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INCOME TAXES
 9 Months Ended
Sep. 24, 2022
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Company’s effective tax rates for the three months ended September 24, 2022 and September 25, 2021 were 20.7% and 14.7%, respectively. The Company’s effective tax rates for the nine months ended September 24, 2022 and September 25, 2021 were 19.7% and 18.3%, respectively. The increase in the three month effective tax rates from the prior year period was primarily attributable to a decreased tax benefit from stock-based compensation deductions, as well as lower research and development tax credits due to a discrete benefit in the three months ended September 25, 2021. The increase in the nine month effective tax rates is attributable primarily to the same reasons as above, partially offset with the deferred tax impact of tax law changes enacted during the nine months ended September 25, 2021.
For the three months ended September 24, 2022, the Company’s unrecognized tax benefits decreased by $1.2 million to $33.3 million, primarily due to favorable foreign exchange, and the lapse of statutes of limitations, partially offset by increases in research and development tax credit reserves. For the three months ended September 24, 2022, the amount of unrecognized income tax benefits that would impact the effective tax rate decreased by $1.5 million to $29.6 million for the same reasons discussed above. The accrued interest on unrecognized tax benefits was $1.1 million as of September 24, 2022. The Company estimates that it is reasonably possible that the unrecognized tax benefits will decrease by approximately $10.6 million over the next twelve-month period, primarily due to audit settlements and expiring statutes of limitations.
The Company conducts business in a number of tax jurisdictions. As a result, it is subject to tax audits on a regular basis including, but not limited to, such major jurisdictions as the U.S., the U.K., China, France, Germany, and Canada. With few exceptions, the Company is no longer subject to U.S. and international income tax examinations for years before 2018.
The Company and certain of its subsidiaries have ongoing tax controversies in the U.S., Canada, France, and India. The Company does not anticipate resolution of these audits will have a material impact on its consolidated financial statements.