reliable indicator of future liabilities. The Company maintains certain minimum purchase commitments under long-term capacity reservation agreements primarily with foundries for the purchase of wafers. Under these agreements, the Company has agreed to pay a combination of refundable deposits and prepayments to the suppliers in exchange for reserved manufacturing production capacity over the term of the agreements. During fiscal 2023, the Company recorded impairment charges of $47.5 million within cost of goods sold due to reduced overall market demand related to long-term supply capacity deposits. As of September 27, 2024, the deposits and prepayments under the long-term capacity reservation agreements were $141.7 million and $3.0 million, respectively, recorded within other current assets, and $1.3 million and $21.8 million, respectively, recorded within other long-term assets. As of September 29, 2023, the deposits and prepayments under the long-term capacity reservation agreements were $41.7 million and $1.3 million, respectively, recorded within other current assets and $16.0 million of prepayments recorded within other long-term assets.

Fair Value (Tables)

12 Months Ended

Sep. 27, 2024

Fair Value Disclosures [Abstract]

Fair Value Assets and Liabilities Measured on Recurring Basis

Assets and liabilities recorded at fair value on a recurring basis consisted of the following (in millions):


	As of
	September 27, 2024								September 29, 2023
			Fair Value Measurements								Fair Value Measurements
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents (1)	$	1,368.6	$	1,199.1	$	169.5	$	—	$	718.8	$	718.5	$	0.3	$	—
U.S. Treasury and government securities	50.1		36.5		13.6		—		19.2		—		19.2		—
Corporate bonds and notes	155.3		—		155.3		—		—		—		—		—
Municipal bonds	0.1		—		0.1		—		0.5		—		0.5		—
Total assets at fair value	$	1,574.1	$	1,235.6	$	338.5	$	—	$	738.5	$	718.5	$	20.0	$	—

Carrying Values and Estimated Fair Values of Debt Instruments

The carrying amount and estimated fair value of debt consists of the following (in millions):


	As of
	September 27, 2024				September 29, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
1.80% Senior Notes due 2026	$	498.5	$	478.4	$	497.7	$	444.5
3.00% Senior Notes due 2031	495.8		441.2		495.2		390.4
Total debt under Senior Notes	$	994.3	$	919.6	$	992.9	$	834.9

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Current assets:
Cash and cash equivalents	$ 1,368.6	$ 718.8
Marketable securities, current	194.1	15.6
Receivables, net of allowances of $0.9 and $0.8, respectively	508.8	864.3
Inventory	784.8	1,119.7
Other current assets	484.7	461.1
Total current assets	3,341.0	3,179.5
Property, plant, and equipment, net	1,280.3	1,390.1
Operating lease right-of-use assets	191.6	205.4
Goodwill	2,176.7	2,176.7
Intangible assets, net	900.5	1,222.1
Deferred tax assets, net	303.5	192.3
Marketable securities, noncurrent	11.4	4.1
Other long-term assets	78.3	56.5
Total assets	8,283.3	8,426.7
Current liabilities:
Accounts payable	171.8	159.2
Accrued compensation and benefits	127.9	94.3
Current portion of long-term debt	0.0	299.4
Other current liabilities	303.0	402.8
Total current liabilities	602.7	955.7
Long-term debt	994.3	992.9
Long-term tax liabilities	127.9	162.8
Long-term operating lease liabilities	185.9	188.7
Other long-term liabilities	35.8	43.9
Total liabilities	1,946.6	2,344.0
Stockholders’ equity:
Preferred stock, no par value: 25.0 shares authorized, no shares issued	0.0	0.0
Common stock, $0.25 par value: 525.0 shares authorized; 159.9 shares issued and outstanding at September 27, 2024, and 159.5 shares issued and outstanding at September 29, 2023	40.0	39.9
Additional paid-in capital	269.4	172.4
Retained earnings	6,032.9	5,876.0
Accumulated other comprehensive loss	(5.6)	(5.6)
Total stockholders’ equity	6,336.7	6,082.7
Total liabilities and stockholders’ equity	$ 8,283.3	$ 8,426.7

