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INCOME TAXES | 9 Months Ended
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Sep. 28, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The effective tax rate in the third quarter of 2025 and 2024 was 26.2% and 24.8%, respectively, and the effective tax rate for the comparable nine month periods was 23.1% and 21.6%, respectively. The first nine months of 2025 and 2024 tax rates include the impact of the recognition of excess tax benefits on share-based compensation that was recorded as a reduction to income tax expense in the amount of $3.4 million and $6.7 million, respectively. Cash paid for income taxes, net of refunds, was $1.1 million and $23.4 million in the third quarter and first nine months of 2025, respectively, and $18.2 million and $37.4 million in the third quarter and first nine months of 2024, respectively. On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was signed into law. The OBBBA makes permanent many of the expired and expiring tax provisions originally enacted in the Tax Cuts and Jobs Act of 2017, including the immediate expensing of domestic research and development expenditures, more favorable business interest deductibility and 100 percent first-year bonus depreciation on qualifying property with effective dates in 2025. In accordance with Accounting Standards Codification (“ASC”) 740, “Income Taxes,” the Company has recognized the effects of the OBBBA during the current quarter for the provisions currently enacted, which has increased the Company’s deferred tax liability. The Company anticipates that the OBBBA will reduce its federal income tax liability and related tax payments for the current and future years but will not have a significant impact on its annual effective tax rate.

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