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Income Taxes | 9 Months Ended
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Sep. 27, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Company’s effective tax rate for the third quarter of 2025 was 26 percent compared with 23 percent for the same period last year. The primary items impacting the effective tax rate for the third quarter of 2025 were increases related to the provision for state income taxes, net of the federal benefit, of $11.0 million and other items of $4.0 million. The Company anticipates that the annual rate will be consistent with the rate for the first nine months. The primary item impacting the effective tax rate for the third quarter of 2024 was an increase related to the provision for state income taxes, net of the federal benefit, of $6.5 million, which was partially offset by other items of $3.0 million. The Company’s effective tax rate for the first nine months of 2025 was 25 percent compared with 25 percent for the same period last year. The items impacting the effective tax rate for the first nine months of 2025 were increases related to the provision for state income taxes, net of the federal benefit, of $27.9 million and other adjustments of $5.0 million. The items impacting the effective tax rate for the first nine months of 2024 were increases related to the provision for state income taxes, net of the federal benefit, of $18.4 million and other items of $6.1 million. The Company files a consolidated U.S. federal income tax return and numerous consolidated and separate-company income tax returns in many state, local, and foreign jurisdictions. The statute of limitations is open for the Company’s federal tax return for 2021 and all subsequent years. The statutes of limitations for most state returns are open for 2021 and all subsequent years, and some state and foreign returns are also open for some earlier tax years due to differing statute periods. While the Company believes that it is adequately reserved for possible audit adjustments, the final resolution of these examinations cannot be determined with certainty and could result in final settlements that differ from current estimates. The international tax framework introduced by the Organisation for Economic Co-operation and Development under its Pillar Two initiative includes a global minimum tax of 15 percent. Legislation adopting these provisions has been enacted in certain jurisdictions where the Company operates and became effective starting in the Company’s 2024 fiscal year. The Company has assessed this legislation, and the Pillar Two provisions do not have a material impact on the Company’s income tax expense.

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