Basis of Presentation And Summary of Significant Accounting Policies	12 Months Ended
	Sep. 27, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation All Skyworks subsidiaries are included in the Company’s consolidated financial statements and all intercompany balances are eliminated in consolidation. Certain items in the fiscal years 2023 and 2022 financial statements, including certain account groupings in the tax reconciliation disclosure, deferred tax disclosure, and the Consolidated Statements of Stockholders’ Equity, have been reclassified to conform to the fiscal 2024 presentation. Fiscal Year The Company’s fiscal year ends on the Friday closest to September 30. The fiscal year ended on September 27, 2024 (“fiscal 2024”), the fiscal year ended on September 29, 2023 (“fiscal 2023”), and the fiscal year ended on September 30, 2022 (“fiscal 2022”), each consisted of 52 weeks. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, revenue, expenses, comprehensive income, and accumulated other comprehensive loss that are reported during the reporting period. The Company evaluates its estimates on an ongoing basis using historical experience and other factors, including the current economic environment. Judgment is required in determining the reserves for, and fair value of, items such as overall fair value assessments of assets and liabilities, particularly those classified as Level 2 or Level 3 in the fair value hierarchy, marketable securities, inventory, intangible assets associated with business combinations, share-based compensation, revenue reserves, loss contingencies, and income taxes. In addition, judgment is required in determining whether a potential indicator of impairment of long-lived assets, indefinite-lived intangible assets, and goodwill exists and in estimating future cash flows for any necessary impairment testing. Actual results could differ significantly from these estimates. Cash and Cash Equivalents The Company invests excess cash in money market funds, U.S. Treasury and government securities, and corporate bonds and notes. The Company considers highly liquid investments as cash equivalents including money market funds and investments with maturities of 90 days or less when purchased. Investments The Company classifies its investment in marketable debt securities as “available-for-sale.” Available-for-sale securities are carried at fair value with unrealized holding gains or losses recorded in other comprehensive income, net of tax. Gains or losses are included in earnings in the period in which they are realized. The cost of securities sold is determined based on the specific identification method. The cost of available-for-sale debt securities is adjusted for premiums and discounts, with the amortization or accretion of such amounts included as a portion of interest. Available-for-sale debt securities with an original maturity date greater than three months and less than one year are classified as current investments. Available-for-sale debt securities with an original maturity date exceeding one year are classified as long-term. Fair Value Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principle or most advantageous market in an orderly transaction between market participants at the measurement date. Applicable accounting guidance provides a hierarchy for inputs used in measuring fair value that prioritize the use of observable inputs over the use of unobservable inputs, when such observable inputs are available. The three levels of inputs that may be used to measure fair value are as follows: •Level 1 - Quoted prices in active markets for identical assets or liabilities. •Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data. •Level 3 - Fair value is derived from valuation techniques in which one or more significant inputs are unobservable, including assumptions and judgments made by the Company. It is the Company’s policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements. When available, the Company uses quoted market prices to measure fair value. If market prices are not available, the Company is required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument. The Company measures certain assets and liabilities at fair value on a recurring basis in three levels, based on the market in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. It recognizes transfers within the fair value hierarchy at the end of the fiscal quarter in which the change in circumstances that caused the transfer occurred. The carrying value of cash and cash equivalents, accounts receivable, other current assets, accounts payable, and accrued liabilities approximates fair value due to the short-term maturities of these assets and liabilities. Inventory Inventory is stated at the lower of cost or net realizable value on a first-in, first-out basis. Reserves for excess and obsolete inventory are established on a quarterly basis and are based on a detailed analysis of aged material, salability of our inventory, market conditions, and product life cycles. Once reserves are established, write-downs of inventory are considered permanent adjustments to the cost basis of inventory. Property, Plant, and Equipment Property, plant, and equipment are carried at cost less accumulated depreciation, with significant renewals and betterments being capitalized and retired equipment written off in the respective periods. Maintenance and repairs are expensed as incurred. Depreciation is calculated using the straight-line method over the estimated useful lives, which range from five to forty years for buildings and improvements and from seven to ten years for machinery and equipment. Leasehold improvements are depreciated over the lesser of the economic life or the life of the associated lease. During fiscal 2024, the Company changed its accounting estimate for the expected useful lives of certain