Income Taxes

6 Months Ended

Mar. 27, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The provision for income taxes consists of the following components (in millions):

	Three Months Ended						Six Months Ended
	March 27, 2020			March 29, 2019			March 27, 2020			March 29, 2019
United States income taxes	$	11.8		$	21.3		$	23.3		$	50.9
Foreign income taxes	10.1			6.0			20.3			15.4
Provision for income taxes	$	21.9		$	27.3		$	43.6		$	66.3
Effective tax rate	10.8		%	11.4		%	9.0		%	11.8		%

The difference between the Company’s effective tax rate and the 21.0% United States federal statutory rate for the three and six months ended March 27, 2020 and March 29, 2019, respectively, resulted primarily from foreign earnings taxed at rates lower than the federal statutory rate, a benefit from foreign-derived intangible income deduction (“FDII”), and research and experimentation and foreign tax credits earned, partially offset by a tax on global intangible low-taxed income (“GILTI”), and an increase in tax expense related to a change in the reserve for uncertain tax positions.

The Company operates under a tax holiday in Singapore, which is effective through September 30, 2030. The current tax holiday is conditioned upon the Company’s compliance with certain employment and investment thresholds in Singapore.

Accrued taxes of $23.4 million and $29.7 million have been included in other current liabilities within the consolidated balance sheets as of March 27, 2020, and September 27, 2019, respectively.