Income Taxes (Tables)

12 Months Ended

Sep. 27, 2019

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Income before income taxes consists of the following components (in millions):

	Fiscal Years Ended
	September 27, 2019		September 28, 2018		September 29, 2017
United States	$	427.2	$	712.2	$	681.2
Foreign	533.8		619.9		575.8
Income before income taxes	$	961.0	$	1,332.1	$	1,257.0

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes consists of the following (in millions):

	Fiscal Years Ended
	September 27, 2019			September 28, 2018		September 29, 2017
Current tax expense (benefit):
Federal	$	85.3		$	347.7	$	215.7
State	(0.1		)	0.3		0.3
Foreign	23.5			31.2		24.4
	108.7			379.2		240.4
Deferred tax expense (benefit):
Federal	(0.4		)	20.3		5.0
Foreign	(0.9		)	14.2		1.4
	(1.3		)	34.5		6.4
Provision for income taxes	$	107.4		$	413.7	$	246.8

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income tax expense as computed at the United States federal statutory income tax rate to the provision for income tax expense is as follows (in millions):

	Fiscal Years Ended
	September 27, 2019			September 28, 2018			September 29, 2017
Tax expense at United States statutory rate	$	201.8		$	327.4		$	439.9
Foreign tax rate difference	(115.3		)	(111.9		)	(174.6		)
Tax on deemed repatriation	8.1			224.6			—
Effect of stock compensation	(1.6		)	(25.6		)	—
Change of tax rate on deferred taxes	—			18.3			—
Research and development credits	(25.7		)	(19.9		)	(16.3		)
Change in tax reserve	14.0			6.7			12.6
Domestic production activities deduction	—			(13.9		)	(19.8		)
Global Intangible Low-Taxed Income	54.3			—			—
Foreign Derived Intangible Income	(41.5		)	—			—
Settlements with Tax Authorities	4.3			—			—
Other, net	9.0			8.0			5.0
Provision for income taxes	$	107.4		$	413.7		$	246.8

Schedule of Deferred Tax Assets and Liabilities

Deferred income tax assets and liabilities consist of the tax effects of temporary differences related to the following (in millions):

	Fiscal Years Ended
	September 27, 2019			September 28, 2018
Deferred tax assets:
Inventory	$	10.1		$	5.7
Bad debts	0.2			1.2
Accrued compensation and benefits	5.9			4.9
Product returns, allowances and warranty	0.3			4.6
Restructuring	0.6			—
Share-based and other deferred compensation	21.2			26.1
Net operating loss carry forwards	11.3			15.5
Non-United States tax credits	20.7			20.3
State tax credits	106.4			97.0
Property, plant and equipment	17.7			9.1
Other, net	5.9			3.3
Deferred tax assets	200.3			187.7
Less valuation allowance	(129.1		)	(118.6		)
Net deferred tax assets	71.2			69.1
Deferred tax liabilities:
Prepaid insurance	(0.5		)	(0.6		)
Property, plant and equipment	(19.3		)	(25.6		)
Intangible assets	(17.4		)	(19.3		)
Other, net	(6.3		)	(2.0		)
Net deferred tax liabilities	(43.5		)	(47.5		)
Total net deferred tax assets	$	27.7		$	21.6

Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in millions):

	Unrecognized tax benefits
Balance at September 28, 2018	$	93.4
Increases based on positions related to prior years	7.1
Decreases based on positions related to prior years	(0.3		)
Increases based on positions related to current year	9.6
Decreases relating to settlements with taxing authorities	(6.3		)
Decreases relating to lapses of applicable statutes of limitations	(0.2		)
Balance at September 27, 2019	$	103.3