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Income Taxes
6 Months Ended
Jul. 02, 2021
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES The Company’s effective tax rates of (5.8)% and 8.0% for the three and six months ended July 2, 2021 differ from the U.S. federal statutory tax rate of 21.0%, primarily due to an income tax benefit from the recognition of an amortizable deferred tax asset associated with the estimated value of a tax basis step-up of certain of the Company’s Swiss assets and a decrease in the valuation allowance on certain of the Company’s Swiss net operating losses in 2021. The Company’s effective tax rates of 23.5% and 26.4% for the three and six months ended July 3, 2020 differ from the U.S. federal statutory rate of 21.0%, primarily due to the impact of COVID-19 on the Company’s geographical mix of earnings.