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Income Taxes (Tables)

12 Months Ended

Sep. 25, 2021

Income Tax Disclosure [Abstract]

Income (Loss) Before Income Taxes

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

						Years ended
						September 25, 2021						September 26, 2020						September 28, 2019
Domestic						$	2,267.8					$	921.1					$	(174.3)
Foreign						93.3						80.8						(83.4)
						$	2,361.1					$	1,001.9					$	(257.7)

Provision for Income Taxes

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

						Years ended
						September 25, 2021						September 26, 2020						September 28, 2019
Federal:
Current						$	453.6					$	(62.1)					$	142.9
Deferred						(45.6)						(76.6)						(189.9)
						408.0						(138.7)						(47.0)
State:
Current						84.7						33.9						22.1
Deferred						(11.9)						(12.5)						(41.0)
						72.8						21.4						(18.9)
Foreign:
Current						23.2						14.0						16.5
Deferred						(12.6)						(5.3)						(4.7)
						10.6						8.7						11.8
						$	491.4					$	(108.6)					$	(54.1)

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

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

						Years ended
						September 25, 2021						September 26, 2020						September 28, 2019
Income tax (benefit) provision at federal statutory rate						21.0		%				21.0		%				(21.0)		%
Increase (decrease) in tax resulting from:
Loss on sale of Cynosure						—						(31.3)						—
State income taxes, net of federal benefit						2.7						2.9						(0.7)
U.S. tax on foreign earnings						(2.7)						(2.6)						(2.1)
Internal restructuring						—						—						(3.8)
Tax credits						(0.3)						(0.6)						(3.3)
Tax reform						—						—						2.0
Unrecognized tax benefits						0.3						—						(0.1)
Compensation						0.1						0.4						0.8
Foreign rate differential						(0.7)						(1.2)						(5.4)
Change in deferred tax rate						(0.3)						(0.6)						—
Change in valuation allowance						—						1.3						9.5
Other						0.7						(0.1)						3.1
						20.8		%				(10.8)		%				(21.0)		%

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

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

						September 25, 2021						September 26, 2020
Deferred tax assets
Net operating loss carryforwards						$	91.5					$	81.1
Capital losses						52.0						57.0
Non-deductible accruals						34.9						24.9
Non-deductible reserves						41.8						33.2
Stock-based compensation						17.6						18.6
Tax credits						10.0						10.2
Nonqualified deferred compensation plan						16.8						14.4
Lease liability						16.2						17.3
Other temporary differences						17.4						25.2
						298.2						281.9
Less: valuation allowance						(121.3)						(118.5)
						$	176.9					$	163.4
Deferred tax liabilities
Depreciation and amortization						$	(389.7)					$	(333.9)
Right of use asset						(15.8)						(15.8)
						$	(405.5)					$	(349.7)
						$	(228.6)					$	(186.3)

Activity of the Company's Unrecognized Income Tax Benefits

The Company’s unrecognized income tax benefits activity for fiscal 2021 and 2020 was as follows:

						2021						2020
Balance at beginning of fiscal year						$	197.1					$	101.6
Tax positions related to current year:
Additions						8.0						109.6
Reductions						—						—
Tax positions related to prior years:
Additions related to change in estimate						7.9						1.5
Reductions						(0.3)						(0.7)
Payments						—						—
Lapses in statutes of limitations						(1.7)						(15.6)
Acquired tax positions:
Additions related to reserves acquired from acquisitions						1.8						0.7
Balance as of the end of the fiscal year						$	212.8					$	197.1

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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.

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