Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2016 | Jan. 27, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | HOLOGIC INC | |
Entity Central Index Key | 859,737 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 279,296,249 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Dec. 26, 2015 | |
Revenues: | ||
Product | $ 613.4 | $ 587.2 |
Service and other | 121 | 108 |
Revenues | 734.4 | 695.2 |
Costs of revenues: | ||
Product | 198.3 | 188.2 |
Amortization of intangible assets | 73.5 | 73.4 |
Service and other | 57.8 | 54.5 |
Gross Profit | 404.8 | 379.1 |
Operating expenses: | ||
Research and development | 54.4 | 51.7 |
Selling and marketing | 110 | 99.4 |
General and administrative | 69.8 | 77 |
Amortization of intangible assets | 21.4 | 22.6 |
Restructuring and divestiture charges | 3.2 | 2.3 |
Operating expenses | 258.8 | 253 |
Income from operations | 146 | 126.1 |
Interest income | 0.3 | 0.2 |
Interest expense | (40.4) | (39.2) |
Other income, net | 10.2 | 27.6 |
Income before income taxes | 116.1 | 114.7 |
Provision for income taxes | 29.6 | 29.8 |
Net income | $ 86.5 | $ 84.9 |
Net income per common share: | ||
Basic | $ 0.31 | $ 0.30 |
Diluted | $ 0.30 | $ 0.29 |
Weighted average number of shares outstanding: | ||
Basic | 278,663 | 282,976 |
Diluted | 284,224 | 291,971 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Dec. 26, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 86.5 | $ 84.9 |
Changes in foreign currency translation adjustment | (15.7) | (4.2) |
Changes in unrealized holding gains and losses on available-for-sale securities, net of tax of $1.5 for the three months ended December 31, 2016: | 2.3 | (0.6) |
Loss (Gain) reclassified from accumulated other comprehensive loss to the statement of income | 0.1 | (7.2) |
Changes in value of hedged interest rate caps, net of tax of $0.5 and $0.2 for the three months ended December 31, 2016 and December 26, 2015: | 0.7 | 0.3 |
Loss reclassified from accumulated other comprehensive loss to the statement of income | 2.1 | 0.3 |
Other comprehensive loss | (10.5) | (11.4) |
Comprehensive income | $ 76 | $ 73.5 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Dec. 26, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Changes in unrealized holding gains and losses on available-for-sale securities. tax | $ 1.5 | $ 0 |
Changes in value of hedged interest rate caps, tax | $ 0.5 | $ 0.2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 24, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 646 | $ 548.4 |
Accounts receivable, less reserves of $10.3 and $12.7, respectively | 419.9 | 447 |
Inventories | 258.3 | 274.7 |
Prepaid income taxes | 17.7 | 16.9 |
Prepaid expenses and other current assets | 67.7 | 39.6 |
Assets held for sale | 928.5 | 0 |
Total current assets | 2,338.1 | 1,326.6 |
Property, plant and equipment, net | 432.6 | 460.2 |
Intangible assets, net | 2,005.7 | 2,643.4 |
Goodwill | 2,474.5 | 2,803.1 |
Other assets | 86.9 | 83.7 |
Total assets | 7,337.8 | 7,317 |
Current liabilities: | ||
Current portion of long-term debt | 707.3 | 296 |
Accounts payable | 138.7 | 156.9 |
Accrued expenses | 298.9 | 287.6 |
Deferred revenue | 145.8 | 161.4 |
Total current liabilities | 1,290.7 | 901.9 |
Long-term debt, net of current portion | 2,615.6 | 3,049.4 |
Deferred income tax liabilities | 958.9 | 982.6 |
Deferred revenue | 15.2 | 15.9 |
Other long-term liabilities | 228.8 | 224.5 |
Commitments and contingencies (Note 6) | ||
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; 000,000 and 285,015 shares issued, respectively | 2.9 | 2.9 |
Additional paid-in-capital | 5,570.2 | 5,560.3 |
Accumulated deficit | (3,051.7) | (3,138.2) |
Treasury stock, at cost – 7,289 shares | (250) | (250) |
Accumulated other comprehensive loss | (42.8) | (32.3) |
Total stockholders’ equity | 2,228.6 | 2,142.7 |
Total liabilities and stockholders’ equity | $ 7,337.8 | $ 7,317 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 24, 2016 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, reserves | $ 10.3 | $ 12.7 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 1,623,000 | 1,623,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 750,000,000 | 750,000,000 |
Common stock, issued (in shares) | 0 | 285,015,000 |
Treasury stock (in shares) | 7,289,000 | 7,289,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Dec. 26, 2015 | |
OPERATING ACTIVITIES | ||
Net income | $ 86.5 | $ 84.9 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 20.4 | 19.9 |
Amortization | 94.9 | 96 |
Non-cash interest expense | 14.3 | 13.2 |
Stock-based compensation expense | 19.2 | 15.9 |
Deferred income taxes | (24.6) | (28) |
Gain (Loss) on Sale of Investments | 0 | (25.1) |
Other adjustments and non-cash items | (6) | (0.2) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 21.5 | 4.3 |
Inventories | (20.7) | (3.6) |
Prepaid income taxes | (0.8) | 21.7 |
Prepaid expenses and other assets | (17.4) | (7.7) |
Accounts payable | (17.8) | (4.9) |
Accrued expenses and other liabilities | 14.6 | (9.8) |
Deferred revenue | (14.5) | (5.2) |
Net cash provided by operating activities | 169.6 | 171.4 |
INVESTING ACTIVITIES | ||
Purchase of property and equipment | (11.5) | (9.1) |
Increase in equipment under customer usage agreements | (13.2) | (10.6) |
Proceeds from Sale of Available-for-sale Securities | 0.4 | 31.1 |
Increase in other assets | (0.9) | 0.9 |
Net cash (used in) provided by investing activities | (25.2) | 12.3 |
FINANCING ACTIVITIES | ||
Repayment of long-term debt | (18.8) | (18.8) |
Repayment of amounts borrowed under accounts receivable securitization program | (12) | 0 |
Payments to extinguish convertible notes | (6.4) | (0.1) |
Net proceeds from issuance of common stock pursuant to employee stock plans | 13.2 | 11.1 |
Payment of minimum tax withholdings on net share settlements of equity awards | (16.4) | (14.9) |
Net cash used in financing activities | (40.4) | (22.7) |
Effect of exchange rate changes on cash and cash equivalents | (6.4) | (2) |
Net increase in cash and cash equivalents | 97.6 | 159 |
Cash and cash equivalents, beginning of period | 548.4 | 491.3 |
Cash and cash equivalents, end of period | $ 646 | $ 650.3 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements of Hologic, Inc. (“Hologic” or the “Company”) presented herein have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and disclosures required by U.S. generally accepted accounting principles (“GAAP”). These financial statements should be read in conjunction with the consolidated financial statements and related notes for the year ended September 24, 2016 included in the Company’s Form 10-K filed with the SEC on November 17, 2016. In the opinion of management, the financial statements and notes contain all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. 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 preparation of financial statements in conformity with U.S. 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. Actual results could differ from management’s estimates if past experience or other assumptions do not turn out to be substantially accurate. Operating results for the three months ended December 31, 2016 are not necessarily indicative of the results to be expected for any other interim period or the entire fiscal year ending September 30, 2017 . Fiscal 2017 is a 53 week fiscal period and this additional week is included in the results for the three months ended December 31, 2016. Recently Adopted Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share Based Payment Accounting (ASU 2016-09). The guidance changes how companies account for certain aspects of share-based payments to employees. The amendments in the update are effective for annual periods beginning after December 15, 2016, and are applicable to the Company in fiscal 2018 with early adoption permitted in any interim or annual period. During the first quarter of fiscal 2017, the Company elected to early adopt this standard. The update requires certain changes to presentation of the financial statements as follows: • All excess tax benefits and deficiencies are recognized as a component of the provision for income taxes on a discrete basis in the period when the equity awards vest and/or are settled. Previously, the Company recorded this tax impact directly to additional paid in capital. For the three months ended December 31, 2016 , the Company recorded a tax benefit of $6.0 million . The standard does not permit retroactive presentation of this benefit to prior fiscal years on the Consolidated Statements of Income. • The tax benefit or deficiency is required to be classified as a cash flow provided by (used in) operating activities. It was previously required to be presented as a cash flow provided by (used in) financing activities in the Consolidated Statements of Cash Flows, with a corresponding adjustment to operating cash flows. As permitted in the ASU, the Company has elected to adopt this classification on a retrospective basis, and therefore, the prior fiscal period Consolidated Statement of Cash Flows has been recast for this provision resulting in cash flows provided by operations increasing $7.1 million for the three months ended December 26, 2015 with a corresponding increase to cash flows used in financing activities. • In the diluted net earnings per share calculation, when applying the treasury stock method for shares that could be repurchased, the assumed proceeds no longer include the amount of excess tax benefit. This provision, which is only applicable on a prospective basis, did not have a material impact on the Company's diluted net earnings per share calculation in the first quarter of fiscal 2017. • ASU 2016-09 allows a Company to elect to account for award forfeitures as they occur or to continue to estimate forfeitures. The Company has elected to continue to estimate potential forfeitures. As such, there is no impact from a change in accounting principle within stockholders' equity. Subsequent Events Consideration The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence for certain estimates or to identify matters that may require additional disclosure. Subsequent events have been evaluated as required. There were no material recognized or unrecognized subsequent events recorded in the unaudited consolidated financial statements as of and for the three months ended December 31, 2016 . On January 31, 2017, the Company completed the sale of its blood screening business for a sales price of $1.85 billion , subject to adjustment. Please see note 10 for further discussion of this transaction. