Employee Benefit Plans |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 25, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit Plans | Employee Benefit PlansEquity Compensation Plans. On March 10, 2020, our stockholders approved the amended and restated Qualcomm Incorporated 2016 Long-Term Incentive Plan (the 2016 Plan), including an increase in the share reserve by 75 million shares. The 2016 Plan provides for the grant of RSUs and other stock-based awards. The RSUs generally include dividend-equivalent rights and vest over three years from the date of grant. The Board of Directors may amend or terminate the 2016 Plan at any time. Certain amendments, including an increase in the share reserve, require stockholder approval. At September 25, 2022, approximately 43 million shares were available for future grant under the 2016 Plan.
The following is a summary of employee RSU transactions under our 2016 Plan that contain only service requirements to vest:
The weighted-average estimated grant date fair values of employee RSUs under our 2016 Plan that contain only service requirements to vest granted during fiscal 2021 and 2020 were $124.22 and $82.57 per share, respectively. Upon vesting, we issue new shares of common stock. For the majority of RSUs, shares are issued on the vesting dates net of the amount of shares needed to satisfy statutory tax withholding requirements to be paid by us on behalf of the employees. As a result, the actual number of shares issued will be fewer than the number of RSUs outstanding. The annual pre-vest forfeiture rate for RSUs was estimated to be approximately 6%, 6% and 7% in fiscal 2022, 2021 and 2020, respectively.
At September 25, 2022, total unrecognized compensation expense related to such non-vested RSUs granted prior to that date was $2.6 billion, which is expected to be recognized over a weighted-average period of 1.8 years. The total vest-date fair value of such RSUs that vested during fiscal 2022, 2021 and 2020 was $2.9 billion, $2.6 billion and $1.3 billion, respectively. The total shares withheld to satisfy statutory tax withholding requirements related to all share-based awards were 5 million, 5 million and 4 million in fiscal 2022, 2021 and 2020, respectively and were based on the value of the awards on their vesting dates as determined by our closing stock price.
The total tax benefits realized, including the excess tax benefits, related to share-based awards during fiscal 2022, 2021 and 2020 were $627 million, $567 million and $273 million, respectively.
Employee Stock Purchase Plan. We have an employee stock purchase plan for eligible employees to purchase shares of common stock at 85% of the lower of the fair market value on the first or the last day of each offering period, which is generally six months. Employees may authorize us to withhold up to 15% of their compensation during any offering period, subject to certain limitations. The employee stock purchase plan includes a non-423(b) plan. The shares reserved for future issuance under the employee stock purchase plan were 22 million at September 25, 2022. During fiscal 2022, 2021 and 2020, 3 million, 3 million and 5 million shares, respectively, were issued under the plan at an average price of $124.98, $107.48 and $66.53 per share, respectively. At September 25, 2022, total unrecognized compensation expense related to non-vested purchase rights granted prior to that date was $44 million. We recorded cash received from the exercise of purchase rights of $355 million, $343 million and $306 million during fiscal 2022, 2021 and 2020, respectively.
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