machinery and equipment. The Company evaluated its current asset base and reassessed the estimated useful lives of certain machinery and equipment in connection with its recent usage of older equipment, including considering the technological and physical obsolescence of such machinery and equipment. Based on its ability to re-use equipment across generations of process technologies and historical usage trends, the Company determined that the expected useful lives for certain machinery and equipment should be increased by up to two years to reflect more closely the estimated economic lives of those assets. This change in estimate was applied prospectively effective during the first quarter of fiscal 2024 and resulted in a decrease in depreciation expense of $75.4 million during fiscal 2024. This benefit decreased cost of goods sold by $25.8 million and decreased research and development expenses by $9.8 million during fiscal 2024, and decreased ending inventory by $39.8 million as of September 27, 2024. As a result of this change in accounting estimate, net income increased by $35.6 million and diluted earnings per share increased by $0.22 during fiscal 2024. Leases The Company determines if an arrangement is a lease at its inception. Right-of-use (“ROU”) assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate in determining the present value of lease payments considering the term of the lease, which is derived from information available at the lease commencement date. The lease term includes renewal options when it is reasonably certain that the option will be exercised and excludes termination options. To the extent that the Company’s agreements have variable lease payments, the Company includes variable lease payments that depend on an index or a rate and excludes those that depend on facts or circumstances occurring after the commencement date, other than the passage of time. Lease expense for these leases is recognized on a straight-line basis over the lease term. The Company has elected not to recognize ROU assets and lease liabilities that arise from short-term (12 months or less) leases for any class of underlying asset. Operating leases are included in operating lease ROU assets, other current liabilities, and long-term operating lease liabilities in the Company’s Consolidated Balance Sheets. Valuation of Long-Lived Assets Definite lived intangible assets are carried at cost less accumulated amortization. Amortization is calculated based on the pattern of benefit to be recognized from the underlying asset over its estimated useful life. Carrying values for long-lived assets and definite lived intangible assets are reviewed for possible impairment as circumstances warrant. Factors considered important that could result in an impairment review include significant underperformance relative to expected, historical or projected future operating results, significant changes in the manner of use of assets or the Company’s business strategy, or significant negative industry or economic trends. In addition, impairment reviews are conducted at the judgment of management whenever asset values are deemed to be unrecoverable relative to future undiscounted cash flows expected to be generated by that particular asset group. The determination of recoverability is based on an estimate of undiscounted cash flows expected to result from the use of an asset group and its eventual disposition. Such estimates require management to exercise judgment and make assumptions regarding factors such as future revenue streams, operating expenditures, cost allocation and asset utilization levels, all of which collectively impact future operating performance. The Company’s estimates of undiscounted cash flows may differ from actual cash flows due to, among other things, technological changes, economic conditions, changes to its business model, or changes in its operating performance. If the sum of the undiscounted cash flows is less than the carrying value of an asset group, the Company would recognize an impairment loss, measured as the amount by which the carrying value exceeds the fair value of the asset group. Goodwill and Indefinite-Lived Intangible Assets Goodwill and indefinite-lived intangible assets are not amortized but are tested at least annually as of the first day of the fourth fiscal quarter for impairment or more frequently if indicators of impairment exist during the fiscal year. The Company assesses its conclusion regarding segments and reporting units in conjunction with its annual goodwill impairment test and has determined that it has one reporting unit for the purposes of allocating and testing goodwill. The Company’s impairment analysis compares its fair value to its net book value to determine if there is an indicator of impairment. In the Company’s calculation of fair value, it considers the closing price of its common stock on the selected testing date, the number of shares of its common stock outstanding and other marketplace activity such as a related control premium. If the calculated fair value is determined to be less than the book value of the reporting unit, an impairment loss is recognized equal to that excess; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Business Combinations The Company uses the acquisition method of accounting for business combinations and recognizes assets acquired and liabilities assumed at their fair values on the date acquired. Goodwill represents the excess of the purchase price over the fair value of the acquired identifiable net assets. The fair values of the assets and liabilities acquired are determined based upon the Company’s valuation using a combination of market, income, or cost approaches. The valuation involves making significant estimates and assumptions, which are based on detailed financial models including the projection of future cash flows, the weighted average cost of capital, and any cost savings that are expected to be derived in the future from the viewpoint of a market participant. Revenue Recognition The Company derives its revenue primarily from the sale of semiconductor products under individual customer purchase orders, some of which have underlying master sales agreements that specify terms governing the product sales. In the absence of a sales agreement, the Company’s standard terms and conditions apply. Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company applies a five-step approach as defined in FASB ASC 606, Revenue from Contracts with Customers (Topic 606), in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the corresponding performance obligation is satisfied. Each distinct promise to transfer products is considered to be an identified performance obligation for which revenue is recognized at a point in time upon transfer of control of the products to the customer. Transfer of control occurs upon shipment to the distributor or direct customer or when products are pulled from consignment inventory by the customer. Point in time recognition is determined as products manufactured under non-cancellable orders create an asset with an alternative use to the Company. Returns under the Company’s general assurance warranty of products have not been material, and warranty-related services are not considered a separate performance obligation. Pricing adjustments and estimates of returns are treated as variable consideration for purposes of determining the transaction price. Sales returns are generally accepted at the Company’s discretion or from distributors with stock rotation rights. Stock rotation allows distributors limited levels of returns and is based on the distributor’s prior purchases. Price protection represents price discounts granted to certain distributors and is based on negotiations on sales to end customers. Variable consideration is estimated using the expected value method considering all reasonably available information, including the Company’s historical experience and its current expectations, and is reflected in the transaction price when sales are recorded. The Company records net revenue excluding taxes on its sales to trade customers. The Company recognizes shipping fees, if any, received from customers in revenue and includes the related shipping and handling costs in cost of revenue. Accounts receivable represents the Company’s unconditional right to receive consideration from its customer. Substantially all payments are collected within the Company’s standard terms, which do not include a significant financing component. To date, there have been no material impairment losses on accounts receivable. There were no material contract assets or contract liabilities recorded on the Consolidated Balance Sheet in any of the periods presented. All incremental customer contract acquisition costs are expensed as they are incurred as the amortization period of the asset that the Company otherwise would have recognized is one year or less in duration. Share-Based Compensation The Company recognizes compensation expense for all share-based payment awards made to employees and directors including non-qualified employee stock options, share awards and units, employee stock purchase plan, and other special share-based awards based on estimated fair values. The determination of fair value of restricted and certain performance stock awards and units is based on the value of the Company’s stock on the date of grant with performance awards and units adjusted for the actual outcome of the underlying performance condition. For more complex performance awards including units with market-based performance conditions the Company employs a Monte Carlo simulation valuation method to calculate the fair value of the awards based on the most likely outcome. Under the Monte Carlo simulation, a number of variables and assumptions are used including, but not limited to: the expected stock price volatility over the term of the award, a correlation coefficient, the risk-free rate, and dividend yield. The fair value of share-based payment awards is amortized over the requisite service period, which is defined as the period during which an employee is required to provide service in exchange for an award. The Company generally uses a straight-line attribution method for all grants that include only a service condition. Awards with both performance and service conditions are expensed over the service period for each separately vesting tranche. Share-based compensation expense recognized during the period includes actual expense on vested awards and expense associated with unvested awards. Forfeitures are recorded as incurred. Research and Development Costs Research and development costs are expensed as incurred. Loss Contingencies The Company records its best estimates of a loss contingency when it is considered probable and the amount can be reasonably estimated. When a range of loss can be reasonably estimated with no best estimate in the range, the minimum estimated liability related to the claim is recorded. As additional information becomes available, the Company assesses the potential liability related to the potential pending loss contingency and revises its estimates. Material loss contingencies are disclosed if there is at least a reasonable possibility that a loss or an additional loss may have been incurred and include estimated legal costs. Restructuring A liability for post-employment benefits is recorded when payment is probable and the amount is reasonably estimable. Contract exit costs include contract termination fees and are recognized in the period in which the Company terminates the contract. Foreign Currencies The Company’s functional currency is the United States dollar. Gains and losses related to foreign currency transactions and conversion of foreign denominated cash balances are included in current results. Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. This method also requires the recognition of future tax benefits such as net operating loss carry forwards, to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The carrying value of the Company’s net deferred tax assets assumes the Company will be able to generate sufficient future taxable income in certain tax jurisdictions, based on estimates and assumptions. This assessment requires management to exercise judgment and make estimates with respect to its ability to generate revenues, gross profits, operating income, and taxable income in future periods. Amongst other factors, management must make assumptions regarding overall business and semiconductor industry conditions, operating efficiencies, the Company’s ability to develop products to its customers’ specifications, technological change, the competitive environment, and changes in regulatory requirements which may impact its ability to generate taxable income and, in turn, realize the value of its deferred tax assets. If these estimates and related assumptions change in the future, the Company may be required to record additional valuation allowances against its deferred tax assets resulting in additional income tax expense in its Consolidated Statement of Operations. Management evaluates the realizability of the deferred tax assets and assesses the adequacy of the valuation allowance quarterly. Likewise, in the event the Company were to determine that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, an adjustment to the deferred tax assets would increase income in the period such determination was made. The calculation of the Company’s tax liabilities includes addressing uncertainties in the application of complex tax regulations and is based on the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company recognizes liabilities for anticipated tax audit issues in the United States and other tax jurisdictions based on its recognition threshold and measurement attribute of whether it is more likely than not that the positions the Company has taken in tax filings will be sustained upon tax audit, and the extent to which, additional taxes, interest, and/or penalties would be due. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period in which it is determined the liabilities are no longer necessary. If the estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result. The Company recognizes any interest or penalties, if incurred, on any unrecognized tax liabilities or benefits as a component of income tax expense. Earnings Per Share Basic earnings per share are computed using the weighted average number of common shares outstanding during the period. Diluted earnings per share incorporates the potentially dilutive incremental shares issuable upon the assumed exercise of stock options, the assumed vesting of outstanding restricted stock units, and the assumed issuance of common stock under the stock purchase plan using the treasury share method. Shares issuable upon the vesting of performance stock awards are likewise included in the calculation of diluted earnings per share as of the date the conditions have been satisfied, assuming the end of the reporting period was the end of the contingency period. Stock Repurchase The Company accounts for stock repurchases in the Consolidated Balance Sheets by reducing common stock for the par value of the shares, reducing paid-in capital for the amount in excess of par to zero during the period in which the shares are repurchased, and recording the residual amount, if any, to retained earnings. Excise tax on stock repurchases is recorded as part of the cost basis of shares acquired in the Consolidated Statements of Stockholders’ Equity. Government Assistance The Company receives government assistance for qualifying capital investments, research and development, and other activities as defined by the relevant government entities awarding the incentive. Incentives provided by government entities are recognized when the Company has reasonable assurance that it will comply with the conditions of the incentive and the incentive will be received. The Company records capital-related incentives as a reduction to property, plant and equipment and recognizes a reduction to depreciation expense over the useful life of the corresponding asset. Incentives for specific operating activities are offset against the related expense in the period the expense is incurred. In August 2022, the U.S. government enacted the CHIPS and Science Act, which provides funding for manufacturing grants and research investments and establishes a 25% investment tax credit for certain investments in U.S. semiconductor manufacturing that are placed in service after December 31, 2022. As of September 27, 2024 and September 29, 2023, there were $6.2 million and $10.2 million, respectively, of receivables in other short-term assets with a corresponding reduction to the carrying amounts of the qualifying manufacturing assets. During fiscal 2024 and fiscal 2023, cost of goods sold benefited by $1.2 million and $0.2 million, respectively, from the investment tax credit, recognized as a reduction of depreciation expense. The Company recognized an immaterial benefit in the Consolidated Statements of Operations in fiscal 2024, fiscal 2023, and fiscal 2022 for grants related to operating activities. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure” (“ASU 2023-07”). ASU 2023-07 requires disclosure of incremental segment information on an annual and interim basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-07 on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, on either a prospective or retrospective basis, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements and related disclosures.

