Income Taxes |
6 Months Ended |
|---|---|
Mar. 24, 2024 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes We estimate our annual effective income tax rate to be 7% for fiscal 2024, which is lower than the U.S. federal statutory rate, primarily due to (i) a significant portion of our income qualifying for preferential treatment as foreign-derived intangible income (FDII) at a 13% effective tax rate, which includes certain additional benefits from the requirement to capitalize research and development expenditures for federal income tax purposes, (ii) a benefit from our federal research and development tax credit and (iii) excess tax benefits associated with share-based awards. Our effective tax rate of 9% for the second quarter of fiscal 2024 was higher than our estimated annual effective tax rate of 7% primarily due to net discrete tax benefits realized in the first quarter of fiscal 2024. Our effective tax rate of 9% for the second quarter of fiscal 2024 was lower than our effective tax rate of 10% for the second quarter of fiscal 2023, in part reflecting the additional benefit from FDII deductions related to certain changes made in the second half of fiscal 2023 related to income attribution and sourcing of research and development expenditures.
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