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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Sep. 25, 2021
Accounting Policies [Abstract] |
Supplemental Cash Flow Statement Information | Supplemental Cash Flow Statement Information
|  | Years ended |  |
September 25, 2021 |  | September 26, 2020 |  | September 28, 2019 |  |
Cash paid during the period for income taxes |  | $ | 615.1 |  |  | $ | 265.9 |  |  | $ | 180.6 |  |  |
Cash paid during the period for interest |  | $ | 93.2 |  |  | $ | 109.5 |  |  | $ | 132.5 |  |  |
Non-Cash Financing Activities: |  |  |  |  |  |  |  |
Fair value of contingent consideration at acquisition |  | $ | — |  |  | $ | 82.7 |  |  | $ | — |  |  |
Schedule of Inventories | Inventories consisted of the following:
|  | September 25, 2021 |  | September 26, 2020
Raw materials |  | $ | 163.3 |  |  | $ | 152.3 |
Work-in-process |  | 53.0 |  |  | 46.5 |
Finished goods |  | 284.9 |  |  | 196.3 |
|  | $ | 501.2 |  |  | $ | 395.1 |
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of the following:
| Estimated Useful Life |  | September 25, 2021 |  | September 26, 2020
Equipment | 3–10 years |  | $ | 467.1 |  |  | $ | 460.7 |
Equipment under customer usage agreements | 3–8 years |  | 484.6 |  |  | 456.8 |
Buildings and improvements | 20–35 years |  | 191.2 |  |  | 167.3 |
Leasehold improvements | Shorter of the Original Term of Lease or Estimated Useful Life |  | 49.7 |  |  | 44.3 |
Land |  |  | 41.3 |  |  | 40.7 |
Furniture and fixtures | 5–7 years |  | 16.8 |  |  | 16.1 |
Finance lease right-of-use asset |  |  | 9.9 |  |  | — |
|  |  | 1,260.6 |  |  | 1,185.9 |
Less - accumulated depreciation and amortization |  |  | (695.9) |  |  | (694.4) |
|  |  | $ | 564.7 |  |  | $ | 491.5 |
Schedule of Intangible Assets | Intangible assets consisted of the following:
|  | September 25, 2021 |  | September 26, 2020
Description |  | Gross Carrying Value |  | Accumulated Amortization |  | Gross Carrying Value |  | Accumulated Amortization
Acquired intangible assets: |  |  |  |  |  |  |  |
Developed technology |  | $ | 4,597.7 |  |  | $ | 3,184.2 |  |  | $ | 4,054.0 |  |  | $ | 2,907.2 |
In-process research and development |  | 71.6 |  |  | — |  |  | — |  |  | — |
Customer relationships |  | 591.7 |  |  | 510.1 |  |  | 549.1 |  |  | 477.8 |
Trade names |  | 268.1 |  |  | 191.8 |  |  | 245.5 |  |  | 181.2 |
Non-competition agreements |  | 1.5 |  |  | 1.5 |  |  | 1.5 |  |  | 1.3 |
Business licenses |  | 2.5 |  |  | 2.5 |  |  | 2.4 |  |  | 2.3 |
Total acquired intangible assets |  | $ | 5,533.1 |  |  | $ | 3,890.1 |  |  | $ | 4,852.5 |  |  | $ | 3,569.8 |
Internal-use software |  | 23.5 |  |  | 17.2 |  |  | 51.8 |  |  | 43.2 |
Capitalized software embedded in products |  | 25.5 |  |  | 15.6 |  |  | 26.8 |  |  | 10.6 |
Total intangible assets |  | $ | 5,582.1 |  |  | $ | 3,922.9 |  |  | $ | 4,931.1 |  |  | $ | 3,623.6 |
Schedule of Estimated Amortization Expense | The estimated amortization expense at September 25, 2021 for each of the five succeeding fiscal years was as follows:
Fiscal 2022 | $ | 326.5 |
Fiscal 2023 | $ | 231.3 |
Fiscal 2024 | $ | 222.3 |
Fiscal 2025 | $ | 208.9 |
Fiscal 2026 | $ | 178.1 |
Rollforward of Goodwill Activity by Reportable Segment | A rollforward of goodwill activity by reportable segment from September 26, 2020 to September 25, 2021 is as follows:
