Income Taxes

6 Months Ended

Apr. 02, 2021

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


	Three Months Ended						Six Months Ended
	April 2, 2021			March 27, 2020			April 2, 2021			March 27, 2020
United States income taxes	$	36.4		$	11.8		$	77.4		$	23.3
Foreign income taxes	14.1			10.1			34.6			20.3
Provision for income taxes	$	50.5		$	21.9		$	112.0		$	43.6

Effective tax rate	13.4		%	10.8		%	11.8		%	9.0		%

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 April 2, 2021 and March 27, 2020, respectively, resulted primarily from foreign earnings taxed at rates lower than the federal statutory rate, a benefit from foreign-derived intangible income deduction (“FDII”), windfall tax deductions, and research and experimentation and foreign tax credits earned, partially offset by a tax on global intangible low-taxed income (“GILTI”), and 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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