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Income Taxes
 9 Months Ended
Sep. 28, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Effective Income Tax Rate

The Company’s effective income tax rates for the three months ended September 28, 2024 and September 30, 2023 were 26.0 percent and 27.2 percent, respectively. The Company’s effective income tax rates for the nine months ended September 28, 2024 and September 30, 2023 were 24.9 percent and 25.9 percent, respectively.

The Company’s effective income tax rates for the three and nine months ended September 28, 2024 and September 30, 2023 were impacted by the permanent addback of certain nondeductible expenses, including meals and entertainment and executive compensation, partially offset by a partial release of a valuation allowance for deferred income tax assets, the vesting of restricted stock units, and the return-to-provision adjustment associated with the most recently filed U.S. Federal income tax return.

The Company’s effective income tax rates for the three and nine months ended September 30, 2023 were impacted by state taxes as well as the permanent addback of certain nondeductible expenses, including executive compensation, offset by a benefit from the vesting of restricted stock units.

For fiscal 2024, the Company expects its consolidated annual effective income tax rate will be approximately 26 percent.

For additional information about the Company’s income taxes, see Note 7, Income Taxes, to the consolidated financial statements included in Item 8 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023.