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Income Taxes (Tables)

12 Months Ended

Sep. 29, 2018

Income Tax Disclosure [Abstract]

Income (Loss) Before Income Taxes

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

		Years ended
		September 29, 2018				September 30, 2017				September 24, 2016
Domestic		$	(581.9	)		$	1,105.8			$	310.7
Foreign		163.3				124.7				104.6
		$	(418.6	)		$	1,230.5			$	415.3

Provision for Income Taxes

The (benefit) provision for income taxes contained the following components:

		Years ended
		September 29, 2018				September 30, 2017				September 24, 2016
Federal:
Current		$	137.1			$	701.1			$	209.0
Deferred		(461.9		)		(276.9		)		(122.7		)
		(324.8		)		424.2				86.3
State:
Current		11.0				53.1				16.6
Deferred		(11.3		)		(15.9		)		(22.7		)
		(0.3		)		37.2				(6.1		)
Foreign:
Current		21.9				13.9				14.7
Deferred		(4.1		)		(0.3		)		(10.4		)
		17.8				13.6				4.3
		$	(307.3	)		$	475.0			$	84.5

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

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

		Years ended
		September 29, 2018			September 30, 2017			September 24, 2016
Income tax (benefit) provision at federal statutory rate		(24.5	)%		35.0	%		35.0	%
Increase (decrease) in tax resulting from:
Domestic production activities deduction		(3.1	)		(1.7	)		(5.0	)
State income taxes, net of federal benefit		0.7			2.3			2.0
Non-deductible goodwill		39.4			9.2			—
Tax credits		(1.9	)		(0.8	)		(3.2	)
Tax reform		(82.7	)		—			—
Unrecognized tax benefits		1.8			(1.4	)		2.4
Compensation		0.3			(0.5	)		0.1
Foreign rate differential		(5.2	)		(2.6	)		(6.1	)
Change in deferred tax rate		1.2			0.2			(1.8	)
Change in valuation allowance		(0.5	)		(1.5	)		(3.4	)
Other		1.1			0.4			0.3
		(73.4	)%		38.6	%		20.3	%

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

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

		September 29, 2018				September 30, 2017
Deferred tax assets
Net operating loss carryforwards		$	30.9			$	50.1
Capital losses		6.5				7.1
Non-deductible accruals		30.7				50.6
Non-deductible reserves		22.1				30.0
Stock-based compensation		24.0				39.3
Research and other credits		13.3				13.6
Nonqualified deferred compensation plan		12.3				16.4
Other temporary differences		11.5				16.5
		151.3				223.6
Less: valuation allowance		(25.5		)		(28.2		)
		$	125.8			$	195.4
Deferred tax liabilities
Depreciation and amortization		$	(606.6	)		$	(1,071.5	)
Debt discounts and deferrals		(4.5		)		(88.4		)
		$	(611.1	)		$	(1,159.9	)
		$	(485.3	)		$	(964.5	)

Activity of the Company's Unrecognized Income Tax Benefits

The Company’s unrecognized income tax benefits activity for fiscal 2018 and 2017 was as follows:

		2018				2017
Balance at beginning of fiscal year		$	90.3			$	163.6
Tax positions related to current year:
Additions		9.0				21.8
Reductions		—				—
Tax positions related to prior years:
Additions related to change in estimate		6.6				1.1
Reductions		(15.4		)		(77.3		)
Payments		—				(1.6		)
Lapses in statutes of limitations		(1.4		)		(19.9		)
Acquired tax positions:
Additions related to reserves acquired from acquisitions		0.4				2.6
Balance as of the end of the fiscal year		$	89.5			$	90.3

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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 change in unrecognized tax benefits.

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