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Income Taxes
9 Months Ended
Oct. 03, 2020
Income Taxes [Abstract]  
Income Taxes
Note 6 – Income Taxes

The provision for income taxes consists of provisions for federal, state, and foreign income taxes.  The effective tax rates for the periods ended October 3, 2020 and September 28, 2019 reflect the Company’s expected tax rate on reported income from continuing operations before income tax and tax adjustments. The Company operates in a global environment with significant operations in various jurisdictions outside the United States.  Accordingly, the consolidated income tax rate is a composite rate reflecting the Company’s earnings and the applicable tax rates in the various jurisdictions where the Company operates.

During the second fiscal quarter of 2020, the Company repatriated $104,091 to the United States, and paid withholding and foreign taxes of $16,258, which completes the cash repatriation program that the Company initiated in 2017 in response to the Tax Cuts and Jobs Act enacted in the United States.  Substantially all of these amounts were used to repay certain indebtedness.

The Company repurchased a portion of outstanding convertible notes and debentures in the fiscal quarter and nine fiscal months ended October 3, 2020 (see Note 7).  The Company recognized tax benefits on the pre-tax loss on early extinguishment of debt.  The Company also recognized tax benefits of $1,346 in the nine fiscal months ended October 3, 2020, reflecting the reduction in deferred tax liabilities related to the special tax attributes of the extinguished debentures.

During the nine fiscal months ended October 3, 2020, the liabilities for unrecognized tax benefits decreased by $2,621 on a net basis, primarily due to settlement of an audit and the expiration of a statute, partially offset by accruals for current year tax positions and interest.