XML 31 R21.htm IDEA: XBRL DOCUMENT v3.22.2.2
Income Taxes
9 Months Ended
Oct. 02, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesFor the three and nine months ended October 2, 2022, we recognized income tax expense of $16.1 million and $39.0 million, respectively, representing an effective tax rate of 13.4% and 15.9%, respectively. The effective tax rates were primarily impacted by the effect of our foreign operations, including statutory tax rates differences and foreign tax credits. On August 16, 2022, the Inflation Reduction Act of 2022 (the Act) was signed into law. We are evaluating the effect that the Act will have on our consolidated financial statements and related disclosures. At this time, none of the tax provisions of the Act are expected to have a material impact to our tax provision. For the three and nine months ended October 3, 2021, we recognized income tax expense of $9.8 million and $26.4 million, respectively, representing an effective tax rate of 18.2% and 18.3%, respectively. The effective tax rates were primarily impacted by the effect of our foreign operations, including statutory tax rates differences and foreign tax credits.