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Income Taxes (Tables)

12 Months Ended

Oct. 01, 2022

Income Tax Disclosure [Abstract]

Reconciliation Of The Provision For Income Taxes

The reconciliation of the provision for income taxes to the amount computed by applying the U.S. federal statutory tax rate to earnings before income taxes is as follows:

						2022						2021						2020
Earnings before income taxes:
Domestic						$	151,870					$	141,665					$	1,126
Foreign						51,109						62,109						4,291
Total						$	202,979					$	203,774					$	5,417
Federal statutory income tax rate						21.0		%				21.0		%				21.0		%
Increase (decrease) in income taxes resulting from:
Impacts of Tax Act						(0.4)		%				(1.2)		%				(96.4)		%
Revaluation of deferred taxes						—		%				1.6		%				(21.6)		%
Withholding taxes						0.6		%				0.4		%				27.5		%
Reversal of indefinite reinvestment assertion						—		%				0.2		%				(2.9)		%
R&D and foreign tax credits						(5.4)		%				(4.6)		%				(102.8)		%
Divestiture impacts						2.3		%				—		%				—		%
Foreign tax rates						4.5		%				4.4		%				76.0		%
Equity-based compensation						(0.2)		%				(0.1)		%				(6.5)		%
Change in valuation allowance for deferred taxes						(2.3)		%				(1.6)		%				21.1		%
State taxes, net of federal benefit						1.9		%				2.1		%				(1.9)		%
Other						1.6		%				0.6		%				16.6		%
Effective income tax rate						23.6		%				22.8		%				(69.9)		%

Components Of Income Taxes

The components of income taxes are as follows:

						2022						2021						2020
Current:
Federal						$	6,270					$	9,907					$	14,789
Foreign						26,730						23,801						18,997
State						3,063						4,684						3,271
Total current						36,063						38,392						37,057
Deferred:
Federal						8,076						4,625						(35,603)
Foreign						1,742						2,898						(1,843)
State						1,921						639						(3,399)
Total deferred						11,739						8,162						(40,845)
Income taxes (benefit)						$	47,802					$	46,554					$	(3,788)

Schedule of Deferred Tax Assets And Liabilities

The tax effects of temporary differences that generated deferred tax assets and liabilities are as follows:

						October 1, 2022						October 2, 2021
Deferred tax assets:
Benefit accruals						$	65,863					$	68,657
Inventory reserves						30,053						31,900
Tax benefit carryforwards						10,885						15,434
Contract reserves not currently deductible						10,447						13,294
Lease liability						18,473						16,997
Other accrued expenses						14,824						10,983
Total gross deferred tax assets						150,545						157,265
Less valuation allowance						(8,650)						(13,896)
Total net deferred tax assets						$	141,895					$	143,369
Deferred tax liabilities:
Differences in bases and depreciation of property, plant and equipment						$	167,990					$	164,591
Pension						28,802						25,661
Total gross deferred tax liabilities						196,792						190,252
Net deferred tax liabilities						$	(54,897)					$	(46,883)

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- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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