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Income Taxes (Tables) | 12 Months Ended
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Sep. 26, 2025
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense | The following table presents the components of our consolidated income taxes for continuing operations for years ended September 26, 2025, September 27, 2024 and September 29, 2023 (in thousands):
| For the Years Ended
| September 26, 2025 |  | September 27, 2024 |  | September 29, 2023
Current income tax expense from continuing operations: |  |  |  |  |
Federal | $ | 135,862 |  |  | $ | 102,702 |  |  | $ | 13,852 |
State | 40,445 |  |  | 46,881 |  |  | 16,825 |
Foreign | 138,015 |  |  | 100,421 |  |  | 142,177 |
Total current tax expense from continuing operations | $ | 314,322 |  |  | $ | 250,004 |  |  | $ | 172,854 |
Deferred income tax (benefit) expense from continuing operations: |  |  |  |  |
Federal | $ | (71,540) |  |  | $ | (99,686) |  |  | $ | (28,779) |
State | (21,809) |  |  | (32,068) |  |  | 4,534 |
Foreign | (5,418) |  |  | 13,243 |  |  | (47,273) |
Total deferred tax benefit from continuing operations | $ | (98,767) |  |  | $ | (118,511) |  |  | $ | (71,518) |
Consolidated income tax expense from continuing operations | $ | 215,555 |  |  | $ | 131,493 |  |  | $ | 101,336 |
Schedule of Components of Deferred Tax Assets | The following table presents the components of our net deferred tax (liabilities) assets at September 26, 2025 and September 27, 2024 (in thousands):
| September 26, 2025 |  | September 27, 2024 (1)
Deferred tax assets: |  |  |
Other employee benefit plans | $ | 112,906 |  |  | $ | 110,377 |
Net operating losses | 207,377 |  |  | 259,335 |
Foreign tax credit | 38,989 |  |  | 42,394 |
Lease liability | 78,386 |  |  | 93,488 |
Capitalized research costs | 184,394 |  |  | 112,652 |
Unrealized foreign exchange loss | 11,244 |  |  | 11,891 |
Other | 32,693 |  |  | 10,178 |
Valuation allowance | (193,050) |  |  | (217,397) |
Gross deferred tax assets | 472,939 |  |  | 422,918 |
Deferred tax liabilities: |  |  |
Depreciation and amortization | (211,627) |  |  | (243,234) |
Lease right of use asset | (37,078) |  |  | (41,817) |
Defined benefit pension plans | (16,102) |  |  | (4,540) |
Hedge investments | (12,259) |  |  | (13,862) |
Unrealized foreign exchange gain | (947) |  |  | (12,598) |
Other | (20,933) |  |  | (28,116) |
Gross deferred tax liabilities | (298,946) |  |  | (344,167) |
Net deferred tax assets | $ | 173,993 |  |  | $ | 78,751 |
(1) Prior period amounts have been reclassified to conform with the current period presentation
Schedule of 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 September 26, 2025, September 27, 2024 and September 29, 2023 (dollars in thousands):
| For the Years Ended
| September 26, 2025 |  | % |  | September 27, 2024 |  | % |  | September 29, 2023 |  | %
Statutory amount | $ | 114,130 |  |  | 21.0 | % |  | $ | 163,230 |  |  | 21.0 | % |  | $ | 109,405 |  |  | 21.0 | %
State taxes, net of the federal benefit | 15,852 |  |  | 2.9 | % |  | 21,615 |  |  | 2.8 | % |  | 13,938 |  |  | 2.7 | %
Exclusion of tax on non-controlling interests | (880) |  |  | (0.2) | % |  | (5,230) |  |  | (0.7) | % |  | (5,461) |  |  | (1.0) | %
Foreign: |  |  |  |  |  |  |  |  |  |  |
Difference in tax rates of foreign operations | 11,458 |  |  | 2.1 | % |  | 17,891 |  |  | 2.3 | % |  | 4,583 |  |  | 0.9 | %
