Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 24, 2016 | Nov. 11, 2016 | Mar. 26, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 24, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | HOLOGIC INC | ||
Entity Central Index Key | 859,737 | ||
Current Fiscal Year End Date | --09-24 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 278,215,876 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 9,587,876,939 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Revenues: | |||
Product | $ 2,379 | $ 2,270.4 | $ 2,094.9 |
Service and other | 453.7 | 434.6 | 435.8 |
Revenues | 2,832.7 | 2,705 | 2,530.7 |
Costs of revenues: | |||
Product | 756.8 | 755.5 | 731.3 |
Amortization of intangible assets | 293.4 | 299.7 | 314.6 |
Impairment of intangible assets | 0 | 0 | 26.6 |
Service and other | 219.2 | 217.1 | 212.7 |
Gross Profit | 1,563.3 | 1,432.7 | 1,245.5 |
Operating expenses: | |||
Research and development | 232.1 | 214.9 | 203.2 |
Selling and marketing | 415.1 | 363 | 331.7 |
General and administrative | 267.3 | 261 | 259.8 |
Amortization of intangible assets | 89.7 | 110.2 | 113.8 |
Impairment of intangible assets | 0 | 0 | 5.6 |
Restructuring and divestiture charges | 10.5 | 28.5 | 51.7 |
Operating expenses | 1,014.7 | 977.6 | 965.8 |
Income from operations | 548.6 | 455.1 | 279.7 |
Interest income | 0.7 | 1.3 | 1.3 |
Interest expense | (155.3) | (205.5) | (220.6) |
Debt extinguishment loss | (5.3) | (62.7) | (7.4) |
Other income (expense), net | 26.6 | (11) | (4.9) |
Income before income taxes | 415.3 | 177.2 | 48.1 |
Provision for income taxes | 84.5 | 45.6 | 30.8 |
Net income | $ 330.8 | $ 131.6 | $ 17.3 |
Net income per common share: | |||
Basic (in dollars per share) | $ 1.18 | $ 0.47 | $ 0.06 |
Diluted (in dollars per share) | $ 1.16 | $ 0.45 | $ 0.06 |
Weighted average number of shares outstanding: | |||
Basic (in shares) | 280,213 | 280,566 | 275,499 |
Diluted (in shares) | 286,156 | 289,537 | 278,360 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 330.8 | $ 131.6 | $ 17.3 |
Changes in foreign currency translation adjustment, including amounts reclassified from AOCI | (10.4) | (11) | (13.3) |
Other Comprehensive Income (Loss) available-for-sale securities adjustments including amounts reclassified from AOCI | (1.1) | (2) | (3.2) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | (6.1) | 0 | 0 |
Changes in pension plans, net of taxes of $0.3 in 2016, $0.3 in 2015, and $0.2 in 2014 | (0.7) | (0.2) | (1.3) |
Changes in value of hedged interest rate caps, net of tax of $2.0 in 2016 and $2.5 in 2015: | 3.4 | 3.9 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 3.9 | 0 | 0 |
Other comprehensive loss | (17.8) | (17.1) | (17.8) |
Comprehensive income (loss) | $ 313 | $ 114.5 | $ (0.5) |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Changes in pension plans, tax | $ 0.3 | $ 0.3 | $ 0.2 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | $ 2 | $ 2.5 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 24, 2016 | Sep. 26, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 548.4 | $ 491.3 |
Restricted cash | 0 | 1.4 |
Accounts receivable, less reserves of $12.7 and $11.1, respectively | 447 | 416.1 |
Inventories | 274.7 | 283.1 |
Deferred income tax assets | 0 | 19 |
Prepaid income taxes | 16.9 | 21.7 |
Prepaid expenses and other current assets | 39.6 | 33.2 |
Total current assets | 1,326.6 | 1,265.8 |
Property, plant and equipment, net | 460.2 | 457.1 |
Intangible assets, net | 2,643.4 | 3,023.2 |
Goodwill | 2,803.1 | 2,808.2 |
Other assets | 83.7 | 88.2 |
Total assets | 7,317 | 7,642.5 |
Current liabilities: | ||
Current portion of long-term debt | 296 | 391.2 |
Accounts payable | 156.9 | 117 |
Accrued expenses | 287.6 | 272.1 |
Deferred revenue | 161.4 | 163.1 |
Total current liabilities | 901.9 | 943.4 |
Long-term debt, net of current portion | 3,049.4 | 3,221 |
Deferred income tax liabilities | 982.6 | 1,178.4 |
Deferred revenue | 15.9 | 19.6 |
Other long-term liabilities | 224.5 | 200.9 |
Commitments and contingencies (Note 10) | ||
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; 285,015 and 282,495 shares issued, respectively | 2.9 | 2.8 |
Additional paid-in-capital | 5,560.3 | 5,559.9 |
Accumulated deficit | (3,138.2) | (3,469) |
Treasury stock, at cost – 7,289 shares at September 24, 2016 | (250) | 0 |
Accumulated other comprehensive loss | (32.3) | (14.5) |
Total stockholders’ equity | 2,142.7 | 2,079.2 |
Total liabilities and stockholders’ equity | $ 7,317 | $ 7,642.5 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Millions | Sep. 24, 2016 | Sep. 26, 2015 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, reserves | $ 12.7 | $ 11.1 |
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) | 285,015 | 282,495 |
Treasury Stock, Shares | 7,289 |
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. 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 | 17.3 | ||||||
Foreign currency translation adjustment | 13.3 | 13.3 | |||||
Adjustment to minimum pension liability, net | (1.3) | (1.3) | |||||
Payments for Repurchase of Common Stock | 0 | ||||||
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) | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 0 | ||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | ||||||
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) | 3,036 | ||||||
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 | |||||
Reacquisition of equity component from convertible notes repurchase, net of taxes | (216.9) | (216.9) | |||||
Net income | 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) | |||||
Payments for Repurchase of Common Stock | 0 | ||||||
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) | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 0 | ||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | ||||||
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 | ||||||
Exercise of stock options | $ 24.1 | $ 0.1 | 24 | ||||
Exercise of stock options (in shares) | 1,200 | 1,233 | |||||
Issuance of common stock to employees upon vesting of restricted stock units, net of shares withheld for employee taxes | $ (16.4) | (16.4) | |||||
Issuance of common stock to employees upon vesting of restricted stock units, net of shares withheld for employee taxes (in shares) | 820 | ||||||
Issuance of common stock under the employee stock purchase plan | 14.4 | 14.4 | |||||
Issuance of common shares under the employee stock purchase plan (in shares) | 467 | ||||||
Stock-based compensation expense | 62.3 | 62.3 | |||||
Excess tax benefit from employee equity awards | 10.5 | 10.5 | |||||
Reacquisition of equity component from convertible notes repurchase, net of taxes | (94.4) | (94.4) | |||||
Net income | 330.8 | ||||||
Foreign currency translation adjustment | 10.4 | 10.4 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (2.2) | $ 0 | |||||
Adjustment to minimum pension liability, net | (0.7) | (0.7) | |||||
Stock Repurchased During Period, Shares | 7,289 | ||||||
Payments for Repurchase of Common Stock | (250) | $ 250 | |||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 3.4 | (3.4) | |||||
Unrealized losses on marketable securities | (1.1) | (1.1) | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 3.9 | 3.9 | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | (6.1) | (6.1) | |||||
Balance at Sep. 24, 2016 | $ 2,142.7 | $ 2.9 | $ 5,560.3 | $ (3,138.2) | $ (32.3) | $ (250) | |
Balance (in shares) at Sep. 24, 2016 | 285,015 | 7,289 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
OPERATING ACTIVITIES | |||
Net income | $ 330.8 | $ 131.6 | $ 17.3 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 82.3 | 81.5 | 94.7 |
Amortization | 383.1 | 409.9 | 428.5 |
Non-cash interest expense | 52.1 | 63.8 | 68.7 |
Stock-based compensation expense | 65.4 | 59.3 | 50 |
Excess tax benefit related to equity awards | (11) | (10.7) | (5.7) |
Deferred income taxes | (155.8) | (148.8) | (243.1) |
Gain on sale of available-for-sale marketable security | (25.1) | 0 | 0 |
Asset impairment charges | 0 | 0 | 38.4 |
Debt extinguishment losses | (5.3) | (62.7) | (7.4) |
Equity investment impairment charges | 1.1 | 7.8 | 6.9 |
Loss on disposal of property and equipment | 5.5 | 6.6 | 7.1 |
Loss on sale of businesses | 0 | 9.6 | 5.5 |
Other adjustments and non-cash items | (2.9) | 14.3 | (11.8) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (31.8) | (30.3) | 7.9 |
Inventories | 7.6 | 43.9 | (44.7) |
Prepaid income taxes | 4.7 | 0.7 | 22.4 |
Prepaid expenses and other assets | (4.9) | 5.7 | 17.3 |
Accounts payable | 40.1 | 25.5 | 11.8 |
Accrued expenses and other liabilities | 45.6 | 36.9 | 14.7 |
Deferred revenue | (4.9) | 16.1 | 15.1 |
Net cash provided by operating activities | 787.2 | 786.1 | 508.4 |
INVESTING ACTIVITIES | |||
Net proceeds from sale of business | 0 | 0 | 10.1 |
Purchase of property and equipment | (47.3) | (48.1) | (44.3) |
Increase in equipment under customer usage agreements | 47.2 | 41.3 | (35.9) |
Proceeds from sale of available-for-sale marketable security | 31.1 | 0 | 0 |
Net (purchases) sales of insurance contracts | 5.2 | 6.4 | 13.8 |
Purchases of mutual funds | 0 | 0 | (29.7) |
Sales of mutual funds | 5.2 | 10 | 22.4 |
Purchase of intellectual property | 4 | 0 | 0 |
Increase in other assets | 1 | 0.3 | (3.4) |
Net cash used in investing activities | (68.4) | (86.1) | (67) |
FINANCING ACTIVITIES | |||
Proceeds from long-term debt | 0 | 2,495.1 | 0 |
Repayment of long-term debt | (75) | (3,095) | (595) |
Payments to extinguish convertible notes | (392.8) | (543.7) | 0 |
Proceeds from Lines of Credit | 50 | 358 | 0 |
Repayments of Lines of Credit | (225) | (183) | 0 |
Proceeds from accounts receivable securitization agreement | 200 | 0 | 0 |
Repurchase of common stock | 250 | 0 | 0 |
Payment of debt issuance costs | 0 | (22.7) | (2.4) |
Interest Rate Cap Agreements Aggregate Premium Payable | 0 | (13.2) | 0 |
Payment of deferred acquisition consideration | 0 | 0 | (5) |
Net proceeds from issuance of common stock pursuant to employee stock plans | 38.5 | 70 | 81.4 |
Excess tax benefit related to equity awards | 11 | 10.7 | 5.7 |
Payment of minimum tax withholdings on net share settlements of equity awards | 16.4 | 12.9 | (9.8) |
Net cash used in financing activities | (659.7) | (936.7) | (525.1) |
Effect of exchange rate changes on cash and cash equivalents | (2) | (8.1) | (2.7) |
Net increase (decrease) in cash and cash equivalents | 57.1 | (244.8) | (86.4) |
Cash and cash equivalents, beginning of period | 491.3 | 736.1 | 822.5 |
Cash and cash equivalents, end of period | $ 548.4 | $ 491.3 | $ 736.1 |
Operations
Operations | 12 Months Ended |
Sep. 24, 2016 | |
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. 24, 2016 | |
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 2016 , 2015 and 2014 ended on September 24, 2016 , September 26, 2015 and September 27, 2014 , 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, management of international activities, protection of proprietary rights, patent and other litigation, dependence on contract manufacturers 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 as of September 24, 2016 are comprised of solely of equity securities and as of September 26, 2015 also included mutual funds. The equity securities are investments in the common stock of publicly traded companies, and the mutual funds were 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 were classified as trading and recorded at fair value with unrealized gains and losses recorded in other income (expense), net in the Consolidated Statements of Income. 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 fair 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 quarters of fiscal 2016 and 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 impairment charges of $1.1 million and $7.8 million , respectively. The following reconciles cost basis to fair market value. Cost Gross Unrealized Gross Unrealized Other Than Temporary Impairment Fair Value As of September 24, 2016 $ 2.4 $ — $ (0.3 ) $ (1.1 ) $ 1.0 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 In the first quarter of fiscal 2016, the Company sold all of its shares in one of its marketable securities and recorded a realized gain of $25.1 million in Other income (expense), net. 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 24, 2016 . 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 24, 2016 and September 26, 2015 , or any customers that represented greater than 10% of consolidated revenues for fiscal years 2016 , 2015 and 2014 (see Note 13). Supplemental Cash Flow Statement Information Years ended September 24, 2016 September 26, 2015 September 27, 2014 Cash paid during the period for income taxes $ 184.8 $ 168.7 $ 231.8 Cash paid during the period for interest $ 104.0 $ 143.0 $ 155.7 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 24, 2016 September 26, 2015 Raw materials $ 96.4 $ 98.3 Work-in-process 51.7 58.7 Finished goods 126.6 126.1 $ 274.7 $ 283.1 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 24, 2016 September 26, 2015 Equipment and software $ 381.9 $ 365.9 Equipment under customer usage agreements 334.6 305.7 Buildings and improvements 186.1 182.1 Leasehold improvements 65.6 59.2 Land 51.9 51.4 Furniture and fixtures 18.4 17.3 1,038.5 981.6 Less - accumulated depreciation and amortization (578.3 ) (524.5 ) $ 460.2 $ 457.1 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 the equipment 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). 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 were phased out. Intangible assets consisted of the following: September 24, 2016 September 26, 2015 Description Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Developed technology $ 3,983.7 $ 1,991.6 $ 3,979.1 $ 1,698.5 In-process research and development 3.7 — 3.7 — Customer relationships and contracts 1,098.9 546.2 1,101.1 467.5 Trade names 236.2 141.6 236.4 131.5 Business licenses 2.4 2.1 2.5 2.1 $ 5,324.9 $ 2,681.5 $ 5,322.8 $ 2,299.6 In the third quarter of fiscal 2016, the Company accelerated the amortization of the Cystic Fibrosis developed technology asset of $6.2 million as a result of discontinuing this product line. In the second quarter of fiscal 2016, the Company acquired certain intellectual property for $4.8 million , which was recorded in developed technology. Amortization expense related to developed technology is classified as a component of cost of product revenues—amortization of intangible assets. Amortization expense related to customer relationships and contracts, trade names, and business licenses is classified as a component of amortization of intangible assets within operating expenses. The estimated amortization expense at September 24, 2016 for each of the five succeeding fiscal years was as follows: Fiscal 2017 $ 365.8 Fiscal 2018 $ 355.0 Fiscal 2019 $ 343.1 Fiscal 2020 $ 331.4 Fiscal 2021 $ 312.0 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 2016 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 26, 2016, 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 24, 2016 , the Company believes that each reporting unit, with goodwill aggregating $ 2.80 billion , was not at risk of failing Step 1 of the goodwill impairment test based on the current forecasts. The Company conducted its fiscal 2015 and 2014 impairment tests on the first day of the respective year's 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 June 29, 2014, respectively, 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. A rollforward of goodwill activity by reportable segment from September 26, 2015 to September 24, 2016 is as follows: Diagnostics Breast Health GYN Surgical Skeletal Health Total Balance at September 26, 2015 $ 1,152.3 $ 631.8 $ 1,016.0 $ 8.1 $ 2,808.2 Tax adjustments (1.3 ) — — — (1.3 ) Foreign currency and other (2.8 ) — (1.0 ) — (3.8 ) Balance at September 24, 2016 $ 1,148.2 $ 631.8 $ 1,015.0 $ 8.1 $ 2,803.1 Other Assets Other assets consisted of the following: September 24, 2016 September 26, 2015 Other Assets Life insurance contracts $ 36.0 $ 27.5 Manufacturing access fees 9.6 11.6 Derivative assets 0.4 6.2 Mutual funds — 5.6 Marketable securities 1.0 15.2 Cost-method equity investments 3.5 4.2 Deferred tax assets 9.3 — Other 23.9 17.9 $ 83.7 $ 88.2 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 9 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, the Company recorded other-than-temporary impairment charges of $6.9 million related to certain of its cost-method equity investments to adjust their carrying amounts to fair value. No such charges were recorded in fiscal 2016 or 2015 for cost-method equity investments. 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. The functional currency of the Company’s foreign subsidiaries is determined based on the guidance in ASC 830. The majority of the Company's foreign subsidiaries' functional currency is the applicable local currency, although certain of the Company's foreign subsidiaries' functional currency is the U.S. dollar based on the nature of their operations or functions. Assets and liabilities of subsidiaries whose functional currency is the local currency 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 Income. 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 Income 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 in the statement of stockholders’ equity. The following tables summarize the components and changes in accumulated balances of other comprehensive income for the periods presented: Year Ended September 24, 2016 Year Ended September 26, 2015 Foreign Currency Translation Marketable Securities Pension Plans Hedged Interest Rate Caps Total Foreign Currency Translation Marketable Securities Pension Plans Hedged Interest Rate Caps Total Beginning Balance $ (15.7 ) $ 6.9 $ (1.8 ) $ (3.9 ) $ (14.5 ) $ (4.7 ) $ 8.9 $ (1.6 ) $ — $ 2.6 Other comprehensive loss before reclassifications (10.4 ) (1.1 ) (0.7 ) (3.4 ) (15.6 ) (20.6 ) (9.8 ) (0.2 ) (3.9 ) (34.5 ) (Gains) charges reclassified to statement of income — (6.1 ) — 3.9 (2.2 ) 9.6 7.8 — — 17.4 Ending Balance $ (26.1 ) $ (0.3 ) $ (2.5 ) $ (3.4 ) $ (32.3 ) $ (15.7 ) $ 6.9 $ (1.8 ) $ (3.9 ) $ (14.5 ) In the first quarter of fiscal 2016, the Company sold all of its shares in one of its marketable securities and recorded a realized gain of $25.1 million in other income (expense), net and resulted in reclassifying a $7.2 million gain out of other comprehensive income (loss) to other income (expense), net. In the fourth quarter of fiscal 2016, the Company recorded a $1.1 million other-than-temporary impairment charge and this amount was reclassified out of other comprehensive income (loss) to other income (expense), net. 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 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 Income. 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 Credi |
Restructuring and Divestiture C
Restructuring and Divestiture Charges | 12 Months Ended |
Sep. 24, 2016 | |
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 2016 , 2015 and 2014 and a rollforward of the charges to the accrued balances as of September 24, 2016 : Fiscal 2016 Actions Fiscal 2015 Actions Fiscal 2014 Actions Consolidation of Diagnostics Operations Other Operating Cost Reductions Total Restructuring and Divestiture Charges Fiscal 2014 charges: Workforce reductions $ — $ — $ 29.5 $ 2.9 $ 9.8 $ 42.2 Non-cash impairment charge — — — — 3.1 3.1 Facility closure costs — — — — 0.6 0.6 Other — — — 0.1 0.2 0.3 Fiscal 2014 restructuring charges $ — $ — $ 29.5 $ 3.0 $ 13.7 $ 46.2 Divestiture net charges 5.5 Fiscal 2014 restructuring and divestiture charges $ 51.7 Fiscal 2015 charges: Workforce reductions $ — $ 10.0 $ 6.0 $ 0.1 $ 0.2 $ 16.3 Facility closure costs — — 2.0 0.5 0.1 2.6 Fiscal 2015 restructuring charges $ — $ 10.0 $ 8.0 $ 0.6 $ 0.3 $ 18.9 Divestiture net charges 9.6 Fiscal 2015 restructuring and divestiture charges $ 28.5 Fiscal 2016 charges: Workforce reductions $ 10.5 $ — $ — $ — $ — $ 10.5 Fiscal 2016 restructuring charges $ 10.5 $ — $ — $ — $ — $ 10.5 Fiscal 2016 Actions Fiscal 2015 Actions Fiscal 2014 Actions Consolidation of Diagnostics Operations Other Operating Cost Reductions Total Rollforward of Accrued Restructuring Balance as of September 28, 2013 $ — $ — $ — $ 3.0 $ 9.3 $ 12.3 Fiscal 2014 restructuring charges $ — $ — $ 29.5 $ 3.0 $ 13.7 $ 46.2 Stock-based compensation — — (6.6 ) — — (6.6 ) Non-cash impairment charges — — — — (3.1 ) (3.1 ) Severance payments — — (10.9 ) (3.0 ) (17.1 ) (31.0 ) Other payments — — — — (0.9 ) (0.9 ) Balance as of September 27, 2014 $ — $ — $ 12.0 $ 3.0 $ 1.9 $ 16.9 Fiscal 2015 restructuring charges $ — $ 10.0 $ 8.0 $ 0.6 $ 0.3 $ 18.9 Stock-based compensation — (4.1 ) — — — (4.1 ) Severance payments — (2.8 ) (16.2 ) (3.0 ) (1.9 ) (23.9 ) Other payments — — (1.3 ) (0.5 ) (0.3 ) (2.1 ) Balance as of September 26, 2015 $ — $ 3.1 $ 2.5 $ 0.1 $ — $ 5.7 Fiscal 2016 restructuring charges $ 10.5 $ — $ — $ — $ — $ 10.5 Stock-based compensation (0.4 ) — — — — (0.4 ) Severance payments (4.6 ) (2.9 ) (1.4 ) (0.1 ) — (9.0 ) Other payments — — (0.5 ) — — (0.5 ) Balance as of September 24, 2016 $ 5.5 $ 0.2 $ 0.6 $ — $ — $ 6.3 Fiscal 2016 Actions During the fourth quarter of fiscal 2016, the Company decided to initiate a cost reduction initiative in part of its Diagnostic's reportable segment, resulting in the termination of certain employees. The majority of employees were notified of termination and related benefits in the fourth quarter of fiscal 2016, and the Company recorded these charges pursuant to ASC 420, Exit or Disposal Cost Obligations (ASC 420) as the benefits qualify as one-time termination benefits. As such, the Company recorded a charge for severance and benefits of $0.9 million in the fourth quarter. Additional charges of $0.2 million are expected in fiscal 2017 related to this Action. During the third quarter of fiscal 2015, the Company decided to close its Bedford, Massachusetts facility where it manufactured its Skeletal Health products and provided certain support manufacturing services for its Breast Health segment. The manufacturing of the Skeletal Health products has been outsourced to a third-party, and the Breast Health manufacturing services were moved to the Company's Danbury, Connecticut and Marlborough, Massachusetts facilities. In addition, research and development, sales and services support and administrative functions have been or will be moved to both Marlborough and Danbury. The transition is expected to be substantially completed by the end of calendar year 2016. In connection with this plan, certain employees, primarily in manufacturing, were terminated. The employees were notified of termination and related benefits in the first quarter of fiscal 2016, and the Company recorded these charges pursuant to ASC 420. Employees were required to remain employed during this transition period and charges were recorded ratably over the required service period. The Company recorded $1.7 million in severance and benefits charges related to this action in fiscal 2016. This action is complete and no additional severance and benefits charges are expected. In connection with shutting down the Bedford location, the Company expects to record lease obligation charges ranging from approximately $8.0 million to $12.0 million in fiscal 2017 as it meets the cease-use date requirements for a portion of the facility. In order to estimate the lease obligation charges, the Company has made certain assumptions including the time period it will take to obtain a subtenant and certain sub-lease rates. These estimates may vary from the sub-lease agreements ultimately executed, if at all, resulting in an adjustment to the charges. 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 identified and terminated certain employees during each quarter in fiscal 2016. Severance and benefits under this action were recorded pursuant to ASC 712, Compensation-Nonretirement Postemployment Benefits (ASC 712), and ASC 420 depending on the circumstances. The Company recorded severance and benefit charges of $7.9 million in fiscal 2016 related to this plan. Included in this charge was $0.4 million of stock-based compensation. 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 were recorded pursuant to 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 was $4.1 million of stock-based compensation. No additional charges will be recorded under these actions. 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 terminated 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. 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, 2015 or 2016 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 were recorded in fisca1 2016. 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. |
