XML 30 R20.htm IDEA: XBRL DOCUMENT
v3.22.2

INCOME TAXES | 9 Months Ended
--- | ---
Jul. 02, 2022
Income Tax Disclosure [Abstract] |
INCOME TAXES | 13. INCOME TAXES The following table reflects the provision for income taxes and the effective tax rate for the three and nine months ended July 2, 2022 and July 3, 2021:
| Three months ended |  | Nine months ended
(dollar amounts in thousands) | July 2, 2022 |  | July 3, 2021 |  | July 2, 2022 |  | July 3, 2021
Provision for income taxes | $ | 5,165 |  |  | $ | 7,212 |  |  | $ | 36,813 |  |  | $ | 25,722 |
Effective tax rate | 4.2 | % |  | 6.0 | % |  | 9.1 | % |  | 9.9 | %
The decrease in provision for income taxes for the three months ended July 2, 2022 as compared to the three months ended July 3, 2021 is primarily related to a decrease in foreign minimum tax, offset by an increase in tax expense due to jurisdictional mix of profitability and a decrease in tax benefit from the release of valuation allowance recorded against the net deferred tax assets. During the three months ended July 2, 2022 and July 3, 2021, the Company recorded a $4.9 million and $7.2 million tax benefit, respectively, from the release of valuation allowance recorded against the net deferred tax assets of a certain foreign jurisdiction due to a forecasted increase in future profitability in the corresponding jurisdiction. The increase in provision for income taxes for the nine months ended July 2, 2022 as compared to the nine months ended July 3, 2021 is primarily related to an overall increase in year-to-date profitability, principally earned in lower tax jurisdictions, and foreign minimum tax. For the three and nine months ended July 2, 2022, the effective tax rate is lower than the U.S. federal statutory tax rate primarily due to foreign income earned in lower tax jurisdictions, tax incentives, tax credits, a release of valuation allowances on certain deferred tax assets and taxes on unrepatriated foreign earnings, partially offset by foreign minimum tax.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration