Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 26, 2015 | Nov. 13, 2015 | Mar. 28, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 26, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | HOLOGIC INC | ||
Entity Central Index Key | 859,737 | ||
Current Fiscal Year End Date | --09-26 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 282,905,150 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 9,098,955,240 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Revenues: | |||
Product | $ 2,270.4 | $ 2,094.9 | $ 2,100.9 |
Service and other | 434.6 | 435.8 | 391.4 |
Revenues | 2,705 | 2,530.7 | 2,492.3 |
Costs of revenues: | |||
Product | 755.5 | 731.3 | 818.2 |
Amortization of intangible assets | 299.7 | 314.6 | 307.9 |
Impairment of intangible assets | 0 | 26.6 | 1.7 |
Service and other | 217.1 | 212.7 | 203.1 |
Gross Profit | 1,432.7 | 1,245.5 | 1,161.4 |
Operating expenses: | |||
Research and development | 214.9 | 203.2 | 197.6 |
Selling and marketing | 363 | 331.7 | 342.1 |
General and administrative | 261 | 259.8 | 227.7 |
Amortization of intangible assets | 110.2 | 113.8 | 112.6 |
Impairment of intangible assets | 0 | 5.6 | 0 |
Contingent consideration – compensation expense | 0 | 0 | 80 |
Contingent consideration – fair value adjustments | 0 | 0 | 11.3 |
Impairment of goodwill | 0 | 0 | 1,117.4 |
Gain on sale of intellectual property | 0 | 0 | (53.9) |
Restructuring and divestiture charges | 28.5 | 51.7 | 32.8 |
Operating expenses | 977.6 | 965.8 | 2,067.6 |
Income (loss) from operations | 455.1 | 279.7 | (906.2) |
Interest income | 1.3 | 1.3 | 1.3 |
Interest expense | (205.5) | (220.6) | (281.1) |
Debt extinguishment loss | (62.7) | (7.4) | (9.2) |
Other (expense) income, net | (11) | (4.9) | 2.3 |
Income (loss) before income taxes | 177.2 | 48.1 | (1,192.9) |
Provision (benefit) for income taxes | 45.6 | 30.8 | (20.1) |
Net income (loss) | $ 131.6 | $ 17.3 | $ (1,172.8) |
Net income (loss) per common share: | |||
Basic (in dollars per share) | $ 0.47 | $ 0.06 | $ (4.36) |
Diluted (in dollars per share) | $ 0.45 | $ 0.06 | $ (4.36) |
Weighted average number of shares outstanding: | |||
Basic (in shares) | 280,566 | 275,499 | 268,704 |
Diluted (in shares) | 289,537 | 278,360 | 268,704 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 131.6 | $ 17.3 | $ (1,172.8) |
Changes in foreign currency translation adjustment, including amounts reclassified from AOCI | (11) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (20.6) | (13.3) | 1.4 |
Changes in unrealized holding gains and losses on available-for-sale securities including amounts reclassified from AOCI | (2) | ||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | (9.8) | (3.2) | 12.1 |
Changes in pension plans, net of taxes of $0.2 in 2015, $0.2 in 2014, and $0.1 in 2013 | (0.2) | (1.3) | 0.1 |
Changes in value of hedged interest rate caps, net of tax of $2.5 in 2015 | 3.9 | 0 | 0 |
Other comprehensive (loss) income | (17.1) | (17.8) | 13.6 |
Comprehensive income (loss) | $ 114.5 | $ (0.5) | $ (1,159.2) |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Changes in pension plans, tax | $ 0.3 | $ 0.2 | $ 0.1 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | $ 2.5 | $ 0 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | 12 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Current assets: | ||
Cash and cash equivalents | $ 491.3 | $ 736.1 |
Restricted cash | 1.4 | 5.5 |
Accounts receivable, less reserves of $11.1 and $12.0, respectively | 416.1 | 396 |
Inventories | 283.1 | 330.6 |
Deferred income tax assets | 19 | 39.4 |
Prepaid income taxes | 21.7 | 22.4 |
Prepaid expenses and other current assets | 33.8 | 35.8 |
Total current assets | 1,266.4 | 1,565.8 |
Property, plant and equipment, net | 457.1 | 461.9 |
Intangible assets, net | 3,023.2 | 3,433.6 |
Reporting Units Good Will Pass Step 1 With Sufficient Excess Of Fair Value | 2,808.2 | |
Goodwill | 2,808.2 | 2,810.8 |
Other assets | 115.2 | 142.6 |
Total assets | 7,670.1 | 8,414.7 |
Current liabilities: | ||
Current portion of long-term debt | 391.8 | 114.5 |
Accounts payable | 117 | 92.1 |
Accrued expenses | 272.1 | 262.1 |
Deferred revenue | 163.1 | 150.9 |
Total current liabilities | 944 | 619.6 |
Long-term debt, net of current portion | 3,248 | 4,153.2 |
Deferred income tax liabilities | 1,178.4 | 1,375.4 |
Deferred revenue | 19.6 | 20.1 |
Other long-term liabilities | $ 200.9 | $ 183.4 |
Commitments and contingencies (Note 11) | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value – 1,623 shares authorized; 0 shares issued | $ 0 | $ 0 |
Common stock, $0.01 par value – 750,000 shares authorized; 282,495 and 277,972 shares issued, respectively | 2.8 | 2.8 |
Additional paid-in-capital | 5,559.9 | 5,658.2 |
Accumulated deficit | (3,469) | (3,600.6) |
Accumulated other comprehensive income (loss) | (14.5) | 2.6 |
Total stockholders’ equity | 2,079.2 | 2,063 |
Total liabilities and stockholders’ equity | $ 7,670.1 | $ 8,414.7 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Millions | Sep. 26, 2015 | Sep. 27, 2014 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, reserves | $ 11.1 | $ 12 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 1,623 | 1,623 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 750,000 | 750,000 |
Common stock, issued (in shares) | 282,495 | 277,972 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Millions | Total | Common Stock [Member] | Additional Paid-in-Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Translation Adjustment [Member] | Treasury Stock [Member] |
Balance at Sep. 29, 2012 | $ 2,961 | $ 2.6 | $ 5,396.7 | $ (2,443.6) | $ 6.8 | $ (1.5) | |
Balance (in shares) at Sep. 29, 2012 | 265,635 | 219 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options | 65.7 | $ 0.1 | 65.6 | ||||
Exercise of stock options (in shares) | 4,786 | ||||||
Issuance of common stock to employees upon vesting of restricted stock units, net of shares withheld for employee taxes | (12.3) | (12.3) | |||||
Issuance of common stock to employees upon vesting of restricted stock units, net of shares withheld for employee taxes (in shares) | 1,117 | ||||||
Issuance of common stock under the employee stock purchase plan | 8 | 8 | |||||
Issuance of common shares under the employee stock purchase plan (in shares) | 498 | ||||||
Stock-based compensation expense | 52.4 | 52.4 | |||||
Excess tax benefit from employee equity awards | 5.9 | 5.9 | |||||
Equity component related to convertible notes, net of taxes | 20 | 20 | |||||
Net income (loss) | (1,172.8) | ||||||
Foreign currency translation adjustment | (1.4) | (1.4) | |||||
Adjustment to minimum pension liability, net | 0.1 | 0.1 | |||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 0 | ||||||
Unrealized losses on marketable securities | 12.1 | 12.1 | |||||
Balance at Sep. 28, 2013 | 1,941.5 | $ 2.7 | 5,536.3 | (3,616.4) | 20.4 | $ (1.5) | |
Balance (in shares) at Sep. 28, 2013 | 272,036 | 219 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options | 70.6 | $ 0.1 | 70.5 | ||||
Exercise of stock options (in shares) | 4,697 | ||||||
Issuance of common stock to employees upon vesting of restricted stock units, net of shares withheld for employee taxes | (9.8) | (9.8) | |||||
Issuance of common stock to employees upon vesting of restricted stock units, net of shares withheld for employee taxes (in shares) | 846 | ||||||
Issuance of common stock under the employee stock purchase plan | 10.9 | 10.9 | |||||
Issuance of common shares under the employee stock purchase plan (in shares) | 612 | ||||||
Stock-based compensation expense | 49.5 | 49.5 | |||||
Excess tax benefit from employee equity awards | 0.8 | 0.8 | |||||
Net income (loss) | 17.3 | ||||||
Foreign currency translation adjustment | 13.3 | 13.3 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ||||||
Adjustment to minimum pension liability, net | (1.3) | (1.3) | |||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 0 | ||||||
Retirement of treasury shares | 0 | (1.5) | $ 1.5 | ||||
Retirement of treasury shares (in shares) | (219) | (219) | |||||
Unrealized losses on marketable securities | (3.2) | (3.2) | |||||
Balance at Sep. 27, 2014 | 2,063 | $ 2.8 | 5,658.2 | (3,600.6) | 2.6 | $ 0 | |
Balance (in shares) at Sep. 27, 2014 | 277,972 | 0 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options | $ 57.3 | 57.3 | |||||
Exercise of stock options (in shares) | 3,000 | 3,036 | |||||
Issuance of common stock to employees upon vesting of restricted stock units, net of shares withheld for employee taxes | $ (12.9) | (12.9) | |||||
Issuance of common stock to employees upon vesting of restricted stock units, net of shares withheld for employee taxes (in shares) | 949 | ||||||
Issuance of common stock under the employee stock purchase plan | 12 | 12 | |||||
Issuance of common shares under the employee stock purchase plan (in shares) | 538 | ||||||
Stock-based compensation expense | 54.6 | 54.6 | |||||
Excess tax benefit from employee equity awards | 7.6 | 7.6 | |||||
Equity component related to convertible notes, net of taxes | (216.9) | (216.9) | |||||
Net income (loss) | 131.6 | ||||||
Foreign currency translation adjustment | 20.6 | 20.6 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 17.4 | 7.8 | $ 9.6 | ||||
Adjustment to minimum pension liability, net | (0.2) | (0.2) | |||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 3.9 | (3.9) | |||||
Unrealized losses on marketable securities | (9.8) | (9.8) | |||||
Balance at Sep. 26, 2015 | 2,079.2 | $ 2.8 | $ 5,559.9 | $ (3,469) | $ (14.5) | $ 0 | |
Balance (in shares) at Sep. 26, 2015 | 282,495 | 0 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Other than temporary impairment | $ 7.8 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
OPERATING ACTIVITIES | |||
Net income (loss) | $ 131.6 | $ 17.3 | $ (1,172.8) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation | 81.5 | 94.7 | 95.5 |
Amortization | 409.9 | 428.5 | 420.5 |
Non-cash interest expense | 63.8 | 68.7 | 81.2 |
Stock-based compensation expense | 59.3 | 50 | 52.3 |
Excess tax benefit related to equity awards | (10.7) | (5.7) | (7.4) |
Deferred income taxes | (148.8) | (243.1) | (198) |
Gain on sale of intellectual property | 0 | 0 | 53.9 |
Fair value adjustments to contingent consideration | 0 | 0 | 11.3 |
Fair value write-up of inventory sold | 0 | 0 | 52.4 |
Impairment of goodwill | 0 | 0 | 1,117.4 |
Asset impairment charges | 0 | 38.4 | 9.4 |
Debt extinguishment losses | (62.7) | (7.4) | (9.2) |
Equity investment impairment charges | 7.8 | 6.9 | 6.4 |
Loss on disposal of property and equipment | 6.6 | 7.1 | 4.9 |
Loss on sale of businesses | 9.6 | 5.5 | 0 |
Other adjustments and non-cash items | 14.3 | (11.8) | 0.9 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (30.3) | 7.9 | 4.1 |
Inventories | 43.9 | (44.7) | 25.2 |
Prepaid income taxes | 0.7 | 22.4 | 25.1 |
Prepaid expenses and other assets | 5.7 | 17.3 | 0.9 |
Accounts payable | 25.5 | 11.8 | (6.4) |
Accrued expenses and other liabilities | 36.9 | 14.7 | 2.3 |
Deferred revenue | 16.1 | 15.1 | 13.3 |
Net cash provided by operating activities | 786.1 | 508.4 | 493.8 |
INVESTING ACTIVITIES | |||
Acquisition of businesses, net of cash acquired | 0 | 0 | (6.3) |
Payment of additional acquisition consideration | 0 | 0 | (16.8) |
Net proceeds from sale of business | 0 | 10.1 | 85.1 |
Purchase of property and equipment | 48.1 | 44.3 | (49) |
Increase in equipment under customer usage agreements | 41.3 | 35.9 | (41.1) |
Net (purchases) sales of insurance contracts | 6.4 | (13.8) | (4) |
Purchases of mutual funds | 0 | (29.7) | 0 |
Sales of mutual funds | 10 | 22.4 | 0 |
Proceeds from sale of intellectual property | 0 | 0 | 60 |
(Purchase) sale of a cost-method equity investment | 0 | 0 | (1.6) |
Increase in other assets | 0.3 | 3.4 | (7.5) |
Net cash (used in) provided by investing activities | (86.1) | (67) | 18.8 |
FINANCING ACTIVITIES | |||
Proceeds from long-term debt | 2,495.1 | 0 | 0 |
Repayment of long-term debt | (3,095) | 595 | (265) |
Repayments of Convertible Debt | (543.7) | 0 | 0 |
Proceeds from Lines of Credit | 358 | 0 | 0 |
Repayments of Lines of Credit | (183) | 0 | 0 |
Payment of debt issuance costs | (22.7) | 2.4 | (9.4) |
Interest Rate Cap Agreements Aggregate Premium Payable | (13.2) | 0 | 0 |
Payment of contingent consideration | 0 | 0 | (43) |
Payment of deferred acquisition consideration | 0 | 5 | (1.6) |
Net proceeds from issuance of common stock pursuant to employee stock plans | 70 | 81.4 | 75.1 |
Excess tax benefit related to equity awards | 10.7 | 5.7 | 7.4 |
Payment of minimum tax withholdings on net share settlements of equity awards | 12.9 | 9.8 | (12.3) |
Net cash used in financing activities | (936.7) | (525.1) | (248.8) |
Effect of exchange rate changes on cash and cash equivalents | (8.1) | (2.7) | (1.7) |
Net (decrease) increase in cash and cash equivalents | (244.8) | (86.4) | 262.1 |
Cash and cash equivalents, beginning of period | 736.1 | 822.5 | 560.4 |
Cash and cash equivalents, end of period | $ 491.3 | $ 736.1 | $ 822.5 |
Operations
Operations | 12 Months Ended |
Sep. 26, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Operations | Operations Hologic, Inc. (the “Company” or “Hologic”) develops, manufactures and supplies premium diagnostics products, medical imaging systems and surgical products with an emphasis on women's health. The Company operates in four segments: Diagnostics, Breast Health, GYN Surgical and Skeletal Health. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 26, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company’s fiscal year ends on the last Saturday in September. Fiscal 2015 , 2014 and 2013 ended on September 26, 2015 , September 27, 2014 and September 28, 2013 , respectively. Management’s Estimates and Uncertainties The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions by management affect the Company’s revenue recognition for multiple element arrangements, allowance for doubtful accounts, the net realizable value of inventory, estimated fair value of cost-method equity investments, valuations, purchase price allocations and contingent consideration related to business combinations, expected future cash flows including growth rates, discount rates, terminal values and other assumptions and estimates used to evaluate the recoverability of long-lived assets and goodwill, estimated fair values of intangible assets and goodwill, amortization methods and periods, warranty reserves, certain accrued expenses, restructuring and other related charges, stock-based compensation, contingent liabilities, tax reserves, deferred tax rates and recoverability of the Company’s net deferred tax assets and related valuation allowances. Although the Company regularly assesses these estimates, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. The Company is subject to a number of risks similar to those of other companies of similar size in its industry, including dependence on third-party reimbursements to support the markets of the Company’s products, early stage of development of certain products, rapid technological changes, recoverability of long-lived assets (including intangible assets and goodwill), competition, stability of world financial markets, ability to obtain regulatory approvals, changes in the regulatory environment, limited number of suppliers, customer concentration, integration of acquisitions, substantial indebtedness, government regulations, future sales or issuances of its common stock, management of international activities, protection of proprietary rights, patent and other litigation and dependence on key individuals. Cash Equivalents Cash equivalents are highly liquid investments with insignificant interest rate risk and maturities of three months or less at the time of acquisition. Marketable Securities The Company’s marketable securities are comprised of equity securities and mutual funds. The equity securities are investments in the common stock of publicly traded companies, and the mutual funds are used to fund a portion of the Company's deferred compensation plan. The equity securities are classified as available-for-sale and are recorded at fair value with the unrealized gains or losses, net of tax, within accumulated other comprehensive income (loss), which is a component of stockholders’ equity. The mutual funds are classified as trading and are recorded at fair value with unrealized gains and losses recorded in other income (expense), net in the Consolidated Statements of Operations. The Company periodically reviews its marketable equity securities classified as available-for-sale for other-than-temporary declines in fair value below carrying value, or whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. The determination that a decline is other-than-temporary is, in part, subjective and influenced by many factors. When assessing marketable equity securities for other-than-temporary declines in value, the Company considers factors including: the significance of the decline in value compared to the carrying value; the underlying factors contributing to a decline in the price of the security; how long the market value of the investment has been less than its carrying value; any market conditions that impact liquidity; the views of external investment analysts; the financial condition and near-term prospects of the investee; any news or financial information that has been released specific to the investee; and the outlook for the overall industry in which the investee operates. In the fourth quarter of fiscal 2015, the Company concluded that the decline in fair value of one of its marketable securities was other-than-temporary based on the length of time the security's market value was significantly below its carrying value and recorded an impairment charge of $7.8 million . The following reconciles cost basis to fair market value. Cost Gross Unrealized Gross Unrealized Other Than Temporary Impairment Fair Value As of September 26, 2015 $ 16.1 $ 7.2 $ (0.3 ) $ (7.8 ) $ 15.2 As of September 27, 2014 $ 15.5 $ 10.2 $ (1.3 ) $ — $ 24.4 As of September 28, 2013 $ 5.9 $ 12.2 $ — $ — $ 18.1 Concentrations of Credit Risk Financial instruments that subject the Company to credit risk primarily consist of cash and cash equivalents, cost-method equity investments, and trade accounts receivable. The Company invests its cash and cash equivalents with high credit quality financial institutions. The Company’s customers are principally located in the United States, Europe and Asia. The Company performs ongoing credit evaluations of the financial condition of its customers and generally does not require collateral. Although the Company is directly affected by the overall financial condition of the healthcare industry, as well as global economic conditions, management does not believe significant credit risk exists as of September 26, 2015 . The Company generally has not experienced any material losses related to receivables from individual customers or groups of customers in the healthcare industry. The Company maintains an allowance for doubtful accounts based on accounts past due and historical collection experience. There were no customers with balances greater than 10% of accounts receivable as of September 26, 2015 and September 27, 2014 , or any customers that represented greater than 10% of consolidated revenues for fiscal years 2015 , 2014 and 2013 . Supplemental Cash Flow Statement Information Years ended September 26, 2015 September 27, 2014 September 28, 2013 Cash paid during the period for income taxes $ 168.7 $ 231.8 $ 79.9 Cash paid during the period for interest $ 143.0 $ 155.7 $ 192.8 Inventories Inventories are valued at the lower of cost or market on a first in, first out basis. Work-in-process and finished goods inventories consist of materials, labor and manufacturing overhead. The valuation of inventory requires management to estimate excess and obsolete inventory. The Company employs a variety of methodologies to determine the net realizable value of its inventory. Provisions for excess and obsolete inventory are primarily based on management’s estimates of forecasted sales, usage levels and expiration dates, as applicable for disposable products. A significant change in the timing or level of demand for the Company’s products compared to forecasted amounts may result in recording additional charges for excess and obsolete inventory in the future. The Company records charges for excess and obsolete inventory within cost of product revenues. Inventories consisted of the following: September 26, 2015 September 27, 2014 Raw materials $ 98.3 $ 115.6 Work-in-process 58.7 57.1 Finished goods 126.1 157.9 $ 283.1 $ 330.6 Property, Plant and Equipment Property, plant and equipment is recorded at cost less allowances for depreciation. The straight-line method of depreciation is used for all property and equipment. Property, plant and equipment consisted of the following: September 26, 2015 September 27, 2014 Equipment and software $ 365.9 $ 342.5 Equipment under customer usage agreements 305.7 285.2 Buildings and improvements 182.1 176.9 Leasehold improvements 59.2 63.2 Land 51.4 51.6 Furniture and fixtures 17.3 16.3 981.6 935.7 Less - accumulated depreciation and amortization (524.5 ) (473.8 ) $ 457.1 $ 461.9 Property, plant and equipment are depreciated over the following estimated useful lives: Asset Classification Estimated Useful Life Building and improvements 35–40 years Equipment and software 3–10 years Equipment under customer usage agreements 3–8 years Furniture and fixtures 5–7 years Leasehold improvements Shorter of the Original Term of Lease or Estimated Useful Life Equipment under customer usage agreements primarily consists of diagnostic instrumentation and imaging equipment located at customer sites but owned by the Company. Generally, the customer has the right to use it for a period of time provided they meet certain agreed to conditions. The Company recovers the cost of providing the equipment from the sale of disposables. The depreciation costs associated with equipment under customer usage agreements are charged to cost of product revenues over the estimated useful life of the equipment. The costs to maintain the equipment in the field are charged to cost of product revenue as incurred. Long-Lived Assets The Company reviews its long-lived assets, which includes property, plant and equipment and identifiable intangible assets (see below for discussion of intangible assets), for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with ASC 360-10-35-15, Property, Plant and Equipment—Impairment or Disposal of Long-Lived Assets (ASC 360). Recoverability of these assets is evaluated by comparing the carrying value of the assets to the undiscounted cash flows estimated to be generated by those assets over their remaining economic life. If the undiscounted cash flows are not sufficient to recover the carrying value of the assets, the assets are considered impaired. The impairment loss is measured by comparing the fair value of the assets to their carrying value. Fair value is determined by either a quoted market price, if any, or a value determined by a discounted cash flow technique. In the second quarter of fiscal 2014, the Company evaluated its MRI breast coils product line asset group, which was within its Breast Health segment, for impairment due to the Company’s expectation that it would be sold or disposed of significantly before the end of its previously estimated useful life. At this time, the undiscounted cash flows expected to be generated by this asset group over its estimated remaining useful life were not sufficient to recover its carrying value. The Company estimated the fair value of the asset group using market participant assumptions, which were based on underlying cash flow estimates, resulting in an impairment charge of $28.6 million . Pursuant to ASC 360 subtopic 10-35-28, the impairment charge was allocated to the long-lived assets with $27.1 million to intangible assets and $1.5 million to property and equipment. The property and equipment charge was recorded to cost of product revenues and general and administrative expenses in the amounts of $0.3 million and $1.2 million , respectively. The Company believes this adjustment falls within Level 3 of the fair value hierarchy. The Company completed the sale of this product line in the fourth quarter of fiscal 2014 (see Note 3). In the first quarter of fiscal 2014, the Company recorded a $3.1 million impairment charge to record certain of its buildings at fair value related to the shutdown of its Hitec Imaging organic photoconductor manufacturing line (see Note 3). At the end of the fourth quarter of fiscal 2013, the Company decided to transition certain of its placed equipment at customer sites to its Panther instrument, and as a result, the Company recorded a charge of $6.3 million to cost of product revenues of which $3.7 million related to recording certain equipment at its fair value. Business Combinations and Acquisition of Intangible Assets The Company records tangible and intangible assets acquired in business combinations under the purchase method of accounting. The Company accounts for acquisitions in accordance with ASC 805, Business Combinations (ASC 805). Amounts paid for each acquisition are allocated to the assets acquired and liabilities assumed based on their fair values at the dates of acquisition. The Company allocates the purchase price in excess of the fair value of the net tangible assets acquired to identifiable intangible assets, including purchased research and development, based on detailed valuations that use certain information and assumptions provided by management. The Company allocates any excess purchase price over the fair value of the net tangible and intangible assets acquired to goodwill. The use of alternative valuation assumptions, including estimated cash flows and discount rates, and alternative useful life assumptions could result in different purchase price allocations and intangible asset amortization expense in current and future periods. The Company uses the income approach to determine the fair value of developed technology and in-process research and development ("IPR&D") acquired in a business combination. This approach determines fair value by estimating the after-tax cash flows attributable to the respective asset over its useful life and then discounting these after-tax cash flows back to a present value. The Company bases its revenue assumptions on estimates of relevant market sizes, expected market growth rates, expected trends in technology and expected product introductions by competitors. Developed technology represents patented and unpatented technology and know-how. Regarding the value of the in-process projects, the Company considers, among other factors, the in-process projects’ stage of completion, the complexity of the work completed as of the acquisition date, the projected costs to complete, the contribution of core technologies and other acquired assets, the expected introduction date and the estimated useful life of the technology. The Company believes that the estimated developed technology and IPR&D amounts represent the fair value at the date of acquisition and do not exceed the amount a third-party would pay for the assets. The Company also uses the income approach, as described above, to determine the estimated fair value of certain other identifiable intangible assets including customer relationships, trade names and business licenses. Customer relationships represent established relationships with customers, which provide a ready channel for the sale of additional products and services. Trade names represent acquired company and product names. Intangible Assets and Goodwill Intangible Assets Intangible assets are initially recorded at fair value and stated net of accumulated amortization and impairments. The Company amortizes its intangible assets that have finite lives using either the straight-line method, or if reliably determinable, based on the pattern in which the economic benefit of the asset is expected to be utilized. Amortization is recorded over the estimated useful lives ranging from 2 to 30 years. The Company evaluates the realizability of its definite lived intangible assets whenever events or changes in circumstances or business conditions indicate that the carrying value of these assets may not be recoverable based on expectations of future undiscounted cash flows for each asset group. If the carrying value of an asset or asset group exceeds its undiscounted cash flows, the Company estimates the fair value of the assets, generally utilizing a discounted cash flow analysis based on the present value of estimated future cash flows to be generated by the assets using a risk-adjusted discount rate. To estimate the fair value of the assets, the Company uses market participant assumptions pursuant to ASC 820, Fair Value Measurements . Indefinite lived intangible assets, such as IPR&D assets, are required to be tested for impairment annually, or more frequently if indicators of impairment are present. The Company’s annual impairment test date is as of the first day of its fourth quarter. During the fourth quarter of fiscal 2014, the Company recorded impairment charges of $5.1 million for a reduction in fair value of its remaining IPR&D assets. The reduction in fair value was primarily due to lower revenue projections of the respective products compared to those estimated at the time of the Gen-Probe acquisition. During the second quarter of fiscal 2014, the Company recorded impairment charges of $26.6 million and $0.5 million to developed technology and trade names, respectively, related to its MRI breast coils product line discussed above. In addition, the Company periodically re-evaluates the lives of its definite-lived intangible assets, and in the second quarter of fiscal 2014 shortened the life of certain corporate trade names, which will be phased out. During the fourth quarter of fiscal 2013, as a result of the Company’s conclusion that its Molecular Diagnostics reporting unit was impaired (as discussed below), the Company performed an impairment test of this reporting unit’s long-lived assets as of the first day of the fourth quarter. The impairment evaluation was based on expectations of future undiscounted cash flows compared to the carrying value of the long-lived assets. The Company’s cash flow estimates were based upon future projected net cash flows derived from the Company-wide annual planning process, which were used for the annual goodwill impairment test discussed below. Based on this analysis, the Molecular Diagnostics long-lived assets were deemed to not be impaired. The Company believes its procedures for estimating future cash flows were reasonable and consistent with market conditions at the time of estimation. Intangible assets consisted of the following: September 26, 2015 September 27, 2014 Description Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Developed technology $ 3,979.1 $ 1,698.5 $ 3,965.6 $ 1,399.4 In-process research and development 3.7 — 17.9 — Customer relationships and contracts 1,101.1 467.5 1,102.4 384.7 Trade names 236.4 131.5 236.5 105.3 Business licenses 2.5 2.1 2.6 2.0 $ 5,322.8 $ 2,299.6 $ 5,325.0 $ 1,891.4 Amortization expense related to developed technology and patents is classified as a component of cost of product revenues—amortization of intangible assets. Amortization expense related to customer relationships and contracts, trade names, business licenses and non-competes is classified as a component of amortization of intangible assets within operating expenses. The estimated amortization expense at September 26, 2015 for each of the five succeeding fiscal years was as follows: Fiscal 2016 $ 377.0 Fiscal 2017 $ 365.6 Fiscal 2018 $ 355.1 Fiscal 2019 $ 343.5 Fiscal 2020 $ 332.3 Goodwill In accordance with ASC 350, Intangibles—Goodwill and Other (ASC 350), the Company tests goodwill for impairment at the reporting unit level on an annual basis and between annual tests if events and circumstances indicate it is more likely than not that the fair value of a reporting unit is less than its carrying value. Events that could indicate impairment and trigger an interim impairment assessment include, but are not limited to, current economic and market conditions, including a decline in market capitalization, a significant adverse change in legal factors, business climate, operational performance of the business or key personnel, and an adverse action or assessment by a regulator. In performing the impairment test, the Company utilizes the two-step approach prescribed under ASC 350. The first step requires a comparison of the carrying value of each reporting unit to its estimated fair value. To estimate the fair value of its reporting units for Step 1, the Company primarily utilizes the income approach. The income approach is based on a DCF analysis and calculates the fair value by estimating the after-tax cash flows attributable to a reporting unit and then discounting the after-tax cash flows to a present value using a risk-adjusted discount rate. Assumptions used in the DCF require significant judgment, including judgment about appropriate discount rates and terminal values, growth rates, and the amount and timing of expected future cash flows. The forecasted cash flows are based on the Company’s most recent budget and strategic plan and for years beyond this period, the Company’s estimates are based on assumed growth rates expected as of the measurement date. The Company believes its assumptions are consistent with the plans and estimates used to manage the underlying businesses. The discount rates used are intended to reflect the risks inherent in future cash flow projections and are based on estimates of the weighted-average cost of capital (“WACC”) of market participants relative to each respective reporting unit. The market approach considers comparable market data based on multiples of revenue or earnings before interest, taxes, depreciation and amortization (“EBITDA”) and is primarily used as a corroborative analysis to the results of the DCF analysis. The Company believes its assumptions used to determine the fair value of its reporting units are reasonable. If different assumptions were used, particularly with respect to forecasted cash flows, terminal values, WACCs, or market multiples, different estimates of fair value may result and there could be the potential that an impairment charge could result. Actual operating results and the related cash flows of the reporting units could differ from the estimated operating results and related cash flows. If the carrying value of a reporting unit exceeds its estimated fair value, the Company is required to perform the second step of the goodwill impairment test to measure the amount of impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of a reporting unit’s goodwill to its carrying value. The implied fair value of goodwill is derived by performing a hypothetical purchase price allocation for each reporting unit as of the measurement date and allocating the reporting unit’s estimated fair value to its assets and liabilities. The residual amount from performing this allocation represents the implied fair value of goodwill. To the extent this amount is below the carrying value of goodwill, an impairment charge is recorded. The Company conducted its fiscal 2015 impairment test on the first day of the fourth quarter, and as noted above used DCF and market approaches to estimate the fair value of its reporting units as of June 28, 2015, and ultimately used the fair value determined by the DCF approach in making its impairment test conclusions. The Company believes it used reasonable estimates and assumptions about future revenue, cost projections, cash flows, market multiples and discount rates as of the measurement date. As a result of completing Step 1, all of the Company's reporting units had fair values exceeding their carrying values, and as such, Step 2 of the impairment test was not required. For illustrative purposes, had the fair value of each of the reporting units that passed Step 1 been lower than 10% , all of the reporting units would still have passed Step 1 of the goodwill impairment test. At September 26, 2015, the Company believes that each reporting unit, with goodwill aggregating 2.81 billion , was not at risk of failing Step 1 of the goodwill impairment test based on the current forecasts. The Company conducted its fiscal 2014 annual impairment test on the first day of the fourth quarter, and as noted above used DCF and market approaches to estimate the fair value of its reporting units as of June 29, 2014, and ultimately used the fair value determined by the DCF approach in making its impairment test conclusions. The Company believes it used reasonable estimates and assumptions about future revenue, cost projections, cash flows, market multiples and discount rates as of the measurement date. As a result of completing Step 1, all of the Company’s reporting units had fair values exceeding their carrying values, and as such, Step 2 of the impairment test was not required. The Company conducted its fiscal 2013 annual impairment test on the first day of the fourth quarter, and as noted above used a DCF analysis to estimate the fair value of its reporting units as of June 30, 2013. The Company believes it used reasonable estimates and assumptions about future revenue, cost projections, cash flows, market multiples and discount rates as of the measurement date. As a result of completing Step 1, all of the Company’s reporting units, except for its Molecular Diagnostics reporting unit, which is within the Company’s Diagnostics segment, had fair values exceeding their carrying values, and as such, Step 2 of the impairment test was not required for those reporting units. In connection with its company-wide annual budgeting and strategic planning process performed in the fourth quarter of fiscal 2013, the Company performed a full re-evaluation of its existing product development efforts and cost structure. As a result, the Company reduced its short term and long term revenue forecasts and determined that indicators of impairment existed in its Molecular Diagnostics reporting unit. The Molecular Diagnostics reporting unit is primarily comprised of the Company’s Aptima business acquired in the Gen-Probe acquisition and the molecular diagnostics business acquired in the Third Wave acquisition. The updated forecast of revenue and profitability, which reflected recent pricing pressures at that time, was lower than those expected at the time of the Gen-Probe acquisition. As a result, the fair value of this reporting unit was below its carrying value. The Company performed Step 2 of the impairment test, consistent with the procedures described above, and recorded a goodwill impairment charge of $1.1 billion . The basis of fair value for Molecular Diagnostics assumed the reporting unit would be purchased or sold in a taxable transaction, and the discount rate of 10% applied to the after-tax cash flows was relatively consistent with that used in the Company’s purchase accounting for the Gen-Probe acquisition. A rollforward of goodwill activity by reportable segment from September 27, 2014 to September 26, 2015 is as follows: Diagnostics Breast Health GYN Surgical Skeletal Health Total Balance at September 27, 2014 $ 1,154.1 $ 631.7 $ 1,016.8 $ 8.2 $ 2,810.8 Tax adjustments 0.6 0.7 — — 1.3 Foreign currency and other (2.4 ) (0.6 ) (0.8 ) (0.1 ) (3.9 ) Balance at September 26, 2015 $ 1,152.3 $ 631.8 $ 1,016.0 $ 8.1 $ 2,808.2 Other Assets Other assets consisted of the following: September 26, 2015 September 27, 2014 Other Assets Deferred financing costs $ 27.0 $ 44.9 Life insurance contracts 27.5 22.4 Derivative asset 6.2 — Mutual funds 5.6 15.4 Marketable securities 15.2 24.4 Manufacturing access fees 11.6 14.1 Cost-method equity investments 4.2 5.2 Other 17.9 16.2 $ 115.2 $ 142.6 Deferred financing costs are related to the Company’s Convertible Notes, Credit Agreement, Prior Credit Agreement and Senior Notes (see Note 4 for further discussion). The Company amortizes amounts related to each debt issuance using the effective interest rate method over the period of earliest redemption or the term of such debt. Life insurance contracts were purchased in connection with the Company’s Nonqualified Deferred Compensation Plan (“DCP”) and are recorded at their cash surrender value (see Note 10 for further discussion). The manufacturing access fees are related to a manufacturing supply and purchase agreement for our Aptima HPV products and are being amortized over the term of the agreement. The Company’s cost-method equity investments are carried at cost as the Company owns less than 20% of the voting equity and does not have the ability to exercise significant influence over these companies. The Company regularly evaluates the carrying value of its cost-method equity investments for impairment and whether any events or circumstances are identified that would significantly harm the fair value of the investment. The primary indicators the Company utilizes to identify these events and circumstances are the investee’s ability to remain in business, such as the investee’s liquidity and rate of cash use, and the investee’s ability to secure additional funding and the investee valuation as determined by that additional funding. In the event a decline in fair value is judged to be other-than-temporary, the Company will record an other-than-temporary impairment charge in other income (expense), net in the Consolidated Statements of Operations. During fiscal 2014 and fiscal 2013, the Company recorded other-than-temporary impairment charges of $6.9 million and $6.4 million , respectively, related to certain of its cost-method equity investments to adjust their carrying amounts to fair value. No such charges were recorded in fiscal 2015 for cost method investments. However, the Company recorded a $7.8 million other-than-temporary impairment charge related to one of its marketable securities in fiscal 2015. In the third quarter of fiscal 2013, the Company sold one of its investments and recorded a gain of $2.0 million . Research and Software Development Costs Costs incurred for the research and development of the Company’s products are expensed as incurred. Nonrefundable advance payments for goods or services to be received in the future by the Company for use in research and development activities are deferred. The deferred costs are expensed as the related goods are delivered or the services are performed. The Company accounts for the development costs of software embedded in the Company’s products in accordance with ASC 985, Software. Costs incurred in the research, design and development of software embedded in products to be sold to customers are charged to expense until technological feasibility of the ultimate product to be sold is established. The Company’s policy is that technological feasibility is achieved when a working model, with the key features and functions of the product, is available for customer testing. Software development costs incurred after the establishment of technological feasibility and until the product is available for general release are capitalized, provided recoverability is reasonably assured. Software development costs eligible for capitalization have not been significant to date. Foreign Currency Translation The financial statements of the Company’s foreign subsidiaries are translated in accordance with ASC 830, Foreign Currency Matters. The reporting currency for the Company is the U.S. dollar. With the exception of its Costa Rica subsidiary, whose functional currency is the U.S. dollar, the functional currency of the Company’s foreign subsidiaries is their local currency. Accordingly, assets and liabilities of these subsidiaries are translated at the exchange rate in effect at each balance sheet date. Before translation, the Company re-measures foreign currency denominated assets and liabilities, including inter-company accounts receivable and payable, into the functional currency of the respective entity, resulting in unrealized gains or losses recorded in other income (expense), net in the Consolidated Statements of Operations. Revenues and expenses are translated using average exchange rates during the respective period. Foreign currency translation adjustments are accumulated as a component of other comprehensive income (loss) as a separate component of stockholders’ equity. Gains and losses arising from transactions denominated in foreign currencies are included in other income (expense), net in the Consolidated Statements of Operations and were not significant in any of the reporting periods presented. Accumulated Other Comprehensive Income (Loss) Other comprehensive income (loss) includes certain transactions that have generally been reported |