Borrowings and Credit Arrangeme
Borrowings and Credit Arrangements | 12 Months Ended |
Sep. 24, 2016 | |
Debt Disclosure [Abstract] | |
Borrowings and Credit Arrangements | Borrowings and Credit Agreements The Company’s borrowings consisted of the following: September 24, September 26, Current debt obligations, net of debt discount and issuance costs: Term Loan $ 83.8 $ 74.4 Revolver — 175.0 Securitization Program 200.0 — Convertible Notes 12.2 141.8 Total current debt obligations 296.0 391.2 Long-term debt obligations, net of debt discount and issuance costs: Term Loan 1,308.2 1,388.3 2022 Senior Notes 977.7 973.9 Convertible Notes 763.5 858.8 Total long-term debt obligations 3,049.4 3,221.0 Total debt obligations $ 3,345.4 $ 3,612.2 In April 2015, the FASB issued ASU No. 2015-03, Presentation of Debt Issuance Costs . ASU 2015-03 simplifies the presentation of debt issuance costs and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from that debt liability consistent with the presentation of a debt discount and not recorded as separate assets. The Company adopted this standard in the fourth quarter of fiscal 2016, and the prior period was retrospectively adjusted. In fiscal 2015, the Company had $0.6 million related to current debt issuance costs recorded in prepaid expenses and other current assets and $27.0 million related to non-current debt issuance costs recorded in other assets. The adoption of this standard resulted in these amounts being reclassified as liabilities, reducing both the current portion of long-term debt and long-term debt, net of current portion at the end of fiscal 2015 by $27.6 million in total and a corresponding reduction to the aforementioned asset accounts. Debt issuance costs will no longer be recorded as an asset. The debt maturity schedule for the Company’s obligations as of September 24, 2016 is as follows: 2017 2018 2019 2020 2021 2022 and Thereafter Total Term Loan $ 84.4 $ 121.9 $ 150.0 $ 1,050.0 $ — $ — $ 1,406.3 Securitization Program 200.0 — — — — — 200.0 2022 Senior Notes — — — — — 1,000.0 1,000.0 Convertible Notes (1) 12.3 790.4 — — — — 802.7 $ 296.7 $ 912.3 $ 150.0 $ 1,050.0 $ — $ 1,000.0 $ 3,409.0 (1) Classified based on the earliest date of redemption for each respective issuance. In addition, the balance in fiscal 2018 reflects accretion on the 2013 Notes through September 24, 2016. 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 upon entering into the Credit Agreement that was subsequently repaid during fiscal 2016. 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. During fiscal 2016, the Company added Hologic UK Finance, Ltd as a Designated Borrower. 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, which is currently 1.50% 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 may be 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 the Credit Agreement in fiscal 2016 and a combination of the Credit Agreement and the Prior Credit Agreement in fiscal 2015 had weighted-average interest rates of 2.08% and 2.43% , respectively. The interest rate on the amounts outstanding at September 24, 2016 was 2.05% . Interest expense in fiscal 2016 and 2015 under the Credit Agreement and the Prior Credit Agreement aggregated $40.4 million and $54.7 million , respectively, which includes non-cash interest expense of $4.4 million and $9.0 million , respectively, 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. For example, borrowings under the Credit Agreement are not secured by those accounts receivable that are transferred to the special purpose entity under the Company's Accounts Receivable Securitization program. The Credit Agreement contains total net leverage ratio and interest coverage ratio financial covenants measured as of the last day of each fiscal quarter and an excess cash flow prepayment requirement measured as of the end of each fiscal year. 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 (as defined in the Credit Agreement) 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 24, 2016 , and no Mandatory Prepayments were required as of September 24, 2016 . 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 24, 2016 and 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. On May 6, 2016, the Company used the proceeds borrowed under the Securitization Program, discussed below, to repay $175.0 million owed under its Revolver. No amounts are outstanding under the Revolver as of September 24, 2016 . 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 were being 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 October 31, 2013, the Company voluntarily prepaid $100.0 million of the 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 the 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 had weighted-average interest rate of 2.89% . Interest expense under the Prior Credit Agreement totaled $75.3 million for fiscal 2014, which included non-cash interest expense of $12.7 million , related to the amortization of the deferred financing costs and accretion of the debt discount. 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 $56.0 million , $67.2 million and $64.0 million in fiscal 2016 , 2015 and 2014 , respectively, which includes non-cash interest expense of $3.8 million , $2.1 million and $1.7 million in fiscal 2016 , 2015 and 2014 , 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. 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”). 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”). 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. On November 9, 2016, the Company announced that it would repurchase, on December 15, 2016, all of the outstanding 2010 Notes at a repurchase price payable in cash equal to 100% of the original principal amount of the 2010 Notes validly surrendered for repurchase and not withdrawn plus accrued and unpaid interest, if any, to, but not including, December 15, 2016, at the option of the holders of the 2010 Notes. The Company also announced on November 9, 2016, that it had elected to redeem, on December 19, 2016, all of the then outstanding 2010 Notes (those 2010 Notes not put to the Company on December 15, 2016 or validly submitted for conversion prior to December 16, 2016) at a redemption price payable in cash equal to 100% of the accreted principal amount of the 2010 Notes to be redeemed plus accrued and unpaid interest (including contingent interest, if any) to, but not including December 19, 2016. 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. On November 9, 2016, the Company announced that it had made an irrevocable net share settlement election to settle any conversions of the 2010 Notes validly submitted on or after November 9, 2016 in cash. The 2010, 2012, and 2013 Notes all 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, March 1 and September 1, and June 15 and December 15, respectively, of each year ending on December 15, 2016, March 1, 2018, and December 15, 2013, respectively. The 2013 Notes no longer bear interest payable at 2.00% . The 2010 Notes 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. The 2012 Notes will accrete principal from March 1, 2018 at a rate that provides holders with an aggregate annual yield to maturity of 2.00% per year. The 2013 Notes accrete principal from their date of issuance at a rate of 4.00% per year until and including December 15, 2017, and 2.00% per year thereafter. Beginning with the six month interest period commencing December 15, 2016, March 1, 2018 and December 15, 2017, the Company will pay contingent interest during any six month interest period to the holders of 2010, 2012 and 2013 Notes, respectively, if the “trading price”, as defined, of the 2010, 2012 and 2013 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, 2012 and 2013 Notes. The holders of each of the 2010, 2012 or 2013 Notes may convert their respective Notes into shares of the Company’s common stock at a conversion price of approximately $23.03 per share, $31.175 per share and $38.59 per share, respectively, subject to adjustment, prior to the close of business on September 15, 2037, December 1, 2014 and September 15, 2043, respectively, subject to prior redemption or repurchase of the 2010, 2012, and 2013 Notes, respectively, 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 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, 2012 and 2013 Notes at any time on or after September 15, 2037, December 1, 2041 and September 15, 2043, respectively, 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. For both the 2012 and 2013 Notes none of these triggering events have occurred as of September 24, 2016. During the fourth quarter of fiscal 2016, 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 and, on November 9, 2016, the Company announced that it had elected to redeem all of the then outstanding 2010 Notes on December 19, 2016. Therefore holders of the 2010 Notes are able to convert their notes during the first quarter of fiscal 2017. As such, the Company classified the $12.2 million carrying value of its 2010 Notes (which had a principal value of $12.3 million at September 24, 2016 ) as a current debt obligation. As of September 24, 2016 , the if-converted value of the 2010 Notes exceeded the aggregate principal amount by approximately $7.9 million . On various dates during the fourth quarter of fiscal 2016, the Company entered into privately negotiated repurchase transactions and extinguished $46.3 million principal amount of the 2010 Notes for total payments of $79.2 million . These amounts include the conversion premium resulting from the Company's stock price on the date of the transactions being in excess of the conversion price of $23.03 for the 2010 Notes. Under ASC 470, this transaction was accounted for as an extinguishment and derecognition of the 2010 Notes and resulted in a debt loss extinguishment of $0.8 million . In addition, $1.3 million principal was put to the Company during the quarter. On various dates during the second quarter of fiscal 2016, the Company entered into privately negotiated repurchase transactions and extinguished $90.0 million and $136.6 million principal amount of the 2010 Notes and 2012 Notes, respectively, for total payments of $140.1 million and $171.3 million , respectively. These amounts include the conversion premium resulting from the Company's stock price on the date of the transactions being in excess of the conversion price of $23.03 and $31.175 for the 2010 Notes and 2012 Notes, respectively. Under ASC 470, these transactions were accounted for as an extinguishment and derecognition of the 2010 and 2012 Notes and resulted in an aggregate debt loss extinguishment of $4.5 million . 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 . Under ASC 470, this transaction was accounted for as an extinguishment and derecognition of the 2010 Notes and resulted in a debt loss extinguishment of $15.5 million . In lieu of delivery of shares of the Company’s common stock in satisfaction of the Company’s obligation upon conversion of the Convertible Notes, the Company may elect to deliver cash or a combination of cash and shares of its common stock. If the Company elects to satisfy its conversion obligation in a combination of cash and shares of the Company’s common stock, the Company is required to deliver up to a specified dollar amount of cash per $1,000 original principal amount of Convertible Notes, and will settle the remainder of its conversion obligation in shares of its common stock, in each case based on the daily conversion value calculated as provided in the respective indentures for the Convertible Notes. This net share settlement election is in the Company’s sole discretion and does not require the consent of holders of the Convertible Notes. 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 the net share settlement election. The Convertible Notes are the Company’s senior unsecured obligations and rank equally with all of its existing and future senior unsecured debt and prior to all future subordinated debt. The Convertible Notes are effectively subordinated to any future secured indebtedness to the extent of the collateral securing such indebtedness, and structurally subordinated to all indebtedness and other liabilities (including trade payables) of the Company’s subsid |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 24, 2016 | |
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 investments in publicly-traded companies, which are valued using quoted market prices, representing Level 1 assets, and investments in derivative instruments comprised of interest rate caps and forward foreign currency contracts, 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 caps and forward foreign currency contracts represent the estimated amounts the Company would receive or pay to terminate the contracts. Refer to Note 2 for further discussion and information on the equity investments, the interest rate caps and forward foreign currency contracts. 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. Assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following: Fair Value Measurements at September 24, 2016 Carrying Value Quoted Prices in Active Market for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Equity securities $ 1.0 $ 1.0 $ — $ — Interest rate caps - derivative 1.4 — 1.4 — Forward foreign currency contracts 0.2 — 0.2 — Total $ 2.6 $ 1.0 $ 1.6 $ — Liabilities: Deferred compensation liabilities $ 37.0 $ 37.0 $ — $ — Forward foreign currency contracts 1.3 — 1.3 — Total $ 38.3 $ 37.0 $ 1.3 $ — 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 $ — $ — There were no Level 3 assets or liabilities outstanding during fiscal 2016 and 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 year ended September 27, 2014 were as follows: 2014 Balance at beginning of period $ 3.8 Payments / Accruals (3.8 ) Balance at end of period $ — 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. 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 $3.5 million and $4.2 million at September 24, 2016 and September 26, 2015 , 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 , the Company recorded other-than-temporary impairment charges of $6.9 million 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 ) 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 2016 , 2015 and 2014 . Disclosure of Fair Value of Financial Instruments The Company’s financial instruments mainly consist of cash and cash equivalents, accounts receivable, marketable securities, cost-method equity investments, interest rate caps, forward foreign currency contracts, insurance contracts, DCP liability, accounts payable and debt obligations. The carrying amounts of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these instruments. The Company’s marketable securities, interest rate caps, and forward foreign currency contracts 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 and Securitization Program of $1.41 billion and $200.0 million aggregate principal, respectively, as of September 24, 2016 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 2022 Senior Notes had a fair value of approximately $1.06 billion and $1.03 billion as of September 24, 2016 and September 26, 2015 , respectively, 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 24, 2016 and September 26, 2015 are as follows: 2016 2015 2010 Notes 20.2 264.1 2012 Notes 481.9 688.2 2013 Notes 458.8 471.8 $ 960.9 $ 1,424.1 |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 24, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s income before income taxes consisted of the following: Years ended September 24, 2016 September 26, 2015 September 27, 2014 Domestic $ 310.7 $ 158.3 $ 95.1 Foreign 104.6 18.9 (47.0 ) $ 415.3 $ 177.2 $ 48.1 The provision for income taxes contained the following components: Years ended September 24, 2016 September 26, 2015 September 27, 2014 Federal: Current $ 209.0 $ 185.2 $ 242.2 Deferred (122.7 ) (137.0 ) (212.5 ) 86.3 48.2 29.7 State: Current 16.6 3.5 22.1 Deferred (22.7 ) (11.0 ) (24.7 ) (6.1 ) (7.5 ) (2.6 ) Foreign: Current 14.7 5.7 9.6 Deferred (10.4 ) (0.8 ) (5.9 ) 4.3 4.9 3.7 $ 84.5 $ 45.6 $ 30.8 The income tax provision differed from the tax provision computed at the U.S. federal statutory rate due to the following: Years ended September 24, 2016 September 26, 2015 September 27, 2014 Income tax provision at federal statutory rate 35.0 % 35.0 % 35.0 % Increase (decrease) in tax resulting from: Domestic production activities deduction (5.0 ) (10.1 ) (30.6 ) State income taxes, net of federal benefit 2.0 1.2 4.3 Tax credits (3.2 ) (3.8 ) (5.2 ) Unrecognized tax benefits 2.4 (1.8 ) 2.5 Cumulative translation adjustment write-off — 1.9 — Non-deductible compensation 0.1 1.9 5.5 Foreign rate differential (6.1 ) (1.6 ) 10.7 Change in state deferred tax rate (1.8 ) — — Change in valuation allowance (3.4 ) 1.0 35.4 Other 0.3 2.1 6.3 20.3 % 25.8 % 63.9 % The Company's effective tax rate in fiscal 2016 was lower than the statutory rate primarily due to earnings in jurisdictions subject to lower tax rates, the domestic production activities deduction benefit, and a change in the valuation allowance related to the sale of a marketable security with a higher tax than book basis. 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 uses the asset and 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. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes . ASU 2015-17 simplifies the presentation of deferred income taxes by eliminating the requirement for entities to separate deferred income tax liabilities and assets into current and noncurrent amounts in the balance sheet. Rather, it requires deferred tax assets and liabilities to be classified as noncurrent in the balance sheet. The Company adopted this standard prospectively in the first quarter of fiscal 2016, and prior periods were not retrospectively adjusted. The Company’s significant deferred tax assets and liabilities were as follows: September 24, 2016 September 26, 2015 Deferred tax assets Net operating loss carryforwards $ 40.0 $ 45.4 Capital losses 19.1 25.7 Non-deductible accruals 21.1 16.3 Non-deductible reserves 31.1 26.8 Stock-based compensation 34.8 24.3 Research and other credits 10.7 14.5 Nonqualified deferred compensation plan 14.1 11.3 Other temporary differences 9.2 10.2 180.1 174.5 Less: valuation allowance (46.2 ) (60.9 ) $ 133.9 $ 113.6 Deferred tax liabilities Depreciation and amortization $ (1,030.8 ) $ (1,171.5 ) Debt discounts and deferrals (75.1 ) (100.1 ) Debt issuance costs (1.3 ) (1.4 ) $ (1,107.2 ) $ (1,273.0 ) $ (973.3 ) $ (1,159.4 ) 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 assets will not be realized. In making this determination, the Company considered numerous factors including historical profitability, estimated future taxable income and the character of such income. The valuation allowance decreased $14.7 million in fiscal 2016 from fiscal 2015 primarily due to a change in the valuation allowance related to the sale of a marketable security with a higher tax than book basis, foreign exchange rate fluctuations, and a change in judgment regarding the realizability of foreign net operating losses. At September 24, 2016 , the Company had $13.9 million , $63.9 million and $45.0 million in gross federal, state, and foreign net operating losses, respectively, and $0.3 million , $13.7 million and $1.6 million in federal, state, and foreign credit carryforwards, respectively. These losses and credits expire between 2017 and 2036 , except for $44.6 million in losses and $8.9 million in credits that have unlimited carryforward periods. The federal, state, and foreign net operating losses exclude $4.5 million , $151.3 million and $46.5 million , respectively, in net operating losses, that the Company expects will expire unutilized. At September 24, 2016 , the Company had $163.6 million in gross unrecognized tax benefits excluding interest, of which $80.1 million , if recognized, would reduce the Company's effective tax rate. At September 26, 2015 , the Company had $154.7 million in gross unrecognized tax benefits excluding interest, of which $74.9 million , if recognized, would have reduced 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 up to $1.0 million due to expiring statutes of limitations. The Company’s unrecognized income tax benefits activity for fiscal 2016 and 2015 was as follows: 2016 2015 Balance at beginning of fiscal year $ 154.7 $ 137.0 Tax positions related to current year: Additions 23.9 11.0 Reductions — — Tax positions related to prior years: Additions related to change in estimate 1.1 21.1 Reductions (6.9 ) (10.3 ) Payments (6.0 ) (0.8 ) Lapses in statutes of limitations and settlements (3.2 ) (3.7 ) Acquired tax positions: Additions related to reserves acquired from acquisitions — 0.4 Balance as of the end of the fiscal year $ 163.6 $ 154.7 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 24, 2016 and September 26, 2015 , gross accrued interest was $13.1 million and $9.9 million , respectively. At September 24, 2016 , 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 2012. The Internal Revenue Service concluded its fiscal 2011 federal income tax return examination and commenced its fiscal 2013 and 2014 federal income tax examination in fiscal 2016. The Company is also undergoing tax examinations in Germany for fiscal 2011 through 2014. Massachusetts began a state tax examination for fiscal 2012 through 2013 in fiscal 2016. The Company intends to reinvest, indefinitely, approximately $187.6 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. 24, 2016 | |
