Income Taxes

9 Months Ended

Oct. 03, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The following table presents the Company’s provision for income taxes (in thousands):

	Fiscal Quarter Ended						Three Fiscal Quarters Ended
	October 3, 2023			September 27, 2022			October 3, 2023			September 27, 2022
Provision for (benefit from) income taxes	$	148		$	(1)		$	45		$	(40)
Effective tax rate	17.5		%	(0.1)		%	(1.2)		%	0.9		%

The effective tax rate for the third quarter and the first three quarters of 2023 and 2022, respectively, reflects the impact of the previously recorded valuation allowance. For the remainder of fiscal 2023, the Company does not anticipate material income tax expense or benefit as a result of the valuation allowance recorded. The Company will maintain the valuation allowance against deferred tax assets until there is sufficient evidence to support a full or partial reversal. The reversal of a previously recorded valuation allowance will generally result in a benefit from income tax.