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements 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 5 for further discussion and information on 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 at December 31, 2016 : Fair Value at Reporting Date Using Balance as of December 31, 2016 Quoted Prices in Active Market for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Equity securities $ 4.4 $ 4.4 $ — $ — Interest rate cap - derivative 2.5 — 2.5 — Forward foreign currency contracts 7.4 — 7.4 — Total $ 14.3 $ 4.4 $ 9.9 $ — Liabilities: Deferred compensation liabilities $ 41.1 $ 41.1 $ — $ — Total $ 41.1 $ 41.1 $ — $ — 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. The Company holds certain cost-method equity investments in non-publicly traded securities aggregating $3.4 million and $3.5 million at December 31, 2016 and September 24, 2016 , 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 make such an estimate would be impractical. 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 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 $1.39 billion and $188.0 million aggregate principal, respectively, as of December 31, 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 $1.05 billion as of December 31, 2016 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 December 31, 2016 were as follows: 2012 Notes 494.2 2013 Notes 451.4 $ 945.6 |
Restructuring and Divestiture C
Restructuring and Divestiture Charges | 3 Months Ended |
Dec. 31, 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. In addition, the Company continually assesses its management structure. As a result of these assessments, the Company has undertaken various restructuring actions, which are described below. The following table displays charges related to these actions recorded in the fiscal 2017 year to date period (3 months ended December 31, 2016) and fiscal 2016 (the year ended September 24, 2016) and a rollforward of the accrued balances from September 24, 2016 to December 31, 2016 : Fiscal 2016 Actions Total Restructuring and Divestiture Charges Fiscal 2016 charges: Workforce reductions $ 10.5 $ 10.5 Fiscal 2016 restructuring charges $ 10.5 $ 10.5 Fiscal 2017 charges: Severance adjustments $ (0.3 ) $ (0.3 ) Facility closure costs 3.5 3.5 Fiscal 2017 restructuring charges $ 3.2 $ 3.2 Fiscal 2016 Actions Fiscal 2015 Actions Fiscal 2014 Actions Total Rollforward of Accrued Restructuring Balance as of September 24, 2016 $ 5.5 $ 0.2 $ 0.6 $ 6.3 Fiscal 2017 facility closure costs 3.5 — — 3.5 Severance payments and adjustments (3.8 ) (0.1 ) — (3.9 ) Other payments (0.4 ) — (0.1 ) (0.5 ) Balance as of December 31, 2016 $ 4.8 $ 0.1 $ 0.5 $ 5.4 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 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. This action is complete and no additional severance and benefits charges are expected. 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 moved to both Marlborough and Danbury. The transition was substantially completed by the end of calendar 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 a total of $1.7 million in severance and benefits charges in fiscal 2016 of which $0.5 million was recorded in the first quarter of fiscal 2016. This action is complete and no additional severance and benefits charges are expected. In connection with shutting down the Bedford location, during the first quarter of fiscal 2017 the Company recorded $3.5 million for lease obligation charges related to a section of the facility that the Company had determined met the cease-use date criteria. The Company has made certain assumptions regarding the time period it will take to obtain a subtenant and the sublease rates it can obtain. These estimates may vary from the actual sublease agreements executed, if at all, resulting in an adjustment to the charge. In addition, the Company expects to meet the cease-use date criteria for additional sections of the facility in fiscal 2017 resulting in additional 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 benefit charges 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. During the first quarter of fiscal 2016, the Company recorded severance and benefits charges of $1.8 million . |
Borrowings and Credit Arrangeme
Borrowings and Credit Arrangements | 3 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Borrowings and Credit Arrangements | Borrowings and Credit Arrangements The Company’s borrowings consisted of the following: December 31, September 24, Current debt obligations, net of debt discount: Term Loan $ 93.1 $ 83.8 Securitization Program 188.0 200.0 Convertible Notes 426.2 12.2 Total current debt obligations $ 707.3 $ 296.0 Long-term debt obligations, net of debt discount: Term Loan 1,281.2 1,308.2 2022 Senior Notes 978.8 977.7 Convertible Notes 355.6 763.5 Total long-term debt obligations $ 2,615.6 $ 3,049.4 Total debt obligations $ 3,322.9 $ 3,345.4 Credit Agreement Borrowings outstanding under the Credit Agreement for the three months ended December 31, 2016 and December 26, 2015 had weighted-average interest rates of 2.05% and 1.95% , respectively. The interest rate on the outstanding Term Loan borrowing at December 31, 2016 was 2.27% . Interest expense under the Credit Agreement aggregated $9.8 million for the three months ended December 31, 2016 , which includes non-cash interest expense of $1.1 million related to the amortization of the deferred issuance costs and accretion of the debt discount. Interest expense under the Credit Agreement aggregated $10.0 million for the three months ended December 26, 2015 , which includes $1.1 million of non-cash interest expense related to the amortization of the deferred issuance costs and accretion of the debt discount. The Credit Agreement contains two financial covenants, a total net leverage ratio and an interest coverage ratio, both of which are measured as of the last day of each fiscal quarter. These terms, and the calculation thereof, are defined in further detail in the Credit Agreement. As of December 31, 2016 , the Company was in compliance with these covenants. 2022 Senior Notes The Company's 5.250% Senior Notes due 2022 (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 recorded interest expense of $15.1 million and $14.0 million for the three months ended December 31, 2016 and December 26, 2015, respectively, which includes non-cash interest expense of $1.0 million related to the amortization of the deferred issuance costs and accretion of the debt discount for both periods. Convertible Notes On November 9, 2016, the Company announced that pursuant to the terms of the indenture for the 2.00% Convertible Exchange Senior Notes due 2037, issued in November 2010 (the “2010 Notes”), holders of the 2010 Notes, had the option of requiring the Company to repurchase their 2010 Notes on December 16, 2016 at a repurchase price payable in cash equal to 100% of the original principal amount of the 2010 Notes. None of the 2010 Notes were surrendered for repurchase pursuant to the option. In addition, the Company also announced on November 9, 2016 that, pursuant to the terms of the indenture, it had elected to redeem, on December 19, 2016, all of the then outstanding 2010 Notes at a redemption price payable in cash equal to 100% of the accreted principal amount of the 2010 Notes. Holders of the 2010 Notes also had a right to convert their 2010 Notes. As of December 16, 2016, holders of $8.4 million in aggregate principal of the 2010 Notes surrendered notes for conversion, which remained outstanding as of December 31, 2016 and will be paid in cash in the second quarter of fiscal 2017. This amount is included within the current portion of long term debt on the Consolidated Balance Sheet. The premium on the conversion price for the 2010 Notes will also be paid in cash in the second quarter of fiscal 2017 based on the average trading price of the Company's common stock during a thirty-day trading period. The Company also paid $6.4 million in cash for conversion requests in the first quarter of fiscal 2017, which included $2.5 million of premium. The term "Convertible Notes" refers to the 2010 Notes, the 2012 Notes and the 2013 Notes. Interest expense under the Convertible Notes was as follows: Three Months Ended December 31, December 26, Amortization of debt discount $ 5.2 $ 6.4 Amortization of deferred financing costs 0.2 0.3 Principal accretion 4.6 4.1 Non-cash interest expense 10.0 10.8 2.00% accrued interest (cash) 2.0 3.2 $ 12.0 $ 14.0 Accounts Receivable Securitization Program Borrowings under the Securitization Program for the three month period ended December 31, 2016 had a weighted-average interest rate of 1.25% . Interest expense under the Securitization Program aggregated $0.7 million for the three month period ended December 31, 2016 . The interest rate on the amounts outstanding at December 31, 2016 was 1.47% . On December 22, 2016, the Company paid down $12.0 million under the Securitization Program as its qualified borrowing base decreased. |
Derivatives
