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Income Taxes (Tables)

12 Months Ended

Oct. 01, 2021

Income Tax Disclosure [Abstract]

Components of Consolidated Income Tax Expense

The following table presents the components of our consolidated income taxes for continuing operations for years ended October 1, 2021, October 2, 2020 and September 27, 2019 (in thousands):

			For the Years Ended
			October 1, 2021						October 2, 2020						September 27, 2019
Current income tax (benefit) expense from continuing operations:
Federal			$	91,313					$	(37,030)					$	25,549
State			30,886						(5,021)						6,639
Foreign			38,959						41,616						57,156
Total current tax expense from continuing operations			161,158						(435)						89,344
Deferred income tax expense (benefit) from continuing operations:
Federal			35,109						53,485						6,607
State			21,826						7,133						20,408
Foreign			56,688						(4,863)						(79,405)
Total deferred tax expense (benefit) from continuing operations			113,623						55,755						(52,390)
Consolidated income tax expense from continuing operations			$	274,781					$	55,320					$	36,954

Components of Deferred Tax Assets

The following table presents the components of our net deferred tax (liabilities) assets at October 1, 2021 and October 2, 2020 (in thousands):

			October 1, 2021						October 2, 2020
Deferred tax assets:
Obligations relating to:
Defined benefit pension plans			$	9,702					$	55,949
Other employee benefit plans			156,931						132,613
Net operating losses			197,929						197,987
Foreign tax credit			87,689						87,259
Contract revenues and costs			81,633						68,870
Investments			—						65,235
Lease liability			155,064						154,979
Deferred interest			9,988						11,410
Valuation allowance			(188,662)						(140,578)
Gross deferred tax assets			510,274						633,724
Deferred tax liabilities:
Depreciation and amortization			(436,324)						(240,097)
Lease right of use asset			(93,338)						(89,824)
Unremitted earnings			(7,111)						(17,295)
Partnership investment			(72,560)						(66,082)
Other, net			(12,128)						(12,745)
Gross deferred tax liabilities			(621,461)						(426,043)
Net deferred tax (liabilities) assets			$	(111,187)					$	207,681

Income Tax Benefits Realized from the Exercise of Nonqualified Stock Options, and Disqualifying Dispositions of Stock Sold Under our Employee Stock Purchase Plans

The following table presents the income tax benefits from continuing operations realized from the exercise of non-qualified stock options and disqualifying dispositions of stock sold under our employee stock purchase plans for the years ended October 1, 2021, October 2, 2020 and September 27, 2019 (in millions):

For the Years Ended
October 1, 2021						October 2, 2020						September 27, 2019
$	9.9					$	10.2					$	7.9

Income Tax Expense in Consolidated Statements of Earnings

The following table reconciles total income tax expense from continuing operations using the statutory U.S. federal income tax rate to the consolidated income tax expense for continuing operations shown in the accompanying Consolidated Statements of Earnings for the years ended October 1, 2021, October 2, 2020 and September 27, 2019 (dollars in thousands):

			For the Years Ended
			October 1, 2021						%						October 2, 2020						%						September 27, 2019						%
Statutory amount			$	146,078					21.0		%				$	92,652					21.0		%				$	73,701					21.0		%
State taxes, net of the federal benefit			14,564						2.1		%				7,254						1.6		%				10,183						2.9		%
Exclusion of tax on non-controlling interests			(7,999)						(1.1)		%				(6,622)						(1.5)		%				(4,839)						(1.4)		%
Foreign:
Difference in tax rates of foreign operations			3,684						0.5		%				(6,267)						(1.4)		%				1,083						0.3		%
Expense/(benefit) from foreign valuation allowance change			2,148						0.3		%				(16,861)						(3.8)		%				(29,125)						(8.3)		%
Nondeductible compensation			48,727						7.0		%				—						—		%				—						—		%
U.S. tax cost (benefit) of foreign operations			35,228						5.1		%				42,992						9.7		%				(17,760)						(5.1)		%
Tax differential on foreign earnings			89,787						12.9		%				19,864						4.5		%				(45,802)						(13.1)		%
Foreign tax credits			(25,230)						(3.6)		%				(26,471)						(6.0)		%				(15,682)						(4.5)		%
Tax Rate Change			25,588						3.7		%				(6,811)						(1.5)		%				—						—		%
Tax reform			—						—		%				—						—		%				36,674						10.4		%
Valuation allowance			38,928						5.6		%				—						—		%				(207)						(0.1)		%
Uncertain tax positions			978						0.1		%				(11,338)						(2.6)		%				(6,883)						(2.0)		%
Other items:
Energy efficient commercial buildings deduction			(3,760)						(0.5)		%				(7,267)						(1.6)		%				(2,957)						(0.8)		%
Disallowed officer compensation			6,689						1.0		%				5,081						1.2		%				5,568						1.6		%
Stock compensation			(9,946)						(1.4)		%				(10,234)						(2.3)		%				(7,864)						(2.2)		%
Other items – net			(896)						(0.1)		%				(788)						(0.2)		%				(4,938)						(1.4)		%
Total other items			(7,913)						(1.1)		%				(13,208)						(3.0)		%				(10,191)						(2.8)		%
Taxes on income from continuing operations			$	274,781					39.5		%				$	55,320					12.5		%				$	36,954					10.5		%

Income Tax Payments

The following table presents income tax payments, net made during the years ended October 1, 2021, October 2, 2020 and September 27, 2019 (in millions):

October 1, 2021						October 2, 2020						September 27, 2019
$	75.6					$	39.8					$	291.7

Components of our Consolidated Earnings Before Taxes

The following table presents the components of our consolidated earnings from continuing operations before taxes for the years ended October 1, 2021, October 2, 2020 and September 27, 2019 (in thousands):

			For the Years Ended
			October 1, 2021						October 2, 2020						September 27, 2019
United States earnings			$	634,820					$	208,302					$	225,898
Foreign earnings			60,782						232,901						125,061
			$	695,602					$	441,203					$	350,959

Schedule of Unrecognized Tax Benefits Roll Forward

The following table presents the reconciliation of the beginning and ending amount of unrecognized tax benefits for both continuing and discontinued operations, with PA Consulting related impacts added and with ECR-sale related impacts removed in the Acquisitions/Divestitures row, for the years ended October 1, 2021, October 2, 2020 and September 27, 2019 (in thousands):

			For the Years Ended
			October 1, 2021						October 2, 2020						September 27, 2019
Balance, beginning of year			$	102,484					$	104,355					$	179,140
Acquisitions/Divestitures			7,639						—						(31,004)
Additions based on tax positions related to the current year			7,088						1,064						7,455
Additions for tax positions of prior years			1,711						7,472						1,994
Reductions for tax positions of prior years			(4,851)						(6,695)						(49,849)
Settlement			(438)						(3,712)						(3,381)
Balance, end of year			$	113,633					$	102,484					$	104,355

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