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Income Taxes | 3 Months Ended
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Mar. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Company's effective tax rate was 15% and 32% for the three-month periods ended March 30, 2025 and March 31, 2024, respectively. The Company has defined its major tax jurisdictions as the United States, Ireland, China, Japan, and Korea, and within the United States, Massachusetts. The statutory tax rate is 12.5% in Ireland, 25% in China, 34.6% in Japan, and 21% in Korea, compared to the U.S. federal statutory corporate tax rate of 21%. These foreign tax rate differences resulted in a favorable impact to the effective tax rate for both the three-month periods ended March 30, 2025 and March 31, 2024. The Company recorded a net discrete tax benefit totaling $307,000 for the three-month period ended March 30, 2025 and a net discrete tax expense totaling $3,085,000 for the three-month period ended March 31, 2024. Discrete tax items for the three-month period ended March 30, 2025 included (1) an increase in tax expense of $1,616,000 related to stock-based compensation; (2) an increase in tax expense of $386,000 for interest expense related to tax reserves; (3) a net decrease in tax expense of $278,000 related to return-to-provision adjustments; and (4) a net decrease in tax expense of $2,031,000 related to an adjustment to the Company's deferred tax position. Discrete tax items for the three-month period ended March 31, 2024 included (1) an increase in tax expense of $1,123,000 related to stock-based compensation; (2) an increase in tax expense of $458,000 related to state tax matters; (3) an increase in tax expense of $458,000 for interest expense related to tax reserves; and (4) a net increase in tax expense of $1,046,000 for other tax matters. The Company’s reserve for income taxes, including gross interest and penalties, was $29,561,000 as of March 30, 2025, of which $27,194,000 was classified as a non-current liability and $2,367,000 was classified as an offset to deferred tax assets. If the Company’s tax positions were sustained or the statutes of limitations related to certain positions expired, these reserves would be released and income tax expense would be reduced in a future period. Within the United States, the tax years 2021 through 2024 remain open to examination by the IRS, and 2020 through 2024 remain open to examination by various state tax authorities. The tax years 2013 through 2024 remain open to examination by various international taxing authorities in other jurisdictions in which the Company operates.

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