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Employee Retention Tax Credits | 12 Months Ended
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Dec. 29, 2024
Postemployment Benefits [Abstract] |
Employee Retention Tax Credits | EMPLOYEE RETENTION TAX CREDITS In 2020, the World Health Organization publicly characterized COVID-19 as a pandemic. The Company recognized a substantial amount of incremental costs during the pandemic, including costs to compensate employees who were not able to work due to facility closures, reduced work schedules or health related reasons. The Coronavirus Aid, Relief, and Economic Security Act was signed into law in March 2020, which provided, among other things, an employee retention credit to eligible employers who paid qualified wages to employees during the pandemic. The employee retention credit represents a government grant. Our policy is to recognize government grants when they are reasonably assured of receipt. In the second quarter of 2024, we concluded the recognition threshold had been met and therefore, recognized $86 million and $1 million of employee retention credits in cost of sales and SG&A, respectively, in the consolidated statement of income.

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