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. During fiscal 2016, the Company repurchased 7.3 million shares of its common stock for total consideration of $250.0 million . This share repurchase authorization is now fully utilized. On June 21, 2016, the Company's Board of Directors authorized the repurchase of up to an additional $500.0 million of the Company's outstanding common stock over the next five years . There were no repurchases of common stock made under this authorization during fiscal 2016 . 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 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 24, 2016 , the Company had 8.3 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 2016 , 2015 and 2014 : 2016 2015 2014 Cost of revenues $ 10.5 $ 8.7 $ 7.3 Research and development 10.8 8.6 8.4 Selling and marketing 10.9 8.8 8.2 General and administrative 32.8 29.1 19.5 Restructuring and divestiture 0.4 4.1 6.6 $ 65.4 $ 59.3 $ 50.0 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 2016 , 2015 and 2014 and related assumptions are noted in the following table: Years ended September 24, 2016 September 26, 2015 September 27, 2014 Options granted (in millions) 1.1 1.3 2.4 Weighted-average exercise price $ 39.32 $ 27.68 $ 22.01 Weighted-average grant date fair value $ 12.91 $ 9.95 $ 7.67 Assumptions: Risk-free interest rates 1.6 % 1.7 % 1.2 % Expected life (in years) 4.7 5.3 4.4 Expected volatility 37.8 % 38.6 % 41.4 % 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 had its own derived service period. The Company recognized compensation expense under the accelerated method as prescribed by ASC 718 in fiscal 2014 through a portion of fiscal 2015, 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 24, 2016 , $7.8 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 four or five years with annual vesting of 25% and 20% per year, respectively, on the anniversary of the grant date, and RSUs generally vest over three or four years with annual vesting at 33% and 25% per year, respectively, on the anniversary of the grant date. Effective in the fourth quarter of fiscal 2016, the Company implemented a retirement provision providing for the continued vesting of equity awards granted after November 6, 2015 once an employee meets certain age and years of service criteria and retires from the Company. This provision from an accounting perspective can result in a shorter requisite service period for certain employees, resulting in accelerated stock-based compensation expense. Since this provision affected previously granted awards, it was accounted for as a modification and the Company recognized an additional $4.0 million of expense in the fourth quarter of fiscal 2016. 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 24, 2016 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 $10.9 million , $12.2 million , and $16.3 million in fiscal 2016 , 2015 and 2014 , respectively. Stock compensation expense related to stock units, including RSUs, performance stock units ("PSUs") and MSUs, was $50.5 million , $43.7 million , and $30.6 million in fiscal 2016 , 2015 and 2014 , respectively. The related tax benefit recorded in the Consolidated Statements of Operations was $23.1 million , $17.7 million and $15.3 million in fiscal 2016 , 2015 and 2014 , respectively. Included within stock-based compensation expense in fiscal 2016 , 2015 and 2014 is $0.4 million , $4.1 million and $6.6 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 24, 2016 , there was $21.2 million and $66.6 million of unrecognized compensation expense related to stock options and RSUs, respectively, to be recognized over a weighted average period of 2.8 years and 2.0 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 24, 2016 : 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 26, 2015 6.7 $ 22.21 4.9 $ 119.1 Granted 1.1 39.32 Canceled/ forfeited (0.5 ) 27.00 Exercised (1.2 ) 19.55 $ 21.6 Options outstanding at September 24, 2016 6.1 $ 25.37 4.9 $ 80.1 Options exercisable at September 24, 2016 3.0 $ 21.95 3.1 $ 48.8 Options vested and expected to vest at September 24, 2016 (1) 5.9 $ 25.32 4.9 $ 79.0 (1) This represents the number of vested stock options as of September 24, 2016 plus the unvested outstanding options at September 24, 2016 expected to vest in the future, adjusted for estimated forfeitures. During fiscal 2015 and 2014 , 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 $42.0 million and $34.7 million , respectively. A summary of the Company’s RSU activity during the year ended September 24, 2016 is presented below: Non-vested Shares Number of Shares (in millions) Weighted-Average Grant-Date Fair Value Non-vested at September 26, 2015 3.7 $ 24.54 Granted 1.0 39.38 Vested (1.2 ) 22.96 Forfeited (0.4 ) 25.74 Non-vested at September 24, 2016 3.1 $ 29.98 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 2016 , 2015 and 2014 the total fair value of RSUs vested was $28.4 million , $27.2 million and $22.6 million , respectively. The Company also granted approximately 0.2 million and 0.3 million PSUs during fiscal 2016 and 2015 , respectively, to members of its senior management team, which have a weighted-average grant date fair value of $39.72 and $26.58 , 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 of the number of shares will vest upon achieving the measurement criteria. 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 2016 , 2015 and 2014 was $4.0 million , $3.4 million and $3.1 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 24, 2016 September 26, 2015 September 27, 2014 Assumptions: Risk-free interest rates 0.34 % 0.10 % 0.08 % Expected life (in years) 0.5 0.5 0.5 Expected volatility 27.2 % 27.4 % 30.0 % Dividend yield — — — |
Profit Sharing 401(k) Plan
Profit Sharing 401(k) Plan | 12 Months Ended |
Sep. 24, 2016 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [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 $16.2 million , $14.4 million and $13.3 million for fiscal 2016 , 2015 and 2014 , respectively. |
Nonqualified Deferred Compensat
Nonqualified Deferred Compensation Plan | 12 Months Ended |
Sep. 24, 2016 | |
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, unless the participant meets the plan retirement provision of reaching a certain age and years of service criteria in which case the expense is accelerated to match the required service period to receive such benefit. Under the DCP, the Company recorded compensation expense of $3.1 million , $1.8 million and $3.7 million in fiscal 2016 , 2015 and 2014 , respectively. The full amount of the discretionary contribution, net of forfeitures, along with employee deferrals is recorded within accrued expenses and totaled $37.0 million and $29.4 million at September 24, 2016 and September 26, 2015 , 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 24, 2016 and September 26, 2015 was $36.0 million and $27.5 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 2016 , 2015 and 2014 , are recorded within other income (expense), net. In fiscal 2015, the Company had an additional $5.6 million of investments in mutual funds to fund the DCP which were sold in fiscal 2016 and replaced with life insurance contracts. 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. While these shares upon vesting are not distributed to the individuals and are not outstanding, these shares will be included in basic weighted average shares outstanding used to calculate earnings per share. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 24, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies 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. 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. 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. Depreciation expense related to the buildings and land is recorded within depreciation in the Company's Consolidated Statements of Cash Flows. During fiscal 2016, the Company executed an amendment to one of the leases extending the term to 2024 , and a renewal option was removed. There were no other significant provisions to the terms of the lease agreement. At September 24, 2016 , the Company has recorded $2.9 million in accrued expenses and $34.8 million in other long-term liabilities related to these obligations. The current term of the leases is for a period of approximately 10 and 8 years, respectively, with the option to extend for one lease for two consecutive 5 -year terms and the other for one 5 -year term. Future minimum lease payments, including principal and interest, under these leases were as follows at September 24, 2016 : Fiscal 2017 $ 3.1 Fiscal 2018 2.9 Fiscal 2019 1.2 Fiscal 2020 1.2 Fiscal 2021 1.2 Thereafter 2.8 Total minimum payments 12.4 Less-amount representing interest (3.9 ) Total $ 8.5 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 24, 2016 , purchase commitments are as follows: Fiscal 2017 $ 58.5 Fiscal 2018 15.6 Fiscal 2019 13.0 Total $ 87.1 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 24, 2016 , minimum commitments for these agreements are as follows: Fiscal 2017 $ 0.7 Fiscal 2018 0.7 Fiscal 2019 0.5 Fiscal 2020 0.5 Fiscal 2021 0.5 Thereafter 2.7 Total $ 5.6 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 24, 2016 , 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 24, 2016 are as follows: Fiscal 2017 $ 17.3 Fiscal 2018 15.5 Fiscal 2019 10.5 Fiscal 2020 8.3 Fiscal 2021 6.6 Thereafter 14.3 Total $ 72.5 Rent expense, net of sublease income from these locations, was $17.9 million , $19.2 million , and $21.1 million for fiscal 2016 , 2015 and 2014 , respectively. The Company subleases a portion of a building it owns and some of its facilities and has received aggregate rental income of $2.4 million , $2.0 million and $1.8 million in fiscal 2016 , 2015 and 2014 , respectively, which has been recorded as an offset to rent expense. The future minimum annual rental income payments under these sublease agreements at September 24, 2016 are as follows: Fiscal 2017 $ 2.3 Fiscal 2018 2.2 Fiscal 2019 2.1 Fiscal 2020 1.3 Fiscal 2021 0.3 Thereafter 0.9 Total $ 9.1 |
Litigation and Related Matters
Litigation and Related Matters | 12 Months Ended |
Sep. 24, 2016 | |
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, Inc., 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. On January 20, 2016, the U.S. Patent Trial and Appeal Board affirmed the USPTO decision holding the claims at issue in the ‘459 patent as invalid. Smith & Nephew has appealed this holding to the Court of Appeals for the Federal Circuit (CAFC). On September 22, 2016, oral arguments related to the ‘359 patent were held at the Patent Trial and Appeal Board (PTAB). On October 25, 2016 the PTAB reversed the USPTO decision related to the ‘359 patent. The Company intends to appeal the PTAB reversal decision. 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. On March 30, 2016, the Company filed a request for inter-parties review of the ‘179 patent at the USPTO. 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 3, 2016, 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 Progensa ® PCA3, Aptima® and Procleix® products infringe U.S. Patent 6,221,581. 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. 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. 24, 2016 | |
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 it sells Grifols is currently 50% and will remain so through the remainder of the term of the collaboration. 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 revenue of $235.4 million , $253.1 million and $223.3 million under this collaboration agreement in fiscal 2016 , 2015 , and 2014 respectively. |
Business Segments and Geographi
Business Segments and Geographic Information | 12 Months Ended |
Sep. 24, 2016 | |
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 adjusted to exclude the effect of non-cash charges, such as intangible asset amortization expense, intangible asset impairment charges, restructuring and divestiture charges, litigation charges, and other one-time or unusual items. 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 2016 , 2015 , and 2014 was as follows: Years ended September 24, September 26, September 27, Total revenues: Diagnostics $ 1,236.9 $ 1,211.8 $ 1,186.8 Breast Health 1,112.8 1,063.4 944.7 GYN Surgical 393.1 335.8 307.9 Skeletal Health 89.9 94.0 91.3 $ 2,832.7 $ 2,705.0 $ 2,530.7 Operating income: Diagnostics $ 126.0 $ 109.5 $ 48.7 Breast Health 350.5 296.3 187.6 GYN Surgical 69.1 38.6 30.3 Skeletal Health 3.0 10.7 13.1 $ 548.6 $ 455.1 $ 279.7 Depreciation and amortization: Diagnostics $ 341.8 $ 358.7 $ 376.0 Breast Health 22.6 28.6 41.7 GYN Surgical 99.9 102.7 104.6 Skeletal Health 1.1 1.4 0.9 $ 465.4 $ 491.4 $ 523.2 Capital expenditures: Diagnostics $ 53.5 $ 55.6 $ 52.2 Breast Health 10.6 12.8 10.0 GYN Surgical 17.7 9.5 8.0 Skeletal Health 0.4 0.4 0.4 Corporate 12.3 11.1 9.6 $ 94.5 $ 89.4 $ 80.2 September 24, September 26, September 27, Identifiable assets: Diagnostics $ 3,771.9 $ 4,055.8 $ 4,383.5 Breast Health 809.1 815.4 859.8 GYN Surgical 1,570.7 1,658.1 1,748.2 Skeletal Health 30.9 25.3 26.1 Corporate 1,134.4 1,087.9 1,351.1 $ 7,317.0 $ 7,642.5 $ 8,368.7 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, the United Kingdom and Germany. 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 24, September 26, September 27, United States 78.9 % 76.0 % 75.1 % Europe 10.2 % 11.8 % 13.3 % Asia-Pacific 7.6 % 8.5 % 7.7 % All others 3.3 % 3.7 % 3.9 % 100.0 % 100.0 % 100.0 % The Company’s property, plant and equipment, net are geographically located as follows: September 24, 2016 September 26, 2015 September 27, 2014 United States $ 370.7 $ 369.1 $ 366.8 Costa Rica 28.1 27.7 27.9 Europe 49.2 50.8 56.0 All other countries 12.2 9.5 11.2 $ 460.2 $ 457.1 $ 461.9 |
Accrued Expenses and Other Long
Accrued Expenses and Other Long-Term Liabilities | 12 Months Ended |
Sep. 24, 2016 | |
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 24, 2016 September 26, 2015 Accrued Expenses Compensation and employee benefits $ 176.4 $ 173.2 Interest 11.7 14.6 Income and other taxes 38.4 13.3 Other 61.1 71.0 $ 287.6 $ 272.1 September 24, 2016 September 26, 2015 Other Long-Term Liabilities Reserve for income tax uncertainties $ 167.6 $ 145.1 Accrued lease obligation—long-term 34.8 34.0 Pension liabilities 11.2 10.1 Other 10.9 11.7 $ 224.5 $ 200.9 |
Pension and Other Employee Bene
Pension and Other Employee Benefits | 12 Months Ended |
Sep. 24, 2016 | |
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 24, 2016 and September 26, 2015 , the Company’s pension liability was $11.0 million and $10.0 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 24, 2016 September 26, 2015 September 27, 2014 Benefit obligation at beginning of year $ (10.0 ) $ (10.3 ) $ (10.1 ) Service cost — — — Interest cost (0.2 ) (0.3 ) (0.3 ) Plan participants’ contributions — — — Actuarial loss (1.2 ) (0.9 ) (0.8 ) Foreign exchange gain 0.1 1.2 0.6 Benefits paid 0.3 0.3 0.3 Benefit obligation at end of year (11.0 ) (10.0 ) (10.3 ) Plan assets — — — Benefit obligation at end of year $ (11.0 ) $ (10.0 ) $ (10.3 ) 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 24, 2016 September 26, 2015 September 27, 2014 Service cost $ — $ — $ — Interest cost 0.4 0.3 0.3 Expected return on plan assets — — — Amortization of prior service cost — — — Recognized net actuarial gain (0.2 ) — — Net periodic benefit cost $ 0.2 $ 0.3 $ 0.3 Weighted-Average Net Periodic Benefit Cost Assumptions 2016 2015 2014 Discount rate 1.30 % 2.05 % 2.95 % 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 $11.0 million and $10.0 million at September 24, 2016 and September 26, 2015 , respectively, and the accumulated benefit obligation for the German Pension Benefits was $11.0 million and $10.0 million at September 24, 2016 and September 26, 2015 , 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 at both September 24, 2016 and September 26, 2015 , respectively. The table below reflects the total Pension Benefits expected to be paid for the German Pension Benefits each fiscal year as of September 24, 2016 : 2017 $ 0.3 2018 $ 0.3 2019 $ 0.4 2020 $ 0.4 2021 $ 0.4 2022 to 2026 $ 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 2016 , 2015 and 2014 . Additionally, the Company has Swiss pension plans, which were insignificant in fiscal 2016 , 2015 , and 2014 . |
Quarterly Statement of Operatio
Quarterly Statement of Operations Information (Unaudited) | 12 Months Ended |
Sep. 24, 2016 | |
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 2016 and 2015 : 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 695.2 $ 693.3 $ 717.4 $ 726.8 Gross profit 379.1 385.0 393.1 406.1 Net income (1) 84.9 68.9 84.8 92.2 Diluted net income per common share $ 0.29 $ 0.24 $ 0.30 $ 0.33 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 (2) 29.2 47.8 29.4 25.2 Diluted net income per common share $ 0.10 $ 0.17 $ 0.10 $ 0.09 (1) Net income in the first quarter of fiscal 2016 included restructuring charges of $2.3 million and a realized gain of $25.1 million related to the sale of all the shares in a marketable security investment. Net income in the second quarter of fiscal 2016 included restructuring charges of $3.8 million and a debt extinguishment loss of $4.5 million . Net income in the fourth quarter of fiscal 2016 included restructuring charges of $2.9 million , a debt extinguishment loss of $0.8 million , and an other-than-temporary impairment charge of $1.1 million related to a marketable security. (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 and divestiture 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. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 24, 2016 | |
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 2016 , 2015 and 2014 ended on September 24, 2016 , September 26, 2015 and September 27, 2014 , 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, management of international activities, protection of proprietary rights, patent and other litigation, dependence on contract manufacturers 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 as of September 24, 2016 are comprised of solely of equity securities and as of September 26, 2015 also included mutual funds. The equity securities are investments in the common stock of publicly traded companies, and the mutual funds were 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 were classified as trading and recorded at fair value with unrealized gains and losses recorded in other income (expense), net in the Consolidated Statements of Income. 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 fair 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 quarters of fiscal 2016 and 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 impairment charges of $1.1 million and $7.8 million , respectively. The following reconciles cost basis to fair market value. Cost Gross Unrealized Gross Unrealized Other Than Temporary Impairment Fair Value As of September 24, 2016 $ 2.4 $ — $ (0.3 ) $ (1.1 ) $ 1.0 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 In the first quarter of fiscal 2016, the Company sold all of its shares in one of its marketable securities and recorded a realized gain of $25.1 million in Other income (expense), net. |
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 24, 2016 . 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 24, 2016 and September 26, 2015 , or any customers that represented greater than 10% of consolidated revenues for fiscal years 2016 , 2015 and 2014 (see Note 13). |
Supplemental Cash Flow Statement Information | Supplemental Cash Flow Statement Information Years ended September 24, 2016 September 26, 2015 September 27, 2014 Cash paid during the period for income taxes $ 184.8 $ 168.7 $ 231.8 Cash paid during the period for interest $ 104.0 $ 143.0 $ 155.7 |
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 24, 2016 September 26, 2015 Raw materials $ 96.4 $ 98.3 Work-in-process 51.7 58.7 Finished goods 126.6 126.1 $ 274.7 $ 283.1 |
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 24, 2016 September 26, 2015 Equipment and software $ 381.9 $ 365.9 Equipment under customer usage agreements 334.6 305.7 Buildings and improvements 186.1 182.1 Leasehold improvements 65.6 59.2 Land 51.9 51.4 Furniture and fixtures 18.4 17.3 1,038.5 981.6 Less - accumulated depreciation and amortization (578.3 ) (524.5 ) $ 460.2 $ 457.1 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 the equipment 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). |
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 were phased out. Intangible assets consisted of the following: September 24, 2016 September 26, 2015 Description Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Developed technology $ 3,983.7 $ 1,991.6 $ 3,979.1 $ 1,698.5 In-process research and development 3.7 — 3.7 — Customer relationships and contracts 1,098.9 546.2 1,101.1 467.5 Trade names 236.2 141.6 236.4 131.5 Business licenses 2.4 2.1 2.5 2.1 $ 5,324.9 $ 2,681.5 $ 5,322.8 $ 2,299.6 In the third quarter of fiscal 2016, the Company accelerated the amortization of the Cystic Fibrosis developed technology asset of $6.2 million as a result of discontinuing this product line. In the second quarter of fiscal 2016, the Company acquired certain intellectual property for $4.8 million , which was recorded in developed technology. Amortization expense related to developed technology is classified as a component of cost of product revenues—amortization of intangible assets. Amortization expense related to customer relationships and contracts, trade names, and business licenses is classified as a component of amortization of intangible assets within operating expenses. The estimated amortization expense at September 24, 2016 for each of the five succeeding fiscal years was as follows: Fiscal 2017 $ 365.8 Fiscal 2018 $ 355.0 Fiscal 2019 $ 343.1 Fiscal 2020 $ 331.4 Fiscal 2021 $ 312.0 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 2016 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 26, 2016, 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 24, 2016 , the Company believes that each reporting unit, with goodwill aggregating $ 2.80 billion , was not at risk of failing Step 1 of the goodwill impairment test based on the current forecasts. The Company conducted its fiscal 2015 and 2014 impairment tests on the first day of the respective year's 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 June 29, 2014, respectively, 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. A rollforward of goodwill activity by reportable segment from September 26, 2015 to September 24, 2016 is as follows: Diagnostics Breast Health GYN Surgical Skeletal Health Total Balance at September 26, 2015 $ 1,152.3 $ 631.8 $ 1,016.0 $ 8.1 $ 2,808.2 Tax adjustments (1.3 ) — — — (1.3 ) Foreign currency and other (2.8 ) — (1.0 ) — (3.8 ) Balance at September 24, 2016 $ 1,148.2 $ 631.8 $ 1,015.0 $ 8.1 $ 2,803.1 |
Other Assets | Other Assets Other assets consisted of the following: September 24, 2016 September 26, 2015 Other Assets Life insurance contracts $ 36.0 $ 27.5 Manufacturing access fees 9.6 11.6 Derivative assets 0.4 6.2 Mutual funds — 5.6 Marketable securities 1.0 15.2 Cost-method equity investments 3.5 4.2 Deferred tax assets 9.3 — Other 23.9 17.9 $ 83.7 $ 88.2 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 9 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, the Company recorded other-than-temporary impairment charges of $6.9 million related to certain of its cost-method equity investments to adjust their carrying amounts to fair value. No such charges were recorded in fiscal 2016 or 2015 for cost-method equity investments. |
