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Other Financial Information

12 Months Ended

Sep. 27, 2019

Other Financial Information [Abstract]

OTHER FINANCIAL INFORMATION

Contracts with Customers

The following table provides the Company's unbilled receivables and deferred revenues from contracts with customers:



	September 27,			September 28,
(In millions)	2019			2018
Unbilled receivables - current	$	346.7		$	362.8
Unbilled receivables - long-term ⁽¹⁾	35.1			36.3
Deferred revenues - current	(766.0		)	(729.7		)
Deferred revenues - long-term ⁽²⁾	(73.1		)	(38.6		)
Total net unbilled receivables (deferred revenues)	$	(457.3	)	$	(369.2	)


⁽¹⁾	Included in other assets on the Company's Consolidated Balance Sheets.


⁽²⁾	Included in other long-term liabilities on the Company's Consolidated Balance Sheets.

During fiscal year 2019, unbilled receivables decreased by $17.3 million, primarily due to the timing of triggering billing milestones in proton solutions and timing of payments, and deferred revenues increased by $70.8 million, primarily due to the contractual timing of billings occurring before the revenues were recognized.

During fiscal year 2019, the Company recognized revenues of $616.9 million, which was included in the deferred revenues balance as of September 28, 2018. During fiscal year 2018, the Company recognized revenues of $407.0 million, which was included in the deferred revenues balance as of September 29, 2017.

Unfulfilled Performance Obligations

The following table represents the Company's unfulfilled performance obligations as of September 27, 2019, and the estimated revenue expected to be recognized in the future related to these unfulfilled performance obligations:



	Fiscal years of revenue recognition
(In millions)	2020		2021		2022		Thereafter
Unfulfilled performance obligations	$	2,469.6	$	1,581.1	$	641.8	$	1,991.4

The table above includes both product and service unfulfilled performance obligations, which includes a component of service performance obligations that have not been invoiced. The fiscal years presented reflect management’s best estimate of when the Company will transfer control to the customer and may change based on timing of shipment, readiness of customers’ facilities for installation, installation requirements, and availability of products or customer acceptance terms.

Cash, Cash Equivalents, and Restricted Cash

The following table summarizes the Company's cash, cash equivalents, and restricted cash:



	September 27,		September 28,
(In millions)	2019		2018
Cash and cash equivalents	$	531.4	$	504.8
Restricted cash - current ⁽¹⁾	4.2		3.1
Restricted cash - long-term ⁽²⁾	8.5		8.5
Total cash, cash equivalents, and restricted cash	$	544.1	$	516.4


⁽¹⁾	Included in prepaid expenses and other current assets on the Company's Consolidated Balance Sheets.


⁽²⁾	Included in other assets on the Company's Consolidated Balance Sheets.

Inventories

The following table summarizes the Company's inventories:



	September 27,		September 28,
(In millions)	2019		2018
Raw materials and parts	$	376.5	$	304.1
Work-in-process	71.8		50.6
Finished goods	103.2		83.4
Total inventories	$	551.5	$	438.1

Prepaid Expenses and Other Current Assets

The following table summarizes the Company's prepaid expenses and other current assets:



	September 27,		September 28,
(In millions)	2019		2018
Prepaid income taxes	$	51.1	$	48.1
Prepaid sales taxes	21.0		17.5
Prepaid compensation	13.7		14.2
Advance payments to suppliers	15.3		16.6
Available-for-sale securities⁽¹⁾	—		39.4
RPTC senior secured debt ⁽¹⁾	—		24.9
Other current receivables	47.2		24.1
Other prepaid expenses	57.9		48.5
Total prepaid expenses and other current assets	$	206.2	$	233.3


⁽¹⁾	The Company's available-for-sale securities and the Rinecker Proton Therapy Center ("RPTC") senior secured debt were reclassified to other assets in fiscal year 2019. See Note 15, "Proton Solutions Loans and Investment," for more information.

Property, Plant and Equipment, net

The following table summarizes the Company's property, plant and equipment, net:



	September 27,			September 28,
(In millions)	2019			2018
Land and land improvements	$	44.2		$	44.2
Buildings and leasehold improvements	242.5			227.0
Machinery and equipment	456.2			404.0
Construction in progress	42.9			28.6
	785.8			703.8
Accumulated depreciation and amortization	(474.3		)	(429.2		)
Total property, plant and equipment, net	$	311.5		$	274.6

Other Assets

The following table summarizes the Company's other assets:



	September 27,		September 28,
(In millions)	2019		2018
Long-term receivables	$	74.3	$	71.7
Deferred Compensation Plan ("DCP") assets	79.0		75.2
Equity investments	64.2		39.4
Long-term available-for-sale securities	58.2		23.1
California Proton Therapy Center ("CPTC") Term loan	44.0		44.0
RPTC senior secured debt	23.5		—
Other	54.0		39.4
Total other assets	$	397.2	$	292.8

Accrued Liabilities

The following table summarizes the Company's accrued liabilities:



	September 27,		September 28,
(In millions)	2019		2018
Accrued compensation and benefits	$	161.9	$	151.1
DCP liabilities	75.0		74.4
Product warranty	40.0		40.9
Income taxes payable	39.8		49.0
Contingent consideration	33.0		1.2
Other	109.8		103.1
Total accrued liabilities	$	459.5	$	419.7

Other Long-Term Liabilities

The following table summarizes the Company's other long-term liabilities:



	September 27,		September 28,
(In millions)	2019		2018
Income taxes payable	$	180.3	$	189.1
Deferred revenues	73.1		38.6
Deferred income taxes	75.3		31.4
Contingent consideration	42.3		23.2
Defined benefit pension plans	31.1		8.6
Other	38.0		33.4
Total other long-term liabilities	$	440.1	$	324.3

Other Income, Net

The following table summarizes the Company's other income, net:



	Fiscal Years
(In millions)	2019		2018		2017
Gain on equity investments	$	23.8	$	—	$	—
Net foreign currency exchange gain	4.2		2.6		3.0
Other	0.3		1.6		(0.6		)
Total other income, net	$	28.3	$	4.2	$	2.4