Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v3.24.2.u1
Income Taxes
 6 Months Ended
Jun. 29, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES

10. INCOME TAXES

The provision for the income taxes for the three months ended June 29, 2024 and July 1, 2023 was 23.0% and 22.9%, respectively. The provision for income taxes for the six months ended June 29, 2024 and July 1, 2023, was 23.1% and 23.1% 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 June 29, 2024, the Company had an unrecognized tax benefit of $6.0 including accrued interest. If recognized, $0.3 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 June 29, 2024, is not considered material to the Company’s Consolidated, Unaudited Financial Statements.

The Company is currently under foreign audit and remains subject to income tax examinations in various foreign jurisdictions. The Company believes it has adequately reserved for income taxes that could result from any audit adjustments.