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Income Taxes
 3 Months Ended
Mar. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

5. Income Taxes

 

The Company recorded income tax expense of $51,079 in the 13-week period ended March 30, 2024, compared to income tax expense of $19,445 in the 13-week period ended April 1, 2023. The effective tax rate was 15.6% in the first quarter of 2024, compared to 8.8% in the first quarter of 2023. The increase in effective tax rate between comparative periods was primarily due to the increase in the combined federal and cantonal Switzerland statutory tax rate in response to the implementation of global minimum tax requirements.