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Income Taxes (Tables)

12 Months Ended

Sep. 24, 2022

Income Tax Disclosure [Abstract]

Income (Loss) Before Income Taxes

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

						Years ended
						September 24, 2022						September 25, 2021						September 26, 2020
Domestic						$	1,340.3					$	2,267.8					$	921.1
Foreign						247.9						93.3						80.8
						$	1,588.2					$	2,361.1					$	1,001.9

Provision for Income Taxes

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

						Years ended
						September 24, 2022						September 25, 2021						September 26, 2020
Federal:
Current						$	298.6					$	453.6					$	(62.1)
Deferred						(129.8)						(45.6)						(76.6)
						168.8						408.0						(138.7)
State:
Current						54.8						84.7						33.9
Deferred						(9.5)						(11.9)						(12.5)
						45.3						72.8						21.4
Foreign:
Current						99.0						23.2						14.0
Deferred						(26.9)						(12.6)						(5.3)
						72.1						10.6						8.7
						$	286.2					$	491.4					$	(108.6)

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

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

						Years ended
						September 24, 2022						September 25, 2021						September 26, 2020
Income tax provision at federal statutory rate						21.0		%				21.0		%				21.0		%
Increase (decrease) in tax resulting from:
Cynosure loss on sale and carryback						(1.2)						—						(31.3)
State income taxes, net of federal benefit						2.9						2.7						2.9
U.S. tax on foreign earnings						(2.6)						(2.7)						(2.6)
Internal restructuring						(0.9)						—						—
Tax credits						(0.5)						(0.3)						(0.6)
Unrecognized tax benefits						0.2						0.3						—
Compensation						0.2						0.1						0.4
Foreign rate differential						(0.8)						(0.7)						(1.2)
Change in deferred tax rate						0.4						(0.3)						(0.6)
Change in valuation allowance						0.4						—						1.3
Other						(1.1)						0.7						(0.1)
						18.0		%				20.8		%				(10.8)		%

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

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

						September 24, 2022						September 25, 2021
Deferred tax assets
Net operating loss carryforwards						$	91.4					$	91.5
Capital losses						54.3						52.0
Non-deductible accruals						30.1						34.9
Non-deductible reserves						44.6						41.8
Stock-based compensation						18.8						17.6
Tax credits						8.9						10.0
Nonqualified deferred compensation plan						13.2						16.8
Lease liability						11.8						16.2
Other temporary differences						—						17.4
						273.1						298.2
Less: valuation allowance						(115.3)						(121.3)
						$	157.8					$	176.9
Deferred tax liabilities
Depreciation and amortization						$	(220.6)					$	(389.7)
Right of use asset						(11.4)						(15.8)
Other temporary differences						(0.4)						—
						$	(232.4)					$	(405.5)
						$	(74.6)					$	(228.6)

Activity of the Company's Unrecognized Income Tax Benefits

The Company’s unrecognized income tax benefits activity for fiscal 2022 and 2021 was as follows:

						2022						2021
Balance at beginning of fiscal year						$	212.8					$	197.1
Tax positions related to current year:
Additions						45.9						8.0
Reductions						—						—
Tax positions related to prior years:
Additions related to change in estimate						21.5						7.9
Reductions						(6.6)						(0.3)
Payments						—						—
Lapses in statutes of limitations and settlements						(26.0)						(1.7)
Acquired tax positions:
Additions related to reserves acquired from acquisitions						—						1.8
Balance as of the end of the fiscal year						$	247.6					$	212.8

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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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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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