Income Taxes

3 Months Ended

Jun. 24, 2023

Income Taxes [Abstract]

Income Taxes

Note 4 – Income Taxes

For the three months ended June 24, 2023, our effective income tax rate was 27.6 percent, compared to 39.6 percent for the three months ended June 25, 2022. Our effective income tax rate for the three months ended June 25, 2022 was higher by 12.8 percent because of discrete tax impacts from the divestiture of assets relating to our wholesale tire operations and internal tire distribution operations as well as the revaluation of deferred tax balances due to changes in the mix of pre-tax income in various U.S. state jurisdictions because of the divestiture. Our effective income tax rate for the three months ended June 24, 2023 and June 25, 2022 was higher by 1.1 percent and 0.8 percent, respectively, due to the discrete tax impact related to share-based awards.