Income Taxes |
6 Months Ended |
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Jul. 02, 2022 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES |
9. INCOME TAXES The provision for income taxes for the three months ended July 2, 2022 and July 3, 2021 was 22.5% and 17.6% of pretax income, respectively. The provision for income taxes for the six months ended July 2, 2022 and July 3, 2021 was 22.4% and 20.1% of pretax income, respectively. These effective rates fluctuate relative to the levels of income and different tax rates in effect among the countries in which the Company sells products. At July 2, 2022, the Company had an unrecognized tax benefit of $10,137 including accrued interest. If recognized, $2,072 of unrecognized tax benefit would reduce the effective tax rate in future periods. The Company recognizes interest and penalties related to income tax matters in income tax expense. Interest accrued as of July 2, 2022 is not considered material to the Company’s Consolidated, Unaudited Financial Statements. The Company remains subject to income tax examinations in the U.S. and various state and foreign jurisdictions for tax years 2009-2021. Although the Company is not currently under examination in most jurisdictions, limited transfer pricing disputes exist for years dating back to 2008. The Company does not expect to recognize any benefit within the next 12 months due to the expiration of statutes of limitation. |
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- References No definition available.
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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