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Income Taxes
 6 Months Ended
Jun. 29, 2024
Income Taxes [Abstract]  
INCOME TAXES

NOTE 8 - INCOME TAXES

 

The Company's 2024 and 2023 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 21.0% and 21.3% for the three and six months ended June 29, 2024, respectively. The Company’s effective income tax rate was 20.0% and 21.1% for the three and six months ended July 1, 2023, respectively.

 

Income tax payments totaled $9.4 million for both the three and six month periods ended June 29, 2024. Income tax payments for the three and six months ended July 1, 2023 totaled $13.5 million and $16.5 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 2019.

 

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.