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Income Taxes (Tables)
 12 Months Ended
Sep. 25, 2015
Income Tax Disclosure [Abstract]  
Schedule of Components of Income from Continuing Operations before Income Taxes
The Domestic and International components of income from continuing operations before income taxes were as follows(1):
 
2015
 
2014
 
2013
Domestic
$
(107.0
)
 
$
(159.9
)
 
$
34.7

International
322.3

 
6.0

 
21.0

Total
$
215.3

 
$
(153.9
)
 
$
55.7


(1) Domestic reflects U.K. in fiscal 2015, and U.S. federal and state in fiscal 2014 and fiscal 2013.

Schedule of Significant Components of Income Taxes Related to Continuing Operations
Significant components of income taxes related to continuing operations are as follows(1):
 
2015
 
2014
 
2013
Current:
 
 
 
 
 
Domestic 
$
0.3

 
$
40.9

 
$
49.3

International 
95.1

 
17.9

 
12.1

Current income tax provision
95.4

 
58.8

 
61.4

Deferred:
 
 
 
 
 
Domestic 
$
(0.8
)
 
$
(49.7
)
 
$
(18.3
)
International 
(187.5
)
 
(19.2
)
 
4.4

Deferred income tax (benefit) provision
(188.3
)
 
(68.9
)
 
(13.9
)
 
$
(92.9
)
 
$
(10.1
)
 
$
47.5


(1) Domestic reflects U.K. in fiscal 2015, and U.S. federal and state in fiscal 2014 and fiscal 2013.
Schedule of Reconciliation of Income Taxes at Statutory Rate and Tax Provision
The reconciliation between Domestic income taxes at the statutory rate and the Company's provision for income taxes on continuing operations is as follows:
 
2015
 
2014
 
2013
Provision for income taxes at Domestic statutory income tax rate (1)
$
43.1

 
$
(53.8
)
 
$
19.5

   Adjustments to reconcile to income tax provision:
 
 
 
 
 
U.S. state income tax provision, net (6)
—

 
(6.1
)
 
3.7

Rate difference between Domestic and International jurisdictions (2) (3)
(138.6
)
 
(10.6
)
 
3.3

U.S. manufacturing deduction (6)
—

 
(4.1
)
 
(2.5
)
Valuation allowances, nonrecurring
(2.1
)
 
0.1

 
3.4

Adjustments to accrued income tax liabilities and uncertain tax positions (3)
(6.8
)
 
(1.5
)
 
5.0

Interest and penalties on accrued income tax liabilities and uncertain tax positions (3)
0.2

 
(7.9
)
 
4.7

Investment in partnership
—

 
20.0

 
—

Credits, principally research and orphan drug (4)
(8.1
)
 
(0.8
)
 
(6.3
)
Impairments, nondeductible
—

 
41.8

 
—

Permanently nondeductible and nontaxable items (5)
16.4

 
13.8

 
15.3

Other
3.0

 
(1.0
)
 
1.4

Provision for income taxes
$
(92.9
)
 
$
(10.1
)
 
$
47.5

(1)
The statutory tax rate reflects the U.K. statutory tax rate of 20% for fiscal 2015, and the U.S. federal statutory tax rate of 35% for fiscal 2014 and 2013.
(2)
Includes the impact of certain recurring valuation allowances for Domestic and International jurisdictions.
(3)
Fiscal year 2013 includes impact of items relating to entities retained by Covidien in connection with the Separation.
(4)
During fiscal 2013, the U.S. Research Credit legislation was extended, with a retroactive effective date of January 1, 2012. As such, fiscal 2013 includes approximately $2.3 million of credit related to the period January 1, 2012 through September 28, 2012. Due to the December 31, 2013 tax law expiration, fiscal 2014 includes $0.7 million for the period September 28, 2013 through December 31, 2013. During fiscal 2015, the legislation was extended, with a retroactive effective date of January 1, 2014. As such, fiscal 2015 includes approximately $3.6 million of credit related to the period January 1, 2014 through September 26, 2014.
(5)
Includes the impact of nondeductible transaction and separation costs.
(6)
For fiscal 2015, U.S. state income tax benefit of $36.4 million, and U.S. manufacturing deduction tax benefit of $5.6 million were combined with the rate differences between Domestic and International jurisdictions. Fiscal 2014 includes U.S. state income tax benefit of $4.4 million associated with fiscal 2014 acquisitions and integration thereof.
Schedule of Unrecognized Tax Benefit Activity
The following table summarizes the activity related to the Company's unrecognized tax benefits, excluding interest:
 
