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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Sep. 28, 2024
Accounting Policies [Abstract] |
Supplemental Cash Flow Statement Information | Supplemental Cash Flow Statement Information
|  | Years Ended |  |
September 28, 2024 |  | September 30, 2023 |  | September 24, 2022 |  |
Cash paid during the period for income taxes |  | $ | 137.9 |  |  | $ | 296.1 |  |  | $ | 36.2 |  |  |
Cash paid during the period for interest |  | $ | 117.1 |  |  | $ | 105.4 |  |  | $ | 99.7 |  |  |
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 $19.6 million, $39.3 million and $430.4 million for fiscal years 2024, 2023 and 2022, respectively. The fiscal 2024 and 2023 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 28, 2024 |  | September 30, 2023
Raw materials |  | $ | 251.4 |  |  | $ | 238.6 |
Work-in-process |  | 62.0 |  |  | 66.3 |
Finished goods |  | 366.4 |  |  | 312.7 |
|  | $ | 679.8 |  |  | $ | 617.6 |
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of the following:
| Estimated Useful Life |  | September 28, 2024 |  | September 30, 2023
Equipment | 3–10 years |  | $ | 378.1 |  |  | $ | 380.0 |
Equipment under customer usage agreements | 3–8 years |  | 523.1 |  |  | 508.1 |
Buildings and improvements | 20–35 years |  | 247.1 |  |  | 230.0 |
Leasehold improvements | Shorter of the Original Lease Term or Estimated Useful Life |  | 44.0 |  |  | 44.4 |
Land |  |  | 40.8 |  |  | 41.1 |
Furniture and fixtures | 5–7 years |  | 24.6 |  |  | 19.2 |
Finance lease right-of-use asset |  |  | 8.8 |  |  | 8.2 |
|  |  | 1,266.5 |  |  | 1,231.0 |
Less - accumulated depreciation and amortization |  |  | (728.7) |  |  | (714.0) |
|  |  | $ | 537.8 |  |  | $ | 517.0 |
Schedule of Intangible Assets | Intangible assets consisted of the following:
|  | September 28, 2024 |  | September 30, 2023
Description |  | Gross Carrying Value |  | Accumulated Amortization |  | Gross Carrying Value |  | Accumulated Amortization
Acquired intangible assets: |  |  |  |  |  |  |  |
Developed technology |  | $ | 4,567.0 |  |  | $ | 3,834.0 |  |  | $ | 4,411.0 |  |  | $ | 3,649.5 |
In-process research and development |  | 25.1 |  |  | — |  |  | 25.7 |  |  | — |
Customer relationships |  | 609.7 |  |  | 569.8 |  |  | 600.0 |  |  | 550.6 |
Trade names |  | 260.3 |  |  | 224.5 |  |  | 253.6 |  |  | 212.8 |
Total acquired intangible assets |  | $ | 5,462.1 |  |  | $ | 4,628.3 |  |  | $ | 5,290.3 |  |  | $ | 4,412.9 |
Internal-use software |  | 25.7 |  |  | 20.5 |  |  | 24.0 |  |  | 17.8 |
Capitalized software embedded in products |  | 30.2 |  |  | 24.6 |  |  | 27.7 |  |  | 22.7 |
Total intangible assets |  | $ | 5,518.0 |  |  | $ | 4,673.4 |  |  | $ | 5,342.0 |  |  | $ | 4,453.4 |
Schedule of Estimated Amortization Expense | The estimated amortization expense at September 28, 2024 for each of the five succeeding fiscal years was as follows:
Fiscal 2025 | $ | 199.3 |
Fiscal 2026 | $ | 169.2 |
Fiscal 2027 | $ | 82.1 |
Fiscal 2028 | $ | 79.0 |
Fiscal 2029 | $ | 72.9 |
Rollforward of Goodwill Activity by Reportable Segment | A rollforward of goodwill activity by reportable segment from September 30, 2023 to September 28, 2024 is as follows:
