Income Taxes

6 Months Ended

Jun. 29, 2024

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						Six Months Ended
	June 29, 2024			July 1, 2023			June 29, 2024			July 1, 2023
Income (loss) before income taxes	$	46.0		$	(9.0)		$	68.0		$	(5.3)
Income taxes	$	10.0		$	3.8		$	14.3		$	6.0
Effective tax rate	21.7		%	(41.8)		%	21.0		%	(113.1)		%

The Corporation’s income tax expense was higher in the three- and six-month periods ended June 29, 2024 compared to the same periods last year. The variation in the effective tax rates was primarily due to lower pre-tax income in the comparable prior-year periods impacted by non-deductible transaction costs in connection with the acquisition of Kimball International.