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Income Taxes | 9 Months Ended
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Jun. 29, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES Our effective tax rate was 22.9% on pretax income for the third quarter of fiscal 2024, (1.8)% on pretax loss for the third quarter of fiscal 2023, 25.9% on pretax income for the first nine months of fiscal 2024 and (67.9)% on pretax loss for the first nine months of fiscal 2023. The effective tax rates for the third quarter and first nine months of fiscal 2024 are higher than the federal statutory tax rate due to the impact of foreign losses for which a tax benefit cannot be recognized, offset by a $9 million benefit from the remeasurement of deferred income taxes, primarily due to legislation decreasing state tax rates enacted in the third quarter of fiscal 2024. In all periods presented, the effective tax rates were increased due to state taxes and include the impact of various tax benefits; however, tax benefits increase the effective tax rate in a period of pretax loss and decrease the effective tax rate in a period of pretax income. The effective tax rates for the third quarter and first nine months of fiscal 2023 include the impact of a $448 million non-deductible goodwill impairment. Unrecognized tax benefits were $136 million and $131 million at June 29, 2024 and September 30, 2023, respectively. In December 2021, we received an assessment from the Mexican tax authorities related to the 2015 sale of our direct and indirect equity interests in subsidiaries which held our Mexico operations. The assessment totals approximately $481 million (8.8 billion Mexican pesos), which includes tax, inflation adjustment, interest and penalties. We believe the assertions made in the assessment letter have no merit and will defend our positions through the Mexican administrative appeal process and litigation, if necessary. Based on our analysis of this assessment in accordance with FASB guidance related to unrecognized tax benefits, we have not recorded a liability related to the issue.

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