INCOME TAXES

9 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The effective tax rate for the three and nine month periods ended June 30, 2024 and July 2, 2023, was as follows:

Three Month Periods Ended				Nine Month Periods Ended
June 30, 2024		July 2, 2023		June 30, 2024		July 2, 2023
54.0	%	(8.8)	%	41.1	%	10.3	%

The estimated annual effective tax rate applied to the three and nine month periods ended June 30, 2024, 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”), state income taxes, and certain nondeductible expenses. The Company is projecting a U.S. net operating loss ("NOL") for Fiscal 2024, 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 nine month periods ended June 30, 2024, the Company recorded a discrete $4.1 million tax expense related to U.S. return to provision differences, primarily from changes in estimates of the utilization of foreign tax credits subject to a valuation allowance.