Subsequent Events

6 Months Ended

Jun. 28, 2025

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Agreement to acquire Elo

On August 3, 2025, the Company entered into a definitive agreement to acquire Elo Holdings, Inc., the sole stockholder of Elo Touch Solutions, Inc., an innovator of solutions that engage customers, enhance self-service, and accelerate automation across a wide range of end markets. The purchase price of approximately $1.3 billion (subject to customary adjustments for working capital, cash and debt) is expected to be funded with a combination of cash on hand and financing from our credit facility. The transaction is subject to standard closing conditions, including required regulatory approvals, and is expected to close in 2025. The acquired business will become part of the EVM segment.

The One Big Beautiful Bill

On July 4, 2025, President Trump signed into law the One Big Beautiful Bill ("OBBB"). The OBBB makes permanent key elements of the U.S. Tax Cuts and Jobs Act, including 100% bonus depreciation and the business interest expense limitation while also revising the expensing conventions related to domestic research and development costs. ASC 740, Income Taxes, requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. The Company is currently evaluating the effects of the OBBB, with any impacts expected to be recognized beginning in the third quarter of 2025.