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Summary of Significant Accounting Policies (Policies) | 12 Months Ended
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Sep. 28, 2019
Accounting Policies [Abstract] |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company’s fiscal year ends on the last Saturday in September. Fiscal 2019, 2018 and 2017 ended on September 28, 2019, September 29, 2018 and September 30, 2017, respectively. Fiscal 2019 and 2018 were 52-week years, and fiscal 2017 was a 53-week year.
Management's Estimates | Management’s Estimates and Uncertainties The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions by management affect the Company’s revenue recognition for multiple performance obligation arrangements, estimated fair value of cost-method equity investments, valuations, purchase price allocations and contingent consideration related to business combinations, expected future cash flows including growth rates, discount rates, terminal values and other assumptions and estimates used to evaluate the recoverability of long-lived assets and goodwill, estimated fair values of intangible assets and goodwill, amortization methods and periods, warranty reserves, certain accrued expenses, restructuring and other related charges, contingent liabilities, tax reserves, deferred tax rates and recoverability of the Company’s net deferred tax assets and related valuation allowances. Although the Company regularly assesses these estimates, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. The Company is subject to a number of risks similar to those of other companies of similar size in its industry, including dependence on third-party reimbursements to support the markets of the Company’s products, early stage of development of certain products, rapid technological changes, recoverability of long-lived assets (including intangible assets and goodwill), competition, stability of world financial markets, ability to obtain regulatory approvals, changes in the regulatory environment, limited number of suppliers, customer concentration, integration of acquisitions, substantial indebtedness, government regulations, management of international activities, protection of proprietary rights, patent and other litigation, dependence on contract manufacturers and dependence on key individuals.
Cash Equivalents | Cash Equivalents Cash equivalents are highly liquid investments with insignificant interest rate risk and maturities of three months or less at the time of acquisition.
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that subject the Company to credit risk primarily consist of cash and cash equivalents, cost-method and equity method investments, and trade accounts receivable. The Company invests its cash and cash equivalents with high credit quality financial institutions. The Company’s customers are principally located in the United States, Europe and Asia. The Company performs ongoing credit evaluations of the financial condition of its customers and generally does not require collateral. Although the Company is directly affected by the overall financial condition of the healthcare industry, as well as global economic conditions, management does not believe significant credit risk exists as of September 28, 2019. The Company generally has not experienced any material losses related to receivables from individual customers or groups of customers in the healthcare industry. The Company maintains an allowance for doubtful accounts based on accounts past due and historical collection experience. There were no customers with balances greater than 10% of accounts receivable as of September 28, 2019 and September 29, 2018, or any customers that represented greater than 10% of consolidated revenues for fiscal years 2019, 2018 and 2017
Inventories | Inventories Inventories are valued at the lower of cost or market on a first in, first out basis. Work-in-process and finished goods inventories consist of materials, labor and manufacturing overhead. The valuation of inventory requires management to estimate excess and obsolete inventory. The Company employs a variety of methodologies to determine the net realizable value of its inventory. Provisions for excess and obsolete inventory are primarily based on management’s estimates of forecasted sales, usage levels and expiration dates, as applicable for disposable products. A significant change in the timing or level of demand for the Company’s products compared to forecasted amounts may result in recording additional charges for excess and obsolete inventory in the future. The Company records charges for excess and obsolete inventory within cost of product revenues. Inventories consisted of the following:
|  | September 28, 2019 |  | September 29, 2018
Raw materials |  | $ | 166.1 |  |  | $ | 134.9 |
Work-in-process |  | 54.5 |  |  | 52.1 |
Finished goods |  | 224.3 |  |  | 197.1 |
|  | $ | 444.9 |  |  | $ | 384.1 |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is recorded at cost less allowances for depreciation and impairments. The straight-line method of depreciation is used for all property and equipment. Property, plant and equipment consisted of the following:
| Estimated Useful Life |  | September 28, 2019 |  | September 29, 2018
Equipment | 3–10 years |  | $ | 379.2 |  |  | $ | 391.9 |
Equipment under customer usage agreements | 3–8 years |  | 435.5 |  |  | 399.6 |
Buildings and improvements | 20–35 years |  | 196.7 |  |  | 175.1 |
Leasehold improvements | Shorter of the Original Term of Lease or Estimated Useful Life |  | 61.7 |  |  | 63.0 |
Land |  |  | 46.3 |  |  | 46.3 |
Furniture and fixtures | 5–7 years |  | 17.5 |  |  | 18.4 |
|  |  | 1,136.9 |  |  | 1,094.3 |
Less - accumulated depreciation and amortization |  |  | (666.0 | ) |  | (616.1 | )
|  |  | $ | 470.9 |  |  | $ | 478.2 |
Equipment under customer usage agreements primarily consists of diagnostic instrumentation and imaging equipment located at customer sites but owned by the Company. Generally, the customer has the right to use the equipment for a period of time provided they meet certain agreed to conditions. The Company recovers the cost of providing the equipment from the sale of disposables. The depreciation costs associated with equipment under customer usage agreements are charged to cost of product revenues over the estimated useful life of the equipment. The costs to maintain the equipment in the field are charged to cost of product revenue as incurred.
