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Income Taxes | 6 Months Ended
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Jun. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income TaxesFor the quarter and year-to-date period ended June 30, 2024, the Company’s effective tax rate was 22.8% and 21.5%, respectively, resulting in an income tax provision of $25.3 million and $42.2 million, respectively. For the quarter and year-to-date period ended July 2, 2023, the Company’s effective tax rate was 3.8% and 4.3%, respectively, resulting in an income tax provision of $3.7 million and $8.0 million, respectively. The effective tax rate for the quarter ended June 30, 2024 includes discrete tax benefits of $1.6 million, which includes the recognition of a stranded deferred tax valuation allowance in accumulated other comprehensive loss that was associated with the Company’s interest rate swap due to its maturity (see Note 15). Discrete tax benefits for the year-to-date period ended June 30, 2024 were $4.7 million, which also includes $3.2 million for share-based compensation. The Company’s effective tax rates for the quarter and year-to-date period ended July 2, 2023 were impacted by the net valuation allowance position in the U.S. and the Company’s foreign earnings.

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