Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v3.23.1
Income Taxes
6 Months Ended
Apr. 01, 2023
Income Tax Disclosure [Abstract]  
Income Taxes

Note 10—Income Taxes

Our effective income tax rate was a benefit of 25.4% for the six months ended April 1, 2023, compared to 29.0% for the six months ended April 2, 2022. The differences between the statutory rate and our effective rate for the six months ended April 1, 2023 and April 2, 2022 were primarily attributable to state taxes. Our effective income tax rate can fluctuate due to factors including valuation allowances, changes in tax laws, federal and state audits, and the impact of other discrete items.

In August 2022, the Inflation Reduction Act of 2022 was signed into law and contains provisions effective January 1, 2023 which were not material to the Company’s income tax provision.