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. The functional currency of the Company’s foreign subsidiaries is determined based on the guidance in ASC 830. The majority of the Company's foreign subsidiaries' functional currency is the applicable local currency, although certain of the Company's foreign subsidiaries' functional currency is the U.S. dollar based on the nature of their operations or functions. Assets and liabilities of subsidiaries whose functional currency is the local currency 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 Income. 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 Income 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 following tables summarize the components and changes in accumulated balances of other comprehensive income for the periods presented: Year Ended September 24, 2016 Year Ended September 26, 2015 Foreign Currency Translation Marketable Securities Pension Plans Hedged Interest Rate Caps Total Foreign Currency Translation Marketable Securities Pension Plans Hedged Interest Rate Caps Total Beginning Balance $ (15.7 ) $ 6.9 $ (1.8 ) $ (3.9 ) $ (14.5 ) $ (4.7 ) $ 8.9 $ (1.6 ) $ — $ 2.6 Other comprehensive loss before reclassifications (10.4 ) (1.1 ) (0.7 ) (3.4 ) (15.6 ) (20.6 ) (9.8 ) (0.2 ) (3.9 ) (34.5 ) (Gains) charges reclassified to statement of income — (6.1 ) — 3.9 (2.2 ) 9.6 7.8 — — 17.4 Ending Balance $ (26.1 ) $ (0.3 ) $ (2.5 ) $ (3.4 ) $ (32.3 ) $ (15.7 ) $ 6.9 $ (1.8 ) $ (3.9 ) $ (14.5 ) In the first quarter of fiscal 2016, the Company sold all of its shares in one of its marketable securities and recorded a realized gain of $25.1 million in other income (expense), net and resulted in reclassifying a $7.2 million gain out of other comprehensive income (loss) to other income (expense), net. In the fourth quarter of fiscal 2016, the Company recorded a $1.1 million other-than-temporary impairment charge and this amount was reclassified out of other comprehensive income (loss) to other income (expense), net. 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 | 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 Income. 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 for the interest rate cap agreements was $13.2 million , 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 24, 2016 , 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 the Consolidated Statements of Comprehensive Income as a component of AOCI. During fiscal 2016 , $3.9 million was reclassified from AOCI to the Company's Consolidated Statements of Income related to the interest rate cap agreements. The Company expects to similarly reclassify approximately $6.9 million from AOCI to the Consolidated Statements of Income in the next twelve months. The aggregate fair value of these interest rate caps was $1.4 million and $6.9 million at September 24, 2016 and September 26, 2015 , respectively, 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. Forward Foreign Currency Contracts The Company enters into forward foreign currency exchange contracts to mitigate certain operational exposures from the impact of changes in foreign currency exchange rates. Such exposures result from the portion of the Company's operations that are denominated in currencies other than the U.S. dollar, primarily the Euro, the UK Pound, the Australian dollar, the Canadian dollar and the Japanese Yen. These foreign currency exchange contracts are entered into to support transactions made in the ordinary course of business and are not speculative in nature. The contracts are generally for periods of one year or less. During fiscal 2016, the Company began to execute forward foreign currency contracts in order to mitigate its exposure to fluctuations in various currencies against its reporting currency, the U.S. dollar. The Company did not elect hedge accounting for these forward foreign currency contracts; however, the Company may seek to apply hedge accounting in future scenarios. The change in the fair value of these contracts is recognized directly in earnings as a component of other income (expense), net. During fiscal 2016 , the Company recorded a realized gain of $1.5 million from settling forward foreign currency contracts, and net unrealized losses of $1.1 million on outstanding contracts. As of September 24, 2016, the Company had outstanding forward foreign currency contracts that were not designated for hedge accounting and are used to hedge fluctuations in the U.S dollar of forecasted transactions denominated in the Euro, UK Pound, Australian Dollar, Canadian Dollar and Japanese Yen with a notional amount of $165.0 million . Financial Instrument Presentation The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the balance sheet as of September 24, 2016 : Balance Sheet Location September 24, 2016 September 26, 2015 Assets: Derivative instruments designated as a cash flow hedge: Interest rate cap agreements Prepaid expenses and other current assets $ 1.0 $ 0.7 Interest rate cap agreements Other Assets 0.4 6.2 $ 1.4 $ 6.9 Derivatives not designated as hedging instruments: Forward foreign currency contracts Prepaid expenses and other current assets $ 0.2 $ — Liabilities: Derivatives not designated as hedging instruments: Forward foreign currency contracts Accrued expenses $ 1.3 $ — The following table presents the unrealized loss recognized in AOCI related to the interest rate caps for the following reporting periods: Year Ended Year Ended Amount of loss recognized in other comprehensive income, net of taxes: Interest rate cap agreements $ (3.4 ) $ (3.9 ) The following table presents the adjustment to fair value (realized and unrealized) recorded within the Consolidated Statements of Income for derivative instruments for which the Company did not elect hedge accounting: Derivatives not classified as hedging instruments Location of Gain (Loss) Recognized in Income Year Ended Forward foreign currency contracts $ 0.4 Other income (expense), net |
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, 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 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 for its capital equipment. 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 relatively 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 shipment or delivery, depending on the terms of the arrangement. 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 2016 , 2015 and 2014 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 24, 2016 $ 11.1 $ 2.0 $ (0.4 ) $ 12.7 September 26, 2015 $ 12.0 $ 1.6 $ (2.5 ) $ 11.1 September 27, 2014 $ 8.8 $ 4.4 $ (1.2 ) $ 12.0 |
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 Per Share Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted net income per share is computed by dividing net income 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 2016 and 2015 to the extent each issuance is dilutive based on the average stock price during each reporting period being greater than the conversion price of the respective Notes. 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 2016 , 2015 , and 2014 was as follows: September 24, 2016 September 26, 2015 September 27, 2014 Basic weighted average common shares outstanding 280,213 280,566 275,499 Weighted average common stock equivalents from assumed exercise of stock options and restricted stock units 2,631 2,898 2,368 Incremental shares from Convertible Notes premium 3,312 6,073 493 Diluted weighted average common shares outstanding 286,156 289,537 278,360 Weighted-average anti-dilutive shares related to: Outstanding stock options 1,029 1,502 5,033 Restricted stock units 62 49 20 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. |
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 2016 and 2015 was as follows: Balance at Beginning of Period Provisions Settlements/ Adjustments Balance at End of Period Period ended: September 24, 2016 $ 5.4 $ 7.1 $ (7.5 ) $ 5.0 September 26, 2015 $ 6.3 $ 6.1 $ (7.0 ) $ 5.4 |
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 $20.2 million , $14.4 million and $14.1 million for fiscal 2016 , 2015 and 2014 , respectively, and were included in selling and marketing expense in the Consolidated Statements of Income. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements On September 27, 2015, the Company early adopted FASB ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes , which simplifies the presentation of deferred income taxes by eliminating the requirement for entities to separate deferred income tax liabilities and assets into current and noncurrent amounts in the balance sheet. Rather, it requires deferred tax assets and liabilities to be classified as noncurrent in the balance sheet. The Company adopted this standard prospectively in the first quarter of fiscal 2016, and prior periods were not retrospectively adjusted. On June 26, 2016, the Company retrospectively adopted FASB ASU 2015-13, P resentation of Debt Issuance Costs, which simplifies the presentation of debt issuance costs and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from that debt liability consistent with the presentation of a debt discount and not recorded as separate assets. The Company adopted this standard in the fourth quarter of fiscal 2016, and the fiscal 2015 balance sheet was retrospectively recast. In fiscal 2015, the Company had $0.6 million related to current debt issuance costs recorded in prepaid expenses and other current assets and $27.0 million related to non-current debt issuance costs recorded in other assets. The adoption of this standard resulted in these amounts being reclassified as liabilities, reducing both the current portion of long-term debt and long-term debt, net of current portion at the end of fiscal 2015 by $27.6 million in total and a corresponding reduction to the aforementioned asset accounts. Debt issuance costs will no longer be recorded as an asset. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740). The guidance requires companies to recognize the income tax effects of intercompany sales and transfers of assets, other than inventory, in the income statement as income tax expense (or benefit) in the period in which the transfer occurs. The guidance is effective for annual periods beginning after December 15, 2017, and is applicable to the Company in fiscal 2019. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating the impact of the adoption of ASU 2016-16 on its consolidated financial position and results of operations. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flow (Topic 230) . The guidance reduces diversity in how certain cash receipts and cash payments are presented and classified in the Statements of Cash Flows. Certain of ASU 2016-15 requirements are as follows: 1) cash payments for debt prepayment or debt extinguishment costs should be classified as cash outflows for financing activities, 2) contingent consideration payments made soon after a business combination should be classified as cash outflows for investing activities and cash payment made thereafter should be classified as cash outflows for financing up to the amount of the contingent consideration liability recognized at the acquisition date with any excess classified as operating activities, 3) cash proceeds from the settlement of insurance claims should be classified on the basis of the nature of the loss, 4) cash proceeds from the settlement of Corporate-Owned Life Insurance (COLI) Policies should be classified as cash inflows from investing activities and cash payments for premiums on COLI policies may be classified as cash outflows for investing activities, operating activities, or a combination of investing and operating activities, and 5) cash paid to a tax authority by an employer when withholding shares from an employee's award for tax-withholding purposes should be classified as cash outflows for financing activities. The guidance is effective for annual periods beginning after December 15, 2017, and is applicable to the Company in fiscal 2019. Early adoption is permitted. The adoption of ASU 2016-15 is not expected to have a material effect on the Company's consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) . The guidance requires that financial assets measured at amortized cost be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis. The income statement reflects the measurement of credit losses for newly recognized financial assets, as well as the expected credit losses during the period. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. The updated guidance is effective for annual periods beginning after December 15, 2019, and is applicable to the Company in fiscal 2021. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2016-13 on its consolidated financial position and results of operations. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718) . The guidance changes how companies account for certain aspects of share-based payments to employees. Entities will be required to recognize income tax effects of awards in the income statement when the awards vest or are settled. The guidance also allows an employer to repurchase more of an employee's shares than it can today for tax withholding purposes by providing for withholding at the employee's maximum rate as opposed to the minimum rate without triggering liability accounting and by allowing an entity-wide policy election to account for forfeitures as they occur. The updated guidance is effective for annual periods beginning after December 15, 2016, and is applicable to the Company in fiscal 2018. Early adoption is permitted. The adoption of ASU 2016-09 is not expected to have a material effect on the Company's consolidated financial position and results of operations, although the income tax affect from vesting of stock units and option exercises could be significant to quarterly results of operations. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The guidance requires an entity to recognize a right-of-use asset and a lease liability for virtually all of its leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. The amendments also require certain quantitative and qualitative disclosures about leasing arrangements. The guidance is effective for annual periods beginning after December 15, 2018, and is applicable to the Company in fiscal 2020. Early adoption is permitted. The updated guidance requires a modified retrospective adoption. The Company is currently evaluating the impact of the adoption of ASU 2016-02 on its consolidated financial position and results of operations. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . This guidance changes how entities measure equity investments that do not result in consolidation and are not accounted for under the equity method. Entities will be required to measure these investments at fair value at the end of each reporting period and recognize changes in fair value in net income. A practicability exception will be available for equity investments that do not have readily determinable fair values, however; the exception requires the Company to consider relevant transactions that can be reasonably known to identify any observable price changes that would impact the fair value . This guidance also changes certain disclosure requirements and other aspects of current US GAAP. This guidance is effective for annual periods beginning after December 15, 2017, and is applicable to the Company in fiscal 2019 . Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2016-01 on its consolidated financial position and results of operations. 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 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 Accoun26
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 24, 2016 | |
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 24, 2016 $ 2.4 $ — $ (0.3 ) $ (1.1 ) $ 1.0 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 |
Supplemental Cash Flow Statement Information | Supplemental Cash Flow Statement Information Years ended September 24, 2016 September 26, 2015 September 27, 2014 Cash paid during the period for income taxes $ 184.8 $ 168.7 $ 231.8 Cash paid during the period for interest $ 104.0 $ 143.0 $ 155.7 |
Schedule of Inventories | Inventories consisted of the following: September 24, 2016 September 26, 2015 Raw materials $ 96.4 $ 98.3 Work-in-process 51.7 58.7 Finished goods 126.6 126.1 $ 274.7 $ 283.1 |
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of the following: September 24, 2016 September 26, 2015 Equipment and software $ 381.9 $ 365.9 Equipment under customer usage agreements 334.6 305.7 Buildings and improvements 186.1 182.1 Leasehold improvements 65.6 59.2 Land 51.9 51.4 Furniture and fixtures 18.4 17.3 1,038.5 981.6 Less - accumulated depreciation and amortization (578.3 ) (524.5 ) $ 460.2 $ 457.1 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 24, 2016 September 26, 2015 Description Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Developed technology $ 3,983.7 $ 1,991.6 $ 3,979.1 $ 1,698.5 In-process research and development 3.7 — 3.7 — Customer relationships and contracts 1,098.9 546.2 1,101.1 467.5 Trade names 236.2 141.6 236.4 131.5 Business licenses 2.4 2.1 2.5 2.1 $ 5,324.9 $ 2,681.5 $ 5,322.8 $ 2,299.6 |
Schedule of Estimated Amortization Expense | The estimated amortization expense at September 24, 2016 for each of the five succeeding fiscal years was as follows: Fiscal 2017 $ 365.8 Fiscal 2018 $ 355.0 Fiscal 2019 $ 343.1 Fiscal 2020 $ 331.4 Fiscal 2021 $ 312.0 |
Rollforward of Goodwill Activity by Reportable Segment | A rollforward of goodwill activity by reportable segment from September 26, 2015 to September 24, 2016 is as follows: Diagnostics Breast Health GYN Surgical Skeletal Health Total Balance at September 26, 2015 $ 1,152.3 $ 631.8 $ 1,016.0 $ 8.1 $ 2,808.2 Tax adjustments (1.3 ) — — — (1.3 ) Foreign currency and other (2.8 ) — (1.0 ) — (3.8 ) Balance at September 24, 2016 $ 1,148.2 $ 631.8 $ 1,015.0 $ 8.1 $ 2,803.1 |
Schedule of Other Assets | Other assets consisted of the following: September 24, 2016 September 26, 2015 Other Assets Life insurance contracts $ 36.0 $ 27.5 Manufacturing access fees 9.6 11.6 Derivative assets 0.4 6.2 Mutual funds — 5.6 Marketable securities 1.0 15.2 Cost-method equity investments 3.5 4.2 Deferred tax assets 9.3 — Other 23.9 17.9 $ 83.7 $ 88.2 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following tables summarize the components and changes in accumulated balances of other comprehensive income for the periods presented: Year Ended September 24, 2016 Year Ended September 26, 2015 Foreign Currency Translation Marketable Securities Pension Plans Hedged Interest Rate Caps Total Foreign Currency Translation Marketable Securities Pension Plans Hedged Interest Rate Caps Total Beginning Balance $ (15.7 ) $ 6.9 $ (1.8 ) $ (3.9 ) $ (14.5 ) $ (4.7 ) $ 8.9 $ (1.6 ) $ — $ 2.6 Other comprehensive loss before reclassifications (10.4 ) (1.1 ) (0.7 ) (3.4 ) (15.6 ) (20.6 ) (9.8 ) (0.2 ) (3.9 ) (34.5 ) (Gains) charges reclassified to statement of income — (6.1 ) — 3.9 (2.2 ) 9.6 7.8 — — 17.4 Ending Balance $ (26.1 ) $ (0.3 ) $ (2.5 ) $ (3.4 ) $ (32.3 ) $ (15.7 ) $ 6.9 $ (1.8 ) $ (3.9 ) $ (14.5 ) |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the balance sheet as of September 24, 2016 : Balance Sheet Location September 24, 2016 September 26, 2015 Assets: Derivative instruments designated as a cash flow hedge: Interest rate cap agreements Prepaid expenses and other current assets $ 1.0 $ 0.7 Interest rate cap agreements Other Assets 0.4 6.2 $ 1.4 $ 6.9 Derivatives not designated as hedging instruments: Forward foreign currency contracts Prepaid expenses and other current assets $ 0.2 $ — Liabilities: Derivatives not designated as hedging instruments: Forward foreign currency contracts Accrued expenses $ 1.3 $ — |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the unrealized loss recognized in AOCI related to the interest rate caps for the following reporting periods: Year Ended Year Ended Amount of loss recognized in other comprehensive income, net of taxes: Interest rate cap agreements $ (3.4 ) $ (3.9 ) |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents the adjustment to fair value (realized and unrealized) recorded within the Consolidated Statements of Income for derivative instruments for which the Company did not elect hedge accounting: Derivatives not classified as hedging instruments Location of Gain (Loss) Recognized in Income Year Ended Forward foreign currency contracts $ 0.4 Other income (expense), net |
Accounts Receivable Reserve Activity | Accounts receivable reserve activity for fiscal 2016 , 2015 and 2014 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 24, 2016 $ 11.1 $ 2.0 $ (0.4 ) $ 12.7 September 26, 2015 $ 12.0 $ 1.6 $ (2.5 ) $ 11.1 September 27, 2014 $ 8.8 $ 4.4 $ (1.2 ) $ 12.0 |
Schedule of Reconciliation of Basic and Diluted Share Amounts | A reconciliation of basic and diluted share amounts for fiscal 2016 , 2015 , and 2014 was as follows: September 24, 2016 September 26, 2015 September 27, 2014 Basic weighted average common shares outstanding 280,213 280,566 275,499 Weighted average common stock equivalents from assumed exercise of stock options and restricted stock units 2,631 2,898 2,368 Incremental shares from Convertible Notes premium 3,312 6,073 493 Diluted weighted average common shares outstanding 286,156 289,537 278,360 Weighted-average anti-dilutive shares related to: Outstanding stock options 1,029 1,502 5,033 Restricted stock units 62 49 20 |
Schedule of Product Warranty Activity | Product warranty activity for fiscal 2016 and 2015 was as follows: Balance at Beginning of Period Provisions Settlements/ Adjustments Balance at End of Period Period ended: September 24, 2016 $ 5.4 $ 7.1 $ (7.5 ) $ 5.0 September 26, 2015 $ 6.3 $ 6.1 $ (7.0 ) $ 5.4 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies Gain (Loss) on Fair Value Hedges Recognized in Earnings (Details) $ in Millions | 12 Months Ended |
Sep. 24, 2016USD ($) | |
Foreign Exchange Forward [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ 0.4 |
Restructuring and Divestiture28
Restructuring and Divestiture Charges (Tables) | 12 Months Ended |
Sep. 24, 2016 | |
Restructuring and Related Activities [Abstract] | |
Charges Taken Related to Restructuring Actions | The following table displays charges taken related to restructuring actions in fiscal 2016 , 2015 and 2014 and a rollforward of the charges to the accrued balances as of September 24, 2016 : Fiscal 2016 Actions Fiscal 2015 Actions Fiscal 2014 Actions Consolidation of Diagnostics Operations Other Operating Cost Reductions Total Restructuring and Divestiture Charges Fiscal 2014 charges: Workforce reductions $ — $ — $ 29.5 $ 2.9 $ 9.8 $ 42.2 Non-cash impairment charge — — — — 3.1 3.1 Facility closure costs — — — — 0.6 0.6 Other — — — 0.1 0.2 0.3 Fiscal 2014 restructuring charges $ — $ — $ 29.5 $ 3.0 $ 13.7 $ 46.2 Divestiture net charges 5.5 Fiscal 2014 restructuring and divestiture charges $ 51.7 Fiscal 2015 charges: Workforce reductions $ — $ 10.0 $ 6.0 $ 0.1 $ 0.2 $ 16.3 Facility closure costs — — 2.0 0.5 0.1 2.6 Fiscal 2015 restructuring charges $ — $ 10.0 $ 8.0 $ 0.6 $ 0.3 $ 18.9 Divestiture net charges 9.6 Fiscal 2015 restructuring and divestiture charges $ 28.5 Fiscal 2016 charges: Workforce reductions $ 10.5 $ — $ — $ — $ — $ 10.5 Fiscal 2016 restructuring charges $ 10.5 $ — $ — $ — $ — $ 10.5 |
