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Income Taxes (Tables)

12 Months Ended

Dec. 27, 2025

Income Tax Disclosure [Abstract]

Components of Income Before Income Taxes

The components of Income before income taxes was as follows:

(In millions)			2025					2024				2023
Domestic operations			$	330.2				$	518.8			$	418.1
Foreign operations				74.8					86.7				99.8
Income before income taxes			$	405.0				$	605.5			$	517.9

Summary of Income Tax Expense

Income tax expense in the Consolidated Statement of Income consisted of the following:

(In millions)			2025					2024				2023
Current
Federal			$	25.0				$	97.3			$	86.9
Foreign				37.0					20.7				38.3
State and other				10.4					15.6				15.2
Deferred
Federal				35.2					1.4				(21.2	)
Foreign				(4.6	)				0.2				(3.5	)
State and Local				3.2					(1.6	)			(3.3	)
Total income tax expense			$	106.2				$	133.6			$	112.4

Reconciliation Between Federal Statutory Tax Rate to Effective Tax Rate from Continuing Operations

The following table is the required disclosure pursuant to ASU 2023-09 and is a reconciliation between the federal statutory tax rate and the effective tax rate.

(In millions)			2025
			Amount				Percentage
U.S. federal statutory tax rate			$	85.1				21.0	%
State and local income taxes, net of federal effect (1)				16.5				4.1
Foreign Tax Effects
China withholding tax				11.4				2.8
Other foreign jurisdictions				3.9				1.0
Effects of cross-border tax laws				(6.1	)			(1.5	)
Tax credits				(2.7	)			(0.7	)
Valuation allowance increase				1.3				0.3
Nontaxable or nondeductible items				4.3				1.1
Changes in unrecognized tax benefits				(6.1	)			(1.5	)
Other				(1.4	)			(0.4	)
Income tax expense as reported			$	106.2				26.2	%

(1) State taxes in California, Pennsylvania, Florida, Texas, and Wisconsin made up the majority (greater than 50%) of the Company’s State and local income taxes.

The following table is the required reconciliation between the federal statutory tax rate and the effective tax rate prior to the adoption of ASU 2023-09.

(In millions)			2024				2023
Income tax expense computed at federal statutory income tax rate			$	127.2			$	108.8
State and local income taxes, net of federal tax benefit				18.9				13.2
Foreign taxes at a different rate than U.S. federal statutory income tax rate				4.6				5.2
Net adjustments for uncertain tax positions				(4.7	)			(8.0	)
Share-based compensation				(2.0	)			(1.3	)
Valuation allowance (decrease) increase				(7.8	)			1.7
Non-deductible executive compensation				3.9				3.5
Research and development credit				(4.4	)			(5.1	)
Miscellaneous other, net				(2.1	)			(5.6	)
Income tax expense as reported			$	133.6			$	112.4
Effective income tax rate				22.1	%			21.7	%

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits (“UTBs”) is as follows:

(In millions)			2025					2024				2023
Unrecognized tax benefits—beginning of year			$	25.2				$	25.6			$	33.4
Gross additions—current year tax positions				1.9					1.9				2.1
Gross additions—prior year tax positions				0.3					5.7				0.2
Gross reductions—prior year tax positions				(6.3	)				(8.0	)			(10.1	)
Gross reductions—settlements with taxing authorities				—					—				—
Unrecognized tax benefits—end of year			$	21.1				$	25.2			$	25.6

Components of Net Deferred Tax Assets Liabilities

The components of net deferred tax assets (liabilities) as of December 27, 2025 and December 28, 2024 were as follows:

(In millions)			2025					2024
Deferred tax assets:
Compensation and benefits			$	20.4				$	27.2
Defined benefit plans				7.3					7.7
Capitalized inventories				26.7					18.1
Capitalized research and development costs				31.0					54.0
Accounts receivable				3.7					6.5
Operating lease liabilities				65.1					37.7
Other accrued expenses				42.0					35.8
Net operating loss and other tax carryforwards				33.6					29.1
Miscellaneous				7.3					7.8
Total deferred tax assets				237.1					223.9
Less: valuation allowance				(9.6	)				(8.0	)
Deferred tax assets, net of valuation allowance				227.5					215.9
Deferred tax liabilities:
Fixed assets				(82.2	)				(81.3	)
Intangible assets				(184.2	)				(163.5	)
Operating lease assets				(61.9	)				(36.4	)
Other investments				(20.0	)				(24.8	)
Miscellaneous				(6.2	)				(7.9	)
Total deferred tax liabilities				(354.5	)				(313.9	)
Net deferred tax liability			$	(127.0	)			$	(98.0	)

In accordance with ASC requirements for Income Taxes, deferred taxes were classified in the Consolidated Balance Sheets as of December 27, 2025 and December 28, 2024 as follows:

(In millions)			2025					2024
Other assets			$	19.9				$	19.4
Deferred income taxes				(146.9	)				(117.4	)
Net deferred tax liability			$	(127.0	)			$	(98.0	)

Schedule of Income Taxes Paid

ASU 2023-09, which the Company adopted prospectively for the year ended December 27, 2025, requires the disclosure of income taxes paid (net of refunds received) as follows:

(In millions)			2025
U.S. federal			$	31.5
U.S. state and local				14.8
Foreign
Canada				13.4
China				14.9
All other foreign				4.4
Total			$	79.0

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