Income Taxes |
6 Months Ended |
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Jun. 28, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes For the quarter and year-to-date periods ended June 28, 2026, the Company’s effective tax rate was 20.0% and 16.6%, respectively, resulting in an income tax provision of $38.6 million and $54.7 million, respectively. For the quarter and year-to-date periods ended June 29, 2025, the Company’s effective tax rate was 22% and 19.7%, respectively, resulting in an income tax provision of $29.3 million and $50.3 million, respectively. The effective tax rate for the quarter ended June 28, 2026 included discrete tax benefits of $1.2 million, and the effective tax rate for the year-to-date period ended June 28, 2026 included discrete tax benefits of $13.0 million, primarily related to share-based compensation for both periods. The effective tax rate for the quarter and year-to-date periods ended June 29, 2025 included discrete tax expense of $0.6 million and discrete tax benefits $4.5 million, respectively. On July 4, 2025, the One Big Beautiful Bill Act, which includes permanent extensions of most expiring Tax Cuts and Jobs Act provisions and international tax changes, was enacted. Pursuant to ASC 740, Income Taxes, the effects of changes in tax law are recognized in the period of enactment, the impact of which are not material and are reflected in the Company’s effective tax rate in the quarter. The Company anticipates that the impacts related to the tax law changes will be favorable to future years’ cash tax payments due to changes in bonus depreciation, domestic research expensing and certain international provisions.
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