Restructuring and Divestiture C
Restructuring and Divestiture Charges | 12 Months Ended |
Sep. 26, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Divestiture Charges | Restructuring and Divestiture Charges The Company evaluates its operations for opportunities to improve operational effectiveness and efficiency, including facility and operations consolidation, and to better align expenses with revenues. As a result of these assessments, the Company has undertaken various restructuring actions which are described below. The following table displays charges taken related to restructuring actions in fiscal 2015 , 2014 and 2013 and a rollforward of the charges to the accrued balances as of September 26, 2015 : Consolidation of Diagnostics Operations Closure of Indianapolis Facility Fiscal 2015 Actions Fiscal 2014 Actions Fiscal 2013 Actions Other Operating Cost Reductions Total Restructuring and Divestiture Charges Fiscal 2013 charges: Workforce reductions $ 14.0 $ 4.8 $ — $ — $ 11.3 $ 1.1 $ 31.2 Facility closure costs — 0.2 — — — 0.4 0.6 Other — 0.7 — — — 0.2 0.9 Fiscal 2013 restructuring charges $ 14.0 $ 5.7 $ — $ — $ 11.3 $ 1.7 $ 32.7 Divestiture net charges 0.1 Fiscal 2013 restructuring and divestiture charges $ 32.8 Fiscal 2014 charges: Workforce reductions $ 2.9 $ 0.2 $ — $ 29.5 $ 0.9 $ 8.7 $ 42.2 Non-cash impairment charge — — — — — 3.1 3.1 Facility closure costs — 0.5 — — — 0.1 0.6 Other 0.1 — — — — 0.2 0.3 Fiscal 2014 restructuring charges $ 3.0 $ 0.7 $ — $ 29.5 $ 0.9 $ 12.1 $ 46.2 Divestiture net charges 5.5 Fiscal 2014 restructuring and divestiture charges $ 51.7 Fiscal 2015 charges: Workforce reductions 0.1 — 10.0 6.0 — 0.2 $ 16.3 Facility closure costs 0.5 — — 2.0 — 0.1 2.6 Fiscal 2015 restructuring charges $ 0.6 $ — $ 10.0 $ 8.0 $ — $ 0.3 $ 18.9 Divestiture net charges 9.6 Fiscal 2015 restructuring and divestiture charges $ 28.5 Consolidation of Diagnostics Operations Closure of Indianapolis Facility Fiscal 2015 Actions Fiscal 2014 Actions Fiscal 2013 Actions Other Operating Cost Reductions Total Rollforward of Accrued Restructuring Balance as of September 29, 2012 $ 8.4 $ 1.8 $ — $ — $ — $ 0.6 $ 10.8 Fiscal 2013 restructuring charges $ 14.0 $ 5.7 $ — $ — $ 11.3 $ 1.7 $ 32.7 Stock-based compensation (6.3 ) — — — (1.6 ) — (7.9 ) Non-cash impairment charges — — — — — (0.1 ) (0.1 ) Severance payments (13.1 ) (3.1 ) — — (4.4 ) (0.9 ) (21.5 ) Other payments — (0.6 ) — — — (1.1 ) (1.7 ) Balance as of September 28, 2013 $ 3.0 $ 3.8 $ — $ — $ 5.3 $ 0.2 $ 12.3 Fiscal 2014 restructuring charges $ 3.0 $ 0.7 $ — $ 29.5 $ 0.9 $ 12.1 $ 46.2 Stock-based compensation — — — (6.6 ) — — (6.6 ) Non-cash impairment charges — — — — — (3.1 ) (3.1 ) Severance payments (3.0 ) (4.0 ) — (10.9 ) (6.1 ) (7.0 ) (31.0 ) Other payments — (0.5 ) — — — (0.4 ) (0.9 ) Balance as of September 27, 2014 $ 3.0 $ — $ — $ 12.0 $ 0.1 $ 1.8 $ 16.9 Fiscal 2015 restructuring charges $ 0.6 $ — $ 10.0 $ 8.0 $ — $ 0.3 $ 18.9 Stock-based compensation — — (4.1 ) — — — (4.1 ) Severance payments (3.0 ) — (2.8 ) (16.2 ) (0.1 ) (1.8 ) (23.9 ) Other payments (0.5 ) — — (1.3 ) — (0.3 ) (2.1 ) Balance as of September 26, 2015 $ 0.1 $ — $ 3.1 $ 2.5 $ — $ — $ 5.7 Consolidation of Diagnostics Operations In connection with its acquisition of Gen-Probe in fiscal 2012, the Company implemented restructuring actions to consolidate its Diagnostics operations, including streamlining product development initiatives, reducing overlapping functional areas in sales, marketing and general and administrative functions, and consolidating manufacturing resources, field services and support. As a result, the Company terminated certain employees from Gen-Probe and its legacy diagnostics business in research and development, sales, marketing, and general and administrative functions. The Company recorded severance and benefit charges in fiscal 2012 of $13.3 million related to this action pursuant to ASC 420, Exit or Disposal Cost Obligations (ASC 420). The majority of these employees ceased working in the fourth quarter of fiscal 2012, and their full severance charge was recorded in the fourth quarter of fiscal 2012. In addition, certain of the terminated Gen-Probe employees had unvested stock options, which were accelerated at termination pursuant to the stock options’ original terms. As such, the severance charges in fiscal 2012 include $3.5 million of stock-based compensation expense. In fiscal 2013, the Company recorded $10.8 million of severance charges, including $6.3 million for stock-based compensation. Included in these charges was $9.7 million recorded in the second quarter of fiscal 2013 related to the termination of certain Gen-Probe executives, including Carl Hull, Gen-Probe’s former Chairman, President and Chief Executive Officer. The charge was for the acceleration of certain retention payments and equity awards pursuant to the original terms of the related agreements. No additional charges were recorded in fiscal 2014 or 2015 under this portion of the action. In addition, under this plan, the Company completed moving its legacy molecular diagnostics operations from Madison, Wisconsin to Gen-Probe’s facilities in San Diego, California. This transfer was completed at the end of fiscal 2014, and as a result, many of the employees in Madison were terminated. The Company recorded severance and benefit charges pursuant to ASC 420 beginning in fiscal 2012 through the third quarter of fiscal 2015 as charges were recorded over requisite service periods. The Company recorded $0.1 million , $3.0 million , $3.2 million and $0.9 million for severance and benefits in fiscal 2015, 2014, 2013 and 2012, respectively, and $0.5 million for facility closure costs in fiscal 2015. The Company also recorded non-cash charges of $0.6 million in the fourth quarter of fiscal 2012 as a result of exiting certain research projects. This action is complete and no additional charges will be recorded. Closure of Indianapolis Facility In the fourth quarter of fiscal 2012, the Company finalized its decision to transfer production of the majority of its interventional breast products, which are included within the Breast Health segment, from its Indianapolis, Indiana facility to its facility in Costa Rica. The transfer was completed in the first quarter of fiscal 2014, and all employees at the Indianapolis location were terminated. The Company recorded total severance and benefit charges under this action of $5.9 million pursuant to ASC 420. These charges were recorded ratably over the required service period of the affected employees. The Company recorded severance and benefits charges of $0.2 million , $4.8 million and $0.9 million in fiscal 2014, 2013 and 2012, respectively, related to this action. In addition, the Company recorded a charge of $0.4 million in the first quarter of fiscal 2014 related to the termination of its Indianapolis lease. The Company also recorded miscellaneous charges of $0.8 million in fiscal 2013 and $0.9 million in fiscal 2012 for amounts owed to the state of Indiana for employment credits. This action was completed in fiscal 2014 and no additional charges were recorded in fiscal 2015. Fiscal 2015 Actions During each quarter of fiscal 2015, the Company continued to make executive management changes resulting in the termination of certain executives and employees on a worldwide basis. In addition, the Company continued to consolidate and close certain international offices to improve operational efficiency and reduce costs. Severance and benefit charges under these actions have been recorded pursuant to ASC 712, Compensation-Nonretirement Postemployment Benefits (ASC 712), and ASC 420 depending on the employees terminated, and the Company recorded severance and benefit charges of $10.0 million in fiscal 2015. Included in the charge is $4.1 million of stock-based compensation in the twelve month period. In connection with its review of operations, the Company decided to shut-down its manufacturing operation in China, which manufactured mammography systems for the Chinese market. As a result, the Company will terminate manufacturing and research and development personnel located in China, and the severance charge was insignificant. Fiscal 2014 Actions During the first quarter of fiscal 2014, the Company implemented a cost reduction initiative comprised of reducing headcount and evaluating research projects and operating costs. In connection with this plan, the Company terminated certain employees on a worldwide basis. The Company recorded the severance and benefit charges pursuant to ASC 420 and ASC 712, depending on the employee terminated. The Company recorded $6.3 million of severance and benefit charges in the first quarter of fiscal 2014, which included $0.4 million of stock-based compensation. On December 6, 2013, Stephen P. MacMillan was appointed as President, Chief Executive Officer and a director of the Company. The employment of John W. Cumming, the Company’s prior President and Chief Executive Officer, terminated upon Mr. MacMillan’s appointment. The Company provided separation benefits to Mr. Cumming pursuant to his employment letter dated July 18, 2013 resulting in a charge of $6.6 million in the first quarter of fiscal 2014, which included $4.4 million of stock-based compensation related to the acceleration of all of Mr. Cumming’s outstanding equity awards in accordance with the existing terms of Mr. Cumming’s share based payment arrangements. In the second, third, and fourth quarters of fiscal 2014, the Company continued to make executive management changes and implement additional cost reduction initiatives resulting in the termination of certain executives and employees on a worldwide basis. In addition, in the fourth quarter of fiscal 2014 the Company decided to consolidate and close certain international offices. Severance and benefit charges under these actions were recorded pursuant to ASC 420 and ASC 712 depending on the employees terminated, and the Company recorded severance and benefit charges of $16.6 million in fiscal 2014. Included in the charge was $1.8 million of stock-based compensation for the modification of the terms of equity awards to certain employees. For those employees who continued to be employed beyond the minimum retention period, charges were recorded ratably over the estimated service period of the affected employees. During fiscal 2015, the Company recorded $6.0 million for severance and benefits costs and $2.0 million for facility closure costs related to this action. The facility closure costs primarily relate to lease obligation charges for three office locations that were vacated and the Company had met the cease-use date criteria. This action was completed in fiscal 2015. Fiscal 2013 Actions During the third quarter of fiscal 2013, the Company implemented a cost reduction initiative comprised of reducing headcount and evaluating research projects and operating costs. In connection with this plan, the Company terminated certain employees on a worldwide basis. The Company primarily recorded severance and benefit charges pursuant to ASC 420, and the total severance and benefits charge related to this plan was $5.4 million . For those employees who continued to be employed beyond the minimum retention period, charges were recorded ratably over the estimated service period of the affected employees. The Company recorded severance and benefit charges of $0.9 million and $4.6 million in fiscal 2014 and 2013, respectively, related to this action. During the fourth quarter of fiscal 2013, Robert A. Cascella resigned as the Company’s President and Chief Executive Officer and as a member of the Board of Directors of the Company, and effective at the same time, Mr. Cumming was appointed as the Company’s President and Chief Executive Officer. In connection with this management change, additional headcount reductions were implemented. As a result of this action, the Company recorded $6.8 million in the fourth quarter of fiscal 2013 for severance and benefits charges. All employees were notified prior to September 28, 2013 and primarily ceased employment in the fourth quarter of fiscal 2013. The severance and benefit charges were recorded pursuant to ASC 712 for those employees with contractual arrangements and under ASC 420 for the remainder of the affected employees. In addition to the acceleration of stock options pursuant to the stock options’ original terms for certain employees, the Company also modified the terms of equity awards to certain employees resulting in aggregate stock-based compensation charges of $1.4 million recorded in the fourth quarter of fiscal 2013. Other Operating Cost Reductions: Hitec-Imaging Organic Photoconductor Manufacturing Line Shut-down In the fourth quarter of fiscal 2013, in connection with the Company’s cost reduction initiatives, the Company decided to shut-down its Hitec-Imaging organic photoconductor manufacturing line located in Germany. This production line was included within the Breast Health segment. As a result, the Company terminated certain employees, primarily in manufacturing, in fiscal 2014. During the first quarter of fiscal 2014, the Company completed its negotiations with the local Works Council to determine severance benefits for the approximately 95 affected employees. The Company recorded severance and benefit charges pursuant to ASC 420 and began notifying the affected employees in the second quarter of fiscal 2014. The Company recorded charges of $0.3 million and $8.7 million in fiscal 2015 and 2014, respectively in connection with terminating these employees. In the first quarter of fiscal 2014, the Company recorded an impairment charge of $3.1 million to record certain buildings at this location to their estimated fair value. Divestitures In the fourth quarter of fiscal 2014, the Company completed the sale of its MRI breast coils product line and recorded a loss on disposal of $5.3 million . The Company also provided certain transition services through April 2015, including the manufacturing and sale of inventory to the buyer. Since all operations had ceased during the third quarter of fiscal 2015, the Company concluded that this subsidiary had been substantially liquidated and recorded a $9.6 million charge in the third quarter of fiscal 2015 related to writing off the cumulative translation adjustment related to the subsidiary. Subsequent Events - Fiscal 2016 Actions During the third quarter of fiscal 2015, the Company decided to close its Bedford, Massachusetts facility where it manufactures its Skeletal Health products as well as certain support manufacturing services for its Breast Health segment. The manufacturing of the Skeletal Health products will be outsourced to a third-party and the Breast Health manufacturing services will be moved to the Company's Danbury, Connecticut and Marlborough, Massachusetts facilities. In addition, research and development, sales and services support and administrative functions will be moved to both Marlborough and Danbury. The transition is expected to be completed by the end of fiscal 2016. In connection with this plan, certain employees, primarily in manufacturing, will be terminated. The employees were notified of termination and related benefits in the first quarter of fiscal 2016, and the Company will account for these charges pursuant to ASC 420. Employees will be required to remain employed during this transition period and charges will be recorded ratably over the required service period. The Company estimates the severance benefits will be approximately $3.0 million . During the first quarter of fiscal 2016, the Company began implementing a second plan to consolidate and improve operational efficiency of its international sales and marketing and field services operations and certain support functions. As a result, the Company will terminate certain employees. Severance benefits will be recorded pursuant to ASC 420 and ASC 712, depending on the employees terminated. The Company is in process of finalizing the plan and estimating severance benefits that will commence in the first quarter of fiscal 2016. |
Borrowings and Credit Arrangeme
Borrowings and Credit Arrangements | 12 Months Ended |
Sep. 26, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings and Credit Arrangements | Borrowings and Credit Agreements The Company’s borrowings consisted of the following: September 26, September 27, Current debt obligations, net of debt discount: Term Loan $ 74.6 $ — Revolver 175.0 — Term Loan A — 99.6 Term Loan B — 14.9 Convertible Notes 142.2 — Total current debt obligations 391.8 114.5 Long-term debt obligations, net of debt discount: Term Loan 1,399.8 — Term Loan A — 796.7 Term Loan B — 1,120.9 Senior Notes — 1,000.0 2022 Senior Notes 986.7 — Convertible Notes 861.5 1,235.6 Total long-term debt obligations 3,248.0 4,153.2 Total debt obligations $ 3,639.8 $ 4,267.7 The debt maturity schedule for the Company’s obligations as of September 26, 2015 is as follows: 2016 2017 2018 2019 2020 2021 and Thereafter Total Term Loan $ 75.0 $ 84.4 $ 121.9 $ 150.0 $ 1,050.0 — $ 1,481.3 Revolver 175.0 — — — — — $ 175.0 2022 Senior Notes — — — — — 1,000.0 1,000.0 Convertible Notes (1) 150.0 — 910.5 — — — 1,060.5 $ 400.0 $ 84.4 $ 1,032.4 $ 150.0 $ 1,050.0 $ 1,000.0 $ 3,716.8 (1) Classified based on the earliest date of redemption for each respective issuance with the exception of the 2010 Notes which are convertible by their respective holders as further discussed below. In addition, the balance in fiscal 2018 reflects accretion on the 2013 Notes through September 26, 2015. Credit Agreement On May 29, 2015, the Company and certain of its domestic subsidiaries entered into a Credit and Guaranty Agreement (the “Credit Agreement”) with Bank of America, N.A., in its capacity as Administrative Agent, Swing Line Lender and L/C Issuer, and certain other lenders party thereto (collectively, the "Lenders"). This Credit Agreement replaced the Company's existing senior secured credit facility with Goldman Sachs Bank USA, in its capacity as administrative agent and collateral agent and the lenders party thereto ("Prior Credit Agreement") entered into on August 1, 2012, and the proceeds under the Credit Agreement of $1.68 billion were used to pay off the amounts outstanding under the Prior Credit Agreement. The credit facilities ("Credit Facilities") under the Credit Agreement consist of: • A $1.5 billion secured term loan to the Company with a final maturity date of May 29, 2020 (the “Term Loan”); and • A secured revolving credit facility under which the Borrowers (as defined below) may borrow up to $1 billion , subject to certain sublimits, with a final maturity date of May 29, 2020 (the “Revolver”). The Company and one of its subsidiaries, Hologic GGO 4 Ltd ("Hologic U.K.") are the initial borrowers (the “Borrowers”) under the Credit Agreement. The Company's obligations under the Credit Agreement are guaranteed by certain of its domestic subsidiaries (the "Subsidiary Guarantors"). Hologic U.K.’s obligations under the Credit Agreement are guaranteed by the Company and the Subsidiary Guarantors. In addition to the Term Loan, the Company borrowed $175.0 million under the Revolver. Borrowings under the Revolver may be made in certain alternative currencies pursuant to the terms of the Credit Agreement. The Company has the ability, subject to the terms of the Credit Agreement, to designate any additional wholly-owned foreign subsidiary of the Company as a Designated Borrower (as defined in the Credit Agreement) to receive loans up to a $100 million sublimit. The obligations of any Designated Borrower under such sublimit would be guaranteed by the Company and the Subsidiary Guarantors. Borrowings under the Credit Facilities bear interest, at the Company's option and in each case plus an applicable margin, as follows: • Term Loan : the Base Rate (as defined in the Credit Agreement) or the Eurocurrency Rate (i.e., the Libor rate); and • Revolver : if funded in U.S. dollars, the Base Rate or the Eurocurrency Rate, and, if funded in an alternative currency, the Eurocurrency Rate; and if requested under the swing line sublimit, the Base Rate. The applicable margin to the Base Rate and the Eurocurrency Rate is subject to specified changes depending on the total net leverage ratio as defined in the Credit Agreement. Current borrowings outstanding under the Credit Agreement bear interest at the Eurocurrency Rate plus the applicable margin of 1.75% per annum. The Company is also required to pay a quarterly commitment fee on the undrawn committed amount available under the Revolver. The Company is required to make scheduled principal payments under the Term Loan in increasing amounts ranging from $18.75 million per three-month period commencing with the three-month period ending on September 25, 2015 to $37.5 million per three-month period commencing with the three-month period ending on September 28, 2018. The remaining balance of the Term Loan is due at maturity. Any amounts outstanding under the Revolver are due at maturity. In addition, subject to the terms and conditions set forth in the Credit Agreement, the Company is required to make certain mandatory prepayments from specified excess cash flows from operations (to the extent the Company’s net senior secured leverage ratio exceeds a certain ratio) and from the net proceeds of specified types of asset sales (subject to certain reinvestment rights), debt issuances and insurance recoveries (subject to certain reinvestment rights) (“Mandatory Prepayments”). Mandatory Prepayments are required to be applied by the Company, first, to the Term Loan, second, to any outstanding amount under the swing line sublimit, third, to the Revolver, and fourth to any outstanding amount under a letter of credit sublimit. Subject to certain limitations, the Company may voluntarily prepay any of the credit facilities under the Credit Agreement without premium or penalty. Borrowings outstanding under either the Credit Agreement or the Prior Credit Agreement in fiscal 2015 had a weighted-average interest rate of 2.43% . The interest rate on the amounts outstanding at September 26, 2015 was 1.95% . Interest expense in fiscal 2015 under the Credit Agreement and the Prior Credit Agreement aggregated $54.7 million , which includes non-cash interest expense of $9.0 million , related to the amortization of the deferred issuance costs and accretion of the debt discount. The Credit Agreement contains affirmative and negative covenants customarily applicable to senior secured credit facilities, including covenants restricting the ability of the Borrowers and the Subsidiary Guarantors, subject to negotiated exceptions, to incur additional indebtedness and additional liens on their assets, engage in mergers or acquisitions or dispose of assets, enter into sale-leaseback transactions, pay dividends or make other distributions, voluntarily prepay other indebtedness, enter into transactions with affiliated persons, make investments, and change the nature of their businesses. The Credit Agreement also contains customary representations and warranties and events of default, including payment defaults, breach of representations and warranties, covenant defaults, cross defaults and an event of default upon a change of control of the Company. Borrowings are secured by first-priority liens on, and a first-priority security interest in, substantially all of the assets of the Company, with certain exceptions. The Credit Agreement contains total net leverage ratio and interest coverage ratio financial covenants measured as of the last day of each fiscal quarter. The total net leverage ratio is 5.50 :1.00 beginning on the Company's fiscal quarter ended September 26, 2015, and then decreases over time to 4.00 :1.00 for the quarter ending March 28, 2020. The interest coverage ratio is 3.75 :1.00 beginning on the Company's fiscal quarter ended September 26, 2015, and will remain as such for each quarter thereafter. The total net leverage ratio is defined as the ratio of the Company's consolidated net debt as of the quarter end to its consolidated adjusted EBITDA (as defined in the Credit Agreement) for the four-fiscal quarter period ending on the measurement date. The interest coverage ratio is defined as the ratio of the Company's consolidated adjusted EBITDA for the prior four-fiscal quarter period ending on the measurement date to adjusted consolidated cash interest expense for the same measurement period. These terms, and the calculation thereof, are defined in further detail in the Credit Agreement. The Company was in compliance with these covenants as of September 26, 2015 . The Company has evaluated the Credit Agreement for derivatives pursuant to ASC 815, Derivatives and Hedging , and identified embedded derivatives that require bifurcation as the features are not clearly and closely related to the host instrument. The embedded derivatives are a default provision, which could require additional interest payments, and a provision requiring contingent payments to compensate the lenders for changes in tax deductions. The Company has determined that the fair value of these embedded derivatives was nominal as of September 26, 2015. Pursuant to ASC 470, Debt (ASC 470), the accounting for the Credit Agreement was evaluated on a creditor-by-creditor basis with regard to the Prior Credit Agreement to determine whether each transaction should be accounted for as a modification or extinguishment. Certain creditors under the Prior Credit Agreement did not participate in this refinancing transaction and ceased being creditors of the Company. As a result, the Company recorded a debt extinguishment loss of $18.2 million in the third quarter of fiscal 2015 to write-off the pro-rata amount of unamortized debt discount and deferred issuance costs related to these creditors. For the remainder of the creditors, this transaction has been accounted for as a modification because on a creditor-by-creditor basis the present value of the cash flows between the two debt instruments before and after the transaction was less than 10% . Pursuant to ASC 470, subtopic 50-40, third-party costs of $4.6 million related to this transaction were recorded as interest expense and $3.8 million were recorded as deferred issuance costs to be amortized over the term of the agreement. In addition, fees paid directly to the Lenders of $4.9 million were recorded as a debt discount. Prior Credit Agreement On August 1, 2012, the Company and certain domestic subsidiaries (the “Guarantors”) entered into the Prior Credit Agreement with Goldman Sachs Bank USA, in its capacity as administrative and collateral agent, and the lenders party thereto (collectively, the “Prior Lenders”). The credit facilities under the Prior Credit Agreement initially consisted of: • $1.0 billion senior secured tranche A term loan (“Term Loan A”) with a final maturity date of August 1, 2017 ; • $1.5 billion secured tranche B term loan (“Term Loan B”) with a final maturity date of August 1, 2019 ; and • $300.0 million secured revolving credit facility (“Revolving Facility”) with a final maturity date of August 1, 2017 . Pursuant to the terms and conditions of the Prior Credit Agreement, the Prior Lenders committed to provide senior secured financing in an aggregate amount of up to $2.8 billion . As of the closing of the Gen-Probe Incorporated acquisition on August 1, 2012, the Company borrowed $2.5 billion aggregate principal under the term loans of the Prior Credit Agreement. Net proceeds to the Company were $2.41 billion , after issuing the term loans at a discount and deducting associated fees and expenses, all of which will be amortized to interest expense over the respective maturity dates of the debt. The proceeds were used to fund a portion of the purchase price for the Gen-Probe acquisition. On March 20, 2013, the Company, the Guarantors, Goldman Sachs, and the Prior Lenders entered into Refinancing Amendment No. 1 (the “Prior Credit Agreement Amendment”) to the Prior Credit Agreement. The Prior Credit Agreement Amendment (i) refinanced the Company’s original Term Loan A with a new senior secured tranche A term loan facility with the same principal amount, maturity date and amortization schedule but with an applicable margin 1.00% less than the original Term Loan A (at each margin level), (ii) refinanced the Company’s original Revolving Facility with a new senior secured revolving credit facility with the same principal amount and maturity date, but with an applicable margin 1.00% less than the original Revolving Facility (at each margin level), and (iii) amended certain covenants and terms of the Prior Credit Agreement. Effective as of the date of the Prior Credit Agreement Amendment, amounts outstanding under the new Term Loan A and the new Revolving Facility bore interest, at the Company’s option: (i) at the Base Rate plus 1.00% per annum, or (ii) at the Adjusted Eurodollar Rate (i.e., the Libor rate) plus 2.00% per annum. The applicable margin with respect to the new Term Loan A and the new Revolving Facility were subject to specified changes depending on the Company’s total net leverage ratio, as defined in the Prior Credit Agreement. Pursuant to ASC 470 , the accounting for this refinancing was evaluated on a creditor by creditor basis to determine whether each transaction should be accounted for as a modification or extinguishment. Certain creditors under the Prior Credit Agreement did not participate in this refinancing transaction and ceased being creditors of the Company. As a result, the Company recorded a debt extinguishment loss of $3.2 million to write-off the pro-rata amount of unamortized debt discount and deferred issuance costs related to these creditors for the initial borrowings under the Term Loan A facility. For the remainder of the creditors, this transaction was accounted for as a modification because the present value of the cash flows on a creditor by creditor basis between the two debt instruments was less than 10% . Pursuant to ASC 470, subtopic 50-40, third-party costs incurred directly related to the exchange were expensed as incurred. As such, the Company recorded issuance costs related to the refinancing of $2.4 million to interest expense in the second quarter of fiscal 2013. On August 2, 2013, the Company, the Guarantors, Goldman Sachs, and the Prior Lenders entered into Refinancing Amendment No. 2 (the “Prior Credit Agreement Amendment 2”) to the Prior Credit Agreement. The Prior Credit Agreement Amendment 2 (i) refinanced the Company’s original Term Loan B with a new senior secured tranche B term loan facility with the same principal amount (subject to the prepayment referenced below), maturity date and amortization schedule but with an applicable margin 0.75% less than the original Term Loan B, and (ii) amended certain covenants and terms of the Prior Credit Agreement. Effective as of the date of the Prior Credit Agreement Amendment 2, amounts outstanding under the new Term Loan B bore interest, at the Company’s option: (A) at the Base Rate with a floor of 2.00% , plus 1.75% per annum, or (B) at the Adjusted Eurodollar Rate (i.e., the Libor rate) with a floor of 1.00% , plus 2.75% per annum. In connection with this refinancing, the Company voluntarily prepaid $200.0 million of principal of the Term Loan B facility. Pursuant to ASC 470 , the accounting for this refinancing was consistent with that described above for the Prior Credit Agreement Amendment. As a result, the Company recorded a debt extinguishment loss of $6.0 million to write-off the pro-rata amount of unamortized debt discount and deferred issuance costs related to the voluntary prepayment of the Term Loan B facility. The Company expensed direct third-party costs of $1.1 million to interest expense in the fourth quarter of fiscal 2013. On October 31, 2013, the Company voluntarily prepaid $100.0 million of its Term Loan B facility. Pursuant to ASC 470, the Company recorded a debt extinguishment loss of $2.9 million in the first quarter of fiscal 2014 to write-off the pro-rata amount of unamortized debt discount and deferred issuance costs related to this voluntary prepayment. On February 26, 2014, the Company, the Guarantors, Goldman Sachs, and the Prior Lenders entered into Refinancing Amendment No. 3 to the Prior Credit Agreement and reduced the applicable interest rates. In connection with this refinancing, the Company voluntarily prepaid $25.0 million of the new senior secured tranche B term loan facility. Pursuant to ASC 470, the accounting for this refinancing was evaluated on a creditor-by-creditor basis to determine whether each transaction should be accounted for as a modification or extinguishment. Certain creditors under the Prior Credit Agreement did not participate in this refinancing transaction and ceased being creditors of the Company. As a result, the Company recorded a debt extinguishment loss of $4.4 million in the second quarter of fiscal 2014 to write-off the pro-rata amount of unamortized debt discount and deferred issuance costs related to these creditors. For the remainder of the creditors, this transaction was accounted for as a modification because on a creditor-by-creditor basis the present value of the cash flows between the two debt instruments before and after the transaction was less than 10% . Pursuant to ASC 470, subtopic 50-40, third-party costs of $1.0 million related to this transaction were recorded to interest expense. On December 24, 2014, the Company voluntarily prepaid $300.0 million of its Term Loan B facility. Pursuant to ASC 470, the Company recorded a debt extinguishment loss of $6.7 million in the first quarter of fiscal 2015 to write-off the pro-rata amount of unamortized debt discount and deferred issuance costs related to this voluntary prepayment. Borrowings outstanding under the Prior Credit Agreement in fiscal 2014 and 2013 had weighted-average interest rates of 2.89% and 3.70% , respectively. Interest expense under the Prior Credit Agreement totaled $75.3 million and $107.6 million for fiscal 2014 and 2013, respectively, which includes non-cash interest expense of $12.7 million and $14.5 million , respectively, related to the amortization of the deferred financing costs and accretion of the debt discount. The Prior Credit Agreement contained affirmative and negative covenants customarily applicable to senior secured credit facilities, including covenants restricting the ability of the Company and the guarantors, subject to negotiated exceptions, to: incur additional indebtedness and additional liens on their assets; engage in mergers or acquisitions or dispose of assets; enter into sale-leaseback transactions; pay dividends or make other distributions; voluntarily prepay other indebtedness; enter into transactions with affiliated persons; make investments; and change the nature of their business. The Prior Credit Agreement also contained total net leverage ratio and interest coverage ratio financial covenants measured as of the last day of each fiscal quarter consistent with that described above under the Credit Agreement. Senior Notes 2022 Senior Notes On July 2, 2015, the Company completed a private placement of $1.0 billion aggregate principal amount of its 5.250% Senior Notes due 2022 (the “2022 Senior Notes”) at an offering price of 100% of the aggregate principal amount of the 2022 Senior Notes. The 2022 Senior Notes mature on July 15, 2022 and bear interest at the rate of 5.250% per year, payable semi-annually on January 15 and July 15 of each year, commencing on January 15, 2016. The Company used the net proceeds of the 2022 Senior Notes, plus available cash to discharge the outstanding 6.25% Senior Notes due 2020 (the "Senior Notes") and redeemed such Senior Notes, in the aggregate principal amount of $1.0 billion on August 1, 2015 at an aggregate redemption price of $1.03 billion , reflecting a premium payment of $31.25 million . In addition, the Company made a final interest payment in the amount of $31.25 million for interest accrued to August 1, 2015, to holders of record of the Senior Notes as of July 15, 2015. As a result of this transaction, the Company recorded a debt extinguishment loss in the fourth quarter of fiscal 2015 of $22.3 million , which included the pro rata premium payment and pro-rata debt issuance costs. The Company evaluated the accounting under ASC 470 at the creditor-by-creditor level to determine modification versus extinguishment accounting. The Company recorded interest expense related to the 2022 Senior Notes and Senior Notes of $67.2 million , $64.0 million and $63.9 million in fiscal 2015 , 2014 and 2013 , respectively, which includes non-cash interest expense of $2.1 million , $1.7 million and $1.6 million in fiscal 2015 , 2014 and 2013 , respectively, related to the amortization of the deferred financing costs. The 2022 Senior Notes were not registered, and will be not registered, under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and were offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States in accordance with Regulation S under the Securities Act. The 2022 Senior Notes are general senior unsecured obligations of the Company and are guaranteed on a senior unsecured basis by certain domestic subsidiaries of Hologic (the “Domestic Guarantors”). The 2022 Senior Notes were issued pursuant to an indenture (the "Indenture"), dated as of July 2, 2015, among the Company, the Domestic Guarantors and Wells Fargo Bank, National Association, as trustee. The Indenture contains covenants which limit, among other things, the ability of the Company and the Domestic Guarantors to incur additional indebtedness and additional liens on their assets, engage in mergers or acquisitions or dispose of assets, pay dividends or make other distributions, enter into certain transactions with affiliated persons and to make certain investments. These covenants are subject to a number of exceptions and qualifications, including the suspension of certain of these covenants upon the 2022 Senior Notes receiving an investment grade credit rating. The Indenture does not require the Company to maintain any financial covenants. The Company may redeem the 2022 Senior Notes at any time prior to July 15, 2018 at a price equal to 100% of the aggregate principal amount so redeemed, plus accrued and unpaid interest, if any, to the redemption date and a make-whole premium set forth in the Indenture. The Company may also redeem up to 35% of the aggregate principal amount of the 2022 Senior Notes with the net cash proceeds of certain equity offerings at any time and from time to time before July 15, 2018, at a redemption price equal to 105.250% of the aggregate principal amount so redeemed, plus accrued and unpaid interest, if any, to the redemption date. The Company also has the option to redeem the 2022 Senior Notes on or after: July 15, 2018 through July 14, 2019 at 102.625% of par; July 15, 2019 through July 14, 2020 at 101.313% of par; and July 15, 2020 and thereafter at 100% of par. In addition, if the Company undergoes a change of control, as provided in the Indenture, the Company will be required to make an offer to purchase each