Long-Lived Assets | Long-Lived Assets The Company reviews its long-lived assets, which includes property, plant and equipment and identifiable intangible assets (see below for discussion of intangible assets), for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with ASC 360-10-35-15, Property, Plant and Equipment—Impairment or Disposal of Long-Lived Assets (ASC 360). Recoverability of these assets is evaluated by comparing the carrying value of the assets to the undiscounted cash flows estimated to be generated by those assets over their remaining economic life. If the undiscounted cash flows are not sufficient to recover the carrying value of the assets, the assets are considered impaired. The impairment loss is measured by comparing the fair value of the assets to their carrying value. Fair value is determined by either a quoted market price, if any, or a value determined by a discounted cash flow technique.
Business Combinations and Acquisition of Intangible Assets | Business Combinations and Acquisition of Intangible Assets The Company accounts for the acquisition of a business in accordance with ASC 805, Business Combinations (ASC 805). Amounts paid to acquire a business are allocated to the assets acquired and liabilities assumed based on their fair values at the date of acquisition. The Company determines the fair value of acquired intangible assets based on detailed valuations that use certain information and assumptions provided by management. The Company allocates any excess purchase price over the fair value of the net tangible and intangible assets acquired to goodwill. The Company uses the income approach to determine the fair value of developed technology and in-process research and development ("IPR&D") acquired in a business combination. This approach determines fair value by estimating the after-tax cash flows attributable to the respective asset over its useful life and then discounting these after-tax cash flows back to a present value. The Company bases its revenue assumptions on estimates of relevant market sizes, expected market growth rates, expected trends in technology and expected product introductions by competitors. Developed technology represents patented and unpatented technology and know-how. The value of the in-process projects is based on the project's stage of completion, the complexity of the work completed as of the acquisition date, the projected costs to complete, the contribution of core technologies and other acquired assets, the expected introduction date, the estimated cash flows to be generated upon commercial release and the estimated useful life of the technology. The Company believes that the estimated developed technology and IPR&D amounts represent the fair value at the date of acquisition and do not exceed the amount a third-party would pay for the assets. The Company also uses the income approach, as described above, to determine the estimated fair value of certain other identifiable intangible assets including customer relationships, distribution agreements, trade names and business licenses. Customer relationships represent established relationships with customers, which provide a ready channel for the sale of additional products and services. Trade names represent acquired company and product names, and distribution agreements generally pertain to exclusive distribution of certain products manufactured by third parties
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible Assets Intangible assets are initially recorded at fair value and stated net of accumulated amortization and impairments. The Company amortizes its intangible assets that have finite lives using either the straight-line method, or if reliably determinable, based on the pattern in which the economic benefit of the asset is expected to be utilized. Amortization is recorded over the estimated useful lives ranging from 2 to 30 years. The Company evaluates the recoverability of its definite lived intangible assets whenever events or changes in circumstances or business conditions indicate that the carrying value of these assets may not be recoverable based on expectations of future undiscounted cash flows for each asset group. If the carrying value of an asset or asset group exceeds its undiscounted cash flows, the Company estimates the fair value of the assets, generally utilizing a discounted cash flow analysis based on the present value of estimated future cash flows to be generated by the assets using a risk-adjusted discount rate. To estimate the fair value of the assets, the Company uses market participant assumptions pursuant to ASC 820, Fair Value Measurements. Indefinite lived intangible assets, such as IPR&D assets, are required to be tested for impairment annually, or more frequently if indicators of impairment are present. The Company’s annual impairment test date is as of the first day of its fourth quarter. Intangible assets consisted of the following:
|  | September 28, 2019 |  | September 29, 2018
Description |  | Gross Carrying Value |  | Accumulated Amortization |  | Gross Carrying Value |  | Accumulated Amortization
Acquired intangible assets: |  |  |  |  |  |  |  |
Developed technology |  | $ | 3,927.7 |  |  | $ | 2,654.8 |  |  | $ | 4,573.3 |  |  | $ | 2,505.8 |
In-process research and development |  | — |  |  | — |  |  | 5.5 |  |  | — |
Customer relationships |  | 525.5 |  |  | 447.5 |  |  | 556.5 |  |  | 428.1 |
Trade names |  | 245.4 |  |  | 171.1 |  |  | 312.5 |  |  | 175.0 |
Distribution agreement |  | 2.5 |  |  | — |  |  | 42.0 |  |  | 8.0 |
Non-competition agreements |  | 1.4 |  |  | 0.9 |  |  | 1.5 |  |  | 0.5 |
Business licenses |  | 2.3 |  |  | 2.2 |  |  | 2.4 |  |  | 2.2 |
Total acquired intangible assets |  | $ | 4,704.8 |  |  | $ | 3,276.5 |  |  | $ | 5,493.7 |  |  | $ | 3,119.6 |
Internal-use software |  | 53.9 |  |  | 43.4 |  |  | 58.5 |  |  | 49.3 |
Capitalized software embedded in products |  | 27.9 |  |  | 6.9 |  |  | 19.6 |  |  | 4.3 |
Total intangible assets |  | $ | 4,786.6 |  |  | $ | 3,326.8 |  |  | $ | 5,571.8 |  |  | $ | 3,173.2 |
