Income Taxes (Tables)

12 Months Ended

Sep. 26, 2020

Income Tax Disclosure [Abstract]

Income (Loss) Before Income Taxes

The Company’s income (loss) before income taxes consisted of the following:

	Years ended
	September 26, 2020		September 28, 2019		September 29, 2018
Domestic	$	921.1	$	(174.3)	$	(581.9)
Foreign	80.8		(83.4)		163.3
	$	1,001.9	$	(257.7)	$	(418.6)

Provision for Income Taxes

The benefit for income taxes contained the following components:

	Years ended
	September 26, 2020		September 28, 2019		September 29, 2018
Federal:
Current	$	(62.1)	$	142.9	$	137.1
Deferred	(76.6)		(189.9)		(461.9)
	(138.7)		(47.0)		(324.8)
State:
Current	33.9		22.1		11.0
Deferred	(12.5)		(41.0)		(11.3)
	21.4		(18.9)		(0.3)
Foreign:
Current	14.0		16.5		21.9
Deferred	(5.3)		(4.7)		(4.1)
	8.7		11.8		17.8
	$	(108.6)	$	(54.1)	$	(307.3)

Reconciliation of Income Tax (Benefit) at U.S. Federal Statutory Rate to Company's Effective Tax Rate

The income tax benefit differed from the tax benefit computed at the U.S. federal statutory rate due to the following:

	Years ended
	September 26, 2020		September 28, 2019		September 29, 2018
Income tax (benefit) provision at federal statutory rate	21.0	%	(21.0)	%	(24.5)	%
Increase (decrease) in tax resulting from:
Loss on sale of Cynosure	(31.3)		—		—
Domestic production activities deduction	—		—		(3.1)
State income taxes, net of federal benefit	2.9		(0.7)		0.7
U.S. tax on foreign earnings	(2.6)		(2.1)		0.1
Internal restructuring	—		(3.8)		—
Non-deductible goodwill	—		—		39.4
Tax credits	(0.6)		(3.3)		(1.9)
Tax reform	—		2.0		(82.7)
Unrecognized tax benefits	—		(0.1)		1.8
Compensation	0.4		0.8		0.3
Foreign rate differential	(1.2)		(5.4)		(5.2)
Change in deferred tax rate	(0.6)		—		1.2
Change in valuation allowance	1.3		9.5		(0.5)
Other	(0.1)		3.1		1.0
	(10.8)	%	(21.0)	%	(73.4)	%

Significant Components of the Company's Deferred Tax Assets and Liabilities

The Company’s significant deferred tax assets and liabilities were as follows:

	September 26, 2020		September 28, 2019
Deferred tax assets
Net operating loss carryforwards	$	81.1	$	34.5
Capital losses	57.0		6.4
Non-deductible accruals	24.9		24.7
Non-deductible reserves	33.2		22.7
UK intangible assets	—		25.4
Stock-based compensation	18.6		20.9
Tax credits	10.2		14.8
Nonqualified deferred compensation plan	14.4		12.9
Lease liability	17.3		—
Other temporary differences	25.2		17.8
	281.9		180.1
Less: valuation allowance	(118.5)		(60.7)
	$	163.4	$	119.4
Deferred tax liabilities
Depreciation and amortization	$	(333.9)	$	(373.0)
Right of use asset	(15.8)		—
Debt discounts and deferrals	—		(4.5)
	$	(349.7)	$	(377.5)
	$	(186.3)	$	(258.1)

Activity of the Company's Unrecognized Income Tax Benefits

The Company’s unrecognized income tax benefits activity for fiscal 2020 and 2019 was as follows:

	2020		2019
Balance at beginning of fiscal year	$	101.6	$	89.5
Tax positions related to current year:
Additions	109.6		22.7
Reductions	—		—
Tax positions related to prior years:
Additions related to change in estimate	1.5		—
Reductions	(0.7)		(4.8)
Payments	—		—
Lapses in statutes of limitations	(15.6)		(5.8)
Acquired tax positions:
Additions related to reserves acquired from acquisitions	0.7		—
Balance as of the end of the fiscal year	$	197.1	$	101.6