holder’s 2022 Senior Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to the repurchase date. The Company has evaluated the 2022 Senior Notes for derivatives pursuant to ASC 815 and did not identify any embedded derivatives that require bifurcation. All features were deemed to be clearly and closely related to the host instrument. Senior Notes On August 1, 2012, the Company completed a private placement of $1.0 billion aggregate principal amount of its Senior Notes at an offering price of 100% of the aggregate principal amount of the Senior Notes. Net proceeds to the Company were $987.4 million after deducting underwriting fees and offering expenses, which were being amortized to interest expense over the term of the Senior Notes. The Senior Notes bore interest at the rate of 6.25% per year, payable semi-annually on February 1 and August 1 of each year, commencing on February 1, 2013. The Senior Notes were registered under the Securities Act of 1933 in fiscal 2013. The Senior Notes were general senior unsecured obligations of the Company and were guaranteed on a senior unsecured basis by the Domestic Guarantors. The proceeds were used to fund a portion of the Gen-Probe acquisition. The indenture contained customarily applicable affirmative and negative covenants, including covenants restricting the ability of the Company and certain of its subsidiaries’, subject to negotiated exceptions and qualifications, to: incur additional indebtedness; pay dividends or repurchase or redeem capital stock; make certain investments; incur liens; enter into certain types of transactions with the Company’s affiliates; and sell assets or consolidate or merge with or into other companies. The Company was not required to maintain any financial covenants with respect to the Senior Notes. Convertible Notes On December 10, 2007, the Company issued and sold $1.725 billion , at par, of 2.00% Convertible Senior Notes due December 15, 2037 (“2007 Notes”). Net proceeds from the offering were $1.69 billion , after deducting offering expenses. On November 18, 2010, the Company entered into separate, privately-negotiated exchange agreements under which it retired $450.0 million in aggregate principal of its 2007 Notes for $450.0 million in aggregate principal of new 2.00% Convertible Exchange Senior Notes due December 15, 2037 (“2010 Notes”). On February 29, 2012, the Company entered into separate, privately-negotiated exchange agreements under which it retired $500.0 million in aggregate principal of the 2007 Notes for $500.0 million in aggregate principal of new 2.00% Convertible Senior Notes due March 1, 2042 (“2012 Notes”). On February 14, 2013, the Company entered into separate, privately-negotiated exchange agreements under which it retired $370.0 million in aggregate principal of the 2007 Notes for $370.0 million in aggregate principal of new 2.00% Convertible Senior Notes due December 15, 2043 (“2013 Notes”). This exchange transaction was accounted for as a modification and no debt extinguishment loss or gain was recorded. On November 14, 2013, the Company announced that it had issued a notice of redemption to the holders of its 2007 Notes to redeem any 2007 Notes outstanding on December 18, 2013 at a redemption price payable in cash equal to 100.00% of the principal amount of the 2007 Notes plus accrued and unpaid interest to, but not including, December 18, 2013. Holders of the 2007 Notes also had the option of putting the 2007 Notes to the Company as of December 13, 2013. The 2007 Notes were redeemed at their par value aggregating $405.0 million . Under ASC 470, the derecognition of the 2007 Notes did not result in a gain or loss as the fair value of the liability component of the 2007 Notes was determined to be equal to the consideration paid to redeem the 2007 Notes, and as a result, no value was allocated to the reacquisition of the conversion option. The 2010 Notes, the 2012 Notes and the 2013 Notes are collectively referred to herein as the “Convertible Notes.” Holders may require the Company to repurchase the Convertible Notes prior to maturity on the dates set forth below: • the 2010 Notes on each of December 15, 2016, 2020 and 2025, December 13, 2030 and December 14, 2035; • the 2012 Notes on each of March 1, 2018, 2022, 2027 and 2032 and March 2, 2037; and • the 2013 Notes on each of December 15, 2017, 2022, 2027, 2032 and 2037. Holders may also require the Company to repurchase the Convertible Notes upon a fundamental change, as defined in each of the applicable indentures. The Company may redeem all or a portion of the 2010 Notes at any time on or after December 19, 2016, all or a portion of the 2012 Notes at any time on or after March 6, 2018 and all or a portion of the 2013 Notes at any time on or after December 15, 2017 . If, prior to maturity, a holder requires the Company to repurchase the Convertible Notes or the Company elects to redeem the Convertible Notes, the repurchase or redemption price of each Convertible Note will equal 100% of its principal amount, plus accrued and unpaid interest to, but excluding, the redemption or repurchase date, as applicable. It is the Company's current intent and policy to settle any conversion of the Convertible Notes as if the Company had elected to make either a net share settlement or all cash election, such that upon conversion, the Company intends to pay the holders in cash for the principal amount of the Convertible Notes and, if applicable shares of its common stock or cash to satisfy the premium based on a calculated daily conversion value. The 2010 Notes bear interest at a rate of 2.00% per year on the principal amount, payable semi-annually in arrears in cash on June 15 and December 15 of each year ending on December 15, 2016 and will accrete principal from December 15, 2016 at a rate that provides holders with an aggregate annual yield to maturity of 2.00% per year. Beginning with the six month interest period commencing December 15, 2016, the Company will pay contingent interest during any six month interest period to the holders of 2010 Notes if the “trading price”, as defined, of the 2010 Notes for each of the five trading days ending on the second trading day immediately preceding the first day of the applicable six month interest period equals or exceeds 120% of the accreted principal amount of the 2010 Notes. The holders of the 2010 Notes may convert the 2010 Notes into shares of the Company’s common stock at a conversion price of approximately $23.03 per share, subject to adjustment, prior to the close of business on September 15, 2037, subject to prior redemption or repurchase of the 2010 Notes, under any of the following circumstances: (1) during any calendar quarter if the last reported sale price of the Company’s common stock exceeds 130% of the conversion price for at least 20 trading days in the 30 consecutive trading days ending on the last trading day of the preceding calendar quarter; (2) during the five business day period after any five consecutive trading day period in which the trading price per note for each day of such period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such day; (3) if the 2010 Notes have been called for redemption; or (4) upon the occurrence of specified corporate events. At the option of the holder, regardless of the foregoing circumstances, holders may convert their respective 2010 Notes at any time on or after September 15, 2037 through the close of business on the second scheduled trading day immediately preceding the maturity date. The conversion rate will not be adjusted for accrued interest or accreted principal in excess of the original $1,000 principal amount, as accrued interest and accreted principal will not be convertible into common stock. During the fourth quarter of fiscal 2015, the closing price of the Company's common stock exceeded 130% of the applicable conversion price of its 2010 Notes on at least 20 of the last 30 consecutive trading days of the quarter. Therefore holders of the 2010 Notes are able to convert their notes during the first quarter of fiscal 2016. As such, the Company classified the $142.2 million carrying value of its 2010 Notes (which have a principal value of $150.0 million ) as a current debt obligation. In the event the closing price conditions are met in the first quarter of fiscal 2016 or a future fiscal quarter, the 2010 Notes will be convertible at a holder's option during the immediately following fiscal quarter. As of September 26, 2015 , the if-converted value of the 2010 Notes exceeded the aggregate principal amount by approximately $114.1 million . It is the Company's current intent and policy to settle any conversion of the 2010 Notes as if the Company had elected to make either a net share settlement or all cash election, such that upon conversion, the Company intends to pay the holders in cash for the principal amount of the 2010 Notes and, if applicable shares of its common stock or cash to satisfy the premium based on a calculated daily conversion value. On various dates during the fourth quarter of fiscal 2015, the Company entered into privately negotiated repurchase transactions and extinguished $300.0 million principal of the 2010 Notes for a total payment of $543.7 million , which includes the conversion premium resulting from the Company's stock price on the date of the transaction being in excess of the conversion price of $23.03 . Un |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 26, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company applies the provisions of ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value each reporting period and its nonfinancial assets and liabilities that are re-measured and reported at fair value on a non-recurring basis. Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. Fair Value Hierarchy ASC 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. Financial assets and liabilities are categorized within the valuation hierarchy based upon the lowest level of input that is significant to the measurement of fair value. The three levels of the hierarchy are defined as follows: • Level 1—Inputs to the valuation methodology are quoted market prices for identical assets or liabilities. • Level 2—Inputs to the valuation methodology are other observable inputs, including quoted market prices for similar assets or liabilities and market-corroborated inputs. • Level 3—Inputs to the valuation methodology are unobservable inputs based on management’s best estimate of inputs market participants would use in pricing the asset or liability at the measurement date, including assumptions about risk. Assets/Liabilities Measured and Recorded at Fair Value on a Recurring Basis The Company has equity investments in publicly-traded companies and mutual funds, both of which are valued using quoted market prices, representing Level 1 assets, and investments in interest rate cap derivative instruments, which are valued using analyses obtained from independent third party valuation specialists based on market observable inputs, representing Level 2 assets. The fair values of the Company's interest rate cap derivative instruments represent the estimated amounts the Company would receive to terminate the contracts. Refer to Note 2 for further discussion and information on both the equity investments and the interest rate cap derivative instruments. The Company has a payment obligation to the participants under its Nonqualified Deferred Compensation Plan (“DCP”). This liability is recorded at fair value based on the underlying value of certain hypothetical investments under the DCP as designated by each participant for their benefit. Since the value of the DCP obligation is based on market prices, the liability is classified within Level 1. In addition, in fiscal 2013, the Company had a contingent consideration liability related to its acquisition of Interlace Medical, Inc. ("Interlace") that was recorded at fair value and based on Level 3 inputs. Assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following: Fair Value Measurements at September 26, 2015 Carrying Value Quoted Prices in Active Market for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Marketable securities: Equity securities $ 15.2 $ 15.2 $ — $ — Mutual funds 5.6 5.6 — — Interest rate cap - derivative 6.9 — 6.9 — Total $ 27.7 $ 20.8 $ 6.9 $ — Liabilities: Deferred compensation liabilities $ 29.4 $ 29.4 $ — $ — Total $ 29.4 $ 29.4 $ — $ — Fair Value Measurements at September 27, 2014 Carrying Value Quoted Prices in Active Market for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Marketable securities: Equity securities $ 24.4 $ 24.4 $ — $ — Mutual funds 15.4 15.4 — — Total $ 39.8 $ 39.8 $ — $ — Liabilities: Deferred compensation liabilities $ 35.8 $ 35.8 $ — $ — Total $ 35.8 $ 35.8 $ — $ — There were no Level 3 assets or liabilities outstanding during fiscal 2015. Changes in the fair value of recurring fair value measurements using significant unobservable inputs (Level 3), which solely consisted of contingent consideration liabilities, during the years ended September 27, 2014 , and September 28, 2013 were as follows: 2014 2013 Balance at beginning of period $ 3.8 $ 86.4 Contingent consideration recorded at acquisition — 0.5 Fair value adjustments — 11.3 Payments / Accruals (3.8 ) (94.4 ) Balance at end of period $ — $ 3.8 Assets Measured and Recorded at Fair Value on a Nonrecurring Basis The Company remeasures the fair value of certain assets and liabilities upon the occurrence of certain events. Such assets are comprised of cost-method equity investments and long-lived assets, including property, plant and equipment, intangible assets and goodwill. During fiscal 2013, the Company recorded goodwill impairment charges of $1.1 billion related to its Molecular Diagnostics reporting unit. This adjustment falls within Level 3 of the fair value hierarchy due to the use of significant unobservable inputs to determine fair value. The fair value measurement was determined using a DCF analysis, and the amount and timing of future cash flows within the analysis were based on the Company’s most recent operational budgets, long-range strategic plans and other estimates at the time such remeasurements were made. In the fourth quarter of fiscal 2014, the Company recorded a $5.1 million impairment charge within its Diagnostics segment to record its remaining IPR&D assets at fair value. This adjustment falls within Level 3 of the fair value hierarchy. In the second quarter of fiscal 2014, the Company recorded an impairment charge of $28.6 million within its Breast Health segment, which was comprised of $27.1 million for intangible assets and $1.5 million for property and equipment. This adjustment falls within Level 3 of the fair value hierarchy. In the first quarter of fiscal 2014, the Company recorded a $3.1 million impairment charge to record certain of its buildings at fair value related to the shutdown of its Hitec Imaging organic photoconductor manufacturing line. This adjustment falls within Level 3 of the fair value hierarchy. The Company holds certain cost-method equity investments in non-publicly traded securities aggregating $4.2 million and $5.2 million at September 26, 2015 and September 27, 2014 , respectively, which are included in other long-term assets on the Company’s Consolidated Balance Sheets. These investments are generally carried at cost, less any write-downs for other-than-temporary impairment charges. To determine the fair value of these investments, the Company uses all available financial information related to the entities, including information based on recent or pending third-party equity investments in these entities. In certain instances, a cost method investment’s fair value is not estimated as there are no identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment and to do so would be impractical. During fiscal 2014 and 2013 , the Company recorded other-than-temporary impairment charges of $6.9 million and $6.4 million , respectively, related to its cost-method equity investments to adjust their carrying amounts to fair value. The following chart depicts certain assets presented at fair value using level 3 inputs under the fair value hierarchy measured on a nonrecurring basis for which the Company has recorded impairment charges: Fair Value Measurements Using Fair Value Quoted Prices in Active Market for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Losses Fiscal 2014: Intangible assets $ 36.2 — — $ 36.2 $ (32.2 ) Property and equipment 1.0 — — 1.0 (1.5 ) Buildings 1.4 — — 1.4 (3.1 ) Cost-method equity investments 0.8 — — 0.8 (6.9 ) $ (43.7 ) Fiscal 2013: Goodwill $ 277.8 — — $ 277.8 $ (1,117.4 ) Equipment 1.4 — — 1.4 (5.0 ) Cost-method equity investments 1.5 — — 1.5 (6.4 ) $ (1,128.8 ) The above fair value amounts represent only those individual assets remeasured and not the consolidated balances. Refer to Note 4 for disclosure of the nonrecurring fair value measurement related to the debt extinguishment losses recorded in fiscal 2015 , 2014 and 2013 . Disclosure of Fair Value of Financial Instruments The Company’s financial instruments mainly consist of cash, accounts receivable, marketable securities, cost-method equity investments, insurance contracts, interest rate cap agreements, DCP liability, accounts payable and debt obligations. The carrying amounts of the Company’s cash, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these instruments. The Company’s marketable securities and interest rate cap agreements are recorded at fair value. The carrying amount of the insurance contracts are recorded at the cash surrender value, as required by U.S. GAAP, which approximates fair value, and the related DCP liability is recorded at fair value. The Company believes the carrying amounts of its cost-method equity investments approximate fair value. Amounts outstanding under the Company’s Credit Agreement of $1.66 billion aggregate principal are subject to variable rates of interest based on current market rates, and as such, the Company believes the carrying amount of these obligations approximates fair value. The Company’s Senior Notes had a fair value of approximately $1.03 billion as of both September 26, 2015 and September 27, 2014 based on their trading price, representing a Level 1 measurement. The fair value of the Company’s Convertible Notes is based on the trading prices of the respective notes and represents a Level 1 measurement. Refer to Note 4 for the carrying amounts of the various components of the Company’s debt. The estimated fair values of the Company’s Convertible Notes at September 26, 2015 and September 27, 2014 are as follows: 2015 2014 2010 Notes 264.1 536.6 2012 Notes 688.2 531.7 2013 Notes 471.8 401.1 $ 1,424.1 $ 1,469.4 |
Sale of Makena
Sale of Makena | 12 Months Ended |
Sep. 26, 2015 | |
Regulatory Assets [Abstract] | |
Sale of Makena | Sale of Makena In fiscal 2008, the Company sold the rights of its Makena (formerly Gestiva) pharmaceutical product to K-V Pharmaceutical Company (“KV”) upon FDA approval of the then pending Makena new drug application. The Company executed certain amendments to this agreement that resulted in an increase in the total sales price to $199.5 million and a change in the timing of when payments were due to the Company. On February 3, 2011, the Company received FDA approval of Makena, and all rights to Makena were transferred to KV. As a result in fiscal 2011, the Company recorded the up-front payments received prior to FDA approval under this agreement, which had been deferred, and a payment received at FDA approval as a gain on the sale of intellectual property of $84.5 million , which was net of certain asset write-offs and related expenses. In fiscal 2012, the Company received another scheduled payment and recorded a gain of $12.4 million , which was net of certain costs. In August 2012, KV and certain of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court. At that time, additional payments were still owed to the Company, and in December 2012 the Company and KV executed a settlement agreement, which released KV from all claims in consideration of a $60.0 million payment. The Company recorded this amount in the first quarter of fiscal 2013, net of certain costs, resulting in a gain of $53.9 million . The Company will receive no further payments from KV. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 26, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s income (loss) before income taxes consisted of the following: Years ended September 26, 2015 September 27, 2014 September 28, 2013 Domestic $ 158.3 $ 95.1 $ (1,184.6 ) Foreign 18.9 (47.0 ) (8.3 ) $ 177.2 $ 48.1 $ (1,192.9 ) The provision (benefit) for income taxes contained the following components: Years ended September 26, 2015 September 27, 2014 September 28, 2013 Federal: Current $ 185.2 $ 242.2 $ 154.9 Deferred (137.0 ) (212.5 ) (182.7 ) 48.2 29.7 (27.8 ) State: Current 3.5 22.1 15.3 Deferred (11.0 ) (24.7 ) (16.7 ) (7.5 ) (2.6 ) (1.4 ) Foreign: Current 5.7 9.6 7.7 Deferred (0.8 ) (5.9 ) 1.4 4.9 3.7 9.1 $ 45.6 $ 30.8 $ (20.1 ) The income tax provision (benefit) differed from the tax provision computed at the U.S. federal statutory rate due to the following: Years ended September 26, 2015 September 27, 2014 September 28, 2013 Income tax provision (benefit) at federal statutory rate 35.0 % 35.0 % (35.0 )% Increase (decrease) in tax resulting from: Goodwill impairment — — 32.8 Domestic production activities deduction (10.1 ) (30.6 ) (1.2 ) State income taxes, net of federal benefit 1.2 4.3 (0.2 ) Tax credits (3.8 ) (5.2 ) (1.2 ) Unrecognized tax benefits (1.8 ) 2.5 0.3 Contingent consideration — — 2.6 Cumulative translation adjustment write-off 1.9 — — Non-deductible compensation 1.9 5.5 0.2 Foreign rate differential (1.6 ) 10.7 0.1 Change in valuation allowance 1.0 35.4 (0.8 ) Other 2.1 6.3 0.7 25.8 % 63.9 % (1.7 )% The Company's effective tax rate in fiscal 2015 was lower than the statutory rate primarily due to the domestic production activities deduction benefit. The Company’s effective tax rate in fiscal 2014 was higher than the statutory rate primarily due to unbenefited foreign losses partially offset by the domestic production activities deduction benefit. The Company’s effective tax rate in fiscal 2013 was lower than the statutory rate primarily due to the non-deductible goodwill impairment charge, non-deductible contingent consideration expense related to the TCT International Co., Ltd. ("TCT") and Interlace acquisitions, and unbenefited foreign losses, partially offset by the domestic production activities deduction benefit and the release of a $19.9 million valuation allowance related to capital losses which were utilized to offset capital gains generated during the year. The Company uses the liability method to account for income taxes in accordance with ASC 740, Income Taxes . Under this method, deferred income taxes are recognized for the future tax consequences of differences between the tax and financial accounting bases of assets and liabilities at each reporting period. Deferred income taxes are based on enacted tax laws and statutory tax rates applicable to the period in which these differences are expected to affect taxable income. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. The Company’s significant deferred tax assets and liabilities were as follows: September 26, 2015 September 27, 2014 Deferred tax assets Net operating loss carryforwards $ 45.4 $ 54.2 Capital losses 25.7 22.3 Non-deductible accruals 16.3 16.8 Non-deductible reserves 26.8 27.1 Stock-based compensation 24.3 25.0 Research and other credits 14.5 12.3 Nonqualified deferred compensation plan 11.3 13.7 Other temporary differences 10.2 11.6 174.5 183.0 Less: valuation allowance (60.9 ) (62.8 ) $ 113.6 $ 120.2 Deferred tax liabilities Depreciation and amortization $ (1,171.5 ) $ (1,314.6 ) Debt discounts and deferrals (100.1 ) (120.9 ) Debt issuance costs (1.4 ) (6.8 ) Investment in subsidiary — (13.9 ) $ (1,273.0 ) $ (1,456.2 ) $ (1,159.4 ) $ (1,336.0 ) Under ASC 740, the Company can only recognize a deferred tax asset for the future benefit to the extent that it is “more likely than not” that these assets will be realized. After considering all available positive and negative evidence, the Company established a valuation allowance against specifically identified deferred tax assets because it is more-likely-than-not that these will not be realized. In determining these assets realizability, the Company considered numerous factors including historical profitability, the character and estimated future taxable income, prudent and feasible tax planning strategies, and the industry in which it operates. The valuation allowance decreased $1.9 million in fiscal 2015 from fiscal 2014 primarily due to foreign exchange rate fluctuations offset by unrealized capital losses from investment write-downs. At September 26, 2015 , the Company had $17.3 million , $91.5 million and $56.6 million in gross federal, state, and foreign net operating losses, respectively, and $4.7 million , $13.0 million and $1.5 million in federal, state, and foreign credit carryforwards, respectively. These losses and credits expire between 2016 and 2035 , except for $54.9 million in losses and $9.0 million in credits that have unlimited carryforward periods. The federal, state, and foreign net operating losses exclude $4.5 million , $180.5 million and $49.0 million , respectively, in net operating losses, that the Company expects will expire unutilized. The Company had $154.7 million in gross unrecognized tax benefits, excluding interest, at September 26, 2015 and $137.0 million at September 27, 2014 . At September 26, 2015 , $74.9 million represents the unrecognized tax benefits that, if recognized, would reduce the Company’s effective tax rate. In the next twelve months it is reasonably possible that the Company will reduce its gross unrecognized tax benefits by $2.0 to $4.0 million due to statutes of limitations expiring and potential favorable settlements with taxing authorities. The Company’s unrecognized income tax benefits activity for fiscal 2015 and 2014 was as follows: 2015 2014 Balance at beginning of fiscal year $ 137.0 $ 121.8 Tax positions related to current year: Additions 11.0 10.8 Reductions — — Tax positions related to prior years: Additions related to change in estimate 21.1 10.9 Reductions (10.3 ) (2.7 ) Payments (0.8 ) — Lapses in statutes of limitations and settlements (3.7 ) (3.8 ) Acquired tax positions: Additions related to reserves acquired from acquisitions 0.4 — Balance as of the end of the fiscal year $ 154.7 $ 137.0 The Company’s policy is to include accrued interest and penalties related to unrecognized tax benefits and income tax liabilities, when applicable, in income tax expense. As of September 26, 2015 and September 27, 2014 , gross accrued interest was $9.9 million and $8.3 million , respectively. At September 26, 2015 , no significant penalties have been accrued. The Company and its subsidiaries are subject to various federal, state, and foreign income taxes. The Company’s U.S. Federal income tax returns are no longer subject to examination prior to fiscal 2011. State income tax returns are generally no longer subject to examination prior to fiscal year 2011. The Internal Revenue Service commenced its fiscal 2011 federal income tax return examination in July 2013. The Company is also undergoing tax examinations in China and Germany for calendar 2004 through 2013, and fiscal 2008 through 2010, respectively. Massachusetts is scheduled to begin a state tax examination for fiscal 2012 through 2013 in fiscal 2016. The Company intends to reinvest, indefinitely, approximately $60.9 million in unremitted foreign earnings. It is not practicable to estimate the additional taxes that may be payable upon repatriation. |
Stockholders' Equity and Stock-
Stockholders' Equity and Stock-Based Compensation | 12 Months Ended |
Sep. 26, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stockholders' Equity and Stock-Based Compensation | Stockholders' Equity and Stock-Based Compensation Stock Repurchase Program On November 11, 2013, the Company announced that its Board of Directors authorized the repurchase of up to $250 million of the Company’s outstanding common stock over a three -year period. Under the stock repurchase program, the Company is authorized to repurchase, from time-to-time, shares of its outstanding common stock on the open market or in privately negotiated transactions in the United States. As of September 26, 2015 , the Company had not repurchased any shares under this program. Stock-Based Compensation Equity Compensation Plans The Company has one share-based compensation plan pursuant to which awards are currently being made—the 2008 amended and restated Equity Incentive Plan (“2008 Equity Plan”). The Company has two share-based compensation plans pursuant to which outstanding awards have been made, but from which no further awards can or will be made—i) the 1995 Combination Stock Option Plan and ii) the 1999 Equity Incentive Plan. The purpose of the 2008 Equity Plan is to provide stock options, restricted stock units and other equity interests in the Company to employees, officers, directors, consultants and advisors of the Company and any other person who is determined by the Board of Directors to have made (or is expected to make) contributions to the Company. The 2008 Equity Plan is administered by the Board of Directors of the Company, and a total of 31.5 million shares were reserved for issuance under this plan. As of September 26, 2015 , the Company had 9.5 million shares available for future grant under the 2008 Equity Plan. The following presents stock-based compensation expense in the Company’s Consolidated Statements of Operations in fiscal 2015 , 2014 and 2013 : 2015 2014 2013 Cost of revenues $ 8.7 $ 7.3 $ 7.0 Research and development 8.6 8.4 7.2 Selling and marketing 8.8 8.2 8.9 General and administrative 29.1 19.5 20.2 Restructuring and divestiture 4.1 6.6 9.0 $ 59.3 $ 50.0 $ 52.3 Grant-Date Fair Value The Company uses a binomial model to determine the fair value of its stock options. The Company considers a number of factors to determine the fair value of options including the assistance of an outside valuation adviser. Information pertaining to stock options granted during fiscal 2015 , 2014 and 2013 and related assumptions are noted in the following table: Years ended September 26, 2015 September 27, 2014 September 28, 2013 Options granted (in millions) 1.3 2.4 2.6 Weighted-average exercise price $ 27.68 $ 22.01 $ 20.29 Weighted-average grant date fair value $ 9.95 $ 7.67 $ 7.03 Assumptions: Risk-free interest rates 1.7 % 1.2 % 0.5 % Expected life (in years) 5.3 4.4 4.4 Expected volatility 38.6 % 41.4 % 43.7 % Dividend yield — — — The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the stock options. In projecting expected stock price volatility, the Company uses a combination of historical stock price volatility and implied volatility from observable market prices of similar equity instruments. The Company estimated the expected life of stock options based on historical experience using employee exercise and option expiration data. In connection with appointing Stephen P. MacMillan as its new President and Chief Executive Officer in December 2013, the Company granted approximately 0.1 million market stock units ("MSUs"). The MSUs vest in three separate tranches in an amount of 1/3 rd of the total amount of the award based on the Company’s stock price meeting certain defined average stock prices for 30 consecutive trading days. These MSUs were valued at an average of $ 18.65 per share using the Monte Carlo simulation model and each tranche has its own derived service period. The Company recognized compensation expense under the accelerated method as prescribed by ASC 718, and all tranches have vested due to the defined average stock prices being met for the required period. In addition, per the terms of his employment agreement, the Company granted 0.2 million restricted stock units ("RSUs") to match Mr. MacMillan’s purchase of 0.2 million shares of the Company’s common stock on the open market in the second quarter of fiscal 2014. The RSUs cliff vest three years from the date of grant, and the Company is accounting for this grant as a liability award pursuant to ASC 718 because this RSU award contains an additional vesting condition (the requirement that Mr. MacMillan retain the matching shares during the vesting period) that is not service, performance or market based. As such, this award is marked-to-market at each reporting period, and at September 26, 2015, $4.6 million has been recorded as a liability for this award. Stock-Based Compensation Expense Attribution The Company uses the straight-line attribution method to recognize stock-based compensation expense for stock options and RSUs. The vesting term of stock options is generally five years with annual vesting of 20% per year on the anniversary of the grant date, and RSUs generally vest over four years with annual vesting at 25% per year on the anniversary of the grant date. The amount of stock-based compensation recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. ASC 718 requires forfeitures to be estimated at the time granted and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Based on an analysis of historical forfeitures, the Company has determined a specific forfeiture rate for certain employee groups and has applied forfeiture rates ranging from 0% to 7.0% as of September 26, 2015 depending on the specific employee group. This analysis is re-evaluated annually and the forfeiture rate will be adjusted as necessary. Ultimately, the actual stock-based compensation expense recognized will only be for those stock options and RSUs that vest. Stock-based compensation expense related to stock options was $12.2 million , $16.3 million , and $23.7 million in fiscal 2015 , 2014 and 2013 , respectively. Stock compensation expense related to stock units, including RSUs, performance stock units ("PSUs") and MSUs, was $43.7 million , $30.6 million , and $26.0 million in fiscal 2015 , 2014 and 2013 , respectively. The related tax benefit recorded in the Consolidated Statements of Operations was $17.7 million , $15.3 million and $17.2 million in fiscal 2015 , 2014 and 2013 , respectively. Included within stock-based compensation expense in fiscal 2015 , 2014 and 2013 is $4.1 million , $6.6 million and $7.9 million , respectively, related to modification accounting, the acceleration of vesting of certain retention RSUs provided under their original terms upon termination, and the acceleration of vesting for certain options assumed in the Gen-Probe acquisition related to employees who were terminated in connection with the Company’s restructuring action to consolidate its Diagnostics operations. The original terms of the stock options assumed in the Gen-Probe acquisition provided for acceleration upon a change-in-control and termination within 18 months of the change-in-control. At September 26, 2015 , there was $22.8 million and $73.6 million of unrecognized compensation expense related to stock options and RSUs, respectively, to be recognized over a weighted average period of 3.4 years and 2.5 years, respectively. Share Based Payment Activity The following table summarizes all stock option activity under the Company’s stock option plans for the year ended September 26, 2015 : Number of Shares (in millions) Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value (in millions) Options outstanding at September 27, 2014 9.8 $ 20.59 4.1 $ 46.4 Granted 1.3 27.68 Canceled/ forfeited (1.4 ) 23.36 Exercised (3.0 ) 18.89 $ 42.0 Options outstanding at September 26, 2015 6.7 $ 22.21 4.9 $ 119.1 Options exercisable at September 26, 2015 3.0 $ 21.05 3.2 $ 56.6 Options vested and expected to vest at September 26, 2015 (1) 6.6 $ 22.18 4.8 $ 118.1 (1) This represents the number of vested stock options as of September 26, 2015 plus the unvested outstanding options at September 26, 2015 expected to vest in the future, adjusted for estimated forfeitures. During fiscal 2014 and 2013 , the total intrinsic value of options exercised (i.e., the difference between the market price on the date of exercise and the price paid by the employee to exercise the options) was $34.7 million and $37.6 million , respectively. A summary of the Company’s RSU activity during the year ended September 26, 2015 is presented below: Non-vested Shares Number of Shares (in millions) Weighted-Average Grant-Date Fair Value Non-vested at September 27, 2014 4.1 $ 20.67 Granted 1.6 27.19 Vested (1.3 ) 20.40 Forfeited (0.7 ) 21.37 Non-vested at September 26, 2015 3.7 $ 24.54 The number of RSUs vested includes shares withheld on behalf of employees to satisfy minimum statutory tax withholding requirements. The Company pays the minimum statutory tax withholding requirement on behalf of its employees. During fiscal 2015 , 2014 and 2013 the total fair value of RSUs vested was $27.2 million , $22.6 million and $27.3 million , respectively. The Company also granted approximately 0.3 million and 0.5 million PSUs during fiscal 2015 and 2014, respectively, to members of its senior management team, which have a weighted-average grant date fair value of $26.58 and $21.69 , respectively. Each recipient of the PSUs is eligible to receive between zero and 200% of the target number of shares of the Company’s common stock at the end of three years provided the Company’s defined Return on Invested Capital metrics are achieved. The Company is recognizing compensation expense ratably over the required service period based on its estimate that it is probable that the measurement criteria will be achieved and the targeted number of shares will vest. If there is a change in the estimate of the number of shares that are probable of vesting, the Company will cumulatively adjust compensation expense in the period that the change in estimate is made. Employee Stock Purchase Plan In March 2012, the Company’s stockholders approved the Hologic, Inc. 2012 Employee Stock Purchase Plan (“2012 ESPP”), which provides for the granting of up to 2.5 million shares of the Company’s common stock to eligible employees. The 2012 ESPP plan period is semi-annual and allows participants to purchase the Company’s common stock at 85% of the lower of (i) the market value per share of the common stock on the first day of the offering period or (ii) the market value per share of the common stock on the purchase date. The first plan period began on July 1, 2012. Stock-based compensation expense in fiscal 2015 , 2014 and 2013 was $3.4 million , $3.1 million and $2.7 million , respectively. The Company uses the Black-Scholes model to estimate the fair value of shares to be issued as of the grant date using the following weighted average assumptions: September 26, 2015 September 27, 2014 September 28, 2013 Assumptions: Risk-free interest rates 0.10 % 0.08 % 0.11 % Expected life (in years) 0.5 0.5 0.5 Expected volatility 27.4 % 30.0 % 32.0 % Dividend yield — — — |
Profit Sharing 401(k) Plan
Profit Sharing 401(k) Plan | 12 Months Ended |
Sep. 26, 2015 | |
Defined Contribution Plan [Abstract] | |
Profit Sharing 401(k) Plan | Profit Sharing 401(k) Plan The Company has a qualified profit sharing plan covering substantially all of its employees. The Company made contributions of $14.4 million , $13.3 million and $13.4 million for fiscal 2015 , 2014 and 2013 , respectively. |
Nonqualified Deferred Compensat
Nonqualified Deferred Compensation Plan | 12 Months Ended |
Sep. 26, 2015 | |
Compensation Related Costs [Abstract] | |
