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Note 14 - Income Taxes
 9 Months Ended
Sep. 28, 2024
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

14.    Income Taxes

 

The Company recognized $4.0 million of income tax expense for the thirty-nine weeks ended September 28, 2024 as compared to $3.2 million for the comparable prior-year period.  The consolidated effective income tax rate for the current period was 27.5% as compared to 21.9% for the comparable prior-year period. The effective income tax rates for the thirty-nine weeks ended September 28, 2024, were approximately 28.3%, 26.2% and 13.1% in the United States, Canada and Europe, respectively. The relative income or loss generated in each jurisdiction can materially impact the overall effective income tax rate of the Company, particularly the ratio of Canadian and European pretax income versus U.S. pretax income.  The comparable prior-year period estimated income tax rates were 21.5%, 26.1% and 13.3% in the United States, Canada and Europe, respectively.

 

Differences between the effective tax rate and the applicable U.S. federal statutory rate may arise, primarily from the effect of state and local income taxes, share-based compensation, and potential tax credits available to the Company. The actual 2024 effective tax rate may vary from the estimate depending on the actual operating income earned in various jurisdictions, the potential availability of tax credits, and the exercise of stock options and vesting of share-based awards.