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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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