Charges Taken Related to Accrued Restructuring Actions | Fiscal 2016 Actions Fiscal 2015 Actions Fiscal 2014 Actions Consolidation of Diagnostics Operations Other Operating Cost Reductions Total Rollforward of Accrued Restructuring Balance as of September 28, 2013 $ — $ — $ — $ 3.0 $ 9.3 $ 12.3 Fiscal 2014 restructuring charges $ — $ — $ 29.5 $ 3.0 $ 13.7 $ 46.2 Stock-based compensation — — (6.6 ) — — (6.6 ) Non-cash impairment charges — — — — (3.1 ) (3.1 ) Severance payments — — (10.9 ) (3.0 ) (17.1 ) (31.0 ) Other payments — — — — (0.9 ) (0.9 ) Balance as of September 27, 2014 $ — $ — $ 12.0 $ 3.0 $ 1.9 $ 16.9 Fiscal 2015 restructuring charges $ — $ 10.0 $ 8.0 $ 0.6 $ 0.3 $ 18.9 Stock-based compensation — (4.1 ) — — — (4.1 ) Severance payments — (2.8 ) (16.2 ) (3.0 ) (1.9 ) (23.9 ) Other payments — — (1.3 ) (0.5 ) (0.3 ) (2.1 ) Balance as of September 26, 2015 $ — $ 3.1 $ 2.5 $ 0.1 $ — $ 5.7 Fiscal 2016 restructuring charges $ 10.5 $ — $ — $ — $ — $ 10.5 Stock-based compensation (0.4 ) — — — — (0.4 ) Severance payments (4.6 ) (2.9 ) (1.4 ) (0.1 ) — (9.0 ) Other payments — — (0.5 ) — — (0.5 ) Balance as of September 24, 2016 $ 5.5 $ 0.2 $ 0.6 $ — $ — $ 6.3 |
Borrowings and Credit Arrange29
Borrowings and Credit Arrangements (Tables) | 12 Months Ended |
Sep. 24, 2016 | |
Debt Disclosure [Abstract] | |
Company's Borrowings | The Company’s borrowings consisted of the following: September 24, September 26, Current debt obligations, net of debt discount and issuance costs: Term Loan $ 83.8 $ 74.4 Revolver — 175.0 Securitization Program 200.0 — Convertible Notes 12.2 141.8 Total current debt obligations 296.0 391.2 Long-term debt obligations, net of debt discount and issuance costs: Term Loan 1,308.2 1,388.3 2022 Senior Notes 977.7 973.9 Convertible Notes 763.5 858.8 Total long-term debt obligations 3,049.4 3,221.0 Total debt obligations $ 3,345.4 $ 3,612.2 |
Schedule Of Long Term Debt By Maturity Table [Text Block] | The debt maturity schedule for the Company’s obligations as of September 24, 2016 is as follows: 2017 2018 2019 2020 2021 2022 and Thereafter Total Term Loan $ 84.4 $ 121.9 $ 150.0 $ 1,050.0 $ — $ — $ 1,406.3 Securitization Program 200.0 — — — — — 200.0 2022 Senior Notes — — — — — 1,000.0 1,000.0 Convertible Notes (1) 12.3 790.4 — — — — 802.7 $ 296.7 $ 912.3 $ 150.0 $ 1,050.0 $ — $ 1,000.0 $ 3,409.0 (1) Classified based on the earliest date of redemption for each respective issuance. In addition, the balance in fiscal 2018 reflects accretion on the 2013 Notes through September 24, 2016. |
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 24, 2016 and September 26, 2015 , the Convertible Notes and related equity components (recorded in additional paid-in-capital, net of deferred taxes) consisted of the following: 2016 2015 2010 Notes principal amount $ 12.3 $ 150.0 Unamortized discount and issuance costs (1) (0.1 ) (8.2 ) Net carrying amount $ 12.2 $ 141.8 Equity component, net of taxes $ 1.6 $ 20.0 2012 Notes principal amount $ 363.4 $ 500.0 Unamortized discount and issuance costs (1) (9.5 ) (21.8 ) Net carrying amount $ 353.9 $ 478.2 Equity component, net of taxes $ 35.8 $ 49.2 2013 Notes principal amount $ 370.0 $ 370.0 Principal accretion 57.1 40.5 Unamortized discount and issuance costs (1) (17.5 ) (29.9 ) Net carrying amount $ 409.6 $ 380.6 Equity component, net of taxes $ 131.5 $ 131.5 (1) In connection with the adoption of ASU 2015-03, debt issuance costs are presented as direct deduction from the debt liability consistent with the presentation of a debt discount. |
Interest Expense under Convertible Notes | Interest expense under the Convertible Notes is as follows: Years Ended September 24, September 26, September 27, Amortization of debt discount $ 22.3 $ 34.9 $ 37.1 Amortization of deferred financing costs 1.1 1.7 1.9 Principal accretion 16.6 15.9 15.3 Non-cash interest expense 40.0 52.5 54.3 2.00% accrued interest (cash) 10.0 18.2 22.3 $ 50.0 $ 70.7 $ 76.6 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 24, 2016 | |
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 24, 2016 Carrying Value Quoted Prices in Active Market for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Equity securities $ 1.0 $ 1.0 $ — $ — Interest rate caps - derivative 1.4 — 1.4 — Forward foreign currency contracts 0.2 — 0.2 — Total $ 2.6 $ 1.0 $ 1.6 $ — Liabilities: Deferred compensation liabilities $ 37.0 $ 37.0 $ — $ — Forward foreign currency contracts 1.3 — 1.3 — Total $ 38.3 $ 37.0 $ 1.3 $ — 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 $ — $ — |
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 year ended September 27, 2014 were as follows: 2014 Balance at beginning of period $ 3.8 Payments / Accruals (3.8 ) Balance at end of period $ — |
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 ) |
Estimated Fair Values of Convertible Notes | The estimated fair values of the Company’s Convertible Notes at September 24, 2016 and September 26, 2015 are as follows: 2016 2015 2010 Notes 20.2 264.1 2012 Notes 481.9 688.2 2013 Notes 458.8 471.8 $ 960.9 $ 1,424.1 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 24, 2016 | |
Income Tax Disclosure [Abstract] | |
Income (Loss) Before Income Taxes | The Company’s income before income taxes consisted of the following: Years ended September 24, 2016 September 26, 2015 September 27, 2014 Domestic $ 310.7 $ 158.3 $ 95.1 Foreign 104.6 18.9 (47.0 ) $ 415.3 $ 177.2 $ 48.1 |
Provision for Income Taxes | The provision for income taxes contained the following components: Years ended September 24, 2016 September 26, 2015 September 27, 2014 Federal: Current $ 209.0 $ 185.2 $ 242.2 Deferred (122.7 ) (137.0 ) (212.5 ) 86.3 48.2 29.7 State: Current 16.6 3.5 22.1 Deferred (22.7 ) (11.0 ) (24.7 ) (6.1 ) (7.5 ) (2.6 ) Foreign: Current 14.7 5.7 9.6 Deferred (10.4 ) (0.8 ) (5.9 ) 4.3 4.9 3.7 $ 84.5 $ 45.6 $ 30.8 |
Reconciliation of Income Tax (Benefit) at U.S. Federal Statutory Rate to Company's Effective Tax Rate | The income tax provision differed from the tax provision computed at the U.S. federal statutory rate due to the following: Years ended September 24, 2016 September 26, 2015 September 27, 2014 Income tax provision at federal statutory rate 35.0 % 35.0 % 35.0 % Increase (decrease) in tax resulting from: Domestic production activities deduction (5.0 ) (10.1 ) (30.6 ) State income taxes, net of federal benefit 2.0 1.2 4.3 Tax credits (3.2 ) (3.8 ) (5.2 ) Unrecognized tax benefits 2.4 (1.8 ) 2.5 Cumulative translation adjustment write-off — 1.9 — Non-deductible compensation 0.1 1.9 5.5 Foreign rate differential (6.1 ) (1.6 ) 10.7 Change in state deferred tax rate (1.8 ) — — Change in valuation allowance (3.4 ) 1.0 35.4 Other 0.3 2.1 6.3 20.3 % 25.8 % 63.9 % |
Significant Components of the Company's Deferred Tax Assets and Liabilities | The Company’s significant deferred tax assets and liabilities were as follows: September 24, 2016 September 26, 2015 Deferred tax assets Net operating loss carryforwards $ 40.0 $ 45.4 Capital losses 19.1 25.7 Non-deductible accruals 21.1 16.3 Non-deductible reserves 31.1 26.8 Stock-based compensation 34.8 24.3 Research and other credits 10.7 14.5 Nonqualified deferred compensation plan 14.1 11.3 Other temporary differences 9.2 10.2 180.1 174.5 Less: valuation allowance (46.2 ) (60.9 ) $ 133.9 $ 113.6 Deferred tax liabilities Depreciation and amortization $ (1,030.8 ) $ (1,171.5 ) Debt discounts and deferrals (75.1 ) (100.1 ) Debt issuance costs (1.3 ) (1.4 ) $ (1,107.2 ) $ (1,273.0 ) $ (973.3 ) $ (1,159.4 ) |
Activity of the Company's Unrecognized Income Tax Benefits | The Company’s unrecognized income tax benefits activity for fiscal 2016 and 2015 was as follows: 2016 2015 Balance at beginning of fiscal year $ 154.7 $ 137.0 Tax positions related to current year: Additions 23.9 11.0 Reductions — — Tax positions related to prior years: Additions related to change in estimate 1.1 21.1 Reductions (6.9 ) (10.3 ) Payments (6.0 ) (0.8 ) Lapses in statutes of limitations and settlements (3.2 ) (3.7 ) Acquired tax positions: Additions related to reserves acquired from acquisitions — 0.4 Balance as of the end of the fiscal year $ 163.6 $ 154.7 |
Stockholders' Equity and Stoc32
Stockholders' Equity and Stock-Based Compensation (Tables) | 12 Months Ended |
Sep. 24, 2016 | |
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 2016 , 2015 and 2014 : 2016 2015 2014 Cost of revenues $ 10.5 $ 8.7 $ 7.3 Research and development 10.8 8.6 8.4 Selling and marketing 10.9 8.8 8.2 General and administrative 32.8 29.1 19.5 Restructuring and divestiture 0.4 4.1 6.6 $ 65.4 $ 59.3 $ 50.0 |
Information Pertaining to Stock Options Granted and Related Assumptions | Information pertaining to stock options granted during fiscal 2016 , 2015 and 2014 and related assumptions are noted in the following table: Years ended September 24, 2016 September 26, 2015 September 27, 2014 Options granted (in millions) 1.1 1.3 2.4 Weighted-average exercise price $ 39.32 $ 27.68 $ 22.01 Weighted-average grant date fair value $ 12.91 $ 9.95 $ 7.67 Assumptions: Risk-free interest rates 1.6 % 1.7 % 1.2 % Expected life (in years) 4.7 5.3 4.4 Expected volatility 37.8 % 38.6 % 41.4 % 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 24, 2016 : 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 26, 2015 6.7 $ 22.21 4.9 $ 119.1 Granted 1.1 39.32 Canceled/ forfeited (0.5 ) 27.00 Exercised (1.2 ) 19.55 $ 21.6 Options outstanding at September 24, 2016 6.1 $ 25.37 4.9 $ 80.1 Options exercisable at September 24, 2016 3.0 $ 21.95 3.1 $ 48.8 Options vested and expected to vest at September 24, 2016 (1) 5.9 $ 25.32 4.9 $ 79.0 (1) This represents the number of vested stock options as of September 24, 2016 plus the unvested outstanding options at September 24, 2016 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 24, 2016 is presented below: Non-vested Shares Number of Shares (in millions) Weighted-Average Grant-Date Fair Value Non-vested at September 26, 2015 3.7 $ 24.54 Granted 1.0 39.38 Vested (1.2 ) 22.96 Forfeited (0.4 ) 25.74 Non-vested at September 24, 2016 3.1 $ 29.98 |
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 24, 2016 September 26, 2015 September 27, 2014 Assumptions: Risk-free interest rates 0.34 % 0.10 % 0.08 % Expected life (in years) 0.5 0.5 0.5 Expected volatility 27.2 % 27.4 % 30.0 % Dividend yield — — — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Sep. 24, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
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 24, 2016 : Fiscal 2017 $ 3.1 Fiscal 2018 2.9 Fiscal 2019 1.2 Fiscal 2020 1.2 Fiscal 2021 1.2 Thereafter 2.8 Total minimum payments 12.4 Less-amount representing interest (3.9 ) Total $ 8.5 |
Unrecorded Unconditional Purchase Obligations Disclosure [Table Text Block] | At September 24, 2016 , purchase commitments are as follows: Fiscal 2017 $ 58.5 Fiscal 2018 15.6 Fiscal 2019 13.0 Total $ 87.1 |
Schedule Of Future Minimum Royalty Commitments Table [Text Block] | At September 24, 2016 , minimum commitments for these agreements are as follows: Fiscal 2017 $ 0.7 Fiscal 2018 0.7 Fiscal 2019 0.5 Fiscal 2020 0.5 Fiscal 2021 0.5 Thereafter 2.7 Total $ 5.6 |
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 24, 2016 are as follows: Fiscal 2017 $ 17.3 Fiscal 2018 15.5 Fiscal 2019 10.5 Fiscal 2020 8.3 Fiscal 2021 6.6 Thereafter 14.3 Total $ 72.5 |
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 24, 2016 are as follows: Fiscal 2017 $ 2.3 Fiscal 2018 2.2 Fiscal 2019 2.1 Fiscal 2020 1.3 Fiscal 2021 0.3 Thereafter 0.9 Total $ 9.1 |
Business Segments and Geograp34
Business Segments and Geographic Information (Tables) | 12 Months Ended |
Sep. 24, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment information for fiscal 2016 , 2015 , and 2014 was as follows: Years ended September 24, September 26, September 27, Total revenues: Diagnostics $ 1,236.9 $ 1,211.8 $ 1,186.8 Breast Health 1,112.8 1,063.4 944.7 GYN Surgical 393.1 335.8 307.9 Skeletal Health 89.9 94.0 91.3 $ 2,832.7 $ 2,705.0 $ 2,530.7 Operating income: Diagnostics $ 126.0 $ 109.5 $ 48.7 Breast Health 350.5 296.3 187.6 GYN Surgical 69.1 38.6 30.3 Skeletal Health 3.0 10.7 13.1 $ 548.6 $ 455.1 $ 279.7 Depreciation and amortization: Diagnostics $ 341.8 $ 358.7 $ 376.0 Breast Health 22.6 28.6 41.7 GYN Surgical 99.9 102.7 104.6 Skeletal Health 1.1 1.4 0.9 $ 465.4 $ 491.4 $ 523.2 Capital expenditures: Diagnostics $ 53.5 $ 55.6 $ 52.2 Breast Health 10.6 12.8 10.0 GYN Surgical 17.7 9.5 8.0 Skeletal Health 0.4 0.4 0.4 Corporate 12.3 11.1 9.6 $ 94.5 $ 89.4 $ 80.2 September 24, September 26, September 27, Identifiable assets: Diagnostics $ 3,771.9 $ 4,055.8 $ 4,383.5 Breast Health 809.1 815.4 859.8 GYN Surgical 1,570.7 1,658.1 1,748.2 Skeletal Health 30.9 25.3 26.1 Corporate 1,134.4 1,087.9 1,351.1 $ 7,317.0 $ 7,642.5 $ 8,368.7 |
Revenues by Geography | Revenues by geography as a percentage of total revenues were as follows: Years ended September 24, September 26, September 27, United States 78.9 % 76.0 % 75.1 % Europe 10.2 % 11.8 % 13.3 % Asia-Pacific 7.6 % 8.5 % 7.7 % All others 3.3 % 3.7 % 3.9 % 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 24, 2016 September 26, 2015 September 27, 2014 United States $ 370.7 $ 369.1 $ 366.8 Costa Rica 28.1 27.7 27.9 Europe 49.2 50.8 56.0 All other countries 12.2 9.5 11.2 $ 460.2 $ 457.1 $ 461.9 |
Accrued Expenses and Other Lo35
Accrued Expenses and Other Long-Term Liabilities (Tables) | 12 Months Ended |
Sep. 24, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses and other long-term liabilities consisted of the following: September 24, 2016 September 26, 2015 Accrued Expenses Compensation and employee benefits $ 176.4 $ 173.2 Interest 11.7 14.6 Income and other taxes 38.4 13.3 Other 61.1 71.0 $ 287.6 $ 272.1 |
Schedule of Other Long-Term Liabilities | September 24, 2016 September 26, 2015 Other Long-Term Liabilities Reserve for income tax uncertainties $ 167.6 $ 145.1 Accrued lease obligation—long-term 34.8 34.0 Pension liabilities 11.2 10.1 Other 10.9 11.7 $ 224.5 $ 200.9 |
Pension and Other Employee Be36
Pension and Other Employee Benefits (Tables) | 12 Months Ended |
Sep. 24, 2016 | |
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 24, 2016 September 26, 2015 September 27, 2014 Benefit obligation at beginning of year $ (10.0 ) $ (10.3 ) $ (10.1 ) Service cost — — — Interest cost (0.2 ) (0.3 ) (0.3 ) Plan participants’ contributions — — — Actuarial loss (1.2 ) (0.9 ) (0.8 ) Foreign exchange gain 0.1 1.2 0.6 Benefits paid 0.3 0.3 0.3 Benefit obligation at end of year (11.0 ) (10.0 ) (10.3 ) Plan assets — — — Benefit obligation at end of year $ (11.0 ) $ (10.0 ) $ (10.3 ) |
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 24, 2016 September 26, 2015 September 27, 2014 Service cost $ — $ — $ — Interest cost 0.4 0.3 0.3 Expected return on plan assets — — — Amortization of prior service cost — — — Recognized net actuarial gain (0.2 ) — — Net periodic benefit cost $ 0.2 $ 0.3 $ 0.3 |
Schedule of Weighted-Average Net Periodic Benefit Cost Assumptions | Weighted-Average Net Periodic Benefit Cost Assumptions 2016 2015 2014 Discount rate 1.30 % 2.05 % 2.95 % 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 24, 2016 : 2017 $ 0.3 2018 $ 0.3 2019 $ 0.4 2020 $ 0.4 2021 $ 0.4 2022 to 2026 $ 2.0 |
Quarterly Statement of Operat37
Quarterly Statement of Operations Information (Unaudited) (Tables) | 12 Months Ended |
Sep. 24, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results of Operations | The following table presents a summary of quarterly results of operations for fiscal 2016 and 2015 : 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 695.2 $ 693.3 $ 717.4 $ 726.8 Gross profit 379.1 385.0 393.1 406.1 Net income (1) 84.9 68.9 84.8 92.2 Diluted net income per common share $ 0.29 $ 0.24 $ 0.30 $ 0.33 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 (2) 29.2 47.8 29.4 25.2 Diluted net income per common share $ 0.10 $ 0.17 $ 0.10 $ 0.09 (1) Net income in the first quarter of fiscal 2016 included restructuring charges of $2.3 million and a realized gain of $25.1 million related to the sale of all the shares in a marketable security investment. Net income in the second quarter of fiscal 2016 included restructuring charges of $3.8 million and a debt extinguishment loss of $4.5 million . Net income in the fourth quarter of fiscal 2016 included restructuring charges of $2.9 million , a debt extinguishment loss of $0.8 million , and an other-than-temporary impairment charge of $1.1 million related to a marketable security. (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 and divestiture charges of $6.5 million , a debt extinguishment loss of $37.8 million , and an other-than-temporary impairment charge of $7.8 million related to a marketable security. |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 24, 2016USD ($)Customer | Mar. 26, 2016USD ($) | Dec. 26, 2015USD ($) | Sep. 26, 2015USD ($)Customer | Sep. 27, 2014USD ($) | Mar. 29, 2014USD ($) | Dec. 28, 2013USD ($) | Sep. 24, 2016USD ($)Customer | Sep. 26, 2015USD ($)Customer | Sep. 27, 2014USD ($) | Jun. 25, 2016USD ($) | |
Significant Accounting Policies [Line Items] | |||||||||||
Cash equivalent maturity period | three months or less | ||||||||||
Equity investment impairment charges | $ (1,100,000) | $ (7,800,000) | $ (6,900,000) | ||||||||
Number of customers with balance greater than specified percentage | Customer | 0 | 0 | 0 | 0 | |||||||
Impairment charges on tangible assets | $ 3,100,000 | ||||||||||
Impairment charges on long lived assets | $ 28,600,000 | ||||||||||
Acquired In-process research and development charges | $ 5,100,000 | ||||||||||
Accumulated Amortization | $ 2,681,500,000 | $ 2,299,600,000 | $ 2,681,500,000 | $ 2,299,600,000 | |||||||
Indefinite-lived Intangible Assets Acquired | $ 4,800,000 | ||||||||||
Sensitivity Change To Fair Value By Percent | 10.00% | ||||||||||
Goodwill | 2,803,100,000 | 2,808,200,000 | $ 2,803,100,000 | 2,808,200,000 | |||||||
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 | |||||||||
Gross Unrealized Gains | 7,200,000 | 7,200,000 | |||||||||
Interest Rate Cap Agreements Aggregate Premium Payable | $ 0 | 13,200,000 | 0 | ||||||||
Principal Amount Of Borrowings | 1,000,000,000 | $ 1,000,000,000 | |||||||||
Interest Payment Duration | three-year | ||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | $ 3,900,000 | 0 | 0 | ||||||||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | 6,900,000 | ||||||||||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | 1,500,000 | ||||||||||
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax | 1,100,000 | ||||||||||
Notional Amount | 165,000,000 | $ 165,000,000 | |||||||||
Product Warranty Term | 1 year | ||||||||||
Advertising cost | $ 20,200,000 | 14,400,000 | $ 14,100,000 | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (2,200,000) | 17,400,000 | |||||||||
Debt [Member] | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Debt Issuance Cost | 27,600,000 | ||||||||||
Other Current Assets [Member] | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Debt Issuance Cost | 600,000 | ||||||||||
Other Noncurrent Assets [Member] | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Debt Issuance Cost | 27,000,000 | ||||||||||
MRI Breast Coils [Member] | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Impairment charges on tangible assets | 28,600,000 | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 9,600,000 | ||||||||||
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] | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Accumulated Amortization | 1,991,600,000 | 1,698,500,000 | 1,991,600,000 | 1,698,500,000 | |||||||
Developed Technology [Member] | MRI Breast Coils [Member] | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Impairment charge | 26,600,000 | ||||||||||
Developed Technology [Member] | Cystic Fibrosis [Member] | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Accumulated Amortization | $ 6,200,000 | ||||||||||
Trade Names [Member] | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Accumulated Amortization | 141,600,000 | 131,500,000 | $ 141,600,000 | $ 131,500,000 | |||||||
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] | |||||||||||
Intangible assets useful life | 2 years | ||||||||||
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] | |||||||||||
Intangible assets useful life | 30 years | ||||||||||
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 | 1,400,000 | 6,900,000 | $ 1,400,000 | $ 6,900,000 | |||||||
Equity Securities [Member] | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Gross Unrealized Gains | 0 | $ 10,200,000 | 0 | $ 10,200,000 | |||||||
Equity Securities [Member] | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Realized Gain (Loss) on Marketable Securities, Cost Method Investments, and Other Investments | $ (25,100,000) | ||||||||||
Equity investment impairment charges | $ 1,100,000 | $ 7,800,000 | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (7,800,000) | ||||||||||
Pension in Accumulated Other Comprehensive Income [Member] | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | |||||||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 0 | $ 9,600,000 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Summary of Marketable Securities (Detail) - USD ($) $ in Millions | Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 |
Schedule Of Marketable Securities [Line Items] | |||
Gross Unrealized Gains | $ 7.2 | ||
Other than temporary impairment | (7.8) | ||
Equity Securities [Member] | |||
Schedule Of Marketable Securities [Line Items] | |||
Cost | $ 2.4 | 16.1 | $ 15.5 |
Gross Unrealized Gains | 0 | 10.2 | |
Gross Unrealized Losses | (0.3) | (0.3) | (1.3) |
Other than temporary impairment | (1.1) | (7.8) | 0 |
Marketable securities | $ 1 | $ 15.2 | $ 24.4 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Supplemental Cash Flow Statement Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Accounting Policies [Abstract] | |||
Cash paid during the period for income taxes | $ 184.8 | $ 168.7 | $ 231.8 |
Cash paid during the period for interest | $ 104 | $ 143 | $ 155.7 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Schedule of Inventories (Detail) - USD ($) $ in Millions | Sep. 24, 2016 | Sep. 26, 2015 |
Accounting Policies [Abstract] | ||
Raw materials | $ 96.4 | $ 98.3 |
Work-in-process | 51.7 | 58.7 |
Finished goods | 126.6 | 126.1 |
Inventories | $ 274.7 | $ 283.1 |
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. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Manufacturing Equipment And Software | $ 381.9 | $ 365.9 | |
Equipment Under Customer Usage Agreements | 334.6 | 305.7 | |
Buildings and Improvements, Gross | 186.1 | 182.1 | |
Leasehold Improvements, Gross | 65.6 | 59.2 | |
Land | 51.9 | 51.4 | |
Furniture and Fixtures, Gross | 18.4 | 17.3 | |
Property, Plant and Equipment, Gross | 1,038.5 | 981.6 | |
Less - accumulated depreciation and amortization | (578.3) | (524.5) | |
Property, plant and equipment, net | $ 460.2 | $ 457.1 | $ 461.9 |
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. 24, 2016 | Sep. 26, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 5,324.9 | $ 5,322.8 |
Accumulated Amortization | 2,681.5 | 2,299.6 |
Developed Technology Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 3,983.7 | 3,979.1 |
Accumulated Amortization | 1,991.6 | 1,698.5 |
In-process Research and Development [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 3.7 | 3.7 |
