Income Taxes

3 Months Ended

Jan. 02, 2026

Income Tax Disclosure [Abstract]

INCOME TAXES

8.    INCOME TAXES

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

	Three Months Ended
	January 2, 2026			December 27, 2024
Provision for income taxes	$	30.5		$	28.4
Effective tax rate	27.8		%	14.9		%

The difference between the Company’s effective tax rate and the 21.0% United States federal statutory rate for the three months ended January 2, 2026 resulted primarily from tax on global intangible low-taxed income (“GILTI”), net of foreign tax credits, tax expense related to share-based compensation shortfalls and uncertain tax positions, and transaction costs related to the pending transaction with Qorvo (see Note 13), partially offset by foreign earnings taxed at rates lower than the federal statutory rate, a benefit from foreign-derived intangible income deduction (“FDII”), and research and experimentation tax credits.

The difference between the Company’s effective tax rate and the 21.0% United States federal statutory rate for the three months ended December 27, 2024 resulted primarily from foreign earnings taxed at rates lower than the federal statutory rate, a benefit from FDII, and research and experimentation and foreign tax credits earned, partially offset by a tax on 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 was subject to the provisions of CAMT beginning in fiscal 2024. CAMT did not have a material impact on the Company’s consolidated financial statements during the three months ended January 2, 2026 and had no impact on the Company’s consolidated financial statements during the three months ended December 27, 2024.

In December 2021, the Organization for Economic Co-operation and Development’s (“OECD”) Inclusive Framework on Base Erosion and Profit Shifting (“BEPS”) released Global Anti-Base Erosion (“GloBE”) rules under Pillar Two. Many countries have implemented laws based on Pillar Two, which was effective for the Company beginning in fiscal 2025. Pillar Two did not have a material impact on the Company’s consolidated financial statements during the three months ended January 2, 2026 and December 27, 2024.

In July 2025, the U.S. government enacted the One Big Beautiful Bill Act (“OBBBA”). The OBBBA contains numerous provisions, including the permanent extension or restoration of certain expiring corporate income tax provisions, originally introduced by the Tax Cuts and Jobs Act of 2017, and incremental modifications to the international tax framework. The OBBBA did not have a material impact on the Company’s consolidated estimated annualized effective tax rate during the three months ended January 2, 2026. The Company continues to evaluate the impact of the OBBBA on its business for future periods.