Medical Aesthetics Impairment During fiscal 2019, the Company identified indicators of impairment for its Medical Aesthetics reporting unit as a result of reductions in forecasts during the year, and in connection with the Company’s efforts to sell the business that began prior to the end of fiscal 2019. In performing the undiscounted cash flow analysis pursuant to ASC 360, the expected undiscounted cash flows of the asset group were determined using a probability-weighted approach taking into consideration the planned disposition, which was deemed to be highly probable as of the balance sheet date. Based on this analysis, the undiscounted cash flows were not sufficient to recover the carrying value of the asset group. As a result, the Company was required to perform Step 3 of the impairment test and determine the fair value of the asset group. The Company executed a definitive agreement on November 20, 2019 to sell the business. Although this agreement was signed subsequent to the balance sheet date, the Company concluded that it provided evidence regarding the estimate of fair value of the asset group at September 28, 2019 and that there were no events that occurred between September 28, 2019 and the date the Company entered into the definitive agreement that would significantly affect the fair value of the asset group. As a result, the Company recorded total impairment charges of $685.4 million in fiscal 2019. The impairment charge was allocated to the long-lived assets as follows: $576.9 million to developed technology, $22.4 million to customer relationships, $48.6 million to trade names, $27.7 million to distribution agreements and $9.8 million to equipment. On November 20, 2019, this asset group met the assets held-for-sale criteria and will be recorded at fair value less the costs to sell, which could result in additional charges. See Note 15. The definitive agreement contains representations and warranties and covenants customary for a transaction of this nature, and the completion of the sale is subject to customary closing conditions, The Company cannot assure that it will be able to complete this transaction on a timely basis, if at all. During the second quarter of fiscal 2018, the Company abandoned an in-process research and development project acquired in the Cynosure acquisition and recorded an impairment charge of $46.0 million. The Company abandoned the project as a result of unsuccessful clinical results. The Company had identified certain software acquired in the Cynosure acquisition that would be abandoned in fiscal 2018 and shortened the useful life. As such, the Company accelerated depreciation of the asset resulting in an additional $5.9 million and $3.0 million of expense recorded in fiscal 2018 and 2017, respectively. Other Activity During the first quarter of fiscal 2019, the Company acquired Focal Therapeutics, Inc. and recorded $83.1 million of developed technology, $11.4 million of in-process research and development and $2.7 million of trade names. In the fourth quarter of fiscal 2019, the Company obtained FDA approval for the in-process research and development project and reclassified this value to developed technology. During fiscal 2019, the two in-process research and development projects acquired in the Faxitron acquisition aggregating $5.5 million were completed and reclassified to developed technology. During first quarter of fiscal 2018, the Company acquired Emsor S.A. and recorded $4.6 million of customer relationship intangible assets. In the fourth quarter of fiscal 2018, the Company acquired Faxitron Bioptics, LLC and recorded an aggregate of $53.4 million of intangible assets. Amortization expense related to developed technology is classified as cost of product revenues—amortization of intangible assets. Amortization expense related to customer relationships, contracts, trade names, distribution agreements, and business licenses is classified as a component of amortization of intangible assets within operating expenses. The estimated amortization expense at September 28, 2019 for each of the five succeeding fiscal years was as follows:
Fiscal 2020 | $ | 295.5 |
Fiscal 2021 | $ | 274.2 |
Fiscal 2022 | $ | 263.8 |
Fiscal 2023 | $ | 166.2 |
Fiscal 2024 | $ | 143.1 |
Goodwill In accordance with ASC 350, Intangibles—Goodwill and Other (ASC 350), the Company tests goodwill for impairment annually at the reporting unit level and between annual tests if events and circumstances indicate it is more likely than not that the fair value of a reporting unit is less than its carrying value. Events that could indicate impairment and trigger an interim impairment assessment include, but are not limited to, current economic and market conditions, including a decline in market capitalization, a significant adverse change in legal factors, business climate, operational performance of the business or key personnel, and an adverse action or assessment by a regulator. If the carrying value of a reporting unit exceeds its estimated fair value, the Company applies the single step approach under Accounting Standards Update No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-04). As a result of this simplified approach the goodwill impairment is calculated as the amount by which the carrying value of the reporting unit exceeds its fair value to the extent of the goodwill balance. The Company adopted this ASU in fiscal 2018. In fiscal 2019, the Company used the qualitative approach. Under this approach the Company considers a number of factors, including the amount by which the previous quantitative test's fair value exceeded the carrying value of the reporting units, the forecasts in the Company's current year strategic plan compared to the forecast used in the previous quantitative test, an evaluation of discount rates, long-term growth rates including the terminal year rate, if tax rates would have significantly changed, an evaluation of current economic factors for both the worldwide economy and specifically the medical device industry, and any significant changes in customer and supplier relationships. The Company weighs these factors to determine if it is more likely than not that the fair value of the reporting unit exceeds its carrying value. If after performing a qualitative assessment, indicators are present, or we identify factors that cause us to believe it is appropriate to perform a more precise calculation of fair value, we would move beyond the qualitative assessment and perform a quantitative impairment test. As a result of completing the qualitative assessment for each of its reporting units, the Company concluded that it was more likely than not that the fair value of each reporting exceeded its carrying value by a significant amount and a quantitative test was unnecessary. When a quantitative test is necessary, the test requires a comparison of the carrying value of each reporting unit to its estimated fair value. To estimate the fair value of its reporting units, the Company primarily utilizes the income approach. The income approach is based on a DCF analysis and calculates the fair value by estimating the after-tax cash flows attributable to a reporting unit and then discounting the after-tax cash flows to present value using a risk-adjusted discount rate. Assumptions used in the DCF require significant judgment, including judgment about appropriate discount rates and terminal values, growth