INCOME TAXES |
6 Months Ended |
|---|---|
Jul. 01, 2023 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES The effective income tax rate for the six months ended June 2023 was 23.4% compared to 20.0% in the 2022 period. On April 5, 2023, the Company was granted a tax holiday from local income taxes in a foreign jurisdiction through 2031. The six months ended June 2023 included a net discrete tax expense primarily related to the remeasurement of deferred tax assets associated with the tax holiday. The net discrete tax expense for the six months ended June 2023 increased the effective income tax rate by 3.9%. The six months ended June 2022 included a net discrete tax benefit primarily related to stock-based compensation which decreased the effective income tax rate by 0.2%. The effective tax rate without discrete items for the six months ended June 2023 was 19.5% compared to 20.2% in the 2022 period. The decrease was primarily due to changes in our jurisdictional mix of earnings.
During the six months ended June 2023, the amount of net unrecognized tax benefits and associated interest increased by $0.6 million to $15.6 million. Management believes that it is reasonably possible that the amount of unrecognized tax benefits may decrease by $2.5 million within the next 12 fiscal months due to settlements of audits and expiration of statutes of limitations, all of which would reduce income tax expense.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- 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
|