Income Taxes

9 Months Ended

Jun. 30, 2023

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 30, 2023			July 1, 2022			June 30, 2023			July 1, 2022
United States income taxes	$	17.5		$	35.8		$	60.0		$	88.5
Foreign income taxes	8.8			11.0			34.6			42.9
Provision for income taxes	$	26.3		$	46.8		$	94.6		$	131.4
Effective tax rate	11.8		%	14.9		%	11.4		%	11.9		%

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 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 a change in the reserve for uncertain tax positions. In addition to the aforementioned factors, 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 July 1, 2022 was due to windfall tax deductions.

During the three and nine months ended June 30, 2023, the Company concluded an Internal Revenue Service examination of its federal income tax returns for the fiscal year ended September 28, 2018 (“fiscal 2018”) and the fiscal year ended September 27, 2019 (“fiscal 2019”). The Company agreed to various adjustments to fiscal 2018 and fiscal 2019 tax returns that resulted in the recognition of tax expense of $1.6 million during the nine months ended June 30, 2023.