Derivatives | 3 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 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 interest rate on amounts borrowed under its Credit Agreement. 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 its Credit Agreement and therefore are 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 29, 2017. As of December 31, 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 the three months ended December 31, 2016 , $2.1 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 a loss of approximately $7.1 million from AOCI to the Consolidated Statements of Income in the next twelve months. The aggregate fair value of these interest rate caps was $2.5 million and $1.4 million at December 31, 2016 and September 24, 2016 , respectively and is included in Prepaid expenses and other current assets on the Company’s Consolidated Balance Sheet. Refer to Note 2 “Fair Value Measurements” above 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 the three months ended December 31, 2016 and December 26, 2015, the Company recorded net realized gains of $1.2 million and $0.4 million , respectively, from settling forward foreign currency contracts and unrealized gains of $8.4 million and $1.0 million , respectively, on the mark-to-market for its outstanding forward foreign currency contracts. As of December 31, 2016 , the Company had outstanding forward foreign currency contracts that were not designated for hedge accounting and were 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 an aggregate notional amount of $156.7 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 December 31, 2016 : Balance Sheet Location December 31, 2016 September 24, 2016 Assets: Derivative instruments designated as a cash flow hedge: Interest rate cap agreements Prepaid expenses and other current assets $ 2.5 $ 1.0 Interest rate cap agreements Other assets — 0.4 $ 2.5 $ 1.4 Derivatives not designated as hedging instruments: Forward foreign currency contracts Prepaid expenses and other current assets $ 7.4 $ 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: Three Months Ended December 31, 2016 December 26, 2015 Amount of gain recognized in other comprehensive income, net of taxes: Interest rate cap agreements $ 0.7 $ 0.3 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 Amount of Gain Recognized in Income Location of Gain Recognized in Income Three Months Ended December 31, 2016 Three months ended December 26, 2015 Forward foreign currency contracts $ 9.6 $ 1.4 Other income, net |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation and Related Matters On June 9, 2010, Smith & Nephew, Inc. ("Smith & Nephew") filed suit against Interlace Medical, Inc. ("Interlace"), which the Company acquired on January 6, 2011, in the United States District Court for the District of Massachusetts. The complaint alleged that the Interlace MyoSure hysteroscopic tissue removal device infringed U.S. patent 7,226,459 (the '459 patent). 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 tissue removal system infringed U.S. patent 8,061,359 (the '359 patent). Both complaints sought preliminary and 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 two-day bench trial regarding the Company’s assertion of inequitable conduct on the part of Smith & Nephew with regard to the ‘359 patent began on December 10, 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 USPTO issued final decisions that the claims of the ‘459 and the '359 patents asserted as part of the litigation are not patentable, which decisions Smith & Nephew appealed to the U.S. Patent Trial and Appeal Board. In 2016, the U.S. Patent Trial and Appeal Board (i) affirmed the USPTO decision with respect to the '459 patent, holding that the claims at issue are invalid, and (ii) reversed the USPTO decision with respect to the '359 patent, holding that the claims at issue are not invalid. The Company and Smith & Nephew have appealed the decisions by the Patent Trial and Appeal Board on the '359 patent and the '459 patent, respectively, to the U.S. Court of Appeals for the Federal Circuit. 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 Life Sciences, Inc. ("Enzo") filed suit against the Company's subsidiary, Gen-Probe Incorporated ("Gen-Probe"), in the United States District Court for the District of Delaware, alleging that certain of Gen-Probe’s diagnostics products, including products that incorporate Gen-Probe’s patented hybridization protection assay technology (HPA), including the Aptima line of products, infringe Enzo’s U.S. patent 6,992,180 (the '180 patent). On March 6, 2012, Enzo filed suit against the Company in the United States District Court for the District of Delaware, alleging that products based on the Company's Invader chemistry platform, such as Cervista HPV HR and Cervista HPV 16/18, infringe the '180 patent. On July 16, 2012, Enzo amended its complaint to include additional products that include HPA or TaqMan reagent chemistry, including Progensa, AccuProbe and Prodesse product lines. The Company counter-claimed for non-infringement, invalidity and unenforceability of the ‘180 patent. On September 30, 2013, Enzo filed its infringement contentions which added products including "Torch" probes, PACE and certain Procleix assays. Both complaints seek preliminary and permanent injunctive relief and unspecified damages. Enzo has asserted the ‘180 patent claims against six other companies. Summary judgment and Daubert motions were filed by the parties on December 15, 2016. A hearing on the summary judgment motions is scheduled for April 4, 2017 and trial in both suits is scheduled to begin on October 2, 2017. 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 the '180 patent. The complaint further alleged that certain of the Company’s molecular diagnostic products, including the Company’s Progensa PCA3, Aptima and Procleix products using target capture technology infringe Enzo’s U. S. Patent 7,064,197 (the '197 patent). On June 11, 2015, this matter was stayed pending the resolution of summary judgment motions in the other related suits involving the '197 patent. On March 30, 2016, Hologic filed two requests for inter partes review of the ‘197 patent at the USPTO. The USPTO instituted the two inter partes reviews on all challenged claims on October 4, 2016. The oral arguments in both inter partes reviews are scheduled for June 1, 2017. 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 all of the Company's 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 the ultimate resolution of which could 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. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities The following reconciles the cost basis to the fair market value of the Company’s equity securities that are classified as available-for-sale: Period Ended: Cost Gross Unrealized Gains Gross Unrealized Losses Other Than Temporary Impairment Fair Value December 31, 2016 $ 0.7 $ 4.0 $ (0.3 ) $ — $ 4.4 September 24, 2016 $ 2.4 $ — $ (0.3 ) $ (1.1 ) $ 1.0 In the first quarter of fiscal 2017, one of the Company's cost-method equity investments became a marketable security, and the Company recorded the increase in value of $4.0 million to other comprehensive income. 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, net. |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Income Per Share A reconciliation of basic and diluted share amounts is as follows: Three Months Ended December 31, December 26, Basic weighted average common shares outstanding 278,663 282,976 Weighted average common stock equivalents from assumed exercise of stock options and stock units 3,143 3,109 Incremental shares from Convertible Notes premium 2,418 5,886 Diluted weighted average common shares outstanding 284,224 291,971 Weighted-average anti-dilutive shares related to: Outstanding stock options 1,442 733 Stock units 13 67 The Company has outstanding Convertible Notes, and the principal balance and any conversion premium may be satisfied, at the Company’s option, by issuing shares of common stock, cash or a combination of shares and cash. The Company's current policy is that it will settle the principal balance of the Convertible Notes in cash. As such, the Company applies the treasury stock method to these securities and the dilution related to the conversion premium of the 2010, 2012 and 2013 Notes is included in the calculation of diluted weighted-average shares outstanding 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. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The following presents stock-based compensation expense in the Company’s Consolidated Statements of Income: Three Months Ended December 31, December 26, Cost of revenues $ 2.8 $ 2.2 Research and development 2.8 2.4 Selling and marketing 2.7 2.5 General and administrative 10.9 8.8 $ 19.2 $ 15.9 The Company granted 0.9 million and 0.9 million stock options during the three months ended December 31, 2016 and December 26, 2015 , respectively, with weighted-average exercise prices of $37.62 and $39.94 , respectively. There were 6.5 million options outstanding at December 31, 2016 with a weighted-average exercise price of $27.43 . The Company uses a binomial model to determine the fair value of its stock options. The weighted-average assumptions utilized to value these stock options are indicated in the following table: Three Months Ended December 31, December 26, Risk-free interest rate 1.8 % 1.6 % Expected volatility 36.6 % 37.8 % Expected life (in years) 4.7 4.7 Dividend yield — — Weighted average fair value of options granted $ 12.18 $ 13.13 The Company granted 0.9 million and 0.9 million restricted stock units (RSUs) during the three months ended December 31, 2016 and December 26, 2015 , respectively, with weighted-average grant date fair values of $37.58 and $39.96 per unit, respectively. As of December 31, 2016 , there were 2.8 million unvested RSUs outstanding with a weighted-average grant date fair value of $34.12 per unit. In addition, the Company granted 0.1 million and 0.3 million performance stock units (PSUs) during the three months ended December 31, 2016 and December 26, 2015 , respectively, to members of its senior management team, which have a weighted-average grant date fair value of $37.64 and $26.58 per unit, respectively. Each recipient of 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 that will vest. If there is a change in the estimate of the number of shares that are probable of vesting, the Company will cumulatively adjust compensation expense in the period that the change in estimate is made. The Company also granted 0.1 million market based awards (MSUs) to its senior management team. Each recipient of MSUs 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 based upon achieving a certain total shareholder return relative to a defined peer group. The MSUs were valued at $48.90 per share using the Monte Carlo simulation model. The Company is recognizing compensation expense for the MSUs ratably over the service period. At December 31, 2016 , there was $28.6 million and $94.4 million of unrecognized compensation expense related to stock options and stock units (comprised of RSUs and PSUs), respectively, to be recognized over a weighted-average period of 3.0 years and 2.2 years, respectively. |