| Diagnostics |  | Breast Health |  | GYN Surgical |  | Skeletal Health |  | Total
Balance at September 26, 2020 | $ | 821.6 |  |  | $ | 764.8 |  |  | $ | 1,063.4 |  |  | $ | 8.1 |  |  | $ | 2,657.9 |
Mobidiag acquisition | 432.6 |  |  | — |  |  | — |  |  | — |  |  | 432.6 |
Diagenode acquisition | 83.5 |  |  | — |  |  | — |  |  | — |  |  | 83.5 |
Biotheranostics acquisition | 80.9 |  |  | — |  |  | — |  |  | — |  |  | 80.9 |
Somatex acquisition | — |  |  | 32.4 |  |  | — |  |  | — |  |  | 32.4 |
Foreign currency and other adjustments | (7.8) |  |  | (0.1) |  |  | 2.2 |  |  | — |  |  | (5.7) |
Balance at September 25, 2021 | $ | 1,410.8 |  |  | $ | 797.1 |  |  | $ | 1,065.6 |  |  | $ | 8.1 |  |  | $ | 3,281.6 |
Schedule of Other Assets | Other assets consisted of the following:
|  | September 25, 2021 |  | September 26, 2020
Other Assets |  |  |  |
Tax receivable |  | $ | 24.7 |  |  | $ | 325.7 |
Right of use assets |  | 83.6 |  |  | 80.7 |
Life insurance contracts |  | 64.3 |  |  | 49.3 |
Deferred tax assets |  | 21.9 |  |  | 15.5 |
Cost-method equity investments |  | 9.5 |  |  | 11.4 |
Other |  | 41.7 |  |  | 34.0 |
|  | $ | 245.7 |  |  | $ | 516.6 |
Changes in accumulated balances of other comprehensive income | The following tables summarize the components and changes in accumulated balances of other comprehensive loss for the periods presented:
| Year Ended September 25, 2021 |  | Year Ended September 26, 2020
| Foreign Currency Translation |  | Pension Plans |  | Hedged Interest Rate Caps |  | Hedged Interest Rate Swaps |  | Total |  | Foreign Currency Translation |  | Pension Plans |  | Hedged Interest Rate Caps |  | Hedged Interest Rate Swaps |  | Total
Beginning Balance | $ | (22.9) |  |  | $ | (1.8) |  |  | $ | (0.9) |  |  | $ | (24.1) |  |  | $ | (49.7) |  |  | $ | (41.4) |  |  | $ | (1.7) |  |  | $ | (2.7) |  |  | $ | 3.5 |  |  | $ | (42.3) |
Other comprehensive income (loss) before reclassifications | (20.2) |  |  | 0.5 |  |  | 0.4 |  |  | 9.4 |  |  | (9.9) |  |  | 18.5 |  |  | (0.1) |  |  | (0.5) |  |  | (27.6) |  |  | (9.7) |
Charges (gains) reclassified to statement of operations | — |  |  | — |  |  | 0.5 |  |  | — |  |  | 0.5 |  |  | — |  |  | — |  |  | 2.3 |  |  | — |  |  | 2.3 |
Ending Balance | $ | (43.1) |  |  | $ | (1.3) |  |  | $ | — |  |  | $ | (14.7) |  |  | $ | (59.1) |  |  | $ | (22.9) |  |  | $ | (1.8) |  |  | $ | (0.9) |  |  | $ | (24.1) |  |  | $ | (49.7) |
Schedule of Accumulated Other Comprehensive Income (Loss) Related to Derivatives |
| Years Ended
| September 25, 2021 |  | September 26, 2020 |  | September 28, 2019
Amount of realized (loss) gain recognized in income |  |  |  |  |
Forward foreign currency contracts | $ | (3.6) |  |  | $ | 0.7 |  |  | $ | 11.0 |
Foreign currency option contracts | (6.1) |  |  | (1.9) |  |  | — |
| $ | (9.7) |  |  | $ | (1.2) |  |  | $ | 11.0 |
Amount of unrealized (loss) gain recognized in income |  |  |  |  |
Forward foreign currency contracts | $ | 0.5 |  |  | $ | (0.2) |  |  | $ | (2.2) |
Foreign currency option contracts | (4.0) |  |  | 4.0 |  |  | 0.1 |
| $ | (3.5) |  |  | $ | 3.8 |  |  | $ | (2.1) |
Amount of gain (loss) recognized in income |  |  |  |  |
Total | $ | (13.2) |  |  | $ | 2.6 |  |  | $ | 8.9 |
