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INCOME TAXES | 3 Months Ended
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Mar. 29, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The Company’s effective tax rates for the three months ended March 29, 2025 and March 30, 2024 were 28.1% and 24.8%, respectively. The increase in the effective tax rate for the three months ended March 29, 2025 compared to the corresponding prior year period was primarily attributable to the tax impact of jurisdictional mix of income. For the three months ended March 29, 2025, the Company’s unrecognized tax benefits increased by $2.3 million to $27.3 million, primarily due to increases in research and development tax credit reserves, as well as unfavorable foreign exchange movement. For the three months ended March 29, 2025, the amount of unrecognized income tax benefits that would impact the effective tax rate increased by $0.9 million to $22.9 million for the same reasons discussed above. The accrued interest on unrecognized tax benefits was $2.2 million as of March 29, 2025. The Company estimates that it is reasonably possible that the unrecognized tax benefits will decrease by approximately $8.9 million over the next twelve-month period, primarily due to audit settlements and expiring statutes of limitations. The Company’s prepaid and accrued tax positions are as follows:
| March 29, 2025 |  | December 28, 2024 |  | Affected Line Item in the Unaudited Condensed Consolidated Balance Sheets
| (in thousands) |  |
Prepaid income tax | $ | 90,181 |  |  | $ | 82,995 |  |  | Other current assets
Accrued income taxes | 41,409 |  |  | 31,872 |  |  | Other current liabilities
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 2020. The Company and certain of its subsidiaries have ongoing tax controversies in the U.S., Canada, France, China, Hungary, Israel, Ireland, and India. The Company does not anticipate resolution of these audits will have a material impact on its unaudited condensed consolidated financial statements.

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