Assets Held-for-Sale
Assets Held-for-Sale | 3 Months Ended |
Dec. 31, 2016 | |
Assets Held-for-Sale [Abstract] | |
Assets Held-for-Sale | Assets Held-for-Sale On December 14, 2016, the Company entered into a definitive agreement to sell its blood screening business to its commercial partner, Grifols, for a sales price of $1.85 billion in cash, subject to adjustment based on the closing amount of inventory. The transaction, which is an asset sale, closed on January 31, 2017. Upon closing of the transaction, the Company's existing collaboration agreement with Grifols terminated. The Company has agreed to provide transition services to Grifols, including manufacturing inventory for Grifols. In determining whether or not this disposal qualified to be reported as discontinued operation, the Company considered a number of quantitative and qualitative factors and concluded that the disposal of the blood screening business does not qualify as a strategic shift as the blood screening business has not had and will not have a major effect on the Company's operations and financial results. Under the existing collaboration agreement, the Company performed research and development activities and manufacturing, while Grifols performed the commercial and distribution activities. The blood screening business is embedded within the Company's molecular diagnostics business and the Company retains ownership and will continue to use the intellectual property for the underlying technology of its molecular diagnostics assays and instrumentation. As a result of this transaction, certain of the Company's assets used in the blood screening business have been designated as assets held-for-sale. Assets held-for sale are reflected separately in the Company's Consolidated Balance Sheet and comprise the following as of December 31, 2016 : Assets: Inventory $ 35.6 Property, plant and equipment 26.2 Goodwill 325.0 Intangible assets 541.7 Total assets held-for-sale $ 928.5 Income from operations of the disposed business for the periods ended December 31, 2016 and December 26, 2015 was as follows: Three Months Ended December 31, 2016 December 26, 2015 Income from operations $ 28.6 $ 27.1 The Company believes that the sale of its blood screening business to Grifols constitutes an asset sale under the Credit Agreement and that, subject to the terms and limitations set forth in the Credit Agreement, the Company is permitted to use the after tax net proceeds to reinvest in its business. The Company is then required to apply the balance of net available cash, unless otherwise consented to by its lenders, to Mandatory Prepayments as defined in the Credit Agreement. |
Other Balance Sheet Information
Other Balance Sheet Information | 3 Months Ended |
Dec. 31, 2016 | |
Balance Sheet Related Disclosures [Abstract] | |
Other Balance Sheet Information | Other Balance Sheet Information December 31, September 24, Inventories Raw materials $ 95.3 $ 96.4 Work-in-process 38.9 51.7 Finished goods 124.1 126.6 $ 258.3 $ 274.7 Property, plant and equipment Equipment and software $ 373.3 $ 381.9 Equipment under customer usage agreements 338.7 334.6 Building and improvements 168.4 186.1 Leasehold improvements 54.9 65.6 Land 46.2 51.9 Furniture and fixtures 12.7 18.4 994.2 1,038.5 Less – accumulated depreciation and amortization (561.6 ) (578.3 ) $ 432.6 $ 460.2 |
Business Segments and Geographi
Business Segments and Geographic Information | 3 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segments and Geographic Information | Business Segments and Geographic Information 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 and goodwill impairment charges, acquisition related fair value adjustments and integration expenses, restructuring, divestiture and facility consolidation charges and other one-time or unusual items. Identifiable assets for the four principal operating 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 during the three months ended December 31, 2016 and December 26, 2015 . Segment information is as follows: Three Months Ended December 31, December 26, Total revenues: Diagnostics $ 325.4 $ 310.7 Breast Health 273.3 262.2 GYN Surgical 114.8 98.8 Skeletal Health 20.9 23.5 $ 734.4 $ 695.2 Income from operations: Diagnostics $ 41.1 $ 31.6 Breast Health 85.2 71.6 GYN Surgical 25.5 20.8 Skeletal Health (5.8 ) 2.1 $ 146.0 $ 126.1 Depreciation and amortization: Diagnostics $ 84.9 $ 83.7 Breast Health 5.1 7.3 GYN Surgical 25.1 24.6 Skeletal Health 0.2 0.3 $ 115.3 $ 115.9 Capital expenditures: Diagnostics $ 10.3 $ 11.9 Breast Health 2.2 2.0 GYN Surgical 4.1 3.4 Skeletal Health 0.3 0.1 Corporate 7.8 2.3 $ 24.7 $ 19.7 December 31, September 24, Identifiable assets: Diagnostics $ 3,687.1 $ 3,771.9 Breast Health 812.3 809.1 GYN Surgical 1,551.6 1,570.7 Skeletal Health 31.7 30.9 Corporate 1,255.1 1,134.4 $ 7,337.8 $ 7,317.0 The Company had no customers that represented greater than 10% of consolidated revenues during the three months ended December 31, 2016 and December 26, 2015 . The Company operates in the following major geographic areas as noted in the below chart. Revenue data is based upon customer location. Other than the United States, no single country accounted for more than 10% of consolidated revenues. The Company’s sales in Europe are predominantly derived from France, Germany and the United Kingdom. The Company’s sales in Asia-Pacific are predominantly derived from China, Australia and Japan. The “All others” designation includes Canada, Latin America and the Middle East. Revenues by geography as a percentage of total revenues were as follows: Three Months Ended December 31, December 26, United States 77.9 % 78.4 % Europe 10.7 % 10.0 % Asia-Pacific 8.4 % 7.9 % All others 3.0 % 3.7 % 100.0 % 100.0 % |
Income Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes In accordance with ASC 740, Income Taxes (ASC 740), each interim period is considered integral to the annual period, and tax expense is measured using an estimated annual effective tax rate. An entity is required to record income tax expense each quarter based on its annual effective tax rate estimated for the full fiscal year and use that rate to provide for income taxes on a current year-to-date basis, adjusted for discrete taxable events that occur during the interim period. The Company’s effective tax rate for the three months ended December 31, 2016 was 25.5% compared to 25.9% for the corresponding period in the prior year. For the current three month period, the effective tax rate was lower than the statutory tax rate primarily due to the adoption of ASU 2016-09, which resulted in a tax benefit, earnings in jurisdictions subject to lower tax rates, and the domestic production activities deduction benefit. For the three months ended December 26, 2015 , the effective tax rate was lower than the statutory tax rate primarily due to increased earnings in jurisdictions subject to lower tax rates, the domestic production activities deduction benefit, the retroactively reinstated Federal research credit, and a change in the valuation allowance related to the sale of a marketable security that had a gain for book purposes. The IRS completed its audit of the Company's consolidated Federal income tax returns for fiscal 2013 and 2014 subsequent to December 31, 2016. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets consisted of the following: Description As of December 31, 2016 As of September 24, 2016 Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Developed technology $ 3,727.4 $ 1,962.9 $ 3,983.7 $ 1,991.6 In-process research and development 3.7 — 3.7 — Customer relationships and contracts 512.1 366.9 1,098.9 546.2 Trade names 236.1 144.1 236.2 141.6 Business licenses 2.3 2.0 2.4 2.1 $ 4,481.6 $ 2,475.9 $ 5,324.9 $ 2,681.5 In the first quarter of fiscal 2017, the Company classified the assets of its blood screening business as assets held for sale. As such, developed technology and customer contract assets of $154.0 million and $387.7 million , respectively, were reclassified accordingly in the Company's Consolidated Balance Sheet as of December 31, 2016. The estimated remaining amortization expense as of December 31, 2016 for each of the five succeeding fiscal years is as follows: Remainder of Fiscal 2017 $ 210.1 Fiscal 2018 $ 286.5 Fiscal 2019 $ 274.8 Fiscal 2020 $ 264.2 Fiscal 2021 $ 242.6 |
Product Warranties
Product Warranties | 3 Months Ended |
Dec. 31, 2016 | |
Guarantees [Abstract] | |
Product Warranties | Product Warranties Product warranty activity was as follows: Balance at Beginning of Period Provisions Settlements/ Adjustments Balance at End of Period Three Months Ended: December 31, 2016 $ 5.0 $ 2.6 $ (1.7 ) $ 5.9 December 26, 2015 $ 5.4 $ 5.7 $ (1.7 ) $ 9.4 During the first quarter of fiscal 2016, the Company recorded a warranty provision of $4.0 million related to certain products sold exclusively in the Chinese market. |
Accumuated Other Comprehensive
