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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Sep. 28, 2024
Accounting Policies [Abstract]  
Supplemental Cash Flow Statement Information
Supplemental Cash Flow Statement Information
 Years Ended
September 28, 2024September 30, 2023September 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, 2024September 30, 2023
Raw materials$251.4 $238.6 
Work-in-process62.0 66.3 
Finished goods366.4 312.7 
$679.8 $617.6 
Schedule of Property, Plant and Equipment
Property, plant and equipment consisted of the following:
Estimated Useful LifeSeptember 28, 2024September 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 
Land40.8 41.1 
Furniture and fixtures
5–7 years

24.6 19.2 
Finance lease right-of-use asset8.8 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, 2024September 30, 2023
DescriptionGross
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 development25.1 — 25.7 — 
Customer relationships609.7 569.8 600.0 550.6 
Trade names260.3 224.5 253.6 212.8 
Total acquired intangible assets$5,462.1 $4,628.3 $5,290.3 $4,412.9 
Internal-use software25.7 20.5 24.0 17.8 
Capitalized software embedded in products30.2 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: 
DiagnosticsBreast HealthGYN SurgicalSkeletal HealthTotal
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 adjustments14.2 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, 2024September 30, 2023
Other Assets
Tax receivable$37.5 $33.0 
Operating lease right of use assets92.2 62.7 
Life insurance contracts71.0 56.1 
Deferred tax assets128.8 56.6 
Strategic investments
54.3 15.5 
Other27.0 44.0 
$410.8 $267.9 
Changes in accumulated balances of other comprehensive income The following tables summarize the components and changes in accumulated balances of other comprehensive loss for the periods presented:
Year Ended September 28, 2024
Year Ended September 30, 2023
Foreign Currency Translation
Pension Plan
Available-for-sale debt securities
Hedged Interest Rate SwapsTotalForeign Currency Translation
Pension Plan
Hedged Interest Rate SwapsTotal
Beginning Balance$(168.0)$0.3 $— $20.1 $(147.6)$(267.2)$(0.3)$29.3 $(238.2)
Other comprehensive income (loss) before reclassifications53.1 (0.3)1.6 (18.3)36.1 99.2 0.6 (9.2)90.6 
Ending Balance$(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 contracts0.8 (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 LocationSeptember 28, 2024September 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 $26.9 
Derivatives not designated as hedging instruments:
Forward foreign currency contractsPrepaid expenses and other current assets$— $8.4 
Foreign currency option contractsPrepaid expenses and other current assets0.8 — 
$0.8 $8.4 
Liabilities:
Derivative instruments designated as a cash flow hedge:
Interest rate swap contracts
Other long-term liabilities0.2 — 
Total$0.2 $— 
Derivatives not designated as hedging instruments:
Forward foreign currency contractsAccrued 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, 2024September 30, 2023September 24, 2022
Basic weighted average common shares outstanding235,723 246,772 251,527 
Weighted average common stock equivalents from assumed exercise of stock options and restricted stock units1,830 2,059 2,318 
Diluted weighted average common shares outstanding237,553 248,831 253,845 
Weighted-average anti-dilutive shares related to:
Outstanding stock options and restricted stock units1,171 981 1,049 
Schedule of Product Warranty Activity
Product warranty activity for fiscal 2024 and 2023 was as follows:
 
Balance at
Beginning of
Period
ProvisionsAcquiredSettlements/
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