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Income Taxes
6 Months Ended
Jul. 03, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesFor the quarter ended July 3, 2021, the Company recorded income tax expense of $64,245 on earnings before income taxes of $400,698 for an effective tax rate of 16.0%, as compared to an income tax benefit of $26,363 on loss before income taxes of $74,951, for an effective tax rate of 35.2% for the quarter ended June 27, 2020. For the six months ended July 3, 2021, the Company recorded income tax expense of $131,935 on earnings before income taxes of $705,199 for an effective tax rate of 18.7%, as compared to income tax expense of $304 on earnings before income taxes of $62,181, for an effective tax rate of less than 1% for the six months ended June 27, 2020. The difference in the effective tax rates for the comparative periods was impacted by the Company’s ability to forecast an estimated annual effective rate for the period ended June 27, 2020, the geographical dispersion of profits and losses related to the recovery from the impacts of the COVID-19 pandemic, and a one-time Italian tax planning election allowing for the realignment of tax asset values for the quarter ended July 3, 2021.