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Income Taxes (Tables) | 12 Months Ended
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Sep. 26, 2020
Income Tax Disclosure [Abstract] |
Income (Loss) Before Income Taxes | The Company’s income (loss) before income taxes consisted of the following:
|  | Years ended
September 26, 2020 |  | September 28, 2019 |  | September 29, 2018
Domestic |  | $ | 921.1 |  |  | $ | (174.3) |  |  | $ | (581.9) |
Foreign |  | 80.8 |  |  | (83.4) |  |  | 163.3 |
|  | $ | 1,001.9 |  |  | $ | (257.7) |  |  | $ | (418.6) |
Provision for Income Taxes | The benefit for income taxes contained the following components:
|  | Years ended
September 26, 2020 |  | September 28, 2019 |  | September 29, 2018
Federal: |  |  |  |  |  |
Current |  | $ | (62.1) |  |  | $ | 142.9 |  |  | $ | 137.1 |
Deferred |  | (76.6) |  |  | (189.9) |  |  | (461.9) |
|  | (138.7) |  |  | (47.0) |  |  | (324.8) |
State: |  |  |  |  |  |
Current |  | 33.9 |  |  | 22.1 |  |  | 11.0 |
Deferred |  | (12.5) |  |  | (41.0) |  |  | (11.3) |
|  | 21.4 |  |  | (18.9) |  |  | (0.3) |
Foreign: |  |  |  |  |  |
Current |  | 14.0 |  |  | 16.5 |  |  | 21.9 |
Deferred |  | (5.3) |  |  | (4.7) |  |  | (4.1) |
|  | 8.7 |  |  | 11.8 |  |  | 17.8 |
|  | $ | (108.6) |  |  | $ | (54.1) |  |  | $ | (307.3) |
Reconciliation of Income Tax (Benefit) at U.S. Federal Statutory Rate to Company's Effective Tax Rate | The income tax benefit differed from the tax benefit computed at the U.S. federal statutory rate due to the following:
|  | Years ended
September 26, 2020 |  | September 28, 2019 |  | September 29, 2018
Income tax (benefit) provision at federal statutory rate |  | 21.0 | % |  | (21.0) | % |  | (24.5) | %
Increase (decrease) in tax resulting from: |  |  |  |  |  |
Loss on sale of Cynosure |  | (31.3) |  |  | — |  |  | — |
Domestic production activities deduction |  | — |  |  | — |  |  | (3.1) |
State income taxes, net of federal benefit |  | 2.9 |  |  | (0.7) |  |  | 0.7 |
U.S. tax on foreign earnings |  | (2.6) |  |  | (2.1) |  |  | 0.1 |
Internal restructuring |  | — |  |  | (3.8) |  |  | — |
Non-deductible goodwill |  | — |  |  | — |  |  | 39.4 |
Tax credits |  | (0.6) |  |  | (3.3) |  |  | (1.9) |
Tax reform |  | — |  |  | 2.0 |  |  | (82.7) |
Unrecognized tax benefits |  | — |  |  | (0.1) |  |  | 1.8 |
Compensation |  | 0.4 |  |  | 0.8 |  |  | 0.3 |
Foreign rate differential |  | (1.2) |  |  | (5.4) |  |  | (5.2) |
Change in deferred tax rate |  | (0.6) |  |  | — |  |  | 1.2 |
Change in valuation allowance |  | 1.3 |  |  | 9.5 |  |  | (0.5) |
Other |  | (0.1) |  |  | 3.1 |  |  | 1.0 |
|  | (10.8) | % |  | (21.0) | % |  | (73.4) | %
Significant Components of the Company's Deferred Tax Assets and Liabilities | The Company’s significant deferred tax assets and liabilities were as follows:
|  | September 26, 2020 |  | September 28, 2019
Deferred tax assets |  |  |  |
Net operating loss carryforwards |  | $ | 81.1 |  |  | $ | 34.5 |
Capital losses |  | 57.0 |  |  | 6.4 |
Non-deductible accruals |  | 24.9 |  |  | 24.7 |
Non-deductible reserves |  | 33.2 |  |  | 22.7 |
UK intangible assets |  | — |  |  | 25.4 |
Stock-based compensation |  | 18.6 |  |  | 20.9 |
Tax credits |  | 10.2 |  |  | 14.8 |
Nonqualified deferred compensation plan |  | 14.4 |  |  | 12.9 |
Lease liability |  | 17.3 |  |  | — |
Other temporary differences |  | 25.2 |  |  | 17.8 |
|  | 281.9 |  |  | 180.1 |
Less: valuation allowance |  | (118.5) |  |  | (60.7) |
|  | $ | 163.4 |  |  | $ | 119.4 |
Deferred tax liabilities |  |  |  |
Depreciation and amortization |  | $ | (333.9) |  |  | $ | (373.0) |
Right of use asset |  | (15.8) |  |  | — |
Debt discounts and deferrals |  | — |  |  | (4.5) |
|  | $ | (349.7) |  |  | $ | (377.5) |
|  | $ | (186.3) |  |  | $ | (258.1) |
Activity of the Company's Unrecognized Income Tax Benefits | The Company’s unrecognized income tax benefits activity for fiscal 2020 and 2019 was as follows:
|  | 2020 |  | 2019
Balance at beginning of fiscal year |  | $ | 101.6 |  |  | $ | 89.5 |
Tax positions related to current year: |  |  |  |
Additions |  | 109.6 |  |  | 22.7 |
Reductions |  | — |  |  | — |
Tax positions related to prior years: |  |  |  |
Additions related to change in estimate |  | 1.5 |  |  | — |
Reductions |  | (0.7) |  |  | (4.8) |
Payments |  | — |  |  | — |
Lapses in statutes of limitations |  | (15.6) |  |  | (5.8) |
Acquired tax positions: |  |  |  |
Additions related to reserves acquired from acquisitions |  | 0.7 |  |  | — |
Balance as of the end of the fiscal year |  | $ | 197.1 |  |  | $ | 101.6 |

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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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