XML 34 R15.htm IDEA: XBRL DOCUMENT
v3.24.3

NET (LOSS) INCOME PER SHARE | 12 Months Ended
--- | ---
Sep. 27, 2024
Earnings Per Share [Abstract] |
NET (LOSS) INCOME PER SHARE | NET (LOSS) INCOME PER SHARE Basic net (loss) income per common share is computed by dividing the net (loss) income for the period by the weighted average number of shares of common stock outstanding during the reporting period. Diluted net (loss) income per common share reflects the effects of potentially dilutive securities, which is computed by dividing the sum of net (loss) income and any adjustments to net income by the sum of the weighted average number of common shares outstanding and dilutive common shares. A reconciliation of the numerator and denominator used in the calculation of basic and diluted net (loss) income per common share is as follows:
| Fiscal Years
(In millions, except per share amounts) | 2024 |  | 2023 |  | 2022
Net (loss) income per share – basic |  |  |  |  |
Net (loss) income attributable to Varex | $ | (47.7) |  |  | $ | 48.2 |  |  | $ | 30.3 |
Basic weighted average shares outstanding | 40.8 |  |  | 40.3 |  |  | 39.8 |
Basic net (loss) income per share attributable to Varex | $ | (1.17) |  |  | $ | 1.20 |  |  | $ | 0.76 |
Net (loss) income per share – diluted |  |  |  |  |
Net (loss) income attributable to Varex | $ | (47.7) |  |  | $ | 48.2 |  |  | $ | 30.3 |
Interest expense on Convertible Notes, net of tax | — |  |  | 6.2 |  |  | — |
Diluted net (loss) income | $ | (47.7) |  |  | $ | 54.4 |  |  | $ | 30.3 |
Basic weighted average shares outstanding | 40.8 |  |  | 40.3 |  |  | 39.8 |
Dilutive effect of Convertible Senior Notes | — |  |  | 9.6 |  |  | 1.3 |
Dilutive effect of share-based awards and other | — |  |  | 0.4 |  |  | 0.5 |
Diluted weighted average shares outstanding | 40.8 |  |  | 50.3 |  |  | 41.6 |
Diluted net (loss) income per share attributable to Varex | $ | (1.17) |  |  | $ | 1.08 |  |  | $ | 0.73 |
Anti-dilutive share summary |  |  |  |  |
Share-based awards and other | 3.3 |  | 2.7 |  | 3.0
Convertible notes | 9.6 |  | — |  | —
Warrants | 9.6 |  | 9.6 |  | —
Total anti-dilutive shares | 22.5 |  | 12.3 |  | 3.0
Potentially dilutive shares, which are based on the weighted-average shares of common stock underlying stock options, unvested stock awards, purchase rights granted under the employee stock purchase plan, warrants, and Convertible Notes using the treasury stock method or the if-converted method, as applicable, are included when calculating diluted net (loss) income per share attributable to Varex when their effect is dilutive. As of October 1, 2022, the Company adopted ASU 2020-06 using the modified retrospective method. The standard requires the Company to apply the if-converted method in relation to the Convertible Notes, which requires the Company to assume that the Convertible Notes would have been converted using only share settlement at the beginning of the period, resulting in an additional 0 shares outstanding. Using this method, the numerator is affected by adding back the after-tax interest expense and the denominator is affected by including the effect of potential share settlement, if the effect is dilutive. Prior to the adoption of ASU 2020-06, the Convertible Notes were accounted for using the treasury stock method for purposes of net income per share. See Note 1, Summary of Significant Accounting Policies, "Recently Adopted Accounting Pronouncements" for further details concerning the adoption of ASU 2020-06. Furthermore, in connection with the offering of the Convertible Notes, the Company entered into convertible note hedges and warrants (see Note 9, Borrowings). However, the Company's convertible note hedges are not included when calculating potentially dilutive shares since their effect is always anti-dilutive.

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration