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Income Taxes | 6 Months Ended
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Jun. 28, 2024
Income Tax Disclosure [Abstract] |
Income Taxes |
Note 6 – Income Taxes
Income tax information for the periods reported is as follows:
| Three Months Ended |  | Six Months Ended
| June 28, 2024 |  | June 30, 2023 |  | June 28, 2024 |  | June 30, 2023
Income tax expense | $ | 942 |  |  | $ | 12,620 |  |  | $ | 1,855 |  |  | $ | 12,085 |
Loss before income taxes | $ | (4,170) |  |  | $ | (8,036) |  |  | $ | (12,246) |  |  | $ | (8,576) |
Effective income tax rate | (22.6) | % |  | (157.0) | % |  | (15.1) | % |  | (140.9) | %
Our effective tax rate for the three and six months ended June 28, 2024 differs from the statutory rate primarily due to taxes on foreign income that differs from the U.S. tax rate, including a tax holiday in Singapore from which we will benefit through 2026, and a valuation allowance against U.S. deferred tax assets. Our effective tax rate for the three and six months ended June 30, 2023 differs from the statutory rate primarily due to a valuation allowance recorded against our U.S. federal and state deferred tax assets, as well as taxes on foreign income that differ from the U.S. tax rate, including a tax holiday in Singapore from which we will benefit through 2026. We recorded an $11.1 million valuation allowance in the second quarter of 2023 based on an assessment of available positive and negative evidence, including an estimate of being in a three-year cumulative loss position in the U.S. by the end of 2023, projections of future taxable income, and other quantitative and qualitative information. We intend to maintain a full valuation allowance on our U.S. federal and state net deferred tax assets until there is sufficient positive evidence to support the reversal of all or some portion of the valuation allowance. The ending balance for the unrecognized tax benefits for uncertain tax positions was approximately $4.2 million as of June 28, 2024. The related interest and penalties were $0.5 million. The uncertain tax positions that are reasonably possible to decrease in the next twelve months are insignificant. As of June 28, 2024, we were under examination by California tax authorities.

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