v3.26.3
INCOME TAXES
 9 Months Ended
Sep. 26, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Company’s effective tax rates were as follows:
Three Months EndedNine Months Ended
September 26, 2026September 27, 2025September 26, 2026September 27, 2025
(in thousands, except percentages)
Income before income taxes$170,657 $87,200 $193,885 $194,596 
Provision (benefit) for income taxes(163,787)31,644 (124,997)60,469 
Effective tax rate
(96.0)%36.3 %(64.5)%31.1 %
The difference in the effective tax rate for the three and nine months ended September 26, 2026 compared to the corresponding prior year period was primarily attributable to a $201 million tax benefit resulting from the reversal of an unrecognized tax benefit reserve and related interest and penalties following the enactment of tax legislation and completion of certain tax requirements in a foreign jurisdiction.

For the three months ended September 26, 2026, the Company’s unrecognized tax benefit reserve decreased by $135.7 million to $22.5 million, primarily due to changes in applicable tax law enacted and completion of certain tax requirements in a foreign jurisdiction. For the three months ended September 26, 2026, the amount of unrecognized income tax benefits that would impact the effective tax rate decreased by $135.9 million to $17.4 million, primarily driven by the reversal discussed above. The accrued interest on unrecognized tax benefits was $2.8 million as of September 26, 2026.
The Company’s prepaid and accrued tax positions are as follows:
September 26, 2026December 27, 2025Affected Line Item in the Unaudited Condensed Consolidated Balance Sheets
(in thousands)
Prepaid income tax$116,756 $119,903 Other current assets
Accrued income taxes41,357 39,016 Other current liabilities
The Company conducts business in a number of tax jurisdictions. As a result, it is subject to tax audits on a regular basis including, but not limited to, such major jurisdictions as the U.S., the U.K., China, France, Germany, and Canada. With few exceptions, the Company is no longer subject to U.S. and international income tax examinations for years before 2022.
The Company and certain of its subsidiaries have ongoing tax controversies in the U.S., Canada, France, Ireland, the U.K., and India. The Company does not anticipate resolution of these audits will have a material impact on its unaudited condensed consolidated financial statements.