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INCOME TAXES (Tables)
 12 Months Ended
Sep. 28, 2024
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 2024, 2023 and 2022:
Fiscal
(in thousands)202420232022
United States $(8,522)$(5,635)$(11,415)
Foreign(49,833)77,836 488,403 
Income before income taxes$(58,355)$72,201 $476,988 
Provision (benefit) for income taxes from continuing operations
The following table reflects the current and deferred components of provision for (benefit from) income taxes for fiscal 2024, 2023 and 2022:
Fiscal
(in thousands)202420232022
Current:
   Federal$(1,881)$10,412 $14,975 
   State232 (128)246 
   Foreign2,616 8,830 37,448 
Deferred:
   Federal101 1,304 (5,809)
   State— — — 
   Foreign9,583 (5,365)(3,417)
Provision for income taxes$10,651 $15,053 $43,443 
Effective income tax rate reconciliation
The following table reconciles the provision for (benefit from) income taxes with the expected income tax provision computed based on the applicable U.S. federal statutory tax rate for fiscal 2024, 2023 and 2022:
Fiscal
(dollar amounts in thousands)202420232022
Expected income tax provision based on the U.S. federal statutory tax rate$(12,255)$15,162 $100,212 
Effect of earnings of foreign subsidiaries subject to different tax rates(3,619)(8,448)(17,936)
Benefit from tax incentives980 (11,198)(50,113)
Benefit from research and development tax credits(4,132)(4,038)(2,995)
Benefit from foreign tax credits(1,505)(7,834)(26,021)
Valuation allowance18,543 3,127 (5,830)
Foreign operations (Deemed income, taxes on undistributed foreign earnings, and withholding taxes)7,268 24,450 45,421 
Non-deductible items(1)
3,622 1,900 267 
Goodwill impairment— 2,517 — 
Other, net(1)
1,749 (585)438 
Provision for income taxes$10,651 $15,053 $43,443 
Effective tax rate(18.3)%20.8 %9.1 %
(1) Certain balances in fiscals 2023 and 2022 have been reclassified to conform to the current period presentation. These reclassifications have no impact to the consolidated financial statements in the respective fiscal periods.
Net deferred tax balance
The following table reflects the deferred tax balances based on the tax effects of cumulative temporary differences for fiscal 2024 and 2023:
Fiscal
(in thousands)20242023
Accruals and reserves$20,149 $13,118 
Capitalized Research
7,903 12,529 
Tax credit carryforwards5,537 5,026 
Net operating loss carryforwards43,195 26,607 
Gross deferred tax assets$76,784 $57,280 
Valuation allowance$(45,462)$(21,483)
Deferred tax assets, net of valuation allowance$31,322 $35,797 
Fixed and intangible assets
$(20,055)$(16,357)
Taxes on undistributed foreign earnings(27,961)(25,153)
Deferred tax liabilities$(48,016)$(41,510)
Net deferred tax liabilities$(16,694)$(5,713)
Reported as
Deferred tax assets$17,900 $31,551 
Deferred tax liabilities(34,594)(37,264)
Net deferred tax liabilities$(16,694)$(5,713)
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 2024, 2023 and 2022:
Fiscal
(in thousands)202420232022
Unrecognized tax benefit, beginning of year$16,619 $16,623 $14,922 
Additions for tax positions, current year1,931 1,493 2,288 
Reductions for tax positions, prior year(847)(1,497)(587)
Unrecognized tax benefit, end of year$17,703 $16,619 $16,623