Nonqualified Deferred Compensation Plan | Deferred Compensation Plans Nonqualified Deferred Compensation Plan Effective March 15, 2006, the Company adopted its DCP to provide non-qualified retirement benefits to a select group of executive officers, senior management and highly compensated employees of the Company. Eligible employees may elect to contribute up to 75% of their annual base salary and 100% of their annual bonus to the DCP and such employee contributions are 100% vested. In addition, the Company may elect to make annual discretionary contributions on behalf of participants in the DCP. Each Company contribution is subject to a three -year vesting schedule, such that each contribution vests one third annually. Employee contributions are recorded within accrued expenses. Upon enrollment into the DCP, employees make investment elections for both their voluntary contributions and discretionary contributions, if any, made by the Company. Earnings and losses on contributions based on these investment elections are recorded as a component of compensation expense in the period earned. Annually, the Compensation Committee of the Board of Directors has approved a discretionary cash contribution to the DCP for each year. Discretionary contributions by the Company to the DCP are held in a Rabbi Trust. The Company is recording compensation expense for the DCP discretionary contributions ratably over the three -year vesting period of each annual contribution, which totaled $1.8 million , $3.7 million and $2.7 million in fiscal 2015 , 2014 and 2013 , respectively. The full amount of the discretionary contribution, net of forfeitures, along with employee deferrals is recorded within accrued expenses and totaled $29.4 million and $35.8 million at September 26, 2015 and September 27, 2014 , respectively. The Company has purchased Company-owned group life insurance contracts, in which both voluntary and discretionary Company DCP contributions are invested, to partially fund payment of the Company’s obligation to the DCP participants. The total amount invested at September 26, 2015 and September 27, 2014 was $27.5 million and $22.4 million , respectively. The values of these life insurance contracts are recorded in other long-term assets. Changes in the cash surrender value of life insurance contracts, which were not significant in fiscal 2015 , 2014 and 2013 , are recorded within other income (expense), net. In addition, the Company had an additional $5.6 million and $15.4 million of investments in mutual funds to fund the DCP at September 26, 2015 and September 27, 2014 , respectively. The mutual funds are classified as trading and the gains and losses in these investments are recorded in other income (expense), net. Deferred Equity Plan Effective September 17, 2015, the Company adopted the Hologic, Inc. Deferred Equity Plan (the “DEP”). The DEP is designed to allow executives and non-employee Directors to accumulate Company stock in a tax-efficient manner to meet their long-term equity accumulation goals and shareholder ownership guidelines. Under the DEP, eligible participants may elect to defer the settlement of RSUs and PSUs granted under the 2008 Equity Plan until separation from service or separation from service plus a fixed number of years. Participants may defer settlement by vesting tranche. Although the equity will vest on schedule, if deferral of settlement is elected, no shares will be issued until the settlement date. The settlement date will be the earlier of death, disability, change in control of the Company or separation from service plus the number of years of deferral elected by the participant. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 26, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Contingent Earn-Out Payments In connection with certain of its acquisitions, the Company incurred obligations to make contingent earn-out payments tied to performance criteria, principally revenue growth of the acquired businesses over a specified period. These contingent consideration arrangements are recorded as either additional purchase price or compensation expense if continuing employment is required to receive such payments. Pursuant to ASC 805, contingent consideration that is deemed to be part of the purchase price is recorded as a liability based on the estimated fair value of the consideration the Company expects to pay to the former shareholders of the acquired business as of the acquisition date. This liability is re-measured each reporting period with the changes in fair value recorded through a separate line item within the Company’s Consolidated Statements of Operations. Increases or decreases in the fair value of contingent consideration liabilities can result from accretion of the liability for the passage of time, changes in discount rates, and changes in the timing, probabilities and amount of revenue estimates. In connection with the Company’s acquisition of Interlace in fiscal 2011, the Company had an obligation to the former Interlace stockholders to make contingent payments over a two -year period. Pursuant to ASC 805, the Company recorded its estimate of the fair value of the contingent consideration liability based on future revenue projections of the Interlace business. The fair value of the contingent consideration for the first and second measurement periods was $51.8 million and $93.8 million , respectively. Payments were disbursed in the second quarter of fiscal 2013 and 2012, respectively, of which $39.0 million and $47.6 million , respectively, was reflected in the Consolidated Statements of Cash Flows as cash used in financing activities, representing the liability recognized at fair value for the first measurement period as of the acquisition date. The remainder, which is related to changes in the fair value of the liability, is reflected within cash provided by operating activities. The second and final measurement period ended during the second quarter of fiscal 2013, resulting in a contingent consideration liability of $93.8 million . Of this amount, $86.9 million was paid to the former Interlace stockholders in the second quarter of fiscal 2013. The remainder was withheld for legal indemnification provisions and is being used to pay qualifying legal expenses. On October 29, 2013, the Interlace stockholder representatives filed a complaint in the Delaware Court of Chancery alleging breach of contract for issues related to the payment of contingent consideration under the Interlace acquisition agreement, and sought $14.7 million in additional payments. On October 20, 2014, a trial was held in Delaware. The parties executed a settlement agreement in January 2015 for an amount less than that sought. The effect of this settlement was not material to the Company's financial statements. In connection with the Company’s acquisition of TCT International Co. Ltd. in June 2011, the Company had an obligation to certain of the former TCT shareholders, based on future employment, to make contingent payments over a two year period provided certain revenue milestones were met. These earnouts were recorded as compensation expense ratably over the required service periods. The second and final earn-out period was completed in the third quarter of fiscal 2013, and the Company paid $87.4 million of this earn-out in the fourth quarter of fiscal 2013. The remaining $31.1 million of this earn-out was paid in the first quarter of fiscal 2014. The Company also had an obligation to the former shareholders of Beijing Healthcome Technology Company, Ltd. for contingent payments that were accounted for as compensation expense. The remaining $0.7 million was paid out in the second quarter of fiscal 2015. There was no contingent consideration expense recorded in fiscal 2015 or fiscal 2014. A summary of amounts recorded to the Consolidated Statements of Operations is as follows: Statement of Operations Line Item – Fiscal 2013 Interlace TCT Total Contingent consideration—compensation expense $ — $ 80.0 $ 80.0 Contingent consideration—fair value adjustments 11.3 — 11.3 $ 11.3 $ 80.0 $ 91.3 Finance Lease Obligations The Company has two non-cancelable lease agreements for buildings that are primarily used for manufacturing. The Company was responsible for a significant portion of the construction costs, and in accordance with ASC 840, Leases, Subsection 40-15-5, the Company was deemed to be the owner of the respective buildings during the construction period. The Company recorded the fair market value of the buildings and land aggregating $28.3 million within property and equipment on its Consolidated Balance Sheets. At September 26, 2015 , the Company has recorded $3.1 million in accrued expenses and $33.8 million in other long-term liabilities related to these obligations. The term of the leases is for a period of approximately 10 and 12 years, respectively, with the option to extend for two consecutive 5 -year terms. At the completion of the construction period, the Company reviewed the lease for potential sale-leaseback treatment in accordance with ASC 840, Subsection 40, Sale-Leaseback Transactions. Based on its analysis, the Company determined that the lease did not qualify for sale-leaseback treatment. Therefore, the building, leasehold improvements and associated liabilities remain on the Company’s financial statements throughout the lease term, and the building and leasehold improvements are being depreciated on a straight line basis over their estimated useful lives of 35 years. Future minimum lease payments, including principal and interest, under these leases were as follows at September 26, 2015 : Fiscal 2016 $ 3.1 Fiscal 2017 3.1 Fiscal 2018 2.9 Fiscal 2019 0.3 Total minimum payments 9.4 Less-amount representing interest (1.4 ) Total $ 8.0 Non-cancelable Purchase and Royalty Commitments The Company has certain non-cancelable purchase obligations primarily related to inventory purchases and diagnostics instruments, primarily the Tigris and Panther systems, and to a lesser extent other operating expense commitments. These obligations are not recorded in the Consolidated Balance Sheets. For reasons of quality assurance, sole source availability or cost effectiveness, certain key components and raw materials and instruments are available only from a sole supplier and the Company has certain long-term supply contracts to assure continuity of supply. At September 26, 2015 , purchase commitments are as follows: Fiscal 2016 $ 34.6 Fiscal 2017 4.0 Fiscal 2018 3.0 Fiscal 2019 0.8 Total $ 42.4 In connection with its R&D efforts, the Company has various license agreements with unrelated parties that provide the Company with rights to develop and market products using certain technology and patent rights. Terms of the various license agreements require the Company to pay royalties ranging from less than 1% up to 35% of future sales on products using the specified technology. Such agreements generally provide for a term that commences upon execution and continues until expiration of the last patent covering the licensed technology. Under certain of these agreements, the Company is required to pay minimum annual royalty payments regardless of the level of sales. In addition, the Company has commitments for minimum payments under certain collaboration agreements. At September 26, 2015 , minimum commitments for these agreements are as follows: Fiscal 2016 $ 1.3 Fiscal 2017 0.7 Fiscal 2018 0.6 Fiscal 2019 0.6 Fiscal 2020 0.6 Thereafter 3.3 Total $ 7.1 Concentration of Suppliers The Company purchases certain components of its products from a single or small number of suppliers. A change in or loss of these suppliers could cause a delay in filling customer orders and a possible loss of sales, which could adversely affect results of operations; however, management believes that suitable replacement suppliers could be obtained in such an event. Operating Leases The Company conducts its operations in leased facilities under operating lease agreements that expire through fiscal 2035 . Substantially all of the Company’s lease agreements require the Company to maintain the facilities during the term of the lease and to pay all taxes, insurance, utilities and other costs associated with those facilities. The Company makes customary representations and warranties and agrees to certain financial covenants and indemnities. In the event the Company defaults on a lease, typically the landlord may terminate the lease, accelerate payments and collect liquidated damages. As of September 26, 2015 , the Company was not in default of any covenants contained in its lease agreements. Certain of the Company’s lease agreements provide for renewal options. Such renewal options are at rates similar to the current rates under the agreements. Future minimum lease payments under all of the Company’s operating leases at September 26, 2015 are as follows: Fiscal 2016 $ 16.3 Fiscal 2017 14.5 Fiscal 2018 12.5 Fiscal 2019 7.9 Fiscal 2020 6.0 Thereafter 21.8 Total $ 79.0 Rent expense, net of sublease income from these locations, was $19.2 million , $21.1 million , and $19.9 million for fiscal 2015 , 2014 and 2013 , respectively. The Company subleases a portion of a building it owns and some of its facilities and has received aggregate rental income of $2.0 million , $1.8 million and $1.9 million in fiscal 2015 , 2014 and 2013 , respectively, which has been recorded as an offset to rent expense. The future minimum annual rental income payments under these sublease agreements at September 26, 2015 are as follows: Fiscal 2016 $ 2.0 Fiscal 2017 2.0 Fiscal 2018 1.9 Fiscal 2019 1.9 Fiscal 2020 1.3 Thereafter 1.2 Total $ 10.3 |
Litigation and Related Matters
Litigation and Related Matters | 12 Months Ended |
Sep. 26, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation and Related Matters | Litigation and Related Matters On June 9, 2010, Smith & Nephew, Inc. ("Smith & Nephew") filed suit against Interlace, which the Company acquired on January 6, 2011, in the United States District Court for the District of Massachusetts. The complaint alleged that the Interlace MyoSure hysteroscopic tissue removal device infringed U.S. patent 7,226,459. On November 22, 2011, Smith & Nephew filed suit against the Company in the United States District Court for the District of Massachusetts. The complaint alleged that use of the MyoSure hysteroscopic tissue removal system infringed U.S. patent 8,061,359. Both complaints sought permanent injunctive relief and unspecified damages. On September 4, 2012, following a two week trial, the jury returned a verdict of infringement of both the ‘459 and ‘359 patents and assessed damages of $4.0 million . A bench trial regarding the Company’s assertion of inequitable conduct on the part of Smith & Nephew with regard to the ‘359 patent was held on December 9, 2012 and oral arguments on the issue of inequitable conduct were presented on February 27, 2013. On June 27, 2013, the Court denied the Company’s motions related to inequitable conduct and allowed Smith & Nephew’s request for injunction, but ordered that enforcement of the injunction be stayed until final resolution, including appeal, of the current re-examinations of both patents at the United States Patent and Trademark Office (“USPTO”). The Court also rejected the jury’s damage award and ordered the parties to identify a mechanism for resolving the damages issue. The Company intends to file post-trial motions seeking to reverse the jury’s verdict. The USPTO has issued final decisions that the claims of the ‘459 and the '359 patents asserted as part of the litigation are not patentable. Smith & Nephew has appealed these decisions to the U.S. Patent Trial and Appeal Board. At this time, based on available information regarding this litigation, the Company is unable to reasonably assess the ultimate outcome of this case or determine an estimate, or a range of estimates, of potential losses. In January 2012 , Enzo filed suit against Gen-Probe in the United States District Court for the District of Delaware. The Gen-Probe complaint alleged that certain of Gen-Probe’s diagnostics products, including products that incorporate Gen-Probe’s patented hybridization protection assay technology, such as the Aptima Combo 2 and Aptima HPV assays, infringe Enzo’s U.S. patent 6,992,180. On March 6, 2012, Enzo Life Sciences, Inc. (“Enzo”) filed suit against the Company in the United States District Court for the District of Delaware. The complaint alleged that certain of the Company’s molecular diagnostics products, including without limitation products based on its proprietary Invader chemistry, such as Cervista HPV HR and Cervista HPV 16/18, infringe Enzo’s U.S. patent 6,992,180. The complaint seeks permanent injunctive relief and unspecified damages. On September 30, 2013, Enzo amended its list of accused products to include Prodesse, MilliPROBE, PACE and Procleix assays. The complaint seeks permanent injunctive relief and unspecified damages. Enzo has asserted the ‘180 patent claims against six other companies. The court issued a Markman order on July 7, 2015 construing the claims, and it is expected that summary judgment motions will be heard in the fall of 2016. At this time, based on available information regarding this litigation, the Company is unable to reasonably assess the ultimate outcome of this case or determine an estimate, or a range of estimates, of potential losses. On March 27, 2015, Enzo filed an additional suit against the Company in the United States District Court for the District of Delaware, The complaint alleged that certain additional Company molecular diagnostic products, including, inter alia, the Procleix Parvo/HAV assays and coagulation products, including the Invader Factor II test and the Invader Factor V test, also infringe U.S. Patent 6,992,180. The complaint further alleged that certain of the Company’s molecular diagnostic products, including Hologic’s Progensa PCA3 products, all Aptima products and all Procleix products infringe Enzo’s U. S. Patent 7,064,197. On June 11, 2015, this matter was stayed pending the resolution of summary judgment motions in the 2012 case referenced above. At this time, based on available information regarding this litigation, the Company is unable to reasonably assess the ultimate outcome of this case or determine an estimate, or a range of estimates, of potential losses. On October 29, 2013, the Interlace stockholder representatives filed a complaint in the Delaware Court of Chancery alleging breach of contract for issues related to the payment of contingent consideration under the Interlace acquisition agreement, and sought $14.7 million in additional payments. On October 20, 2014, a trial was held in Delaware. The parties executed a settlement agreement in January 2015 for an amount less than that sought. The effect of this settlement was not material to the Company's financial statements. The Company is a party to various other legal proceedings and claims arising out of the ordinary course of its business. The Company believes that except for those matters described above there are no other proceedings or claims pending against it of which the ultimate resolution would have a material adverse effect on its financial condition or results of operations. In all cases, at each reporting period, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under ASC 450, Contingencies . Legal costs are expensed as incurred. |
Grifols Collaboration Agreement
Grifols Collaboration Agreement | 12 Months Ended |
Sep. 26, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Grifols Collaboration Agreement | Grifols Collaboration Agreement Under its collaboration agreement with Grifols, the Company manufactures blood screening products, while Grifols is responsible for marketing, sales and service of those products, which Grifols sells under its trademarks. The Company is entitled to recover 50% of its manufacturing costs incurred in connection with the collaboration and will receive a percentage of the blood screening assay revenue generated under the collaboration. The Company’s share of revenue from any assay that includes a test for HCV is as follows: 2012-2013, 47% ; 2014, 48% ; and 2015 through the remainder of the term of the collaboration, 50% . The Company’s share of blood screening assay revenue from any assay that does not test for HCV is 50% . Grifols is obligated to purchase all of the quantities of assays specified on a 90-day demand forecast, due 90 days prior to the date Grifols intends to take delivery, and certain quantities specified on a rolling 12-month forecast. The Company recognizes product revenue, and collaborative research and license revenue, which is included within services and other revenues, under this collaboration agreement. The Company recognized $253.1 million , $223.3 million and $197.9 million under this collaboration agreement in fiscal 2015 , 2014 , and 2013 respectively. |
Business Segments and Geographi
Business Segments and Geographic Information | 12 Months Ended |
Sep. 26, 2015 | |
Segment Reporting [Abstract] | |
Business Segments and Geographic Information | Business Segments and Geographic Information The Company reports segment information in accordance with ASC 280, Segment Reporting. Operating segments are identified as components of an enterprise about which separate, discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions about how to allocate resources and assess performance. The Company’s chief operating decision maker is its chief executive officer, and the Company’s reportable segments have been identified based on the types of products manufactured and the end markets to which the products are sold. Each reportable segment generates revenue from either the sale of medical equipment and related services and/or sale of disposable supplies, primarily used for diagnostic testing and surgical procedures. The Company has four reportable segments: Diagnostics, Breast Health, GYN Surgical and Skeletal Health. Certain reportable segments represent an aggregation of operating units within each segment. The Company measures and evaluates its reportable segments based on segment revenues and operating income (loss) adjusted to exclude the effect of non-cash charges, such as intangible asset amortization expense, intangible asset impairment charges, contingent consideration charges, restructuring and divestiture charges, and other one-time or unusual items, and related tax effects. Identifiable assets for the four principal reportable segments consist of inventories, intangible assets, goodwill, and property, plant and equipment. The Company fully allocates depreciation expense to its four reportable segments. The Company has presented all other identifiable assets as corporate assets. There were no intersegment revenues. Segment information for fiscal 2015 , 2014 , and 2013 was as follows: Years ended September 26, September 27, September 28, Total revenues: Diagnostics $ 1,211.8 $ 1,186.8 $ 1,189.8 Breast Health 1,063.4 944.7 905.1 GYN Surgical 335.8 307.9 307.1 Skeletal Health 94.0 91.3 90.3 $ 2,705.0 $ 2,530.7 $ 2,492.3 Operating income (loss): Diagnostics $ 109.5 $ 48.7 $ (1,149.1 ) Breast Health 296.3 187.6 216.1 GYN Surgical 38.6 30.3 19.7 Skeletal Health 10.7 13.1 7.1 $ 455.1 $ 279.7 $ (906.2 ) Depreciation and amortization: Diagnostics $ 358.7 $ 376.0 $ 369.8 Breast Health 28.6 41.7 40.1 GYN Surgical 102.7 104.6 105.2 Skeletal Health 1.4 0.9 0.9 $ 491.4 $ 523.2 $ 516.0 Capital expenditures: Diagnostics $ 55.6 $ 52.2 $ 51.6 Breast Health 12.8 10.0 16.4 GYN Surgical 9.5 8.0 9.1 Skeletal Health 0.4 0.4 0.6 Corporate 11.1 9.6 12.4 $ 89.4 $ 80.2 $ 90.1 September 26, September 27, September 28, Identifiable assets: Diagnostics $ 4,055.8 $ 4,383.5 $ 4,667.9 Breast Health 815.4 859.8 932.2 GYN Surgical 1,658.1 1,748.2 1,849.5 Skeletal Health 25.3 26.1 33.5 Corporate 1,115.5 1,397.1 1,517.7 $ 7,670.1 $ 8,414.7 $ 9,000.8 The Company operates in the following major geographic areas as noted in the below chart. Revenue data is based upon customer location. Other than the United States, no single country accounted for more than 10% of consolidated revenues. The Company’s sales in Europe are predominantly derived from France, Germany and the United Kingdom. The Company’s sales in Asia-Pacific are predominantly derived from China, Australia and Japan. The “All others” designation includes Canada, Latin America and the Middle East. Revenues by geography as a percentage of total revenues were as follows: Years ended September 26, September 27, September 28, United States 76.0 % 75.1 % 74.9 % Europe 11.8 % 13.3 % 13.2 % Asia-Pacific 8.5 % 7.7 % 8.1 % All others 3.7 % 3.9 % 3.8 % 100.0 % 100.0 % 100.0 % The Company’s property, plant and equipment, net are geographically located as follows: September 26, 2015 September 27, 2014 September 28, 2013 United States $ 369.1 $ 366.8 $ 386.0 Costa Rica 27.7 27.9 29.3 Europe 50.8 56.0 61.5 All other countries 9.5 11.2 14.7 $ 457.1 $ 461.9 $ 491.5 |
Accrued Expenses and Other Long
Accrued Expenses and Other Long-Term Liabilities | 12 Months Ended |
Sep. 26, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Long-Term Liabilities | Accrued Expenses and Other Long-Term Liabilities Accrued expenses and other long-term liabilities consisted of the following: September 26, 2015 September 27, 2014 Accrued Expenses Compensation and employee benefits $ 173.2 $ 157.6 Interest 14.6 18.0 Income and other taxes 13.3 9.8 Other 71.0 76.7 $ 272.1 $ 262.1 September 26, 2015 September 27, 2014 Other Long-Term Liabilities Reserve for income tax uncertainties $ 145.1 $ 131.4 Accrued lease obligation—long-term 34.0 34.1 Pension liabilities 10.1 10.8 Other 11.7 7.1 $ 200.9 $ 183.4 |
Pension and Other Employee Bene
Pension and Other Employee Benefits | 12 Months Ended |
Sep. 26, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Employee Benefits | Pension and Other Employee Benefits The Company has certain defined benefit pension plans covering the employees of its Hitec Imaging German subsidiary(the “Pension Benefits”). As of September 26, 2015 and September 27, 2014 , the Company’s pension liability was $10.0 million and $10.3 million , respectively, which is primarily recorded as a component of long-term liabilities in the Consolidated Balance Sheets. Under German law, there are no rules governing investment or statutory supervision of the pension plan. As such, there is no minimum funding requirement imposed on employers. Pension benefits are safeguarded by the Pension Guaranty Fund, a form of compulsory reinsurance that guarantees an employee will receive vested pension benefits in the event of insolvency. The pension plans were closed on December 31, 1997 and only eligible employees at that date could participate in the plans prior to closing to new participants. The tables below provide a reconciliation of benefit obligations, plan assets, funded status, and related actuarial assumptions of the Company’s German Pension Benefits. Change in Benefit Obligation Years ended September 26, 2015 September 27, 2014 September 28, 2013 Benefit obligation at beginning of year $ (10.3 ) $ (10.1 ) $ (9.7 ) Service cost — — — Interest cost (0.3 ) (0.3 ) (0.4 ) Plan participants’ contributions — — — Actuarial (loss) gain (0.9 ) (0.8 ) 0.2 Foreign exchange gain (loss) 1.2 0.6 (0.5 ) Benefits paid 0.3 0.3 0.3 Benefit obligation at end of year (10.0 ) (10.3 ) (10.1 ) Plan assets — — — Benefit obligation at end of year $ (10.0 ) $ (10.3 ) $ (10.1 ) The tables below outline the components of the net periodic benefit cost and related actuarial assumptions of the Company’s German Pension Benefits. Components of Net Periodic Benefit Cost Years ended September 26, 2015 September 27, 2014 September 28, 2013 Service cost $ — $ — $ — Interest cost 0.3 0.3 0.4 Expected return on plan assets — — — Amortization of prior service cost — — — Recognized net actuarial gain — — — Net periodic benefit cost $ 0.3 $ 0.3 $ 0.4 Weighted-Average Net Periodic Benefit Cost Assumptions 2015 2014 2013 Discount rate 2.05 % 2.95 % 3.60 % Expected return on plan assets — % — % — % Rate of compensation increase — % — % — % The projected benefit obligation for the German Pension Benefits with projected benefit obligations in excess of plan assets was $10.0 million and $10.3 million at September 26, 2015 and September 27, 2014 , respectively, and the accumulated benefit obligation for the German Pension Benefits was $10.0 million and $10.3 million at September 26, 2015 and September 27, 2014 , respectively. The Company is also obligated to pay long-term service award benefits under the German Pension Benefits. The projected benefit obligation for long-term service awards was $0.1 million and $0.2 million at September 26, 2015 and September 27, 2014 , respectively. The table below reflects the total Pension Benefits expected to be paid for the German Pension Benefits each fiscal year as of September 26, 2015 : 2016 $ 0.3 2017 $ 0.3 2018 $ 0.4 2019 $ 0.4 2020 $ 0.4 2021 to 2025 $ 2.0 The Company also maintains additional contractual pension benefits for its top German executive officers in the form of a defined contribution plan. These contributions were insignificant in fiscal 2015 , 2014 and 2013 . Additionally, the Company has Swiss pension plans, which were insignificant in fiscal 2015 , 2014 , and 2013 . |
Quarterly Statement of Operatio
Quarterly Statement of Operations Information (Unaudited) | 12 Months Ended |
Sep. 26, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Statement of Operations Information (Unaudited) | Quarterly Statement of Operations Information (Unaudited) The following table presents a summary of quarterly results of operations for fiscal 2015 and 2014 : 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 652.8 $ 655.5 $ 693.9 $ 702.8 Gross profit 338.6 336.0 378.7 379.4 Net income (1) 29.2 47.8 29.4 25.2 Diluted net income per common share $ 0.10 $ 0.17 $ 0.10 $ 0.09 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 612.4 $ 625.0 $ 632.6 $ 660.6 Gross profit 305.6 282.1 312.8 345.0 Net income (loss) (2) (5.4 ) (16.8 ) 11.3 28.2 Diluted net income (loss) per common share $ (0.02 ) $ (0.06 ) $ 0.04 $ 0.10 (1) Net income in the first quarter of fiscal 2015 included restructuring charges of $8.0 million and a debt extinguishment loss of $6.7 million . Net income in the third quarter of fiscal 2015 included restructuring and divestiture charges of $11.9 million and a debt extinguishment loss of $18.2 million . Net income in the fourth quarter of fiscal 2015 included restructuring charges of $6.5 million , a debt extinguishment loss of $37.8 million , and an other-than-temporary impairment charge of $7.8 million related to a marketable security. (2) Net loss in the first quarter of fiscal 2014 included restructuring charges of $18.4 million and a debt extinguishment loss of $2.9 million . Net loss in the second quarter of fiscal 2014 included an impairment charge related to the MRI breast coils product line of $28.6 million , restructuring charges of $11.6 million and a debt extinguishment loss of $4.4 million . Net income in the third quarter of fiscal 2014 included restructuring charges of $6.7 million . Net income in the fourth quarter of fiscal 2014 included restructuring and divestiture charges of $ 15.1 million and a $5.1 million IPR&D charge. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 26, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company’s fiscal year ends on the last Saturday in September. Fiscal 2015 , 2014 and 2013 ended on September 26, 2015 , September 27, 2014 and September 28, 2013 , respectively. |
Management's Estimates | Management’s Estimates and Uncertainties The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions by management affect the Company’s revenue recognition for multiple element arrangements, allowance for doubtful accounts, the net realizable value of inventory, estimated fair value of cost-method equity investments, valuations, purchase price allocations and contingent consideration related to business combinations, expected future cash flows including growth rates, discount rates, terminal values and other assumptions and estimates used to evaluate the recoverability of long-lived assets and goodwill, estimated fair values of intangible assets and goodwill, amortization methods and periods, warranty reserves, certain accrued expenses, restructuring and other related charges, stock-based compensation, contingent liabilities, tax reserves, deferred tax rates and recoverability of the Company’s net deferred tax assets and related valuation allowances. Although the Company regularly assesses these estimates, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. The Company is subject to a number of risks similar to those of other companies of similar size in its industry, including dependence on third-party reimbursements to support the markets of the Company’s products, early stage of development of certain products, rapid technological changes, recoverability of long-lived assets (including intangible assets and goodwill), competition, stability of world financial markets, ability to obtain regulatory approvals, changes in the regulatory environment, limited number of suppliers, customer concentration, integration of acquisitions, substantial indebtedness, government regulations, future sales or issuances of its common stock, management of international activities, protection of proprietary rights, patent and other litigation and dependence on key individuals. |
Cash Equivalents | Cash Equivalents Cash equivalents are highly liquid investments with insignificant interest rate risk and maturities of three months or less at the time of acquisition. |
Marketable Securities | Marketable Securities The Company’s marketable securities are comprised of equity securities and mutual funds. The equity securities are investments in the common stock of publicly traded companies, and the mutual funds are used to fund a portion of the Company's deferred compensation plan. The equity securities are classified as available-for-sale and are recorded at fair value with the unrealized gains or losses, net of tax, within accumulated other comprehensive income (loss), which is a component of stockholders’ equity. The mutual funds are classified as trading and are recorded at fair value with unrealized gains and losses recorded in other income (expense), net in the Consolidated Statements of Operations. The Company periodically reviews its marketable equity securities classified as available-for-sale for other-than-temporary declines in fair value below carrying value, or whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. The determination that a decline is other-than-temporary is, in part, subjective and influenced by many factors. When assessing marketable equity securities for other-than-temporary declines in value, the Company considers factors including: the significance of the decline in value compared to the carrying value; the underlying factors contributing to a decline in the price of the security; how long the market value of the investment has been less than its carrying value; any market conditions that impact liquidity; the views of external investment analysts; the financial condition and near-term prospects of the investee; any news or financial information that has been released specific to the investee; and the outlook for the overall industry in which the investee operates. In the fourth quarter of fiscal 2015, the Company concluded that the decline in fair value of one of its marketable securities was other-than-temporary based on the length of time the security's market value was significantly below its carrying value and recorded an impairment charge of $7.8 million . The following reconciles cost basis to fair market value. Cost Gross Unrealized Gross Unrealized Other Than Temporary Impairment Fair Value As of September 26, 2015 $ 16.1 $ 7.2 $ (0.3 ) $ (7.8 ) $ 15.2 As of September 27, 2014 $ 15.5 $ 10.2 $ (1.3 ) $ — $ 24.4 As of September 28, 2013 $ 5.9 $ 12.2 $ — $ — $ 18.1 |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that subject the Company to credit risk primarily consist of cash and cash equivalents, cost-method equity investments, and trade accounts receivable. The Company invests its cash and cash equivalents with high credit quality financial institutions. The Company’s customers are principally located in the United States, Europe and Asia. The Company performs ongoing credit evaluations of the financial condition of its customers and generally does not require collateral. Although the Company is directly affected by the overall financial condition of the healthcare industry, as well as global economic conditions, management does not believe significant credit risk exists as of September 26, 2015 . The Company generally has not experienced any material losses related to receivables from individual customers or groups of customers in the healthcare industry. The Company maintains an allowance for doubtful accounts based on accounts past due and historical collection experience. There were no customers with balances greater than 10% of accounts receivable as of September 26, 2015 and September 27, 2014 , or any customers that represented greater than 10% of consolidated revenues for fiscal years 2015 , 2014 and 2013 . |
Supplemental Cash Flow Statement Information | Supplemental Cash Flow Statement Information Years ended September 26, 2015 September 27, 2014 September 28, 2013 Cash paid during the period for income taxes $ 168.7 $ 231.8 $ 79.9 Cash paid during the period for interest $ 143.0 $ 155.7 $ 192.8 |
Inventories | Inventories Inventories are valued at the lower of cost or market on a first in, first out basis. Work-in-process and finished goods inventories consist of materials, labor and manufacturing overhead. The valuation of inventory requires management to estimate excess and obsolete inventory. The Company employs a variety of methodologies to determine the net realizable value of its inventory. Provisions for excess and obsolete inventory are primarily based on management’s estimates of forecasted sales, usage levels and expiration dates, as applicable for disposable products. A significant change in the timing or level of demand for the Company’s products compared to forecasted amounts may result in recording additional charges for excess and obsolete inventory in the future. The Company records charges for excess and obsolete inventory within cost of product revenues. Inventories consisted of the following: September 26, 2015 September 27, 2014 Raw materials $ 98.3 $ 115.6 Work-in-process 58.7 57.1 Finished goods 126.1 157.9 $ 283.1 $ 330.6 |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is recorded at cost less allowances for depreciation. The straight-line method of depreciation is used for all property and equipment. Property, plant and equipment consisted of the following: September 26, 2015 September 27, 2014 Equipment and software $ 365.9 $ 342.5 Equipment under customer usage agreements 305.7 285.2 Buildings and improvements 182.1 176.9 Leasehold improvements 59.2 63.2 Land 51.4 51.6 Furniture and fixtures 17.3 16.3 981.6 935.7 Less - accumulated depreciation and amortization (524.5 ) (473.8 ) $ 457.1 $ 461.9 Property, plant and equipment are depreciated over the following estimated useful lives: Asset Classification Estimated Useful Life Building and improvements 35–40 years Equipment and software 3–10 years Equipment under customer usage agreements 3–8 years Furniture and fixtures 5–7 years Leasehold improvements Shorter of the Original Term of Lease or Estimated Useful Life Equipment under customer usage agreements primarily consists of diagnostic instrumentation and imaging equipment located at customer sites but owned by the Company. Generally, the customer has the right to use it for a period of time provided they meet certain agreed to conditions. The Company recovers the cost of providing the equipment from the sale of disposables. The depreciation costs associated with equipment under customer usage agreements are charged to cost of product revenues over the estimated useful life of the equipment. The costs to maintain the equipment in the field are charged to cost of product revenue as incurred. |
Long-Lived Assets | Long-Lived Assets The Company reviews its long-lived assets, which includes property, plant and equipment and identifiable intangible assets (see below for discussion of intangible assets), for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with ASC 360-10-35-15, Property, Plant and Equipment—Impairment or Disposal of Long-Lived Assets (ASC 360). Recoverability of these assets is evaluated by comparing the carrying value of the assets to the undiscounted cash flows estimated to be generated by those assets over their remaining economic life. If the undiscounted cash flows are not sufficient to recover the carrying value of the assets, the assets are considered impaired. The impairment loss is measured by comparing the fair value of the assets to their carrying value. Fair value is determined by either a quoted market price, if any, or a value determined by a discounted cash flow technique. In the second quarter of fiscal 2014, the Company evaluated its MRI breast coils product line asset group, which was within its Breast Health segment, for impairment due to the Company’s expectation that it would be sold or disposed of significantly before the end of its previously estimated useful life. At this time, the undiscounted cash flows expected to be generated by this asset group over its estimated remaining useful life were not sufficient to recover its carrying value. The Company estimated the fair value of the asset group using market participant assumptions, which were based on underlying cash flow estimates, resulting in an impairment charge of $28.6 million . Pursuant to ASC 360 subtopic 10-35-28, the impairment charge was allocated to the long-lived assets with $27.1 million to intangible assets and $1.5 million to property and equipment. The property and equipment charge was recorded to cost of product revenues and general and administrative expenses in the amounts of $0.3 million and $1.2 million , respectively. The Company believes this adjustment falls within Level 3 of the fair value hierarchy. The Company completed the sale of this product line in the fourth quarter of fiscal 2014 (see Note 3). In the first quarter of fiscal 2014, the Company recorded a $3.1 million impairment charge to record certain of its buildings at fair value related to the shutdown of its Hitec Imaging organic photoconductor manufacturing line (see Note 3). At the end of the fourth quarter of fiscal 2013, the Company decided to transition certain of its placed equipment at customer sites to its Panther instrument, and as a result, the Company recorded a charge of $6.3 million to cost of product revenues of which $3.7 million related to recording certain equipment at its fair value. |
Business Combinations and Acquisition of Intangible Assets | Business Combinations and Acquisition of Intangible Assets The Company records tangible and intangible assets acquired in business combinations under the purchase method of accounting. The Company accounts for acquisitions in accordance with ASC 805, Business Combinations (ASC 805). Amounts paid for each acquisition are allocated to the assets acquired and liabilities assumed based on their fair values at the dates of acquisition. The Company allocates the purchase price in excess of the fair value of the net tangible assets acquired to identifiable intangible assets, including purchased research and development, based on detailed valuations that use certain information and assumptions provided by management. The Company allocates any excess purchase price over the fair value of the net tangible and intangible assets acquired to goodwill. The use of alternative valuation assumptions, including estimated cash flows and discount rates, and alternative useful life assumptions could result in different purchase price allocations and intangible asset amortization expense in current and future periods. The Company uses the income approach to determine the fair value of developed technology and in-process research and development ("IPR&D") acquired in a business combination. This approach determines fair value by estimating the after-tax cash flows attributable to the respective asset over its useful life and then discounting these after-tax cash flows back to a present value. The Company bases its revenue assumptions on estimates of relevant market sizes, expected market growth rates, expected trends in technology and expected product introductions by competitors. Developed technology represents patented and unpatented technology and know-how. Regarding the value of the in-process projects, the Company considers, among other factors, the in-process projects’ stage of completion, the complexity of the work completed as of the acquisition date, the projected costs to complete, the contribution of core technologies and other acquired assets, the expected introduction date and the estimated useful life of the technology. The Company believes that the estimated developed technology and IPR&D amounts represent the fair value at the date of acquisition and do not exceed the amount a third-party would pay for the assets. The Company also uses the income approach, as described above, to determine the estimated fair value of certain other identifiable intangible assets including customer relationships, trade names and business licenses. Customer relationships represent established relationships with customers, which provide a ready channel for the sale of additional products and services. Trade names represent acquired company and product names. |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible Assets Intangible assets are initially recorded at fair value and stated net of accumulated amortization and impairments. The Company amortizes its intangible assets that have finite lives using either the straight-line method, or if reliably determinable, based on the pattern in which the economic benefit of the asset is expected to be utilized. Amortization is recorded over the estimated useful lives ranging from 2 to 30 years. The Company evaluates the realizability of its definite lived intangible assets whenever events or changes in circumstances or business conditions indicate that the carrying value of these assets may not be recoverable based on expectations of future undiscounted cash flows for each asset group. If the carrying value of an asset or asset group exceeds its undiscounted cash flows, the Company estimates the fair value of the assets, generally utilizing a discounted cash flow analysis based on the present value of estimated future cash flows to be generated by the assets using a risk-adjusted discount rate. To estimate the fair value of the assets, the Company uses market participant assumptions pursuant to ASC 820, Fair Value Measurements . Indefinite lived intangible assets, such as IPR&D assets, are required to be tested for impairment annually, or more frequently if indicators of impairment are present. The Company’s annual impairment test date is as of the first day of its fourth quarter. During the fourth quarter of fiscal 2014, the Company recorded impairment charges of $5.1 million for a reduction in fair value of its remaining IPR&D assets. The reduction in fair value was primarily due to lower revenue projections of the respective products compared to those estimated at the time of the Gen-Probe acquisition. During the second quarter of fiscal 2014, the Company recorded impairment charges of $26.6 million and $0.5 million to developed technology and trade names, respectively, related to its MRI breast coils product line discussed above. In addition, the Company periodically re-evaluates the lives of its definite-lived intangible assets, and in the second quarter of fiscal 2014 shortened the life of certain corporate trade names, which will be phased out. During the fourth quarter of fiscal 2013, as a result of the Company’s conclusion that its Molecular Diagnostics reporting unit was impaired (as discussed below), the Company performed an impairment test of this reporting unit’s long-lived assets as of the first day of the fourth quarter. The impairment evaluation was based on expectations of future undiscounted cash flows compared to the carrying value of the long-lived assets. The Company’s cash flow estimates were based upon future projected net cash flows derived from the Company-wide annual planning process, which were used for the annual goodwill impairment test discussed below. Based on this analysis, the Molecular Diagnostics long-lived assets were deemed to not be impaired. The Company believes its procedures for estimating future cash flows were reasonable and consistent with market conditions at the time of estimation. Intangible assets consisted of the following: September 26, 2015 September 27, 2014 Description Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Developed technology $ 3,979.1 $ 1,698.5 $ 3,965.6 $ 1,399.4 In-process research and development 3.7 — 17.9 — Customer relationships and contracts 1,101.1 467.5 1,102.4 384.7 Trade names 236.4 131.5 236.5 105.3 Business licenses 2.5 2.1 2.6 2.0 $ 5,322.8 $ 2,299.6 $ 5,325.0 $ 1,891.4 Amortization expense related to developed technology and patents is classified as a component of cost of product revenues—amortization of intangible assets. Amortization expense related to customer relationships and contracts, trade names, business licenses and non-competes is classified as a component of amortization of intangible assets within operating expenses. The estimated amortization expense at September 26, 2015 for each of the five succeeding fiscal years was as follows: Fiscal 2016 $ 377.0 Fiscal 2017 $ 365.6 Fiscal 2018 $ 355.1 Fiscal 2019 $ 343.5 Fiscal 2020 $ 332.3 Goodwill In accordance with ASC 350, Intangibles—Goodwill and Other (ASC 350), the Company tests goodwill for impairment at the reporting unit level on an annual basis and between annual tests if events and circumstances indicate it is more likely than not that the fair value of a reporting unit is less than its carrying value. Events that could indicate impairment and trigger an interim impairment assessment include, but are not limited to, current economic and market conditions, including a decline in market capitalization, a significant adverse change in legal factors, business climate, operational performance of the business or key personnel, and an adverse action or assessment by a regulator. In performing the impairment test, the Company utilizes the two-step approach prescribed under ASC 350. The first step requires a comparison of the carrying value of each reporting unit to its estimated fair value. To estimate the fair value of its reporting units for Step 1, the Company primarily utilizes the income approach. The income approach is based on a DCF analysis and calculates the fair value by estimating the after-tax cash flows attributable to a reporting unit and then discounting the after-tax cash flows to a present value using a risk-adjusted discount rate. Assumptions used in the DCF require significant judgment, including judgment about appropriate discount rates and terminal values, growth rates, and the amount and timing of expected future cash flows. The forecasted cash flows are based on the Company’s most recent budget and strategic plan and for years beyond this period, the Company’s estimates are based on assumed growth rates expected as of the measurement date. The Company believes its assumptions are consistent with the plans and estimates used to manage the underlying businesses. The discount rates used are intended to reflect the risks inherent in future cash flow projections and are based on estimates of the weighted-average cost of capital (“WACC”) of market participants relative to each respective reporting unit. The market approach considers comparable market data based on multiples of revenue or earnings before interest, taxes, depreciation and amortization (“EBITDA”) and is primarily used as a corroborative analysis to the results of the DCF analysis. The Company believes its assumptions used to determine the fair value of its reporting units are reasonable. If different assumptions were used, particularly with respect to forecasted cash flows, terminal values, WACCs, or market multiples, different estimates of fair value may result and there could be the potential that an impairment charge could result. Actual operating results and the related cash flows of the reporting units could differ from the estimated operating results and related cash flows. If the carrying value of a reporting unit exceeds its estimated fair value, the Company is required to perform the second step of the goodwill impairment test to measure the amount of impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of a reporting unit’s goodwill to its carrying value. The implied fair value of goodwill is derived by performing a hypothetical purchase price allocation for each reporting unit as of the measurement date and allocating the reporting unit’s estimated fair value to its assets and liabilities. The residual amount from performing this allocation represents the implied fair value of goodwill. To the extent this amount is below the carrying value of goodwill, an impairment charge is recorded. The Company conducted its fiscal 2015 impairment test on the first day of the fourth quarter, and as noted above used DCF and market approaches to estimate the fair value of its reporting units as of June 28, 2015, and ultimately used the fair value determined by the DCF approach in making its impairment test conclusions. The Company believes it used reasonable estimates and assumptions about future revenue, cost projections, cash flows, market multiples and discount rates as of the measurement date. As a result of completing Step 1, all of the Company's reporting units had fair values exceeding their carrying values, and as such, Step 2 of the impairment test was not required. For illustrative purposes, had the fair value of each of the reporting units that passed Step 1 been lower than 10% , all of the reporting units would still have passed Step 1 of the goodwill impairment test. At September 26, 2015, the Company believes that each reporting unit, with goodwill aggregating 2.81 billion , was not at risk of failing Step 1 of the goodwill impairment test based on the current forecasts. The Company conducted its fiscal 2014 annual impairment test on the first day of the fourth quarter, and as noted above used DCF and market approaches to estimate the fair value of its reporting units as of June 29, 2014, and ultimately used the fair value determined by the DCF approach in making its impairment test conclusions. The Company believes it used reasonable estimates and assumptions about future revenue, cost projections, cash flows, market multiples and discount rates as of the measurement date. As a result of completing Step 1, all of the Company’s reporting units had fair values exceeding their carrying values, and as such, Step 2 of the impairment test was not required. The Company conducted its fiscal 2013 annual impairment test on the first day of the fourth quarter, and as noted above used a DCF analysis to estimate the fair value of its reporting units as of June 30, 2013. The Company believes it used reasonable estimates and assumptions about future revenue, cost projections, cash flows, market multiples and discount rates as of the measurement date. As a result of completing Step 1, all of the Company’s reporting units, except for its Molecular Diagnostics reporting unit, which is within the Company’s Diagnostics segment, had fair values exceeding their carrying values, and as such, Step 2 of the impairment test was not required for those reporting units. In connection with its company-wide annual budgeting and strategic planning process performed in the fourth quarter of fiscal 2013, the Company performed a full re-evaluation of its existing product development efforts and cost structure. As a result, the Company reduced its short term and long term revenue forecasts and determined that indicators of impairment existed in its Molecular Diagnostics reporting unit. The Molecular Diagnostics reporting unit is primarily comprised of the Company’s Aptima business acquired in the Gen-Probe acquisition and the molecular diagnostics business acquired in the Third Wave acquisition. The updated forecast of revenue and profitability, which reflected recent pricing pressures at that time, was lower than those expected at the time of the Gen-Probe acquisition. As a result, the fair value of this reporting unit was below its carrying value. The Company performed Step 2 of the impairment test, consistent with the procedures described above, and recorded a goodwill impairment charge of $1.1 billion . The basis of fair value for Molecular Diagnostics assumed the reporting unit would be purchased or sold in a taxable transaction, and the discount rate of 10% applied to the after-tax cash flows was relatively consistent with that used in the Company’s purchase accounting for the Gen-Probe acquisition. A rollforward of goodwill activity by reportable segment from September 27, 2014 to September 26, 2015 is as follows: Diagnostics Breast Health GYN Surgical Skeletal Health Total Balance at September 27, 2014 $ 1,154.1 $ 631.7 $ 1,016.8 $ 8.2 $ 2,810.8 Tax adjustments 0.6 0.7 — — 1.3 Foreign currency and other (2.4 ) (0.6 ) (0.8 ) (0.1 ) (3.9 ) Balance at September 26, 2015 $ 1,152.3 $ 631.8 $ 1,016.0 $ 8.1 $ 2,808.2 |
Other Assets | Other Assets Other assets consisted of the following: September 26, 2015 September 27, 2014 Other Assets Deferred financing costs $ 27.0 $ 44.9 Life insurance contracts 27.5 22.4 Derivative asset 6.2 — Mutual funds 5.6 15.4 Marketable securities 15.2 24.4 Manufacturing access fees 11.6 14.1 Cost-method equity investments 4.2 5.2 Other 17.9 16.2 $ 115.2 $ 142.6 Deferred financing costs are related to the Company’s Convertible Notes, Credit Agreement, Prior Credit Agreement and Senior Notes (see Note 4 for further discussion). The Company amortizes amounts related to each debt issuance using the effective interest rate method over the period of earliest redemption or the term of such debt. Life insurance contracts were purchased in connection with the Company’s Nonqualified Deferred Compensation Plan (“DCP”) and are recorded at their cash surrender value (see Note 10 for further discussion). The manufacturing access fees are related to a manufacturing supply and purchase agreement for our Aptima HPV products and are being amortized over the term of the agreement. The Company’s cost-method equity investments are carried at cost as the Company owns less than 20% of the voting equity and does not have the ability to exercise significant influence over these companies. The Company regularly evaluates the carrying value of its cost-method equity investments for impairment and whether any events or circumstances are identified that would significantly harm the fair value of the investment. The primary indicators the Company utilizes to identify these events and circumstances are the investee’s ability to remain in business, such as the investee’s liquidity and rate of cash use, and the investee’s ability to secure additional funding and the investee valuation as determined by that additional funding. In the event a decline in fair value is judged to be other-than-temporary, the Company will record an other-than-temporary impairment charge in other income (expense), net in the Consolidated Statements of Operations. During fiscal 2014 and fiscal 2013, the Company recorded other-than-temporary impairment charges of $6.9 million and $6.4 million , respectively, related to certain of its cost-method equity investments to adjust their carrying amounts to fair value. No such charges were recorded in fiscal 2015 for cost method investments. However, the Company recorded a $7.8 million other-than-temporary impairment charge related to one of its marketable securities in fiscal 2015. In the third quarter of fiscal 2013, the Company sold one of its investments and recorded a gain of $2.0 million . |
Research and Software Development Costs | Research and Software Development Costs Costs incurred for the research and development of the Company’s products are expensed as incurred. Nonrefundable advance payments for goods or services to be received in the future by the Company for use in research and development activities are deferred. The deferred costs are expensed as the related goods are delivered or the services are performed. The Company accounts for the development costs of software embedded in the Company’s products in accordance with ASC 985, Software. Costs incurred in the research, design and development of software embedded in products to be sold to customers are charged to expense until technological feasibility of the ultimate product to be sold is established. The Company’s policy is that technological feasibility is achieved when a working model, with the key features and functions of the product, is available for customer testing. Software development costs incurred after the establishment of technological feasibility and until the product is available for general release are capitalized, provided recoverability is reasonably assured. Software development costs eligible for capitalization have not been significant to date. |
Foreign Currency Translation | Foreign Currency Translation The financial statements of the Company’s foreign subsidiaries are translated in accordance with ASC 830, Foreign Currency Matters. The reporting currency for the Company is the U.S. dollar. With the exception of its Costa Rica subsidiary, whose functional currency is the U.S. dollar, the functional currency of the Company’s foreign subsidiaries is their local currency. Accordingly, assets and liabilities of these subsidiaries are translated at the exchange rate in effect at each balance sheet date. Before translation, the Company re-measures foreign currency denominated assets and liabilities, including inter-company accounts receivable and payable, into the functional currency of the respective entity, resulting in unrealized gains or losses recorded in other income (expense), net in the Consolidated Statements of Operations. Revenues and expenses are translated using average exchange rates during the respective period. Foreign currency translation adjustments are accumulated as a component of other comprehensive income (loss) as a separate component of stockholders’ equity. Gains and losses arising from transactions denominated in foreign currencies are included in other income (expense), net in the Consolidated Statements of Operations and were not significant in any of the reporting periods presented. |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income (Loss) Other comprehensive income (loss) includes certain transactions that have generally been reported in the statement of stockholders’ equity. The components of accumulated other comprehensive income (loss) consisted of the following: September 26, 2015 September 27, 2014 Foreign currency translation adjustment $ (15.7 ) $ (4.7 ) Unrealized gains on available-for-sale securities 6.9 8.9 Minimum pension liability, net of tax of $0.3 and $0.2, respectively (1.8 ) (1.6 ) Hedged Interest Rate Caps, net of tax of $2.5 in 2015 (3.9 ) — $ (14.5 ) $ 2.6 The following tables summarize the changes in accumulated balances of other comprehensive income for the periods presented: Year Ended September 26, 2015 Year Ended September 27, 2014 Foreign Currency Translation Marketable Securities Pension Plans Hedged Interest Rate Caps Total Foreign Currency Translation Marketable Securities Pension Plans Total Beginning Balance $ (4.7 ) $ 8.9 $ (1.6 ) $ — $ 2.6 $ 8.6 $ 12.1 $ (0.3 ) $ 20.4 Other comprehensive loss before reclassifications (20.6 ) (9.8 ) (0.2 ) (3.9 ) (34.5 ) (13.3 ) (3.2 ) (1.3 ) (17.8 ) Amounts reclassified to statement of operations 9.6 7.8 — — 17.4 — — — — Ending Balance $ (15.7 ) $ 6.9 $ (1.8 ) $ (3.9 ) $ (14.5 ) $ (4.7 ) $ 8.9 $ (1.6 ) $ 2.6 During fiscal 2015, the Company reclassified $9.6 million out of accumulated other comprehensive income to restructuring and divestiture charges related to writing off the cumulative translation adjustment in connection with its substantial liquidation of the MRI breast coils product line (see Note 3). In addition, during fiscal 2015 the Company reclassified $7.8 million out of accumulated other comprehensive income to other (expense) income, net for the other-than-temporary impairment of a marketable security. |
Derivatives, Policy [Policy Text Block] | Derivatives Interest Rate Cap - Cash Flow Hedge The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company manages its exposure to some of its interest rate risk through the use of interest rate caps, which are derivative financial instruments. The Company does not use derivatives for speculative purposes. For a derivative that is designated as a cash flow hedge, changes in the fair value of the derivative are recognized in accumulated other comprehensive income ("AOCI") to the extent the derivative is effective at offsetting the changes in the cash flows being hedged until the hedged item affects earnings. To the extent there is any hedge ineffectiveness, changes in fair value relating to the ineffective portion are immediately recognized in earnings in other income (expense) in the Consolidated Statements of Operations. During fiscal 2015, the Company entered into separate interest rate cap agreements with multiple counter-parties to help mitigate the interest rate volatility associated with the variable rate interest on its credit facilities under its Prior Credit Agreement, which has been replaced by the new Credit Agreement (see Note 4). Interest rate cap agreements provide the right to receive cash if the reference interest rate rises above a contractual rate. The aggregate premium paid by the Company for the interest rate cap agreements was $6.1 million , and $7.1 million , respectively, which was the initial fair value of the instruments recorded in the Company's financial statements. The critical terms of the interest rate caps were designed to mirror the terms of the Company’s LIBOR-based borrowings under the Prior Credit Agreement. The terms in the new Credit Agreement are consistent with the Prior Credit Agreement, and therefore the interest rate caps continue to be highly effective at offsetting the cash flows being hedged. The Company designated these derivatives as cash flow hedges of the variability of the LIBOR-based interest payments on $1.0 billion of principal over a three-year period, which ends on December 30, 2017. As of September 26, 2015, the Company determined that the existence of hedge ineffectiveness, if any, was immaterial and all changes in the fair value of the interest rate caps were recorded in AOCI. The aggregate fair value of these interest rate caps was $6.9 million at September 26, 2015 and is included in both Prepaid expenses and other current assets and Other assets on the Company’s Consolidated Balance Sheet. Refer to Note 5 “Fair Value Measurements” below for related fair value disclosures. The tables below present the location of the Company’s derivative financial instruments on the Consolidated Balance Sheets and the unrealized loss recognized in AOCI related to the interest rate caps for the following reporting periods (in millions): Balance Sheet Location September 26, 2015 Assets: Derivative instruments designated as a cash flow hedge: Interest rate cap agreements Prepaid expenses and other current assets $ 0.7 Interest rate cap agreements Other Assets 6.2 $ 6.9 Year Ended September 26, 2015 Year Ended September 27, 2014 Amount of loss recognized in other comprehensive income, net of taxes: Interest rate cap agreements $ (3.9 ) $ — During fiscal 2015, an immaterial amount was reclassified from AOCI to the Company’s Consolidated Statements of Operations related to the derivative financial instruments. The Company expects to similarly reclassify approximately $3.9 million from AOCI to the Consolidated Statements of Operations in the next twelve months. |
Revenue Recognition | Revenue Recognition The Company generates revenue from the sale of its products, primarily medical imaging systems and diagnostic and surgical disposable products, and related services, which are primarily support and maintenance services on its medical imaging systems. The Company recognizes product revenue upon shipment provided that there is persuasive evidence of an arrangement, there are no uncertainties regarding acceptance, the sales price is fixed or determinable, no right of return exists and collection of the resulting receivable is reasonably assured. Generally, the Company’s product arrangements for capital equipment sales, primarily in its Breast Health and Skeletal Health reporting segments, are multiple-element arrangements, including services, such as installation, training and support and maintenance, and multiple products. Based on the terms and conditions of the product arrangements, the Company believes that these services and undelivered products can be accounted for separately from the delivered product element as the Company’s delivered products have value to its customers on a stand-alone basis. Accordingly, revenue for services not yet performed at the time of product delivery, depending on shipment terms, are deferred and recognized as such services are performed. The relative selling price of any undelivered products is also deferred at the time of shipment and recognized as revenue when these products are delivered. There is no customer right of return in the Company’s sales agreements. Service revenues primarily consist of amounts recorded under service and maintenance contracts and repairs not covered under warranty, installation and training, and shipping and handling costs billed to customers. Service and maintenance contract revenues are recognized ratably over the term of the contract. Other service revenues are recognized as the services are performed. For revenue arrangements with multiple deliverables, the Company records revenue as separate units of accounting if the delivered items have value to the customer on a stand-alone basis, and if the arrangement includes a general right of return relative to the delivered items, the delivery or performance of the undelivered items is considered probable and substantially within the Company’s control. Some of the Company’s products have both software and non-software components that function together to deliver the product’s essential functionality. The Company determined that except for its computer-aided detection (“CAD”) products and C-View product, the software element in its other products is incidental and not within the scope of the software revenue recognition rules, ASC 985-605, Software—Revenue Recognition . The Company determined that given the significance of the software component’s functionality to its CAD and C-View systems, which are sold by its Breast Health segment, these products are within the scope of the software revenue recognition rules. The Company evaluated the appropriate revenue recognition treatment of its other hardware products, including its Dimensions digital mammography systems, which have both software and non-software components that function together to deliver the products’ essential functionality (i.e., it is a tangible product), and determined they are not within the scope of ASC 985-605. The Company is required to allocate revenue to its multiple element arrangements based on the relative fair value of each element’s selling price. The Company typically determines the selling price of its products based on its best estimate of selling prices (“ESP”) and services based on vendor-specific objective evidence of selling price (“VSOE”). The Company determines VSOE based on its normal pricing and discounting practices for the specific product or service when sold on a stand-alone basis. In determining VSOE, the Company’s policy requires a substantial majority of selling prices for a product or service to be within a reasonably narrow range. The Company also considers the class of customer, method of distribution, and the geographies into which its products and services are sold when determining VSOE. If VSOE cannot be established, which may occur in instances when a product or service has not been sold separately, stand-alone sales are too infrequent, or product pricing is not within a narrow range, the Company will generally establish the selling price using ESP to allocate arrangement consideration. The objective of ESP is to determine the price at which the Company would typically transact a stand-alone sale of the product or service. ESP is determined by considering a number of factors including Company pricing policies, internal costs and gross margin objectives, method of distribution, information gathered from experience in customer negotiations, market research and information, recent technological trends, competitive landscape and geographies. For those arrangements accounted for under the software revenue recognition rules, ASC 985-605 generally requires revenue earned on software arrangements involving multiple elements to be allocated to each element based on their relative VSOE of fair value. If VSOE does not exist for a delivered element, the residual method is applied in which the arrangement consideration is allocated to the undelivered elements based on their VSOE with the remaining consideration recognized as revenue for the delivered elements. For multiple-element software arrangements where VSOE of fair value of Post-Contract Customer Support (“PCS”) has been established, the Company recognizes revenue using the residual method at the time all other revenue recognition criteria have been met. Within its Diagnostics segment, the Company manufactures blood screening products according to demand schedules provided by its collaboration partner, Grifols, S.A. (“Grifols”). The Company’s agreement provides that it shares a portion of Grifols’s revenue from screening blood donations. Upon shipment to Grifols, the Company recognizes product revenue at an agreed upon fixed transfer price, which is not refundable, and records the related cost of products sold. Based on the terms of the Company’s collaboration agreement with Grifols, the Company’s ultimate share of the net revenue from sales to the end user in excess of the transfer price is not known until it is reported to the Company by Grifols. On a monthly basis, Grifols reports net revenue generated during the prior month and remits an additional corresponding net payment to the Company, which is recorded as revenue at that time. This payment combined with the transfer price revenues previously recognized represents the Company’s ultimate share of net revenue under the agreement. While the majority of its instruments are placed at customer sites, in certain instances the Company sells instruments to its clinical diagnostics customers and records sales of these instruments upon delivery and customer acceptance. For certain customers with non-standard payment terms, instrument sales are recorded based upon expected cash collection. Prior to delivery, each instrument is tested to ensure it meets the Company’s specifications and FDA regulations, and is shipped fully assembled. Customer acceptance of the Company’s clinical diagnostic instrument systems requires installation and training by the Company’s technical service personnel. Installation is a standard process consisting principally of uncrating, calibrating and testing the instrumentation. The Company sells its instruments to Grifols for use in blood screening and records these instrument sales upon delivery since Grifols is responsible for the placement, maintenance and repair of the units with its customers. Within its Diagnostics business, and to a lesser extent, its GYN Surgical business, the Company provides its instrumentation (for example, the ThinPrep Processor, ThinPrep Imaging System, and the Panther and Tigris systems) and certain other hardware to customers without requiring them to purchase the equipment or enter into a lease. The Company installs the instrumentation or equipment at the customer’s site and recovers the cost of providing the instrumentation or equipment in the amount it charges for its diagnostic tests, assays and other disposables. Customers enter into a customer usage agreement and typically commit to purchasing minimum quantities of disposable products at a stated price over a defined contract term, which is typically between three and five years. Revenue is recognized over the term of the customer usage agreement as tests, assays and other disposable products are shipped or delivered, depending on the customer's arrangement. |
Accounts Receivable and Reserves | Accounts Receivable and Reserves The Company records reserves for doubtful accounts based upon a specific review of all outstanding invoices, known collection issues and historical experience. The Company regularly evaluates the collectability of its trade accounts receivables and performs ongoing credit evaluations of its customers and adjusts credit limits based upon payment history and its assessment of the customer’s current credit worthiness. Accounts receivable reserve activity for fiscal 2015 , 2014 and 2013 was as follows: Balance at Beginning of Period Charged to Costs and Expenses Write- offs and Payments Balance at End of Period Period Ended: September 26, 2015 $ 12.0 $ 1.6 $ (2.5 ) $ 11.1 September 27, 2014 $ 8.8 $ 4.4 $ (1.2 ) $ 12.0 September 28, 2013 $ 6.4 $ 4.3 $ (1.9 ) $ 8.8 |
Cost of Service and Other Revenues | Cost of Service and Other Revenues Cost of service and other revenues primarily represents payroll and related costs associated with the Company’s professional services’ employees, consultants, infrastructure costs and overhead allocations, including depreciation, rent and materials consumed in providing the service. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for share-based payments in accordance with ASC 718, Stock Compensation (ASC 718) . As such, all share-based payments to employees, including grants of stock options, restricted stock units, performance stock units and market stock units and shares issued under the Company’s employee stock purchase plan, are recognized in the Consolidated Statements of Operations based on their fair values on the date of grant. |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares and the dilutive effect of potential future issuances of common stock from outstanding stock options, restricted stock units and convertible debt determined by applying the treasury stock method. In accordance with ASC 718, the assumed proceeds under the treasury stock method include the average unrecognized compensation expense of in-the-money stock options and restricted stock units. This results in the assumed buyback of additional shares, thereby reducing the dilutive impact of equity awards. The Company applies the provisions of ASC 260, Earnings Per Share, Subsection 10-45-44, to determine the diluted weighted average shares outstanding as it relates to its convertible notes, and due to the type of debt instrument issued and its accounting policy, the Company applies the treasury stock method and not the if-converted method. The dilutive impact of the Company’s convertible notes is based on the difference between the Company’s current period average stock price and the conversion price of the convertible notes, provided there is a premium. As such, dilution related to the conversion premium on the 2010 Notes, 2012 Notes and 2013 Notes is included in the calculation of diluted weighted-average shares outstanding in fiscal 2015. In fiscal 2014, only the dilution of the conversion premium on the 2010 Notes is included in diluted weighted-average shares outstanding. A reconciliation of basic and diluted share amounts for fiscal 2015 , 2014 , and 2013 was as follows: September 26, 2015 September 27, 2014 September 28, 2013 Basic weighted average common shares outstanding 280,566 275,499 268,704 Weighted average common stock equivalents from assumed exercise of stock options and restricted stock units 2,898 2,368 — Incremental shares from Convertible Notes premium 6,073 493 — Diluted weighted average common shares outstanding 289,537 278,360 268,704 Weighted-average anti-dilutive shares related to: Outstanding stock options 1,502 5,033 8,445 Restricted stock units 49 20 1,109 In those reporting periods in which the Company has reported net income, anti-dilutive shares generally are comprised of those stock options that either have an exercise price above the average stock price for the period or the stock options’ combined exercise price, average unrecognized stock compensation expense and assumed tax benefits upon exercise is greater than the average stock price for the period. In those reporting periods in which the Company has a net loss, anti-dilutive shares and common stock equivalents are comprised of the number of shares and common stock equivalents that would be anti-dilutive had the Company reported net income. |
Product Warranties | Product Warranties The Company generally offers a one -year warranty for its products. The Company provides for the estimated cost of product warranties at the time product revenue is recognized. Factors that affect the Company’s warranty reserves include the number of units sold, historical and anticipated rates of warranty repairs and the cost per repair. The Company periodically assesses the adequacy of the warranty reserve and adjusts the amount as necessary. Product warranty activity for fiscal 2015 and 2014 was as follows: Balance at Beginning of Period Provisions Settlements/ Adjustments Balance at End of Period Period ended: September 26, 2015 $ 6.3 $ 6.1 $ (7.0 ) $ 5.4 September 27, 2014 $ 9.3 $ 7.1 $ (10.1 ) $ 6.3 |
Advertising Costs | Advertising Costs Advertising costs are charged to operations as incurred. The Company does not have any direct-response advertising. Advertising costs, which include trade shows and conventions, were approximately $14.4 million , $14.1 million and $14.1 million for fiscal 2015 , 2014 and 2013 , respectively, and were included in selling and marketing expense in the Consolidated Statements of Operations. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In July 2015, the Financial Accounting Standards Board (FASB) issued guidance under ASC 330, Simplifying the Measurement of Inventory. The new guidance requires inventory to be measured at the lower of cost and net realizable value, which is defined as the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. This new guidance is effective for the Company's first quarter of fiscal 2018 and early adoption is permitted. The guidance must be applied prospectively. The Company is currently evaluating the impact of the adoption of this requirement on its consolidated financial statements but does not anticipate that adoption of this guidance will have a material impact on its consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-03, Presentation of Debt Issuance Costs . This guidance intends to simplify the presentation of debt issuance costs and more closely align the presentation of debt issuance costs under U.S. GAAP to IFRS standards. This guidance is effective for annual periods beginning after December 15, 2015, and is applicable to the Company in fiscal 2017. Early adoption is permitted. The Company is currently evaluating this guidance, but does not anticipate that adoption of this guidance will have a material impact on its consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis . This guidance focuses on a reporting company’s consolidation evaluation to determine whether certain legal entities should be consolidated. This guidance is effective for annual periods beginning after December 15, 2015, and is applicable to the Company in fiscal 2017. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating this guidance, but does not anticipate that adoption of this guidance will have a material impact on its consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. ASU 2014-15 requires management to evaluate, at each annual or interim reporting period, whether there are conditions or events that exist that raise substantial doubt about an entity's ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and is applicable to us in fiscal 2018. Earlier application is permitted. The adoption of ASU 2014-15 is not expected to have a material effect on the Company's consolidated financial statements or disclosures. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 660) , which provides guidance for revenue recognition. This ASU is applicable to any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets. ASU 2014-09 will supersede the revenue recognition requirements in Topic 605, Revenue Recognition , and most industry-specific guidance. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled to receive in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current U.S. GAAP. These judgments may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. On July 9, 2015, the FASB voted in favor of delaying the effective date of the new standard by one year, with early adoption permitted as of the original effective date. ASU 2014-09 is effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2017, which is fiscal 2019 for the Company. The Company is currently evaluating the impact of the adoption of ASU 2014-09 on its consolidated financial position and results of operations. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Accounting Policies [Abstract] | |
Summary of Marketable Securities | The following reconciles cost basis to fair market value. Cost Gross Unrealized Gross Unrealized Other Than Temporary Impairment Fair Value As of September 26, 2015 $ 16.1 $ 7.2 $ (0.3 ) $ (7.8 ) $ 15.2 As of September 27, 2014 $ 15.5 $ 10.2 $ (1.3 ) $ — $ 24.4 As of September 28, 2013 $ 5.9 $ 12.2 $ — $ — $ 18.1 |
