XML 64 R45.htm IDEA: XBRL DOCUMENT v3.24.3

TAXES ON INCOME (Tables)

12 Months Ended

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 income 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

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration