INCOME TAXES

9 Months Ended

Sep. 29, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The effective tax rate in the third quarter of 2024 and 2023 was 24.8% and 27.0%, respectively, and the effective tax rate for the comparable nine month periods was 21.6% and 24.9%, respectively. The first nine months of 2024 and 2023 tax rates include the impact of the recognition of excess tax benefits on share-based compensation that was recorded as a reduction to income tax expense in the amount of $6.7 million and $2.3 million, respectively.

Cash paid for income taxes, net of refunds, was $18.2 million and $37.4 million in the third quarter and first nine months of 2024, respectively, and $16.9 million and $65.9 million in the third quarter and first nine months of 2023, respectively.