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Provision for Income Taxes
 6 Months Ended
Jun. 29, 2024
Income Tax Disclosure [Abstract]  
Provision for Income Taxes Provision for Income Taxes
The provision for income taxes was $19,846,000 in the first six months of 2024 and $20,945,000 in the first six months of 2023.
The effective tax rate of 26% in the first six months of 2024 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 the cost of repatriating the earnings of certain foreign subsidiaries. These items were offset in part by foreign tax credits and net excess income tax benefits from stock-based compensation arrangements.
The effective tax rate of 26% in the first six months of 2023 was higher than the Company's statutory rate of 21% primarily due to the distribution of the Company's worldwide earnings, state taxes, and nondeductible expenses.