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Income Taxes | 6 Months Ended
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Jun. 29, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Corporation’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items. The following table summarizes the Corporation’s income tax provision:
| Three Months Ended |  | Six Months Ended
| June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Income (loss) before income taxes | $ | 46.0 |  |  | $ | (9.0) |  |  | $ | 68.0 |  |  | $ | (5.3) |
Income taxes | $ | 10.0 |  |  | $ | 3.8 |  |  | $ | 14.3 |  |  | $ | 6.0 |
Effective tax rate | 21.7 | % |  | (41.8) | % |  | 21.0 | % |  | (113.1) | %
The Corporation’s income tax expense was higher in the three- and six-month periods ended June 29, 2024 compared to the same periods last year. The variation in the effective tax rates was primarily due to lower pre-tax income in the comparable prior-year periods impacted by non-deductible transaction costs in connection with the acquisition of Kimball International.

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