Accumulated Amortization | 0 | 0 |
Customer Relationships and Contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 1,098.9 | 1,101.1 |
Accumulated Amortization | 546.2 | 467.5 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 236.2 | 236.4 |
Accumulated Amortization | 141.6 | 131.5 |
Business Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 2.4 | 2.5 |
Accumulated Amortization | $ 2.1 | $ 2.1 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Schedule of Estimated Amortization Expense (Detail) $ in Millions | Sep. 24, 2016USD ($) |
Accounting Policies [Abstract] | |
Fiscal 2,017 | $ 365.8 |
Fiscal 2,018 | 355 |
Fiscal 2,019 | 343.1 |
Fiscal 2,020 | 331.4 |
Fiscal 2,021 | $ 312 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - Rollforward of Goodwill Activity by Reportable Segments (Detail) $ in Millions | 12 Months Ended |
Sep. 24, 2016USD ($) | |
Goodwill [Line Items] | |
Goodwill Tax Adjustments | $ 1.3 |
Goodwill [Roll Forward] | |
Balance at September 26, 2015 | 2,808.2 |
Foreign currency and other | (3.8) |
Balance at September 24, 2016 | 2,803.1 |
Diagnostics [Member] | |
Goodwill [Line Items] | |
Goodwill Tax Adjustments | 1.3 |
Goodwill [Roll Forward] | |
Balance at September 26, 2015 | 1,152.3 |
Foreign currency and other | (2.8) |
Balance at September 24, 2016 | 1,148.2 |
Breast Health [Member] | |
Goodwill [Line Items] | |
Goodwill Tax Adjustments | 0 |
Goodwill [Roll Forward] | |
Balance at September 26, 2015 | 631.8 |
Foreign currency and other | 0 |
Balance at September 24, 2016 | 631.8 |
GYN Surgical [Member] | |
Goodwill [Line Items] | |
Goodwill Tax Adjustments | 0 |
Goodwill [Roll Forward] | |
Balance at September 26, 2015 | 1,016 |
Foreign currency and other | (1) |
Balance at September 24, 2016 | 1,015 |
Skeletal Health [Member] | |
Goodwill [Line Items] | |
Goodwill Tax Adjustments | 0 |
Goodwill [Roll Forward] | |
Balance at September 26, 2015 | 8.1 |
Foreign currency and other | 0 |
Balance at September 24, 2016 | $ 8.1 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies - Schedule of Other Assets (Detail) - USD ($) $ in Millions | Sep. 24, 2016 | Sep. 26, 2015 |
Accounting Policies [Abstract] | ||
Cash Surrender Value of Life Insurance | $ 36 | $ 27.5 |
Manufacturing access fees | 9.6 | 11.6 |
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 0.4 | 6.2 |
Mutual funds | 0 | 5.6 |
Cost-method equity investments | 3.5 | 4.2 |
Deferred Tax Assets, Gross, Noncurrent | 9.3 | 0 |
Other | 23.9 | 17.9 |
Other assets | $ 83.7 | $ 88.2 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Changes in accumulated balances of other comprehensive income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Accounting Policies [Abstract] | |||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (26.1) | $ (15.7) | $ (4.7) |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | (0.3) | 6.9 | 8.9 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 2.5 | 1.8 | 1.6 |
Accumulated other comprehensive Income Loss Hedge | (3.4) | (3.9) | 0 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (32.3) | (14.5) | 2.6 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (10.4) | (20.6) | (13.3) |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 1.1 | 9.8 | 3.2 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | 0.7 | 0.2 | 1.3 |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (3.4) | (3.9) | $ 0 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (15.6) | (34.5) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ (2.2) | $ 17.4 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies - Schedule of Derivative Instruments on the Consolidated Balance Sheets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (3.4) | $ (3.9) | $ 0 |
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 0.4 | 6.2 | |
Interest Rate Cap [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 1.4 | 6.9 | |
Interest Rate Cap [Member] | Prepaid Expenses and Other Current Assets [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 1 | 0.7 | |
Interest Rate Cap [Member] | Other Assets [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 0.4 | 6.2 | |
Foreign Exchange Forward [Member] | Prepaid Expenses and Other Current Assets [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 0.2 | 0 | |
Foreign Exchange Forward [Member] | Accrued Liabilities [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | $ 1.3 | $ 0 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies - Amount of loss recognized in other comprehensive income, net of taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ (2.2) | $ 17.4 | |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (3.4) | (3.9) | $ 0 |
Accumulated Foreign Currency Adjustment Attributable to Parent [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 | 9.6 | |
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 | (6.1) | 7.8 | |
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 | $ 3.9 | $ 0 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies - Accounts Receivable Reserve Activity (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at Beginning of Period | $ 11.1 | $ 12 | $ 8.8 |
Charged to Costs and Expenses | 2 | 1.6 | 4.4 |
Write- offs and Payments | (0.4) | (2.5) | (1.2) |
Balance at End of Period | $ 12.7 | $ 11.1 | $ 12 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies - Reconciliation of Basic and Diluted Share Amounts (Detail) - shares shares in Thousands | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Earnings Per Share [Line Items] | |||
Basic weighted average common shares outstanding (in shares) | 280,213 | 280,566 | 275,499 |
Weighted Average Common Stock Equivalents From Assumed Exercise Of Stock Options And Restricted Stock Units | 2,631 | 2,898 | 2,368 |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 3,312 | 6,073 | 493 |
Diluted weighted average common shares outstanding (in shares) | 286,156 | 289,537 | 278,360 |
Outstanding Stock Options [Member] | |||
Weighted-average anti-dilutive shares related to: | |||
Weighted-average anti-dilutive shares (in shares) | 1,029 | 1,502 | 5,033 |
Restricted Stock Units [Member] | |||
Weighted-average anti-dilutive shares related to: | |||
Weighted-average anti-dilutive shares (in shares) | 62 | 49 | 20 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies - Product Warranty (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 24, 2016 | Sep. 26, 2015 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance at Beginning of Period | $ 5.4 | $ 6.3 |
Provisions | 7.1 | 6.1 |
Settlements/ Adjustments | (7.5) | (7) |
Balance at End of Period | $ 5 | $ 5.4 |
Restructuring and Divestiture53
Restructuring and Divestiture Charges - Charges Taken Related to Restructuring Actions (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Sep. 24, 2016 | Mar. 26, 2016 | Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Dec. 27, 2014 | Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||||||||
Non-cash impairment charges | $ 0 | $ 0 | $ 38.4 | ||||||
Fiscal restructuring and divestiture charges | $ 2.9 | $ 3.8 | $ 2.3 | $ 6.5 | $ 11.9 | $ 8 | 10.5 | 28.5 | 51.7 |
Fiscal 2014 Charges [Member] | Restructuring Charges [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Workforce reductions | 42.2 | ||||||||
Non-cash impairment charges | 3.1 | ||||||||
Facility closure costs | 0.6 | ||||||||
Other | 0.3 | ||||||||
Fiscal restructuring charges | 46.2 | ||||||||
Divestiture net charges | 5.5 | ||||||||
Fiscal restructuring and divestiture charges | 51.7 | ||||||||
Fiscal 2015 Charges [Member] | Restructuring Charges [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Workforce reductions | 16.3 | ||||||||
Facility closure costs | 2.6 | ||||||||
Fiscal restructuring charges | 18.9 | ||||||||
Divestiture net charges | 9.6 | ||||||||
Fiscal restructuring and divestiture charges | 28.5 | ||||||||
Fiscal 2016 Charges [Domain] | Restructuring Charges [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Workforce reductions | 10.5 | ||||||||
Fiscal restructuring charges | 10.5 | ||||||||
Fiscal 2016 Actions [Domain] | Fiscal 2014 Charges [Member] | Restructuring Charges [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Workforce reductions | 0 | ||||||||
Non-cash impairment charges | 0 | ||||||||
Facility closure costs | 0 | ||||||||
Other | 0 | ||||||||
Fiscal restructuring charges | 0 | ||||||||
Fiscal 2016 Actions [Domain] | Fiscal 2015 Charges [Member] | Restructuring Charges [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Workforce reductions | 0 | ||||||||
Facility closure costs | 0 | ||||||||
Fiscal restructuring charges | 0 | ||||||||
Fiscal 2016 Actions [Domain] | Fiscal 2016 Charges [Domain] | Restructuring Charges [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Workforce reductions | 10.5 | ||||||||
Fiscal restructuring charges | 10.5 | ||||||||
Fiscal 2015 Actions [Member] | Fiscal 2014 Charges [Member] | Restructuring Charges [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Workforce reductions | 0 | ||||||||
Non-cash impairment charges | 0 | ||||||||
Facility closure costs | 0 | ||||||||
Other | 0 | ||||||||
Fiscal restructuring charges | 0 | ||||||||
Fiscal 2015 Actions [Member] | Fiscal 2015 Charges [Member] | Restructuring Charges [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Workforce reductions | 10 | ||||||||
Facility closure costs | 0 | ||||||||
Fiscal restructuring charges | 10 | ||||||||
Fiscal 2015 Actions [Member] | Fiscal 2016 Charges [Domain] | Restructuring Charges [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Workforce reductions | 0 | ||||||||
Fiscal restructuring charges | 0 | ||||||||
Fiscal 2014 Actions [Member] | Fiscal 2014 Charges [Member] | Restructuring Charges [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Workforce reductions | 29.5 | ||||||||
Non-cash impairment charges | 0 | ||||||||
Facility closure costs | 0 | ||||||||
Other | 0 | ||||||||
Fiscal restructuring charges | 29.5 | ||||||||
Fiscal 2014 Actions [Member] | Fiscal 2015 Charges [Member] | Restructuring Charges [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Workforce reductions | 6 | ||||||||
Facility closure costs | 2 | ||||||||
Fiscal restructuring charges | 8 | ||||||||
Fiscal 2014 Actions [Member] | Fiscal 2016 Charges [Domain] | Restructuring Charges [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Workforce reductions | 0 | ||||||||
Fiscal restructuring charges | 0 | ||||||||
Consolidation of Diagnostics Operations [Member] | Fiscal 2014 Charges [Member] | Restructuring Charges [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Workforce reductions | 2.9 | ||||||||
Non-cash impairment charges | 0 | ||||||||
Facility closure costs | 0 | ||||||||
Other | 0.1 | ||||||||
Fiscal restructuring charges | 3 | ||||||||
Consolidation of Diagnostics Operations [Member] | Fiscal 2015 Charges [Member] | Restructuring Charges [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Workforce reductions | 0.1 | ||||||||
Facility closure costs | 0.5 | ||||||||
Fiscal restructuring charges | 0.6 | ||||||||
Consolidation of Diagnostics Operations [Member] | Fiscal 2016 Charges [Domain] | Restructuring Charges [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Workforce reductions | 0 | ||||||||
Fiscal restructuring charges | 0 | ||||||||
Other Operating Cost Reductions [Member] | Fiscal 2014 Charges [Member] | Restructuring Charges [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Workforce reductions | 9.8 | ||||||||
Non-cash impairment charges | 3.1 | ||||||||
Facility closure costs | 0.6 | ||||||||
Other | 0.2 | ||||||||
Fiscal restructuring charges | $ 13.7 | ||||||||
Other Operating Cost Reductions [Member] | Fiscal 2015 Charges [Member] | Restructuring Charges [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Workforce reductions | 0.2 | ||||||||
Facility closure costs | 0.1 | ||||||||
Fiscal restructuring charges | $ 0.3 | ||||||||
Other Operating Cost Reductions [Member] | Fiscal 2016 Charges [Domain] | Restructuring Charges [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Workforce reductions | 0 | ||||||||
Fiscal restructuring charges | $ 0 |
Restructuring and Divestiture54
Restructuring and Divestiture Charges - Charges Taken Related to Accrued Restructuring Actions (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Restructuring Reserve [Roll Forward] | |||
Non-cash impairment charges | $ 0 | $ 0 | $ (38.4) |
Fiscal 2013 Charges [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 12.3 | ||
Fiscal 2013 Charges [Member] | Fiscal 2016 Actions [Domain] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 0 | ||
Fiscal 2013 Charges [Member] | Fiscal 2015 Actions [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 0 | ||
Fiscal 2013 Charges [Member] | Fiscal 2014 Actions [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 0 | ||
Fiscal 2013 Charges [Member] | Consolidation of Diagnostics Operations [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 3 | ||
Fiscal 2013 Charges [Member] | Other Operating Cost Reductions [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 9.3 | ||
Fiscal 2014 Charges [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 16.9 | ||
Fiscal restructuring charges | 46.2 | ||
Stock-based compensation | (6.6) | ||
Non-cash impairment charges | (3.1) | ||
Severance payments | (31) | ||
Other payments | (0.9) | ||
Balance | 16.9 | ||
Fiscal 2014 Charges [Member] | Fiscal 2016 Actions [Domain] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 0 | ||
Fiscal restructuring charges | 0 | ||
Stock-based compensation | 0 | ||
Non-cash impairment charges | 0 | ||
Severance payments | 0 | ||
Other payments | 0 | ||
Balance | 0 | ||
Fiscal 2014 Charges [Member] | Fiscal 2015 Actions [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 0 | ||
Fiscal restructuring charges | 0 | ||
Stock-based compensation | 0 | ||
Non-cash impairment charges | 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 | ||
Fiscal restructuring charges | 29.5 | ||
Stock-based compensation | (6.6) | ||
Non-cash impairment charges | 0 | ||
Severance payments | (10.9) | ||
Other payments | 0 | ||
Balance | 12 | ||
Fiscal 2014 Charges [Member] | Consolidation of Diagnostics Operations [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | (3) | ||
Fiscal restructuring charges | 3 | ||
Stock-based compensation | 0 | ||
Non-cash impairment charges | 0 | ||
Severance payments | (3) | ||
Other payments | 0 | ||
Balance | (3) | ||
Fiscal 2014 Charges [Member] | Other Operating Cost Reductions [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 1.9 | ||
Fiscal restructuring charges | 13.7 | ||
Stock-based compensation | 0 | ||
Non-cash impairment charges | (3.1) | ||
Severance payments | (17.1) | ||
Other payments | (0.9) | ||
Balance | $ 1.9 | ||
Fiscal 2015 Charges [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 5.7 | ||
Fiscal restructuring charges | 18.9 | ||
Stock-based compensation | 4.1 | ||
Severance payments | 23.9 | ||
Other payments | 2.1 | ||
Balance | 5.7 | ||
Fiscal 2015 Charges [Member] | Fiscal 2016 Actions [Domain] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 0 | ||
Fiscal restructuring charges | 0 | ||
Stock-based compensation | 0 | ||
Severance payments | 0 | ||
Other payments | 0 | ||
Balance | 0 | ||
Fiscal 2015 Charges [Member] | Fiscal 2015 Actions [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 3.1 | ||
Fiscal restructuring charges | 10 | ||
Stock-based compensation | 4.1 | ||
Severance payments | 2.8 | ||
Other payments | 0 | ||
Balance | 3.1 | ||
Fiscal 2015 Charges [Member] | Fiscal 2014 Actions [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 2.5 | ||
Fiscal restructuring charges | 8 | ||
Stock-based compensation | 0 | ||
Severance payments | (16.2) | ||
Other payments | (1.3) | ||
Balance | 2.5 | ||
Fiscal 2015 Charges [Member] | Consolidation of Diagnostics Operations [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | (0.1) | ||
Fiscal restructuring charges | 0.6 | ||
Stock-based compensation | 0 | ||
Severance payments | (3) | ||
Other payments | (0.5) | ||
Balance | (0.1) | ||
Fiscal 2015 Charges [Member] | Other Operating Cost Reductions [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 0 | ||
Fiscal restructuring charges | 0.3 | ||
Stock-based compensation | 0 | ||
Severance payments | 1.9 | ||
Other payments | 0.3 | ||
Balance | $ 0 | ||
Fiscal 2016 Charges [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Fiscal restructuring charges | (10.5) | ||
Stock-based compensation | (0.4) | ||
Severance payments | (9) | ||
Other payments | (0.5) | ||
Balance | 6.3 | ||
Fiscal 2016 Charges [Member] | Fiscal 2016 Actions [Domain] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Fiscal restructuring charges | 10.5 | ||
Stock-based compensation | 0.4 | ||
Severance payments | 4.6 | ||
Other payments | 0 | ||
Balance | 5.5 | ||
Fiscal 2016 Charges [Member] | Fiscal 2015 Actions [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Fiscal restructuring charges | 0 | ||
Stock-based compensation | 0 | ||
Severance payments | 2.9 | ||
Other payments | 0 | ||
Balance | 0.2 | ||
Fiscal 2016 Charges [Member] | Fiscal 2014 Actions [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Fiscal restructuring charges | 0 | ||
Stock-based compensation | 0 | ||
Severance payments | 1.4 | ||
Other payments | 0.5 | ||
Balance | 0.6 | ||
Fiscal 2016 Charges [Member] | Consolidation of Diagnostics Operations [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 | ||
Fiscal 2016 Charges [Member] | Other Operating Cost Reductions [Member] | Restructuring Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Fiscal restructuring charges | 0 | ||
Stock-based compensation | 0 | ||
Severance payments | 0 | ||
Other payments | 0 | ||
Balance | $ 0 |
Restructuring and Divestiture55
Restructuring and Divestiture Charges - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 24, 2016USD ($) | Mar. 26, 2016USD ($) | Dec. 26, 2015USD ($) | Sep. 26, 2015USD ($) | Jun. 27, 2015USD ($) | Dec. 27, 2014USD ($) | Sep. 27, 2014USD ($) | Dec. 28, 2013USD ($)employee | Mar. 30, 2013USD ($) | Sep. 29, 2012USD ($) | Sep. 24, 2016USD ($) | Sep. 26, 2015USD ($) | Sep. 27, 2014USD ($) | Sep. 28, 2013USD ($) | Sep. 29, 2012USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and divestiture charges | $ 2,900,000 | $ 3,800,000 | $ 2,300,000 | $ 6,500,000 | $ 11,900,000 | $ 8,000,000 | $ 10,500,000 | $ 28,500,000 | $ 51,700,000 | ||||||
Impairment charges of equipment fair value | $ 3,100,000 | ||||||||||||||
Loss on sale of business | $ 5,300,000 | 0 | (9,600,000) | (5,500,000) | |||||||||||
Restructuring Reserve, Translation and Other Adjustment | $ 9,600,000 | ||||||||||||||
Restructuring Charges [Member] | San Diego [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Severance charges | 900,000 | ||||||||||||||
Expected Future Charges | 200,000 | ||||||||||||||
Restructuring Charges [Member] | Bedford [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Severance charges | 1,700,000 | ||||||||||||||
severance and benefits and facility closure costs | 0 | ||||||||||||||
Restructuring Charges [Member] | International [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Severance charges | 7,900,000 | ||||||||||||||
Compensation charges | 400,000 | ||||||||||||||
Restructuring Charges [Member] | Fiscal 2015 Charges [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and divestiture charges | 28,500,000 | ||||||||||||||
Reduction Of Workforce Expenses | 16,300,000 | ||||||||||||||
Facility Closure Costs | 2,600,000 | ||||||||||||||
Fiscal 2015 Actions [Member] | Restructuring Charges [Member] | Fiscal 2015 Charges [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Severance charges | 0 | ||||||||||||||
Compensation charges | 4,100,000 | ||||||||||||||
Reduction Of Workforce Expenses | 10,000,000 | ||||||||||||||
Facility Closure Costs | 0 | ||||||||||||||
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] | Fiscal 2015 Charges [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Reduction Of Workforce Expenses | 6,000,000 | ||||||||||||||
Facility Closure Costs | $ 2,000,000 | ||||||||||||||
Number Office Locations related to Facility Closure Costs | 0 | ||||||||||||||
Consolidation of Diagnostics Operations [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Severance charges | 0 | $ 0 | |||||||||||||
severance and benefits and facility closure costs | 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 | |||||||||||
severance and benefits and facility closure costs | 0 | ||||||||||||||
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] | Fiscal 2015 Charges [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Reduction Of Workforce Expenses | 100,000 | ||||||||||||||
Facility Closure Costs | 500,000 | ||||||||||||||
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] | Fiscal 2015 Charges [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Reduction Of Workforce Expenses | 200,000 | ||||||||||||||
Facility Closure Costs | $ 100,000 | ||||||||||||||
Minimum [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Capital Lease Obligations, Current | 8,000,000 | 8,000,000 | |||||||||||||
Maximum [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Capital Lease Obligations, Current | $ 12,000,000 | $ 12,000,000 |
Borrowings and Credit Arrange56
Borrowings and Credit Arrangements - Company's Borrowings (Detail) - USD ($) $ in Millions | Sep. 24, 2016 | Sep. 26, 2015 |
Debt Instrument [Line Items] | ||
Current debt obligations, net of debt discount | $ 296 | $ 391.2 |
Convertible Notes | 12.2 | 141.8 |
Convertible Notes | 763.5 | 858.8 |
Total long-term debt obligations | 3,049.4 | 3,221 |
Total debt obligations | 3,345.4 | 3,612.2 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Current debt obligations, net of debt discount | 83.8 | 74.4 |
Long-term debt obligations, net of debt discount | 1,308.2 | 1,388.3 |
Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Current debt obligations, net of debt discount | 0 | 175 |
Accounts Receivable Securitization [Member] | ||
Debt Instrument [Line Items] | ||
Current debt obligations, net of debt discount | 200 | 0 |
2022 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt obligations, net of debt discount | $ 977.7 | $ 973.9 |
Borrowings and Credit Arrange57
Borrowings and Credit Arrangements - Debt Maturity Schedule for Components of Company's Obligations (Details) $ in Millions | Sep. 24, 2016USD ($) |
Debt Instrument [Line Items] | |
2,017 | $ 296.7 |
2,018 | 912.3 |
2,019 | 150 |
2,020 | 1,050 |
2,021 | 0 |
2022 and Thereafter | 1,000 |
Total | 3,409 |
Term Loan [Member] | |
Debt Instrument [Line Items] | |
2,017 | 84.4 |
2,018 | 121.9 |
2,019 | 150 |
2,020 | 1,050 |
2,021 | 0 |
2022 and Thereafter | 0 |
Total | 1,406.3 |
Accounts Receivable Securitization [Member] | |
Debt Instrument [Line Items] | |
2,017 | 200 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
2,021 | 0 |
2022 and Thereafter | 0 |
Total | 200 |
2022SeniorNotes [Member] | |
Debt Instrument [Line Items] | |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
2,021 | 0 |
2022 and Thereafter | 1,000 |
Total | 1,000 |
Convertible Notes [Member] | |
Debt Instrument [Line Items] | |
2,017 | 12.3 |
2,018 | 790.4 |
2,019 | 0 |
2,020 | 0 |
2,021 | 0 |
2022 and Thereafter | 0 |
Total | $ 802.7 |
Borrowings and Credit Arrange58