Stockholders' Equity

12 Months Ended

Sep. 27, 2024

Stockholders' Equity Note [Abstract]

STOCKHOLDERS’ EQUITY

9. STOCKHOLDERS’ EQUITY

Common Stock

At September 27, 2024, the Company is authorized to issue 525.0 million shares of common stock, par value $0.25 per share, of which 159.9 million shares are issued and outstanding.

Holders of the Company’s common stock are entitled to dividends in the event declared by the Company’s Board of Directors out of funds legally available for such purpose. Dividends may not be paid on common stock unless all accrued dividends on preferred stock, if any, have been paid or declared and set aside. In the event of the Company’s liquidation, dissolution, or winding up, the holders of common stock will be entitled to share pro rata in the assets remaining after payment to creditors and after payment of the liquidation preference plus any unpaid dividends to holders of any outstanding preferred stock.

Each holder of the Company’s common stock is entitled to one vote for each such share outstanding in the holder’s name. No holder of common stock is entitled to cumulate votes in voting for directors. The Company’s restated certificate of incorporation as amended to date (the “Certificate of Incorporation”) provides that, unless otherwise determined by the Company’s Board of Directors, no holder of stock has any preemptive right to purchase or subscribe for any stock of any class which the Company may issue or sell.

Preferred Stock

The Company’s Certificate of Incorporation has authorized and permits the Company to issue up to 25.0 million shares of preferred stock without par value in one or more series and with rights and preferences that may be fixed or designated by the Company’s Board of Directors without any further action by the Company’s stockholders. The designation, powers, preferences, rights and qualifications, limitations, and restrictions of the preferred stock of each series will be fixed by the certificate of designation relating to such series, which will specify the terms of the preferred stock. At September 27, 2024, the Company had no shares of preferred stock issued or outstanding.

Stock Repurchase and Retirement

On January 31, 2023, the Board of Directors approved a stock repurchase program (“January 31, 2023 stock repurchase program”), pursuant to which the Company is authorized to repurchase up to $2.0 billion of its common stock from time to time through February 1, 2025, on the open market or in privately negotiated transactions, in compliance with applicable securities laws and other legal requirements. The January 31, 2023 stock repurchase program succeeds in its entirety the stock repurchase program approved by the Board of Directors on January 26, 2021 (“January 26, 2021 stock repurchase program”). The timing and amount of any shares of the Company’s common stock that are repurchased under the January 31, 2023 stock repurchase program will be determined by the Company’s management based on its evaluation of market conditions and other factors. The January 31, 2023 stock repurchase program may be suspended or discontinued at any time. The Company currently expects to fund the January 31, 2023 stock repurchase program using the Company’s working capital.

During fiscal 2024, the Company paid $77.4 million (including commissions and excise tax, as applicable) in connection with the repurchase of 0.8 million shares of its common stock (paying an average price of $101.33 per share), all of which shares were repurchased pursuant to the January 31, 2023 stock repurchase program. As of September 27, 2024, $1.9 billion remained available under the January 31, 2023 stock repurchase program.