rates, and the amount and timing of expected future cash flows. The forecasted cash flows are based on the Company’s most recent budget and strategic plan. For years beyond this period, the Company’s estimates are based on assumed growth rates expected as of the measurement date and ensures its assumptions are consistent with the plans and estimates used to manage the underlying businesses. The discount rates used are intended to reflect the risks inherent in future cash flow projections and are based on estimates of the WACC of market participants relative to each respective reporting unit. The market approach considers comparable market data based on multiples of revenue or earnings before interest, taxes, depreciation and amortization (“EBITDA”) and is primarily used as a corroborative analysis to the results of the DCF analysis. The Company believes its assumptions used to determine the fair value of its reporting units are reasonable. If different assumptions were used, particularly with respect to forecasted cash flows, terminal values, WACCs, or market multiples, different estimates of fair value may result and there could be the potential that an impairment charge could result. Actual operating results and the related cash flows of the reporting units could differ from the estimated operating results and related cash flows. During the second quarter of fiscal 2018, in connection with commencing its company-wide annual budgeting and strategic planning process, evaluating its current operating performance of its Medical Aesthetics reporting unit, and abandoning an in-process research and development project, the Company reduced its short term and long term revenue and operating income forecasts and determined that indicators of impairment existed in its Medical Aesthetics reporting unit. The Medical Aesthetics reporting unit is solely comprised of the Cynosure business, which the Company acquired on March 22, 2017. The updated forecast reflected significantly reduced volume and market penetration projections resulting in lower short-term and long-term profitability than expected at the time of the Cynosure acquisition. As a result of those current events and circumstances, the Company determined that it was more likely than not that this change would reduce the fair value of the reporting unit below its carrying amount. To estimate the fair value of the reporting unit, the Company utilized the DCF analysis. The forecasted cash flows were based on the Company's most recent budget and strategic plan and for period beyond the strategic plan, the Company's estimates were based on assumed growth rates expected as of the measurement date. The Company believed its assumptions were consistent with the plans and estimates used to manage the underlying business. The discount rate used is intended to reflect the risks inherent in future cash flow projections and was based on an estimate of the weighted average cost of capital (WACC) of market participants relative to the reporting unit. The basis of fair value for Medical Aesthetics assumed the reporting unit would be purchased or sold in a non-taxable transaction, and the discount rate of 12.0% applied to the after-tax cash flows was consistent with that used in the purchase accounting performed in fiscal 2017. As a result of this analysis, the fair value of the Medical Aesthetic reporting unit was significantly below its carrying value, and the Company recorded a goodwill impairment charge of $685.7 million during the second quarter of fiscal 2018. This reporting unit now has a goodwill value of zero. Actual operating results and the related cash flows of the reporting units could differ from the estimated operating results and related cash flows. In connection with the goodwill impairment test in the second quarter of fiscal 2018, the Company also performed an impairment test of this reporting unit’s long-lived assets. This impairment evaluation was based on expectations of future undiscounted cash flows compared to the carrying value of the long-lived assets. The Company’s cash flow estimates were consistent with those used in the goodwill impairment test discussed above. Based on this analysis, the undiscounted cash flows of the Medical Aesthetics long-lived assets were in excess of their carrying value and thus deemed to not be impaired. The Company believed its procedures for estimating future cash flows were reasonable and consistent with market conditions at the time of estimation. At September 28, 2019, the Company believes that its reporting units, with goodwill aggregating $2.6 billion, were not at risk of failing Step 1 of the goodwill impairment test based on its current forecasts and qualitative assessment. The Company conducted its fiscal 2018 and 2017 impairment tests on the first day of the respective year's fourth quarter, and as noted above used DCF and market approaches to estimate the fair value of its reporting units as of July 1, 2018 and July 2, 2017, respectively, and ultimately used the fair value determined by the DCF approach in making its impairment test conclusions. As a result of completing Step 1, all of the Company's reporting units had fair values exceeding their carrying values, and as such, Step 2 of the impairment test under the applicable goodwill impairment standard at these dates was not required. A rollforward of goodwill activity by reportable segment from September 29, 2018 to September 28, 2019 is as follows:
| Diagnostics |  | Breast Health |  | Medical Aesthetics |  | GYN Surgical |  | Skeletal Health |  | Total
Balance at September 29, 2018 | $ | 821.2 |  |  | $ | 689.5 |  |  | $ | — |  |  | $ | 1,014.4 |  |  | $ | 8.1 |  |  | $ | 2,533.2 |
Faxitron acquisition adjustment | — |  |  | 3.9 |  |  | — |  |  | — |  |  | — |  |  | 3.9 |
Focal acquisition | — |  |  | 31.1 |  |  | — |  |  | — |  |  | — |  |  | 31.1 |
Foreign currency and other adjustments | (2.0 | ) |  | (2.3 | ) |  | — |  |  | (0.2 | ) |  | — |  |  | (4.5 | )
Balance at September 28, 2019 | $ | 819.2 |  |  | $ | 722.2 |  |  | $ | — |  |  | $ | 1,014.2 |  |  | $ | 8.1 |  |  | $ | 2,563.7 |
Other Assets | Other Assets Other assets consisted of the following:
|  | September 28, 2019 |  | September 29, 2018
Other Assets |  |  |  |
Life insurance contracts |  | $ | 44.6 |  |  | $ | 44.2 |
Deferred tax assets |  | 17.2 |  |  | 12.9 |
Cost-method equity investments |  | 11.4 |  |  | 8.8 |
Equity-method investment and loans to SSI (note 4) |  | 42.7 |  |  | — |
Other |  | 38.7 |  |  | 31.8 |
|  | $ | 154.6 |  |  | $ | 97.7 |
Life insurance contracts were purchased in connection with the Company’s Nonqualified Deferred Compensation Plan (“DCP”) and are recorded at their cash surrender value (see Note 12 for further discussion).
