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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Sep. 30, 2023
Accounting Policies [Abstract] |
Supplemental Cash Flow Statement Information | Supplemental Cash Flow Statement Information
|  | Years ended |  |
September 30, 2023 |  | September 24, 2022 |  | September 25, 2021 |  |
Cash paid during the period for income taxes |  | $ | 296.1 |  |  | $ | 36.2 |  |  | $ | 615.1 |  |  |
Cash paid during the period for interest |  | $ | 105.4 |  |  | $ | 99.7 |  |  | $ | 93.2 |  |  |
Non-Cash Financing Activities: |  |  |  |  |  |  |  |
Fair value of contingent consideration at acquisition |  | $ | 1.1 |  |  | $ | — |  |  | $ | — |  |  |
Cash paid for income taxes presented above is net of tax refunds of $39.3 million, $430.4 million and $13.7 million for fiscal years 2023, 2022 and 2021, respectively. The fiscal year 2023 and 2021 refunds received primarily related to tax filings and over-payments made in the ordinary course of business, while the fiscal 2022 refunds were primarily related to federal and state loss carryback claims.
Schedule of Inventories | Inventories consisted of the following:
|  | September 30, 2023 |  | September 24, 2022
Raw materials |  | $ | 238.6 |  |  | $ | 252.9 |
Work-in-process |  | 66.3 |  |  | 60.1 |
Finished goods |  | 312.7 |  |  | 310.7 |
|  | $ | 617.6 |  |  | $ | 623.7 |
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of the following:
| Estimated Useful Life |  | September 30, 2023 |  | September 24, 2022
Equipment | 3–10 years |  | $ | 380.0 |  |  | $ | 394.8 |
Equipment under customer usage agreements | 3–8 years |  | 508.1 |  |  | 486.5 |
Buildings and improvements | 20–35 years |  | 230.0 |  |  | 196.0 |
Leasehold improvements | Shorter of the Original Term of Lease or Estimated Useful Life |  | 44.4 |  |  | 44.8 |
Land |  |  | 41.1 |  |  | 40.9 |
Furniture and fixtures | 5–7 years |  | 19.2 |  |  | 16.7 |
Finance lease right-of-use asset |  |  | 8.2 |  |  | 7.5 |
|  |  | 1,231.0 |  |  | 1,187.2 |
Less - accumulated depreciation and amortization |  |  | (714.0) |  |  | (705.6) |
|  |  | $ | 517.0 |  |  | $ | 481.6 |
Schedule of Intangible Assets | Intangible assets consisted of the following:
|  | September 30, 2023 |  | September 24, 2022
Description |  | Gross Carrying Value |  | Accumulated Amortization |  | Gross Carrying Value |  | Accumulated Amortization
Acquired intangible assets: |  |  |  |  |  |  |  |
Developed technology |  | $ | 4,411.0 |  |  | $ | 3,649.5 |  |  | $ | 4,565.6 |  |  | $ | 3,458.2 |
In-process research and development |  | 25.7 |  |  | — |  |  | 33.0 |  |  | — |
Customer relationships |  | 600.0 |  |  | 550.6 |  |  | 601.9 |  |  | 535.6 |
Trade names |  | 253.6 |  |  | 212.8 |  |  | 265.2 |  |  | 203.3 |
Total acquired intangible assets |  | $ | 5,290.3 |  |  | $ | 4,412.9 |  |  | $ | 5,465.7 |  |  | $ | 4,197.1 |
Internal-use software |  | 24.0 |  |  | 17.8 |  |  | 26.0 |  |  | 19.9 |
Capitalized software embedded in products |  | 27.7 |  |  | 22.7 |  |  | 26.5 |  |  | 20.6 |
