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INCOME TAXES | 6 Months Ended
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Mar. 30, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The effective tax rate for the three and six month periods ended March 30, 2025 and March 31, 2024, was as follows:
|  | Three Month Periods Ended |  | Six Month Periods Ended
|  | March 30, 2025 |  | March 31, 2024 |  | March 30, 2025 |  | March 31, 2024
Effective tax rate |  | 83.9 | % |  | 33.8 | % |  | 44.8 | % |  | 36.0 | %
The estimated annual effective tax rate applied to the three and six month periods ended March 30, 2025, differs from the US federal statutory rate of 21% principally due to income earned outside the U.S. that is subject to U.S. tax, including the U.S. tax on global intangible low taxed income (“GILTI”), net of applicable deductions, and certain nondeductible expenses. The Company is not projecting U.S. taxable income for Fiscal 2025, which does not allow it to take advantage of the foreign-derived intangible income deduction or foreign tax credits on its GILTI income. The Company’s federal effective tax rate on GILTI was therefore 21%. During the three and six month periods ended March 30, 2025, the Company recorded $2.6 million and $4.6 million, respectively, of interest related to its uncertain tax positions in income tax expense. The Company’s mix of U.S. and foreign income and the level of pretax income result in the accrued interest having a substantial impact on the three and six month period effective tax rates. The Organization for Economic Co-operations and Development has introduced a framework to implement a global minimum corporate income tax of 15% referred to as "Pillar Two." Certain countries have adopted legislation to implement Pillar Two, and other countries are in the process of introducing legislation to implement Pillar Two. Many aspects of Pillar Two are effective for tax years beginning after January 1, 2024 with certain remaining aspects to be effective for tax years beginning January 1, 2025 or later. Pillar Two legislation currently in effect for the Company's Fiscal 2025 has been incorporated into the projected annual effective tax rate, and is not anticipated to have a significant impact. We continue to assess the impact of Pillar Two and monitor development in legislation, regulation, and interpretive guidance.

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