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Income Taxes (Tables) | 12 Months Ended
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Sep. 30, 2023
Income Tax Disclosure [Abstract] |
Income (Loss) Before Income Taxes | The Company’s income before income taxes consisted of the following:
|  | Years ended
September 30, 2023 |  | September 24, 2022 |  | September 25, 2021
Domestic |  | $ | 861.4 |  |  | $ | 1,340.3 |  |  | $ | 2,267.8 |
Foreign |  | (185.3) |  |  | 247.9 |  |  | 93.3 |
|  | $ | 676.1 |  |  | $ | 1,588.2 |  |  | $ | 2,361.1 |
Provision for Income Taxes | The provision (benefit) for income taxes contained the following components:
|  | Years ended
September 30, 2023 |  | September 24, 2022 |  | September 25, 2021
Federal: |  |  |  |  |  |
Current |  | $ | 250.6 |  |  | $ | 298.6 |  |  | $ | 453.6 |
Deferred |  | (72.1) |  |  | (129.8) |  |  | (45.6) |
|  | 178.5 |  |  | 168.8 |  |  | 408.0 |
State: |  |  |  |  |  |
Current |  | 45.9 |  |  | 54.8 |  |  | 84.7 |
Deferred |  | (9.4) |  |  | (9.5) |  |  | (11.9) |
|  | 36.5 |  |  | 45.3 |  |  | 72.8 |
Foreign: |  |  |  |  |  |
Current |  | 32.7 |  |  | 99.0 |  |  | 23.2 |
Deferred |  | (27.6) |  |  | (26.9) |  |  | (12.6) |
|  | 5.1 |  |  | 72.1 |  |  | 10.6 |
|  | $ | 220.1 |  |  | $ | 286.2 |  |  | $ | 491.4 |
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 30, 2023 |  | September 24, 2022 |  | September 25, 2021
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) |  |  | — |
State income taxes, net of federal benefit |  | 4.1 |  |  | 2.9 |  |  | 2.7 |
U.S. tax on foreign earnings |  | (1.0) |  |  | (2.6) |  |  | (2.7) |
Internal Restructuring |  | — |  |  | (0.9) |  |  | — |
Tax credits |  | (1.1) |  |  | (0.5) |  |  | (0.3) |
Unrecognized tax benefits |  | 3.5 |  |  | 0.2 |  |  | 0.3 |
Compensation |  | 0.8 |  |  | 0.2 |  |  | 0.1 |
Foreign rate differential |  | (4.8) |  |  | (0.8) |  |  | (0.7) |
Change in deferred tax |  | — |  |  | 0.4 |  |  | (0.3) |
Assets held-for-sale charge |  | 1.5 |  |  | — |  |  | — |
Change in valuation allowance |  | 8.2 |  |  | 0.4 |  |  | — |
Other |  | 0.4 |  |  | (1.1) |  |  | 0.7 |
|  | 32.6 | % |  | 18.0 | % |  | 20.8 | %
Significant Components of the Company's Deferred Tax Assets and Liabilities | The Company’s significant deferred tax assets and liabilities were as follows:
|  | September 30, 2023 |  | September 24, 2022
Deferred tax assets |  |  |  |
Net operating loss carryforwards |  | $ | 55.3 |  |  | $ | 91.4 |
Capital losses |  | 55.0 |  |  | 54.3 |
Capitalized research and development |  | 70.1 |  |  | 20.0 |
Non-deductible accruals |  | 32.7 |  |  | 30.1 |
Non-deductible reserves |  | 42.8 |  |  | 44.6 |
Stock-based compensation |  | 19.8 |  |  | 18.8 |
Tax credits |  | 7.1 |  |  | 8.9 |
Nonqualified deferred compensation plan |  | 13.5 |  |  | 13.2 |
Lease liability |  | 14.0 |  |  | 11.8 |
Other temporary differences |  | 14.3 |  |  | — |
|  | 324.6 |  |  | 293.1 |
Less: valuation allowance |  | (114.7) |  |  | (115.3) |
|  | $ | 209.9 |  |  | $ | 177.8 |
Deferred tax liabilities |  |  |  |
Depreciation and amortization |  | $ | (160.3) |  |  | $ | (240.6) |
Right of use asset |  | (13.2) |  |  | (11.4) |
Other temporary differences |  | — |  |  | (0.4) |
|  | $ | (173.5) |  |  | $ | (252.4) |
|  | $ | 36.4 |  |  | $ | (74.6) |
Activity of the Company's Unrecognized Income Tax Benefits | The Company’s unrecognized income tax benefits activity for fiscal 2023 and 2022 was as follows:
|  | 2023 |  | 2022
Balance at beginning of fiscal year |  | $ | 247.6 |  |  | $ | 212.8 |
Tax positions related to current year: |  |  |  |
Additions |  | 6.8 |  |  | 45.9 |
Reductions |  | — |  |  | — |
Tax positions related to prior years: |  |  |  |
Additions related to change in estimate |  | 4.5 |  |  | 21.5 |
Reductions |  | — |  |  | (6.6) |
Lapses in statutes of limitations and settlements |  | (2.4) |  |  | (26.0) |
Balance as of the end of the fiscal year |  | $ | 256.5 |  |  | $ | 247.6 |

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