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INCOME TAXES | 9 Months Ended
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Jun. 29, 2024
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES At the end of each reporting period, TD Group makes an estimate of its annual effective income tax rate. The estimate used in the year-to-date period may change in subsequent periods. During the thirteen week periods ended June 29, 2024 and July 1, 2023, the effective income tax rate was 23.4% and 24.9%, respectively. During the thirty-nine week periods ended June 29, 2024 and July 1, 2023, the effective income tax rate was 22.5% and 24.1%, respectively. The Company’s lower effective income tax rate for the thirteen and thirty-nine week periods ended June 29, 2024, was primarily due to a less significant impact on the rate from the valuation allowance applicable to the Company's net interest deduction limitation carryforward. The Company's effective income tax rate for the thirteen and thirty-nine week periods ended June 29, 2024 was higher than the federal statutory tax rate of 21% primarily due to an increase in the valuation allowance applicable to the Company's net interest deduction limitation carryforward, partially offset by the discrete impact of excess tax benefits associated with share-based payments. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state, local and foreign jurisdictions. The Company is no longer subject to U.S. federal examinations for years before fiscal 2018. The Company is currently under examination for its federal income taxes in Canada for fiscal years 2013 through 2019, in France for fiscal years 2020 through 2022, and in Germany for fiscal years 2018 through 2019. In addition, the Company is subject to state income tax examinations for fiscal years 2015 and later. Unrecognized tax benefits at June 29, 2024 and September 30, 2023, the recognition of which would have an impact on the effective tax rate for each fiscal year, amounted to $14 million and $17 million, respectively. The Company classifies all income tax-related interest and penalties as income tax expense, which were not significant for the thirteen and thirty-nine week periods ended June 29, 2024 and July 1, 2023. As of June 29, 2024 and September 30, 2023, the Company accrued $5 million for the potential payment of interest and penalties. Within the next twelve months, it is reasonably possible that unrecognized tax benefits could be reduced by approximately $3 million resulting primarily from the resolution of tax examinations. Any increase in the amount of unrecognized tax benefits within the next twelve months is not expected to be material.

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