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INCOME TAXES | 3 Months Ended
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Dec. 27, 2024
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES For the three months ended December 27, 2024 and December 29, 2023, the Company’s earnings before income taxes, income tax expense and effective income tax rate were as follows:
| Three Months Ended |
(thousands, except tax rate data) | December 27, 2024 | December 29, 2023 |  |
(Loss) profit before income taxes | $ | (18,927) |  | $ | 5,899 |  |  |
Income tax (benefit) expense | (3,637) |  | 1,944 |  |  |
Effective income tax rate | 19.2 | % | 33.0 | % |  |
The decrease in the effective tax rate for the three months ended December 27, 2024 compared to the three months ended December 29, 2023 was primarily related to a change in the geographic mix of profits or losses from a tax perspective for the current year period, as compared to the prior year period. The Company's effective tax rate is impacted by valuation allowances in certain foreign tax jurisdictions and, as a result, changes in the geographic source of Company profits or losses between periods can, in certain instances, have varying impacts on the Company's effective tax rate during a particular period. The Company maintains valuation allowances when it is more likely than not that all or a portion of a deferred tax asset will not be realized. Changes in valuation allowances from period to period are included in the tax provision in the period of change. In determining whether a valuation allowance is required, the Company considers such factors as prior earnings history, expected future earnings, carry-back and carry-forward periods, and tax strategies that could potentially enhance the likelihood of realization of a deferred tax asset. Due to recent operating losses in the U.S., the Company has evaluated the realizability of U.S. net deferred tax assets. The evaluation concluded that the U.S. deferred tax assets are realizable. The Company will continue to monitor the need for a valuation allowance on its U.S. deferred tax assets. The impact of the Company’s operations in jurisdictions where a valuation allowance is assessed is removed from the overall effective tax rate methodology and recorded directly based on year to date results for the year for which no tax expense or benefit can be recognized. The significant tax jurisdictions that have a valuation allowance for the periods ended December 27, 2024 and December 29, 2023 were:
December 27, 2024 | December 29, 2023
Indonesia | Indonesia
Switzerland | Switzerland
The Company regularly assesses the adequacy of its provisions for income tax contingencies in accordance with the applicable authoritative guidance on accounting for income taxes. As a result, the Company may adjust the reserves for unrecognized tax benefits due to the impact of changes in its assumptions or as a result of new facts and developments, such as changes to interpretations of relevant tax law, assessments from taxing authorities, settlements with taxing authorities and lapses of statutes of limitation. The Company’s 2025 fiscal year tax expense is anticipated to be unchanged related to uncertain income tax positions. In accordance with its accounting policy, the Company recognizes accrued interest and penalties related to unrecognized benefits as a component of income tax expense.

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