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Income Taxes | 9 Months Ended
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Sep. 29, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income TaxesFor the quarter and year-to-date period ended September 29, 2024, the Company’s effective tax rate was 24.6% and 22.7%, respectively, resulting in an income tax provision of $28.3 million and $70.5 million, respectively. Discrete tax benefits for the year-to-date period ended September 29, 2024 were $4.5 million, which includes $3.3 million for share-based compensation and 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). For the quarter and year-to-date period ended October 1, 2023, the Company’s effective tax rate was 4.9% and 4.5%, respectively, resulting in an income tax provision of $4.9 million and $12.9 million, respectively. The Company’s effective tax rates for the quarter and year-to-date period ended October 1, 2023 were impacted by the net valuation allowance position in the U.S. and the Company’s foreign earnings.

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