Schedule of Derivative Instruments on the Consolidated Balance Sheets | 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 25, 2021:
| Balance Sheet Location |  | September 25, 2021 |  | September 26, 2020
Assets: |  |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |
Forward foreign currency contracts | Prepaid expenses and other current assets |  | $ | 1.7 |  |  | $ | 1.1 |
Foreign currency option contracts | Prepaid expenses and other current assets |  | — |  |  | 10.1 |
|  |  | $ | 1.7 |  |  | $ | 11.2 |
Liabilities: |  |  |  |  |
Derivative instruments designated as a cash flow hedge: |  |  |  |  |
Interest rate swap contract | Accrued expenses |  | $ | 11.1 |  |  | $ | 8.2 |
Interest rate swap contract | Other long-term liabilities |  | 7.6 |  |  | 23.0 |
Total |  |  | $ | 18.7 |  |  | $ | 31.2 |
Derivatives not designated as hedging instruments: |  |  |  |  |
Forward foreign currency contracts | Accrued expenses |  | $ | 0.6 |  |  | $ | — |
Schedule of Unrealized Loss Recognized in AOCI | 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:
| Years Ended
| September 25, 2021 |  | September 26, 2020 |  | September 28, 2019
Amount of gain (loss) recognized in other comprehensive income (loss), net of taxes: |  |  |  |  |
Interest rate swap | $ | 9.4 |  |  | $ | (27.6) |  |  | $ | 3.5 |
Interest rate cap agreements | 0.4 |  |  | (0.5) |  |  | (8.0) |
Total | $ | 9.8 |  |  | $ | (28.1) |  |  | $ | (4.5) |
Accounts Receivable Reserve Activity | 2021, 2020 and 2019:
|  | Balance at Beginning of Period |  | Charged to Costs and Expenses |  | Divested |  | Write- offs and Payments |  | Balance at End of Period
Period Ended: |  |  |  |  |  |  |  |  |  |
September 25, 2021 |  | $ | 31.6 |  |  | $ | 15.0 |  |  | $ | — |  |  | $ | (6.1) |  |  | $ | 40.5 |
September 26, 2020 |  | $ | 17.8 |  |  | $ | 26.8 |  |  | $ | (5.8) |  |  | $ | (7.2) |  |  | $ | 31.6 |
September 28, 2019 |  | $ | 16.2 |  |  | $ | 4.4 |  |  | $ | — |  |  | $ | (2.8) |  |  | $ | 17.8 |
Schedule of Reconciliation of Basic and Diluted Share Amounts | A reconciliation of basic and diluted share amounts for fiscal 2021, 2020, and 2019 was as follows:
|  | September 25, 2021 |  | September 26, 2020 |  | September 28, 2019
Basic weighted average common shares outstanding |  | 257,046 |  |  | 262,727 |  |  | 269,413 |
Weighted average common stock equivalents from assumed exercise of stock options and restricted stock units |  | 2,660 |  |  | 1,886 |  |  | — |
Diluted weighted average common shares outstanding |  | 259,706 |  |  | 264,613 |  |  | 269,413 |
Weighted-average anti-dilutive shares related to: |  |  |  |  |  |
Outstanding stock options and restricted stock units |  | 528 |  |  | 1,158 |  |  | 4,098 |
Schedule of Product Warranty Activity | Product warranty activity for fiscal 2021 and 2020 was as follows:
|  | Balance at Beginning of Period |  |  |  | Provisions |  | Acquired |  | Divested |  | Settlements/ Adjustments |  | Balance at End of Period
Period ended: |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 25, 2021 |  | $ | 9.9 |  |  |  |  | $ | 7.7 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | (9.1) |  |  | $ | 8.8 |
September 26, 2020 |  | $ | 13.9 |  |  |  |  | $ | 11.7 |  |  | $ | 0.5 |  |  | $ | (6.1) |  |  | $ | (10.1) |  |  | $ | 9.9 |

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