Income Taxes

9 Months Ended

Jun. 28, 2024

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

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

	Three Months Ended						Nine Months Ended
	June 28, 2024			June 30, 2023			June 28, 2024			June 30, 2023
United States income taxes	$	8.6		$	17.5		$	16.0		$	60.0
Foreign income taxes	3.9			8.8			26.5			34.6
Provision for income taxes	$	12.5		$	26.3		$	42.5		$	94.6
Effective tax rate	9.4		%	11.8		%	7.4		%	11.4		%

The difference between the Company’s effective tax rate and the 21.0% United States federal statutory rate for the three and nine months ended June 28, 2024 and June 30, 2023 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 tax expense related to share-based compensation shortfalls.

In August 2022, the U.S. government enacted the Inflation Reduction Act, which imposes a corporate alternative minimum tax (“CAMT”) of 15% on corporations with three-year average annual adjusted financial statement income exceeding $1.0 billion. The Company is subject to the provisions of CAMT in fiscal 2024. CAMT had no impact to the Company’s consolidated financial statements for the three and nine months ended June 28, 2024.