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INCOME TAXES (Tables)

12 Months Ended

Oct. 01, 2022

Income Tax Disclosure [Abstract]

Income from continuing operations by location, the provision (benefit) for income taxes and the effective tax rate

The following table reflects U.S. and foreign income (loss) before income taxes for fiscal 2022, 2021, and 2020:

			Fiscal
(in thousands)			2022						2021						2020
United States			$	(11,415)					$	(8,853)					$	(14,909)
Foreign			488,403						423,403						79,243
Income before income taxes			$	476,988					$	414,550					$	64,334

Provision (benefit) for income taxes from continuing operations

The following table reflects the current and deferred components of provision for (benefit from) income taxes for fiscal 2022, 2021, and 2020:

			Fiscal
(in thousands)			2022						2021						2020
Current:
Federal			$	14,975					$	26,563					$	5,129
State			246						261						89
Foreign			37,448						30,771						6,508
Deferred:
Federal			(5,809)						(2,979)						(690)
State			—						—						—
Foreign			(3,417)						(7,321)						962
Provision for income taxes			$	43,443					$	47,295					$	11,998

Effective income tax rate reconciliation

The following table reconciles the provision for (benefit from) income taxes with the expected income tax provision computed based on the applicable U.S. federal statutory tax rate for fiscal 2022, 2021, and 2020:

			Fiscal
(dollar amounts in thousands)			2022						2021						2020
Expected income tax provision based on the U.S. federal statutory tax rate			$	100,212					$	86,915					$	13,510
Effect of earnings of foreign subsidiaries subject to different tax rates			(17,936)						(15,028)						(1,634)
Benefit from tax incentives			(50,113)						(45,501)						(6,781)
Benefit from research and development tax credits			(2,995)						(2,705)						(2,915)
Benefit from foreign tax credits			(26,021)						(20,281)						(1,701)
Valuation allowance			(5,830)						(11,620)						1,224
Foreign operations (Deemed income, taxes on undistributed foreign earnings, and withholding taxes)			45,421						52,414						8,886
Non-deductible items			267						113						1,232
Other, net (1)			438						2,988						177
Provision for income taxes			$	43,443					$	47,295					$	11,998
Effective tax rate			9.1		%				11.4		%				18.6		%

(1) Certain balances in fiscal 2021 and 2020 have been reclassified to conform to the current period presentation. These reclassifications have no impact to the consolidated financial statements in fiscal 2021 and 2020.

Net deferred tax balance

The following table reflects deferred tax balances based on the tax effects of cumulative temporary differences for fiscal 2022 and 2021:

			Fiscal
(in thousands)			2022						2021
Accruals and reserves			$	14,168					$	11,890
Tax credit carryforwards			3,893						4,230
Fixed and intangible assets			5,963						465
Net operating loss carryforwards			15,329						28,913
Gross deferred tax assets			$	39,353					$	45,498
Valuation allowance			$	(21,750)					$	(34,095)
Deferred tax assets, net of valuation allowance			$	17,603					$	11,403
Taxes on undistributed foreign earnings			$	(26,068)					$	(28,516)
Deferred tax liabilities			$	(26,068)					$	(28,516)
Net deferred tax liabilities			$	(8,465)					$	(17,113)
Reported as
Deferred tax assets			$	25,572					$	15,715
Deferred tax liabilities			(34,037)						(32,828)
Net deferred tax liabilities			$	(8,465)					$	(17,113)

Unrecognized tax benefits

The following table reconciles the beginning and ending balances of the Company’s unrecognized tax benefit, excluding related accrued interest and penalties, for fiscal 2022, 2021, and 2020:

						Fiscal
(in thousands)						2022						2021						2020
Unrecognized tax benefit, beginning of year						$	14,922					$	13,064					$	12,925
Additions for tax positions, current year						2,288						4,003						537
Reductions for tax positions, prior year						(587)						(2,145)						(398)
Unrecognized tax benefit, end of year						$	16,623					$	14,922					$	13,064

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