Income Taxes |
9 Months Ended |
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Sep. 30, 2023 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES |
10. INCOME TAXES The provision for income taxes for the three months ended September 30, 2023, and October 1, 2022, was 30.5% and 23.6% of pretax income, respectively. The provision for income taxes for the nine months ended September 30, 2023 and October 1, 2022, was 23.8% and 22.7% 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. The change in the comparable prior year quarter and year-to-date period is primarily due to an overall decrease in discrete tax benefits. At September 30, 2023, the Company had an unrecognized tax benefit of $7.7 including accrued interest. If recognized, $1.8 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 September 30, 2023, is not considered material to the Company’s Consolidated, Unaudited Financial Statements. The Company is currently under state audit and remains subject to income tax examinations in various state and foreign jurisdictions for tax years 2017-2022. The Company believes it has adequately reserved for income taxes that could result from any audit adjustments. |
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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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