Taxes on Earnings (Tables)

12 Months Ended

Sep. 26, 2014

Income Tax Disclosure [Abstract]

Schedule of Taxes on Earnings

Taxes on earnings were as follows:

	Fiscal Years
	2014			2013			2012
(In millions)
Current provision:
Federal	$	86.6		$	110.1		$	99.3
State and local		6.1			13.4			8.5
Foreign		62.2			54.3			63.5
Total current		154.9			177.8			171.3
Deferred provision (benefit):
Federal		5.0			(3.9	)		(4.5	)
State and local		(0.1	)		(0.2	)		0.1
Foreign		11.0			0.1			2.0
Total deferred		15.9			(4.0	)		(2.4	)
Taxes on earnings	$	170.8		$	173.8		$	168.9

Schedule of Earnings Before Taxes

Earnings before taxes are generated from the following geographic areas:

	Fiscal Years
	2014		2013		2012
(In millions)
United States	$	173.9	$	308.0	$	271.4
Foreign		400.6		304.1		324.5
	$	574.5	$	612.1	$	595.9

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
	2014				2013				2012
Federal statutory income tax rate		35.0		%		35.0		%		35.0		%
State and local taxes, net of federal tax benefit		0.8				1.3				1.3
Non-U.S. income taxed at different rates, net		(5.2	)			(5.6	)			(5.9	)
Resolution of tax contingencies due to lapses of statutes of limitations		(1.2	)			(1.2	)			(1.8	)
Other		0.3				(1.1	)			(0.3	)
Effective tax rate		29.7		%		28.4		%		28.3		%

Schedule of Components of Deferred Tax Assets and Liabilities

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

	September 26,			September 27,
(In millions)	2014			2013
Deferred Tax Assets:
Deferred revenues	$	26.9		$	26.8
Deferred compensation		37.3			34.9
Product warranty		10.9			13.9
Inventory adjustments		19.7			18.3
Equity-based compensation		28.8			33.3
Environmental reserve		4.8			5.7
Accruals and reserves		14.3			12.1
Net operating loss carryforwards		79.1			78.6
Other		38.2			25.7
		260.0			249.3
Valuation allowance		(67.5	)		(60.7	)
Total deferred tax assets		192.5			188.6
Deferred Tax Liabilities:
Tax-deductible goodwill		(27.7	)		(27.3	)
Fixed assets		(16.3	)		(17.7	)
Unremitted earnings of foreign subsidiaries		(24.0	)		(9.4	)
Other		(29.3	)		(21.0	)
Total deferred tax liabilities		(97.3	)		(75.4	)
Net deferred tax assets	$	95.2		$	113.2
Reported As:
Net current deferred tax assets	$	126.0		$	122.3
Net long-term deferred tax assets (included in other assets)		11.5			10.5
Net current deferred tax liabilities (included in accrued expenses)		(10.8	)		(7.6	)
Net long-term deferred tax liabilities (included in other long-term liabilities)		(31.5	)		(12.0	)
Net deferred tax assets	$	95.2		$	113.2

Schedule of Income Taxes Paid

Income taxes paid were as follows:

	Fiscal Years
	2014		2013		2012
(In millions)
Federal income taxes paid, net	$	66.2	$	119.1	$	77.6
State, income taxes paid, net		7.3		14.9		9.3
Foreign income taxes paid, net		67.3		69.4		47.7
Total income taxes paid, net	$	140.8	$	203.4	$	134.6

Schedule of Changes in Unrecognized Tax Benefits

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

	Fiscal Years
	2014			2013			2012
(In millions)
Unrecognized tax benefits balance–beginning of fiscal year	$	37.0		$	38.8		$	37.1
Additions based on tax positions related to a prior year		10.7			2.5			3.8
Reductions based on tax positions related to a prior year		(0.3	)		(0.7	)		(0.9	)
Additions based on tax positions related to the current year		8.2			6.6			6.8
Settlements		(0.4	)		(4.2	)		(0.4	)
Reductions resulting from the expiration of the applicable statute of limitations		(5.6	)		(6.0	)		(7.6	)
Unrecognized tax benefits balance–end of fiscal year	$	49.6		$	37.0		$	38.8