During fiscal 2023, the Company paid $175.3 million (including commissions) in connection with the repurchase of 1.9 million shares of its common stock (paying an average price of $90.60 per share), all of which shares were repurchased pursuant to the January 26, 2021 stock repurchase program. During fiscal 2022, the Company paid $886.8 million (including commissions) in connection with the repurchase of 6.5 million shares of its common stock (paying an average price of $136.32 per share), all of which shares were repurchased pursuant to the January 26, 2021 stock repurchase program.

Dividends

On November 12, 2024, the Company announced that the Board of Directors had declared a cash dividend on the Company’s common stock of $0.70 per share. This dividend is payable on December 24, 2024, to the Company’s stockholders of record as of the close of business on December 3, 2024. Future dividends are subject to declaration by the Board of Directors.

Dividends charged to retained earnings were as follows (in millions, except per share data):


	Fiscal Years Ended
	September 27, 2024				September 29, 2023
	Per Share		Total Amount		Per Share		Total Amount
First quarter	$	0.68	$	108.9	$	0.62	$	99.4
Second quarter	0.68		109.1		0.62		98.6
Third quarter	0.68		109.1		0.62		98.7
Fourth quarter	0.70		112.0		0.68		108.5
Total dividends	$	2.74	$	439.1	$	2.54	$	405.2

Employee Stock Benefit Plans

As of September 27, 2024, the Company has the following equity compensation plans under which its equity securities were authorized for issuance to its employees and/or directors:

•the 2002 Employee Stock Purchase Plan, as Amended

•the Non-Qualified Employee Stock Purchase Plan, as Amended

•the Amended and Restated 2008 Director Long-Term Incentive Plan

•the Second Amended and Restated 2015 Long-Term Incentive Plan

Except for the Non-Qualified Employee Stock Purchase Plan, as Amended, each of the foregoing equity compensation plans was approved by the Company’s stockholders.

As of September 27, 2024, a total of 45.4 million shares are authorized for grant under the Company’s share-based compensation plans. The number of common shares reserved for future awards to employees and directors under these plans was 14.7 million at September 27, 2024. The Company currently grants new equity awards to employees under the Second Amended and Restated 2015 Long-Term Incentive Plan and to non-employee directors under the Amended and Restarted 2008 Director Long-Term Incentive Plan, as Amended.

Second Amended and Restated 2015 Long-Term Incentive Plan. Under this plan, officers, employees, and certain consultants may be granted stock options, restricted stock units, performance stock units, and other share-based awards. The plan has been approved by the stockholders. Under the plan, up to 30.5 million shares have been authorized for grant. A total of 11.6 million shares were available for new grants as of September 27, 2024. The maximum contractual term of options under the plan is seven years from the date of grant. Options granted under the plan at the determination of the compensation committee generally vest ratably over four years. Restricted stock units granted under the plan at the determination of the compensation committee generally vest over three or more years. No dividends or dividend equivalents are accumulated or paid with respect to restricted stock unit awards or other awards until the shares underlying such awards vest and are issued to the award holder. Performance stock units are contingently granted depending on the achievement of certain predetermined performance goals and generally vest over one or more years.

Amended and Restated 2008 Director Long-Term Incentive Plan, as Amended. Under this plan, non-employee directors may be granted stock options, restricted stock units, and other share-based awards. The plan has been approved by the stockholders. Under the plan a total of 1.5 million shares have been authorized for grant. A total of 0.5 million shares were available for new grants as of September 27, 2024. The maximum contractual term of options granted under the plan is ten years from the date of grant. Options granted under the plan generally vest ratably over four years. Restricted stock units granted under the plan generally vest over one or more years.