Total intangible assets |  | $ | 5,342.0 |  |  | $ | 4,453.4 |  |  | $ | 5,518.2 |  |  | $ | 4,237.6 |
Schedule of Estimated Amortization Expense | The estimated amortization expense at September 30, 2023 for each of the five succeeding fiscal years was as follows:
Fiscal 2024 | $ | 203.2 |
Fiscal 2025 | $ | 188.5 |
Fiscal 2026 | $ | 158.6 |
Fiscal 2027 | $ | 71.5 |
Fiscal 2028 | $ | 68.5 |
Rollforward of Goodwill Activity by Reportable Segment | A rollforward of goodwill activity by reportable segment from September 24, 2022 to September 30, 2023 is as follows:
| Diagnostics |  | Breast Health |  | GYN Surgical |  | Skeletal Health |  | Total |  |
Balance at September 24, 2022 | $ | 1,313.8 |  |  | $ | 781.8 |  |  | $ | 1,132.9 |  |  | $ | 8.0 |  |  | $ | 3,236.5 |  |  |
Normedi acquisition | — |  |  | — |  |  | 2.0 |  |  | — |  |  | 2.0 |  |  |
Foreign currency and other adjustments | 37.8 |  |  | 6.0 |  |  | (1.0) |  |  | — |  |  | 42.8 |  |  |
Balance at September 30, 2023 | $ | 1,351.6 |  |  | $ | 787.8 |  |  | $ | 1,133.9 |  |  | $ | 8.0 |  |  | $ | 3,281.3 |  |  |
Schedule of Other Assets | Other assets consisted of the following:
|  | September 30, 2023 |  | September 24, 2022
Other Assets |  |  |  |
Tax receivable |  | $ | 33.0 |  |  | $ | 30.4 |
Operating lease right of use assets |  | 62.7 |  |  | 68.9 |
Life insurance contracts |  | 56.1 |  |  | 49.2 |
Deferred tax assets |  | 56.6 |  |  | 16.2 |
Equity investments |  | 15.5 |  |  | 5.5 |
Other |  | 44.0 |  |  | 40.3 |
|  | $ | 267.9 |  |  | $ | 210.5 |
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 30, 2023 |  | Year Ended September 24, 2022
| Foreign Currency Translation |  | Pension Plan |  |  |  | Hedged Interest Rate Swaps |  | Total |  | Foreign Currency Translation |  | Pension Plan |  |  |  | Hedged Interest Rate Swaps |  | Total
Beginning Balance | $ | (267.2) |  |  | $ | (0.3) |  |  |  |  | $ | 29.3 |  |  | $ | (238.2) |  |  | $ | (43.1) |  |  | $ | (1.3) |  |  |  |  | $ | (14.7) |  |  | $ | (59.1) |
Other comprehensive income (loss) before reclassifications | 99.2 |  |  | 0.6 |  |  |  |  | (9.2) |  |  | 90.6 |  |  | (224.1) |  |  | 1.0 |  |  |  |  | 44.0 |  |  | (179.1) |
Ending Balance | $ | (168.0) |  |  | $ | 0.3 |  |  |  |  | $ | 20.1 |  |  | $ | (147.6) |  |  | $ | (267.2) |  |  | $ | (0.3) |  |  |  |  | $ | 29.3 |  |  | $ | (238.2) |
Schedule of Accumulated Other Comprehensive Income (Loss) Related to Derivatives |
| Years Ended
| September 30, 2023 |  | September 24, 2022 |  | September 25, 2021
Amount of realized gain (loss) recognized in income |  |  |  |  |
Forward foreign currency contracts | $ | 1.3 |  |  | $ | 68.5 |  |  | $ | (3.6) |
Foreign currency option contracts | (4.0) |  |  | — |  |  | (6.1) |
| $ | (2.7) |  |  | $ | 68.5 |  |  | $ | (9.7) |
Amount of unrealized (loss) gain recognized in income |  |  |  |  |
Forward foreign currency contracts | $ | (7.5) |  |  | $ | 14.7 |  |  | $ | 0.5 |
Foreign currency option contracts | (5.5) |  |  | 5.5 |  |  | (4.0) |
| $ | (13.0) |  |  | $ | 20.2 |  |  | $ | (3.5) |
