SEC EDGAR · 10-Q

10-Q – 2025-08-28 – R14.htm

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Income Taxes The provision for income taxes is based on the current estimate of the annual effective tax rate and is adjusted as necessary for quarterly events. | For the second quarter of 2025, the Company’s effective tax rate was 32.3% compared to 0.9% in the second quarter of 2024. The 2025 second quarter rate was higher than the Company’s combined estimated federal and state statutory rates largely due to the transition of certain members of the leadership team, primarily related to severance benefits. The 2024 second quarter rate was lower than the Company’s combined estimated federal and state statutory rates primarily due to the sales of Easton inv | For year-to-date 2025, the Company’s effective tax rate was 29.9% compared to 12.1% for year-to-date 2024. The 2025 year-to-date rate was higher than the Company’s combined estimated federal and state statutory rates largely due to accrued interest expense related to unrecognized tax benefits and the transition of certain members of the leadership team, primarily related to severance benefits. The 2024 year-to-date rate was lower than the Company’s combined estimated federal and state statutory
For the second quarter of 2025, the Company’s effective tax rate was 32.3% compared to 0.9% in the second quarter of 2024. The 2025 second quarter rate was higher than the Company’s combined estimated federal and state statutory rates largely due to the transition of certain members of the leadership team, primarily related to severance benefits. The 2024 second quarter rate was lower than the Company’s combined estimated federal and state statutory rates primarily due to the sales of Easton inv | For year-to-date 2025, the Company’s effective tax rate was 29.9% compared to 12.1% for year-to-date 2024. The 2025 year-to-date rate was higher than the Company’s combined estimated federal and state statutory rates largely due to accrued interest expense related to unrecognized tax benefits and the transition of certain members of the leadership team, primarily related to severance benefits. The 2024 year-to-date rate was lower than the Company’s combined estimated federal and state statutory | Income taxes paid were $207 million and $203 million for year-to-date 2025 and 2024, respectively.

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Income Taxes

6 Months Ended

Aug. 02, 2025

Income Tax Disclosure [Abstract]
 

Income Taxes
Income Taxes The provision for income taxes is based on the current estimate of the annual effective tax rate and is adjusted as necessary for quarterly events.
For the second quarter of 2025, the Company’s effective tax rate was 32.3% compared to 0.9% in the second quarter of 2024. The 2025 second quarter rate was higher than the Company’s combined estimated federal and state statutory rates largely due to the transition of certain members of the leadership team, primarily related to severance benefits. The 2024 second quarter rate was lower than the Company’s combined estimated federal and state statutory rates primarily due to the sales of Easton investments during the quarter, which resulted in the release of a valuation allowance on a deferred tax asset.
For year-to-date 2025, the Company’s effective tax rate was 29.9% compared to 12.1% for year-to-date 2024. The 2025 year-to-date rate was higher than the Company’s combined estimated federal and state statutory rates largely due to accrued interest expense related to unrecognized tax benefits and the transition of certain members of the leadership team, primarily related to severance benefits. The 2024 year-to-date rate was lower than the Company’s combined estimated federal and state statutory rates primarily due to the sales of Easton investments during the period, which resulted in the release of a valuation allowance on a deferred tax asset.
Income taxes paid were $207 million and $203 million for year-to-date 2025 and 2024, respectively.
On July 4, 2025, H.R.1 was enacted in the U.S., which includes various tax reform provisions, including extending and modifying certain key Tax Cuts and Jobs Act provisions, and provisions allowing accelerated tax deductions for qualified property and research expenditures. This legislation did not have a material impact to the Company’s results of operations, financial condition or cash flows as of and for the twenty-six week period ended August 2, 2025.

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