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INCOME TAXES | 9 Months Ended
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Jun. 29, 2024
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 June 29, 2024 and July 1, 2023:
| Three months ended |  | Nine months ended
(dollar amounts in thousands) | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Provision for income taxes | $ | 4,053 |  |  | $ | 148 |  |  | $ | 12,685 |  |  | $ | 9,462 |
Effective tax rate | 24.8 | % |  | 3.4 | % |  | (18.5) | % |  | 21.9 | %
For the three and nine months ended June 29, 2024 as compared to the three and nine months ended July 1, 2023, the change in provision for income taxes was primarily due to an increase in valuation allowance recorded against certain deferred tax assets and changes in profitability. The change in effective tax rate was primarily due to an increase in valuation allowance recorded against certain deferred tax assets and the tax benefit from the one-time charge for cancellation of Project W which was recorded as a discrete the prior quarter. For the three and nine months ended June 29, 2024, the effective tax rate is different than the U.S. federal statutory tax rate primarily due to earnings of foreign subsidiaries subject to tax at different rates than the U.S., tax incentives, tax credits, changes in valuation allowances, the impact of Global Intangible Low-Taxed Income, and the tax impact of the one-time charge for cancellation of Project W.

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