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Income Taxes (Tables)

12 Months Ended

Sep. 27, 2025

Income Tax Disclosure [Abstract]

Income (Loss) Before Income Taxes

The Company’s income before income taxes consisted of the following:

						Years Ended
						September 27, 2025						September 28, 2024						September 30, 2023
Domestic						$	381.1					$	609.4					$	861.4
Foreign						300.1						255.7						(185.3)
						$	681.2					$	865.1					$	676.1

Provision for Income Taxes

The provision (benefit) for income taxes contained the following components:

						Years Ended
						September 27, 2025						September 28, 2024						September 30, 2023
Federal:
Current						$	182.6					$	91.6					$	250.6
Deferred						(95.7)						(50.9)						(72.1)
						86.9						40.7						178.5
State:
Current						34.8						14.2						45.9
Deferred						(19.4)						(7.5)						(9.4)
						15.4						6.7						36.5
Foreign:
Current						39.7						41.9						32.7
Deferred						(26.5)						(13.7)						(27.6)
						13.2						28.2						5.1
						$	115.5					$	75.6					$	220.1

Reconciliation of Income Tax (Benefit) at U.S. Federal Statutory Rate to Company's Effective Tax Rate

The income tax provision differed from the tax provision computed at the U.S. federal statutory rate due to the following:

						Years Ended
						September 27, 2025						September 28, 2024						September 30, 2023
Income tax provision at federal statutory rate						21.0		%				21.0		%				21.0		%
Increase (decrease) in tax resulting from:
State income taxes, net of federal benefit						2.2						2.5						4.1
U.S. tax on foreign earnings						0.8						0.5						(1.0)
Tax credits						(1.8)						(1.6)						(1.1)
Unrecognized tax benefits						1.5						3.9						3.5
Compensation						1.0						1.0						0.8
Foreign rate differential						(9.0)						(6.8)						(4.8)
Assets held-for-sale charge						—						—						1.5
Change in valuation allowance						(4.0)						2.7						8.2
Return to provision						1.8						(1.2)						(1.9)
Expiration of tax loss carryforwards						3.7						—						—
Worthless stock deduction						—						(12.4)						—
Other						(0.2)						(0.9)						2.3
						17.0		%				8.7		%				32.6		%

Significant Components of the Company's Deferred Tax Assets and Liabilities

The Company’s significant deferred tax assets and liabilities were as follows:

						September 27, 2025						September 28, 2024
Deferred tax assets
Net operating loss and other tax carryforwards						$	129.2					$	137.1
Capitalized research and development						134.2						96.8
Non-deductible accruals						37.9						41.0
Non-deductible reserves						43.3						37.8
Stock-based compensation						21.7						21.9
Nonqualified deferred compensation plan						17.3						15.9
Lease liability						27.5						26.2
Other temporary differences						31.6						21.0
						442.7						397.7
Less: valuation allowance						(121.7)						(143.1)
						$	321.0					$	254.6
Deferred tax liabilities
Depreciation and amortization						$	(99.8)					$	(161.8)
Right of use asset						(24.8)						(23.4)
						$	(124.6)					$	(185.2)
						$	196.4					$	69.4

Activity of the Company's Unrecognized Income Tax Benefits

The Company’s unrecognized income tax benefits activity for fiscal 2025, 2024 and 2023 was as follows:

						2025						2024						2023
Balance at beginning of fiscal year						$	273.2					$	256.5					$	247.6
Tax positions related to current year:
Additions						6.7						7.8						6.8
Tax positions related to prior years:
Additions related to change in estimate						10.5						11.8						4.5
Reductions						(0.6)						(2.1)						—
Lapses in statutes of limitations and settlements						(25.3)						(0.8)						(2.4)
Acquired tax positions:
Additions related to reserves acquired from acquisitions						1.9						—						—
Balance as of the end of the fiscal year						$	266.4					$	273.2					$	256.5

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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