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Income Taxes
 9 Months Ended
Sep. 28, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

J. Income Taxes

 

The following table provides a summary of the income tax provision for the thirteen weeks and thirty-nine weeks ended September 28, 2024 and September 30, 2023:

 

 

 

Thirteen weeks ended

 

Thirty-nine weeks ended

 

 

September 28,
2024

 

September 30,
2023

 

September 28,
2024

 

September 30,
2023

Effective tax rate

 

31.7%

 

29.3%

 

30.3%

 

28.4%

 

The increase in the tax rate for the thirteen and thirty-nine weeks ended September 28, 2024 as compared to the thirteen and thirty-nine weeks ended September 30, 2023 is primarily due to an increase in non-deductible compensation.


As of both September 28, 2024 and December 30, 2023, the Company had approximately $0.3 million of unrecognized income tax benefits.


 

The Company’s practice is to classify interest and penalties related to income tax matters in income tax expense. As of September 28, 2024 and December 30, 2023, the Company had approximately $0.2 million accrued for interest and penalties recorded in other liabilities.


The Internal Revenue Service completed an examination of the 2015 consolidated corporate income tax return and issued a no change report in 2018. The Company’s state income tax returns remain subject to examination for three or four years depending on the state’s statute of limitations. The Company is not currently under any income tax audits as of September 28, 2024.