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Income Taxes
 3 Months Ended
Mar. 29, 2025
Income Taxes [Abstract]  
INCOME TAXES

NOTE 8 - INCOME TAXES

 

The Company's 2025 and 2024 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 20.3% and 21.7% for the three months ended March 29, 2025 and March 30, 2024, respectively.

 

Income tax payments totaled $2.0 million and $0.1 million for the three month periods ended March 29, 2025 and March 30, 2024, 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 2021.

 

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.