Employee Stock Purchase Plans. The Company maintains a domestic and an international employee stock purchase plan. Under these plans, eligible employees may purchase common stock through payroll deductions of up to 15% of their compensation. The price per share is the lower of 85% of the fair market value of the common stock at the beginning or end of each offering period (six months). The plans provide for purchases by employees of up to an aggregate of 13.5 million shares. Shares of common stock purchased under these plans during fiscal 2024, fiscal 2023, and fiscal 2022, were 0.4 million, 0.3 million, and 0.3 million, respectively. At September 27, 2024, there were 2.6 million shares available for purchase. The Company recognized compensation expense of $10.1 million, $10.9 million, and $9.2 million during fiscal 2024, fiscal 2023, and fiscal 2022, respectively, related to the employee stock purchase plan. The unrecognized compensation expense on the employee

stock purchase plan at September 27, 2024, was $4.4 million. The weighted average period over which the cost is expected to be recognized is approximately four months.

Restricted and Performance Awards and Units

The following table represents a summary of the Company’s restricted and performance awards and units:


	Shares (in millions)	Weighted Average Grant Date Fair Value
Non-vested awards outstanding at September 29, 2023	3.4	$	112.69
Granted (1)	2.5	$	92.24
Vested	(1.2)	$	117.84
Canceled/forfeited	(0.4)	$	121.22
Non-vested awards outstanding at September 27, 2024	4.3	$	98.51

(1) Includes performance stock awards granted and earned assuming target performance under the underlying performance metrics.

The weighted-average grant date fair value per share for awards granted during fiscal 2024, fiscal 2023, and fiscal 2022, was $92.24, $92.86, and $151.20, respectively.

The following table summarizes the total intrinsic value for awards vested (in millions):


	Fiscal Years Ended
	September 27, 2024		September 29, 2023		September 30, 2022
Awards	$	111.8	$	111.9	$	249.6

Valuation and Expense Information

The following table summarizes pre-tax share-based compensation expense by financial statement line item and related tax benefit (in millions):


	Fiscal Years Ended
	September 27, 2024		September 29, 2023		September 30, 2022
Cost of goods sold	$	32.0	$	20.7	$	26.9
Research and development	85.5		94.8		93.8
Selling, general, and administrative	62.8		69.6		74.5
Total share-based compensation	$	180.3	$	185.1	$	195.2

Share-based compensation tax expense (benefit)	$	18.9	$	9.1	$	(20.1)
Capitalized share-based compensation expense at period end	$	10.1	$	14.5	$	6.8


	Unrecognized Compensation Cost for Unvested Awards (in millions)		Weighted Average Remaining Recognition Period (in years)
Awards	$	253.1	3.2

The fair value of the restricted stock units is equal to the closing market price of the Company’s common stock on the date of grant.

The Company issued performance stock unit awards during fiscal 2024, fiscal 2023, and fiscal 2022 that contained market-based conditions. The fair value of these performance stock unit awards was estimated on the date of the grant using a Monte Carlo simulation with the following weighted-average assumptions:


	Fiscal Year Ended
	September 27, 2024		September 29, 2023		September 30, 2022
Volatility of common stock	37.36	%	45.71	%	44.04	%
Average volatility of peer companies	30.95	%	40.74	%	46.28	%
Average correlation coefficient of peer companies	0.54		0.65		0.65
Risk-free interest rate	4.61	%	4.51	%	0.79	%
Dividend yield	3.04	%	2.80	%	1.40	%

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Marketable Securities

12 Months Ended

Sep. 27, 2024

Investments, Debt and Equity Securities [Abstract]

MARKETABLE SECURITIES

3. MARKETABLE SECURITIES

The Company’s portfolio of available-for-sale marketable securities consists of the following (in millions):


	Current				Noncurrent
	September 27, 2024		September 29, 2023		September 27, 2024		September 29, 2023
U.S. Treasury and government securities	$	39.0	$	15.1	$	11.1	$	4.1
Corporate bonds and notes	155.0		—		0.3		—
Municipal bonds	0.1		0.5		—		—
Total marketable securities	$	194.1	$	15.6	$	11.4	$	4.1

The contractual maturities of noncurrent available-for-sale marketable securities were within two years or less of issuance of the applicable securities. Neither gross unrealized gains and losses nor realized gains and losses were material as of September 27, 2024, or September 29, 2023.