Accumuated Other Comprehensive Loss | 3 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumuated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following tables summarize the changes in accumulated balances of other comprehensive loss for the periods presented: Three Months Ended December 31, 2016 Foreign Currency Translation Marketable Securities Pension Plans Hedged Interest Rate Caps Total Beginning Balance $ (26.1 ) $ (0.3 ) $ (2.5 ) $ (3.4 ) $ (32.3 ) Other comprehensive income (loss) before reclassifications (15.7 ) 2.3 — 0.7 (12.7 ) Amounts reclassified to statement of income — 0.1 — 2.1 2.2 Ending Balance $ (41.8 ) $ 2.1 $ (2.5 ) $ (0.6 ) $ (42.8 ) Three Months Ended December 26, 2015 Foreign Currency Translation Marketable Securities Pension Plans Hedged Interest Rate Caps Total Beginning Balance $ (15.7 ) $ 6.9 $ (1.8 ) $ (3.9 ) $ (14.5 ) Other comprehensive income (loss) before reclassifications (4.2 ) (0.6 ) — 0.3 (4.5 ) Amounts reclassified to statement of income — (7.2 ) — 0.3 (6.9 ) Ending Balance $ (19.9 ) $ (0.9 ) $ (1.8 ) $ (3.3 ) $ (25.9 ) |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Dec. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New 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 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 anticipated 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 U.S. 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 anticipated impact of the adoption of ASU 2016-01 on its consolidated financial position and results of operations. In July 2015, the 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 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 the Company in fiscal 2018. Early adoption 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 anticipated impact of the adoption of ASU 2014-09 on its consolidated financial position and results of operations. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 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 at December 31, 2016 : Fair Value at Reporting Date Using Balance as of December 31, 2016 Quoted Prices in Active Market for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Equity securities $ 4.4 $ 4.4 $ — $ — Interest rate cap - derivative 2.5 — 2.5 — Forward foreign currency contracts 7.4 — 7.4 — Total $ 14.3 $ 4.4 $ 9.9 $ — Liabilities: Deferred compensation liabilities $ 41.1 $ 41.1 $ — $ — Total $ 41.1 $ 41.1 $ — $ — |
Estimated Fair Values of Convertible Notes | The estimated fair values of the Company’s Convertible Notes at December 31, 2016 were as follows: 2012 Notes 494.2 2013 Notes 451.4 $ 945.6 |
Restructuring and Divestiture26
Restructuring and Divestiture Charges (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Charges Taken Related to Restructuring Actions | The following table displays charges related to these actions recorded in the fiscal 2017 year to date period (3 months ended December 31, 2016) and fiscal 2016 (the year ended September 24, 2016) and a rollforward of the accrued balances from September 24, 2016 to December 31, 2016 : Fiscal 2016 Actions Total Restructuring and Divestiture Charges Fiscal 2016 charges: Workforce reductions $ 10.5 $ 10.5 Fiscal 2016 restructuring charges $ 10.5 $ 10.5 Fiscal 2017 charges: Severance adjustments $ (0.3 ) $ (0.3 ) Facility closure costs 3.5 3.5 Fiscal 2017 restructuring charges $ 3.2 $ 3.2 |
Charges Taken Related to Accrued Restructuring Actions | Fiscal 2016 Actions Fiscal 2015 Actions Fiscal 2014 Actions Total Rollforward of Accrued Restructuring Balance as of September 24, 2016 $ 5.5 $ 0.2 $ 0.6 $ 6.3 Fiscal 2017 facility closure costs 3.5 — — 3.5 Severance payments and adjustments (3.8 ) (0.1 ) — (3.9 ) Other payments (0.4 ) — (0.1 ) (0.5 ) Balance as of December 31, 2016 $ 4.8 $ 0.1 $ 0.5 $ 5.4 |
Borrowings and Credit Arrange27
Borrowings and Credit Arrangements (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Company's Borrowings | The Company’s borrowings consisted of the following: December 31, September 24, Current debt obligations, net of debt discount: Term Loan $ 93.1 $ 83.8 Securitization Program 188.0 200.0 Convertible Notes 426.2 12.2 Total current debt obligations $ 707.3 $ 296.0 Long-term debt obligations, net of debt discount: Term Loan 1,281.2 1,308.2 2022 Senior Notes 978.8 977.7 Convertible Notes 355.6 763.5 Total long-term debt obligations $ 2,615.6 $ 3,049.4 Total debt obligations $ 3,322.9 $ 3,345.4 |
Interest Expense under Convertible Notes | Interest expense under the Convertible Notes was as follows: Three Months Ended December 31, December 26, Amortization of debt discount $ 5.2 $ 6.4 Amortization of deferred financing costs 0.2 0.3 Principal accretion 4.6 4.1 Non-cash interest expense 10.0 10.8 2.00% accrued interest (cash) 2.0 3.2 $ 12.0 $ 14.0 |
Derivatives Schedule of Derivat
Derivatives Schedule of Derivative Assets at Fair Value (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Assets at Fair Value | 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 December 31, 2016 : Balance Sheet Location December 31, 2016 September 24, 2016 Assets: Derivative instruments designated as a cash flow hedge: Interest rate cap agreements Prepaid expenses and other current assets $ 2.5 $ 1.0 Interest rate cap agreements Other assets — 0.4 $ 2.5 $ 1.4 Derivatives not designated as hedging instruments: Forward foreign currency contracts Prepaid expenses and other current assets $ 7.4 $ 0.2 Liabilities: Derivatives not designated as hedging instruments: Forward foreign currency contracts Accrued expenses $ — $ 1.3 |
Schedule of Unrealized Loss Recognized in AOCI | The following table presents the unrealized loss recognized in AOCI related to the interest rate caps for the following reporting periods: Three Months Ended December 31, 2016 December 26, 2015 Amount of gain recognized in other comprehensive income, net of taxes: Interest rate cap agreements $ 0.7 $ 0.3 |
Schedule of Adjustment to Fair Value within the Consolidated Statements of Income | 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 Amount of Gain Recognized in Income Location of Gain Recognized in Income Three Months Ended December 31, 2016 Three months ended December 26, 2015 Forward foreign currency contracts $ 9.6 $ 1.4 Other income, net |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Reconciles Cost Basis to Fair Market Value of Company's Equity Security | The following reconciles the cost basis to the fair market value of the Company’s equity securities that are classified as available-for-sale: Period Ended: Cost Gross Unrealized Gains Gross Unrealized Losses Other Than Temporary Impairment Fair Value December 31, 2016 $ 0.7 $ 4.0 $ (0.3 ) $ — $ 4.4 September 24, 2016 $ 2.4 $ — $ (0.3 ) $ (1.1 ) $ 1.0 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Share Amounts | A reconciliation of basic and diluted share amounts is as follows: Three Months Ended December 31, December 26, Basic weighted average common shares outstanding 278,663 282,976 Weighted average common stock equivalents from assumed exercise of stock options and stock units 3,143 3,109 Incremental shares from Convertible Notes premium 2,418 5,886 Diluted weighted average common shares outstanding 284,224 291,971 Weighted-average anti-dilutive shares related to: Outstanding stock options 1,442 733 Stock units 13 67 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Expense in Consolidated Statements of Operations | The following presents stock-based compensation expense in the Company’s Consolidated Statements of Income: Three Months Ended December 31, December 26, Cost of revenues $ 2.8 $ 2.2 Research and development 2.8 2.4 Selling and marketing 2.7 2.5 General and administrative 10.9 8.8 $ 19.2 $ 15.9 |
Weighted-Average Assumptions Utilized to Value Stock Options | The Company uses a binomial model to determine the fair value of its stock options. The weighted-average assumptions utilized to value these stock options are indicated in the following table: Three Months Ended December 31, December 26, Risk-free interest rate 1.8 % 1.6 % Expected volatility 36.6 % 37.8 % Expected life (in years) 4.7 4.7 Dividend yield — — Weighted average fair value of options granted $ 12.18 $ 13.13 |
Assets Held-for-Sale (Tables)
Assets Held-for-Sale (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Assets Held-for-Sale [Abstract] | |
Disclosure of Long Lived Assets Held-for-sale | Assets held-for sale are reflected separately in the Company's Consolidated Balance Sheet and comprise the following as of December 31, 2016 : Assets: Inventory $ 35.6 Property, plant and equipment 26.2 Goodwill 325.0 Intangible assets 541.7 Total assets held-for-sale $ 928.5 |
Operating Profit of Disposed Business | Income from operations of the disposed business for the periods ended December 31, 2016 and December 26, 2015 was as follows: Three Months Ended December 31, 2016 December 26, 2015 Income from operations $ 28.6 $ 27.1 |
Other Balance Sheet Informati33
Other Balance Sheet Information (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Balance Sheet Related Disclosures [Abstract] | |
Other Balance Sheet Information of Inventories | December 31, September 24, Inventories Raw materials $ 95.3 $ 96.4 Work-in-process 38.9 51.7 Finished goods 124.1 126.6 $ 258.3 $ 274.7 |
Other Balance Sheet Information of Property, Plant and Equipment | Property, plant and equipment Equipment and software $ 373.3 $ 381.9 Equipment under customer usage agreements 338.7 334.6 Building and improvements 168.4 186.1 Leasehold improvements 54.9 65.6 Land 46.2 51.9 Furniture and fixtures 12.7 18.4 994.2 1,038.5 Less – accumulated depreciation and amortization (561.6 ) (578.3 ) $ 432.6 $ 460.2 |
Business Segments and Geograp34
Business Segments and Geographic Information (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment information is as follows: Three Months Ended December 31, December 26, Total revenues: Diagnostics $ 325.4 $ 310.7 Breast Health 273.3 262.2 GYN Surgical 114.8 98.8 Skeletal Health 20.9 23.5 $ 734.4 $ 695.2 Income from operations: Diagnostics $ 41.1 $ 31.6 Breast Health 85.2 71.6 GYN Surgical 25.5 20.8 Skeletal Health (5.8 ) 2.1 $ 146.0 $ 126.1 Depreciation and amortization: Diagnostics $ 84.9 $ 83.7 Breast Health 5.1 7.3 GYN Surgical 25.1 24.6 Skeletal Health 0.2 0.3 $ 115.3 $ 115.9 Capital expenditures: Diagnostics $ 10.3 $ 11.9 Breast Health 2.2 2.0 GYN Surgical 4.1 3.4 Skeletal Health 0.3 0.1 Corporate 7.8 2.3 $ 24.7 $ 19.7 December 31, September 24, Identifiable assets: Diagnostics $ 3,687.1 $ 3,771.9 Breast Health 812.3 809.1 GYN Surgical 1,551.6 1,570.7 Skeletal Health 31.7 30.9 Corporate 1,255.1 1,134.4 $ 7,337.8 $ 7,317.0 |
Revenues by Geography | Revenues by geography as a percentage of total revenues were as follows: Three Months Ended December 31, December 26, United States 77.9 % 78.4 % Europe 10.7 % 10.0 % Asia-Pacific 8.4 % 7.9 % All others 3.0 % 3.7 % 100.0 % 100.0 % |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets consisted of the following: Description As of December 31, 2016 As of September 24, 2016 Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Developed technology $ 3,727.4 $ 1,962.9 $ 3,983.7 $ 1,991.6 In-process research and development 3.7 — 3.7 — Customer relationships and contracts 512.1 366.9 1,098.9 546.2 Trade names 236.1 144.1 236.2 141.6 Business licenses 2.3 2.0 2.4 2.1 $ 4,481.6 $ 2,475.9 $ 5,324.9 $ 2,681.5 |
Schedule of Estimated Amortization Expense | The estimated remaining amortization expense as of December 31, 2016 for each of the five succeeding fiscal years is as follows: Remainder of Fiscal 2017 $ 210.1 Fiscal 2018 $ 286.5 Fiscal 2019 $ 274.8 Fiscal 2020 $ 264.2 Fiscal 2021 $ 242.6 |
Product Warranties (Tables)
Product Warranties (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Guarantees [Abstract] | |
Product Warranty | Product warranty activity was as follows: Balance at Beginning of Period Provisions Settlements/ Adjustments Balance at End of Period Three Months Ended: December 31, 2016 $ 5.0 $ 2.6 $ (1.7 ) $ 5.9 December 26, 2015 $ 5.4 $ 5.7 $ (1.7 ) $ 9.4 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income [Abstract] | |
Changes in Accumulated Other Comprehensive Income | The following tables summarize the changes in accumulated balances of other comprehensive loss for the periods presented: Three Months Ended December 31, 2016 Foreign Currency Translation Marketable Securities Pension Plans Hedged Interest Rate Caps Total Beginning Balance $ (26.1 ) $ (0.3 ) $ (2.5 ) $ (3.4 ) $ (32.3 ) Other comprehensive income (loss) before reclassifications (15.7 ) 2.3 — 0.7 (12.7 ) Amounts reclassified to statement of income — 0.1 — 2.1 2.2 Ending Balance $ (41.8 ) $ 2.1 $ (2.5 ) $ (0.6 ) $ (42.8 ) Three Months Ended December 26, 2015 Foreign Currency Translation Marketable Securities Pension Plans Hedged Interest Rate Caps Total Beginning Balance $ (15.7 ) $ 6.9 $ (1.8 ) $ (3.9 ) $ (14.5 ) Other comprehensive income (loss) before reclassifications (4.2 ) (0.6 ) — 0.3 (4.5 ) Amounts reclassified to statement of income — (7.2 ) — 0.3 (6.9 ) Ending Balance $ (19.9 ) $ (0.9 ) $ (1.8 ) $ (3.3 ) $ (25.9 ) |
Basis of Presentation Additiona
Basis of Presentation Additional Information (Details) - USD ($) $ in Millions | Dec. 14, 2016 | Dec. 31, 2016 | Dec. 26, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Excess tax benefit recognized in income | $ 6 | ||
Excess tax benefit from share-based compensation, operating activities | $ 7.1 | ||
Blood Screening Business [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gross proceeds on sale | $ 1,850 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 24, 2016 |
Assets: | ||
Assets measured at fair value on a recurring basis | $ 14.3 | |
Interest Rate Cash Flow Hedge Asset at Fair Value | 2.5 | $ 1.4 |
Liabilities: | ||
Liabilities measured at fair value on a recurring basis | 41.1 | |
Equity securities | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 4.4 | |
Foreign Exchange Contract [Member] | ||
Assets: | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 7.4 | |
Deferred compensation liabilities | ||
Liabilities: | ||
Liabilities measured at fair value on a recurring basis | 41.1 | |
Quoted Prices in Active Market for Identical Assets (Level 1) | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 4.4 | |
Liabilities: | ||
Liabilities measured at fair value on a recurring basis | 41.1 | |
Quoted Prices in Active Market for Identical Assets (Level 1) | Equity securities | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 4.4 | |
Quoted Prices in Active Market for Identical Assets (Level 1) | Interest rate cap - derivative | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 0 | |
Quoted Prices in Active Market for Identical Assets (Level 1) | Foreign Exchange Contract [Member] | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 0 | |
Quoted Prices in Active Market for Identical Assets (Level 1) | Deferred compensation liabilities | ||
Liabilities: | ||
Liabilities measured at fair value on a recurring basis | 41.1 | |
Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 9.9 | |
Liabilities: | ||
Liabilities measured at fair value on a recurring basis | 0 | |
Significant Other Observable Inputs (Level 2) | Equity securities | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 0 | |
Significant Other Observable Inputs (Level 2) | Interest rate cap - derivative | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 2.5 | |
Significant Other Observable Inputs (Level 2) | Foreign Exchange Contract [Member] | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 7.4 | |
Significant Other Observable Inputs (Level 2) | Deferred compensation liabilities | ||
Liabilities: | ||
Liabilities measured at fair value on a recurring basis | 0 | |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 0 | |
Liabilities: | ||
Liabilities measured at fair value on a recurring basis | 0 | |
Significant Unobservable Inputs (Level 3) | Equity securities | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 0 | |
Significant Unobservable Inputs (Level 3) | Interest rate cap - derivative | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 0 | |
Significant Unobservable Inputs (Level 3) | Foreign Exchange Contract [Member] | ||
Assets: | ||
Assets measured at fair value on a recurring basis | 0 | |
Significant Unobservable Inputs (Level 3) | Deferred compensation liabilities | ||
Liabilities: | ||
Liabilities measured at fair value on a recurring basis | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 24, 2016 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Cost Method Investments | $ 3.4 | $ 3.5 |
Borrowed principal | 1,000 | |
Credit Agreement | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Borrowed principal | 1,390 | |
Accounts Receivable Securitization [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Borrowed principal | 188 | |
Senior Notes | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair value of debt instrument | $ 1,050 |
Fair Value Measurements - Estim
Fair Value Measurements - Estimated Fair Values of Convertible Notes (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Estimated Fair Value Of Financial Instruments [Line Items] | |
Estimated fair values of debt instruments | $ 945.6 |
2012 Notes | |
Estimated Fair Value Of Financial Instruments [Line Items] | |
Estimated fair values of debt instruments | 494.2 |
2013 Notes | |
Estimated Fair Value Of Financial Instruments [Line Items] | |
Estimated fair values of debt instruments | $ 451.4 |
Restructuring and Divestiture42
Restructuring and Divestiture Charges - Charges Taken Related to Restructuring Actions (Detail) - Restructuring - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Sep. 24, 2016 | |
Two Thousand Sixteen [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve | $ 6.3 | |
Year Two Thousand Sixteen [Domain] | ||
Restructuring Cost and Reserve [Line Items] | ||
Reduction Of Workforce Expenses | 10.5 | |
Fiscal restructuring charges | 10.5 | |
Two Thousand Seventeen [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve | $ 5.4 | |
Severance Costs | (0.3) | |
Facility Closure Costs | 3.5 | |
Fiscal restructuring charges | 3.2 | |
Fiscal 2016 Actions [Domain] | Two Thousand Sixteen [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve | 5.5 | |
Fiscal 2016 Actions [Domain] | Year Two Thousand Sixteen [Domain] | ||
Restructuring Cost and Reserve [Line Items] | ||
Reduction Of Workforce Expenses | 10.5 | |
Fiscal restructuring charges | 10.5 | |
Fiscal 2016 Actions [Domain] | Two Thousand Seventeen [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve | 4.8 | |
Severance Costs | (0.3) | |
Facility Closure Costs | 3.5 | |
Fiscal restructuring charges | 3.2 | |
Fiscal 2015 Actions | Two Thousand Sixteen [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve | 0.2 | |
Fiscal 2015 Actions | Two Thousand Seventeen [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve | 0.1 | |
Facility Closure Costs | 0 | |
Fiscal 2014 Actions | Two Thousand Sixteen [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve | $ 0.6 | |
Fiscal 2014 Actions | Two Thousand Seventeen [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve | 0.5 | |
Facility Closure Costs | $ 0 |
Restructuring and Divestiture43
Restructuring and Divestiture Charges - Charges Taken Related to Accrued Restructuring Actions (Detail) - Restructuring $ in Millions | 3 Months Ended |
Dec. 31, 2016USD ($) | |
Two Thousand Sixteen [Member] | |
Restructuring Reserve [Roll Forward] | |
Period beginning balance | $ 6.3 |
Period end balance | |
Two Thousand Sixteen [Member] | Restructuring Action Two Thousand Sixteen [Domain] | |
Restructuring Reserve [Roll Forward] | |
Period beginning balance | 5.5 |
Period end balance | |
Two Thousand Sixteen [Member] | Fiscal 2015 Actions | |
Restructuring Reserve [Roll Forward] | |
Period beginning balance | 0.2 |
Period end balance | |
Two Thousand Sixteen [Member] | Fiscal 2014 Actions | |
Restructuring Reserve [Roll Forward] | |
Period beginning balance | 0.6 |
Period end balance | |
Two Thousand Seventeen [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges Under Exit Or Disposal Plan | 3.2 |
Facility Closure Costs | 3.5 |
Restructuring Reserve [Roll Forward] | |
Severance payments and adjustments | (3.9) |
Other payments | (0.5) |
Period end balance | 5.4 |
Two Thousand Seventeen [Member] | Restructuring Action Two Thousand Sixteen [Domain] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges Under Exit Or Disposal Plan | 3.2 |
Facility Closure Costs | 3.5 |
