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INCOME TAXES (Tables)

12 Months Ended

Sep. 30, 2023

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 the U.S. and foreign income (loss) before income taxes for fiscal 2023, 2022, and 2021:

			Fiscal
(in thousands)			2023						2022						2021
United States			$	(5,635)					$	(11,415)					$	(8,853)
Foreign			77,836						488,403						423,403
Income before income taxes			$	72,201					$	476,988					$	414,550

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 2023, 2022, and 2021:

			Fiscal
(in thousands)			2023						2022						2021
Current:
Federal			$	10,412					$	14,975					$	26,563
State			(128)						246						261
Foreign			8,830						37,448						30,771
Deferred:
Federal			1,304						(5,809)						(2,979)
State			—						—						—
Foreign			(5,365)						(3,417)						(7,321)
Provision for income taxes			$	15,053					$	43,443					$	47,295

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 2023, 2022, and 2021:

			Fiscal
(dollar amounts in thousands)			2023						2022						2021
Expected income tax provision based on the U.S. federal statutory tax rate			$	15,162					$	100,212					$	86,915
Effect of earnings of foreign subsidiaries subject to different tax rates			(8,448)						(17,936)						(15,028)
Benefit from tax incentives			(11,198)						(50,113)						(45,501)
Benefit from research and development tax credits			(4,038)						(2,995)						(2,705)
Benefit from foreign tax credits			(7,834)						(26,021)						(20,281)
Valuation allowance			3,127						(5,830)						(11,620)
Foreign operations (Deemed income, taxes on undistributed foreign earnings, and withholding taxes)			24,450						45,421						52,414
Goodwill impairment			2,517						—						—
Other, net (1)			1,315						705						3,101
Provision for income taxes			$	15,053					$	43,443					$	47,295
Effective tax rate			20.8		%				9.1		%				11.4		%

(1) Certain balances in fiscal 2022 and 2021 have been reclassified to conform to the current period presentation. These reclassifications have no impact to the consolidated financial statements in fiscal 2022 and 2021.

Net deferred tax balance

The following table reflects the deferred tax balances based on the tax effects of cumulative temporary differences for fiscal 2023 and 2022:

			Fiscal
(in thousands)			2023						2022
Accruals and reserves			$	13,118					$	14,168
Capitalized Research(1)			12,529						25,105
Tax credit carryforwards			5,026						3,893
Net operating loss carryforwards			26,607						15,329
Gross deferred tax assets			$	57,280					$	58,495
Valuation allowance			$	(21,483)					$	(21,750)
Deferred tax assets, net of valuation allowance			$	35,797					$	36,745
Fixed and intangible assets(1)			$	(16,357)					$	(19,142)
Taxes on undistributed foreign earnings			(25,153)						(26,068)
Deferred tax liabilities			$	(41,510)					$	(45,210)
Net deferred tax liabilities			$	(5,713)					$	(8,465)
Reported as
Deferred tax assets			$	31,551					$	25,572
Deferred tax liabilities			(37,264)						(34,037)
Net deferred tax liabilities			$	(5,713)					$	(8,465)

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 2023, 2022, and 2021:

						Fiscal
(in thousands)						2023						2022						2021
Unrecognized tax benefit, beginning of year						$	16,623					$	14,922					$	13,064
Additions for tax positions, current year						1,493						2,288						4,003
Reductions for tax positions, prior year						(1,497)						(587)						(2,145)
Unrecognized tax benefit, end of year						$	16,619					$	16,623					$	14,922

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