Income Taxes (Tables)

12 Months Ended

Oct. 03, 2025

Income Tax Disclosure [Abstract]

Income before Income Tax, Domestic and Foreign

Income before income taxes consists of the following components (in millions):

	Fiscal Years Ended
	October 3, 2025		September 27, 2024		September 29, 2023
United States	$	133.5	$	1.9	$	484.9
Foreign	393.2		634.5		593.9
Income before income taxes	$	526.7	$	636.4	$	1,078.8

Components of Income Tax Expense (Benefit)

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

	Fiscal Years Ended
	October 3, 2025		September 27, 2024		September 29, 2023
Current tax expense:
Federal	$	45.3	$	79.0	$	164.4
State	0.1		0.2		0.1
Foreign	59.5		60.8		74.4
	104.9		140.0		238.9
Deferred tax expense (benefit):
Federal	(80.8)		(120.5)		(102.4)
State	—		(0.5)		(0.1)
Foreign	25.5		21.4		(40.4)
	(55.3)		(99.6)		(142.9)
Provision for income taxes	$	49.6	$	40.4	$	96.0

Effective Income Tax Rate Reconciliation

A reconciliation of income tax expense as computed at the United States federal statutory income tax rate to the provision for income tax expense is as follows (in millions):

	Fiscal Years Ended
	October 3, 2025		September 27, 2024		September 29, 2023
Tax expense at United States statutory rate	$	110.6	$	133.6	$	226.5
Foreign tax rate difference	(22.0)		(84.7)		(90.7)
Effect of stock compensation	10.2		11.3		16.0
Research and development credits	(44.5)		(28.7)		(29.7)
Change in tax reserve	(1.4)		11.1		8.1
Global Intangible Low-Taxed Income	4.0		18.1		16.3
Foreign Derived Intangible Income	(44.7)		(49.3)		(65.9)
Section 162(m) limitation	15.8		10.6		10.9
Remeasurement of concessionary tax rate	19.0		—		—
Other, net	2.6		18.4		4.5
Provision for income taxes	$	49.6	$	40.4	$	96.0

Deferred Tax Assets and Liabilities

Deferred income tax assets and liabilities consist of the tax effects of temporary differences related to the following (in millions):

	As of
	October 3, 2025		September 27, 2024
Deferred tax assets:
Inventory	$	24.4	$	44.5
Accrued compensation and benefits	18.6		16.5
Product returns, allowances, and warranty	5.1		5.5
Share-based and other deferred compensation	32.4		25.3
Net operating loss carry forwards	6.4		6.4
Tax credits	179.6		165.7
Lease liabilities	48.9		46.1
R&D capitalization	257.6		170.4
Intangible assets	43.6		50.0
Other, net	15.8		4.8
Deferred tax assets	632.4		535.2
Less valuation allowance	(186.8)		(174.1)
Net deferred tax assets	445.6		361.1
Deferred tax liabilities:
Property, plant, and equipment	(48.0)		(22.5)
Right of use assets	(50.1)		(47.0)
Net deferred tax liabilities	(98.1)		(69.5)
Total net deferred tax assets	$	347.5	$	291.6

The deferred tax assets and liabilities based on tax jurisdictions are presented on our Consolidated Balance Sheets as follows (in millions):

	As of
	October 3, 2025		September 27, 2024
Deferred tax assets	$	375.6	$	303.5
Deferred tax liabilities	(28.1)		(11.9)
Net deferred tax assets	$	347.5	$	291.6

Changes in Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in millions):

	Unrecognized Tax Benefits
Balance at September 27, 2024	$	62.3
Increases based on positions related to prior years	1.3
Decreases based on positions related to prior years	(0.2)
Increases based on positions related to current year	8.7
Decreases based on positions related to current year	(0.3)
Decreases based on expirations of statute of limitations	(5.7)
Decreases based on settlements with taxing authorities	(1.9)
Balance at October 3, 2025	$	64.2