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Income Tax (Tables)

12 Months Ended

Oct. 01, 2022

Income Taxes

Schedule of Income before income tax, domestic and foreign

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended
​	​	October 1,		​	October 2,		​	October 3,
​		2022			2021			2020
​	​	(Restated)
​	​	(In thousands)
Domestic	​	$	145,671	​	$	174,936	​	$	88,450
Foreign	​		156,649	​		106,705	​		103,765
Total	​	$	302,320	​	$	281,641	​	$	192,215

​

Schedule of provision for income taxes

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended
​	​	October 1,		​	October 2,		​	October 3,
​		2022			2021			2020
​	​	(Restated)
​	​	(In thousands)
Federal:		​			​			​
Current	​	$	1,070	​	$	705	​	$	(917)
Deferred	​		25,399	​		28,809	​		7,666
State:	​			​			​
Current	​		1,711	​		3,677	​		1,500
Deferred	​		3,081	​		(302)	​		2,579
Foreign:	​			​			​
Current	​		31,241	​		(906)	​		46,376
Deferred	​		(566)	​		112	​		1,842
Total provision for income taxes	​	$	61,936	​	$	32,095	​	$	59,046

​

Schedule of deferred tax assets and liabilities

​

​	​	​	​	​	​	​
​	​	As of
​	​	October 1,		​	October 2,
​		2022			2021
​	​	(Restated)
​	​	(In thousands)
Deferred tax assets:		​			​
U.S. net operating loss carryforwards	​	$	92,882	​	$	134,385
Foreign net operating loss carryforwards	​		109,416	​		112,516
Intangibles	​		25,099	​		24,219
Accruals not currently deductible	​		44,963	​		43,932
Property, plant and equipment	​		27,514	​		25,494
Tax credit carryforwards	​		18,465	​		17,250
Reserves not currently deductible	​		14,939	​		11,534
Stock compensation expense	​		6,365	​		7,677
Federal benefit of foreign operations	​		21,312	​		18,336
Derivatives and other impacts of OCI	​		838	​		7,637
Lease deferred tax asset	​		15,018	​		11,563
Other	​		1,915	​		—
Valuation allowance	​		(118,210)	​		(115,258)
Total deferred tax assets	​		260,516	​		299,285
Deferred tax liabilities on undistributed earnings	​		(14,775)	​		(14,775)
Deferred tax liabilities on branch operations	​		(24,182)	​		(30,000)
Revenue recognition	​		(1,572)	​		(1,702)
Lease deferred tax liability	​		(14,808)	​		(11,349)
Other	​		—	​		(2,495)
Net deferred tax assets	​	$	205,179	​	$	238,964
Recorded as:	​			​		​
Deferred tax assets	​	$	209,554	​	$	242,261
Deferred tax liabilities	​		(4,375)	​		(3,297)
Net deferred tax assets	​	$	205,179	​	$	238,964

​

Schedule of effective income tax rate reconciliation

​

​	​	​	​	​	​	​	​
​	​	Year Ended
​	​	October 1,	​	October 2,	​	October 3,
​		2022		2021		2020
​	​	(Restated)					​
Federal tax at statutory tax rate		21.00	%	21.00	%	21.00	%
Effect of foreign operations		3.52		7.99		13.60	​
Permanent items		0.08		(2.03)		(0.62)	​
Federal credits		(0.73)		(0.54)		(1.37)	​
Other		0.59		(0.20)		(0.06)	​
State income taxes, net of federal benefit		1.60		0.91		1.94	​
Release of foreign tax reserves		(5.57)		(15.73)		(3.77)	​
Effective tax rate		20.49	%	11.40	%	30.72	%

​

Schedule of total liabilities for unrecognized tax benefits

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended
​	​	October 1,		​	October 2,		​	October 3,
​		2022			2021			2020
​	​	(In thousands)
Balance, beginning of year	​	$	67,781	​	$	74,612	​	$	66,677
Increase (decrease) related to prior year tax positions	​		(4,456)	​		6,063	​		1,327
Increase related to current year tax positions	​		7,154	​		7,349	​		9,907
Settlements	​		(7,596)	​		—	​		—
Decrease related to lapse of time and expiration of statutes of limitations	​		(9,331)	​		(20,243)	​		(3,299)
Balance, end of year	​	$	53,552	​	$	67,781	​	$	74,612

​

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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.

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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.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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