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Income Taxes (Tables) | 12 Months Ended
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Sep. 29, 2024
Income Tax Disclosure [Abstract] |
Schedule of income before income taxes, by geographical area | Income before income taxes, by geographic area, was as follows (in thousands):
| Fiscal Year Ended
| September 29, 2024 |  | October 1, 2023 |  | October 2, 2022
Income before income taxes: |  |  |  |  |
United States | $ | 294,401 |  |  | $ | 287,295 |  |  | $ | 262,428 |
Foreign | 169,065 |  |  | 113,683 |  |  | 86,338 |
Total income before income taxes | $ | 463,466 |  |  | $ | 400,978 |  |  | $ | 348,766 |
Schedule of components of income tax expense | Income tax expense consisted of the following (in thousands):
| Fiscal Year Ended
| September 29, 2024 |  | October 1, 2023 |  | October 2, 2022
Current: |  |  |  |  |
Federal | $ | 76,851 |  |  | $ | 110,371 |  |  | $ | 47,447 |
State | 20,997 |  |  | 16,025 |  |  | 9,613 |
Foreign | 44,402 |  |  | 28,970 |  |  | 26,332 |
Total current income tax expense | 142,250 |  |  | 155,366 |  |  | 83,392 |
Deferred: |  |  |  |  |
Federal | (18,734) |  |  | (18,062) |  |  | (424) |
State | (6,747) |  |  | (4,976) |  |  | (382) |
Foreign | 13,254 |  |  | (4,802) |  |  | 3,016 |
Total deferred income tax (benefit) expense | (12,227) |  |  | (27,840) |  |  | 2,210 |
Total income tax expense | $ | 130,023 |  |  | $ | 127,526 |  |  | $ | 85,602 |
Schedule of reconciliation of income tax rate | Total income tax expense was different from the amount computed by applying the U.S. federal statutory rate to pre-tax income as follows:
| Fiscal Year Ended
| September 29, 2024 |  | October 1, 2023 |  | October 2, 2022
Tax at federal statutory rate | 21.0% |  | 21.0% |  | 21.0%
State taxes, net of federal benefit | 2.4 |  | 2.2 |  | 2.1
Research and Development ("R&D") credits | (1.2) |  | (0.5) |  | (1.0)
Tax differential on foreign earnings | 2.0 |  | 1.5 |  | 1.0
Stock compensation | (0.4) |  | (0.4) |  | (2.0)
Valuation allowance | (0.1) |  | 1.3 |  | 0.2
Change in uncertain tax positions | 1.3 |  | 11.6 |  | (1.1)
Return to provision | (1.0) |  | 1.1 |  | 1.4
Disallowed officer compensation | 0.9 |  | 1.2 |  | 1.9
Unremitted earnings | 0.4 |  | 0.2 |  | (0.2)
Hedging gain | — |  | (5.7) |  | —
Deferred tax adjustments | 0.8 |  | (2.3) |  | 0.1
Audit settlements | 0.9 |  | — |  | —
Other | 1.1 |  | 0.6 |  | 1.1
Total income tax expense | 28.1% |  | 31.8% |  | 24.5%
Schedule of temporary differences comprising the net deferred income tax asset | Temporary differences comprising the net deferred income tax asset shown on the accompanying consolidated balance sheets were as follows (in thousands):
| Fiscal Year Ended
| September 29, 2024 |  | October 1, 2023
Deferred Tax Assets: |  |  |
State taxes | $ | 3,916 |  |  | $ | 2,686 |
Reserves and contingent liabilities | — |  |  | 2,849 |
Accounts receivable including the allowance for doubtful accounts | 5,315 |  |  | 5,323 |
Accrued liabilities | 64,929 |  |  | 64,155 |
Lease liabilities, operating leases | 51,841 |  |  | 53,437 |
Stock-based compensation | 1,923 |  |  | 1,900 |
Unbilled revenue | 9,273 |  |  | 3,090 |
Loss and other carry-forwards | 48,256 |  |  | 67,673 |
Property and equipment | — |  |  | 552 |
Capitalized research and development | 37,417 |  |  | 17,778 |
Capped call transactions | 10,311 |  |  | 12,696 |
Valuation allowance | (16,841) |  |  | (16,559) |
Total deferred tax assets | 216,340 |  |  | 215,580 |
Deferred Tax Liabilities: |  |  |
Prepaid expense | (3,065) |  |  | (2,702) |
Reserves and contingent liabilities | (153) |  |  | — |
Right-of-use assets, operating leases | (51,841) |  |  | (53,437) |
Intangibles | (81,623) |  |  | (83,242) |
Undistributed earnings | (2,708) |  |  | (1,453) |
Property and equipment | (1,583) |  |  | — |
Total deferred tax liabilities | (140,973) |  |  | (140,834) |
Net deferred tax assets | $ | 75,367 |  |  | $ | 74,746 |
Reconciliation of the beginning and ending amounts of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
| Fiscal Year Ended
| September 29, 2024 |  | October 1, 2023 |  | October 2, 2022
Beginning balance | $ | 53,619 |  |  | $ | 8,908 |  |  | $ | 12,899 |
Acquisition of RPS Group | — |  |  | 6,012 |  |  | — |
Additions for current fiscal year tax positions | 1,000 |  |  | 27,272 |  |  | — |
Additions for prior fiscal year tax positions | 1,000 |  |  | 14,602 |  |  | — |
Reductions for prior fiscal year tax positions | — |  |  | (1,358) |  |  | (3,014) |
Settlements | (14,179) |  |  | (1,817) |  |  | (977) |
Ending balance | $ | 41,440 |  |  | $ | 53,619 |  |  | $ | 8,908 |

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