Restructuring Reserve [Roll Forward] | |
Severance payments and adjustments | (3.8) |
Other payments | (0.4) |
Period end balance | 4.8 |
Two Thousand Seventeen [Member] | Fiscal 2015 Actions | |
Restructuring Cost and Reserve [Line Items] | |
Facility Closure Costs | 0 |
Restructuring Reserve [Roll Forward] | |
Severance payments and adjustments | (0.1) |
Other payments | 0 |
Period end balance | 0.1 |
Two Thousand Seventeen [Member] | Fiscal 2014 Actions | |
Restructuring Cost and Reserve [Line Items] | |
Facility Closure Costs | 0 |
Restructuring Reserve [Roll Forward] | |
Severance payments and adjustments | 0 |
Other payments | (0.1) |
Period end balance | $ 0.5 |
Restructuring and Divestiture44
Restructuring and Divestiture Charges - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Sep. 24, 2016 | Dec. 26, 2015 | Sep. 24, 2016 | |
Bedford [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance charges | $ 0 | $ 0.5 | $ 1.7 | |
Facility Closure Costs | $ 3.5 | |||
Restructuring | San Diego [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance charges | $ 0.9 | |||
Restructuring | International [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance charges | $ 1.8 | 7.9 | ||
Allocated Share-based Compensation Expense | $ 0.4 |
Borrowings and Credit Arrange45
Borrowings and Credit Arrangements - Company's Borrowings (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 24, 2016 |
Debt Instrument [Line Items] | ||
Current debt obligations, net of debt discount | $ 707.3 | $ 296 |
Convertible Notes | 426.2 | 12.2 |
Convertible Notes | 355.6 | 763.5 |
Total long-term debt obligations | 2,615.6 | 3,049.4 |
Total debt obligations | 3,322.9 | 3,345.4 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Current debt obligations, net of debt discount | 93.1 | 83.8 |
Long-term debt obligations, net of debt discount | 1,281.2 | 1,308.2 |
Accounts Receivable Securitization [Member] | ||
Debt Instrument [Line Items] | ||
Current debt obligations, net of debt discount | 188 | 200 |
2022 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt obligations, net of debt discount | $ 978.8 | $ 977.7 |
Borrowings and Credit Arrange46
Borrowings and Credit Arrangements - Additional Information (Detail) - USD ($) $ in Millions | Dec. 19, 2016 | Dec. 31, 2016 | Dec. 26, 2015 |
Debt Instrument [Line Items] | |||
Non-cash interest expense amortization of debt discount and deferred financing costs | $ 14.3 | $ 13.2 | |
Conversion requests remaining to be paid | 8.4 | ||
Cash paid for conversion of debt | 6.4 | 0.1 | |
Conversion premium | 2.5 | ||
Repayments of Accounts Receivable Securitization | $ 12 | $ 0 | |
Credit Agreement | |||
Debt Instrument [Line Items] | |||
Weighted average interest rates | 2.05% | 1.95% | |
Interest rate | 2.27% | ||
Interest expense | $ 9.8 | $ 10 | |
Non-cash interest expense amortization of debt discount and deferred financing costs | 1.1 | 1.1 | |
2022 Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest expense | 15.1 | ||
Non-cash interest expense amortization of debt discount and deferred financing costs | $ 1 | ||
Senior note interest rate per year | 5.25% | ||
Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest expense | 14 | ||
Accounts Receivable Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Weighted average interest rates | 1.25% | ||
Interest rate | 1.47% | ||
Interest expense | $ 0.7 | ||
Repayments of Accounts Receivable Securitization | 12 | ||
Convertible Debt [Member] | 2010 Notes [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 2.00% | ||
Redemption price (as a percent) | 100.00% | ||
Convertible Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Interest expense | 12 | 14 | |
Non-cash interest expense amortization of debt discount and deferred financing costs | $ 10 | $ 10.8 |
Borrowings and Credit Arrange47
Borrowings and Credit Arrangements - Interest Expense under Convertible Notes (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Dec. 26, 2015 | |
Debt Conversion [Line Items] | ||
Non-cash interest expense | $ 14.3 | $ 13.2 |
Convertible Notes Payable | ||
Debt Conversion [Line Items] | ||
Amortization of debt discount | 5.2 | 6.4 |
Amortization of deferred financing costs | 0.2 | 0.3 |
Principal accretion | 4.6 | 4.1 |
Non-cash interest expense | 10 | 10.8 |
2.00% accrued interest (cash) | 2 | 3.2 |
Interest expense, net | $ 12 | $ 14 |
Derivatives Additional Informat
Derivatives Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Sep. 26, 2015 | Sep. 24, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Interest Rate Cap Agreements Aggregate Premium Payable | $ 13.2 | |||
Principal Amount Of Borrowings | $ 1,000 | |||
Interest Payment Duration | three-year | |||
Loss reclassified from accumulated other comprehensive loss to the statement of income | $ (2.1) | $ (0.3) | ||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | 7.1 | |||
Interest Rate Cash Flow Hedge Asset at Fair Value | 2.5 | $ 1.4 | ||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | 1.2 | 0.4 | ||
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax | 8.4 | $ 1 | ||
Notional Amount | $ 156.7 |
Derivatives Fair Value of Deriv
Derivatives Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 24, 2016 |
Designated as Hedging Instrument [Member] | Interest rate cap - derivative | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | $ 2.5 | $ 1.4 |
Designated as Hedging Instrument [Member] | Interest rate cap - derivative | Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 2.5 | 1 |
Designated as Hedging Instrument [Member] | Interest rate cap - derivative | Other Assets [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 0 | 0.4 |
Not Designated as Hedging Instrument [Member] | 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 | 7.4 | 0.2 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Accrued Liabilities [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | $ 0 | $ 1.3 |
Derivatives Schedule of Cash Fl
Derivatives Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Dec. 26, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Changes in value of hedged interest rate caps, net of tax of $0.5 and $0.2 for the three months ended December 31, 2016 and December 26, 2015: | $ 0.7 | $ 0.3 |
Interest rate cap - derivative | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Changes in value of hedged interest rate caps, net of tax of $0.5 and $0.2 for the three months ended December 31, 2016 and December 26, 2015: | $ 0.7 | $ 0.3 |
Derivatives Gain (Loss) on Fair
Derivatives Gain (Loss) on Fair Value Hedges Recognized in Earnings (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Dec. 26, 2015 | |
Foreign Exchange Forward [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Forward foreign currency contracts | $ 9.6 | $ 1.4 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Sep. 04, 2012USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Assessed damages | $ 4 |
Marketable Securities - Reconci
Marketable Securities - Reconciles Cost Basis to Fair Market Value of Company's Equity Security (Detail) - Equity securities - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 24, 2016 |
Schedule Of Marketable Securities [Line Items] | ||
Available-for-sale Equity Securities, Amortized Cost Basis | $ 0.7 | $ 2.4 |
Gross Unrealized Gains | 4 | 0 |
Gross Unrealized Losses | (0.3) | (0.3) |
Other than temporary impairment | 0 | 1.1 |
Fair Value | $ 4.4 | $ 1 |
Marketable Securities Additiona
Marketable Securities Additional Information (Details) - Equity securities - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Dec. 26, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable Securities, Unrealized Gain (Loss) | $ 4 | |
Realized Gain (Loss) on Marketable Securities, Cost Method Investments, and Other Investments | $ (25.1) |
Net Income Per Share - Reconcil
Net Income Per Share - Reconciliation of Basic and Diluted Share Amounts (Detail) - shares shares in Thousands | 3 Months Ended | |
Dec. 31, 2016 | Dec. 26, 2015 | |
Earnings Per Share [Line Items] | ||
Basic weighted average common shares outstanding | 278,663 | 282,976 |
Weighted average common stock equivalents from assumed exercise of stock options and stock units | 3,143 | 3,109 |
Incremental shares from Convertible Notes premium | 2,418 | 5,886 |
Diluted weighted average common shares outstanding | 284,224 | 291,971 |
Outstanding Stock Options | ||
Weighted-average anti-dilutive shares related to: | ||
Weighted-average anti-dilutive shares (in shares) | 1,442 | 733 |
Restricted stock units | ||
Weighted-average anti-dilutive shares related to: | ||
Weighted-average anti-dilutive shares (in shares) | 13 | 67 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense in Consolidated Statements of Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Dec. 26, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 19.2 | $ 15.9 |
Cost of Sales [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 2.8 | 2.2 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 2.8 | 2.4 |
Selling and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 2.7 | 2.5 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 10.9 | $ 8.8 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Dec. 26, 2015 | |
Stock option plans | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options granted | 0.9 | 0.9 |
Weighted-average exercise prices | $ 37.62 | $ 39.94 |
Share-based compensation, stock option outstanding | 6.5 | |
Weighted-average exercise price of options outstanding | $ 27.43 | |
Unrecognized compensation expense | $ 28.6 | |
Weighted-average period for recognition of unrecognized stock-based compensation, years | 3 years | |
Restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted | 0.9 | 0.9 |
Restricted stock units (RSUs), weighted average grant date fair values | $ 37.58 | $ 39.96 |
Unvested RSUs outstanding | 2.8 | |
Unvested RSUs weighted-average grant date fair value | $ 34.12 | |
Unrecognized compensation expense | $ 94.4 | |
Weighted-average period for recognition of unrecognized stock-based compensation, years | 2 years 2 months 2 days | |
