XML 22 R13.htm IDEA: XBRL DOCUMENT v3.23.1
Provision for Income Taxes
3 Months Ended
Apr. 01, 2023
Income Tax Disclosure [Abstract]  
Provision for Income Taxes Provision for Income Taxes The provision for income taxes was $9,763,000 in the first quarter of 2023 and $13,378,000 in the first quarter of 2022. The effective tax rate of 26% in the first quarter of 2023 was higher than the Company's statutory rate of 21% primarily due to the distribution of the Company's worldwide earnings, nondeductible expenses, and state taxes. These increases in tax expense in the first quarter of 2023 were offset in part by a decrease in tax expense related to the net excess income tax benefits from stock-based compensation arrangements. The effective tax rate of 24% in the first quarter of 2022 was higher than the Company's statutory rate of 21% primarily due to the distribution of the Company's worldwide earnings, nondeductible expenses, state taxes, and tax expense associated with the Global Intangible Low-Taxed Income provisions. These increases in tax expense in the first quarter of 2022 were offset in part by a decrease in tax expense related to the net excess income tax benefits from stock-based compensation arrangements and the reversal of tax reserves associated with uncertain tax positions.