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TAXES ON INCOME (LOSS) | 3 Months Ended
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Jan. 03, 2025
Income Tax Disclosure [Abstract] |
TAXES ON INCOME (LOSS) | TAXES ON INCOME (LOSS) For the three months ended January 3, 2025, the Company recognized income tax expense of $2.6 million on $2.5 million of pre-tax income. For the three months ended December 29, 2023, the Company recognized income tax benefit of $0.2 million on $0.6 million of pre-tax loss. The Company is unable to recognize a tax benefit for pre-tax book losses in certain foreign jurisdictions but has recognized tax expense for profitable jurisdictions. The Company's tax expense increased for the three months ended January 3, 2025, primarily due to increased pre-tax income in certain jurisdictions, valuation allowance positions in the U.S. on deferred tax assets, and losses in certain foreign jurisdictions for which no benefit can be recorded. The Organization for Economic Cooperation and Development enacted model rules for a 15% global minimum tax framework ("Pillar Two"), which became effective for the Company in fiscal year 2025. There remains uncertainty as to the final Pillar Two model rules. The Company continues to evaluate the Pillar Two rules and their potential impact on future periods but does not expect the rules to have a material impact on the effective tax rate. The Company is maintaining its reinvestment assertion with respect to foreign earnings for the three months ended January 3, 2025, which is that all earnings prior to fiscal year 2018 are permanently reinvested for all countries, and that all earnings for Varex Imaging Sweden and Oy Varex Imaging Finland are also indefinitely reinvested in those countries, but post fiscal year 2017 earnings in all other countries are not permanently reinvested. Due to the level of earnings available for repatriation, the treaty benefits applicable to jurisdictions in which those earnings are located, and the now favorable United States tax treatment of repatriated foreign earnings, the amount of deferred tax liability recorded related to the potential repatriation is approximately $0.1 million. This estimated liability is for United States state income taxes and foreign withholding taxes that would apply if the foreign earnings were repatriated in the form of a dividend.

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