Income Taxes

3 Months Ended

Mar. 29, 2024

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The Company’s effective tax rates of 33.1% for the three months ended March 29, 2024, and 21.4% for the three months ended March 31, 2023, differ from the U.S. federal statutory rate of 21.0% primarily due to a valuation allowance against certain U.S. interest carryforwards, and to the Company’s geographical mix of earnings and net discrete tax benefits, respectively.

On January 1, 2024, certain provisions of the Organisation for Economic Co-operation and Development base Erosion and Profit Shifting 2.0 Pillar Two global minimum tax (“GMT”) became effective in various jurisdictions. Based on currently enacted law, the impact of GMT on the Company’s 2024 financial results is not expected to be material.