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Income Taxes
 9 Months Ended
Sep. 28, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

5. Income Taxes

 

The Company recorded income tax expense of $87,139 in the 13-week period ended September 28, 2024, compared to income tax expense of $22,328 in the 13-week period ended September 30, 2023. The effective tax rate was 17.9% in the third quarter of 2024, compared to 8.0% in the third 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.

 

The Company recorded income tax expense of $203,560 in the 39-week period ended September 28, 2024, compared to income tax expense of $69,810 in the 39-week period ended September 30, 2023. The effective tax rate was 17.3% in the first three quarters of 2024, compared to 8.5% in the first three quarters 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.