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Income Taxes | 9 Months Ended
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Sep. 27, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Income tax benefit was $13.2 million for the three months ended September 27, 2025, compared with $0.5 million for the same period one year ago. Income tax benefit totaled $0.6 million for nine months ended September 27, 2025, compared with $0.9 million for the same period one year ago. The Company evaluates its deferred income taxes quarterly to determine if valuation allowances are required. As part of this evaluation, the Company assess whether valuation allowances should be established for any deferred tax assets that are not considered more likely than not to be realized, using all available evidence, both positive and negative. This assessment considers, among other matters, the nature, frequency, and severity of historical losses, forecasts of future profitability, taxable income in available carryback periods and tax planning strategies. In making such judgments, significant weight is given to evidence that can be objectively verified. During the nine months ended September 27, 2025, the Company recorded a change in valuation allowance of $14 million on the basis of management’s reassessment of the amount of its deferred tax assets primarily related to interest expense that are more likely than not to not be realized. The Company continues to assess the need for the valuation allowance and will make adjustments when appropriate. On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted into law. The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation. ASC 740, “Income Taxes”, requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. Consequently, as of the date of enactment, and during the third quarter of 2025, the Company evaluated all deferred tax balances under the newly enacted tax law and identified any other changes required to its financial statements as a result of the OBBBA.

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