Research and Software Development Costs | Research and Software Development Costs Costs incurred for the research and development of the Company’s products are expensed as incurred. Nonrefundable advance payments for goods or services to be received in the future by the Company for use in research and development activities are deferred. The deferred costs are expensed as the related goods are delivered or the services are performed. The Company accounts for the development costs of software embedded in the Company’s products in accordance with ASC 985, Software. Costs incurred in the research, design and development of software embedded in products to be sold to customers are charged to expense until technological feasibility of the ultimate product to be sold is established. The Company’s policy is that technological feasibility is achieved when a working model, with the key features and functions of the product, is available for customer testing. Software development costs incurred after the establishment of technological feasibility and until the product is available for general release are capitalized, provided recoverability is reasonably assured. Capitalized software development costs are amortized over their estimate useful life and recorded within cost of revenues - product.
Foreign Currency Translation | Foreign Currency Translation The financial statements of the Company’s foreign subsidiaries are translated in accordance with ASC 830, Foreign Currency Matters. The reporting currency for the Company is the U.S. dollar. The functional currency of the Company’s foreign subsidiaries is determined based on the guidance in ASC 830. The majority of the Company's foreign subsidiaries' functional currency is the applicable local currency, although certain of the Company's foreign subsidiaries' functional currency is the U.S. dollar based on the nature of their operations or functions. Assets and liabilities of subsidiaries whose functional currency is the local currency are translated at the exchange rate in effect at each balance sheet date. Before translation, the Company re-measures foreign currency denominated assets and liabilities, including inter-company accounts receivable and payable, into the functional currency of the respective entity, resulting in unrealized gains or losses recorded in other income, net in the Consolidated Statements of Operations. Revenues and expenses are translated using average exchange rates during the respective period. Foreign currency translation adjustments are accumulated as a component of other comprehensive income (loss) as a separate component of stockholders’ equity. Gains and losses arising from transactions denominated in foreign currencies are included in other income, net in the Consolidated Statements of Operations and were not significant in any of the reporting periods presented.
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Loss Other comprehensive income (loss) includes certain transactions that have generally been reported in the statement of stockholders’ equity. The following tables summarize the components and changes in accumulated balances of other comprehensive loss for the periods presented:
| Year Ended September 28, 2019 |  | Year Ended September 29, 2018
| Foreign Currency Translation |  | Pension Plans |  | Hedged Interest Rate Caps |  | Hedged Interest Rate Swaps |  | Total |  | Foreign Currency Translation |  | Marketable Securities |  | Pension Plans |  | Hedged Interest Rate Caps |  | Total
Beginning Balance | $ | (26.6 | ) |  | $ | (1.1 | ) |  | $ | 2.2 |  |  | $ | — |  |  | $ | (25.5 | ) |  | $ | (18.5 | ) |  | $ | (0.4 | ) |  | $ | (1.6 | ) |  | $ | 4.3 |  |  | $ | (16.2 | )
Other comprehensive loss before reclassifications | (14.8 | ) |  | (0.6 | ) |  | (8.0 | ) |  | 3.5 |  |  | (19.9 | ) |  | (8.1 | ) |  | — |  |  | 0.5 |  |  | (5.7 | ) |  | (13.3 | )
Charges (gains) reclassified to statement of operations | — |  |  | — |  |  | 3.1 |  |  | — |  |  | 3.1 |  |  | — |  |  | 0.4 |  |  | — |  |  | 3.6 |  |  | 4.0 |
Ending Balance | $ | (41.4 | ) |  | $ | (1.7 | ) |  | $ | (2.7 | ) |  | $ | 3.5 |  |  | $ | (42.3 | ) |  | $ | (26.6 | ) |  | $ | — |  |  | $ | (1.1 | ) |  | $ | 2.2 |  |  | $ | (25.5 | )
Derivatives | Derivatives Interest Rate Cap - Cash Flow Hedge The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company manages its exposure to some of its interest rate risk through the use of interest rate caps, which are derivative financial instruments. The Company does not use derivatives for speculative purposes. For a derivative that is designated as a cash flow hedge, changes in the fair value of the derivative are recognized in accumulated other comprehensive income ("AOCI") to the extent the derivative is effective at offsetting the changes in the cash flows being hedged until the hedged item affects earnings. To the extent there is any hedge ineffectiveness, changes in fair value relating to the ineffective portion are immediately recognized in earnings in other income, net in the Consolidated Statements of Operations. During fiscal 2015, the Company entered into separate interest rate cap agreements with multiple counter-parties to help mitigate the interest rate volatility associated with the variable rate interest on its credit facilities under the term loan feature of its credit facilities (see Note 7). Interest rate cap agreements provide the right to receive cash if the reference interest rate rises above a contractual rate. The aggregate premium paid for the interest rate cap agreements was $13.2 million, which was the initial fair value of the instruments recorded in the Company's financial statements. Certain of these cap agreements expired during fiscal 2017. The Company purchased similar separate interest rate cap agreements in fiscal 2017, 2018, and 2019, and paid premiums of $1.9 million, $3.7 million, $1.5 million, respectively. The critical terms of the interest rate caps were designed to mirror the terms of the Company’s LIBOR-based borrowings under its credit