Amount of gain (loss) recognized in income |  |  |  |  |
Total | $ | (15.7) |  |  | $ | 88.7 |  |  | $ | (13.2) |
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 30, 2023:
| Balance Sheet Location |  | September 30, 2023 |  | September 24, 2022
Assets: |  |  |  |  |
Derivative instrument designated as a cash flow hedge: |  |  |  |  |
Interest rate swap contracts | Prepaid expenses and other current assets |  | $ | 16.2 |  |  | $ | 31.9 |
Interest rate swap contracts | Other assets |  | 10.7 |  |  | 7.0 |
|  |  | $ | 26.9 |  |  | $ | 38.9 |
Derivatives not designated as hedging instruments: |  |  |  |  |
Forward foreign currency contracts | Prepaid expenses and other current assets |  | $ | 8.4 |  |  | $ | 15.8 |
Foreign currency option contracts | Prepaid expenses and other current assets |  | — |  |  | 10.6 |
|  |  | $ | 8.4 |  |  | $ | 26.4 |
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 30, 2023 |  | September 24, 2022 |  | September 25, 2021
Amount of (loss) gain recognized in other comprehensive income (loss), net of taxes: |  |  |  |  |
Interest rate swap | $ | (9.2) |  |  | $ | 44.0 |  |  | $ | 9.4 |
Interest rate cap agreements | — |  |  | — |  |  | 0.4 |
Total | $ | (9.2) |  |  | $ | 44.0 |  |  | $ | 9.8 |
Accounts Receivable Reserve Activity | 2023, 2022 and 2021:
|  | Balance at Beginning of Period |  | Charged to Costs and Expenses |  |  |  | Write- offs and Payments |  | Balance at End of Period
Period Ended: |  |  |  |  |  |  |  |  |  |
September 30, 2023 |  | $ | 37.7 |  |  | $ | 3.7 |  |  |  |  | $ | (2.9) |  |  | $ | 38.5 |
September 24, 2022 |  | $ | 40.5 |  |  | $ | 4.2 |  |  |  |  | $ | (7.0) |  |  | $ | 37.7 |
September 25, 2021 |  | $ | 31.6 |  |  | $ | 15.0 |  |  |  |  | $ | (6.1) |  |  | $ | 40.5 |
Schedule of Reconciliation of Basic and Diluted Share Amounts | A reconciliation of basic and diluted share amounts for fiscal 2023, 2022, and 2021 was as follows:
|  | September 30, 2023 |  | September 24, 2022 |  | September 25, 2021
Basic weighted average common shares outstanding |  | 246,772 |  |  | 251,527 |  |  | 257,046 |
Weighted average common stock equivalents from assumed exercise of stock options and restricted stock units |  | 2,059 |  |  | 2,318 |  |  | 2,660 |
Diluted weighted average common shares outstanding |  | 248,831 |  |  | 253,845 |  |  | 259,706 |
Weighted-average anti-dilutive shares related to: |  |  |  |  |  |
Outstanding stock options and restricted stock units |  | 981 |  |  | 1,049 |  |  | 528 |
Schedule of Product Warranty Activity | Product warranty activity for fiscal 2023 and 2022 was as follows:
|  | Balance at Beginning of Period |  | Provisions |  | Acquired |  |  |  | Settlements/ Adjustments |  | Balance at End of Period
Period ended: |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2023 |  | $ | 8.0 |  |  | $ | 6.8 |  |  | $ | 0.8 |  |  |  |  | $ | (7.3) |  |  | $ | 8.3 |
September 24, 2022 |  | $ | 8.8 |  |  | $ | 6.3 |  |  | $ | — |  |  |  |  | $ | (7.1) |  |  | $ | 8.0 |

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