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Income Taxes | 9 Months Ended
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Sep. 28, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | 15. Income Taxes Effective Tax Rate The Company’s effective tax rates were as follows:
| Three Months Ended |  | Nine Months Ended
| September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
Loss from continuing operations before income tax | $ | (36,669) |  |  | $ | (31,673) |  |  | $ | (30,484) |  |  | $ | (50,191) |
Effective tax rate | 12.5 | % |  | 17.0 | % |  | 19.4 | % |  | 22.4 | %
The effective tax rates for the quarter and nine months ended September 28, 2024 differed from the federal statutory rate of 21 percent primarily due to changes in the valuation allowance on disallowed interest deductions, the release of certain tax reserves, different statutory tax rates in foreign jurisdictions, U.S. tax credits, excess deficit on vested stock compensation and return-to-accrual adjustments. The effective tax rates for the quarter and nine months ended September 30, 2023 differed from the federal statutory rate of 21 percent primarily due to disallowed interest deductions in the U.S. and nondeductible executive compensation, offset by U.S. tax credits, return-to-accrual adjustments related to previously filed tax returns, changes in the valuation allowance on disallowed interest deductions and interest received on overpayments of tax from prior years. The effective tax rate for the nine-month period was also impa cted by an excess tax benefit on vested stock compensation. Deferred Taxes As of September 28, 2024 and December 31, 2023, the Company’s net DTA included $14 million and $15 million, respectively, of disallowed U.S. interest deductions that the Company does not believe will be realized. The asset decreased $1 million as a result of a tax expense recognized in the current year. In strict compliance with the American Institute of Certified Public Accountants’ Technical Questions and Answers 3300.01-02, which asserts that certain material evidence regarding the realizability of disallowed U.S. interest deductions should be ignored when assessing the need for a valuation allowance, the Company has not recognized a valuation allowance on this portion of the net DTA generated from disallowed interest.

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