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Income Taxes (Tables) | 12 Months Ended
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Sep. 28, 2024
Income Tax Disclosure [Abstract] |
Income (Loss) Before Income Taxes | The Company’s income before income taxes consisted of the following:
|  | Years Ended
September 28, 2024 |  | September 30, 2023 |  | September 24, 2022
Domestic |  | $ | 609.4 |  |  | $ | 861.4 |  |  | $ | 1,340.3 |
Foreign |  | 255.7 |  |  | (185.3) |  |  | 247.9 |
|  | $ | 865.1 |  |  | $ | 676.1 |  |  | $ | 1,588.2 |
Provision for Income Taxes | The provision (benefit) for income taxes contained the following components:
|  | Years Ended
September 28, 2024 |  | September 30, 2023 |  | September 24, 2022
Federal: |  |  |  |  |  |
Current |  | $ | 91.6 |  |  | $ | 250.6 |  |  | $ | 298.6 |
Deferred |  | (50.9) |  |  | (72.1) |  |  | (129.8) |
|  | 40.7 |  |  | 178.5 |  |  | 168.8 |
State: |  |  |  |  |  |
Current |  | 14.2 |  |  | 45.9 |  |  | 54.8 |
Deferred |  | (7.5) |  |  | (9.4) |  |  | (9.5) |
|  | 6.7 |  |  | 36.5 |  |  | 45.3 |
Foreign: |  |  |  |  |  |
Current |  | 41.9 |  |  | 32.7 |  |  | 99.0 |
Deferred |  | (13.7) |  |  | (27.6) |  |  | (26.9) |
|  | 28.2 |  |  | 5.1 |  |  | 72.1 |
|  | $ | 75.6 |  |  | $ | 220.1 |  |  | $ | 286.2 |
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 28, 2024 |  | September 30, 2023 |  | September 24, 2022
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 |  | 2.5 |  |  | 4.1 |  |  | 2.9 |
U.S. tax on foreign earnings |  | 0.5 |  |  | (1.0) |  |  | (2.6) |
Internal Restructuring |  | — |  |  | — |  |  | (0.9) |
Tax credits |  | (1.6) |  |  | (1.1) |  |  | (0.5) |
Unrecognized tax benefits |  | 3.9 |  |  | 3.5 |  |  | 0.2 |
Compensation |  | 1.0 |  |  | 0.8 |  |  | 0.2 |
Foreign rate differential |  | (6.8) |  |  | (4.8) |  |  | (0.8) |
Change in deferred tax |  | — |  |  | — |  |  | 0.4 |
Assets held-for-sale charge |  | — |  |  | 1.5 |  |  | — |
Change in valuation allowance |  | 2.7 |  |  | 8.2 |  |  | 0.4 |
Return to provision |  | (1.2) |  |  | (1.9) |  |  | (0.7) |
Worthless stock deduction |  | (12.4) |  |  | — |  |  | — |
Other |  | (0.9) |  |  | 2.3 |  |  | (0.4) |
|  | 8.7 | % |  | 32.6 | % |  | 18.0 | %
Significant Components of the Company's Deferred Tax Assets and Liabilities | The Company’s significant deferred tax assets and liabilities were as follows:
|  | September 28, 2024 |  | September 30, 2023
Deferred tax assets |  |  |  |
Net operating loss and other tax carryforwards |  | $ | 137.1 |  |  | $ | 125.8 |
Capitalized research and development |  | 96.8 |  |  | 70.1 |
Non-deductible accruals |  | 41.0 |  |  | 32.7 |
Non-deductible reserves |  | 37.8 |  |  | 42.8 |
Stock-based compensation |  | 21.9 |  |  | 19.8 |
Nonqualified deferred compensation plan |  | 15.9 |  |  | 13.5 |
Lease liability |  | 26.2 |  |  | 14.0 |
Other temporary differences |  | 21.0 |  |  | 5.9 |
|  | 397.7 |  |  | 324.6 |
Less: valuation allowance |  | (143.1) |  |  | (114.7) |
|  | $ | 254.6 |  |  | $ | 209.9 |
Deferred tax liabilities |  |  |  |
Depreciation and amortization |  | $ | (161.8) |  |  | $ | (160.3) |
Right of use asset |  | (23.4) |  |  | (13.2) |
|  | $ | (185.2) |  |  | $ | (173.5) |
|  | $ | 69.4 |  |  | $ | 36.4 |
Activity of the Company's Unrecognized Income Tax Benefits | The Company’s unrecognized income tax benefits activity for fiscal 2024, 2023 and 2022 was as follows:
|  | 2024 |  | 2023 |  | 2022
Balance at beginning of fiscal year |  | $ | 256.5 |  |  | $ | 247.6 |  |  | $ | 212.8 |
Tax positions related to current year: |  |  |  |  |  |
Additions |  | 7.8 |  |  | 6.8 |  |  | 45.9 |
Tax positions related to prior years: |  |  |  |  |  |
Additions related to change in estimate |  | 11.8 |  |  | 4.5 |  |  | 21.5 |
Reductions |  | (2.1) |  |  | — |  |  | (6.6) |
Lapses in statutes of limitations and settlements |  | (0.8) |  |  | (2.4) |  |  | (26.0) |
Balance as of the end of the fiscal year |  | $ | 273.2 |  |  | $ | 256.5 |  |  | $ | 247.6 |

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