Borrowings and Credit Arrangements - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions | Nov. 09, 2016 | May 29, 2015 | Dec. 24, 2014 | Feb. 26, 2014 | Nov. 14, 2013 | Oct. 31, 2013 | Feb. 14, 2013 | Feb. 29, 2012 | Aug. 01, 2012 | Dec. 10, 2007 | Sep. 24, 2016 | Mar. 26, 2016 | Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Dec. 27, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Dec. 25, 2010 | Jul. 01, 2015 | Jun. 27, 2015 | Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | Aug. 01, 2015 | Jul. 02, 2015 | Nov. 18, 2010 |
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt extinguishment loss | $ 800,000 | $ 4,500,000 | $ (37,800,000) | $ 18,200,000 | $ 6,700,000 | $ 5,300,000 | $ 62,700,000 | $ 7,400,000 | |||||||||||||||||||
Payments of Debt Issuance Costs | 0 | 22,700,000 | 2,400,000 | ||||||||||||||||||||||||
Non-cash interest expense amortization of debt discount and deferred financing costs | 52,100,000 | 63,800,000 | 68,700,000 | ||||||||||||||||||||||||
Repayments of Convertible Debt | 392,800,000 | 543,700,000 | 0 | ||||||||||||||||||||||||
Principal Amount Of Borrowings | 1,000,000,000 | 1,000,000,000 | |||||||||||||||||||||||||
Convertible Notes Payable, Current | $ 12,200,000 | 141,800,000 | 12,200,000 | 141,800,000 | |||||||||||||||||||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | $ (94,400,000) | (216,900,000) | |||||||||||||||||||||||||
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 | 29.6 | 29.6 | |||||||||||||||||||||||||
Period To Remedy Event Of Default For Failure To Comply With Reporting Obligations Of Convertible Notes | 90 days | ||||||||||||||||||||||||||
Amount Repaid Under Revolver | $ 175,000,000 | ||||||||||||||||||||||||||
Long-term Debt, Current Maturities | $ 296,000,000 | 391,200,000 | 296,000,000 | 391,200,000 | |||||||||||||||||||||||
Credit Agreement [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Proceeds under credit agreement | $ 1,680,000,000 | ||||||||||||||||||||||||||
Debt extinguishment loss | $ 18,200,000 | ||||||||||||||||||||||||||
Number of Debt Instruments | 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% | ||||||||||||||||||||||||||
Interest expense | 40,400,000 | 75,300,000 | 54,700,000 | ||||||||||||||||||||||||
Non-cash interest expense amortization of debt discount and deferred financing costs | 4,400,000 | $ 9,000,000 | $ 12,700,000 | ||||||||||||||||||||||||
Notes principal amount | $ 2,800,000,000 | ||||||||||||||||||||||||||
Principal Amount Of Borrowings | 2,500,000,000 | 1,410,000,000 | $ 1,410,000,000 | ||||||||||||||||||||||||
Net Proceeds From Debt Offering | $ 2,410,000,000 | ||||||||||||||||||||||||||
Line of Credit Facility, Interest Rate During Period | 2.08% | 2.43% | 2.89% | ||||||||||||||||||||||||
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 | 1.50% | ||||||||||||||||||||||||||
Term Loan [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Line of Credit Facility, Interest Rate During Period | 2.05% | ||||||||||||||||||||||||||
Senior Notes [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt extinguishment loss | $ 22,300,000 | ||||||||||||||||||||||||||
Interest expense | $ 56,016,000 | $ 67,247,000 | $ 64,000,000 | ||||||||||||||||||||||||
Non-cash interest expense amortization of debt discount and deferred financing costs | $ 3,804,000 | $ 2,138,000 | 1,700,000 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
2022 Notes [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt Instrument Maturity Period | 2,022 | ||||||||||||||||||||||||||
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 | $ 370,000,000 | $ 500,000,000 | $ 1,725,000,000 | $ 450,000,000 | ||||||||||||||||||||||
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 | $ 1,000,000 | ||||||||||||||||||||||||||
Accounts Receivable Securitization [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Interest expense | 1,000,000 | ||||||||||||||||||||||||||
Principal Amount Of Borrowings | $ 200,000,000 | $ 200,000,000 | |||||||||||||||||||||||||
Line of Credit Facility, Interest Rate During Period | 0.00% | ||||||||||||||||||||||||||
Term AR Securitization Program | 1 year | ||||||||||||||||||||||||||
Accounts Receivable from Securitization | 200,000,000 | $ 200,000,000 | |||||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | 0.007 | ||||||||||||||||||||||||||
Accounts Receivable Securitization [Member] | Maximum [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Accounts Receivable from Securitization | 200,000,000 | $ 200,000,000 | |||||||||||||||||||||||||
Accounts Receivable Securitization [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Line of Credit Facility, Interest Rate During Period | 1.22% | ||||||||||||||||||||||||||
Long-term Debt, Current Maturities | $ 200,000,000 | $ 0 | $ 200,000,000 | $ 0 | |||||||||||||||||||||||
Convertible Notes Payable [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt extinguishment loss | (4,500,000) | (5,300,000) | |||||||||||||||||||||||||
Interest expense | 50,000,000 | 70,700,000 | 76,600,000 | ||||||||||||||||||||||||
Non-cash interest expense amortization of debt discount and deferred financing costs | $ 40,000,000 | $ 52,500,000 | $ 54,300,000 | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | 2.00% | 2.00% | 2.00% | |||||||||||||||||||||||
Term Loan [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Long Term Debt Obligations Without Convertible Notes | $ 1,308,200,000 | $ 1,388,300,000 | $ 1,308,200,000 | $ 1,388,300,000 | |||||||||||||||||||||||
Long-term Debt, Current Maturities | 83,800,000 | 74,400,000 | 83,800,000 | 74,400,000 | |||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
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] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Long-term Debt, Current Maturities | 0 | 175,000,000 | 0 | 175,000,000 | |||||||||||||||||||||||
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] | 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 | ||||||||||||||||||||||||||
Revolving Credit Facility [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 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Debt extinguishment loss | $ (6,700,000) | $ 4,400,000 | $ 2,900,000 | ||||||||||||||||||||||||
Number of Debt Instruments | 2 | ||||||||||||||||||||||||||
Direct Third Party Costs Interest Expense | $ 1,000,000 | ||||||||||||||||||||||||||
Maximum Range Of Present Value Of Cash Flow Percentage | 10.00% | ||||||||||||||||||||||||||
2007 Notes [Member] | Convertible Notes [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt Instrument Maturity Period | 2,037 | ||||||||||||||||||||||||||
November Eighteen Two Thousand Ten Original Notes [Member] | Convertible Notes [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | ||||||||||||||||||||||||||
Debt Instrument Maturity Period | 2,037 | ||||||||||||||||||||||||||
Notes principal amount | $ 450,000,000 | ||||||||||||||||||||||||||
November Eighteen Two Thousand Ten Original Notes [Member] | Convertible Notes Payable [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Notes principal amount | 90,000,000 | ||||||||||||||||||||||||||
February Twenty Nine Two Thousand Twelve Original Notes [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Convertible Notes, Triggering Events | $ 0 | $ 0 | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
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% | ||||||||||||||||||||||||||
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% | ||||||||||||||||||||||||||
Principal Convertible To Common Stock | $ 1,000,000 | ||||||||||||||||||||||||||
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] | |||||||||||||||||||||||||||
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% | ||||||||||||||||||||||||||
Convertible Notes, Triggering Events | $ 0 | $ 0 | |||||||||||||||||||||||||
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 Instrument, Interest Rate, Stated Percentage | 2.00% | ||||||||||||||||||||||||||
Debt Instrument Maturity Period | 2,043 | ||||||||||||||||||||||||||
Notes principal amount | $ 370,000,000 | ||||||||||||||||||||||||||
Senior Notes [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
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 extinguishment loss | $ (800,000) | (15,500,000) | |||||||||||||||||||||||||
Principle Convertible Debt Put During Period | $ 1,300,000 | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | 2.00% | |||||||||||||||||||||||||
Notes principal amount | $ 46,300,000 | 300,000,000 | $ 46,300,000 | 300,000,000 | |||||||||||||||||||||||
Repayments of Convertible Debt | 79,200,000 | $ 543,700,000 | |||||||||||||||||||||||||
Amount by which the if-converted value exceeds the principal amount | 7,900,000 | $ 7,900,000 | |||||||||||||||||||||||||
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 | $ 23.03 | ||||||||||||||||||||||||||
Exceeds Percentage Of Conversion Price Of Common Stock | 130.00% | ||||||||||||||||||||||||||
Convertible Notes Payable, Current | $ 12,200,000 | $ 12,200,000 | |||||||||||||||||||||||||
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% | ||||||||||||||||||||||||||
Principal Convertible To Common Stock | $ 1,000 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Two Thousand Ten Original Notes [Member] | Convertible Notes Payable [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Gains (Losses) on Recourse Debt | $ 4,000,000 | ||||||||||||||||||||||||||
Repayments of Convertible Debt | $ 140,100,000 | ||||||||||||||||||||||||||
Conversion Of Notes Into Shares Conversion Price | $ 0 | ||||||||||||||||||||||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 83,700,000 | ||||||||||||||||||||||||||
Write off of Deferred Debt Issuance Cost | 400,000 | ||||||||||||||||||||||||||
Allocated Third Party Costs | 200,000 | ||||||||||||||||||||||||||
Debt Instrument Nonconvertible Effective Interest Rate | 2.71% | ||||||||||||||||||||||||||
Deferred Taxes, Reacquisition of Equity Component | 15,700,000 | ||||||||||||||||||||||||||
Two Thousand Ten Original Notes [Member] | Convertible Notes Payable [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt extinguishment loss | $ (4,600,000) | ||||||||||||||||||||||||||
Two Thousand And Twelve Notes [Member] | Convertible Notes [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Conversion Of Notes Into Shares Conversion Price | $ 31.175 | ||||||||||||||||||||||||||
Two Thousand And Twelve Notes [Member] | Convertible Notes Payable [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt extinguishment loss | $ (700,000) | ||||||||||||||||||||||||||
Notes principal amount | $ 136,600,000 | ||||||||||||||||||||||||||
Repayments of Convertible Debt | $ 171,300,000 | ||||||||||||||||||||||||||
Conversion Of Notes Into Shares Conversion Price | $ 0 | ||||||||||||||||||||||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 38,900,000 | ||||||||||||||||||||||||||
Write off of Deferred Debt Issuance Cost | 500,000 | ||||||||||||||||||||||||||
Allocated Third Party Costs | 200,000 | ||||||||||||||||||||||||||
Deferred Taxes, Reacquisition of Equity Component | $ 12,500,000 | ||||||||||||||||||||||||||
Year Two Thousand Thirteen [Member] | Convertible Notes [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Conversion Of Notes Into Shares Conversion Price | $ 38.59 | ||||||||||||||||||||||||||
Other Current Assets [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt Issuance Cost | 600,000 | ||||||||||||||||||||||||||
Debt [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt Issuance Cost | 27,600,000 | ||||||||||||||||||||||||||
Other Noncurrent Assets [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt Issuance Cost | $ 27,000,000 | ||||||||||||||||||||||||||
First Valuation Date [Member] | Two Thousand And Twelve Notes [Member] | Convertible Notes Payable [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt Instrument Nonconvertible Effective Interest Rate | 3.87% | ||||||||||||||||||||||||||
Second Valuation Date [Member] | Two Thousand And Twelve Notes [Member] | Convertible Notes Payable [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt Instrument Nonconvertible Effective Interest Rate | 3.41% | ||||||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Redemption Price As Percentage Of Principal Amount Plus Accrued And Unpaid Interest | 100.00% |
Borrowings and Credit Arrange59
Borrowings and Credit Arrangements - Convertible Notes and Related Equity Components (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 24, 2016 | Sep. 26, 2015 | |
Two Thousand And Ten Notes [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt Instrument, Face Amount | $ 12.3 | $ 150 |
Unamortized discount and issuance costs (1) | (0.1) | (8.2) |
Convertible Notes Payable | 12.2 | 141.8 |
Debt Instrument, Convertible, Carrying Amount of Equity Component | 1.6 | 20 |
Two Thousand And Twelve Notes [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt Instrument, Face Amount | 363.4 | 500 |
Unamortized discount and issuance costs (1) | (9.5) | (21.8) |
Convertible Notes Payable | 353.9 | 478.2 |
Debt Instrument, Convertible, Carrying Amount of Equity Component | 35.8 | 49.2 |
Two Thousand And Thirteen Notes [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt Instrument, Face Amount | 370 | 370 |
Unamortized discount and issuance costs (1) | (17.5) | (29.9) |
Convertible Notes Payable | 409.6 | 380.6 |
Debt Instrument, Convertible, Carrying Amount of Equity Component | 131.5 | 131.5 |
Base Principal Amount For Accretion Value | $ 57.1 | $ 40.5 |
Borrowings and Credit Arrange60
Borrowings and Credit Arrangements - Interest Expense under Convertible Notes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Debt Conversion [Line Items] | |||
Non-cash interest expense | $ 52.1 | $ 63.8 | $ 68.7 |
Convertible Notes Payable [Member] | |||
Debt Conversion [Line Items] | |||
Amortization of debt discount | 22.3 | 34.9 | 37.1 |
Amortization of deferred financing costs | 1.1 | 1.7 | 1.9 |
Principal accretion | 16.6 | 15.9 | 15.3 |
Non-cash interest expense | 40 | 52.5 | 54.3 |
2.00% accrued interest | 10 | 18.2 | 22.3 |
Interest expense, net | $ 50 | $ 70.7 | $ 76.6 |
Percentage of accrued interest on Convertible Notes | 2.00% | 2.00% |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Millions | Sep. 24, 2016 | Sep. 26, 2015 |
Assets: | ||
Assets measured at fair value on a recurring basis | $ 2.6 | $ 27.7 |
Liabilities: | ||
Liabilities measured at fair value on a recurring basis | 38.3 | 29.4 |
Equity Securities [Member] | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 1 | 15.2 |
Mutual Funds [Member] | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 5.6 | |
Interest Rate Cap [Member] | ||
Assets: | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 1.4 | 6.9 |
Deferred Compensation Liabilities [Member] | ||
Liabilities: | ||
Liabilities measured at fair value on a recurring basis | 37 | 29.4 |
Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 1 | 20.8 |
Liabilities: | ||
Liabilities measured at fair value on a recurring basis | 37 | 29.4 |
Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | Equity Securities [Member] | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 1 | 15.2 |
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 | |
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 | 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 | 37 | 29.4 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 1.6 | 6.9 |
Liabilities: | ||
Liabilities measured at fair value on a recurring basis | 1.3 | 0 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Mutual Funds [Member] | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 0 | |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Cap [Member] | ||
Assets: | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 1.4 | 6.9 |
Fair Value, 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 Securities [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 | |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Cap [Member] | ||
Assets: | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Deferred Compensation Liabilities [Member] | ||
Liabilities: | ||
Liabilities measured at fair value on a recurring basis | 0 | $ 0 |
Assets [Member] | Foreign Exchange Forward [Member] | ||
Assets: | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0.2 | |
Assets [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | Foreign Exchange Forward [Member] | ||
Assets: | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | |
Assets [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Forward [Member] | ||
Assets: | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0.2 | |
Assets [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Forward [Member] | ||
Assets: | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | |
Liability [Member] | Foreign Exchange Forward [Member] | ||
Liabilities: | ||
Liabilities measured at fair value on a recurring basis | 1.3 | |
Liability [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | Foreign Exchange Forward [Member] | ||
Liabilities: | ||
Liabilities measured at fair value on a recurring basis | 0 | |
Liability [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Forward [Member] | ||
Liabilities: | ||
Liabilities measured at fair value on a recurring basis | 1.3 | |
Liability [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Forward [Member] | ||
Liabilities: | ||
Liabilities measured at fair value on a recurring basis | $ 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) $ in Millions | 12 Months Ended |
Sep. 27, 2014USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at beginning of period | $ 3.8 |
Payments / Accruals | (3.8) |
Balance at end of period | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Sep. 26, 2015 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | Aug. 01, 2012 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||
Investments, Fair Value Disclosure | $ 27.7 | $ 2.6 | $ 27.7 | ||||
Impairment charge | $ 28.6 | ||||||
Impairment charge allocated to intangible assets | 27.1 | ||||||
Non-cash impairment charges | 0 | 0 | $ 38.4 | ||||
Asset impairment charge | $ 3.1 | ||||||
Cost-method equity investments in non-publicly traded securities | 4.2 | 3.5 | 4.2 | ||||
Other-than-temporary impairment charges | $ 6.9 | ||||||
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 | 1,410 | $ 2,500 | |||||
Accounts Receivable Securitization [Member] | |||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||
Borrowed principal under credit agreement | 200 | ||||||
Senior Notes [Member] | |||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||
Fair value of debt instrument | 1,030 | 1,060 | 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 - 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. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Intangible asset, Total Losses | $ (27.1) | ||||
Total Losses | $ (3.1) | ||||
Cost-method equity investments, Total Losses | $ (1.1) | $ (7.8) | $ (6.9) | ||
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 | ||||
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 | ||||
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 | ||||
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 | ||||
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. 24, 2016 | Sep. 26, 2015 |
Estimated Fair Value Of Financial Instruments [Line Items] | ||
Estimated fair values of debt instruments | $ 960.9 | $ 1,424.1 |
2010 Notes [Member] | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ||
Estimated fair values of debt instruments | 20.2 | 264.1 |
2012 Notes [Member] | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ||
Estimated fair values of debt instruments | 481.9 | 688.2 |
2013 Notes [Member] | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ||
Estimated fair values of debt instruments | $ 458.8 | $ 471.8 |
Income Taxes - Income (Loss) Be
Income Taxes - Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 310.7 | $ 158.3 | $ 95.1 |
Foreign | 104.6 | 18.9 | (47) |
Income before income taxes | $ 415.3 | $ 177.2 | $ 48.1 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Federal: | |||
Current | $ 209 | $ 185.2 | $ 242.2 |
Deferred | (122.7) | (137) | (212.5) |
Federal, Total | 86.3 | 48.2 | 29.7 |
State: | |||
Current | 16.6 | 3.5 | 22.1 |
Deferred | (22.7) | (11) | (24.7) |
State, Total | (6.1) | (7.5) | (2.6) |
Foreign: | |||
Current | 14.7 | 5.7 | 9.6 |
Deferred | (10.4) | (0.8) | (5.9) |
Foreign, Total | 4.3 | 4.9 | 3.7 |
Provision for income taxes | $ 84.5 | $ 45.6 | $ 30.8 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax (Benefit) at U.S. Federal Statutory Rate to Company's Effective Tax Rate (Detail) - USD ($) | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Income Tax Disclosure [Abstract] | |||
Income tax provision at federal statutory rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) in tax resulting from: | |||
Domestic production activities deduction | (5.00%) | (10.10%) | (30.60%) |
State income taxes, net of federal benefit | 2.00% | 1.20% | 4.30% |
Tax credits | (3.20%) | (3.80%) | (5.20%) |
Unrecognized tax benefits | 2.40% | (1.80%) | 2.50% |
Cumulative translation adjustment write-off | 0.00% | 1.90% | 0.00% |
Non-deductible compensation | 0.10% | 1.90% | 5.50% |
Foreign rate differential | (6.10%) | (1.60%) | 10.70% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | $ (0.018) | $ 0 | $ 0 |
Change in valuation allowance | (3.40%) | 1.00% | 35.40% |
Other | 0.30% | 2.10% | 6.30% |
Effective income tax rate | 20.30% | 25.80% | 63.90% |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Company's Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Sep. 24, 2016 | Sep. 26, 2015 |
Deferred tax assets | ||
Net operating loss carryforwards | $ 40 | $ 45.4 |
Capital losses | 19.1 | 25.7 |
Non-deductible accruals | 21.1 | 16.3 |
Non-deductible reserves | 31.1 | 26.8 |
Stock-based compensation | 34.8 | 24.3 |
Research and other credits | 10.7 | 14.5 |
Nonqualified deferred compensation plan | 14.1 | 11.3 |
Other temporary differences | 9.2 | 10.2 |
Deferred tax assets, gross | 180.1 | 174.5 |
Less: valuation allowance | (46.2) | (60.9) |
Deferred tax assets, net | 133.9 | 113.6 |
Deferred tax liabilities | ||
Depreciation and amortization | (1,030.8) | (1,171.5) |
Debt discounts and deferrals | (75.1) | (100.1) |
Deferred Tax Liabilities, Deferred Expense, Deferred Financing Costs | 1.3 | 1.4 |
Deferred tax liabilities, net | (1,107.2) | (1,273) |
Net deferred tax liabilities | $ (973.3) | $ (1,159.4) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Sep. 24, 2016 | Sep. 26, 2015 | |
Income Taxes [Line Items] | ||
Decrease in valuation allowance | $ 14,700,000 | |
Federal net operating loss expected to be expired unutilized | 4,500,000 | |
State net operating loss expected to be expired unutilized | 151,300,000 | |
Foreign net operating loss expected to be expired unutilized | 46,500,000 | |
Gross unrecognized tax benefits, excluding interest | 163,600,000 | $ 154,700,000 |
Unrecognized tax benefit that would impact effective tax rate | 80,100,000 | 74,900,000 |
Interest accrued on unrecognized tax benefits | 13,100,000 | $ 9,900,000 |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 0 | |
Unremitted foreign earnings | 187,600,000 | |
Net Operating Losses Carryforwards [Member] | ||
Income Taxes [Line Items] | ||
Amount with unlimited carry forward periods | 44,600,000 | |
