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v3.25.3

TAXES ON INCOME (LOSS) (Tables) | 12 Months Ended
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Oct. 03, 2025
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | was as follows:
| Fiscal Years
(In millions) | 2025 |  | 2024 |  | 2023
Current income tax expense: |  |  |  |  |
Federal | $ | 4.6 |  |  | $ | 9.7 |  |  | $ | 9.8 |
State and local | 0.5 |  |  | 0.6 |  |  | 0.3 |
Foreign | 6.3 |  |  | 4.6 |  |  | 12.6 |
Total current | $ | 11.4 |  |  | $ | 14.9 |  |  | $ | 22.7 |
Deferred i ncome tax (benefit) expense: |  |  |  |  |
Federal | $ | — |  |  | $ | 38.5 |  |  | $ | (37.9) |
State and local | (0.2) |  |  | (1.1) |  |  | (0.2) |
Foreign | (0.5) |  |  | 1.0 |  |  | (1.2) |
Total deferred | (0.7) |  |  | 38.4 |  |  | (39.3) |
Income tax expense (benefit) | $ | 10.7 |  |  | $ | 53.3 |  |  | $ | (16.6) |
Schedule of Income before Income Tax, Domestic and Foreign | are generated from the following geographic areas:
| Fiscal Years
(In millions) | 2025 |  | 2024 |  | 2023
United States | $ | (25.8) |  |  | $ | (15.1) |  |  | $ | (6.2) |
Foreign | (33.4) |  |  | 20.1 |  |  | 37.5 |
(Loss) income before taxes | $ | (59.2) |  |  | $ | 5.0 |  |  | $ | 31.3 |
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
| 2025 |  | 2024 |  | 2023
Federal statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State and local taxes, net of federal tax benefit | (0.4) |  |  | (7.5) |  |  | 0.3 |
Impairment of goodwill | (33.3) |  |  | — |  |  | — |
Statutory rate change impact on prior year deferreds | — |  |  | (0.3) |  |  | — |
Return to provision | 1.3 |  |  | (30.9) |  |  | (4.7) |
Research and development credit | 5.0 |  |  | (41.9) |  |  | (8.4) |
Foreign rate difference | (3.0) |  |  | (1.6) |  |  | 6.3 |
Share-based compensation | (2.7) |  |  | 43.6 |  |  | 3.8 |
Change in valuation allowance | (7.1) |  |  | 1,101.1 |  |  | (65.7) |
U.S. tax reform - international provisions | 2.1 |  |  | (32.0) |  |  | (9.2) |
Other | (1.0) |  |  | 14.5 |  |  | 3.6 |
Effective tax rate | (18.1) | % |  | 1,066.0 | % |  | (53.0) | %
Schedule of Deferred Tax Assets and Liabilities | ignificant components of deferred tax assets and liabilities are as follows:
(In millions) | October 3, 2025 |  | September 27, 2024
Deferred tax assets: |  |  |
Inventory adjustments | $ | 4.4 |  |  | $ | 4.7 |
Share-based compensation | 6.8 |  |  | 6.3 |
Product warranty | 1.6 |  |  | 2.0 |
Unrealized exchange gain | 3.7 |  |  | 3.0 |
Deferred compensation | 2.0 |  |  | 1.7 |
Net operating loss carryforwards | 18.6 |  |  | 18.9 |
Accrued vacation | 0.6 |  |  | 0.6 |
Accrued incentives | 0.9 |  |  | 0.3 |
Credit carryforwards | 4.2 |  |  | 3.6 |
Deferred financing fees | 0.1 |  |  | 2.5 |
Interest expense limitation | 1.1 |  |  | — |
Capitalized interest | 1.0 |  |  | 1.1 |
Lease liabilities | 6.4 |  |  | 7.5 |
Investments in privately held companies | 4.2 |  |  | 4.0 |
Royalty advance | 1.5 |  |  | 6.6 |
Research and experimentation capitalization | 37.8 |  |  | 30.8 |
Other DTA | 5.2 |  |  | 3.9 |
| $ | 100.1 |  |  | $ | 97.5 |
Less: Valuation allowance | (79.4) |  |  | (74.7) |
Total deferred tax assets | $ | 20.7 |  |  | $ | 22.8 |
Deferred tax liabilities: |  |  |
Acquired intangibles | $ | (3.4) |  |  | $ | (3.9) |
Property, plant and equipment | (5.7) |  |  | (7.1) |
Goodwill amortization | — |  |  | (6.0) |
Operating lease assets | (6.1) |  |  | (7.3) |
Other DTL | (8.1) |  |  | (1.2) |
Total deferred tax liabilities | (23.3) |  |  | (25.5) |
Net deferred tax liabilities | $ | (2.6) |  |  | $ | (2.7) |
Reported As: |  |  |
Deferred tax assets | $ | 20.7 |  |  | $ | 22.8 |
Deferred tax liabilities | (23.3) |  |  | (25.5) |
Net deferred tax liabilities | $ | (2.6) |  |  | $ | (2.7) |
Schedule of Valuation Allowance | hanges in the Company's valuation allowance for deferred tax assets were as follows:
| Fiscal Years
(In millions) | 2025 |  | 2024 |  | 2023
Valuation allowance balance–beginning of fiscal year | $ | 74.7 |  |  | $ | 18.7 |  |  | $ | 32.2 |
Other increases | 4.7 |  |  | 56.0 |  |  | — |
Other decreases | — |  |  | — |  |  | (13.5) |
Valuation allowance balance—end of fiscal year | $ | 79.4 |  |  | $ | 74.7 |  |  | $ | 18.7 |
Schedule of Unrecognized Tax Benefits Roll Forward | hanges in the Company’s unrecognized tax benefits were as follows:
| Fiscal Years
(In millions) | 2025 |  | 2024 |  |
Unrecognized tax benefits balance–beginning of fiscal year | $ | 1.6 |  |  | $ | 1.4 |  |  |
Additions based on tax positions related to the current year | 0.2 |  |  | 0.2 |  |  |
Reductions resulting from the expiration of the applicable statute of limitations | (0.5) |  |  | — |  |  |
Unrecognized tax benefits balance—end of fiscal year | $ | 1.3 |  |  | $ | 1.6 |  |  |

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