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Income Taxes (Tables)

12 Months Ended

Sep. 24, 2016

Income Tax Disclosure [Abstract]

Income (Loss) Before Income Taxes

The Company’s income before income taxes consisted of the following:

		Years ended
		September 24, 2016				September 26, 2015				September 27, 2014
Domestic		$	310.7			$	158.3			$	95.1
Foreign		104.6				18.9				(47.0		)
		$	415.3			$	177.2			$	48.1

Provision for Income Taxes

The provision for income taxes contained the following components:

		Years ended
		September 24, 2016				September 26, 2015				September 27, 2014
Federal:
Current		$	209.0			$	185.2			$	242.2
Deferred		(122.7		)		(137.0		)		(212.5		)
		86.3				48.2				29.7
State:
Current		16.6				3.5				22.1
Deferred		(22.7		)		(11.0		)		(24.7		)
		(6.1		)		(7.5		)		(2.6		)
Foreign:
Current		14.7				5.7				9.6
Deferred		(10.4		)		(0.8		)		(5.9		)
		4.3				4.9				3.7
		$	84.5			$	45.6			$	30.8

Reconciliation of Income Tax (Benefit) at U.S. Federal Statutory Rate to Company's Effective Tax Rate

The income tax provision differed from the tax provision computed at the U.S. federal statutory rate due to the following:

		Years ended
		September 24, 2016			September 26, 2015			September 27, 2014
Income tax provision at federal statutory rate		35.0	%		35.0	%		35.0	%
Increase (decrease) in tax resulting from:
Domestic production activities deduction		(5.0	)		(10.1	)		(30.6	)
State income taxes, net of federal benefit		2.0			1.2			4.3
Tax credits		(3.2	)		(3.8	)		(5.2	)
Unrecognized tax benefits		2.4			(1.8	)		2.5
Cumulative translation adjustment write-off		—			1.9			—
Non-deductible compensation		0.1			1.9			5.5
Foreign rate differential		(6.1	)		(1.6	)		10.7
Change in state deferred tax rate		(1.8	)		—			—
Change in valuation allowance		(3.4	)		1.0			35.4
Other		0.3			2.1			6.3
		20.3	%		25.8	%		63.9	%

Significant Components of the Company's Deferred Tax Assets and Liabilities

The Company’s significant deferred tax assets and liabilities were as follows:

		September 24, 2016				September 26, 2015
Deferred tax assets
Net operating loss carryforwards		$	40.0			$	45.4
Capital losses		19.1				25.7
Non-deductible accruals		21.1				16.3
Non-deductible reserves		31.1				26.8
Stock-based compensation		34.8				24.3
Research and other credits		10.7				14.5
Nonqualified deferred compensation plan		14.1				11.3
Other temporary differences		9.2				10.2
		180.1				174.5
Less: valuation allowance		(46.2		)		(60.9		)
		$	133.9			$	113.6
Deferred tax liabilities
Depreciation and amortization		$	(1,030.8	)		$	(1,171.5	)
Debt discounts and deferrals		(75.1		)		(100.1		)
Debt issuance costs		(1.3		)		(1.4		)
		$	(1,107.2	)		$	(1,273.0	)
		$	(973.3	)		$	(1,159.4	)

Activity of the Company's Unrecognized Income Tax Benefits

The Company’s unrecognized income tax benefits activity for fiscal 2016 and 2015 was as follows:

		2016				2015
Balance at beginning of fiscal year		$	154.7			$	137.0
Tax positions related to current year:
Additions		23.9				11.0
Reductions		—				—
Tax positions related to prior years:
Additions related to change in estimate		1.1				21.1
Reductions		(6.9		)		(10.3		)
Payments		(6.0		)		(0.8		)
Lapses in statutes of limitations and settlements		(3.2		)		(3.7		)
Acquired tax positions:
Additions related to reserves acquired from acquisitions		—				0.4
Balance as of the end of the fiscal year		$	163.6			$	154.7

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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