INCOME TAXES |
6 Months Ended |
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Jun. 29, 2025 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES Our effective tax rate attributable to continuing operations increased to 24.6% for the second quarter of 2025, compared to 18.2% for the same period in 2024, and to 24.0% for the first six months of 2025, compared to 20.5% for the corresponding period in 2024. These increases were primarily driven by the combined impact of increased profitability in the current year, a settlement with state tax authorities and the disallowance of certain officers’ compensation. One Big Beautiful Bill On July 4, 2025, the Tax Relief for American Families and Workers Act of 2025 (commonly referred to as the “One Big Beautiful Bill,” or “OBBB”) was signed into law. This comprehensive legislation made several significant changes to federal tax law, including: •Permanently reinstating 100% bonus depreciation and adding 100% bonus deprecation for real property placed in service after January 19, 2025 and used in production activity. •Permanently reinstating the immediate expensing of research and development (“R&D”) in the U.S, which impacted years 2022 and beyond. •Permanently restoring the EBITDA-based limitation for interest deduction under Section 163(j) of the IRS Tax Code. We are in the process of evaluating the impact of the OBBB on our consolidated financial statements and will account for its effects in the third quarter of fiscal year 2025—the period in which the OBBB was enacted.
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