Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Corporation’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items. The following table summarizes the Corporation’s income tax provision:

	Three Months Ended						Nine Months Ended
	September 30, 2023			October 1, 2022			September 30, 2023			October 1, 2022
Income before income taxes	$	47.4		$	79.5		$	42.1		$	125.8
Income taxes	$	9.6		$	16.4		$	15.6		$	18.2
Effective tax rate	20.3		%	20.7		%	37.1		%	14.5		%

The Corporation’s effective tax rate was comparable in the three months ended September 30, 2023 and October 1, 2022. The effective tax rate was higher in the nine-month period ended September 30, 2023 compared to October 1, 2022, primarily due to non-deductible transaction costs in the current year related to the acquisition of Kimball International, as well as tax benefits

recognized in the prior-year period for valuation adjustments related to existing deferred tax assets and basis differences tied to the sale of Lamex in July 2022.