agreement, that has been amended multiple times, and therefore are highly effective at offsetting the cash flows being hedged. The Company designated these derivatives as cash flow hedges of the variability of the LIBOR-based interest payments on $1.0 billion of principal, which for the outstanding contracts will expire on December 27, 2019 and December 23, 2020 for the interest rate cap agreements entered into in fiscal 2018 and fiscal 2019, respectively. As of September 28, 2019, the Company determined that the existence of hedge ineffectiveness, if any, was immaterial and all changes in the fair value of the interest rate caps were recorded within AOCI. During fiscal 2019, 2018 and 2017, interest expense of $3.1 million, $3.6 million and $6.9 million, respectively, was reclassified from AOCI to the Company's Consolidated Statements of Operations related to the interest rate cap agreements. The Company expects to similarly reclassify approximately $2.3 million from AOCI to the Consolidated Statements of Operations in the next twelve months. The aggregate fair value of these interest rate caps was $0.1 million and $7.7 million at September 28, 2019 and September 29, 2018, respectively, and is included in both Prepaid expenses and other current assets and Other assets on the Company’s Consolidated Balance Sheet. Refer to Note 8 “Fair Value Measurements” below for related fair value disclosures. Interest Rate Swap - Cash Flow Hedge In fiscal 2019, in order to hedge a portion of its variable rate debt, the Company entered into an interest rate swap contract with an effective date of December 23, 2020 and a termination date of December 17, 2023. The initial notional amount of this swap was $1.0 billion. The interest rate swap effectively fixes the variable interest rate on $1.0 billion of the notional amount under the 2018 Credit Agreement swap at 1.23%. The critical terms of the interest rate swap are designed to mirror the terms of the Company’s LIBOR-based borrowings under its credit agreement and therefore are highly effective at offsetting the cash flows being hedged. The Company designated this derivative as cash flow hedges of the variability of the LIBOR-based interest payments on $1.0 billion of principal. Therefore, changes in the fair value of the swap are recorded in accumulated other comprehensive income (loss). The fair value of this derivative is $4.7 million as of September 28, 2019. Forward Foreign Currency Contracts and Foreign Currency Option Contracts The Company enters into forward foreign currency exchange contracts and foreign currency option contracts to mitigate certain operational exposures from the impact of changes in foreign currency exchange rates. Such exposures result from the portion of the Company's operations that are denominated in currencies other than the U.S. dollar, primarily the Euro, the UK Pound, the Australian dollar, the Canadian dollar, the Chinese Yuan and the Japanese Yen. These foreign currency exchange contracts are entered into to support transactions made in the ordinary course of business and are not speculative in nature. The contracts are generally for periods of one year or less. The Company did not elect hedge accounting for these forward foreign currency contracts and foreign currency option contracts; however, the Company may seek to apply hedge accounting in future scenarios. The change in the fair value of these contracts is recognized directly in earnings as a component of other income, net. During fiscal 2019, 2018 and 2017, for the forward foreign currency exchange contracts the Company recorded net realized gains of $11.0 million, net realized losses of $1.3 million, and net realized gains of $3.1 million, respectively from settling forward foreign currency contracts, and net unrealized losses of $2.2 million, net unrealized gains of $6.6 million, and net unrealized losses of $3.6 million in fiscal 2019, 2018 and 2017, respectively, on outstanding forward contracts. During fiscal 2019, for the foreign currency option contracts the Company recorded net unrealized gains of $0.1 million on outstanding option contracts. As of September 28, 2019, the Company had outstanding forward foreign currency contracts that were not designated for hedge accounting and are used to hedge fluctuations in the U.S dollar of forecasted transactions denominated in the Australian Dollar, Canadian Dollar, Chinese Yuan and Japanese Yen with a notional amount of $104.2 million. As of September 28, 2019, the Company had outstanding foreign currency option contracts that were not designated for hedge accounting and are used to hedge fluctuations in the U.S dollar of forecasted transactions denominated in the Euro and UK Pound with a notional amount of $166.7 million. Financial Instrument Presentation The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the balance sheet as of September 28, 2019:
| Balance Sheet Location |  | September 28, 2019 |  | September 29, 2018 |
Assets: |  |  |  |  |
Derivative instruments designated as a cash flow hedge: |  |  |  |  |
Interest rate cap agreements | Prepaid expenses and other current assets |  | $ | 0.1 |  |  | $ | 6.0 |
Interest rate cap agreements | Other assets |  | — |  |  | 1.7 |
Interest rate swap contract | Other assets |  | $ | 4.7 |  |  | $ | — |
|  |  | $ | 4.8 |  |  | $ | 7.7 |
Derivatives not designated as hedging instruments: |  |  |  |  |
Forward foreign currency contracts | Prepaid expenses and other current assets |  | $ | 0.9 |  |  | $ | 3.2 |
Foreign currency option contracts | Prepaid expenses and other current assets |  | 2.0 |  |  | — |
|  |  | $ | 2.9 |  |  | $ | 3.2 |
Liabilities: |  |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |
Forward foreign currency contracts | Accrued expenses |  | $ | 0.1 |  |  | $ | 0.2 |
The following table presents the unrealized gain (loss) recognized in AOCI related to the interest rate caps and interest rate swap for the following reporting periods:
| Year Ended September 28, 2019 |  | Year Ended September 29, 2018 |  | Year Ended September 30, 2017
