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Income Taxes (Tables)

12 Months Ended

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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