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Income Taxes (Tables)
12 Months Ended
Sep. 27, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense
The following table presents the components of our consolidated income taxes for continuing operations for years ended September 27, 2024, September 29, 2023 and September 30, 2022 (in thousands):
 For the Years Ended
 September 27, 2024September 29, 2023September 30, 2022
Current income tax expense (benefit) from continuing operations:   
Federal$102,702 $13,852 $(87,163)
State46,881 16,825 (6,529)
Foreign100,421 142,177 53,980 
Total current tax expense (benefit) from continuing operations250,004 172,854 (39,712)
Deferred income tax (benefit) expense from continuing operations:   
Federal(99,686)(28,779)49,093 
State(32,068)4,534 17,015 
Foreign13,243 (47,273)39,932 
Total deferred tax (benefit) expense from continuing operations(118,511)(71,518)106,040 
Consolidated income tax expense from continuing operations$131,493 $101,336 $66,328 
Schedule of Components of Deferred Tax Assets
The following table presents the components of our net deferred tax (liabilities) assets at September 27, 2024 and September 29, 2023 (in thousands):
 September 27, 2024September 29, 2023
Deferred tax assets:  
Other employee benefit plans$110,377 $108,379 
Net operating losses259,335 265,377 
Foreign tax credit42,394 68,874 
Lease liability93,488 102,701 
Unrealized foreign exchange loss11,891 32,090 
Other10,178 1,993 
Valuation allowance(217,397)(199,892)
Gross deferred tax assets310,266 379,522 
Deferred tax liabilities:  
Depreciation and amortization(130,582)(242,366)
Lease right of use asset(41,817)(42,440)
Partnership investment— (61,614)
Hedge investments(13,862)(34,045)
Unrealized foreign exchange gain(12,598)(31,205)
Other(32,656)(36,252)
Gross deferred tax liabilities(231,515)(447,922)
Net deferred tax assets (liabilities)$78,751 $(68,400)
Schedule of Income Tax Expense in Consolidated Statements of Earnings The following table reconciles total income tax expense from continuing operations using the statutory U.S. federal income tax rate to the consolidated income tax expense for continuing operations shown in the accompanying Consolidated Statements of Earnings for the years ended September 27, 2024, September 29, 2023 and September 30, 2022 (dollars in thousands):
 For the Years Ended
 September 27, 2024%September 29, 2023%September 30, 2022%
Statutory amount$163,230 21.0 %$109,405 21.0 %$100,274 21.0 %
State taxes, net of the federal benefit21,615 2.8 %13,938 2.7 %9,982 2.1 %
Exclusion of tax on non-controlling interests(5,230)(0.7)%(5,461)(1.0)%(6,871)(1.4)%
Foreign:    
Difference in tax rates of foreign operations17,891 2.3 %4,583 0.9 %(2,514)(0.5)%
(Benefit)/Expense from foreign valuation allowance change(27,780)(3.6)%(1,305)(0.3)%3,043 0.6 %
U.S. tax cost of foreign operations72,887 9.4 %68,662 13.2 %37,443 7.8 %
Derecognition of deferred tax liabilities related to investment in Australian partnership(61,614)(7.9)%— — %— — %
Other Includable Income25,952 3.3 %— — %— — %
Tax differential on foreign earnings27,336 3.5 %71,940 13.8 %37,972 7.9 %
Foreign tax credits(33,402)(4.3)%(36,180)(6.9)%(29,468)(6.2)%
Tax Rate Change(147)— %(9,913)(1.9)%3,210 0.7 %
Valuation allowance12,339 1.6 %(7,169)(1.4)%(59,121)(12.4)%
Uncertain tax positions(1,153)(0.1)%(38,844)(7.5)%(1,439)(0.3)%
Other items:
Disallowed officer compensation5,394 0.7 %7,081 1.4 %6,034 1.3 %
Research and Development Credit(17,110)(2.2)%(2,133)(0.4)%(1,952)(0.4)%
Transaction Costs8,500 1.1 %— %1,806 0.4 %
Non-taxable Mark-to-Market Adjustment for Amentum Investment(39,255)(5.1)%— — %— — %
Other items – net(10,624)(1.4)%(1,332)(0.3)%5,901 1.2 %
Total other items(53,095)(6.8)%3,620 0.7 %11,789 2.5 %
Income taxes from continuing operations$131,493 16.9 %$101,336 19.5 %$66,328 13.9 %
Schedule of Components of our Consolidated Earnings Before Taxes
The following table presents the components of our consolidated earnings from continuing operations before taxes for the years ended September 27, 2024, September 29, 2023 and September 30, 2022 (in thousands):
 For the Years Ended
 September 27, 2024September 29, 2023September 30, 2022
United States earnings$333,902 $115,509 $137,242 
Foreign earnings443,384 405,466 340,255 
 $777,286 $520,975 $477,497 
Schedule of Unrecognized Tax Benefits
The following table presents the reconciliation of the beginning and ending amount of unrecognized tax benefits, for continuing operations, for the years ended September 27, 2024, September 29, 2023 and September 30, 2022 (in thousands):
 For the Years Ended
 September 27, 2024September 29, 2023September 30, 2022
Balance, beginning of year$32,319 $82,446 $107,186 
Acquisitions— — 192 
Additions based on tax positions related to the current year6,572 1,190 1,136 
Additions for tax positions of prior years5,750 2,537 1,207 
Reductions for tax positions of prior years(11,755)(53,854)(3,672)
Settlements— — (23,603)
Balance, end of year$32,886 $32,319 $82,446