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v3.24.3

Income Taxes (Tables) | 12 Months Ended
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Sep. 27, 2024
Income Tax Disclosure [Abstract] |
Income before Income Tax, Domestic and Foreign | Income before income taxes consists of the following components (in millions):
| Fiscal Years Ended
| September 27, 2024 |  | September 29, 2023 |  | September 30, 2022
United States | $ | 1.9 |  |  | $ | 484.9 |  |  | $ | 663.0 |
Foreign | 634.5 |  |  | 593.9 |  |  | 813.6 |
Income before income taxes | $ | 636.4 |  |  | $ | 1,078.8 |  |  | $ | 1,476.6 |
Components of Income Tax Expense (Benefit) | The provision for income taxes consists of the following components (in millions):
| Fiscal Years Ended
| September 27, 2024 |  | September 29, 2023 |  | September 30, 2022
Current tax expense: |  |  |  |  |
Federal | $ | 79.0 |  |  | $ | 164.4 |  |  | $ | 88.7 |
State | 0.2 |  |  | 0.1 |  |  | 0.1 |
Foreign | 60.8 |  |  | 74.4 |  |  | 51.5 |
| 140.0 |  |  | 238.9 |  |  | 140.3 |
Deferred tax expense (benefit): |  |  |  |  |
Federal | (120.5) |  |  | (102.4) |  |  | 43.9 |
State | (0.5) |  |  | (0.1) |  |  | 0.1 |
Foreign | 21.4 |  |  | (40.4) |  |  | 17.1 |
| (99.6) |  |  | (142.9) |  |  | 61.1 |
Provision for income taxes | $ | 40.4 |  |  | $ | 96.0 |  |  | $ | 201.4 |
Effective Income Tax Rate Reconciliation | A reconciliation of income tax expense as computed at the United States federal statutory income tax rate to the provision for income tax expense is as follows (in millions):
| Fiscal Years Ended
| September 27, 2024 |  | September 29, 2023 |  | September 30, 2022
Tax expense at United States statutory rate | $ | 133.6 |  |  | $ | 226.5 |  |  | $ | 310.1 |
Foreign tax rate difference | (84.7) |  |  | (90.7) |  |  | (105.3) |
Effect of stock compensation | 11.3 |  |  | 16.0 |  |  | (13.1) |
Research and development credits | (28.7) |  |  | (29.7) |  |  | (26.1) |
Change in tax reserve | 11.1 |  |  | 8.1 |  |  | 7.4 |
Global Intangible Low-Taxed Income | 18.1 |  |  | 16.3 |  |  | 36.1 |
Foreign Derived Intangible Income | (49.3) |  |  | (65.9) |  |  | (39.9) |
Section 162(m) limitation | 10.6 |  |  | 10.9 |  |  | 21.0 |
Other, net | 18.4 |  |  | 4.5 |  |  | 11.2 |
Provision for income taxes | $ | 40.4 |  |  | $ | 96.0 |  |  | $ | 201.4 |
Deferred Tax Assets and Liabilities | Deferred income tax assets and liabilities consist of the tax effects of temporary differences related to the following (in millions):
| As of
| September 27, 2024 |  | September 29, 2023
Deferred tax assets: |  |  |
Inventory | $ | 44.5 |  |  | $ | 24.1 |
Accrued compensation and benefits | 16.5 |  |  | 14.4 |
Product returns, allowances, and warranty | 5.5 |  |  | 7.0 |
Share-based and other deferred compensation | 25.3 |  |  | 24.5 |
Net operating loss carry forwards | 6.4 |  |  | 12.2 |
Tax credits | 165.7 |  |  | 155.7 |
Operating leases | 46.1 |  |  | 45.6 |
R&D capitalization | 170.4 |  |  | 95.3 |
Intangible assets | 50.0 |  |  | 24.4 |
Other, net | 4.8 |  |  | 6.8 |
Deferred tax assets | 535.2 |  |  | 410.0 |
Less valuation allowance | (174.1) |  |  | (164.2) |
Net deferred tax assets | 361.1 |  |  | 245.8 |
Deferred tax liabilities: |  |  |
Property, plant, and equipment | (22.5) |  |  | (18.3) |
Operating leases | (47.0) |  |  | (44.3) |
Net deferred tax liabilities | (69.5) |  |  | (62.6) |
Total net deferred tax assets | $ | 291.6 |  |  | $ | 183.2 |
The deferred tax assets and liabilities based on tax jurisdictions are presented on our Consolidated Balance Sheets as follows (in millions):
| As of
| September 27, 2024 |  | September 29, 2023
Deferred tax assets | $ | 303.5 |  |  | $ | 192.3 |
Deferred tax liabilities | (11.9) |  |  | (9.1) |
Net deferred tax assets | $ | 291.6 |  |  | $ | 183.2 |
Changes in Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in millions):
| Unrecognized Tax Benefits
Balance at September 29, 2023 | $ | 57.9 |
Increases based on positions related to prior years | 18.4 |
Decreases based on positions related to prior years | (7.7) |
Increases based on positions related to current year | 7.9 |
Decreases based on expirations of statute of limitations | (8.1) |
Decreases based on settlements with taxing authorities | (6.1) |
Balance at September 27, 2024 | $ | 62.3 |

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