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Business Segments and Geographic Information | 12 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Business Segments and Geographic Information | Business Segments and Geographic InformationThe Company reports segment information in accordance with ASC 280, Segment Reporting. Operating segments are identified as components of an enterprise about which separate, discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions about how to allocate resources and assess performance. The Company’s chief operating decision maker is its chief executive officer, and the Company’s reportable segments have been identified based on the types of products manufactured and the end markets to which the products are sold. Each reportable segment generates revenue from either the sale of medical equipment and related services and/or sale of disposable products and supplies, primarily used for diagnostic testing and surgical procedures. The Company has four reportable segments: Diagnostics, Breast Health, GYN Surgical and Skeletal Health. The Company measures and evaluates its reportable segments based on segment revenues and operating income adjusted to exclude the effect of non-cash charges, such as intangible asset amortization expense and goodwill and intangible asset impairment charges, transaction and integration expenses for acquisitions, restructuring, consolidation and divestiture charges, litigation charges, and other one-time or unusual items. Identifiable assets for the reportable segments consist of inventories, intangible assets, goodwill, and property, plant and equipment. The Company fully allocates depreciation expense to its reportable segments. The Company has presented all other identifiable assets as corporate assets. There were no intersegment revenues. Segment information for fiscal 2023, 2022, and 2021 was as follows:
|  | Years ended
|  | September 30, 2023 |  | September 24, 2022 |  | September 25, 2021
Total revenues: |  |  |  |  |  |
Diagnostics |  | $ | 1,880.1 |  |  | $ | 3,018.5 |  |  | $ | 3,695.0 |
Breast Health |  | 1,432.7 |  |  | 1,227.8 |  |  | 1,352.3 |
GYN Surgical |  | 604.2 |  |  | 522.9 |  |  | 488.1 |
Skeletal Health |  | 113.4 |  |  | 93.6 |  |  | 96.9 |
|  | $ | 4,030.4 |  |  | $ | 4,862.8 |  |  | $ | 5,632.3 |
Operating income (loss): |  |  |  |  |  |
Diagnostics |  | $ | 193.9 |  |  | $ | 1,359.4 |  |  | $ | 2,140.1 |
Breast Health |  | 273.0 |  |  | 183.2 |  |  | 284.2 |
GYN Surgical |  | 188.9 |  |  | 104.9 |  |  | 58.9 |
Skeletal Health |  | 12.6 |  |  | (7.3) |  |  | (2.9) |
|  | $ | 668.4 |  |  | $ | 1,640.2 |  |  | $ | 2,480.3 |
Depreciation and amortization: |  |  |  |  |  |
Diagnostics |  | $ | 224.7 |  |  | $ | 274.0 |  |  | $ | 260.4 |
Breast Health |  | 50.0 |  |  | 58.8 |  |  | 52.7 |
GYN Surgical |  | 48.0 |  |  | 96.6 |  |  | 93.1 |
Skeletal Health |  | 0.7 |  |  | 0.7 |  |  | 0.7 |
|  | $ | 323.4 |  |  | $ | 430.1 |  |  | $ | 406.9 |
Capital expenditures: |  |  |  |  |  |
Diagnostics |  | $ | 85.2 |  |  | $ | 96.8 |  |  | $ | 147.7 |
Breast Health |  | 41.1 |  |  | 14.6 |  |  | 14.2 |
GYN Surgical |  | 17.0 |  |  | 12.8 |  |  | 14.5 |
Skeletal Health |  | 0.8 |  |  | 0.3 |  |  | 0.3 |
Corporate |  | 6.1 |  |  | 2.7 |  |  | 1.0 |
|  | $ | 150.2 |  |  | $ | 127.2 |  |  | $ | 177.7 |
Identifiable assets: |  |  |  |  |  |
Diagnostics |  | $ | 2,596.4 |  |  | $ | 2,881.7 |  |  | $ | 3,348.8 |
Breast Health |  | 1,170.1 |  |  | 1,245.8 |  |  | 1,233.9 |
GYN Surgical |  | 1,455.4 |  |  | 1,461.5 |  |  | 1,369.7 |
Skeletal Health |  | 33.7 |  |  | 27.5 |  |  | 31.9 |
Corporate |  | 3,883.7 |  |  | 3,454.7 |  |  | 2,935.6 |
|  | $ | 9,139.3 |  |  | $ | 9,071.2 |  |  | $ | 8,919.9 |
The Company operates in the following major geographic areas as noted in the below chart. Revenue data is based upon customer location. Other than the United States, no single country accounted for more than 10% of consolidated revenues. The Company’s sales in Europe are predominantly derived from the United Kingdom, Germany, France, Spain, Italy, and the Netherlands. The Company’s sales in Asia-Pacific are predominantly derived from China, Australia and Japan. The “Rest of world” designation includes Canada, Latin America and the Middle East. Revenues by geography as a percentage of total revenues were as follows:
|  | Years ended
|  | September 30, 2023 |  | September 24, 2022 |  | September 25, 2021
United States |  | 75.9 | % |  | 71.3 | % |  | 69.3 | %
Europe |  | 12.9 | % |  | 18.3 | % |  | 21.3 | %
Asia-Pacific |  | 6.3 | % |  | 7.4 | % |  | 6.5 | %
Rest of world |  | 4.9 | % |  | 3.0 | % |  | 2.9 | %
|  | 100.0 | % |  | 100.0 | % |  | 100.0 | %
The Company’s property, plant and equipment were geographically located as follows:
|  | September 30, 2023 |  | September 24, 2022 |  | September 25, 2021
United States |  | $ | 367.6 |  |  | $ | 332.4 |  |  | $ | 403.2 |
Europe |  | 67.0 |  |  | 72.1 |  |  | 85.8 |
Costa Rica |  | 36.0 |  |  | 32.1 |  |  | 26.9 |
United Kingdom |  | 32.4 |  |  | 31.7 |  |  | 37.1 |
Rest of world |  | 14.0 |  |  | 13.3 |  |  | 11.7 |
|  | $ | 517.0 |  |  | $ | 481.6 |  |  | $ | 564.7 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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