Income Taxes

9 Months Ended

Sep. 27, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

For the three months ended September 27, 2025, the Company recorded income tax expense of $23.3 million on earnings before income taxes of $132.1 million for an effective tax rate of 17.6%. For the three months ended September 28, 2024, the Company recorded income tax expense of $39.8 million on earnings before income taxes of $201.8 million, for an effective tax rate of 19.7%. The decrease in the effective tax rate was primarily driven by the Company’s geographic dispersion of profits and losses for the respective periods and prior period tax expenses recognized during the three months ended September 28, 2024, partially offset by an increase in unrecognized tax benefits during the three months ended September 27, 2025.

For the nine months ended September 27, 2025, the Company recorded income tax expense of $74.8 million on earnings before income taxes of $402.7 million for an effective tax rate of 18.6%, as compared to income tax expense of $109.9 million on earnings before income taxes of $534.5 million, for an effective tax rate of 20.6% for the nine months ended September 28, 2024. The decrease in the effective tax rate was primarily driven by the Company’s geographic dispersion of profits and losses for the respective periods, a tax benefit related to a prior period adjustment to deferred taxes during the nine months ended September 27, 2025 and prior period tax expenses recognized during the nine months ended September 28, 2024, partially offset by an increase in unrecognized tax benefits during the nine months ended September 27, 2025.