Taxes on Earnings (Tables)

12 Months Ended

Sep. 27, 2013

Schedule of Taxes on Earnings from Continuing Operations

Taxes on earnings from continuing operations were as follows:

	Fiscal Years Ended
(In millions)	2013			2012			2011
Current provision:
Federal	$	110.1		$	99.3		$	80.4
State and local		13.4			8.5			11.7
Foreign		54.3			63.5			52.7
Total current		177.8			171.3			144.8
Deferred provision (benefit):
Federal		(3.9	)		(4.5	)		32.9
State and local		(0.2	)		0.1			6.0
Foreign		0.1			2.0			(3.6	)
Total deferred		(4.0	)		(2.4	)		35.3
Taxes on earnings	$	173.8		$	168.9		$	180.1

Schedule of Earnings from Continuing Operations Before Taxes

Earnings from continuing operations before taxes are generated from the following geographic areas:

	Fiscal Years Ended
(In millions)	2013		2012		2011
United States	$	308.0	$	271.4	$	299.3
Foreign		304.1		324.5		289.4
	$	612.1	$	595.9	$	588.7

Schedule of Effective Income Tax Rate

The effective tax rate differs from the U.S. federal statutory tax rate as a result of the following:

	Fiscal Years Ended
	2013				2012				2011
Federal statutory income tax rate		35.0		%		35.0		%		35.0		%
State and local taxes, net of federal tax benefit		1.3				1.3				2.5
Non-U.S. income taxed at different rates, net		(5.6	)			(5.9	)			(3.3	)
Resolution of tax contingencies due to lapses of statutes of limitations		(1.2	)			(1.8	)			(2.8	)
Other		(1.1	)			(0.3	)			(0.8	)
Effective tax rate		28.4		%		28.3		%		30.6		%

Schedule of Components of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities are as follows:

(In millions)	September27, 2013			September28, 2012
Deferred Tax Assets:
Deferred revenues	$	26.8		$	26.8
Deferred compensation		34.9			32.7
Product warranty		13.9			13.7
Inventory adjustments		18.3			17.0
Equity-based compensation		33.3			41.8
Environmental reserve		5.7			5.9
Net operating loss carryforwards		78.6			54.2
Other		37.8			45.4
		249.3			237.5
Valuation allowance		(60.7	)		(45.8	)
Total deferred tax assets		188.6			191.7
Deferred Tax Liabilities:
Tax-deductible goodwill		(27.3	)		(27.4	)
Fixed assets		(17.7	)		(22.3	)
Other		(30.4	)		(28.8	)
Total deferred tax liabilities		(75.4	)		(78.5	)
Net deferred tax assets	$	113.2		$	113.2
Reported As:
Net current deferred tax assets	$	122.3		$	115.8
Net long-term deferred tax assets (included in “Other Assets”)		10.5			13.8
Net current deferred tax liabilities (included in “Accrued Expenses”)		(7.6	)		(2.9	)
Net long-term deferred tax liabilities (included in “Other long-term liabilities”)		(12.0	)		(13.5	)
Net deferred tax assets	$	113.2		$	113.2

Schedule of Income Taxes Paid

Income taxes paid were as follows:

	Fiscal Years Ended
(In millions)	2013		2012		2011
Federal income taxes paid, net	$	119.1	$	77.6	$	70.0
State income taxes paid, net		14.9		9.3		11.9
Foreign income taxes paid, net		69.4		47.7		57.5
Total	$	203.4	$	134.6	$	139.4

Schedule of Changes in Unrecognized Tax Benefits

Changes in the Company’s unrecognized tax benefits were as follows:

	Fiscal Years Ended
(In millions)	2013				2012				2011
Unrecognized tax benefits balance–beginning of fiscal year	$	38.8		$		37.1		$		46.4
Additions based on tax positions related to a prior year		2.5				3.8				1.0
Reductions based on tax positions related to a prior year		(0.7	)			(0.9	)			(0.4	)
Additions based on tax positions related to the current year		6.6				6.8				8.6
Settlements		(4.2	)			(0.4	)			(5.1	)
Reductions resulting from the expiration of the applicable statute of limitations		(6.0	)			(7.6	)			(13.4	)
Unrecognized tax benefits balance–end of fiscal year	$	37.0		$		38.8		$		37.1