XML 51 R34.htm IDEA: XBRL DOCUMENT
v3.25.3

Income Taxes (Tables) | 12 Months Ended
--- | ---
Oct. 03, 2025
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
| October 3, 2025 |  | September 27, 2024 |  | September 29, 2023
United States | $ | 133.5 |  |  | $ | 1.9 |  |  | $ | 484.9 |
Foreign | 393.2 |  |  | 634.5 |  |  | 593.9 |
Income before income taxes | $ | 526.7 |  |  | $ | 636.4 |  |  | $ | 1,078.8 |
Components of Income Tax Expense (Benefit) | The provision for income taxes consists of the following components (in millions):
| Fiscal Years Ended
| October 3, 2025 |  | September 27, 2024 |  | September 29, 2023
Current tax expense: |  |  |  |  |
Federal | $ | 45.3 |  |  | $ | 79.0 |  |  | $ | 164.4 |
State | 0.1 |  |  | 0.2 |  |  | 0.1 |
Foreign | 59.5 |  |  | 60.8 |  |  | 74.4 |
| 104.9 |  |  | 140.0 |  |  | 238.9 |
Deferred tax expense (benefit): |  |  |  |  |
Federal | (80.8) |  |  | (120.5) |  |  | (102.4) |
State | — |  |  | (0.5) |  |  | (0.1) |
Foreign | 25.5 |  |  | 21.4 |  |  | (40.4) |
| (55.3) |  |  | (99.6) |  |  | (142.9) |
Provision for income taxes | $ | 49.6 |  |  | $ | 40.4 |  |  | $ | 96.0 |
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
| October 3, 2025 |  | September 27, 2024 |  | September 29, 2023
Tax expense at United States statutory rate | $ | 110.6 |  |  | $ | 133.6 |  |  | $ | 226.5 |
Foreign tax rate difference | (22.0) |  |  | (84.7) |  |  | (90.7) |
Effect of stock compensation | 10.2 |  |  | 11.3 |  |  | 16.0 |
Research and development credits | (44.5) |  |  | (28.7) |  |  | (29.7) |
Change in tax reserve | (1.4) |  |  | 11.1 |  |  | 8.1 |
Global Intangible Low-Taxed Income | 4.0 |  |  | 18.1 |  |  | 16.3 |
Foreign Derived Intangible Income | (44.7) |  |  | (49.3) |  |  | (65.9) |
Section 162(m) limitation | 15.8 |  |  | 10.6 |  |  | 10.9 |
Remeasurement of concessionary tax rate | 19.0 |  |  | — |  |  | — |
Other, net | 2.6 |  |  | 18.4 |  |  | 4.5 |
Provision for income taxes | $ | 49.6 |  |  | $ | 40.4 |  |  | $ | 96.0 |
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
| October 3, 2025 |  | September 27, 2024
Deferred tax assets: |  |  |
Inventory | $ | 24.4 |  |  | $ | 44.5 |
Accrued compensation and benefits | 18.6 |  |  | 16.5 |
Product returns, allowances, and warranty | 5.1 |  |  | 5.5 |
Share-based and other deferred compensation | 32.4 |  |  | 25.3 |
Net operating loss carry forwards | 6.4 |  |  | 6.4 |
Tax credits | 179.6 |  |  | 165.7 |
Lease liabilities | 48.9 |  |  | 46.1 |
R&D capitalization | 257.6 |  |  | 170.4 |
Intangible assets | 43.6 |  |  | 50.0 |
Other, net | 15.8 |  |  | 4.8 |
Deferred tax assets | 632.4 |  |  | 535.2 |
Less valuation allowance | (186.8) |  |  | (174.1) |
Net deferred tax assets | 445.6 |  |  | 361.1 |
Deferred tax liabilities: |  |  |
Property, plant, and equipment | (48.0) |  |  | (22.5) |
Right of use assets | (50.1) |  |  | (47.0) |
Net deferred tax liabilities | (98.1) |  |  | (69.5) |
Total net deferred tax assets | $ | 347.5 |  |  | $ | 291.6 |
The deferred tax assets and liabilities based on tax jurisdictions are presented on our Consolidated Balance Sheets as follows (in millions):
| As of
| October 3, 2025 |  | September 27, 2024
Deferred tax assets | $ | 375.6 |  |  | $ | 303.5 |
Deferred tax liabilities | (28.1) |  |  | (11.9) |
Net deferred tax assets | $ | 347.5 |  |  | $ | 291.6 |
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 27, 2024 | $ | 62.3 |
Increases based on positions related to prior years | 1.3 |
Decreases based on positions related to prior years | (0.2) |
Increases based on positions related to current year | 8.7 |
Decreases based on positions related to current year | (0.3) |
Decreases based on expirations of statute of limitations | (5.7) |
Decreases based on settlements with taxing authorities | (1.9) |
Balance at October 3, 2025 | $ | 64.2 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration