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INCOME TAXES | 3 Months Ended
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Mar. 30, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The majority of our taxable income is generated in the United States and taxed at the United States statutory rate of 21%. The effective tax rates for the three months ended March 30, 2025 and March 31, 2024 were 30.7% and 19.1%, respectively. Relative to the statutory rate, the 2025 effective tax rate was primarily impacted by foreign rate differential and state taxes. The Company and its subsidiaries file tax returns in the United States, including various state and local returns, and in other foreign jurisdictions. We are routinely audited by taxing authorities in our filing jurisdictions, and a number of these disputes are currently underway, including multi-year controversies at various stages of review, negotiation and litigation in Mexico, Canada, Switzerland and the United States. The outcome of tax audits cannot be predicted with certainty, including the timing of resolution or potential settlements. If any issues addressed in our tax audits are resolved in a manner not consistent with management’s expectations, we could be required to adjust our provision for income taxes in the period such resolution occurs. Based on our current assessments, we believe adequate provision has been made for all income tax uncertainties. We reasonably expect reductions in the liability for unrecognized tax benefits of approximately $17,885 within the next 12 months because of the expiration of statutes of limitations and settlements of tax audits.

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