Amount of gain (loss) recognized in other comprehensive income (loss), net of taxes: |  |  |  |  |
Interest rate swap | $ | 3.5 |  |  | $ | — |  |  | $ | — |
Interest rate cap agreements | (8.0 | ) |  | (5.7 | ) |  | 0.8 |
Total | $ | (4.5 | ) |  | $ | (5.7 | ) |  | $ | 0.8 |
The following table presents the adjustment to fair value (realized and unrealized) recorded within the Consolidated Statements of Operations for derivative instruments for which the Company did not elect hedge accounting:
Derivatives not classified as hedging instruments |  |  |  |  | Location of Gain Recognized in Income
|  | Year Ended September 28, 2019 |  | Year Ended September 29, 2018 |  | Year Ended September 30, 2017 |  |
Forward foreign currency contracts |  | $ | 8.8 |  |  | $ | 5.3 |  |  | $ | 0.5 |  |  | Other income, net
Foreign currency option contracts |  | 0.1 |  |  | — |  |  | — |  |  | Other income, net
|  | $ | 8.9 |  |  | $ | 5.3 |  |  | $ | 0.5 |  |  |
Accounts Receivable and Reserves | Accounts Receivable and Reserves The Company records reserves for doubtful accounts based upon a specific review of all outstanding invoices, known collection issues and historical experience. The Company regularly evaluates the collectability of its trade accounts receivables and performs ongoing credit evaluations of its customers and adjusts credit limits based upon payment history and its assessment of the customer’s current credit worthiness. Accounts receivable reserve activity for fiscal 2019, 2018 and 2017 was as follows:
|  | Balance at Beginning of Period |  | Charged to Costs and Expenses |  | Write- offs and Payments |  | Balance at End of Period
Period Ended: |  |  |  |  |  |  |  |
September 28, 2019 |  | $ | 16.2 |  |  | $ | 4.4 |  |  | $ | (2.8 | ) |  | $ | 17.8 |
September 29, 2018 |  | $ | 9.8 |  |  | $ | 7.0 |  |  | $ | (0.6 | ) |  | $ | 16.2 |
September 30, 2017 |  | $ | 12.7 |  |  | $ | 1.8 |  |  | $ | (4.7 | ) |  | $ | 9.8 |
Cost of Service and Other Revenues | Cost of Service and Other Revenues Cost of service and other revenues primarily represents payroll and related costs associated with the Company’s professional services’ employees, consultants, infrastructure costs and overhead allocations, including depreciation, rent and materials consumed in providing the service.
Stock-Based Compensation | Stock-Based Compensation The Company accounts for share-based payments in accordance with ASC 718, Stock Compensation (ASC 718). As such, all share-based payments to employees, including grants of stock options, restricted stock units, performance stock units and market stock units and shares issued under the Company’s employee stock purchase plan, are recognized in the Consolidated Statements of Operations based on their fair values on the date of grant. In addition, as a result of the adoption of ASU 2016-09 in fiscal 2017, all excess tax benefits and deficiencies are recognized as a component of the provision for income taxes on a discrete basis in the period in which the equity awards vest and/or are settled.
Net Income Per Share | Net Income (Loss) Per Share Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding. Diluted net income per share is computed by dividing net income by the weighted average number of common shares and the dilutive effect of potential future issuances of common stock from outstanding stock options, restricted stock units and convertible debt for the period outstanding determined by applying the treasury stock method. In accordance with ASC 718, the assumed proceeds under the treasury stock method include the average unrecognized compensation expense of in-the-money stock options and restricted stock units. This results in the assumed buyback of additional shares, thereby reducing the dilutive impact of equity awards. The Company applied the provisions of ASC 260, Earnings Per Share, to determine the diluted weighted average shares outstanding as it related to its convertible notes that were outstanding in fiscal 2017 and a portion of fiscal 2018, and due to the type of debt instrument issued and its accounting policy, the Company applied the treasury stock method and not the if-converted method. The dilutive impact of the Company’s convertible notes was based on the difference between the Company’s current period average stock price and the conversion price of the convertible notes, provided there was a premium. As such, dilution related to the conversion premium on the convertible notes was included in the calculation of diluted weighted-average shares outstanding in fiscal 2018 and 2017 to the extent each issuance was dilutive based on the average stock price during each reporting period being greater than the conversion price of the respective Notes.
Product Warranties | Product Warranties The Company generally offers a one-year warranty for its products. The Company provides for the estimated cost of product warranties at the time product revenue is recognized. Factors that affect the Company’s warranty reserves include the number of units sold, historical and anticipated rates of warranty repairs and the cost per repair. The Company periodically assesses the adequacy of the warranty reserve and adjusts the amount as necessary. Product warranty activity for fiscal 2019 and 2018 was as follows:
|  | Balance at Beginning of Period |  | Provisions |  | Settlements/ Adjustments |  | Balance at End of Period
Period ended: |  |  |  |  |  |  |  |
September 28, 2019 |  | $ | 15.9 |  |  | $ | 14.1 |  |  | $ | (16.1 | ) |  | $ | 13.9 |
September 29, 2018 |  | $ | 17.0 |  |  | $ | 18.3 |  |  | $ | (19.4 | ) |  | $ | 15.9 |
Advertising Costs | Advertising Costs Advertising costs are charged to operations as incurred. The Company does not have any direct-response advertising. Advertising costs, which include trade shows and conventions, were approximately $29.5 million, $26.9 million and $22.5 million for fiscal 2019, 2018 and 2017, respectively, and were included in selling and marketing expense in the Consolidated Statements of Income.
Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Codification ("ASC") Update No. 2014-09, Revenue from Contracts with Customers (ASC 606), which was subsequently amended. The Company adopted this standard as of September 30, 2018 using the modified retrospective method for contracts that were not complete as of September 30, 2018. The Company's adoption of ASC 606 is more fully described in Note 3. In October 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-16, Income Taxes (Topic 740). The guidance requires companies to recognize the income tax effects of intercompany sales and transfers of assets, other than inventory, in the income statement as income tax expense (or benefit) in the period in which the transfer occurs. The Company adopted the standard in the first quarter of fiscal 2019 (see Note 9). In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flow (Topic 230). The guidance reduces diversity in how certain cash receipts and cash payments are presented and classified in the Statements of Cash Flows. Certain of ASU 2016-15 requirements are as follows: 1) cash payments for debt prepayment or debt extinguishment costs should be classified as cash outflows for financing activities, 2) contingent consideration payments made soon after a business combination should be classified as cash outflows for investing activities and cash payments made thereafter should be classified as cash outflows for financing up to the amount of the contingent consideration liability recognized at the acquisition date with any excess classified as operating activities, 3) cash proceeds from the settlement of insurance claims should be classified on the basis of the nature of the loss, 4) cash proceeds from the settlement of Corporate-Owned Life Insurance (COLI) Policies should be classified as cash inflows from investing activities and cash payments for premiums on COLI policies may be classified as cash outflows for investing activities, operating activities, or a combination of investing and operating activities, and 5) cash paid to a tax authority by an employer when withholding shares from an employee's award for tax-withholding purposes should be classified as cash outflows for financing activities. The guidance is effective for annual periods beginning after December 15, 2017, and was applicable to the Company in fiscal 2019. The adoption of ASU 2016-15 did not have a material effect on the Company's consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. This guidance changes how entities measure equity investments that do not result in consolidation and are not accounted for under the equity method. Entities are required to measure these investments at fair value at the end of each reporting period and recognize changes in fair value in net income. A practicability exception is available for equity investments that do not have readily determinable fair values (e.g. cost method investments), however, the exception requires the Company to consider relevant transactions that can be reasonably known to identify any observable price changes that would impact the fair value. This guidance also changes certain disclosure requirements and other aspects of current GAAP. This guidance is effective for annual periods beginning after December 15, 2017, and was applicable to the Company in fiscal 2019. The adoption of ASU 2016-01 did not have a material effect on the Company's consolidated financial statements. Recently Issued Accounting Pronouncements In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The ASU requires certain changes to the presentation of hedge accounting in the financial statements and certain new or modified disclosures. The ASU also simplifies the application of hedge accounting and expands the strategies that qualify for hedge accounting. This guidance is effective for annual periods beginning after December 15, 2018, and is applicable to the Company in fiscal 2020. The Company is currently evaluating the anticipated impact of the adoption of ASU 2017-12 on its consolidated financial position and results of operations. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326). The guidance requires that financial assets measured at amortized cost be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis. The income statement reflects the measurement of credit losses for newly recognized financial assets, as well as the expected credit losses during the period. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. The updated guidance is effective for annual periods beginning after December 15, 2019, and is applicable to the Company in fiscal 2021. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2016-13 on its consolidated financial position and results of operations. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The purpose of ASU 2016-02 is to increase the transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet, including those previously classified as operating leases under current U.S. GAAP, and disclosing key information about leasing arrangements. ASC 842, as amended, is effective for public entities for annual periods beginning after December 15, 2018, including interim periods within those annual periods and is effective for the Company in fiscal 2020.The Company will adopt the standard using the transition method provided by ASC Update No. 2018-11, Leases (Topic 842): Targeted Improvements. Under this method, the Company will initially apply the new leasing rules on September 29, 2019, rather than at the earliest comparative period presented in the financial statements. Prior periods presented will be in accordance with the existing lease guidance. Upon transition, the Company will apply the package of practical expedients permitted under ASC 842 transition guidance to its entire lease portfolio at September 29, 2019. As a result, the Company is not required to reassess (i) whether any expired or existing contracts are or contain leases, (ii) the classification of any expired or existing leases, and (iii) initial direct costs for any existing leases. Furthermore, as a lessee the Company will elect to combine lease and non-lease components together for the majority of its leases. As a result, for these applicable classes of underlying assets, the Company will account for each separate lease component and the non-lease components associated with that lease component as a single lease component. As a result of adopting ASC 842, the Company expects to recognize additional right-of-use assets and corresponding liabilities for its existing operating lease portfolio on its consolidated balance sheet. The impact of the additional right-of-use assets and corresponding liabilities is expected to be less than 5% of total assets and 5% of total liabilities and have no material impact to its consolidated statements of operations or consolidated statements of cash flows. For the first quarter of 2020, the Company will provide additional disclosures in the notes to its consolidated financial statements regarding its leasing portfolio, including key judgments and assumptions and the discount rate used in calculating its right-of-use assets and corresponding liabilities. Please refer to Note 13 - Commitments and Contingencies for information regarding the Company's lease portfolio as of September 28, 2019. As a lessor, in instances where the Company placed instruments (or equipment) at customer sites as part of its reagent rental contracts, the Company expects ASC 842 will require it to classify new instrument placements for certain reagent rental contracts as sales-type leases and thus accelerate instrument revenue and cost recognition at the time of placement. Under current U.S. GAAP, instruments placed under the Company's reagent rental programs are classified as operating leases and instrument revenue and cost is recognized over the term of the contract. The Company does not expect this change to have a material impact on its financial statements. See Note 3 - Revenue Recognition for a description of our reagent rental contracts.

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