Performance shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted | 0.1 | 0.3 |
Restricted stock units (RSUs), weighted average grant date fair values | $ 37.64 | $ 26.58 |
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% | |
Performance stock units vesting period | 3 years | |
Market Based Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted | 0.1 | |
Restricted stock units (RSUs), weighted average grant date fair values | $ 48.90 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted-Average Assumptions Utilized to Value Stock Options (Detail) - USD ($) | 3 Months Ended | |
Dec. 31, 2016 | Dec. 26, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.80% | 1.60% |
Expected volatility | 36.60% | 37.80% |
Expected life (in years) | 4 years 8 months 8 days | 4 years 8 months 8 days |
Dividend yield | $ 0 | $ 0 |
Weighted average fair value of options granted | $ 12.18 | $ 13.13 |
Assets Held-for-Sale Additional
Assets Held-for-Sale Additional Information (Details) $ in Millions | Dec. 14, 2016USD ($) |
Blood Screening Business [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Gross proceeds on sale | $ 1,850 |
Assets Held-for-Sale Disclosure
Assets Held-for-Sale Disclosure of Long Lived Assets Held-for-sale (Details) - Blood Screening Business [Member] $ in Millions | Dec. 31, 2016USD ($) |
Long Lived Assets Held-for-sale [Line Items] | |
Assets held for sale | $ 928.5 |
Inventories [Member] | |
Long Lived Assets Held-for-sale [Line Items] | |
Assets held for sale | 35.6 |
Property, Plant and Equipment [Member] | |
Long Lived Assets Held-for-sale [Line Items] | |
Assets held for sale | 26.2 |
Other Intangible Assets [Member] | |
Long Lived Assets Held-for-sale [Line Items] | |
Assets held for sale | 325 |
Goodwill [Member] | |
Long Lived Assets Held-for-sale [Line Items] | |
Assets held for sale | $ 541.7 |
Assets Held-for-Sale Operating
Assets Held-for-Sale Operating Profit of Disposed Business (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Dec. 26, 2015 | |
Blood Screening Business [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Income from operations | $ 28.6 | $ 27.1 |
Other Balance Sheet Informati62
Other Balance Sheet Information - Other Balance Sheet Information of Inventories (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 24, 2016 |
Balance Sheet Related Disclosures [Abstract] | ||
Raw materials | $ 95.3 | $ 96.4 |
Work-in-process | 38.9 | 51.7 |
Finished goods | 124.1 | 126.6 |
Inventories | $ 258.3 | $ 274.7 |
Other Balance Sheet Informati63
Other Balance Sheet Information - Other Balance Sheet Information of Property, Plant and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 24, 2016 |
Balance Sheet Related Disclosures [Abstract] | ||
Equipment and software | $ 373.3 | $ 381.9 |
Equipment under customer usage agreements | 338.7 | 334.6 |
Building and improvements | 168.4 | 186.1 |
Leasehold improvements | 54.9 | 65.6 |
Land | 46.2 | 51.9 |
Furniture and fixtures | 12.7 | 18.4 |
Property, plant and equipment, gross | 994.2 | 1,038.5 |
Less – accumulated depreciation and amortization | (561.6) | (578.3) |
Property, plant and equipment, net | $ 432.6 | $ 460.2 |
Business Segments and Geograp64
Business Segments and Geographic Information - Additional Information (Detail) | 3 Months Ended | |
Dec. 31, 2016USD ($)CustomerSegment | Dec. 26, 2015USD ($) | |
Segment Reporting Disclosure [Line Items] | ||
Number of reportable segments | Segment | 4 | |
Revenues | $ | $ 734,400,000 | $ 695,200,000 |
Customer represented greater than 10% of consolidated revenues | 0 | 0 |
Countries with greater than 10% of consolidated revenue | Customer | 0 | |
Number of reportable segments | Segment | 4 | |
Intersegment | ||
Segment Reporting Disclosure [Line Items] | ||
Revenues | $ | $ 0 | $ 0 |
Business Segments and Geograp65
Business Segments and Geographic Information - Segment Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Sep. 24, 2016 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 734.4 | $ 695.2 | |
Operating income (loss) | 146 | 126.1 | |
Depreciation and amortization | 115.3 | 115.9 | |
Capital expenditures | 24.7 | 19.7 | |
Identifiable assets | 7,337.8 | $ 7,317 | |
Diagnostics | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 325.4 | 310.7 | |
Operating income (loss) | 41.1 | 31.6 | |
Depreciation and amortization | 84.9 | 83.7 | |
Capital expenditures | 10.3 | 11.9 | |
Identifiable assets | 3,687.1 | 3,771.9 | |
Breast Health | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 273.3 | 262.2 | |
Operating income (loss) | 85.2 | 71.6 | |
Depreciation and amortization | 5.1 | 7.3 | |
Capital expenditures | 2.2 | 2 | |
Identifiable assets | 812.3 | 809.1 | |
GYN Surgical | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 114.8 | 98.8 | |
Operating income (loss) | 25.5 | 20.8 | |
Depreciation and amortization | 25.1 | 24.6 | |
Capital expenditures | 4.1 | 3.4 | |
Identifiable assets | 1,551.6 | 1,570.7 | |
Skeletal Health | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 20.9 | 23.5 | |
Operating income (loss) | (5.8) | 2.1 | |
Depreciation and amortization | 0.2 | 0.3 | |
Capital expenditures | 0.3 | 0.1 | |
Identifiable assets | 31.7 | 30.9 | |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 7.8 | $ 2.3 | |
Identifiable assets | $ 1,255.1 | $ 1,134.4 |
Business Segments and Geograp66
Business Segments and Geographic Information - Revenues by Geography (Detail) | 3 Months Ended | |
Dec. 31, 2016 | Dec. 26, 2015 | |
Schedule Of Geographical Segments [Line Items] | ||
Revenues | 100.00% | 100.00% |
United States | ||
Schedule Of Geographical Segments [Line Items] | ||
Revenues | 77.90% | 78.40% |
Europe | ||
Schedule Of Geographical Segments [Line Items] | ||
Revenues | 10.70% | 10.00% |
Asia-Pacific | ||
Schedule Of Geographical Segments [Line Items] | ||
Revenues | 8.40% | 7.90% |
All others | ||
Schedule Of Geographical Segments [Line Items] | ||
Revenues | 3.00% | 3.70% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Dec. 31, 2016 | Dec. 26, 2015 | |
Income Tax Disclosure [Abstract] | ||
Company's effective tax rate | 25.50% | 25.90% |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 24, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 4,481.6 | $ 5,324.9 |
Accumulated Amortization | 2,475.9 | 2,681.5 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 3,727.4 | 3,983.7 |
Accumulated Amortization | 1,962.9 | 1,991.6 |
In-process research and development | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 3.7 | 3.7 |
Accumulated Amortization | 0 | 0 |
Customer relationships and contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 512.1 | 1,098.9 |
Accumulated Amortization | 366.9 | 546.2 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 236.1 | 236.2 |
Accumulated Amortization | 144.1 | 141.6 |
Business licenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 2.3 | 2.4 |
Accumulated Amortization | $ 2 | $ 2.1 |
Intangible Assets - Schedule 69
Intangible Assets - Schedule of Estimated Amortization Expense (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of Fiscal 2017 | $ 210.1 |
Fiscal 2,018 | 286.5 |
Fiscal 2,019 | 274.8 |
Fiscal 2,020 | 264.2 |
Fiscal 2,021 | $ 242.6 |
Intangible Assets Additional In
Intangible Assets Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 24, 2016 |
Product Line [Line Items] | ||
Accumulated Amortization | $ 2,475.9 | $ 2,681.5 |
Developed technology | ||
Product Line [Line Items] | ||
Assets held for sale | 154 | |
Accumulated Amortization | 1,962.9 | 1,991.6 |
Customer relationships and contracts | ||
Product Line [Line Items] | ||
Assets held for sale | 387.7 | |
Accumulated Amortization | $ 366.9 | $ 546.2 |
Product Warranties - Product Wa
Product Warranties - Product Warranty (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Dec. 26, 2015 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Balance at Beginning of Period | $ 5 | $ 5.4 |
Provisions | 2.6 | 5.7 |
Settlements/ Adjustments | (1.7) | (1.7) |
Balance at End of Period | $ 5.9 | $ 9.4 |
Product Warranties Additional I
Product Warranties Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Dec. 26, 2015 | |
Product Warranty Liability [Line Items] | ||
Provisions | $ 2.6 | $ 5.7 |
CHINA | ||
Product Warranty Liability [Line Items] | ||
Provisions | $ 4 |
Accumuated Other Comprehensiv73
Accumuated Other Comprehensive Loss Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Dec. 31, 2016 | Dec. 26, 2015 | Sep. 24, 2016 | Sep. 26, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (41.8) | $ (19.9) | $ (26.1) | $ (15.7) |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 2.1 | (0.9) | (0.3) | 6.9 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | (2.5) | (1.8) | (2.5) | (1.8) |
Accumulated other comprehensive Income loss Hedge | (0.6) | (3.3) | (3.4) | (3.9) |
Changes in foreign currency translation adjustment | (15.7) | (4.2) | ||
Changes in unrealized holding gains and losses on available-for-sale securities, net of tax of $1.5 for the three months ended December 31, 2016: | 2.3 | (0.6) | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | 0 | 0 | ||
Changes in value of hedged interest rate caps, net of tax of $0.5 and $0.2 for the three months ended December 31, 2016 and December 26, 2015: | 0.7 | 0.3 | ||
Other Comprehensive Income (Loss) before Reclassifications, Tax | (12.7) | (4.5) | ||
Restructuring Reserve, Translation and Other Adjustment | 2.2 | (6.9) | ||
Accumulated other comprehensive loss | (42.8) | (25.9) | $ (32.3) | $ (14.5) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Restructuring Reserve, Translation and Other Adjustment | 0 | 0 | ||
Pension in Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Restructuring Reserve, Translation and Other Adjustment | 0 | 0 | ||
Equity securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Restructuring Reserve, Translation and Other Adjustment | 0.1 | (7.2) | ||
Interest rate cap - derivative | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Restructuring Reserve, Translation and Other Adjustment | $ 2.1 | $ 0.3 |