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INCOME TAXES
 9 Months Ended
Sep. 28, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Our effective tax rate attributable to continuing operations decreased to 22.2% for the third quarter of 2025 compared to 25.0% for the third quarter of 2024. The decrease was primarily driven by a non-taxable gain recognized in the third quarter of 2025 for a one-time benefit on company-owned life insurance policies. Our effective tax rate attributable to continuing operations increased to 23.4% for the first nine months of 2025 compared to 22.2% for the first nine months of 2024. The increase was primarily attributable to the deductibility of certain officer compensation.
One Big Beautiful Bill
On July 4, 2025, the Tax Relief for American Families and Workers Act of 2025 (commonly known as the “One Big Beautiful Bill” or “OBBB”) was signed into law. This comprehensive legislation made several significant changes to federal tax law, including:
•Permanently reinstating 100% bonus depreciation and adding 100% bonus deprecation for real property placed in service after January 19, 2025 and used in production activity.
•Permanently reinstating the immediate expensing of research and development (“R&D”) in the U.S, which impacted years 2022 and beyond.
•Permanently restoring the EBITDA-based limitation for interest deduction under Section 163(j) of the IRS Tax Code.
In the third quarter of 2025, following the enactment of the OBBB, the Company reclassified approximately $77 million of deferred tax assets related to R&D capitalization to current taxes receivable.