Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective income tax rate for the Company was a benefit of 97.5% and 34.6% for the three months and six months ended June 30, 2023, as compared to a benefit of 10.8% and 12.7% for the three months and six months ended July 1, 2022. The change in the effective tax rate for the three months and six months ended June 30, 2023, and the difference from the U.S. federal statutory rate of 21%, was primarily the result of stock compensation, global intangible low tax income offset by foreign derived intangible income, R&D credits and changes to the valuation allowance.

Income tax benefit was $4,771 and $7,771 during the three months and six months ended June 30, 2023, compared to a benefit of $163 and $524 during the three months and six months ended July 1, 2022.