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v3.22.2.2

Income Taxes (Tables) | 12 Months Ended
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Oct. 02, 2022
Income Tax Disclosure [Abstract] |
Components of Earnings/(Loss) Before Income Taxes | Components of earnings before income taxes (in millions):
Fiscal Year Ended | Oct 2, 2022 |  | Oct 3, 2021 |  | Sep 27, 2020
United States | $ | 3,484.9 |  |  | $ | 4,138.5 |  |  | $ | 904.6 |
Foreign | 747.0 |  |  | 1,218.4 |  |  | 259.8 |
Total earnings before income taxes | $ | 4,231.9 |  |  | $ | 5,356.9 |  |  | $ | 1,164.4 |
Provision/(Benefit) for Income Taxes | Provision/(benefit) for income taxes (in millions):
Fiscal Year Ended | Oct 2, 2022 |  | Oct 3, 2021 |  | Sep 27, 2020
Current taxes: |  |  |  |  |
U.S. federal | $ | 477.6 |  |  | $ | 681.8 |  |  | $ | 49.9 |
U.S. state and local | 164.0 |  |  | 190.0 |  |  | 36.9 |
Foreign | 283.8 |  |  | 409.8 |  |  | 181.4 |
Total current taxes | 925.4 |  |  | 1,281.6 |  |  | 268.2 |
Deferred taxes: |  |  |  |  |
U.S. federal | 92.6 |  |  | 10.4 |  |  | (8.4) |
U.S. state and local | 10.5 |  |  | (6.4) |  |  | (4.8) |
Foreign | (80.0) |  |  | (129.0) |  |  | (15.3) |
Total deferred taxes | 23.1 |  |  | (125.0) |  |  | (28.5) |
Total income tax expense | $ | 948.5 |  |  | $ | 1,156.6 |  |  | $ | 239.7 |
Reconciliation of the Statutory U.S. Federal Income Tax Rate With Our Effective Income Tax Rate | Reconciliation of the statutory U.S. federal income tax rate with our effective income tax rate:
Fiscal Year Ended | Oct 2, 2022 |  | Oct 3, 2021 |  | Sep 27, 2020
Statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal tax benefit | 3.3 |  |  | 2.7 |  |  | 2.2 |
Foreign rate differential | 0.3 |  |  | 0.5 |  |  | (3.2) |
Foreign derived intangible income | (0.8) |  |  | (0.5) |  |  | (1.4) |
Valuation allowances | (0.7) |  |  | 0.2 |  |  | 10.0 |
Excess tax benefits of stock-based compensation | (0.5) |  |  | (0.9) |  |  | (4.2) |
Charitable contributions | (0.3) |  |  | (0.4) |  |  | (1.7) |
Change in tax rates | 0.0 |  |  | (1.3) |  |  | (2.2) |
Other, net | 0.1 |  |  | 0.3 |  |  | 0.1 |
Effective tax rate | 22.4 | % |  | 21.6 | % |  | 20.6 | %
Tax Effect of Temporary Differences and Carryforwards that Comprise Significant Portions of Deferred Tax Assets and Liabilities | Tax effect of temporary differences and carryforwards that comprise significant portions of deferred tax assets and liabilities (in millions):
| Oct 2, 2022 |  | Oct 3, 2021
Deferred tax assets: |  |  |
Operating lease liabilities | $ | 2,289.1 |  |  | $ | 2,395.2 |
Stored value card liability and deferred revenue | 1,662.6 |  |  | 1,679.4 |
Intangible assets and goodwill | 313.6 |  |  | 317.7 |
Other | 605.7 |  |  | 641.0 |
Total | $ | 4,871.0 |  |  | $ | 5,033.3 |
Valuation allowance | (228.7) |  |  | (275.3) |
Total deferred tax asset, net of valuation allowance | $ | 4,642.3 |  |  | $ | 4,758.0 |
Deferred tax liabilities: |  |  |
Operating lease, right-of-use assets | (2,194.3) |  |  | (2,296.5) |
Property, plant and equipment | (482.2) |  |  | (451.2) |
Other | (284.7) |  |  | (284.0) |
Total | (2,961.2) |  |  | (3,031.7) |
Net deferred tax asset (liability) | $ | 1,681.1 |  |  | $ | 1,726.3 |
Reported as: |  |  |
Deferred income tax assets | 1,799.7 |  |  | 1,874.8 |
Deferred income tax liabilities (included in Other long-term liabilities) | (118.6) |  |  | (148.5) |
Net deferred tax asset (liability) | $ | 1,681.1 |  |  | $ | 1,726.3 |
Summary of Activity Related to Unrecognized Tax Benefits | The following table summarizes the activity related to our unrecognized tax benefits (in millions):
| Oct 2, 2022 |  | Oct 3, 2021 |  | Sep 27, 2020
Beginning balance | $ | 82.6 |  |  | $ | 123.7 |  |  | $ | 132.1 |
Increase related to prior year tax positions | 0.2 |  |  | 4.8 |  |  | 11.1 |
Decrease related to prior year tax positions | (0.7) |  |  | (11.9) |  |  | (0.5) |
Increase related to current year tax positions | 9.0 |  |  | 8.9 |  |  | 9.8 |
Decreases related to settlements with taxing authorities | — |  |  | (4.4) |  |  | — |
Decrease related to lapsing of statute of limitations | (1.4) |  |  | (38.5) |  |  | (28.8) |
Ending balance | $ | 89.7 |  |  | $ | 82.6 |  |  | $ | 123.7 |

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