Income Taxes

6 Months Ended

Jul. 01, 2023

Income Taxes [Abstract]

Income Taxes

Note 4 – 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 July 1, 2023 and July 2, 2022 reflect the Company’s expected tax rate on reported income 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 six fiscal months ended July 1, 2023, the liabilities for unrecognized tax benefits increased by $616 on a net basis, primarily due to currency translation adjustments, accruals for current year tax positions, and interest.