| Diagnostics |  | Breast Health |  | GYN Surgical |  | Skeletal Health |  | Total |  |
Balance at September 30, 2023 | $ | 1,351.6 |  |  | $ | 787.8 |  |  | $ | 1,133.9 |  |  | $ | 8.0 |  |  | $ | 3,281.3 |  |  |
Endomag acquisition | — |  |  | 138.9 |  |  | — |  |  | — |  |  | 138.9 |  |  |
Foreign currency and other adjustments | 14.2 |  |  | 7.9 |  |  | 0.8 |  |  | — |  |  | 22.9 |  |  |
Balance at September 28, 2024 | $ | 1,365.8 |  |  | $ | 934.6 |  |  | $ | 1,134.7 |  |  | $ | 8.0 |  |  | $ | 3,443.1 |  |  |
Schedule of Other Assets | Other assets consisted of the following:
|  | September 28, 2024 |  | September 30, 2023
Other Assets |  |  |  |
Tax receivable |  | $ | 37.5 |  |  | $ | 33.0 |
Operating lease right of use assets |  | 92.2 |  |  | 62.7 |
Life insurance contracts |  | 71.0 |  |  | 56.1 |
Deferred tax assets |  | 128.8 |  |  | 56.6 |
Strategic investments |  | 54.3 |  |  | 15.5 |
Other |  | 27.0 |  |  | 44.0 |
|  | $ | 410.8 |  |  | $ | 267.9 |
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 28, 2024 |  | Year Ended September 30, 2023
| Foreign Currency Translation |  | Pension Plan |  | Available-for-sale debt securities |  | Hedged Interest Rate Swaps |  | Total |  | Foreign Currency Translation |  | Pension Plan |  |  |  | Hedged Interest Rate Swaps |  | Total
Beginning Balance | $ | (168.0) |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | 20.1 |  |  | $ | (147.6) |  |  | $ | (267.2) |  |  | $ | (0.3) |  |  |  |  | $ | 29.3 |  |  | $ | (238.2) |
Other comprehensive income (loss) before reclassifications | 53.1 |  |  | (0.3) |  |  | 1.6 |  |  | (18.3) |  |  | 36.1 |  |  | 99.2 |  |  | 0.6 |  |  |  |  | (9.2) |  |  | 90.6 |
Ending Balance | $ | (114.9) |  |  | $ | — |  |  | $ | 1.6 |  |  | $ | 1.8 |  |  | $ | (111.5) |  |  | $ | (168.0) |  |  | $ | 0.3 |  |  |  |  | $ | 20.1 |  |  | $ | (147.6) |
Schedule of Accumulated Other Comprehensive Income (Loss) Related to Derivatives | Realized and unrealized gains and losses from these contracts, which were the only derivative contracts not designated for hedge accounting, for the years ended September 28, 2024, September 30, 2023, and September 24, 2022 were as follows:
| Years Ended
| September 28, 2024 |  | September 30, 2023 |  | September 24, 2022
Amount of realized gain (loss) recognized in income |  |  |  |  |
Forward foreign currency contracts | $ | 3.9 |  |  | $ | 1.3 |  |  | $ | 68.5 |
Foreign currency option contracts | — |  |  | (4.0) |  |  | — |
| $ | 3.9 |  |  | $ | (2.7) |  |  | $ | 68.5 |
Amount of unrealized (loss) gain recognized in income |  |  |  |  |
Forward foreign currency contracts | $ | (20.9) |  |  | $ | (7.5) |  |  | $ | 14.7 |
Foreign currency option contracts | 0.8 |  |  | (5.5) |  |  | 5.5 |
| $ | (20.1) |  |  | $ | (13.0) |  |  | $ | 20.2 |
Amount of gain (loss) recognized in income |  |  |  |  |
Total | $ | (16.2) |  |  | $ | (15.7) |  |  | $ | 88.7 |
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 28, 2024:
| Balance Sheet Location |  | September 28, 2024 |  | September 30, 2023
Assets: |  |  |  |  |
