XML 24 R14.htm IDEA: XBRL DOCUMENT v3.23.3
Income Taxes
 9 Months Ended
Sep. 30, 2023
Income Taxes [Abstract]  
INCOME TAXES

NOTE 8 - INCOME TAXES

 

The Company's 2023 and 2022 effective tax rates differ from the statutory federal tax rate due principally to the availability of research and development tax credits, state income taxes, and the nondeductibility of certain executive compensation. The Company’s effective income tax rate was 8.1% and 18.9% for the three and nine months ended September 30, 2023, respectively. The Company’s effective income tax rate was 12.4% and 19.9% for the three and nine months October 1, 2022, respectively. The lower effective income tax rates for the three and nine months ended September 30, 2023 resulted from the recognition of higher than anticipated tax credits that were noted when the Company filed its 2022 Federal and state income tax returns.

 

Income tax payments for the three and nine months ended September 30, 2023 totaled $7.3 million and $23.8 million, respectively. Income tax payments for the three and nine months ended October 1, 2022 totaled $6.0 million and $26.6 million, respectively.

 

The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2018.

 

The Company does not believe it has included any “uncertain tax positions” in its federal income tax return or any of the state income tax returns it is currently filing. The Company has made an evaluation of the potential impact of additional state taxes being assessed by jurisdictions in which the Company does not currently consider itself liable. The Company does not anticipate that such additional taxes, if any, would result in a material change to its financial position.