Income Taxes (Tables)

12 Months Ended

Oct. 02, 2026

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 2, 2026		October 3, 2025		September 27, 2024
United States	$	(248.4)	$	133.5	$	1.9
Foreign	462.1		393.2		634.5
Income before income taxes	$	213.7	$	526.7	$	636.4

Components of Income Tax Expense (Benefit)

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

	Fiscal Years Ended
	October 2, 2026		October 3, 2025		September 27, 2024
Current tax expense:
Federal	$	30.2	$	45.3	$	79.0
State	0.1		0.1		0.2
Foreign	101.3		59.5		60.8
	131.6		104.9		140.0
Deferred tax expense (benefit):
Federal	(74.1)		(80.8)		(120.5)
State	(0.2)		—		(0.5)
Foreign	(15.7)		25.5		21.4
	(90.0)		(55.3)		(99.6)
Provision for income taxes	$	41.6	$	49.6	$	40.4

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, pursuant to the disclosure requirements of ASU 2023-09, is as follows (in millions, except percentages):

	Fiscal Year Ended
	October 2, 2026
	Amount		Percent
Tax expense at United States statutory rate	$	44.9	21.0	%
State and local income tax, net of federal (1)	(0.1)		(0.1)
Foreign tax effects:
Singapore
Foreign tax rate difference	(19.7)		(9.2)
Withholding tax	12.4		5.8
Mexico
Foreign tax rate difference	7.2		3.4
Prior adjustment	(5.5)		(2.6)
Other adjustments	1.4		0.7
Japan
Local and other taxes	9.7		4.6
Return to provision	2.8		1.3
Other adjustments	(6.1)		(2.8)
Other foreign jurisdictions	(1.3)		(0.6)
Effect of cross-border tax laws:
Global intangible low-taxed income	12.8		6.0
Foreign-derived intangible income	(19.4)		(9.1)
Other	0.7		0.3
Tax credits:
R&D	(34.5)		(16.1)
Foreign tax credit	(12.5)		(5.8)
Changes in valuation allowances	0.5		0.2
Nontaxable or non-deductible items:
Stock-based compensation	18.4		8.6
162(m) compensation	6.7		3.1
Transaction cost	15.7		7.3
Other	0.6		0.3
Changes in unrecognized tax benefits	21.9		10.2
Other adjustments	(15.0)		(7.0)
Provision for income taxes	$	41.6	19.5	%

(1) Primarily consisting of taxes attributable to California, Florida, and Texas.

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

Income Taxes Paid, Net of Refunds Received

The following table presents cash paid for income taxes, net of refunds received, by jurisdictions, pursuant to the disclosure requirements of ASU 2023-09 (in millions):

	Fiscal Year Ended
	October 2, 2026
Federal	$	56.3
State and local	0.2
Foreign
Singapore	46.4
Mexico	23.7
Japan	12.5
Other foreign jurisdiction	1.2
Total	$	140.3

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 2, 2026		October 3, 2025
Deferred tax assets:
Inventory	$	37.2	$	24.4
Accrued compensation and benefits	20.3		18.6
Product returns, allowances, and warranty	16.7		5.1
Share-based compensation	32.3		32.4
Net operating loss carry forwards	6.2		6.4
Tax credits	198.1		179.6
Lease liabilities	40.5		48.9
R&D capitalization	316.7		257.6
Intangible assets	35.6		43.6
Other, net	9.2		15.8
Deferred tax assets	712.8		632.4
Less valuation allowance	(204.3)		(186.8)
Net deferred tax assets	508.5		445.6
Deferred tax liabilities:
Property, plant, and equipment	(28.8)		(48.0)
Right of use assets	(41.6)		(50.1)
Net deferred tax liabilities	(70.4)		(98.1)
Total net deferred tax assets	$	438.1	$	347.5

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

	As of
	October 2, 2026		October 3, 2025
Deferred tax assets	$	468.9	$	375.6
Deferred tax liabilities	(30.8)		(28.1)
Net deferred tax assets	$	438.1	$	347.5

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 as of October 3, 2025	$	64.2
Increases based on positions related to prior years	28.7
Decreases based on positions related to prior years	(6.3)
Increases based on positions related to current year	15.7
Decreases based on expirations of statute of limitations	(5.5)
Decreases based on settlements with taxing authorities	(13.6)
Balance as of October 2, 2026	$	83.2