2015
 
2014
 
2013
Balance at beginning of fiscal year
$
82.0

 
$
100.1

 
$
165.5

Unrecognized tax benefits retained by Covidien
—

 
—

 
(153.7
)
Unrecognized tax benefits transferred from Covidien
—

 
—

 
84.2

Additions related to current year tax positions
4.5

 
3.2

 
3.5

Additions related to prior period tax positions
19.9

 
30.6

 
6.6

Reductions related to prior period tax positions
(7.7
)
 
(33.0
)
 
(4.3
)
Settlements
(7.8
)
 
(6.9
)
 
(1.6
)
Lapse of statute of limitations
(1.7
)
 
(12.0
)
 
(0.1
)
Balance at end of fiscal year
89.2

 
82.0

 
100.1
Schedule of Unrecongized Tax Benefits Balance Sheet Location
Unrecognized tax benefits, excluding interest, are reported in the following consolidated balance sheet captions in the amount shown:
 
September 25, 2015
 
September 26, 2014
Accrued and other current liabilities
$
1.3

 
$
6.5

Other income tax liabilities
80.0

 
70.7

Deferred income taxes (non-current liability)
7.9

 
4.8

 
$
89.2

 
$
82.0
Schedule of Income Taxes Payable
Income taxes payable, including uncertain tax positions and related interest accruals, is reported in the following consolidated balance sheet captions in the amounts shown.
 
September 25, 2015
 
September 26, 2014
Accrued and other current liabilities
$
19.8

 
$
13.1

Other income tax liabilities
121.3

 
122.6

 
$
141.1

 
$
135.7
Schedule of Income Tax Receivables and Other Assets
At September 25, 2015, other assets includes $52.2 million of tax payments associated with non-current deferred intercompany transactions. Prepaid expenses and other current assets includes $8.7 million of tax payments associated with current deferred intercompany transactions, and $81.3 million of receivables associated with tax payments on account with the taxing authorities. At September 26, 2014, other assets includes $14.8 million of tax payments associated with non-current deferred intercompany transactions. Prepaid expenses and other current assets includes a receivable of $60.0 million associated with the Questcor acquisition and tax payments of $0.6 million associated with current deferred intercompany transactions. All of the above items exclude amounts related to assets which are held for sale.
 
September 25, 2015
 
September 26, 2014
Other assets
$
52.2

 
$
14.8

Prepaid expenses and other current assets
90.0

 
63.4

 
$
142.2

 
$
78.2
Schedule of Deferred Taxes Activity
The components of the net deferred tax (liability) asset at the end of each fiscal year were as follows:
 
September 25, 2015
 
September 26, 2014
Deferred tax assets:
 
 
 
Accrued liabilities and reserves
$
92.5

 
$
68.9

Inventories
23.2

 
21.4

Tax loss and credit carryforwards
163.3

 
93.8

Environmental liabilities
23.6

 
29.5

Rebate reserves
48.5

 
41.1

Expired product
26.3

 
39.0

Postretirement benefits
33.8

 
34.5

Federal and state benefit of uncertain tax positions and interest
33.6

 
29.5

Share-based compensation
18.9

 
28.1

Intangible assets
105.7

 
9.6

Other
20.2

 
32.0

 
589.6

 
427.4

Deferred tax liabilities:
 
 
 
Property, plant and equipment
(140.1
)
 
(121.6
)
Intangible assets
(1,550.7
)
 
(2,177.9
)
Installment sale
(1,465.3
)
 
(93.6
)
Investment in partnership
(187.9
)
 
(191.3
)
 
(3,344.0
)
 
(2,584.4
)
Net deferred tax (liability) before valuation allowances
(2,754.4
)
 
(2,157.0
)
Valuation allowances
(233.0
)
 
(76.9
)
Net deferred tax (liability)
$
(2,987.4
)
 
$
(2,233.9
)
Schedule of Deferred Taxes Balance Sheet Location
Deferred taxes are reported in the following consolidated and combined balance sheet captions in the amounts shown:
 
September 25, 2015
 
September 26, 2014
Deferred income taxes (current asset)
$
142.7

 
$
152.3

Other non-current assets
7.0

 
13.4

Accrued and other current liabilities
(4.7
)
 
—

Deferred income taxes (non-current liability)
(3,132.4
)
 
(2,399.6
)
Net deferred tax (liability)
$
(2,987.4
)
 
$
(2,233.9
)