Income Taxes

6 Months Ended

Mar. 29, 2024

Income Taxes

Income Taxes

12. Income Taxes

We recorded an income tax expense of $146 million and $100 million for the quarters ended March 29, 2024 and March 31, 2023, respectively.

We recorded an income tax benefit of $959 million and expense of $187 million for the six months ended March 29, 2024 and March 31, 2023, respectively. The income tax benefit for the six months ended March 29, 2024 included an $874 million net income tax benefit associated with a ten-year tax credit obtained by a Swiss subsidiary and a $262 million income tax benefit related to the revaluation of deferred tax assets as a result of a corporate tax rate increase in Switzerland. In addition, the income tax benefit for the six months ended March 29, 2024 included a $118 million income tax benefit associated with the tax impacts of a legal entity restructuring with related costs of $4 million recorded in selling, general, and administrative expenses for other non-income taxes.

Although it is difficult to predict the timing or results of our worldwide examinations, we estimate that, as of March 29, 2024, approximately $30 million of unrecognized income tax benefits, excluding the impact relating to accrued interest and penalties, could be resolved within the next twelve months.

We are not aware of any other matters that would result in significant changes to the amount of unrecognized income tax benefits reflected on the Condensed Consolidated Balance Sheet as of March 29, 2024.