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TAXES ON INCOME (Tables) | 12 Months Ended
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Sep. 27, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) was as follows:
| Fiscal Years
(In millions) | 2024 |  | 2023 |  | 2022
Current income tax expense: |  |  |  |  |
Federal | $ | 9.7 |  |  | $ | 9.8 |  |  | $ | 3.7 |
State and local | 0.6 |  |  | 0.3 |  |  | 0.2 |
Foreign | 4.6 |  |  | 12.6 |  |  | 10.3 |
Total current | $ | 14.9 |  |  | $ | 22.7 |  |  | $ | 14.2 |
Deferred i ncome tax (benefit) expense: |  |  |  |  |
Federal | $ | 38.5 |  |  | $ | (38.0) |  |  | $ | 0.4 |
State and local | (1.1) |  |  | (0.2) |  |  | (0.9) |
Foreign | (0.1) |  |  | (1.9) |  |  | — |
Total deferred | 37.3 |  |  | (40.1) |  |  | (0.5) |
Income tax expense (benefit) | $ | 52.2 |  |  | $ | (17.4) |  |  | $ | 13.7 |
Schedule of Income before Income Tax, Domestic and Foreign | Income before taxes are generated from the following geographic areas:
| Fiscal Years
(In millions) | 2024 |  | 2023 |  | 2022
United States | $ | (15.1) |  |  | $ | (6.2) |  |  | $ | 16.4 |
Foreign | 20.1 |  |  | 37.5 |  |  | 28.1 |
Income before taxes | $ | 5.0 |  |  | $ | 31.3 |  |  | $ | 44.5 |
Schedule of Effective Income Tax Rate Reconciliation | The effective tax rate differs from the U.S. federal statutory tax rate as a result of the following:
| Fiscal Years
| 2024 |  | 2023 |  | 2022
Federal statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State and local taxes, net of federal tax benefit | (7.5) |  |  | 0.3 |  |  | (1.4) |
Statutory rate change impact on prior year deferreds | (0.3) |  |  | — |  |  | 1.1 |
Return to provision | (30.9) |  |  | (4.7) |  |  | (2.1) |
Research and development credit | (41.9) |  |  | (8.4) |  |  | (0.9) |
Foreign rate difference | (1.6) |  |  | 6.3 |  |  | 6.5 |
Share-based compensation | 43.6 |  |  | 3.8 |  |  | 1.0 |
Change in valuation allowance | 1,101.1 |  |  | (65.7) |  |  | 6.3 |
U.S. tax reform - international provisions | (32.0) |  |  | (9.2) |  |  | (4.6) |
Other | (7.5) |  |  | 1.0 |  |  | 3.9 |
Effective tax rate | 1,044.0 | % |  | (55.6) | % |  | 30.8 | %
Schedule of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities are as follows:
(In millions) | September 27, 2024 |  | September 29, 2023
Deferred tax assets: |  |  |
Inventory adjustments | $ | 4.7 |  |  | $ | 5.9 |
Share-based compensation | 6.3 |  |  | 6.7 |
Product warranty | 2.0 |  |  | 1.5 |
Unrealized exchange gain | 3.0 |  |  | 2.5 |
Deferred compensation | 1.7 |  |  | 1.4 |
Net operating loss carryforwards | 18.9 |  |  | 19.4 |
Accrued vacation | 0.6 |  |  | 0.3 |
Accrued incentives | 0.3 |  |  | 2.0 |
Credit carryforwards | 3.6 |  |  | 2.7 |
Deferred financing fees | 2.5 |  |  | 5.7 |
Capitalized interest | 1.1 |  |  | 1.1 |
Lease liabilities | 7.5 |  |  | 6.1 |
Investments in privately held companies | 4.0 |  |  | 3.2 |
Research and experimentation capitalization | 30.8 |  |  | 17.6 |
Royalty advance | 6.6 |  |  | — |
Other DTA | 3.9 |  |  | 4.1 |
| $ | 97.5 |  |  | $ | 80.2 |
Valuation allowance | (74.7) |  |  | (18.7) |
Total deferred tax assets | $ | 22.8 |  |  | $ | 61.5 |
Deferred tax liabilities: |  |  |
Acquired intangibles | $ | (3.9) |  |  | $ | (5.3) |
Property, plant and equipment | (7.1) |  |  | (8.0) |
Operating lease assets | (7.3) |  |  | (6.0) |
Other DTL | (1.2) |  |  | (0.9) |
Total deferred tax liabilities | (19.5) |  |  | (20.2) |
Net deferred tax assets | $ | 3.3 |  |  | $ | 41.3 |
Reported As: |  |  |
Deferred tax assets | $ | 22.8 |  |  | $ | 61.5 |
Deferred tax liabilities | (19.5) |  |  | (20.2) |
Net deferred tax assets | $ | 3.3 |  |  | $ | 41.3 |
Schedule of Valuation Allowance | Changes in the Company's valuation allowance for deferred tax assets were as follows:
| Fiscal Years
(In millions) | 2024 |  | 2023 |  | 2022
Valuation allowance balance–beginning of fiscal year | $ | 18.7 |  |  | $ | 32.2 |  |  | $ | 30.2 |
Other increases | 56.0 |  |  | — |  |  | 6.9 |
Other decreases | — |  |  | (13.5) |  |  | (4.9) |
Valuation allowance balance—end of fiscal year | $ | 74.7 |  |  | $ | 18.7 |  |  | $ | 32.2 |
Schedule of Unrecognized Tax Benefits Roll Forward | Changes in the Company’s unrecognized tax benefits were as follows:
| Fiscal Years
(In millions) | 2024 |  | 2023 |  |
Unrecognized tax benefits balance–beginning of fiscal year | $ | 1.4 |  |  | $ | 1.2 |  |  |
Additions based on tax positions related to the current year | 0.2 |  |  | 0.2 |  |  |
Unrecognized tax benefits balance—end of fiscal year | $ | 1.6 |  |  | $ | 1.4 |  |  |

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