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Income Taxes | 6 Months Ended
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Jun. 01, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The Company’s effective income tax rate was 22.3% for the three months ended June 1, 2025, compared to (56.3)% for the same prior-year period. The increase in the effective tax rate in the current quarter is primarily due to a one-time $7.5 million tax benefit related to a favorable resolution of a state audit in the prior year. The Company’s effective income tax rate was 21.2% for the six months ended June 1, 2025, compared to 1,072.6% for the same prior-year period. The decrease in the effective tax rate is primarily due to a one-time $7.5 million tax benefit related to a favorable resolution of a state audit as a proportion to losses before income taxes in the prior year. The Organization for Economic Cooperation and Development reached agreement among over 140 countries to implement a minimum 15% tax rate on certain multinational enterprises, commonly referred to as Pillar Two. Many countries continue to announce changes in their tax laws and regulations based on the Pillar Two framework. The Company determined that Pillar Two did not have a material impact to our tax provision for the three and six months ended June 1, 2025. We will continue to evaluate the impact of legislative changes as additional guidance becomes available. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We are currently assessing its impact on our consolidated financial statements.

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