Supplemental Cash Flow Statement Information | Supplemental Cash Flow Statement Information Years ended September 26, 2015 September 27, 2014 September 28, 2013 Cash paid during the period for income taxes $ 168.7 $ 231.8 $ 79.9 Cash paid during the period for interest $ 143.0 $ 155.7 $ 192.8 |
Schedule of Inventories | Inventories consisted of the following: September 26, 2015 September 27, 2014 Raw materials $ 98.3 $ 115.6 Work-in-process 58.7 57.1 Finished goods 126.1 157.9 $ 283.1 $ 330.6 |
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of the following: September 26, 2015 September 27, 2014 Equipment and software $ 365.9 $ 342.5 Equipment under customer usage agreements 305.7 285.2 Buildings and improvements 182.1 176.9 Leasehold improvements 59.2 63.2 Land 51.4 51.6 Furniture and fixtures 17.3 16.3 981.6 935.7 Less - accumulated depreciation and amortization (524.5 ) (473.8 ) $ 457.1 $ 461.9 Property, plant and equipment are depreciated over the following estimated useful lives: Asset Classification Estimated Useful Life Building and improvements 35–40 years Equipment and software 3–10 years Equipment under customer usage agreements 3–8 years Furniture and fixtures 5–7 years Leasehold improvements Shorter of the Original Term of Lease or Estimated Useful Life |
Schedule of Intangible Assets | Intangible assets consisted of the following: September 26, 2015 September 27, 2014 Description Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Developed technology $ 3,979.1 $ 1,698.5 $ 3,965.6 $ 1,399.4 In-process research and development 3.7 — 17.9 — Customer relationships and contracts 1,101.1 467.5 1,102.4 384.7 Trade names 236.4 131.5 236.5 105.3 Business licenses 2.5 2.1 2.6 2.0 $ 5,322.8 $ 2,299.6 $ 5,325.0 $ 1,891.4 |
Schedule of Estimated Amortization Expense | The estimated amortization expense at September 26, 2015 for each of the five succeeding fiscal years was as follows: Fiscal 2016 $ 377.0 Fiscal 2017 $ 365.6 Fiscal 2018 $ 355.1 Fiscal 2019 $ 343.5 Fiscal 2020 $ 332.3 |
Rollforward of Goodwill Activity by Reportable Segment | A rollforward of goodwill activity by reportable segment from September 27, 2014 to September 26, 2015 is as follows: Diagnostics Breast Health GYN Surgical Skeletal Health Total Balance at September 27, 2014 $ 1,154.1 $ 631.7 $ 1,016.8 $ 8.2 $ 2,810.8 Tax adjustments 0.6 0.7 — — 1.3 Foreign currency and other (2.4 ) (0.6 ) (0.8 ) (0.1 ) (3.9 ) Balance at September 26, 2015 $ 1,152.3 $ 631.8 $ 1,016.0 $ 8.1 $ 2,808.2 |
Schedule of Other Assets | Other assets consisted of the following: September 26, 2015 September 27, 2014 Other Assets Deferred financing costs $ 27.0 $ 44.9 Life insurance contracts 27.5 22.4 Derivative asset 6.2 — Mutual funds 5.6 15.4 Marketable securities 15.2 24.4 Manufacturing access fees 11.6 14.1 Cost-method equity investments 4.2 5.2 Other 17.9 16.2 $ 115.2 $ 142.6 |
Components of Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income (loss) consisted of the following: September 26, 2015 September 27, 2014 Foreign currency translation adjustment $ (15.7 ) $ (4.7 ) Unrealized gains on available-for-sale securities 6.9 8.9 Minimum pension liability, net of tax of $0.3 and $0.2, respectively (1.8 ) (1.6 ) Hedged Interest Rate Caps, net of tax of $2.5 in 2015 (3.9 ) — $ (14.5 ) $ 2.6 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following tables summarize the changes in accumulated balances of other comprehensive income for the periods presented: Year Ended September 26, 2015 Year Ended September 27, 2014 Foreign Currency Translation Marketable Securities Pension Plans Hedged Interest Rate Caps Total Foreign Currency Translation Marketable Securities Pension Plans Total Beginning Balance $ (4.7 ) $ 8.9 $ (1.6 ) $ — $ 2.6 $ 8.6 $ 12.1 $ (0.3 ) $ 20.4 Other comprehensive loss before reclassifications (20.6 ) (9.8 ) (0.2 ) (3.9 ) (34.5 ) (13.3 ) (3.2 ) (1.3 ) (17.8 ) Amounts reclassified to statement of operations 9.6 7.8 — — 17.4 — — — — Ending Balance $ (15.7 ) $ 6.9 $ (1.8 ) $ (3.9 ) $ (14.5 ) $ (4.7 ) $ 8.9 $ (1.6 ) $ 2.6 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The tables below present the location of the Company’s derivative financial instruments on the Consolidated Balance Sheets and the unrealized loss recognized in AOCI related to the interest rate caps for the following reporting periods (in millions): Balance Sheet Location September 26, 2015 Assets: Derivative instruments designated as a cash flow hedge: Interest rate cap agreements Prepaid expenses and other current assets $ 0.7 Interest rate cap agreements Other Assets 6.2 $ 6.9 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Year Ended September 26, 2015 Year Ended September 27, 2014 Amount of loss recognized in other comprehensive income, net of taxes: Interest rate cap agreements $ (3.9 ) $ — |
Accounts Receivable Reserve Activity | Accounts receivable reserve activity for fiscal 2015 , 2014 and 2013 was as follows: Balance at Beginning of Period Charged to Costs and Expenses Write- offs and Payments Balance at End of Period Period Ended: September 26, 2015 $ 12.0 $ 1.6 $ (2.5 ) $ 11.1 September 27, 2014 $ 8.8 $ 4.4 $ (1.2 ) $ 12.0 September 28, 2013 $ 6.4 $ 4.3 $ (1.9 ) $ 8.8 |
Schedule of Reconciliation of Basic and Diluted Share Amounts | A reconciliation of basic and diluted share amounts for fiscal 2015 , 2014 , and 2013 was as follows: September 26, 2015 September 27, 2014 September 28, 2013 Basic weighted average common shares outstanding 280,566 275,499 268,704 Weighted average common stock equivalents from assumed exercise of stock options and restricted stock units 2,898 2,368 — Incremental shares from Convertible Notes premium 6,073 493 — Diluted weighted average common shares outstanding 289,537 278,360 268,704 Weighted-average anti-dilutive shares related to: Outstanding stock options 1,502 5,033 8,445 Restricted stock units 49 20 1,109 |
Schedule of Product Warranty Activity | Product warranty activity for fiscal 2015 and 2014 was as follows: Balance at Beginning of Period Provisions Settlements/ Adjustments Balance at End of Period Period ended: September 26, 2015 $ 6.3 $ 6.1 $ (7.0 ) $ 5.4 September 27, 2014 $ 9.3 $ 7.1 $ (10.1 ) $ 6.3 |
Restructuring and Divestiture28
Restructuring and Divestiture Charges (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Restructuring and Related Activities [Abstract] | |
Charges Taken Related to Restructuring Actions | The following table displays charges taken related to restructuring actions in fiscal 2015 , 2014 and 2013 and a rollforward of the charges to the accrued balances as of September 26, 2015 : Consolidation of Diagnostics Operations Closure of Indianapolis Facility Fiscal 2015 Actions Fiscal 2014 Actions Fiscal 2013 Actions Other Operating Cost Reductions Total Restructuring and Divestiture Charges Fiscal 2013 charges: Workforce reductions $ 14.0 $ 4.8 $ — $ — $ 11.3 $ 1.1 $ 31.2 Facility closure costs — 0.2 — — — 0.4 0.6 Other — 0.7 — — — 0.2 0.9 Fiscal 2013 restructuring charges $ 14.0 $ 5.7 $ — $ — $ 11.3 $ 1.7 $ 32.7 Divestiture net charges 0.1 Fiscal 2013 restructuring and divestiture charges $ 32.8 Fiscal 2014 charges: Workforce reductions $ 2.9 $ 0.2 $ — $ 29.5 $ 0.9 $ 8.7 $ 42.2 Non-cash impairment charge — — — — — 3.1 3.1 Facility closure costs — 0.5 — — — 0.1 0.6 Other 0.1 — — — — 0.2 0.3 Fiscal 2014 restructuring charges $ 3.0 $ 0.7 $ — $ 29.5 $ 0.9 $ 12.1 $ 46.2 Divestiture net charges 5.5 Fiscal 2014 restructuring and divestiture charges $ 51.7 Fiscal 2015 charges: Workforce reductions 0.1 — 10.0 6.0 — 0.2 $ 16.3 Facility closure costs 0.5 — — 2.0 — 0.1 2.6 Fiscal 2015 restructuring charges $ 0.6 $ — $ 10.0 $ 8.0 $ — $ 0.3 $ 18.9 Divestiture net charges 9.6 Fiscal 2015 restructuring and divestiture charges $ 28.5 |
Charges Taken Related to Accrued Restructuring Actions | Consolidation of Diagnostics Operations Closure of Indianapolis Facility Fiscal 2015 Actions Fiscal 2014 Actions Fiscal 2013 Actions Other Operating Cost Reductions Total Rollforward of Accrued Restructuring Balance as of September 29, 2012 $ 8.4 $ 1.8 $ — $ — $ — $ 0.6 $ 10.8 Fiscal 2013 restructuring charges $ 14.0 $ 5.7 $ — $ — $ 11.3 $ 1.7 $ 32.7 Stock-based compensation (6.3 ) — — — (1.6 ) — (7.9 ) Non-cash impairment charges — — — — — (0.1 ) (0.1 ) Severance payments (13.1 ) (3.1 ) — — (4.4 ) (0.9 ) (21.5 ) Other payments — (0.6 ) — — — (1.1 ) (1.7 ) Balance as of September 28, 2013 $ 3.0 $ 3.8 $ — $ — $ 5.3 $ 0.2 $ 12.3 Fiscal 2014 restructuring charges $ 3.0 $ 0.7 $ — $ 29.5 $ 0.9 $ 12.1 $ 46.2 Stock-based compensation — — — (6.6 ) — — (6.6 ) Non-cash impairment charges — — — — — (3.1 ) (3.1 ) Severance payments (3.0 ) (4.0 ) — (10.9 ) (6.1 ) (7.0 ) (31.0 ) Other payments — (0.5 ) — — — (0.4 ) (0.9 ) Balance as of September 27, 2014 $ 3.0 $ — $ — $ 12.0 $ 0.1 $ 1.8 $ 16.9 Fiscal 2015 restructuring charges $ 0.6 $ — $ 10.0 $ 8.0 $ — $ 0.3 $ 18.9 Stock-based compensation — — (4.1 ) — — — (4.1 ) Severance payments (3.0 ) — (2.8 ) (16.2 ) (0.1 ) (1.8 ) (23.9 ) Other payments (0.5 ) — — (1.3 ) — (0.3 ) (2.1 ) Balance as of September 26, 2015 $ 0.1 $ — $ 3.1 $ 2.5 $ — $ — $ 5.7 |
Borrowings and Credit Arrange29
Borrowings and Credit Arrangements (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Debt Disclosure [Abstract] | |
Company's Borrowings | The Company’s borrowings consisted of the following: September 26, September 27, Current debt obligations, net of debt discount: Term Loan $ 74.6 $ — Revolver 175.0 — Term Loan A — 99.6 Term Loan B — 14.9 Convertible Notes 142.2 — Total current debt obligations 391.8 114.5 Long-term debt obligations, net of debt discount: Term Loan 1,399.8 — Term Loan A — 796.7 Term Loan B — 1,120.9 Senior Notes — 1,000.0 2022 Senior Notes 986.7 — Convertible Notes 861.5 1,235.6 Total long-term debt obligations 3,248.0 4,153.2 Total debt obligations $ 3,639.8 $ 4,267.7 |
Schedule Of Long Term Debt By Maturity Table [Text Block] | The debt maturity schedule for the Company’s obligations as of September 26, 2015 is as follows: 2016 2017 2018 2019 2020 2021 and Thereafter Total Term Loan $ 75.0 $ 84.4 $ 121.9 $ 150.0 $ 1,050.0 — $ 1,481.3 Revolver 175.0 — — — — — $ 175.0 2022 Senior Notes — — — — — 1,000.0 1,000.0 Convertible Notes (1) 150.0 — 910.5 — — — 1,060.5 $ 400.0 $ 84.4 $ 1,032.4 $ 150.0 $ 1,050.0 $ 1,000.0 $ 3,716.8 (1) Classified based on the earliest date of redemption for each respective issuance with the exception of the 2010 Notes which are convertible by their respective holders as further discussed below. In addition, the balance in fiscal 2018 reflects accretion on the 2013 Notes through September 26, 2015. |
Schedule Of Convertible Notes And Related Equity Components Recorded In Capital In Excess Of Par Value Net Of Deferred Taxes Table [Text Block] | As of September 26, 2015 and September 27, 2014 , the Convertible Notes and related equity components (recorded in additional paid-in-capital, net of deferred taxes) consisted of the following: 2015 2014 2010 Notes principal amount $ 150.0 $ 450.0 Unamortized discount (7.8 ) (41.5 ) Net carrying amount $ 142.2 $ 408.5 Equity component, net of taxes $ 20.0 $ 60.1 2012 Notes principal amount $ 500.0 $ 500.0 Unamortized discount (19.7 ) (27.3 ) Net carrying amount $ 480.3 $ 472.7 Equity component, net of taxes $ 49.2 $ 49.2 2013 Notes principal amount $ 370.0 $ 370.0 Principal accretion 40.5 24.5 Unamortized discount (29.3 ) (40.1 ) Net carrying amount $ 381.2 $ 354.4 Equity component, net of taxes $ 131.5 $ 131.5 |
Interest Expense under Convertible Notes | Interest expense under the Convertible Notes is as follows: Years Ended September 26, September 27, September 28, Amortization of debt discount $ 34.9 $ 37.1 $ 52.7 Amortization of deferred financing costs 1.7 1.9 3.0 Principal accretion 15.9 15.3 9.2 Non-cash interest expense 52.5 54.3 64.9 2.00% accrued interest (cash) 18.2 22.3 34.4 $ 70.7 $ 76.6 $ 99.3 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Assets and Liabilities Measured on Recurring Basis | Assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following: Fair Value Measurements at September 26, 2015 Carrying Value Quoted Prices in Active Market for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Marketable securities: Equity securities $ 15.2 $ 15.2 $ — $ — Mutual funds 5.6 5.6 — — Interest rate cap - derivative 6.9 — 6.9 — Total $ 27.7 $ 20.8 $ 6.9 $ — Liabilities: Deferred compensation liabilities $ 29.4 $ 29.4 $ — $ — Total $ 29.4 $ 29.4 $ — $ — Fair Value Measurements at September 27, 2014 Carrying Value Quoted Prices in Active Market for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Marketable securities: Equity securities $ 24.4 $ 24.4 $ — $ — Mutual funds 15.4 15.4 — — Total $ 39.8 $ 39.8 $ — $ — Liabilities: Deferred compensation liabilities $ 35.8 $ 35.8 $ — $ — Total $ 35.8 $ 35.8 $ — $ — |
Changes in Fair Value of Recurring Fair Value Measurements Using Significant Unobservable Inputs (Level 3), Consisting of Contingent Consideration Liabilities | Changes in the fair value of recurring fair value measurements using significant unobservable inputs (Level 3), which solely consisted of contingent consideration liabilities, during the years ended September 27, 2014 , and September 28, 2013 were as follows: 2014 2013 Balance at beginning of period $ 3.8 $ 86.4 Contingent consideration recorded at acquisition — 0.5 Fair value adjustments — 11.3 Payments / Accruals (3.8 ) (94.4 ) Balance at end of period $ — $ 3.8 |
Schedule of Estimated Fair Value of Assets Measured on a Nonrecurring Basis | The following chart depicts certain assets presented at fair value using level 3 inputs under the fair value hierarchy measured on a nonrecurring basis for which the Company has recorded impairment charges: Fair Value Measurements Using Fair Value Quoted Prices in Active Market for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Losses Fiscal 2014: Intangible assets $ 36.2 — — $ 36.2 $ (32.2 ) Property and equipment 1.0 — — 1.0 (1.5 ) Buildings 1.4 — — 1.4 (3.1 ) Cost-method equity investments 0.8 — — 0.8 (6.9 ) $ (43.7 ) Fiscal 2013: Goodwill $ 277.8 — — $ 277.8 $ (1,117.4 ) Equipment 1.4 — — 1.4 (5.0 ) Cost-method equity investments 1.5 — — 1.5 (6.4 ) $ (1,128.8 ) |
Estimated Fair Values of Convertible Notes | The estimated fair values of the Company’s Convertible Notes at September 26, 2015 and September 27, 2014 are as follows: 2015 2014 2010 Notes 264.1 536.6 2012 Notes 688.2 531.7 2013 Notes 471.8 401.1 $ 1,424.1 $ 1,469.4 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
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, 2015 September 27, 2014 September 28, 2013 Domestic $ 158.3 $ 95.1 $ (1,184.6 ) Foreign 18.9 (47.0 ) (8.3 ) $ 177.2 $ 48.1 $ (1,192.9 ) |
Provision for Income Taxes | The provision (benefit) for income taxes contained the following components: Years ended September 26, 2015 September 27, 2014 September 28, 2013 Federal: Current $ 185.2 $ 242.2 $ 154.9 Deferred (137.0 ) (212.5 ) (182.7 ) 48.2 29.7 (27.8 ) State: Current 3.5 22.1 15.3 Deferred (11.0 ) (24.7 ) (16.7 ) (7.5 ) (2.6 ) (1.4 ) Foreign: Current 5.7 9.6 7.7 Deferred (0.8 ) (5.9 ) 1.4 4.9 3.7 9.1 $ 45.6 $ 30.8 $ (20.1 ) |
Reconciliation of Income Tax (Benefit) at U.S. Federal Statutory Rate to Company's Effective Tax Rate | The income tax provision (benefit) differed from the tax provision computed at the U.S. federal statutory rate due to the following: Years ended September 26, 2015 September 27, 2014 September 28, 2013 Income tax provision (benefit) at federal statutory rate 35.0 % 35.0 % (35.0 )% Increase (decrease) in tax resulting from: Goodwill impairment — — 32.8 Domestic production activities deduction (10.1 ) (30.6 ) (1.2 ) State income taxes, net of federal benefit 1.2 4.3 (0.2 ) Tax credits (3.8 ) (5.2 ) (1.2 ) Unrecognized tax benefits (1.8 ) 2.5 0.3 Contingent consideration — — 2.6 Cumulative translation adjustment write-off 1.9 — — Non-deductible compensation 1.9 5.5 0.2 Foreign rate differential (1.6 ) 10.7 0.1 Change in valuation allowance 1.0 35.4 (0.8 ) Other 2.1 6.3 0.7 25.8 % 63.9 % (1.7 )% |
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, 2015 September 27, 2014 Deferred tax assets Net operating loss carryforwards $ 45.4 $ 54.2 Capital losses 25.7 22.3 Non-deductible accruals 16.3 16.8 Non-deductible reserves 26.8 27.1 Stock-based compensation 24.3 25.0 Research and other credits 14.5 12.3 Nonqualified deferred compensation plan 11.3 13.7 Other temporary differences 10.2 11.6 174.5 183.0 Less: valuation allowance (60.9 ) (62.8 ) $ 113.6 $ 120.2 Deferred tax liabilities Depreciation and amortization $ (1,171.5 ) $ (1,314.6 ) Debt discounts and deferrals (100.1 ) (120.9 ) Debt issuance costs (1.4 ) (6.8 ) Investment in subsidiary — (13.9 ) $ (1,273.0 ) $ (1,456.2 ) $ (1,159.4 ) $ (1,336.0 ) |
Activity of the Company's Unrecognized Income Tax Benefits | The Company’s unrecognized income tax benefits activity for fiscal 2015 and 2014 was as follows: 2015 2014 Balance at beginning of fiscal year $ 137.0 $ 121.8 Tax positions related to current year: Additions 11.0 10.8 Reductions — — Tax positions related to prior years: Additions related to change in estimate 21.1 10.9 Reductions (10.3 ) (2.7 ) Payments (0.8 ) — Lapses in statutes of limitations and settlements (3.7 ) (3.8 ) Acquired tax positions: Additions related to reserves acquired from acquisitions 0.4 — Balance as of the end of the fiscal year $ 154.7 $ 137.0 |
Stockholders' Equity and Stoc32
Stockholders' Equity and Stock-Based Compensation (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Expense in Consolidated Statement of Operations | The following presents stock-based compensation expense in the Company’s Consolidated Statements of Operations in fiscal 2015 , 2014 and 2013 : 2015 2014 2013 Cost of revenues $ 8.7 $ 7.3 $ 7.0 Research and development 8.6 8.4 7.2 Selling and marketing 8.8 8.2 8.9 General and administrative 29.1 19.5 20.2 Restructuring and divestiture 4.1 6.6 9.0 $ 59.3 $ 50.0 $ 52.3 |
Information Pertaining to Stock Options Granted and Related Assumptions | Information pertaining to stock options granted during fiscal 2015 , 2014 and 2013 and related assumptions are noted in the following table: Years ended September 26, 2015 September 27, 2014 September 28, 2013 Options granted (in millions) 1.3 2.4 2.6 Weighted-average exercise price $ 27.68 $ 22.01 $ 20.29 Weighted-average grant date fair value $ 9.95 $ 7.67 $ 7.03 Assumptions: Risk-free interest rates 1.7 % 1.2 % 0.5 % Expected life (in years) 5.3 4.4 4.4 Expected volatility 38.6 % 41.4 % 43.7 % Dividend yield — — — |
Stock Option Activity | The following table summarizes all stock option activity under the Company’s stock option plans for the year ended September 26, 2015 : Number of Shares (in millions) Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value (in millions) Options outstanding at September 27, 2014 9.8 $ 20.59 4.1 $ 46.4 Granted 1.3 27.68 Canceled/ forfeited (1.4 ) 23.36 Exercised (3.0 ) 18.89 $ 42.0 Options outstanding at September 26, 2015 6.7 $ 22.21 4.9 $ 119.1 Options exercisable at September 26, 2015 3.0 $ 21.05 3.2 $ 56.6 Options vested and expected to vest at September 26, 2015 (1) 6.6 $ 22.18 4.8 $ 118.1 (1) This represents the number of vested stock options as of September 26, 2015 plus the unvested outstanding options at September 26, 2015 expected to vest in the future, adjusted for estimated forfeitures. |
Restricted Stock Unit Activity | A summary of the Company’s RSU activity during the year ended September 26, 2015 is presented below: Non-vested Shares Number of Shares (in millions) Weighted-Average Grant-Date Fair Value Non-vested at September 27, 2014 4.1 $ 20.67 Granted 1.6 27.19 Vested (1.3 ) 20.40 Forfeited (0.7 ) 21.37 Non-vested at September 26, 2015 3.7 $ 24.54 |
Black-Scholes Model Weighted Average Assumptions Used to Estimate Fair Value of Shares to Be Issued as of Grant Date | The Company uses the Black-Scholes model to estimate the fair value of shares to be issued as of the grant date using the following weighted average assumptions: September 26, 2015 September 27, 2014 September 28, 2013 Assumptions: Risk-free interest rates 0.10 % 0.08 % 0.11 % Expected life (in years) 0.5 0.5 0.5 Expected volatility 27.4 % 30.0 % 32.0 % Dividend yield — — — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended | |
Sep. 26, 2015 | Sep. 28, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Summary of Contingent Consideration Charges Recorded to the Consolidated Statements of Operations | A summary of amounts recorded to the Consolidated Statements of Operations is as follows: Statement of Operations Line Item – Fiscal 2013 Interlace TCT Total Contingent consideration—compensation expense $ — $ 80.0 $ 80.0 Contingent consideration—fair value adjustments 11.3 — 11.3 $ 11.3 $ 80.0 $ 91.3 | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Future minimum lease payments, including principal and interest, under these leases were as follows at September 26, 2015 : Fiscal 2016 $ 3.1 Fiscal 2017 3.1 Fiscal 2018 2.9 Fiscal 2019 0.3 Total minimum payments 9.4 Less-amount representing interest (1.4 ) Total $ 8.0 | |
Unrecorded Unconditional Purchase Obligations Disclosure [Table Text Block] | At September 26, 2015 , purchase commitments are as follows: Fiscal 2016 $ 34.6 Fiscal 2017 4.0 Fiscal 2018 3.0 Fiscal 2019 0.8 Total $ 42.4 | |
Schedule Of Future Minimum Royalty Commitments Table [Text Block] | At September 26, 2015 , minimum commitments for these agreements are as follows: Fiscal 2016 $ 1.3 Fiscal 2017 0.7 Fiscal 2018 0.6 Fiscal 2019 0.6 Fiscal 2020 0.6 Thereafter 3.3 Total $ 7.1 | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum lease payments under all of the Company’s operating leases at September 26, 2015 are as follows: Fiscal 2016 $ 16.3 Fiscal 2017 14.5 Fiscal 2018 12.5 Fiscal 2019 7.9 Fiscal 2020 6.0 Thereafter 21.8 Total $ 79.0 | |
Schedule Of Future Minimum Annual Rental Income Payments Under Sublease Agreements Table [Text Block] | The future minimum annual rental income payments under these sublease agreements at September 26, 2015 are as follows: Fiscal 2016 $ 2.0 Fiscal 2017 2.0 Fiscal 2018 1.9 Fiscal 2019 1.9 Fiscal 2020 1.3 Thereafter 1.2 Total $ 10.3 |
Business Segments and Geograp34
Business Segments and Geographic Information (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment information for fiscal 2015 , 2014 , and 2013 was as follows: Years ended September 26, September 27, September 28, Total revenues: Diagnostics $ 1,211.8 $ 1,186.8 $ 1,189.8 Breast Health 1,063.4 944.7 905.1 GYN Surgical 335.8 307.9 307.1 Skeletal Health 94.0 91.3 90.3 $ 2,705.0 $ 2,530.7 $ 2,492.3 Operating income (loss): Diagnostics $ 109.5 $ 48.7 $ (1,149.1 ) Breast Health 296.3 187.6 216.1 GYN Surgical 38.6 30.3 19.7 Skeletal Health 10.7 13.1 7.1 $ 455.1 $ 279.7 $ (906.2 ) Depreciation and amortization: Diagnostics $ 358.7 $ 376.0 $ 369.8 Breast Health 28.6 41.7 40.1 GYN Surgical 102.7 104.6 105.2 Skeletal Health 1.4 0.9 0.9 $ 491.4 $ 523.2 $ 516.0 Capital expenditures: Diagnostics $ 55.6 $ 52.2 $ 51.6 Breast Health 12.8 10.0 16.4 GYN Surgical 9.5 8.0 9.1 Skeletal Health 0.4 0.4 0.6 Corporate 11.1 9.6 12.4 $ 89.4 $ 80.2 $ 90.1 September 26, September 27, September 28, Identifiable assets: Diagnostics $ 4,055.8 $ 4,383.5 $ 4,667.9 Breast Health 815.4 859.8 932.2 GYN Surgical 1,658.1 1,748.2 1,849.5 Skeletal Health 25.3 26.1 33.5 Corporate 1,115.5 1,397.1 1,517.7 $ 7,670.1 $ 8,414.7 $ 9,000.8 |
Revenues by Geography | Revenues by geography as a percentage of total revenues were as follows: Years ended September 26, September 27, September 28, United States 76.0 % 75.1 % 74.9 % Europe 11.8 % 13.3 % 13.2 % Asia-Pacific 8.5 % 7.7 % 8.1 % All others 3.7 % 3.9 % 3.8 % 100.0 % 100.0 % 100.0 % |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | The Company’s property, plant and equipment, net are geographically located as follows: September 26, 2015 September 27, 2014 September 28, 2013 United States $ 369.1 $ 366.8 $ 386.0 Costa Rica 27.7 27.9 29.3 Europe 50.8 56.0 61.5 All other countries 9.5 11.2 14.7 $ 457.1 $ 461.9 $ 491.5 |
Accrued Expenses and Other Lo35
Accrued Expenses and Other Long-Term Liabilities (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses and other long-term liabilities consisted of the following: September 26, 2015 September 27, 2014 Accrued Expenses Compensation and employee benefits $ 173.2 $ 157.6 Interest 14.6 18.0 Income and other taxes 13.3 9.8 Other 71.0 76.7 $ 272.1 $ 262.1 |
Schedule of Other Long-Term Liabilities | September 26, 2015 September 27, 2014 Other Long-Term Liabilities Reserve for income tax uncertainties $ 145.1 $ 131.4 Accrued lease obligation—long-term 34.0 34.1 Pension liabilities 10.1 10.8 Other 11.7 7.1 $ 200.9 $ 183.4 |
Pension and Other Employee Be36
Pension and Other Employee Benefits (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Reconciliation of Benefit Obligations, Plan Assets, Funded Status and Related Actuarial Assumptions | The tables below provide a reconciliation of benefit obligations, plan assets, funded status, and related actuarial assumptions of the Company’s German Pension Benefits. Change in Benefit Obligation Years ended September 26, 2015 September 27, 2014 September 28, 2013 Benefit obligation at beginning of year $ (10.3 ) $ (10.1 ) $ (9.7 ) Service cost — — — Interest cost (0.3 ) (0.3 ) (0.4 ) Plan participants’ contributions — — — Actuarial (loss) gain (0.9 ) (0.8 ) 0.2 Foreign exchange gain (loss) 1.2 0.6 (0.5 ) Benefits paid 0.3 0.3 0.3 Benefit obligation at end of year (10.0 ) (10.3 ) (10.1 ) Plan assets — — — Benefit obligation at end of year $ (10.0 ) $ (10.3 ) $ (10.1 ) |
Components of Net Periodic Benefit Cost and Related Actuarial Assumptions | The tables below outline the components of the net periodic benefit cost and related actuarial assumptions of the Company’s German Pension Benefits. Components of Net Periodic Benefit Cost Years ended September 26, 2015 September 27, 2014 September 28, 2013 Service cost $ — $ — $ — Interest cost 0.3 0.3 0.4 Expected return on plan assets — — — Amortization of prior service cost — — — Recognized net actuarial gain — — — Net periodic benefit cost $ 0.3 $ 0.3 $ 0.4 |
Schedule of Weighted-Average Net Periodic Benefit Cost Assumptions | Weighted-Average Net Periodic Benefit Cost Assumptions 2015 2014 2013 Discount rate 2.05 % 2.95 % 3.60 % Expected return on plan assets — % — % — % Rate of compensation increase — % — % — % |
Schedule of Expected Pension Benefit | The table below reflects the total Pension Benefits expected to be paid for the German Pension Benefits each fiscal year as of September 26, 2015 : 2016 $ 0.3 2017 $ 0.3 2018 $ 0.4 2019 $ 0.4 2020 $ 0.4 2021 to 2025 $ 2.0 |
Quarterly Statement of Operat37
Quarterly Statement of Operations Information (Unaudited) (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results of Operations | The following table presents a summary of quarterly results of operations for fiscal 2015 and 2014 : 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 652.8 $ 655.5 $ 693.9 $ 702.8 Gross profit 338.6 336.0 378.7 379.4 Net income (1) 29.2 47.8 29.4 25.2 Diluted net income per common share $ 0.10 $ 0.17 $ 0.10 $ 0.09 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 612.4 $ 625.0 $ 632.6 $ 660.6 Gross profit 305.6 282.1 312.8 345.0 Net income (loss) (2) (5.4 ) (16.8 ) 11.3 28.2 Diluted net income (loss) per common share $ (0.02 ) $ (0.06 ) $ 0.04 $ 0.10 (1) Net income in the first quarter of fiscal 2015 included restructuring charges of $8.0 million and a debt extinguishment loss of $6.7 million . Net income in the third quarter of fiscal 2015 included restructuring and divestiture charges of $11.9 million and a debt extinguishment loss of $18.2 million . Net income in the fourth quarter of fiscal 2015 included restructuring charges of $6.5 million , a debt extinguishment loss of $37.8 million , and an other-than-temporary impairment charge of $7.8 million related to a marketable security. (2) Net loss in the first quarter of fiscal 2014 included restructuring charges of $18.4 million and a debt extinguishment loss of $2.9 million . Net loss in the second quarter of fiscal 2014 included an impairment charge related to the MRI breast coils product line of $28.6 million , restructuring charges of $11.6 million and a debt extinguishment loss of $4.4 million . Net income in the third quarter of fiscal 2014 included restructuring charges of $6.7 million . Net income in the fourth quarter of fiscal 2014 included restructuring and divestiture charges of $ 15.1 million and a $5.1 million IPR&D charge. |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Additional Information (Detail) | Sep. 02, 2015USD ($) | Jan. 07, 2015USD ($) | Sep. 27, 2014USD ($)Customer | Mar. 29, 2014USD ($) | Dec. 28, 2013USD ($) | Jun. 29, 2013USD ($) | Sep. 26, 2015USD ($)Customer | Sep. 27, 2014USD ($)Customer | Sep. 28, 2013USD ($) |
Significant Accounting Policies [Line Items] | |||||||||
Cash equivalent maturity period | three months or less | ||||||||
Equity investment impairment charges | $ 7,800,000 | $ 6,900,000 | $ 6,400,000 | ||||||
Number of customers with balance greater than specified percentage | Customer | 0 | 0 | 0 | ||||||
Impairment charges on tangible assets | $ 3,100,000 | 6,300,000 | |||||||
Impairment charges on long lived assets | $ 28,600,000 | 3,700,000 | |||||||
Intangible assets useful life, minimum | 2 years | ||||||||
Intangible assets useful life, maximum | 30 years | ||||||||
Acquired In-process research and development charges | $ 5,100,000 | ||||||||
Sensitivity Change To Fair Value By Percent | 10.00% | ||||||||
Reporting unit's goodwill | $ 2,808,200,000 | ||||||||
Goodwill, Impairment Loss | $ 0 | $ 0 | 1,117,400,000 | ||||||
Percentage of equity ownership at which cost-method investments would not qualify for cost-method accounting | 20.00% | ||||||||
Other-than-temporary impairment charges | $ 0 | 6,900,000 | 6,400,000 | ||||||
Sale of investment | $ 2,000,000 | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 17,400,000 | 0 | |||||||
Interest Rate Cap Agreements Aggregate Premium Payable | $ 7,100,000 | $ 6,100,000 | (13,200,000) | 0 | 0 | ||||
Principal Amount Of Borrowings | 1,000,000,000 | ||||||||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ 3,900,000 | ||||||||
Product Warranty Term | 1 year | ||||||||
Advertising cost | $ 14,400,000 | $ 14,100,000 | 14,100,000 | ||||||
Molecular Diagnostics [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Goodwill, Impairment Loss | $ 1,100,000,000 | ||||||||
Percentage used to provide additional disclosure of potential goodwill impairment in the future | 10.00% | ||||||||
MRI Breast Coils [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Impairment charges on tangible assets | 28,600,000 | ||||||||
MRI Breast Coils [Member] | Property, Plant and Equipment [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Impairment charges on long lived assets | 1,500,000 | ||||||||
Developed Technology [Member] | MRI Breast Coils [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Impairment charge | 26,600,000 | ||||||||
Trade Names [Member] | MRI Breast Coils [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Impairment charge | 500,000 | ||||||||
Finite-Lived Intangible Assets [Member] | MRI Breast Coils [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Impairment charges on long lived assets | 27,100,000 | ||||||||
Minimum [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Defined contract term | 3 years | ||||||||
Minimum [Member] | Accounts receivable [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Concentration risk, percentage | 10.00% | 10.00% | |||||||
Minimum [Member] | Total revenues [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Concentration risk, percentage | 10.00% | 10.00% | 10.00% | ||||||
Maximum [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Defined contract term | 5 years | ||||||||
Cost of Sales [Member] | MRI Breast Coils [Member] | Property, Plant and Equipment [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Impairment charges on long lived assets | 300,000 | ||||||||
General and Administrative Expense [Member] | MRI Breast Coils [Member] | Property, Plant and Equipment [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Impairment charges on long lived assets | $ 1,200,000 | ||||||||
Interest Rate Cap [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Interest Rate Cash Flow Hedge Asset at Fair Value | $ 6,900,000 | ||||||||
Foreign Currency Gain (Loss) [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 9,600,000 | $ 0 | |||||||
Equity Securities [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 7,800,000 | $ 0 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Summary of Marketable Securities (Detail) - USD ($) $ in Millions | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 |
Schedule Of Marketable Securities [Line Items] | |||
Other than temporary impairment | $ (7.8) | ||
Equity Securities [Member] | |||
Schedule Of Marketable Securities [Line Items] | |||
Cost | 16.1 | $ 15.5 | $ 5.9 |
Gross Unrealized Gains | 7.2 | 10.2 | 12.2 |
Gross Unrealized Losses | (0.3) | (1.3) | 0 |
Other than temporary impairment | (7.8) | 0 | 0 |
Marketable securities | $ 15.2 | $ 24.4 | $ 18.1 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Supplemental Cash Flow Statement Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Accounting Policies [Abstract] | |||
Cash paid during the period for income taxes | $ 168.7 | $ 231.8 | $ 79.9 |
Cash paid during the period for interest | $ 143 | $ 155.7 | $ 192.8 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Schedule of Inventories (Detail) - USD ($) $ in Millions | Sep. 26, 2015 | Sep. 27, 2014 |
Accounting Policies [Abstract] | ||
Raw materials | $ 98.3 | $ 115.6 |
Work-in-process | 58.7 | 57.1 |
Finished goods | 126.1 | 157.9 |
Inventories | $ 283.1 | $ 330.6 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Estimated Useful Lives of Property, Plant and Equipments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Manufacturing Equipment And Software | $ 365.9 | $ 342.5 | |
Equipment Under Customer Usage Agreements | 305.7 | 285.2 | |
Buildings and Improvements, Gross | 182.1 | 176.9 | |
Leasehold Improvements, Gross | 59.2 | 63.2 | |
Land | 51.4 | 51.6 | |
Furniture and Fixtures, Gross | 17.3 | 16.3 | |
Property, Plant and Equipment, Gross | 981.6 | 935.7 | |
Less - accumulated depreciation and amortization | (524.5) | (473.8) | |
Property, plant and equipment, net | $ 457.1 | $ 461.9 | $ 491.5 |
Building and Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 35 years | ||
Building and Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 40 years | ||
Equipment and Software [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 3 years | ||
Equipment and Software [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 10 years | ||
Equipment Under Customer Usage Agreements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 3 years | ||
Equipment Under Customer Usage Agreements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 8 years | ||
Furniture and Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 5 years | ||
Furniture and Fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 7 years | ||
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | Shorter of the Original Term of Lease or Estimated Useful Life |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - Schedule of Intangible Assets (Detail) - USD ($) $ in Millions | Sep. 26, 2015 | Sep. 27, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 5,322.8 | $ 5,325 |
Accumulated Amortization | 2,299.6 | 1,891.4 |
Developed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 3,979.1 | 3,965.6 |
Accumulated Amortization | 1,698.5 | 1,399.4 |
In-process Research and Development [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 3.7 | 17.9 |
Accumulated Amortization | 0 | 0 |
Customer Relationships and Contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 1,101.1 | 1,102.4 |
Accumulated Amortization | 467.5 | 384.7 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 236.4 | 236.5 |
Accumulated Amortization | 131.5 | 105.3 |
Business Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 2.5 | 2.6 |
Accumulated Amortization | $ 2.1 | $ 2 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Schedule of Estimated Amortization Expense (Detail) $ in Millions | Sep. 26, 2015USD ($) |
Accounting Policies [Abstract] | |
Fiscal 2,016 | $ 377 |
Fiscal 2,017 | 365.6 |
Fiscal 2,018 | 355.1 |
Fiscal 2,019 | 343.5 |
Fiscal 2,020 | $ 332.3 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - Rollforward of Goodwill Activity by Reportable Segments (Detail) $ in Millions | 12 Months Ended |
Sep. 26, 2015USD ($) | |
Goodwill [Line Items] | |
Goodwill Tax Adjustments | $ (1.3) |
Goodwill [Roll Forward] | |
Balance at September 27, 2014 | 2,810.8 |
Foreign currency and other | (3.9) |
Balance at September 26, 2015 | 2,808.2 |
Diagnostics [Member] | |
Goodwill [Line Items] | |
Goodwill Tax Adjustments | (0.6) |
Goodwill [Roll Forward] | |
Balance at September 27, 2014 | 1,154.1 |
Foreign currency and other | (2.4) |
Balance at September 26, 2015 | 1,152.3 |
Breast Health [Member] | |
Goodwill [Line Items] | |
Goodwill Tax Adjustments | (0.7) |
Goodwill [Roll Forward] | |
Balance at September 27, 2014 | 631.7 |
Foreign currency and other | (0.6) |
Balance at September 26, 2015 | 631.8 |
GYN Surgical [Member] | |
Goodwill [Line Items] | |
Goodwill Tax Adjustments | 0 |
Goodwill [Roll Forward] | |
Balance at September 27, 2014 | 1,016.8 |
Foreign currency and other | (0.8) |
Balance at September 26, 2015 | 1,016 |
Skeletal Health [Member] | |
Goodwill [Line Items] | |
Goodwill Tax Adjustments | 0 |
Goodwill [Roll Forward] | |
Balance at September 27, 2014 | 8.2 |
Foreign currency and other | (0.1) |
Balance at September 26, 2015 | $ 8.1 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies - Schedule of Other Assets (Detail) - USD ($) $ in Millions | Sep. 26, 2015 | Sep. 27, 2014 |
Accounting Policies [Abstract] | ||
Deferred financing costs | $ 27 | $ 44.9 |
Life insurance contracts | 27.5 | 22.4 |
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 6.9 | 0 |
Mutual funds | 5.6 | 15.4 |
Manufacturing access fees | 11.6 | 14.1 |
Cost-method equity investments | 4.2 | 5.2 |
Other | 17.9 | 16.2 |
Other assets | $ 115.2 | $ 142.6 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Accounting Policies [Abstract] | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | $ (34.5) | $ (17.8) | |
Foreign currency translation adjustment | (15.7) | (4.7) | $ 8.6 |
Unrealized gains on available-for-sale securities | 6.9 | 8.9 | 12.1 |
Minimum pension liability, net of tax of $0.2 and $0.2, respectively | (1.8) | (1.6) | (0.3) |
Accumulated other comprehensive Income Loss Hedge | (3.9) | 0 | |
Accumulated other comprehensive income | (14.5) | 2.6 | 20.4 |
Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Tax | 0.3 | 0.2 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | $ 2.5 | $ 0 | $ 0 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies - Changes in accumulated balances of other comprehensive income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (15.7) | $ (4.7) | $ 8.6 |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 6.9 | 8.9 | 12.1 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 1.8 | 1.6 | 0.3 |
Accumulated other comprehensive Income Loss Hedge | (3.9) | 0 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (14.5) | 2.6 | 20.4 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (20.6) | (13.3) | 1.4 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 9.8 | 3.2 | (12.1) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | 0.2 | 1.3 | (0.1) |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (3.9) | 0 | $ 0 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (34.5) | (17.8) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 17.4 | 0 | |
Foreign Currency Gain (Loss) [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (20.6) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 9.6 | 0 | |
Equity Securities [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 7.8 | 0 | |
Pension in Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | 0.2 | 1.3 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | $ 0 | |
Interest Rate Cap [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 0 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies - Schedule of Derivative Instruments on the Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Sep. 26, 2015 | Sep. 27, 2014 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | $ 6.9 | $ 0 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 0.7 | |
Other Assets [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | $ 6.2 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies - Amount of loss recognized in other comprehensive income, net of taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Amount of loss recognized in other comprehensive income [Abstract] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (3.9) | $ 0 | $ 0 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies - Accounts Receivable Reserve Activity (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at Beginning of Period | $ 12 | $ 8.8 | $ 6.4 |
Charged to Costs and Expenses | 1.6 | 4.4 | 4.3 |
Write- offs and Payments | (2.5) | (1.2) | (1.9) |
Balance at End of Period | $ 11.1 | $ 12 | $ 8.8 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies - Reconciliation of Basic and Diluted Share Amounts (Detail) - shares shares in Thousands | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Earnings Per Share [Line Items] | |||
Basic weighted average common shares outstanding (in shares) | 280,566 | 275,499 | 268,704 |
Weighted Average Common Stock Equivalents From Assumed Exercise Of Stock Options And Restricted Stock Units | 2,898 | 2,368 | 0 |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 6,073 | 493 | 0 |
Diluted weighted average common shares outstanding (in shares) | 289,537 | 278,360 | 268,704 |
Outstanding Stock Options [Member] | |||
Weighted-average anti-dilutive shares related to: | |||
