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Income Taxes | 9 Months Ended
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Jun. 28, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes In accordance with ASC 740, Income Taxes, each interim period is considered integral to the annual period, and tax expense is measured using an estimated annual effective tax rate. An entity is required to record income tax expense each quarter based on its annual effective tax rate estimated for the full fiscal year and use that rate to provide for income taxes on a current year-to-date basis, adjusted for discrete taxable events that occur during the interim period. For the three months ended June 28, 2025, the Company recorded income tax expense of $40.1 million resulting in an effective tax rate of 17.1%. For the nine months ended June 28, 2025, the Company recorded income tax expense of $75.5 million, resulting in an effective tax rate of 16.6%. The effective tax rates for both the three and nine months ended June 28, 2025 differed from the U.S. statutory tax rate primarily due to the geographic mix of income, which was impacted by impairment charges in high-tax jurisdictions recorded in the second quarter of fiscal 2025, and income earned by the Company’s international subsidiaries, which are generally taxed at rates lower than the U.S. statutory tax rate, the U.S. deduction for foreign derived intangible income, federal and state tax credits, and U.S. tax on foreign earnings. For the three months ended June 29, 2024, the Company recorded income tax expense of $46.2 million resulting in an effective tax rate of 19.2%. For the nine months ended June 29, 2024, the Company recorded income tax expense of $32.6 million, resulting in an effective tax rate of 5.1%. The effective tax rate for the three months ended June 29, 2024 was lower than the U.S. statutory tax rate primarily due to the U.S. deduction for foreign derived intangible income, the geographic mix of income earned by the Company’s international subsidiaries, which are generally taxed at rates lower than the U.S. statutory tax rate, and federal and state tax credits. The effective tax rate for the nine months ended June 29, 2024 was lower than the U.S. statutory tax rate primarily due to a discrete tax benefit of $107.2 million related to a worthless stock deduction on an investment in one of the Company’s international subsidiaries recorded in the first quarter of fiscal 2024, the U.S. deduction for foreign derived intangible income, and the geographic mix of income earned by the Company’s international subsidiaries, and federal and state tax credits. On July 4, 2025, H.R. 1 (also known as the “One Big Beautiful Bill”) was signed into law, introducing significant changes to U.S. federal tax law. The Company is currently evaluating the provisions of this new legislation and its potential impact on our business, financial condition, and results of operations. Based on its preliminary analysis, the Company does not expect H.R. 1 to have a material effect on its consolidated financial statements for the fiscal year ending September 27, 2025. The Company will continue to monitor developments related to H.R. 1. Non-Income Tax Matters The Company is subject to tax examinations for value added, sales-based, payroll and other non-income tax items. A number of these examinations are ongoing in various jurisdictions. The Company takes certain non-income tax positions in the jurisdictions in which it operates and records loss contingencies pursuant to ASC 450. Such amounts were not material for any of the periods presented. In the normal course of business, the Company's positions and conclusions related to its non-income tax positions could be challenged, resulting in assessments by governmental authorities. While the Company believes estimated losses previously recorded are reasonable, certain audits are still ongoing and additional charges could be recorded in the future.

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