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Income Taxes | 3 Months Ended
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Mar. 29, 2025
Income Taxes [Abstract] |
Income Taxes | Note 9 – Income Taxes For the three months ended March 29, 2025, our effective tax rate was 24.9 % compared to 25.6 % for the prior year period. The difference between our effective tax rate and the federal statutory tax rate is primarily due to state and foreign income taxes and interest expense. The Organization of Economic Co-Operation and Development (OECD) issued technical and administrative guidance on Pillar Two rules in December 2021, which provides for a global minimum tax rate on the earnings of large multinational businesses on a country-by-country basis. Effective January 1, 2024, the minimum global tax rate is 15% for various jurisdictions pursuant to the Pillar Two rules. Future tax reform resulting from these developments may result in changes to long-standing tax principles, which may adversely impact our effective tax rate going forward or result in higher cash tax liabilities. As of March 29, 2025, the impact of the Pillar Two rules to our financial statements was immaterial. The total amount of unrecognized tax benefits, which are included in “other liabilities” within our condensed consolidated balance sheets, as of March 29, 2025 and December 28, 2024 was $ 109 million and $ 108 million, respectively, of which $ 102 million and $ 100 million, respectively, would affect the effective tax rate if recognized. It is possible that the amount of unrecognized tax benefits will change in the next 12 months, which may result in a material impact on our condensed consolidated statements of income. All tax returns audited by the IRS are officially closed through 2020. The tax years subject to examination by the IRS include years 2021 and forward. In addition, limited positions reported in the 2017 tax year are subject to IRS examination. The amount of tax interest expense included as a component of the provision for taxes was $ 1 million and $ 1 million for the three months ended March 29, 2025 and March 30, 2024, respectively. The total amount of accrued interest is included in other liabilities within our consolidated balance sheets, and was $ 19 million as of March 29, 2025 and $ 18 million as of December 28, 2024. The amount of penalties accrued for during the periods presented was not material to our condensed consolidated financial statements.

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