Weighted-average anti-dilutive shares (in shares) | 1,502 | 5,033 | 8,445 |
Restricted Stock Units [Member] | |||
Weighted-average anti-dilutive shares related to: | |||
Weighted-average anti-dilutive shares (in shares) | 49 | 20 | 1,109 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies - Product Warranty (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance at Beginning of Period | $ 6.3 | $ 9.3 |
Provisions | 6.1 | 7.1 |
Settlements/ Adjustments | (7) | (10.1) |
Balance at End of Period | $ 5.4 | $ 6.3 |
Restructuring and Divestiture54
Restructuring and Divestiture Charges - Charges Taken Related to Restructuring Actions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 26, 2015 | Jun. 27, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Restructuring Cost and Reserve [Line Items] | ||||||||||
Non-cash impairment charges | $ 0 | $ 38,400 | $ 9,400 | |||||||
Fiscal restructuring and divestiture charges | $ 6,500 | $ 11,900 | $ 8,000 | $ 15,100 | $ 6,700 | $ 11,600 | $ 18,400 | 28,500 | 51,700 | 32,800 |
Fiscal 2013 Charges [Member] | Restructuring Charges [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Non-cash impairment charges | (100) | |||||||||
Workforce reductions | 31,200 | |||||||||
Facility closure costs | 600 | |||||||||
Other | 900 | |||||||||
Fiscal restructuring charges | 32,700 | |||||||||
Divestiture net charges | 112 | |||||||||
Fiscal restructuring and divestiture charges | 32,800 | |||||||||
Fiscal 2014 Charges [Member] | Restructuring Charges [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Non-cash impairment charges | 3,100 | |||||||||
Workforce reductions | 42,200 | |||||||||
Facility closure costs | 600 | |||||||||
Other | 300 | |||||||||
Fiscal restructuring charges | 46,200 | |||||||||
Divestiture net charges | 5,500 | |||||||||
Fiscal restructuring and divestiture charges | 51,700 | |||||||||
Two Thousand Fifteen [Member] | Restructuring Charges [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Workforce reductions | 16,300 | |||||||||
Facility closure costs | 2,600 | |||||||||
Fiscal restructuring charges | 18,900 | |||||||||
Divestiture net charges | 9,600 | |||||||||
Fiscal restructuring and divestiture charges | 28,500 | |||||||||
Consolidation of Diagnostics Operations [Member] | Fiscal 2013 Charges [Member] | Restructuring Charges [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Non-cash impairment charges | 0 | |||||||||
Workforce reductions | 14,000 | |||||||||
Facility closure costs | 0 | |||||||||
Other | 0 | |||||||||
Fiscal restructuring charges | 14,000 | |||||||||
Consolidation of Diagnostics Operations [Member] | Fiscal 2014 Charges [Member] | Restructuring Charges [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Non-cash impairment charges | 0 | |||||||||
Workforce reductions | 2,900 | |||||||||
Facility closure costs | 0 | |||||||||
Other | 100 | |||||||||
Fiscal restructuring charges | 3,000 | |||||||||
Consolidation of Diagnostics Operations [Member] | Two Thousand Fifteen [Member] | Restructuring Charges [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Workforce reductions | 100 | |||||||||
Facility closure costs | 500 | |||||||||
Fiscal restructuring charges | 600 | |||||||||
Closure of Indianapolis Facility [Member] | Fiscal 2013 Charges [Member] | Restructuring Charges [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Non-cash impairment charges | 0 | |||||||||
Workforce reductions | 4,800 | |||||||||
Facility closure costs | 200 | |||||||||
Other | 700 | |||||||||
Fiscal restructuring charges | 5,700 | |||||||||
Closure of Indianapolis Facility [Member] | Fiscal 2014 Charges [Member] | Restructuring Charges [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Non-cash impairment charges | 0 | |||||||||
Workforce reductions | 200 | |||||||||
Facility closure costs | 500 | |||||||||
Other | 0 | |||||||||
Fiscal restructuring charges | 700 | |||||||||
Closure of Indianapolis Facility [Member] | Two Thousand Fifteen [Member] | Restructuring Charges [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Workforce reductions | 0 | |||||||||
Facility closure costs | 0 | |||||||||
Fiscal restructuring charges | 0 | |||||||||
Restructuring Action Two Thousand Fifteen [Member] | Fiscal 2013 Charges [Member] | Restructuring Charges [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Non-cash impairment charges | 0 | |||||||||
Workforce reductions | 0 | |||||||||
Facility closure costs | 0 | |||||||||
Other | 0 | |||||||||
Fiscal restructuring charges | 0 | |||||||||
Restructuring Action Two Thousand Fifteen [Member] | Fiscal 2014 Charges [Member] | Restructuring Charges [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Non-cash impairment charges | 0 | |||||||||
Workforce reductions | 0 | |||||||||
Facility closure costs | 0 | |||||||||
Other | 0 | |||||||||
Fiscal restructuring charges | 0 | |||||||||
Restructuring Action Two Thousand Fifteen [Member] | Two Thousand Fifteen [Member] | Restructuring Charges [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Workforce reductions | 10,000 | |||||||||
Facility closure costs | 0 | |||||||||
Fiscal restructuring charges | 10,000 | |||||||||
Fiscal 2014 Actions [Member] | Fiscal 2013 Charges [Member] | Restructuring Charges [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Non-cash impairment charges | 0 | |||||||||
Workforce reductions | 0 | |||||||||
Facility closure costs | 0 | |||||||||
Other | 0 | |||||||||
Fiscal restructuring charges | 0 | |||||||||
Fiscal 2014 Actions [Member] | Fiscal 2014 Charges [Member] | Restructuring Charges [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Non-cash impairment charges | 0 | |||||||||
Workforce reductions | 29,500 | |||||||||
Facility closure costs | 0 | |||||||||
Other | 0 | |||||||||
Fiscal restructuring charges | 29,500 | |||||||||
Fiscal 2014 Actions [Member] | Two Thousand Fifteen [Member] | Restructuring Charges [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Workforce reductions | 6,000 | |||||||||
Facility closure costs | 2,000 | |||||||||
Fiscal restructuring charges | 8,000 | |||||||||
Fiscal 2013 Actions [Member] | Fiscal 2013 Charges [Member] | Restructuring Charges [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Non-cash impairment charges | 0 | |||||||||
Workforce reductions | 11,300 | |||||||||
Facility closure costs | 0 | |||||||||
Other | 0 | |||||||||
Fiscal restructuring charges | 11,300 | |||||||||
Fiscal 2013 Actions [Member] | Fiscal 2014 Charges [Member] | Restructuring Charges [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Non-cash impairment charges | 0 | |||||||||
Workforce reductions | 900 | |||||||||
Facility closure costs | 0 | |||||||||
Other | 0 | |||||||||
Fiscal restructuring charges | 900 | |||||||||
Fiscal 2013 Actions [Member] | Two Thousand Fifteen [Member] | Restructuring Charges [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Workforce reductions | 0 | |||||||||
Facility closure costs | 0 | |||||||||
Fiscal restructuring charges | 0 | |||||||||
Other Operating Cost Reductions [Member] | Fiscal 2013 Charges [Member] | Restructuring Charges [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Non-cash impairment charges | (100) | |||||||||
Workforce reductions | 1,100 | |||||||||
Facility closure costs | 400 | |||||||||
Other | 200 | |||||||||
Fiscal restructuring charges | $ 1,700 | |||||||||
Other Operating Cost Reductions [Member] | Fiscal 2014 Charges [Member] | Restructuring Charges [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Non-cash impairment charges | 3,100 | |||||||||
Workforce reductions | 8,700 | |||||||||
Facility closure costs | 100 | |||||||||
Other | 200 | |||||||||
Fiscal restructuring charges | $ 12,100 | |||||||||
Other Operating Cost Reductions [Member] | Two Thousand Fifteen [Member] | Restructuring Charges [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Workforce reductions | 200 | |||||||||
Facility closure costs | 100 | |||||||||
Fiscal restructuring charges | $ 300 |
Restructuring and Divestiture55
Restructuring and Divestiture Charges - Charges Taken Related to Accrued Restructuring Actions (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Restructuring Reserve [Roll Forward] | |||
Non-cash impairment charges | $ 0 | $ (38.4) | $ (9.4) |
Fiscal 2012 Charges [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 10.8 | ||
Fiscal 2012 Charges [Member] | Consolidation of Diagnostics Operations [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 8.4 | ||
Fiscal 2012 Charges [Member] | Closure of Indianapolis Facility [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 1.8 | ||
Fiscal 2012 Charges [Member] | Restructuring Action Two Thousand Fifteen [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 0 | ||
Fiscal 2012 Charges [Member] | Fiscal 2014 Actions [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 0 | ||
Fiscal 2012 Charges [Member] | Fiscal 2013 Actions [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 0 | ||
Fiscal 2012 Charges [Member] | Other Operating Cost Reductions [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 0.6 | ||
Fiscal 2013 Charges [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 12.3 | ||
Non-cash impairment charges | 0.1 | ||
Fiscal restructuring charges | 32.7 | ||
Stock-based compensation | (7.9) | ||
Severance payments | (21.5) | ||
Other payments | (1.7) | ||
Balance | 12.3 | ||
Fiscal 2013 Charges [Member] | Consolidation of Diagnostics Operations [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 3 | ||
Non-cash impairment charges | 0 | ||
Fiscal restructuring charges | 14 | ||
Stock-based compensation | (6.3) | ||
Severance payments | (13.1) | ||
Other payments | 0 | ||
Balance | 3 | ||
Fiscal 2013 Charges [Member] | Closure of Indianapolis Facility [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 3.8 | ||
Non-cash impairment charges | 0 | ||
Fiscal restructuring charges | 5.7 | ||
Stock-based compensation | 0 | ||
Severance payments | (3.1) | ||
Other payments | (0.6) | ||
Balance | 3.8 | ||
Fiscal 2013 Charges [Member] | Restructuring Action Two Thousand Fifteen [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 0 | ||
Non-cash impairment charges | 0 | ||
Fiscal restructuring charges | 0 | ||
Stock-based compensation | 0 | ||
Severance payments | 0 | ||
Other payments | 0 | ||
Balance | 0 | ||
Fiscal 2013 Charges [Member] | Fiscal 2014 Actions [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 0 | ||
Non-cash impairment charges | 0 | ||
Fiscal restructuring charges | 0 | ||
Stock-based compensation | 0 | ||
Severance payments | 0 | ||
Other payments | 0 | ||
Balance | 0 | ||
Fiscal 2013 Charges [Member] | Fiscal 2013 Actions [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 5.3 | ||
Non-cash impairment charges | 0 | ||
Fiscal restructuring charges | 11.3 | ||
Stock-based compensation | (1.6) | ||
Severance payments | (4.4) | ||
Other payments | 0 | ||
Balance | 5.3 | ||
Fiscal 2013 Charges [Member] | Other Operating Cost Reductions [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 0.2 | ||
Non-cash impairment charges | 0.1 | ||
Fiscal restructuring charges | 1.7 | ||
Stock-based compensation | 0 | ||
Severance payments | (0.9) | ||
Other payments | (1.1) | ||
Balance | $ 0.2 | ||
Fiscal 2014 Charges [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 16.9 | ||
Non-cash impairment charges | (3.1) | ||
Fiscal restructuring charges | 46.2 | ||
Stock-based compensation | (6.6) | ||
Severance payments | (31) | ||
Other payments | (0.9) | ||
Balance | 16.9 | ||
Fiscal 2014 Charges [Member] | Consolidation of Diagnostics Operations [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 3 | ||
Non-cash impairment charges | 0 | ||
Fiscal restructuring charges | 3 | ||
Stock-based compensation | 0 | ||
Severance payments | (3) | ||
Other payments | 0 | ||
Balance | 3 | ||
Fiscal 2014 Charges [Member] | Closure of Indianapolis Facility [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 0 | ||
Non-cash impairment charges | 0 | ||
Fiscal restructuring charges | 0.7 | ||
Stock-based compensation | 0 | ||
Severance payments | (4) | ||
Other payments | (0.5) | ||
Balance | 0 | ||
Fiscal 2014 Charges [Member] | Restructuring Action Two Thousand Fifteen [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 0 | ||
Non-cash impairment charges | 0 | ||
Fiscal restructuring charges | 0 | ||
Stock-based compensation | 0 | ||
Severance payments | 0 | ||
Other payments | 0 | ||
Balance | 0 | ||
Fiscal 2014 Charges [Member] | Fiscal 2014 Actions [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 12 | ||
Non-cash impairment charges | 0 | ||
Fiscal restructuring charges | 29.5 | ||
Stock-based compensation | (6.6) | ||
Severance payments | (10.9) | ||
Other payments | 0 | ||
Balance | 12 | ||
Fiscal 2014 Charges [Member] | Fiscal 2013 Actions [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 0.1 | ||
Non-cash impairment charges | 0 | ||
Fiscal restructuring charges | 0.9 | ||
Stock-based compensation | 0 | ||
Severance payments | (6.1) | ||
Other payments | 0 | ||
Balance | 0.1 | ||
Fiscal 2014 Charges [Member] | Other Operating Cost Reductions [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 1.8 | ||
Non-cash impairment charges | (3.1) | ||
Fiscal restructuring charges | 12.1 | ||
Stock-based compensation | 0 | ||
Severance payments | (7) | ||
Other payments | (0.4) | ||
Balance | $ 1.8 | ||
Two Thousand Fifteen [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Fiscal restructuring charges | 18.9 | ||
Stock-based compensation | 4.1 | ||
Severance payments | 23.9 | ||
Other payments | 2.1 | ||
Balance | 5.7 | ||
Two Thousand Fifteen [Member] | Consolidation of Diagnostics Operations [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Fiscal restructuring charges | 0.6 | ||
Stock-based compensation | 0 | ||
Severance payments | (3) | ||
Other payments | (0.5) | ||
Balance | 0.1 | ||
Two Thousand Fifteen [Member] | Closure of Indianapolis Facility [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Fiscal restructuring charges | 0 | ||
Stock-based compensation | 0 | ||
Severance payments | 0 | ||
Other payments | 0 | ||
Balance | 0 | ||
Two Thousand Fifteen [Member] | Restructuring Action Two Thousand Fifteen [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Fiscal restructuring charges | 10 | ||
Stock-based compensation | 4.1 | ||
Severance payments | 2.8 | ||
Other payments | 0 | ||
Balance | 3.1 | ||
Two Thousand Fifteen [Member] | Fiscal 2014 Actions [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Fiscal restructuring charges | 8 | ||
Stock-based compensation | 0 | ||
Severance payments | (16.2) | ||
Other payments | (1.3) | ||
Balance | 2.5 | ||
Two Thousand Fifteen [Member] | Fiscal 2013 Actions [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Fiscal restructuring charges | 0 | ||
Stock-based compensation | 0 | ||
Severance payments | 0.1 | ||
Other payments | 0 | ||
Balance | 0 | ||
Two Thousand Fifteen [Member] | Other Operating Cost Reductions [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Fiscal restructuring charges | 0.3 | ||
Stock-based compensation | 0 | ||
Severance payments | 1.8 | ||
Other payments | 0.3 | ||
Balance | $ 0 |
Restructuring and Divestiture56
Restructuring and Divestiture Charges - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Jun. 27, 2015USD ($) | Dec. 27, 2014USD ($) | Sep. 27, 2014USD ($) | Dec. 28, 2013USD ($)employee | Sep. 28, 2013USD ($) | Jun. 29, 2013USD ($) | Mar. 30, 2013USD ($) | Sep. 29, 2012USD ($) | Mar. 29, 2014USD ($) | Sep. 26, 2015USD ($) | Sep. 27, 2014USD ($) | Sep. 28, 2013USD ($) | Sep. 29, 2012USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Impairment charges of equipment fair value | $ 3,100,000 | $ 5,000,000 | |||||||||||
Loss on sale of business | $ 5,300,000 | $ (9,600,000) | $ (5,500,000) | 0 | |||||||||
Restructuring Reserve, Translation and Other Adjustment | $ 9,600,000 | ||||||||||||
Bedford Closure [Domain] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Estimated aggregate severance charges | 3,000,000 | ||||||||||||
Restructuring Charges [Member] | Two Thousand Fifteen [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Facility Closure Costs | 2,600,000 | ||||||||||||
Reduction Of Workforce Expenses | 16,300,000 | ||||||||||||
Share Based Compensation Expense Included Other Restructuring Costs | (4,100,000) | ||||||||||||
Consolidation of Diagnostics Operations [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Severance charges | $ 0 | 0 | |||||||||||
Employee retention program, payments in cash | $ 9,700,000 | ||||||||||||
Consolidation of Diagnostics Operations [Member] | Molecular Diagnostics Operations [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Severance charges | 100,000 | 3,000,000 | 3,200,000 | $ 900,000 | |||||||||
Facility Closure Costs | 500,000 | ||||||||||||
Exiting charges | $ 600,000 | ||||||||||||
Consolidation of Diagnostics Operations [Member] | Restructuring Charges [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Severance charges | 10,800,000 | 13,300,000 | |||||||||||
Compensation charges | 6,300,000 | 3,500,000 | |||||||||||
Consolidation of Diagnostics Operations [Member] | Restructuring Charges [Member] | Two Thousand Fifteen [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Facility Closure Costs | 500,000 | ||||||||||||
Reduction Of Workforce Expenses | 100,000 | ||||||||||||
Share Based Compensation Expense Included Other Restructuring Costs | 0 | ||||||||||||
Closure of Indianapolis Facility [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Severance charges | 0 | 5,900,000 | |||||||||||
Closure of Indianapolis Facility [Member] | Restructuring Charges [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Severance charges | 200,000 | 4,800,000 | 900,000 | ||||||||||
Exiting charges | $ 800,000 | $ 900,000 | |||||||||||
Other restructuring charges | 400,000 | ||||||||||||
Closure of Indianapolis Facility [Member] | Restructuring Charges [Member] | Two Thousand Fifteen [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Facility Closure Costs | 0 | ||||||||||||
Reduction Of Workforce Expenses | 0 | ||||||||||||
Share Based Compensation Expense Included Other Restructuring Costs | 0 | ||||||||||||
Restructuring Action Two Thousand Fifteen [Member] | Restructuring Charges [Member] | Two Thousand Fifteen [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Facility Closure Costs | 0 | ||||||||||||
Compensation charges | 4,100,000 | ||||||||||||
Reduction Of Workforce Expenses | 10,000,000 | ||||||||||||
Share Based Compensation Expense Included Other Restructuring Costs | (4,100,000) | ||||||||||||
Fiscal 2014 Actions [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Severance charges | 6,300,000 | 16,600,000 | |||||||||||
Compensation charges | 400,000 | 1,800,000 | |||||||||||
Fiscal 2014 Actions [Member] | Jack Cumming [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Severance charges | 6,600,000 | ||||||||||||
Compensation charges | $ 4,400,000 | ||||||||||||
Fiscal 2014 Actions [Member] | Restructuring Charges [Member] | Two Thousand Fifteen [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Facility Closure Costs | 2,000,000 | ||||||||||||
Number Office Locations related to Facility Closure Costs | 0 | ||||||||||||
Reduction Of Workforce Expenses | 6,000,000 | ||||||||||||
Share Based Compensation Expense Included Other Restructuring Costs | 0 | ||||||||||||
Fiscal 2013 Actions [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Severance charges | $ 6,800,000 | $ 4,600,000 | 900,000 | ||||||||||
Compensation charges | $ 1,400,000 | ||||||||||||
Estimated aggregate severance charges | 5,400,000 | ||||||||||||
Fiscal 2013 Actions [Member] | Restructuring Charges [Member] | Two Thousand Fifteen [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Facility Closure Costs | 0 | ||||||||||||
Reduction Of Workforce Expenses | 0 | ||||||||||||
Share Based Compensation Expense Included Other Restructuring Costs | 0 | ||||||||||||
Other Operating Cost Reductions [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Severance charges | 300,000 | $ 8,700,000 | |||||||||||
Number of employees affected for severance benefits | employee | 95 | ||||||||||||
Impairment charges of equipment fair value | $ 3,100,000 | ||||||||||||
Other Operating Cost Reductions [Member] | Restructuring Charges [Member] | Two Thousand Fifteen [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Facility Closure Costs | 100,000 | ||||||||||||
Reduction Of Workforce Expenses | 200,000 | ||||||||||||
Share Based Compensation Expense Included Other Restructuring Costs | $ 0 |
Borrowings and Credit Arrange57
Borrowings and Credit Arrangements - Company's Borrowings (Detail) - USD ($) $ in Millions | Sep. 26, 2015 | Sep. 27, 2014 |
Debt Instrument [Line Items] | ||
Current debt obligations, net of debt discount | $ 391.8 | $ 114.5 |
Convertible Notes | 142.2 | 0 |
Convertible Notes | 861.5 | 1,235.6 |
Total long-term debt obligations | 3,248 | 4,153.2 |
Total debt obligations | 3,639.8 | 4,267.7 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Current debt obligations, net of debt discount | 74.6 | 0 |
Long-term debt obligations, net of debt discount | 1,399.8 | 0 |
Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Current debt obligations, net of debt discount | 175 | 0 |
Term Loan A [Member] | ||
Debt Instrument [Line Items] | ||
Current debt obligations, net of debt discount | 0 | 99.6 |
Long-term debt obligations, net of debt discount | 0 | 796.7 |
Term Loan B [Member] | ||
Debt Instrument [Line Items] | ||
Current debt obligations, net of debt discount | 0 | 14.9 |
Long-term debt obligations, net of debt discount | 0 | 1,120.9 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt obligations, net of debt discount | 0 | 1,000 |
2022 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt obligations, net of debt discount | $ 986.7 | $ 0 |
Borrowings and Credit Arrange58
Borrowings and Credit Arrangements - Debt Maturity Schedule for Components of Company's Obligations (Details) $ in Millions | Sep. 26, 2015USD ($) |
Debt Instrument [Line Items] | |
2,016 | $ 400 |
2,017 | 84.4 |
2,018 | 1,032.4 |
2,019 | 150 |
2,020 | 1,050 |
2021 and Thereafter | 1,000 |
Total | 3,716.8 |
Term Loan [Member] | |
Debt Instrument [Line Items] | |
2,016 | 75 |
2,017 | 84.4 |
2,018 | 121.9 |
2,019 | 150 |
2,020 | 1,050 |
2021 and Thereafter | 0 |
Total | 1,481.3 |
Revolver [Member] | |
Debt Instrument [Line Items] | |
2,016 | 175 |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
2021 and Thereafter | 0 |
Total | 175 |
2022SeniorNotes [Member] | |
Debt Instrument [Line Items] | |
2,016 | 0 |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
2021 and Thereafter | 1,000 |
Total | 1,000 |
Convertible Notes [Member] | |
Debt Instrument [Line Items] | |
2,016 | 150 |
2,017 | 0 |
2,018 | 910.5 |
2,019 | 0 |
2,020 | 0 |
2021 and Thereafter | 0 |
Total | $ 1,060.5 |
Borrowings and Credit Arrange59
Borrowings and Credit Arrangements - Additional Information (Detail) $ / shares in Units, shares in Millions | May. 29, 2015USD ($) | Dec. 24, 2014USD ($) | Feb. 26, 2014USD ($) | Nov. 14, 2013USD ($) | Oct. 31, 2013USD ($) | Feb. 14, 2013USD ($) | Feb. 29, 2012USD ($) | Aug. 02, 2013USD ($) | Feb. 14, 2013USD ($) | Aug. 01, 2012USD ($) | Dec. 10, 2007USD ($) | Sep. 26, 2015USD ($)shares | Jun. 27, 2015USD ($) | Dec. 27, 2014USD ($) | Mar. 29, 2014USD ($) | Dec. 28, 2013USD ($) | Sep. 28, 2013USD ($) | Mar. 30, 2013USD ($) | Mar. 30, 2013 | Dec. 25, 2010 | Jul. 01, 2015 | Jun. 27, 2015 | Sep. 26, 2015USD ($)$ / sharesshares | Sep. 27, 2014USD ($) | Sep. 28, 2013USD ($) | Aug. 01, 2015USD ($) | Jul. 02, 2015USD ($) | Nov. 18, 2010USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Period To Remedy Event Of Default For Failure To Comply With Reporting Obligations Of Convertible Notes | 90 days | |||||||||||||||||||||||||||
Debt extinguishment loss | $ (37,800,000) | $ (18,200,000) | $ (6,700,000) | $ 4,400,000 | $ 2,900,000 | $ 62,700,000 | $ 7,400,000 | $ 9,200,000 | ||||||||||||||||||||
Payments of Debt Issuance Costs | 22,700,000 | (2,400,000) | 9,400,000 | |||||||||||||||||||||||||
Non-cash interest expense amortization of debt discount and deferred financing costs | 63,800,000 | 68,700,000 | 81,200,000 | |||||||||||||||||||||||||
Repayments of Convertible Debt | (543,700,000) | 0 | 0 | |||||||||||||||||||||||||
Principal Amount Of Borrowings | 1,000,000,000 | 1,000,000,000 | ||||||||||||||||||||||||||
Convertible Notes Payable, Current | $ 142,200,000 | 142,200,000 | 0 | |||||||||||||||||||||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | $ (216,900,000) | 20,000,000 | ||||||||||||||||||||||||||
Failure To Comply With Reporting Obligations Penalty Fee Percentage Of Convertible Notes | 0.25% | 0.25% | ||||||||||||||||||||||||||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Maximum Number of Shares | shares | 44.3 | 44.3 | ||||||||||||||||||||||||||
Credit Agreement [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Proceeds under credit agreement | $ 1,680,000,000 | |||||||||||||||||||||||||||
Debt extinguishment loss | $ 18,200,000 | $ 3,200,000 | ||||||||||||||||||||||||||
Number of Debt Instruments | 2 | 2 | ||||||||||||||||||||||||||
Direct Third Party Costs Interest Expense | $ 4,600,000 | |||||||||||||||||||||||||||
Payments of Debt Issuance Costs | 3,800,000 | |||||||||||||||||||||||||||
Fees recorded as debt discount | $ 4,900,000 | |||||||||||||||||||||||||||
Maximum Range Of Present Value Of Cash Flow Percentage | 10.00% | 10.00% | ||||||||||||||||||||||||||
Refinancing issuance costs | $ 2,400,000 | |||||||||||||||||||||||||||
Interest expense | $ 54,700,000 | 75,300,000 | 107,600,000 | |||||||||||||||||||||||||
Non-cash interest expense amortization of debt discount and deferred financing costs | 9,000,000 | $ 12,700,000 | $ 14,500,000 | |||||||||||||||||||||||||
Notes principal amount | $ 2,800,000,000 | |||||||||||||||||||||||||||
Principal Amount Of Borrowings | 2,500,000,000 | $ 1,660,000,000 | $ 1,660,000,000 | |||||||||||||||||||||||||
Net Proceeds From Debt Offering | 2,410,000,000 | |||||||||||||||||||||||||||
Line of Credit Facility, Interest Rate During Period | 2.43% | 2.89% | 3.70% | |||||||||||||||||||||||||
Leverage Ratio Maximum | 5.50 | |||||||||||||||||||||||||||
Decreased Net Leverage Ratio Pursuant To Senior Secured Credit Facility | 4 | |||||||||||||||||||||||||||
Interest Coverage Ratio | 3.75 | |||||||||||||||||||||||||||
Credit Agreement [Member] | Percentage Added to Eurodollar Rate [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||||||||||||||||||||
Senior Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Debt extinguishment loss | $ 22,300,000 | |||||||||||||||||||||||||||
Interest expense | $ 67,247,000 | $ 63,980,000 | $ 63,900,000 | |||||||||||||||||||||||||
Non-cash interest expense amortization of debt discount and deferred financing costs | $ 2,138,000 | 1,652,000 | 1,600,000 | |||||||||||||||||||||||||
Notes principal amount | 1,000,000,000 | |||||||||||||||||||||||||||
Debt Instrument, Interest Rate During Period | 6.25% | |||||||||||||||||||||||||||
Long Term Debt Obligations Without Convertible Notes | $ 1,000,000,000 | |||||||||||||||||||||||||||
Final interest payment | $ 31,250,000 | |||||||||||||||||||||||||||
Net Proceeds From Debt Offering | $ 987,400,000 | |||||||||||||||||||||||||||
Offering Price Of Principal Amount | 100.00% | |||||||||||||||||||||||||||
2022 Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate During Period | 5.25% | |||||||||||||||||||||||||||
Long Term Debt Obligations Without Convertible Notes | $ 1,000,000,000 | |||||||||||||||||||||||||||
Offering Price Of Principal Amount | 100.00% | |||||||||||||||||||||||||||
Debt Instrument Maximum Percentage Of Redemption Of Senior Notes | 35.00% | |||||||||||||||||||||||||||
Debt Instrument Percentage Of Redemption Price | 100.00% | |||||||||||||||||||||||||||
Debt Instrument Percentage Of Redemption Price Second Period | 105.25% | |||||||||||||||||||||||||||
Debt Instrument Percentage Of Redemption Price Third Period | 102.625% | |||||||||||||||||||||||||||
Debt Instrument Percentage Of Redemption Price Fourth Period | 101.313% | |||||||||||||||||||||||||||
Debt Instrument Percentage Of Redemption Price Fifth Period | 100.00% | |||||||||||||||||||||||||||
Percentage Price Of Principal Amount For Repurchase Of Senior Note Change In Control | 101.00% | |||||||||||||||||||||||||||
Convertible Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Debt extinguishment loss | $ 15,500,000 | |||||||||||||||||||||||||||
Gains (Losses) on Recourse Debt | (14,400,000) | |||||||||||||||||||||||||||
Debt Instrument, Maturity Date Range, Start | Dec. 15, 2017 | |||||||||||||||||||||||||||
Redemption Price As Percentage Of Principal Amount Plus Accrued And Unpaid Interest | 100.00% | |||||||||||||||||||||||||||
Cash Per Original Principle Amount Of Exchange Notes | $ 1,000 | |||||||||||||||||||||||||||
Convertible Notes Issuance Expense | 4,100,000 | |||||||||||||||||||||||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 246,100,000 | $ 32,500,000 | ||||||||||||||||||||||||||
Write off of Deferred Debt Issuance Cost | 700,000 | |||||||||||||||||||||||||||
Allocated Third Party Costs | $ 400,000 | |||||||||||||||||||||||||||
Debt Instrument Nonconvertible Effective Interest Rate | 2.71% | |||||||||||||||||||||||||||
Deferred Taxes, Reacquisition of Equity Component | $ 29,200,000 | |||||||||||||||||||||||||||
Convertible Notes [Member] | 2007 Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | |||||||||||||||||||||||||||
Notes principal amount | $ 405,000,000 | $ 1,725,000,000 | ||||||||||||||||||||||||||
Convertible Notes [Member] | Two Thousand Thirteen Original Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | 2.00% | ||||||||||||||||||||||||||
Exceeds Percentage Of Accreted Principal Amount Of Original Notes | 120.00% | |||||||||||||||||||||||||||
Principal Convertible To Common Stock | $ 1,000 | |||||||||||||||||||||||||||
Convertible Notes Payable [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Interest expense | 70,700,000 | 76,600,000 | 99,300,000 | |||||||||||||||||||||||||
Non-cash interest expense amortization of debt discount and deferred financing costs | $ 52,500,000 | $ 54,300,000 | $ 64,900,000 | |||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | 2.00% | 2.00% | |||||||||||||||||||||||||
Term Loan [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Long Term Debt Obligations Without Convertible Notes | $ 1,399,800,000 | $ 1,399,800,000 | $ 0 | |||||||||||||||||||||||||
Term Loan [Member] | Credit Agreement [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,500,000,000 | $ 1,500,000,000 | ||||||||||||||||||||||||||
Debt Instrument, Maturity Date | May 29, 2020 | |||||||||||||||||||||||||||
Line of Credit Facility, Interest Rate During Period | 1.95% | |||||||||||||||||||||||||||
Term Loan [Member] | Credit Agreement [Member] | Minimum [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Debt Instruments Principal Repayment Due Per Quarter | $ 18,750,000 | |||||||||||||||||||||||||||
Term Loan [Member] | Credit Agreement [Member] | Maximum [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Debt Instruments Principal Repayment Due Per Quarter | 37,500,000 | |||||||||||||||||||||||||||
Revolver [Member] | Credit Agreement [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000,000,000 | $ 1,000,000,000 | ||||||||||||||||||||||||||
Debt Instrument, Maturity Date | May 29, 2020 | |||||||||||||||||||||||||||
Amount borrowed under revolver | $ 175,000,000 | |||||||||||||||||||||||||||
Wholly owned foreign subsidiary borrowing limit | 100,000,000 | |||||||||||||||||||||||||||
Term Loan A [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Long Term Debt Obligations Without Convertible Notes | 0 | $ 0 | 796,700,000 | |||||||||||||||||||||||||
Term Loan A [Member] | Credit Agreement [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000,000 | |||||||||||||||||||||||||||
Debt Instrument, Maturity Date | Aug. 1, 2017 | |||||||||||||||||||||||||||
Margin Change To Term Loan | 1.00% | |||||||||||||||||||||||||||
Term Loan A [Member] | Credit Agreement [Member] | Percentage Added to Base Rate [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||||||||||||||||||||
Term Loan A [Member] | Credit Agreement [Member] | Percentage Added to Eurodollar Rate [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||||||||||||||||||||||
Term Loan B [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Long Term Debt Obligations Without Convertible Notes | 0 | 0 | 1,120,900,000 | |||||||||||||||||||||||||
Term Loan B [Member] | Credit Agreement [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000,000 | |||||||||||||||||||||||||||
Debt Instrument, Maturity Date | Aug. 1, 2019 | |||||||||||||||||||||||||||
Prepaid principal amount | $ 300,000,000 | $ 25,000,000 | $ 100,000,000 | $ 200,000,000 | ||||||||||||||||||||||||
Debt extinguishment loss | $ (6,700,000) | 4,400,000 | $ 2,900,000 | $ 6,000,000 | ||||||||||||||||||||||||
Number of Debt Instruments | 2 | |||||||||||||||||||||||||||
Direct Third Party Costs Interest Expense | $ 1,000,000 | $ 1,100,000 | ||||||||||||||||||||||||||
Maximum Range Of Present Value Of Cash Flow Percentage | 10.00% | |||||||||||||||||||||||||||
Margin Change To Term Loan | 0.75% | |||||||||||||||||||||||||||
Term Loan B [Member] | Credit Agreement [Member] | Base Rate Floor [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Debt Floor Rate | 2.00% | |||||||||||||||||||||||||||
Term Loan B [Member] | Credit Agreement [Member] | Percentage Added to Base Rate [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||||||||||||||||||||
Term Loan B [Member] | Credit Agreement [Member] | Eurodollar Rate Floor [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Debt Floor Rate | 1.00% | |||||||||||||||||||||||||||
Term Loan B [Member] | Credit Agreement [Member] | Percentage Added to Eurodollar Rate [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||||||||||||||||||||||
Revolving Credit Facilities [Member] | Credit Agreement [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000,000 | |||||||||||||||||||||||||||
Debt Instrument, Maturity Date | Aug. 1, 2017 | |||||||||||||||||||||||||||
Margin Change To Revolving Credit Facility | 1.00% | |||||||||||||||||||||||||||
2007 Notes [Member] | Convertible Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument Maturity Period | 2,037 | |||||||||||||||||||||||||||
Net Proceeds From Debt Offering | $ 1,690,000,000 | |||||||||||||||||||||||||||
November Eighteen Two Thousand Ten Original Notes [Member] | Convertible Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Debt extinguishment loss | (15,500,000) | |||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | |||||||||||||||||||||||||||
Debt Instrument Maturity Period | 2,037 | |||||||||||||||||||||||||||
Notes principal amount | 300,000,000 | $ 300,000,000 | $ 450,000,000 | |||||||||||||||||||||||||
Repayments of Convertible Debt | $ 543,700,000 | |||||||||||||||||||||||||||
November Eighteen Two Thousand Ten Original Notes [Member] | Convertible Notes [Member] | 2007 Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Notes principal amount | $ 450,000,000 | |||||||||||||||||||||||||||
February Twenty Nine Two Thousand Twelve Original Notes [Member] | Convertible Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | |||||||||||||||||||||||||||
Debt Instrument Maturity Period | 2,042 | |||||||||||||||||||||||||||
Notes principal amount | $ 500,000,000 | |||||||||||||||||||||||||||
February Twenty Nine Two Thousand Twelve Original Notes [Member] | Convertible Notes [Member] | 2007 Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Notes principal amount | $ 500,000,000 | |||||||||||||||||||||||||||
Two Thousand Seven Original Notes [Member] | Convertible Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument Repurchase Price Percentage Of Principle Amount | 100.00% | |||||||||||||||||||||||||||
Debt Instrument Convertible Effective Interest Rate One | 3.25% | |||||||||||||||||||||||||||
Two Thousand Twelve Original Notes [Member] | Convertible Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | 2.00% | ||||||||||||||||||||||||||
Annual Yield To Maturity On Convertible Notes | 2.00% | |||||||||||||||||||||||||||
Exceeds Percentage Of Accreted Principal Amount Of Original Notes | 120.00% | |||||||||||||||||||||||||||
Conversion Of Notes Into Shares Conversion Price | $ / shares | $ 31.175 | |||||||||||||||||||||||||||
Exceeds Percentage Of Conversion Price Of Common Stock | 130.00% | |||||||||||||||||||||||||||
Number Of Trading Days Considered For Average Closing Daily Prices Description | during the five business day period after any five consecutive trading day period | |||||||||||||||||||||||||||
Percentage To Compare Note Price To Product Of Common Stock And Conversion Rate | 98.00% | |||||||||||||||||||||||||||
Two Thousand Twelve Original Notes [Member] | Convertible Notes [Member] | Minimum [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Number Of Trading Days | 20 days | |||||||||||||||||||||||||||
Two Thousand Twelve Original Notes [Member] | Convertible Notes [Member] | Maximum [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Number Of Trading Days | 30 days | |||||||||||||||||||||||||||
Due December Two Zero One Seven [Member] | Convertible Notes [Member] | Two Thousand Thirteen Original Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Annual Yield To Maturity On Convertible Notes | 4.00% | |||||||||||||||||||||||||||
Thereafter [Member] | Convertible Notes [Member] | Two Thousand Thirteen Original Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Annual Yield To Maturity On Convertible Notes | 2.00% | |||||||||||||||||||||||||||
Two Thousand Thirteen Original Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Maximum Range Of Present Value Of Cash Flow Percentage | 10.00% | |||||||||||||||||||||||||||
Change In Fair Value Of Conversion Option Percentage | 10.00% | |||||||||||||||||||||||||||
Two Thousand Thirteen Original Notes [Member] | Convertible Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Conversion Of Notes Into Shares Conversion Price | $ / shares | $ 38.59 | |||||||||||||||||||||||||||
Exceeds Percentage Of Conversion Price Of Common Stock | 130.00% | |||||||||||||||||||||||||||
Number Of Trading Days Considered For Average Closing Daily Prices Description | during the five business day period after any five consecutive trading day period | |||||||||||||||||||||||||||
Percentage To Compare Note Price To Product Of Common Stock And Conversion Rate | 98.00% | |||||||||||||||||||||||||||
Debt Instrument Convertible Effective Interest Rate One | 5.42% | |||||||||||||||||||||||||||
Gains Losses On Exchange Of Debt | $ 0 | |||||||||||||||||||||||||||
Two Thousand Thirteen Original Notes [Member] | Convertible Notes [Member] | Minimum [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Number Of Trading Days | 20 days | |||||||||||||||||||||||||||
Two Thousand Thirteen Original Notes [Member] | Convertible Notes [Member] | Maximum [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Number Of Trading Days | 30 days | |||||||||||||||||||||||||||
February Fourteen Two Thousand And Thirteen Original Notes [Member] | Convertible Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Debt extinguishment loss | $ 0 | |||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | 2.00% | ||||||||||||||||||||||||||
Debt Instrument Maturity Period | 2,043 | |||||||||||||||||||||||||||
Notes principal amount | $ 370,000,000 | $ 370,000,000 | ||||||||||||||||||||||||||
February Fourteen Two Thousand And Thirteen Original Notes [Member] | Convertible Notes [Member] | 2007 Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Notes principal amount | $ 370,000,000 | $ 370,000,000 | ||||||||||||||||||||||||||
Senior Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Long Term Debt Obligations Without Convertible Notes | $ 0 | $ 0 | $ 1,000,000,000 | |||||||||||||||||||||||||
Aggregate redemption price | 1,030,000,000 | |||||||||||||||||||||||||||
Premium payment | $ 31,250,000 | |||||||||||||||||||||||||||
Two Thousand Ten Original Notes [Member] | Convertible Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | 2.00% | ||||||||||||||||||||||||||
Notes principal amount | $ 150,000,000 | $ 150,000,000 | ||||||||||||||||||||||||||
Amount by which the if-converted value exceeds the principal amount | 114,100,000 | $ 114,100,000 | ||||||||||||||||||||||||||
Annual Yield To Maturity On Convertible Notes | 2.00% | |||||||||||||||||||||||||||
Exceeds Percentage Of Accreted Principal Amount Of Original Notes | 120.00% | |||||||||||||||||||||||||||
Conversion Of Notes Into Shares Conversion Price | $ / shares | $ 23.03 | |||||||||||||||||||||||||||
Exceeds Percentage Of Conversion Price Of Common Stock | 130.00% | |||||||||||||||||||||||||||
Convertible Notes Payable, Current | $ 142,200,000 | $ 142,200,000 | ||||||||||||||||||||||||||
Number Of Trading Days Considered For Average Closing Daily Prices Description | during the five business day period after any five consecutive trading day period | |||||||||||||||||||||||||||
Percentage To Compare Note Price To Product Of Common Stock And Conversion Rate | 98.00% | |||||||||||||||||||||||||||
Two Thousand Ten Original Notes [Member] | Convertible Notes [Member] | Minimum [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Number Of Trading Days | 20 days | 20 days | ||||||||||||||||||||||||||
Two Thousand Ten Original Notes [Member] | Convertible Notes [Member] | Maximum [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Number Of Trading Days | 30 days | 30 days |
Borrowings and Credit Arrange60
Borrowings and Credit Arrangements - Interest Expense under Convertible Notes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Debt Conversion [Line Items] | |||
Non-cash interest expense | $ 63.8 | $ 68.7 | $ 81.2 |
Convertible Notes Payable [Member] | |||
Debt Conversion [Line Items] | |||
Amortization of debt discount | 34.9 | 37.1 | 52.7 |
Amortization of deferred financing costs | 1.7 | 1.9 | 3 |
