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Income Taxes | 9 Months Ended
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Jun. 29, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Income tax expense for the three and nine months ended June 29, 2024 was $5.2 million and $13.5 million compared to $1.6 million and $15.8 million for the three and nine months ended July 1, 2023. The effective tax rates for the three and nine months ended June 29, 2024 were 17.0% and 16.1%, respectively, compared to the effective tax rates of 9.1% and 13.8% for the three and nine months ended July 1, 2023. The increase for the three months ended June 29, 2024 compared to the three months ended July 1, 2023 is primarily due to a decrease in discrete tax benefits of $2.0 million. The decrease for the nine months ended June 29, 2024 compared to the nine months ended July 1, 2023 is primarily due to a decrease in discrete tax benefits of $2.3 million. The amount of unrecognized tax benefits recorded for uncertain tax positions increased by $2.4 million for the three months ended June 29, 2024. The Company recognizes accrued interest and penalties on uncertain tax positions as a component of income tax expense. The amount of interest and penalties recorded for the three and nine months ended June 29, 2024 was $0.3 million and $0.5 million, respectively. One or more uncertain tax positions may be settled within the next 12 months. Settlement of these matters is not expected to have a material effect on the Company's consolidated results of operations, financial position and cash flows. The Company is not currently under examination by taxing authorities in the U.S. or any foreign jurisdiction. The Company maintains valuation allowances when it is more likely than not that all or a portion of a net deferred tax asset will not be realized. During the three months ended June 29, 2024, the Company continued to record a full valuation allowance against its net deferred tax assets in certain jurisdictions within the EMEA and APAC segments and a partial valuation against its net deferred tax assets in certain jurisdictions within the AMER segment, as it was more likely than not that these assets would not be fully realized based primarily on historical performance. The Company will continue to provide a valuation allowance against its net deferred tax assets in each of the applicable jurisdictions going forward until it determines it is more likely than not that the deferred tax assets will be realized.

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