Expense/(Benefit) from foreign valuation allowance change | 415 |  |  | 0.1 | % |  | (27,780) |  |  | (3.6) | % |  | (1,305) |  |  | (0.3) | %
U.S. tax cost of foreign operations | 76,014 |  |  | 14.0 | % |  | 72,887 |  |  | 9.4 | % |  | 68,662 |  |  | 13.2 | %
Derecognition of deferred tax liabilities related to investment in Australian partnership | — |  |  | — | % |  | (61,614) |  |  | (7.9) | % |  | — |  |  | — | %
Other Includable Income | 1,344 |  |  | 0.2 | % |  | 25,952 |  |  | 3.3 | % |  | — |  |  | — | %
Tax differential on foreign earnings | 89,231 |  |  | 16.4 | % |  | 27,336 |  |  | 3.5 | % |  | 71,940 |  |  | 13.8 | %
Foreign tax credits | (48,885) |  |  | (9.0) | % |  | (33,402) |  |  | (4.3) | % |  | (36,180) |  |  | (6.9) | %
Tax Rate Change | 98 |  |  | — | % |  | (147) |  |  | — | % |  | (9,913) |  |  | (1.9) | %
Valuation allowance | 988 |  |  | 0.2 | % |  | 12,339 |  |  | 1.6 | % |  | (7,169) |  |  | (1.4) | %
Uncertain tax positions | 11,153 |  |  | 2.1 | % |  | (1,153) |  |  | (0.1) | % |  | (38,844) |  |  | (7.5) | %
Other items: |  |  |  |  |  |  |  |  |  |  |
Disallowed officer compensation | 5,157 |  |  | 0.9 | % |  | 5,394 |  |  | 0.7 | % |  | 7,081 |  |  | 1.4 | %
Research and Development Credit | (35,637) |  |  | (6.6) | % |  | (17,110) |  |  | (2.2) | % |  | (2,133) |  |  | (0.4) | %
Non-Deductible Incentive Compensation | 18,376 |  |  | 3.4 | % |  | 3,296 |  |  | 0.4 | % |  | 162 |  |  | — | %
Transaction Costs | 675 |  |  | 0.1 | % |  | 8,500 |  |  | 1.1 | % |  | 4 |  |  | — | %
Non-taxable mark-to-market Adjustment for Amentum investment | 51,989 |  |  | 9.6 | % |  | (39,255) |  |  | (5.1) | % |  | — |  |  | — | %
Other items – net | (6,692) |  |  | (1.2) | % |  | (13,920) |  |  | (1.8) | % |  | (1,494) |  |  | (0.3) | %
Total other items | 33,868 |  |  | 6.2 | % |  | (53,095) |  |  | (6.8) | % |  | 3,620 |  |  | 0.7 | %
Income taxes from continuing operations | $ | 215,555 |  |  | 39.7 | % |  | $ | 131,493 |  |  | 16.9 | % |  | $ | 101,336 |  |  | 19.5 | %
Schedule of 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 September 26, 2025, September 27, 2024 and September 29, 2023 (in thousands):
| For the Years Ended
| September 26, 2025 |  | September 27, 2024 |  | September 29, 2023
United States earnings | $ | 129,611 |  |  | $ | 333,902 |  |  | $ | 115,509 |
Foreign earnings | 413,866 |  |  | 443,384 |  |  | 405,466 |
| $ | 543,477 |  |  | $ | 777,286 |  |  | $ | 520,975 |
Schedule of Unrecognized Tax Benefits | The following table presents the reconciliation of the beginning and ending amount of unrecognized tax benefits, for continuing operations, for the years ended September 26, 2025, September 27, 2024 and September 29, 2023 (in thousands):
| For the Years Ended
| September 26, 2025 |  | September 27, 2024 |  | September 29, 2023
Balance, beginning of year | $ | 32,886 |  |  | $ | 32,319 |  |  | $ | 82,446 |
Additions based on tax positions related to the current year | 8,966 |  |  | 6,572 |  |  | 1,190 |
Additions for tax positions of prior years | 14,910 |  |  | 5,750 |  |  | 2,537 |
Reductions for tax positions of prior years | (2,941) |  |  | (272) |  |  | (52,046) |
Lapse in statute of limitations | (1,471) |  |  | (11,483) |  |  | (1,808) |
Settlements | — |  |  | — |  |  | — |
Balance, end of year | $ | 52,350 |  |  | $ | 32,886 |  |  | $ | 32,319 |

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