Principal accretion | 15.9 | 15.3 | 9.2 |
Non-cash interest expense | 52.5 | 54.3 | 64.9 |
2.00% accrued interest | 18.2 | 22.3 | 34.4 |
Interest expense, net | $ 70.7 | $ 76.6 | $ 99.3 |
Percentage of accrued interest on Convertible Notes | 2.00% | 2.00% |
Borrowings and Credit Arrange61
Borrowings and Credit Arrangements - Convertible Notes and Related Equity Components (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Two Thousand And Ten Notes [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt Instrument, Face Amount | $ 150 | $ 450 |
Debt Instrument, Unamortized Discount | (7.8) | (41.5) |
Convertible Notes Payable | 142.2 | 408.5 |
Debt Instrument, Convertible, Carrying Amount of Equity Component | 20 | 60.1 |
Two Thousand And Twelve Notes [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt Instrument, Face Amount | 500 | 500 |
Debt Instrument, Unamortized Discount | (19.7) | (27.3) |
Convertible Notes Payable | 480.3 | 472.7 |
Debt Instrument, Convertible, Carrying Amount of Equity Component | 49.2 | 49.2 |
Two Thousand And Thirteen Notes [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt Instrument, Face Amount | 370 | 370 |
Debt Instrument, Unamortized Discount | (29.3) | (40.1) |
Convertible Notes Payable | 381.2 | 354.4 |
Debt Instrument, Convertible, Carrying Amount of Equity Component | 131.5 | 131.5 |
Base Principal Amount For Accretion Value | $ 40.5 | $ 24.5 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Millions | Sep. 26, 2015 | Sep. 27, 2014 |
Assets: | ||
Assets measured at fair value on a recurring basis | $ 27.7 | $ 39.8 |
Liabilities: | ||
Liabilities measured at fair value on a recurring basis | 29.4 | 35.8 |
Equity Security [Member] | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 15.2 | 24.4 |
Mutual Funds [Member] | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 5.6 | 15.4 |
Interest Rate Cap [Member] | ||
Assets: | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 6.9 | |
Deferred Compensation Liabilities [Member] | ||
Liabilities: | ||
Liabilities measured at fair value on a recurring basis | 29.4 | 35.8 |
Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 20.8 | 39.8 |
Liabilities: | ||
Liabilities measured at fair value on a recurring basis | 29.4 | 35.8 |
Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | Equity Security [Member] | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 15.2 | 24.4 |
Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | Mutual Funds [Member] | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 5.6 | 15.4 |
Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | Interest Rate Cap [Member] | ||
Assets: | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | |
Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | Deferred Compensation Liabilities [Member] | ||
Liabilities: | ||
Liabilities measured at fair value on a recurring basis | 29.4 | 35.8 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 6.9 | 0 |
Liabilities: | ||
Liabilities measured at fair value on a recurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Equity Security [Member] | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Mutual Funds [Member] | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Cap [Member] | ||
Assets: | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 6.9 | |
Significant Other Observable Inputs (Level 2) [Member] | Deferred Compensation Liabilities [Member] | ||
Liabilities: | ||
Liabilities measured at fair value on a recurring basis | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 0 | 0 |
Liabilities: | ||
Liabilities measured at fair value on a recurring basis | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Equity Security [Member] | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mutual Funds [Member] | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Cap [Member] | ||
Assets: | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | |
Fair Value, Inputs, Level 3 [Member] | Deferred Compensation Liabilities [Member] | ||
Liabilities: | ||
Liabilities measured at fair value on a recurring basis | $ 0 | $ 0 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Fair Value of Recurring Fair Value Measurements Using Significant Unobservable Inputs (Level 3), Consisting of Contingent Consideration Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | $ 0 | $ 3.8 | $ 86.4 |
Contingent consideration recorded at acquisition | 0 | 0.5 | |
Fair value adjustments | $ 0 | 0 | 11.3 |
Payments / Accruals | (3.8) | (94.4) | |
Balance at end of period | $ 0 | $ 3.8 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Sep. 27, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | Aug. 01, 2012 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||
Investments, Fair Value Disclosure | $ 39.8 | $ 27.7 | $ 39.8 | ||||
Impairment of goodwill | 0 | 0 | $ 1,117.4 | ||||
Impairment charge | $ 28.6 | 3.7 | |||||
Impairment charge allocated to intangible assets | 27.1 | ||||||
Non-cash impairment charges | 0 | 38.4 | 9.4 | ||||
Asset impairment charge | $ 3.1 | 5 | |||||
Cost-method equity investments in non-publicly traded securities | 5.2 | 4.2 | 5.2 | ||||
Other-than-temporary impairment charges | 6.9 | $ 6.4 | |||||
Borrowed principal under credit agreement | 1,000 | ||||||
Property, Plant and Equipment [Member] | |||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||
Non-cash impairment charges | $ 1.5 | ||||||
Credit Agreement [Member] | |||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||
Borrowed principal under credit agreement | 1,660 | $ 2,500 | |||||
Senior Notes [Member] | |||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||
Fair value of debt instrument | 1,030 | ||||||
Fair Value, Inputs, Level 3 [Member] | |||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||
Investments, Fair Value Disclosure | 0 | $ 0 | 0 | ||||
Diagnostics [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||
Non-cash impairment charges | $ 5.1 | ||||||
Fair Value, Measurements, Nonrecurring [Member] | |||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||
Impairment charge allocated to intangible assets | $ 32.2 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Estimated Fair Value of Assets Measured on a Nonrecurring Basis (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 29, 2014 | Dec. 28, 2013 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value | $ 1.4 | ||||
Intangible asset, Total Losses | $ (27.1) | ||||
Total Losses | $ (3.1) | (5) | |||
Cost-method equity investments | 1.5 | ||||
Cost-method equity investments, Total Losses | $ (7.8) | $ (6.9) | (6.4) | ||
Total Losses | (1,128.8) | ||||
Goodwill Fair Value Disclosure Non Recurring Measurement Remaining Value | 277.8 | ||||
Goodwill, Impairment Loss | $ 0 | 0 | (1,117.4) | ||
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value | 1.4 | ||||
Cost-method equity investments | 1.5 | ||||
Goodwill Fair Value Disclosure Non Recurring Measurement Remaining Value | 277.8 | ||||
Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Intangible assets | 36.2 | ||||
Intangible asset, Total Losses | (32.2) | ||||
Cost-method equity investments | 0.8 | ||||
Cost-method equity investments, Total Losses | (6.9) | ||||
Total Losses | (43.7) | ||||
Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Intangible assets | 0 | ||||
Cost-method equity investments | 0 | 0 | |||
Goodwill Fair Value Disclosure Non Recurring Measurement Remaining Value | 0 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Intangible assets | 0 | ||||
Cost-method equity investments | 0 | 0 | |||
Goodwill Fair Value Disclosure Non Recurring Measurement Remaining Value | 0 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Intangible assets | 36.2 | ||||
Cost-method equity investments | 0.8 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Property, Plant and Equipment [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value | 1 | ||||
Total Losses | (1.5) | ||||
Fair Value, Measurements, Nonrecurring [Member] | Property, Plant and Equipment [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value | 0 | 0 | |||
Fair Value, Measurements, Nonrecurring [Member] | Property, Plant and Equipment [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value | 0 | $ 0 | |||
Fair Value, Measurements, Nonrecurring [Member] | Property, Plant and Equipment [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value | 1 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Buildings [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value | 1.4 | ||||
Total Losses | (3.1) | ||||
Fair Value, Measurements, Nonrecurring [Member] | Buildings [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value | 0 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Buildings [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value | 0 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Buildings [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value | $ 1.4 |
Fair Value Measurements - Estim
Fair Value Measurements - Estimated Fair Values of Convertible Notes (Detail) - USD ($) $ in Millions | Sep. 26, 2015 | Sep. 27, 2014 |
Estimated Fair Value Of Financial Instruments [Line Items] | ||
Estimated fair values of debt instruments | $ 1,424.1 | $ 1,469.4 |
2010 Notes [Member] | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ||
Estimated fair values of debt instruments | 264.1 | 536.6 |
2012 Notes [Member] | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ||
Estimated fair values of debt instruments | 688.2 | 531.7 |
2013 Notes [Member] | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ||
Estimated fair values of debt instruments | $ 471.8 | $ 401.1 |
Sale of Makena - Additional Inf
Sale of Makena - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 29, 2012 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | |
Regulatory Assets [Abstract] | ||||||
Amended transaction price as a result of executing amendment | $ 199.5 | |||||
Transaction Price Amounts Received | $ 12.4 | $ 84.5 | ||||
Final payment received | $ 60 | |||||
Gain on net of certain contingent legal fees and amounts due to inventory | $ 53.9 | $ 0 | $ 0 | $ 53.9 |
Income Taxes - Income (Loss) Be
Income Taxes - Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 158.3 | $ 95.1 | $ (1,184.6) |
Foreign | 18.9 | (47) | (8.3) |
Income (loss) before income taxes | $ 177.2 | $ 48.1 | $ (1,192.9) |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Federal: | |||
Current | $ 185.2 | $ 242.2 | $ 154.9 |
Deferred | (137) | (212.5) | (182.7) |
Federal, Total | 48.2 | 29.7 | (27.8) |
State: | |||
Current | 3.5 | 22.1 | 15.3 |
Deferred | (11) | (24.7) | (16.7) |
State, Total | (7.5) | (2.6) | (1.4) |
Foreign: | |||
Current | 5.7 | 9.6 | 7.7 |
Deferred | (0.8) | (5.9) | 1.4 |
Foreign, Total | 4.9 | 3.7 | 9.1 |
Provision for income taxes | $ 45.6 | $ 30.8 | $ (20.1) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax (Benefit) at U.S. Federal Statutory Rate to Company's Effective Tax Rate (Detail) | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Income Tax Disclosure [Abstract] | |||
Income tax provision (benefit) at federal statutory rate | 35.00% | 35.00% | (35.00%) |
Increase (decrease) in tax resulting from: | |||
Goodwill impairment | 0.00% | 0.00% | 32.80% |
Domestic production activities deduction | (10.10%) | (30.60%) | (1.20%) |
State income taxes, net of federal benefit | 1.20% | 4.30% | (0.20%) |
Tax credits | (3.80%) | (5.20%) | (1.20%) |
Unrecognized tax benefits | (1.80%) | 2.50% | 0.30% |
Contingent consideration | 0.00% | 0.00% | 2.60% |
Cumulative translation adjustment write-off | 1.90% | 0.00% | 0.00% |
Non-deductible compensation | 1.90% | 5.50% | 0.20% |
Foreign rate differential | (1.60%) | 10.70% | 0.10% |
Change in valuation allowance | 1.00% | 35.40% | (0.80%) |
Other | 2.10% | 6.30% | 0.70% |
Effective income tax rate | 25.80% | 63.90% | (1.70%) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 28, 2013 | Sep. 27, 2014 | |
Income Taxes [Line Items] | |||
Deferred tax assets, release of valuation allowance | $ 19,900,000 | ||
Increase in valuation allowance | $ 1,900,000 | ||
Gross unrecognized tax benefits, excluding interest | $ 137,000,000 | ||
Unrecognized tax benefit that would impact effective tax rate | 74,900,000 | ||
Interest accrued on unrecognized tax benefits | 9,900,000 | $ 8,300,000 | |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 0 | ||
Unremitted foreign earnings | 60,900,000 | ||
Net Operating Losses Carryforwards [Member] | |||
Income Taxes [Line Items] | |||
Amount with unlimited carry forward periods | 54,900,000 | ||
Tax Credit Carryforward [Member] | |||
Income Taxes [Line Items] | |||
Amount with unlimited carry forward periods | 9,000,000 | ||
Federal net operating loss expected to be expired unutilized | 4,500,000 | ||
State net operating loss expected to be expired unutilized | 180,500,000 | ||
Foreign net operating loss expected to be expired unutilized | 49,000,000 | ||
Minimum [Member] | |||
Income Taxes [Line Items] | |||
Amount of unrecognized tax benefits that are reasonably possible of being reduced in the next twelve months | 2,000,000 | ||
Maximum [Member] | |||
Income Taxes [Line Items] | |||
Amount of unrecognized tax benefits that are reasonably possible of being reduced in the next twelve months | 4,000,000 | ||
Domestic Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Federal net operating losses | 17,300,000 | ||
Federal credit carry forwards | 4,700,000 | ||
State and Local Jurisdiction [Member] | |||
Income Taxes [Line Items] | |||
Federal net operating losses | 91,500,000 | ||
Federal credit carry forwards | 13,000,000 | ||
Foreign Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Federal net operating losses | 56,600,000 | ||
Federal credit carry forwards | $ 1,500,000 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Company's Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Sep. 26, 2015 | Sep. 27, 2014 |
Deferred tax assets | ||
Net operating loss carryforwards | $ 45.4 | $ 54.2 |
Capital losses | 25.7 | 22.3 |
Non-deductible accruals | 16.3 | 16.8 |
Non-deductible reserves | 26.8 | 27.1 |
Stock-based compensation | 24.3 | 25 |
Research and other credits | 14.5 | 12.3 |
Nonqualified deferred compensation plan | 11.3 | 13.7 |
Other temporary differences | 10.2 | 11.6 |
Deferred tax assets, gross | 174.5 | 183 |
Less: valuation allowance | (60.9) | (62.8) |
Deferred tax assets, net | 113.6 | 120.2 |
Deferred tax liabilities | ||
Depreciation and amortization | (1,171.5) | (1,314.6) |
Debt discounts and deferrals | (100.1) | (120.9) |
Debt issuance costs | (1.4) | (6.8) |
Investment in subsidiary | 0 | (13.9) |
Deferred tax liabilities, net | (1,273) | (1,456.2) |
Net deferred tax liabilities | $ (1,159.4) | $ (1,336) |
Income Taxes - Activity of Comp
Income Taxes - Activity of Company's Unrecognized Income Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Income Tax Disclosure [Abstract] | ||
Balance at beginning of fiscal year | $ 137 | $ 121.8 |
Tax positions related to current year: | ||
Additions | 11 | 10.8 |
Reductions | 0 | 0 |
Tax positions related to prior years: | ||
Additions related to change in estimate | 21.1 | 10.9 |
Reductions | (10.3) | (2.7) |
Payments | (0.8) | 0 |
Lapses in statutes of limitations and settlements | (3.7) | (3.8) |
Acquired tax positions: | ||
Additions related to reserves acquired from acquisitions | 0.4 | 0 |
Balance as of the end of the fiscal year | $ 154.7 | $ 137 |
Stockholders' Equity and Stoc74
Stockholders' Equity and Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013tranche$ / sharesshares | Mar. 31, 2012shares | Sep. 26, 2015USD ($)$ / sharesshares | Sep. 27, 2014USD ($)$ / sharesshares | Sep. 28, 2013USD ($) | Nov. 11, 2013USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Authorized value of common shares to be repurchased | $ 250 | |||||
Period available for common stock to be repurchased | 3 years | |||||
Market stock units granted during the period | shares | 100,000 | |||||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Tranches | tranche | 3 | |||||
Percentage Of Award Vested Upon Meeting Defined Market Based Criteria | 33.33% | |||||
Share Based Compensation Arrangement By Share Based Payment Award Trading Period Considered For Determination Of Average Price | 30 days | |||||
Valuation of MSUs using Monte Carlo simulation model | $ / shares | $ 18.65 | |||||
Share Based Compensation Arrangement Restricted Stock Units Liability Award | shares | 200,000 | |||||
Common Stock Purchased By Employee | shares | 200,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid | $ 4.6 | |||||
Minimum eligible percentage to receive target number of shares of company's common stock | 0.00% | |||||
Maximum eligible percentage to receive target number of shares of company's common stock | 200.00% | |||||
Stock-based compensation, period of vest term granted to employees, years | 3 years | |||||
Percentage of forfeiture rates, minimum | 0.00% | |||||
Percentage of forfeiture rates, maximum | 7.00% | |||||
Tax benefit related to stock based compensation | $ 17.7 | $ 15.3 | $ 17.2 | |||
Expense related to the acceleration of vesting for certain options assumed in acquisition | 4.1 | 6.6 | 7.9 | |||
Intrinsic value of option exercised | $ 42 | 34.7 | 37.6 | |||
Granted | shares | 1,600,000 | |||||
Stock-based compensation expense | $ 59.3 | 50 | 52.3 | |||
Series A Preferred Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share portion entitled to purchase by right | shares | 0.0001 | |||||
Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation, period of vest term granted to employees, years | 5 years | |||||
Percentage of vesting for stock granted to employees | 20.00% | |||||
Stock-based compensation expense | $ 12.2 | 16.3 | 23.7 | |||
Unrecognized compensation expense | $ 22.8 | |||||
Weighted average period of unrecognized stock-based compensation, years | 3 years 5 months | |||||
Restricted Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shared Based Compensation Arrangement Restricted Stock Vesting Period | 3 years | |||||
Percentage of vesting for stock granted to employees | 25.00% | |||||
RSU, period of vest term granted to employees, years | 4 years | |||||
Stock-based compensation expense | $ 43.7 | 30.6 | 26 | |||
Unrecognized compensation expense | $ 73.6 | |||||
Weighted average period of unrecognized stock-based compensation, years | 2 years 6 months | |||||
Fair value of RSUs vested | $ 27.2 | $ 22.6 | 27.3 | |||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted | shares | 300,000 | 500,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ / shares | $ 26.58 | $ 21.69 | ||||
2008 Equity Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock, shares authorized | shares | 31,500,000 | |||||
Shares available for grant | shares | 9,500,000 | |||||
2012 Employee Stock Purchase Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares that may be issued under Employee Stock Purchase Plan | shares | 2,500,000 | |||||
Percentage of common stock price for ESPP | 85.00% | |||||
2012 Employee Stock Purchase Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 3.4 | $ 3.1 | $ 2.7 |
Stockholders' Equity and Stoc75
Stockholders' Equity and Stock-Based Compensation - Stock-Based Compensation Expense in Consolidated Statement of Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 59.3 | $ 50 | $ 52.3 |
Cost of Revenues [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 8.7 | 7.3 | 7 |
Research and Development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 8.6 | 8.4 | 7.2 |
Selling and Marketing [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 8.8 | 8.2 | 8.9 |
General and Administrative Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 29.1 | 19.5 | 20.2 |
Restructuring Charges [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 4.1 | $ 6.6 | $ 9 |
Stockholders' Equity and Stoc76
Stockholders' Equity and Stock-Based Compensation - Information Pertaining to Stock Options Granted and Related Assumptions (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 1.3 | 2.4 | 2.6 |
Weighted-average exercise price | $ 27.68 | $ 22.01 | $ 20.29 |
Weighted-average grant date fair value | $ 9.95 | $ 7,670 | $ 7,030 |
Assumptions: | |||
Risk-free interest rates | 1.70% | 1.20% | 0.50% |
Expected life (in years) | 5 years 4 months 6 days | 4 years 4 months 24 days | 4 years 4 months 24 days |
Expected volatility | 38.60% | 41.40% | 43.70% |
Dividend yield | $ 0 | $ 0 | $ 0 |
Stockholders' Equity and Stoc77
Stockholders' Equity and Stock-Based Compensation - Stock Option Activity (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Number of Shares (in millions) | |||
Options outstanding at September 27, 2014 | 9.8 | ||
Granted | 1.3 | 2.4 | 2.6 |
Canceled/ forfeited | (1.4) | ||
Exercised | (3) | ||
Options outstanding at September 26, 2015 | 6.7 | 9.8 | |
Options exercisable at September 26, 2015 | 3 | ||
Options vested and expected to vest at September 26, 2015 (1) | 6.6 | ||
Weighted- Average Exercise Price | |||
Options outstanding at September 27, 2014 | $ 20.59 | ||
Granted | 27.68 | $ 22.01 | $ 20.29 |
Canceled/ forfeited | 23.36 | ||
Exercised | 18.89 | ||
Options outstanding at September 27, 2014 | 22.21 | $ 20.59 | |
Options exercisable at September 26, 2015 | 21.05 | ||
Options vested and expected to vest at September 26, 2015 (1) | $ 22.18 | ||
Weighted- Average Remaining Contractual Life (in Years) | |||
Options outstanding at September 27, 2014 | 4 years 10 months 12 days | 4 years 1 month 6 days | |
Options outstanding at September 26, 2015 | 4 years 10 months 12 days | 4 years 1 month 6 days | |
Options exercisable at September 26, 2015 | 3 years 1 month 27 days | ||
Options vested and expected to vest at September 26, 2015 (1) | 4 years 10 months 2 days | ||
Aggregate Intrinsic Value (in millions) | |||
Options outstanding at September 27, 2014 | $ 46.4 | ||
Exercised | 42 | $ 34.7 | $ 37.6 |
Options outstanding at September 26, 2015 | 119.1 | $ 46.4 | |
Options exercisable at September 26, 2015 | 56.6 | ||
Options vested and expected to vest at September 26, 2015 (1) | $ 118.1 |
Stockholders' Equity and Stoc78
Stockholders' Equity and Stock-Based Compensation - Restricted Stock Unit Activity (Detail) shares in Millions | 12 Months Ended |
Sep. 26, 2015$ / sharesshares | |
Number of Shares (in millions) | |
Non-vested at September 27, 2014 | 4.1 |
Granted | 1.6 |
Vested | (1.3) |
Forfeited | (0.7) |
Non-vested at September 26, 2015 | 3.7 |
Weighted-Average Grant-Date Fair Value | |
Non-vested at September 27, 2014 | $ / shares | $ 20.67 |
Granted | $ / shares | 27.19 |
Vested | $ / shares | 20.40 |
Forfeited | $ / shares | 21.37 |
Non-vested at September 26, 2015 | $ / shares | $ 24.54 |
Stockholders' Equity and Stoc79
Stockholders' Equity and Stock-Based Compensation - Assumptions to Value Stock Options (Detail) - USD ($) | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Assumptions: | |||
Risk-free interest rates | 1.70% | 1.20% | 0.50% |
Expected life (in years) | 5 years 4 months 6 days | 4 years 4 months 24 days | 4 years 4 months 24 days |
Expected volatility | 38.60% | 41.40% | 43.70% |
Dividend yield | $ 0 | $ 0 | $ 0 |
Employee stock purchase plan [Member] | |||
Assumptions: | |||
Risk-free interest rates | 0.10% | 0.08% | 0.11% |
Expected life (in years) | 6 months | 6 months | 6 months |
Expected volatility | 27.40% | 30.00% | 32.00% |
Dividend yield | $ 0 | $ 0 | $ 0 |
Profit Sharing 401(k) Plan - Ad
Profit Sharing 401(k) Plan - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Defined Contribution Plan [Abstract] | |||
Contributions made by company | $ 14.4 | $ 13.3 | $ 13.4 |
Nonqualified Deferred Compens81
Nonqualified Deferred Compensation Plan - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Mutual funds | $ 5.6 | $ 15.4 | |
Gen-Probe Incorporated [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Discretionary contribution, net of forfeitures | $ 29.4 | 35.8 | |
Nonqualified Deferred Compensation Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Maximum employee contributions from base salary, percentage | 75.00% | ||
Maximum employee contributions from annual bonus, percentage | 100.00% | ||
Employee contributions vested, percentage | 100.00% | ||
Contributions, vesting period, years | 3 years | ||
Compensation expense for the DCP discretionary contributions | $ 1.8 | 3.7 | $ 2.7 |
Investment in group life insurance contracts | $ 27.5 | $ 22.4 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Oct. 29, 2013USD ($) | Oct. 29, 2013USD ($) | Jun. 30, 2011 | Mar. 28, 2015USD ($) | Dec. 28, 2013USD ($) | Sep. 28, 2013USD ($) | Mar. 30, 2013USD ($) | Sep. 26, 2015USD ($)Leaseterm | Sep. 27, 2014USD ($) | Sep. 28, 2013USD ($) | Sep. 29, 2012USD ($) |
Contingent Consideration Earn-Out Payments [Line Items] | |||||||||||
Payment of contingent consideration | $ 0 | $ 0 | $ 43 | ||||||||
Loss Contingency Damages Sought Related To Additional Contingent Consideration Under Merger And Acquisition Agreement | $ 14.7 | ||||||||||
Contingent consideration – compensation expense | 0 | 0 | 80 | ||||||||
Property, Plant, and Equipment, Fair Value Disclosure | $ 1.4 | 1.4 | |||||||||
Accrued expenses | 272.1 | 262.1 | |||||||||
Accrued lease obligation-long-term | $ 33.8 | ||||||||||
Operating Lease Expiration Year | 2,035 | ||||||||||
Rent Expense Net Of Sublease Income | $ 19.2 | 21.1 | 19.9 | ||||||||
Operating Leases, Rent Expense, Sublease Rentals | $ 2 | $ 1.8 | 1.9 | ||||||||
Minimum [Member] | |||||||||||
Contingent Consideration Earn-Out Payments [Line Items] | |||||||||||
Royalty Based On Revenue Lower Range Percentage | 1.00% | ||||||||||
Maximum [Member] | |||||||||||
Contingent Consideration Earn-Out Payments [Line Items] | |||||||||||
Royalty Based On Revenue Upper Range Percentage | 35.00% | ||||||||||
Interlace [Member] | |||||||||||
Contingent Consideration Earn-Out Payments [Line Items] | |||||||||||
Payment of contingent consideration | $ 86.9 | $ 39 | $ 47.6 | ||||||||
Loss Contingency Damages Sought Related To Additional Contingent Consideration Under Merger And Acquisition Agreement | $ 14.7 | ||||||||||
Contingent payments period | 2 years | ||||||||||
Contingent consideration – fair value adjustments | $ 93.8 | ||||||||||
Interlace [Member] | Minimum [Member] | |||||||||||
Contingent Consideration Earn-Out Payments [Line Items] | |||||||||||
Business Acquisition Contingent Consideration At Fair Value At Point In Time | 51.8 | ||||||||||
Interlace [Member] | Maximum [Member] | |||||||||||
Contingent Consideration Earn-Out Payments [Line Items] | |||||||||||
Business Acquisition Contingent Consideration At Fair Value At Point In Time | $ 93.8 | ||||||||||
TCT International Co., Ltd. [Member] | |||||||||||
Contingent Consideration Earn-Out Payments [Line Items] | |||||||||||
Payment of contingent consideration | $ 31.1 | $ 87.4 | |||||||||
Contingent payments period | 2 years | ||||||||||
Beijing Healthcome Technology [Member] | |||||||||||
Contingent Consideration Earn-Out Payments [Line Items] | |||||||||||
Payment of contingent consideration | $ 0.7 | ||||||||||
Finance Leases [Member] | |||||||||||
Contingent Consideration Earn-Out Payments [Line Items] | |||||||||||
Number Of Finance Leases | Lease | 2 | ||||||||||
Property, Plant, and Equipment, Fair Value Disclosure | $ 28.3 | ||||||||||
Accrued expenses | $ 3.1 | ||||||||||
Number Of Optional Lease Extensions | term | 2 | ||||||||||
Lease Extension Period | 5 years | ||||||||||
Finance Leases [Member] | Minimum [Member] | |||||||||||
Contingent Consideration Earn-Out Payments [Line Items] | |||||||||||
Optional Lease Extension Period | 10 years | ||||||||||
Finance Leases [Member] | Maximum [Member] | |||||||||||
Contingent Consideration Earn-Out Payments [Line Items] | |||||||||||
Optional Lease Extension Period | 12 years | ||||||||||
Finance Leases [Member] | Leasehold Improvements [Member] | |||||||||||
Contingent Consideration Earn-Out Payments [Line Items] | |||||||||||
Property, Plant and Equipment, Useful Life | 35 years |
Commitments and Contingencies83
Commitments and Contingencies - Summary of Contingent Consideration Charges Recorded to the Consolidated Statement of Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Other Contingencies And Commitments [Line Items] | |||
Contingent consideration – compensation expense | $ 0 | $ 0 | $ 80 |
Contingent consideration – fair value adjustments | $ 0 | $ 0 | 11.3 |
Contingent consideration expense | 91.3 | ||
Interlace Medical, Inc [Member] | |||
Other Contingencies And Commitments [Line Items] | |||
Contingent consideration – compensation expense | 0 | ||
Contingent consideration – fair value adjustments | 11.3 | ||
Contingent consideration expense | 11.3 | ||
TCT International Co., Ltd. [Member] | |||
Other Contingencies And Commitments [Line Items] | |||
Contingent consideration – compensation expense | 80 | ||
Contingent consideration – fair value adjustments | 0 | ||
Contingent consideration expense | $ 80 |
Commitments and Contingencies84
Commitments and Contingencies - Future Minimum Lease Payments, Including Principal and Interest (Details) $ in Millions | Sep. 26, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Fiscal 2,016 | $ 3.1 |
Fiscal 2,017 | 3.1 |
Fiscal 2,018 | 2.9 |
Fiscal 2,019 | 0.3 |
Total minimum payments | 9.4 |
Less-amount representing interest | (1.4) |
Total | $ 8 |
Commitments and Contingencies85
Commitments and Contingencies - Summary of Purchase Commitments (Details) $ in Millions | Sep. 26, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Fiscal 2,016 | $ 34.6 |
Fiscal 2,017 | 4 |
Fiscal 2,018 | 3 |
Fiscal 2,019 | 0.8 |
Total | $ 42.4 |
Commitments and Contingencies86
Commitments and Contingencies - Summary of Minimum Royalty Commitments (Details) $ in Millions | Sep. 26, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Fiscal 2,016 | $ 1.3 |
Fiscal 2,017 | 0.7 |
Fiscal 2,018 | 0.6 |
Fiscal 2,019 | 0.6 |
Fiscal 2,020 | 0.6 |
Thereafter | 3.3 |
Total | $ 7.1 |
Commitments and Contingencies87
Commitments and Contingencies - Future Minimum Lease Payments Under All Operating Leases (Details) $ in Millions | Sep. 26, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Fiscal 2,016 | $ 16.3 |
Fiscal 2,017 | 14.5 |
Fiscal 2,018 | 12.5 |
Fiscal 2,019 | 7.9 |
Fiscal 2,020 | 6 |
Thereafter | 21.8 |
Total | $ 79 |
Commitments and Contingencies88
Commitments and Contingencies - Future Minimum Annual Rental Income Payments Under Sublease Agreements (Details) $ in Millions | Sep. 26, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Fiscal 2,016 | $ 2 |
Fiscal 2,017 | 2 |
Fiscal 2,018 | 1.9 |
Fiscal 2,019 | 1.9 |
Fiscal 2,020 | 1.3 |
Thereafter | 1.2 |
Total | $ 10.3 |
Litigation and Other Matters -
Litigation and Other Matters - Additional Information (Detail) - USD ($) $ in Millions | Oct. 29, 2013 | Sep. 04, 2012 |
Commitments and Contingencies Disclosure [Abstract] | ||
Assessed damages | $ 4 | |
Additional Payment | $ 14.7 |
Grifols Collaboration Agreeme90
Grifols Collaboration Agreement - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2009 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Collaboration agreements revenue | $ 253.1 | $ 223.3 | $ 197.9 | |
Grifols [Member] | Collaboration Agreement [Member] | 2012-2013 [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Share of revenue from assay that includes test for HCV | 47.00% | |||
Grifols [Member] | Collaboration Agreement [Member] | 2014 [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Share of revenue from assay that includes test for HCV | 48.00% | |||
Grifols [Member] | Collaboration Agreement [Member] | 2015 [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Share of revenue from assay that includes test for HCV | 50.00% | |||
Blood screening [Member] | Grifols [Member] | Collaboration Agreement [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Manufacturing costs entitled to recover | 50.00% | |||
Share of revenue from assay that excludes test for HCV | 50.00% |
Business Segments and Geograp91
Business Segments and Geographic Information - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 26, 2015USD ($) | Jun. 27, 2015USD ($) | Mar. 28, 2015USD ($) | Dec. 27, 2014USD ($) | Sep. 27, 2014USD ($) | Jun. 28, 2014USD ($) | Mar. 29, 2014USD ($) | Dec. 28, 2013USD ($) | Sep. 26, 2015USD ($)Segment | Sep. 27, 2014USD ($) | Sep. 28, 2013USD ($) | |
Segment Reporting Disclosure [Line Items] | |||||||||||
Number of reportable segments | Segment | 4 | ||||||||||
Revenues | $ 702,800,000 | $ 693,900,000 | $ 655,500,000 | $ 652,800,000 | $ 660,600,000 | $ 632,600,000 | $ 625,000,000 | $ 612,400,000 | $ 2,705,000,000 | $ 2,530,700,000 | $ 2,492,300,000 |
Impairment of goodwill | 0 | 0 | 1,117,400,000 | ||||||||
Intersegment [Member] | |||||||||||
Segment Reporting Disclosure [Line Items] | |||||||||||
Revenues | $ 0 | $ 0 | 0 | 0 | |||||||
Diagnostics [Member] | |||||||||||
Segment Reporting Disclosure [Line Items] | |||||||||||
Revenues | $ 1,211,800,000 | $ 1,186,800,000 | $ 1,189,800,000 |
Business Segments and Geograp92
Business Segments and Geographic Information - Segment Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 702.8 | $ 693.9 | $ 655.5 | $ 652.8 | $ 660.6 | $ 632.6 | $ 625 | $ 612.4 | $ 2,705 | $ 2,530.7 | $ 2,492.3 |
Operating income (loss) | 455.1 | 279.7 | (906.2) | ||||||||
Depreciation and amortization | 491.4 | 523.2 | 516 | ||||||||
Capital expenditures | 89.4 | 80.2 | 90.1 | ||||||||
Identifiable assets | 7,670.1 | 8,414.7 | 7,670.1 | 8,414.7 | 9,000.8 | ||||||
Diagnostics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 1,211.8 | 1,186.8 | 1,189.8 | ||||||||
Operating income (loss) | 109.5 | 48.7 | (1,149.1) | ||||||||
Depreciation and amortization | 358.7 | 376 | 369.8 | ||||||||
Capital expenditures | 55.6 | 52.2 | 51.6 | ||||||||
Identifiable assets | 4,055.8 | 4,383.5 | 4,055.8 | 4,383.5 | 4,667.9 | ||||||
Breast Health [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 1,063.4 | 944.7 | 905.1 | ||||||||
Operating income (loss) | 296.3 | 187.6 | 216.1 | ||||||||
Depreciation and amortization | 28.6 | 41.7 | 40.1 | ||||||||
Capital expenditures | 12.8 | 10 | 16.4 | ||||||||
Identifiable assets | 815.4 | 859.8 | 815.4 | 859.8 | 932.2 | ||||||
GYN Surgical [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 335.8 | 307.9 | 307.1 | ||||||||
Operating income (loss) | 38.6 | 30.3 | 19.7 | ||||||||
Depreciation and amortization | 102.7 | 104.6 | 105.2 | ||||||||
Capital expenditures | 9.5 | 8 | 9.1 | ||||||||
Identifiable assets | 1,658.1 | 1,748.2 | 1,658.1 | 1,748.2 | 1,849.5 | ||||||
Skeletal Health [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 94 | 91.3 | 90.3 | ||||||||
Operating income (loss) | 10.7 | 13.1 | 7.1 | ||||||||
Depreciation and amortization | 1.4 | 0.9 | 0.9 | ||||||||
Capital expenditures | 0.4 | 0.4 | 0.6 | ||||||||
Identifiable assets | 25.3 | 26.1 | 25.3 | 26.1 | 33.5 | ||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures | 11.1 | 9.6 | 12.4 | ||||||||
Identifiable assets | $ 1,115.5 | $ 1,397.1 | $ 1,115.5 | $ 1,397.1 | $ 1,517.7 |
Business Segments and Geograp93
Business Segments and Geographic Information - Revenues by Geography (Detail) | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Schedule Of Geographical Segments [Line Items] | |||
Revenues | 100.00% | 100.00% | 100.00% |
United States [Member] | |||
Schedule Of Geographical Segments [Line Items] | |||
Revenues | 76.00% | 75.10% | 74.90% |
Europe [Member] | |||
Schedule Of Geographical Segments [Line Items] | |||
Revenues | 11.80% | 13.30% | 13.20% |
Asia-Pacific [Member] | |||
Schedule Of Geographical Segments [Line Items] | |||
Revenues | 8.50% | 7.70% | 8.10% |
All Others [Member] | |||
Schedule Of Geographical Segments [Line Items] | |||
Revenues | 3.70% | 3.90% | 3.80% |
Business Segments and Geograp94
Business Segments and Geographic Information - Schedule of Geographically Located Property and Equipment, Net (Details) - USD ($) $ in Millions | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 |
Geographic Information For Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, net | $ 457.1 | $ 461.9 | $ 491.5 |
United States [Member] | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, net | 369.1 | 366.8 | 386 |
Costa Rica [Member] | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, net | 27.7 | 27.9 | 29.3 |
Europe [Member] | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, net | 50.8 | 56 | 61.5 |
All Other Countries [Member] | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, net | $ 9.5 | $ 11.2 | $ 14.7 |
Accrued Expenses and Other Lo95
Accrued Expenses and Other Long-Term Liabilities - Schedule of Accrued Expenses (Detail) - USD ($) $ in Millions | Sep. 26, 2015 | Sep. 27, 2014 |
Accrued Expenses | ||
Compensation and employee benefits | $ 173.2 | $ 157.6 |
Interest | 14.6 | 18 |
Income and other taxes | 13.3 | 9.8 |
Other | 71 | 76.7 |
Total | $ 272.1 | $ 262.1 |
Accrued Expenses and Other Lo96
Accrued Expenses and Other Long-Term Liabilities - Schedule of Other Long-Term Liabilities (Detail) - USD ($) $ in Millions | Sep. 26, 2015 | Sep. 27, 2014 |
Other Long-Term Liabilities | ||
Reserve for income tax uncertainties | $ 145.1 | $ 131.4 |
Accrued lease obligation-long-term | 34 | 34.1 |
Pension liabilities | 10.1 | 10.8 |
Other | 11.7 | 7.1 |
Total | $ 200.9 | $ 183.4 |
Pension and Other Employee Be97
Pension and Other Employee Benefits - Additional Information (Detail) - USD ($) $ in Millions | Sep. 26, 2015 | Sep. 27, 2014 |
Other Liabilities Disclosure [Abstract] | ||
Defined Benefit Pension Plan, Liabilities | $ (10) | $ (10.3) |
Projected benefit obligations in excess of plan assets | (10) | (10.3) |
Accumulated benefit obligation | (10) | (10.3) |
Projected benefit obligation for long-term service awards | $ 0.1 | $ 0.2 |
Pension and Other Employee Be98
Pension and Other Employee Benefits - Schedule of Reconciliation of Benefit Obligations, Plan Assets Funded Status (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Other Liabilities Disclosure [Abstract] | |||
Benefit obligation at beginning of year | $ (10.3) | $ (10.1) | $ (9.7) |
Service cost | 0 | 0 | 0 |
Interest cost | (0.3) | (0.3) | (0.4) |
Plan participants' contributions | 0 | 0 | 0 |
Actuarial (loss) gain | (0.9) | (0.8) | 0.2 |
Foreign exchange gain (loss) | 1.2 | 0.6 | (0.5) |
Benefits paid | 0.3 | 0.3 | 0.3 |
Benefit obligation at end of year | (10) | (10.3) | (10.1) |
Plan assets | 0 | 0 | 0 |
Funded status | $ (10) | $ (10.3) | $ (10.1) |
Pension and Other Employee Be99
Pension and Other Employee Benefits - Components of Net Periodic Benefit Cost and Related Actuarial Assumptions (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Other Liabilities Disclosure [Abstract] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 0.3 | 0.3 | 0.4 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Recognized net actuarial gain | 0 | 0 | 0 |
Net periodic benefit cost | $ 0.3 | $ 0.3 | $ 0.4 |
Pension and Other Employee B100
Pension and Other Employee Benefits - Schedule of Weighted-Average Net Periodic Benefit Cost Assumptions (Detail) | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Discount rate | 2.05% | 2.95% | 3.60% |
Expected return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Pension and Other Employee B101
Pension and Other Employee Benefits - Schedule of Expected Pension Benefit (Detail) $ in Millions | Sep. 26, 2015USD ($) |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2,016 | $ 0.3 |
2,017 | 0.3 |
2,018 | 0.4 |
2,019 | 0.4 |
2,020 | 0.4 |
2021 to 2025 | $ 2 |
Quarterly Statement of Opera102
Quarterly Statement of Operations Information (Unaudited) - Summary of Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Total revenues | $ 702.8 | $ 693.9 | $ 655.5 | $ 652.8 | $ 660.6 | $ 632.6 | $ 625 | $ 612.4 | $ 2,705 | $ 2,530.7 | $ 2,492.3 | ||||||||
Gross profit | 379.4 | 378.7 | 336 | 338.6 | 345 | 312.8 | 282.1 | 305.6 | 1,432.7 | 1,245.5 | 1,161.4 | ||||||||
Net income (loss) | $ 25.2 | [1] | $ 29.4 | [1] | $ 47.8 | [1] | $ 29.2 | [1] | $ 28.2 | [2] | $ 11.3 | [2] | $ (16.8) | [2] | $ (5.4) | [2] | $ 131.6 | $ 17.3 | $ (1,172.8) |
Diluted net income (loss) per common share (in dollars per share) | $ 0.09 | $ 0.10 | $ 0.17 | $ 0.10 | $ 0.10 | $ 0.04 | $ (0.06) | $ (0.02) | $ 0.45 | $ 0.06 | $ (4.36) | ||||||||
[1] | Net loss in the first quarter of fiscal 2014 included restructuring charges of $18.4 million and a debt extinguishment loss of $2.9 million. Net loss in the second quarter of fiscal 2014 included an impairment charge related to the MRI breast coils product line of $28.6 million, restructuring charges of $11.6 million and a debt extinguishment loss of $4.4 million. Net income in the third quarter of fiscal 2014 included restructuring charges of $6.7 million. Net income in the fourth quarter of fiscal 2014 included restructuring and divestiture charges of $15.1 million and a $5.1 million IPR&D charge. | ||||||||||||||||||
[2] | Net income in the first quarter of fiscal 2015 included restructuring charges of $8.0 million and a debt extinguishment loss of $6.7 million. Net income in the third quarter of fiscal 2015 included restructuring and divestiture charges of $11.9 million and a debt extinguishment loss of $18.2 million. Net income in the fourth quarter of fiscal 2015 included restructuring charges of $6.5 million, a debt extinguishment loss of $37.8 million, and an other-than-temporary impairment charge of $7.8 million related to a marketable security. |
Quarterly Statement of Opera103
Quarterly Statement of Operations Information (Unaudited) - Summary of Quarterly Results of Operations (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 26, 2015 | Jun. 27, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||
Restructuring charges | $ 6.5 | $ 11.9 | $ 8 | $ 15.1 | $ 6.7 | $ 11.6 | $ 18.4 | $ 28.5 | $ 51.7 | $ 32.8 |
Debt extinguishment loss | (37.8) | $ (18.2) | $ (6.7) | 4.4 | $ 2.9 | $ 62.7 | $ 7.4 | $ 9.2 | ||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 7.8 | |||||||||
Acquired in-process research and development | $ 5.1 | |||||||||
Additional Impairment Charges | $ 28.6 |