Derivative instrument designated as a cash flow hedge: |  |  |  |  |
Interest rate swap contracts | Prepaid expenses and other current assets |  | $ | 3.1 |  |  | $ | 16.2 |
Interest rate swap contracts | Other assets |  | — |  |  | 10.7 |
|  |  | $ | 3.1 |  |  | $ | 26.9 |
Derivatives not designated as hedging instruments: |  |  |  |  |
Forward foreign currency contracts | Prepaid expenses and other current assets |  | $ | — |  |  | $ | 8.4 |
Foreign currency option contracts | Prepaid expenses and other current assets |  | 0.8 |  |  | — |
|  |  | $ | 0.8 |  |  | $ | 8.4 |
Liabilities: |  |  |  |  |
Derivative instruments designated as a cash flow hedge: |  |  |  |  |
Interest rate swap contracts | Other long-term liabilities |  | 0.2 |  |  | — |
Total |  |  | $ | 0.2 |  |  | $ | — |
Derivatives not designated as hedging instruments: |  |  |  |  |
Forward foreign currency contracts | Accrued expenses |  | $ | 12.6 |  |  | $ | — |
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 28, 2024 |  | September 30, 2023 |  | September 24, 2022
Amount of (loss) gain recognized in other comprehensive income (loss), net of taxes: |  |  |  |  |
Interest rate swap | $ | (18.3) |  |  | $ | (9.2) |  |  | $ | 44.0 |
Total | $ | (18.3) |  |  | $ | (9.2) |  |  | $ | 44.0 |
Accounts Receivable Reserve Activity | The following is a rollforward of the allowance for credit losses for fiscal 2024, 2023 and 2022:
|  | Balance at Beginning of Period |  | Charged to Costs and Expenses |  |  |  | Write- offs and Payments |  | Balance at End of Period
Period Ended: |  |  |  |  |  |  |  |  |  |
September 28, 2024 |  | $ | 38.5 |  |  | $ | 5.7 |  |  |  |  | $ | (2.8) |  |  | $ | 41.4 |
September 30, 2023 |  | $ | 37.7 |  |  | $ | 3.7 |  |  |  |  | $ | (2.9) |  |  | $ | 38.5 |
September 24, 2022 |  | $ | 40.5 |  |  | $ | 4.2 |  |  |  |  | $ | (7.0) |  |  | $ | 37.7 |
Schedule of Reconciliation of Basic and Diluted Share Amounts | A reconciliation of basic and diluted share amounts for fiscal 2024, 2023, and 2022 was as follows:
|  | September 28, 2024 |  | September 30, 2023 |  | September 24, 2022
Basic weighted average common shares outstanding |  | 235,723 |  |  | 246,772 |  |  | 251,527 |
Weighted average common stock equivalents from assumed exercise of stock options and restricted stock units |  | 1,830 |  |  | 2,059 |  |  | 2,318 |
Diluted weighted average common shares outstanding |  | 237,553 |  |  | 248,831 |  |  | 253,845 |
Weighted-average anti-dilutive shares related to: |  |  |  |  |  |
Outstanding stock options and restricted stock units |  | 1,171 |  |  | 981 |  |  | 1,049 |
Schedule of Product Warranty Activity | Product warranty activity for fiscal 2024 and 2023 was as follows:
|  | Balance at Beginning of Period |  | Provisions |  | Acquired |  |  |  | Settlements/ Adjustments |  | Balance at End of Period
Period ended: |  |  |  |  |  |  |  |  |  |  |  |
September 28, 2024 |  | $ | 8.3 |  |  | $ | 9.0 |  |  | $ | 0.1 |  |  |  |  | $ | (7.5) |  |  | $ | 9.9 |
September 30, 2023 |  | $ | 8.0 |  |  | $ | 6.8 |  |  | $ | 0.8 |  |  |  |  | $ | (7.3) |  |  | $ | 8.3 |

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