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Income Taxes
 6 Months Ended
Jun. 29, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
In the quarter ended June 29, 2024, income tax expense was $12,332 resulting in an effective income tax rate of (9.9)% and in the quarter ended July 1, 2023, income tax expense was $12,826 resulting in an effective income tax rate of 322.6%. In the six months ended June 29, 2024, income tax expense was $22,215 resulting in an effective income tax rate of (15.3)% and in the six months ended July 1, 2023, income tax expense was $29,006 resulting in an effective income tax rate of (95.3)%. The Company's effective tax rates for the quarters and six months ended June 29, 2024 and July 1, 2023 primarily differ from the U.S. statutory rate due to valuation allowances against certain net deferred tax assets. Additionally, the Company had favorable discrete items of $1,629 and $1,622 for the quarter and six months ended June 29, 2024, respectively, and favorable discrete items of $331 and unfavorable discrete items of $7,713 for the quarter and six months ended July 1, 2023, respectively.
The Organization for Economic Co-operation and Development (the “OECD”), an international association of 38 countries including the U.S., has proposed changes to numerous long-standing tax principles, including a global minimum tax initiative. On December 12, 2022, the European Union member states agreed to implement the OECD’s Pillar 2 global corporate minimum tax rate of 15% on companies with revenues of at least $790,000, which went into effect in 2024. While there is uncertainty whether the U.S. will enact legislation to adopt Pillar 2, certain countries in which the Company operates have adopted legislation, and other countries are in the process of introducing legislation to implement Pillar 2. The Company does not expect Pillar 2 to have a material impact on its effective tax rate or its consolidated results of operations, financial position and cash flows for 2024. The Company is continuing to monitor the developing laws of Pillar 2 and its potential impact on future periods.