INCOME TAXES |
9 Months Ended |
|---|---|
Jun. 27, 2025 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | 7. INCOME TAXES On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law. The OBBBA contains corporate tax law changes, including the restoration of 100% bonus depreciation; the creation of Section 174A, which reinstates expensing for domestic research and experimental expenditures; modifications to Section 163(j) interest limitations; updates to the rules for global intangibles low-taxed income and foreign-derived intangible income; amendments to the rules for energy credits; and the expansion of Section 162(m) aggregation requirements. The Company is currently evaluating this legislation and determining what impact it would have to the Company’s financial statements. For the three months ended June 27, 2025 and June 28, 2024, the Company’s effective tax rate attributable to income before income taxes was 22.0% and 21.9%, respectively. For the three months ended June 27, 2025 and June 28, 2024, the Company’s income tax (benefit) expense was $12,128 and $34,531 respectively. The current period effective tax rate is consistent with the same period of the prior year. For the nine months ended June 27, 2025 and June 28, 2024, the Company’s effective tax rate attributable to income before income taxes was 16.8% and 19.3%, respectively. For the nine months ended June 27, 2025 and June 28, 2024, the Company’s income tax (benefit) expense was $7,935 and $95,606 respectively. The decrease in the current period effective tax rate was driven by the benefit related to solar energy tax credits. A valuation allowance has been recorded against certain net operating losses in certain foreign jurisdictions. A valuation allowance is recorded when it is determined to be more likely than not that these assets will not be fully realized in the foreseeable future. The realization of deferred tax assets is dependent upon whether the Company can generate future taxable income in the appropriate character and jurisdiction to utilize the assets. The amount of the deferred tax assets considered realizable is subject to adjustment in future periods.
|