Tax Credit Carryforward [Member] | ||
Income Taxes [Line Items] | ||
Amount with unlimited carry forward periods | 8,900,000 | |
Maximum [Member] | ||
Income Taxes [Line Items] | ||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 1,000,000 | |
Domestic Tax Authority [Member] | ||
Income Taxes [Line Items] | ||
Net operating losses | 13,900,000 | |
Credit carry forwards | 300,000 | |
State and Local Jurisdiction [Member] | ||
Income Taxes [Line Items] | ||
Net operating losses | 63,900,000 | |
Credit carry forwards | 13,700,000 | |
Foreign Tax Authority [Member] | ||
Income Taxes [Line Items] | ||
Net operating losses | 45,000,000 | |
Credit carry forwards | $ 1,600,000 |
Income Taxes - Activity of Comp
Income Taxes - Activity of Company's Unrecognized Income Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 24, 2016 | Sep. 26, 2015 | |
Income Tax Disclosure [Abstract] | ||
Balance at beginning of fiscal year | $ 154.7 | $ 137 |
Tax positions related to current year: | ||
Additions | 23.9 | 11 |
Reductions | 0 | 0 |
Tax positions related to prior years: | ||
Additions related to change in estimate | 1.1 | 21.1 |
Reductions | (6.9) | (10.3) |
Payments | (6) | (0.8) |
Lapses in statutes of limitations and settlements | (3.2) | (3.7) |
Acquired tax positions: | ||
Additions related to reserves acquired from acquisitions | 0 | 0.4 |
Balance as of the end of the fiscal year | $ 163.6 | $ 154.7 |
Stockholders' Equity and Stoc72
Stockholders' Equity and Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, shares in Millions, $ in Millions | Jun. 21, 2016 | Dec. 31, 2013tranche$ / sharesshares | Mar. 31, 2012shares | Sep. 24, 2016USD ($)$ / sharesshares | Sep. 26, 2015USD ($)$ / sharesshares | Sep. 27, 2014USD ($) | Nov. 11, 2013USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Market stock units granted during the period | shares | 0.1 | ||||||
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 | 0.2 | ||||||
Common Stock Purchased By Employee | shares | 0.2 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid | $ 7.8 | ||||||
Stock-based compensation, period of vest term granted to employees, years | 3 years | ||||||
Stock Modification Expense | $ 4 | ||||||
Tax benefit related to stock based compensation | 23.1 | $ 17.7 | $ 15.3 | ||||
Expense related to the acceleration of vesting for certain options assumed in acquisition | 0.4 | 4.1 | 6.6 | ||||
Intrinsic value of option exercised | $ 21.6 | 42 | 34.7 | ||||
Granted | shares | 1 | ||||||
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 expense | $ 65.4 | 59.3 | 50 | ||||
Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation expense | 10.9 | 12.2 | 16.3 | ||||
Unrecognized compensation expense | $ 21.2 | ||||||
Weighted average period of unrecognized stock-based compensation, years | 2 years 9 months 22 days | ||||||
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 | ||||||
Stock-based compensation expense | $ 50.5 | 43.7 | 30.6 | ||||
Unrecognized compensation expense | $ 66.6 | ||||||
Weighted average period of unrecognized stock-based compensation, years | 1 year 11 months 27 days | ||||||
Fair value of RSUs vested | $ 28.4 | $ 27.2 | 22.6 | ||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted | shares | 0.2 | 0.3 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ / shares | $ 39.72 | $ 26.58 | |||||
Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of forfeiture rates | 0.00% | ||||||
Minimum [Member] | 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 | 4 years | ||||||
Percentage of vesting for stock options granted to employees | 25.00% | ||||||
Minimum [Member] | Restricted Stock Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation, period of vest term granted to employees, years | 3 years | ||||||
Percentage of vesting for RSUs granted to employees | 25.00% | ||||||
Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of forfeiture rates | 7.00% | ||||||
Maximum [Member] | 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 options granted to employees | 20.00% | ||||||
Maximum [Member] | Restricted Stock Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation, period of vest term granted to employees, years | 4 years | ||||||
Percentage of vesting for RSUs granted to employees | 33.00% | ||||||
2008 Equity Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock, shares authorized | shares | 31.5 | ||||||
Shares available for grant | shares | 8.3 | ||||||
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 | 2.5 | ||||||
Percentage of common stock price for ESPP | 85.00% | ||||||
Stock-based compensation expense | $ 4 | $ 3.4 | $ 3.1 | ||||
Nov 11, 2013 [Member] | |||||||
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 | ||||||
Treasury Stock, Shares, Acquired | shares | 7.3 | ||||||
Stock Repurchased During Period, Total Consideration | $ 250 | ||||||
Jun 21 2016 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Period available for common stock to be repurchased | 5 years | ||||||
Treasury Stock, Shares, Acquired | shares | 0 | ||||||
Treasury Stock Acquired, Repurchase Authorization | 500 |
Stockholders' Equity and Stoc73
Stockholders' Equity and Stock-Based Compensation - Stock-Based Compensation Expense in Consolidated Statement of Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 65.4 | $ 59.3 | $ 50 |
Cost of Sales [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 10.5 | 8.7 | 7.3 |
Research and Development Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 10.8 | 8.6 | 8.4 |
Selling and Marketing [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 10.9 | 8.8 | 8.2 |
General and Administrative Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 32.8 | 29.1 | 19.5 |
Restructuring Charges [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 0.4 | $ 4.1 | $ 6.6 |
Stockholders' Equity and Stoc74
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. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
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 | 1.1 | 1.3 | 2.4 |
Weighted-average exercise price | $ 39.32 | $ 27.68 | $ 22.01 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | $ 12,910 | $ 10,000 | $ 7,700 |
Assumptions: | |||
Risk-free interest rates | 1.60% | 1.70% | 1.20% |
Expected life (in years) | 4 years 8 months 15 days | 5 years 4 months 6 days | 4 years 4 months 24 days |
Expected volatility | 37.80% | 38.60% | 41.40% |
Dividend yield | $ 0 | $ 0 | $ 0 |
Stockholders' Equity and Stoc75
Stockholders' Equity and Stock-Based Compensation - Stock Option Activity (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Number of Shares (in millions) | |||
Options outstanding at September 26, 2015 | 6.7 | ||
Granted | 1.1 | 1.3 | 2.4 |
Canceled/ forfeited | (0.5) | ||
Exercised | (1.2) | ||
Options outstanding at September 24, 2016 | 6.1 | 6.7 | |
Options exercisable at September 24, 2016 | 3 | ||
Options vested and expected to vest at September 24, 2016 (1) | 5.9 | ||
Weighted- Average Exercise Price | |||
Options outstanding at September 26, 2015 | $ 22.21 | ||
Granted | 39.32 | $ 27.68 | $ 22.01 |
Canceled/ forfeited | 27 | ||
Exercised | 19.55 | ||
Options outstanding at September 24, 2016 | 25.37 | $ 22.21 | |
Options exercisable at September 24, 2016 | 21.95 | ||
Options vested and expected to vest at September 24, 2016 (1) | $ 25.32 | ||
Weighted- Average Remaining Contractual Life (in Years) | |||
Options outstanding at September 26, 2015 | 4 years 11 months 11 days | 4 years 10 months 12 days | |
Options exercisable at September 24, 2016 | 3 years 1 month 12 days | ||
Options vested and expected to vest at September 24, 2016 (1) | 4 years 10 months 29 days | ||
Options outstanding at September 24, 2016 | 4 years 11 months 11 days | 4 years 10 months 12 days | |
Aggregate Intrinsic Value (in millions) | |||
Options outstanding at September 26, 2015 | $ 119.1 | ||
Exercised | 21.6 | $ 42 | $ 34.7 |
Options outstanding at September 24, 2016 | 80.1 | $ 119.1 | |
Options exercisable at September 24, 2016 | 48.8 | ||
Options vested and expected to vest at September 24, 2016 (1) | $ 79 |
Stockholders' Equity and Stoc76
Stockholders' Equity and Stock-Based Compensation - Restricted Stock Unit Activity (Detail) shares in Millions | 12 Months Ended |
Sep. 24, 2016$ / sharesshares | |
Number of Shares (in millions) | |
Non-vested at September 26, 2015 | shares | 3.7 |
Granted | shares | 1 |
Vested | shares | (1.2) |
Forfeited | shares | (0.4) |
Non-vested at September 24, 2016 | shares | 3.1 |
Weighted-Average Grant-Date Fair Value | |
Non-vested at September 26, 2015 | $ / shares | $ 24.54 |
Granted | $ / shares | 39.38 |
Vested | $ / shares | 22.96 |
Forfeited | $ / shares | 25.74 |
Non-vested at September 24, 2016 | $ / shares | $ 29.98 |
Stockholders' Equity and Stoc77
Stockholders' Equity and Stock-Based Compensation - Assumptions to Value Stock Options (Detail) - USD ($) | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Assumptions: | |||
Risk-free interest rates | 1.60% | 1.70% | 1.20% |
Expected life (in years) | 4 years 8 months 15 days | 5 years 4 months 6 days | 4 years 4 months 24 days |
Expected volatility | 37.80% | 38.60% | 41.40% |
Dividend yield | $ 0 | $ 0 | $ 0 |
Employee stock purchase plan [Member] | |||
Assumptions: | |||
Risk-free interest rates | 0.34% | 0.10% | 0.08% |
Expected life (in years) | 6 months | 6 months | 6 months |
Expected volatility | 27.20% | 27.40% | 30.00% |
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. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |||
Contributions made by company | $ 16.2 | $ 14.4 | $ 13.3 |
Nonqualified Deferred Compens79
Nonqualified Deferred Compensation Plan - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Mutual funds | $ 0 | $ 5.6 | |
Gen-Probe Incorporated [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Compensation expense for the DCP discretionary contributions | $ 37 | 29.4 | |
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 | $ 3.1 | 1.8 | $ 3.7 |
Investment in group life insurance contracts | $ 36 | $ 27.5 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Sep. 24, 2016USD ($)Leaseterm | Sep. 26, 2015USD ($) | Sep. 27, 2014USD ($) | |
Contingent Consideration Earn-Out Payments [Line Items] | |||
Accrued expenses | $ 287.6 | $ 272.1 | |
Operating Lease Expiration Year | 2,035 | ||
Rent Expense Net Of Sublease Income | $ 17.9 | 19.2 | $ 21.1 |
Operating Leases, Rent Expense, Sublease Rentals | $ 2.4 | $ 2 | $ 1.8 |
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% | ||
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 | ||
Finance Lease Extension Executed | 1 | ||
Finance Lease Expiration Year | 2,024 | ||
Accrued expenses | $ 2.9 | ||
Accrued lease obligation-long-term | $ 34.8 | ||
Optional Lease Extension Period | 10 years | ||
Number Of Optional Lease Extensions | term | 2 | ||
Lease Extension Period | 5 years | ||
Finance Lease 2 [Member] | |||
Contingent Consideration Earn-Out Payments [Line Items] | |||
Optional Lease Extension Period | 8 years | ||
Number Of Optional Lease Extensions | term | 1 | ||
Lease Extension Period | 5 years | ||
Finance Leases [Member] | Leasehold Improvements [Member] | |||
Contingent Consideration Earn-Out Payments [Line Items] | |||
Property, Plant and Equipment, Useful Life | 35 years |
Commitments and Contingencies81
Commitments and Contingencies - Future Minimum Lease Payments, Including Principal and Interest (Details) $ in Millions | Sep. 24, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Fiscal 2,017 | $ 3.1 |
Fiscal 2,018 | 2.9 |
Fiscal 2,019 | 1.2 |
Fiscal 2,020 | 1.2 |
Fiscal 2,021 | 1.2 |
Thereafter | 2.8 |
Total minimum payments | 12.4 |
Less-amount representing interest | (3.9) |
Future minimum lease payments less interest | $ 8.5 |
Commitments and Contingencies82
Commitments and Contingencies - Summary of Purchase Commitments (Details) $ in Millions | Sep. 24, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Fiscal 2,017 | $ 58.5 |
Fiscal 2,018 | 15.6 |
Fiscal 2,019 | 13 |
Total | $ 87.1 |
Commitments and Contingencies83
Commitments and Contingencies - Summary of Minimum Royalty Commitments (Details) $ in Millions | Sep. 24, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Fiscal 2,017 | $ 0.7 |
Fiscal 2,018 | 0.7 |
Fiscal 2,019 | 0.5 |
Fiscal 2,020 | 0.5 |
Fiscal 2,021 | 0.5 |
Thereafter | 2.7 |
Total | $ 5.6 |
Commitments and Contingencies84
Commitments and Contingencies - Future Minimum Lease Payments Under All Operating Leases (Details) $ in Millions | Sep. 24, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Fiscal 2,017 | $ 17.3 |
Fiscal 2,018 | 15.5 |
Fiscal 2,019 | 10.5 |
Fiscal 2,020 | 8.3 |
Fiscal 2,021 | 6.6 |
Thereafter | 14.3 |
Total | $ 72.5 |
Commitments and Contingencies85
Commitments and Contingencies - Future Minimum Annual Rental Income Payments Under Sublease Agreements (Details) $ in Millions | Sep. 24, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Fiscal 2,017 | $ 2.3 |
Fiscal 2,018 | 2.2 |
Fiscal 2,019 | 2.1 |
Fiscal 2,020 | 1.3 |
Fiscal 2,021 | 0.3 |
Thereafter | 0.9 |
Total | $ 9.1 |
Litigation and Other Matters -
Litigation and Other Matters - Additional Information (Detail) $ in Millions | Sep. 04, 2012USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Assessed damages | $ 4 |
Grifols Collaboration Agreeme87
Grifols Collaboration Agreement - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2009 | Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Collaboration agreements revenue | $ 235.4 | $ 253.1 | $ 223.3 | |
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 Any Assay | 50.00% |
Business Segments and Geograp88
Business Segments and Geographic Information - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 24, 2016USD ($) | Jun. 25, 2016USD ($) | Mar. 26, 2016USD ($) | Dec. 26, 2015USD ($) | Sep. 26, 2015USD ($) | Jun. 27, 2015USD ($) | Mar. 28, 2015USD ($) | Dec. 27, 2014USD ($) | Sep. 24, 2016USD ($)Segment | Sep. 26, 2015USD ($) | Sep. 27, 2014USD ($) | |
Segment Reporting Disclosure [Line Items] | |||||||||||
Number of reportable segments | Segment | 4 | ||||||||||
Revenues | $ 726,800,000 | $ 717,400,000 | $ 693,300,000 | $ 695,200,000 | $ 702,800,000 | $ 693,900,000 | $ 655,500,000 | $ 652,800,000 | $ 2,832,700,000 | $ 2,705,000,000 | $ 2,530,700,000 |
Intersegment [Member] | |||||||||||
Segment Reporting Disclosure [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Diagnostics [Member] | |||||||||||
Segment Reporting Disclosure [Line Items] | |||||||||||
Revenues | $ 1,236,900,000 | $ 1,211,800,000 | $ 1,186,800,000 |
Business Segments and Geograp89
Business Segments and Geographic Information - Segment Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 24, 2016 | Jun. 25, 2016 | Mar. 26, 2016 | Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 726.8 | $ 717.4 | $ 693.3 | $ 695.2 | $ 702.8 | $ 693.9 | $ 655.5 | $ 652.8 | $ 2,832.7 | $ 2,705 | $ 2,530.7 |
Operating income (loss) | 548.6 | 455.1 | 279.7 | ||||||||
Depreciation and amortization | 465.4 | 491.4 | 523.2 | ||||||||
Capital expenditures | 94.5 | 89.4 | 80.2 | ||||||||
Identifiable assets | 7,317 | 7,642.5 | 7,317 | 7,642.5 | 8,368.7 | ||||||
Diagnostics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 1,236.9 | 1,211.8 | 1,186.8 | ||||||||
Operating income (loss) | 126 | 109.5 | 48.7 | ||||||||
Depreciation and amortization | 341.8 | 358.7 | 376 | ||||||||
Capital expenditures | 53.5 | 55.6 | 52.2 | ||||||||
Identifiable assets | 3,771.9 | 4,055.8 | 3,771.9 | 4,055.8 | 4,383.5 | ||||||
Breast Health [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 1,112.8 | 1,063.4 | 944.7 | ||||||||
Operating income (loss) | 350.5 | 296.3 | 187.6 | ||||||||
Depreciation and amortization | 22.6 | 28.6 | 41.7 | ||||||||
Capital expenditures | 10.6 | 12.8 | 10 | ||||||||
Identifiable assets | 809.1 | 815.4 | 809.1 | 815.4 | 859.8 | ||||||
GYN Surgical [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 393.1 | 335.8 | 307.9 | ||||||||
Operating income (loss) | 69.1 | 38.6 | 30.3 | ||||||||
Depreciation and amortization | 99.9 | 102.7 | 104.6 | ||||||||
Capital expenditures | 17.7 | 9.5 | 8 | ||||||||
Identifiable assets | 1,570.7 | 1,658.1 | 1,570.7 | 1,658.1 | 1,748.2 | ||||||
Skeletal Health [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 89.9 | 94 | 91.3 | ||||||||
Operating income (loss) | 3 | 10.7 | 13.1 | ||||||||
Depreciation and amortization | 1.1 | 1.4 | 0.9 | ||||||||
Capital expenditures | 0.4 | 0.4 | 0.4 | ||||||||
Identifiable assets | 30.9 | 25.3 | 30.9 | 25.3 | 26.1 | ||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures | 12.3 | 11.1 | 9.6 | ||||||||
Identifiable assets | $ 1,134.4 | $ 1,087.9 | $ 1,134.4 | $ 1,087.9 | $ 1,351.1 |
Business Segments and Geograp90
Business Segments and Geographic Information - Revenues by Geography (Detail) | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Schedule Of Geographical Segments [Line Items] | |||
Revenues | 100.00% | 100.00% | 100.00% |
United States [Member] | |||
Schedule Of Geographical Segments [Line Items] | |||
Revenues | 78.90% | 76.00% | 75.10% |
Europe [Member] | |||
Schedule Of Geographical Segments [Line Items] | |||
Revenues | 10.20% | 11.80% | 13.30% |
Asia-Pacific [Member] | |||
Schedule Of Geographical Segments [Line Items] | |||
Revenues | 7.60% | 8.50% | 7.70% |
All Others [Member] | |||
Schedule Of Geographical Segments [Line Items] | |||
Revenues | 3.30% | 3.70% | 3.90% |
Business Segments and Geograp91
Business Segments and Geographic Information - Schedule of Geographically Located Property and Equipment, Net (Details) - USD ($) $ in Millions | Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 |
Geographic Information For Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, net | $ 460.2 | $ 457.1 | $ 461.9 |
United States [Member] | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, net | 370.7 | 369.1 | 366.8 |
Costa Rica [Member] | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, net | 28.1 | 27.7 | 27.9 |
Europe [Member] | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, net | 49.2 | 50.8 | 56 |
All Other Countries [Member] | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, net | $ 12.2 | $ 9.5 | $ 11.2 |
Accrued Expenses and Other Lo92
Accrued Expenses and Other Long-Term Liabilities - Schedule of Accrued Expenses (Detail) - USD ($) $ in Millions | Sep. 24, 2016 | Sep. 26, 2015 |
Accrued Expenses | ||
Compensation and employee benefits | $ 176.4 | $ 173.2 |
Interest | 11.7 | 14.6 |
Income and other taxes | 38.4 | 13.3 |
Other | 61.1 | 71 |
Total | $ 287.6 | $ 272.1 |
Accrued Expenses and Other Lo93
Accrued Expenses and Other Long-Term Liabilities - Schedule of Other Long-Term Liabilities (Detail) - USD ($) $ in Millions | Sep. 24, 2016 | Sep. 26, 2015 |
Other Long-Term Liabilities | ||
Reserve for income tax uncertainties | $ 167.6 | $ 145.1 |
Accrued lease obligation-long-term | 34.8 | 34 |
Pension liabilities | 11.2 | 10.1 |
Other | 10.9 | 11.7 |
Total | $ 224.5 | $ 200.9 |
Pension and Other Employee Be94
Pension and Other Employee Benefits - Additional Information (Detail) - USD ($) $ in Millions | Sep. 24, 2016 | Sep. 26, 2015 |
Other Liabilities Disclosure [Abstract] | ||
Defined Benefit Pension Plan, Liabilities | $ (11) | $ (10) |
Projected benefit obligations in excess of plan assets | (11) | (10) |
Accumulated benefit obligation | (11) | (10) |
Projected benefit obligation for long-term service awards | $ 0.1 | $ 0.1 |
Pension and Other Employee Be95
Pension and Other Employee Benefits - Schedule of Reconciliation of Benefit Obligations, Plan Assets Funded Status (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Other Liabilities Disclosure [Abstract] | |||
Benefit obligation at beginning of year | $ (10) | $ (10.3) | $ (10.1) |
Service cost | 0 | 0 | 0 |
Interest cost | (0.2) | (0.3) | (0.3) |
Plan participants' contributions | 0 | 0 | 0 |
Actuarial (loss) gain | (1.2) | (0.9) | (0.8) |
Foreign exchange gain (loss) | 0.1 | 1.2 | 0.6 |
Benefits paid | 0.3 | 0.3 | 0.3 |
Benefit obligation at end of year | (11) | (10) | (10.3) |
Plan assets | 0 | 0 | 0 |
Funded status | $ (11) | $ (10) | $ (10.3) |
Pension and Other Employee Be96
Pension and Other Employee Benefits - Components of Net Periodic Benefit Cost and Related Actuarial Assumptions (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Other Liabilities Disclosure [Abstract] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Components of Net Periodic Benefit Cost, Interest cost | (0.4) | 0.3 | 0.3 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Recognized net actuarial gain | 0.2 | 0 | 0 |
Net periodic benefit cost | $ (0.2) | $ 0.3 | $ 0.3 |
Pension and Other Employee Be97
Pension and Other Employee Benefits - Schedule of Weighted-Average Net Periodic Benefit Cost Assumptions (Detail) | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Discount rate | 1.30% | 2.05% | 2.95% |
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 Be98
Pension and Other Employee Benefits - Schedule of Expected Pension Benefit (Detail) $ in Millions | Sep. 24, 2016USD ($) |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2,017 | $ 0.3 |
2,018 | 0.3 |
2,019 | 0.4 |
2,020 | 0.4 |
2,021 | 0.4 |
2022 to 2026 | $ 2 |
Quarterly Statement of Operat99
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. 24, 2016 | Jun. 25, 2016 | Mar. 26, 2016 | Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Restructuring and divestiture charges | $ 2.9 | $ 3.8 | $ 2.3 | $ 6.5 | $ 11.9 | $ 8 | $ 10.5 | $ 28.5 | $ 51.7 | ||||||||||
Total revenues | 726.8 | $ 717.4 | 693.3 | 695.2 | 702.8 | 693.9 | $ 655.5 | 652.8 | 2,832.7 | 2,705 | 2,530.7 | ||||||||
Gross profit | 406.1 | 393.1 | 385 | 379.1 | 379.4 | 378.7 | 336 | 338.6 | 1,563.3 | 1,432.7 | 1,245.5 | ||||||||
Net income | $ 92.2 | [1] | $ 84.8 | [1] | $ 68.9 | [1] | $ 84.9 | [1] | $ 25.2 | [2] | $ 29.4 | [2] | $ 47.8 | [2] | $ 29.2 | [2] | $ 330.8 | $ 131.6 | $ 17.3 |
Diluted net income (loss) per common share (in dollars per share) | $ 0.33 | $ 0.30 | $ 0.24 | $ 0.29 | $ 0.09 | $ 0.10 | $ 0.17 | $ 0.10 | $ 1.16 | $ 0.45 | $ 0.06 | ||||||||
[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 and divestiture 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 income in the first quarter of fiscal 2016 included restructuring charges of $2.3 million and a realized gain of $25.1 million related to the sale of all the shares in a marketable security investment. Net income in the second quarter of fiscal 2016 included restructuring charges of $3.8 million and a debt extinguishment loss of $4.5 million. Net income in the fourth quarter of fiscal 2016 included restructuring charges of $2.9 million, a debt extinguishment loss of $0.8 million, and an other-than-temporary impairment charge of $1.1 million related to a marketable security. |
Quarterly Statement of Opera100
Quarterly Statement of Operations Information (Unaudited) - Summary of Quarterly Results of Operations (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Sep. 24, 2016 | Mar. 26, 2016 | Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Dec. 27, 2014 | Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||
Restructuring charges | $ 2.9 | $ 3.8 | $ 2.3 | $ 6.5 | $ 11.9 | $ 8 | $ 10.5 | $ 28.5 | $ 51.7 |
Gain (Loss) on Sale of Investments | $ 25.1 | 25.1 | 0 | 0 | |||||
Debt extinguishment loss | 0.8 | $ 4.5 | (37.8) | $ 18.2 | $ 6.7 | $ 5.3 | $ 62.7 | $ 7.4 | |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 1.1 | $ 7.8 |