Income Taxes

3 Months Ended

Apr. 03, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income TaxesThe Company’s effective tax rate for the three months ended April 3, 2022 and April 4, 2021 was 26.4% and 24.1%, respectively. The Company’s effective tax rate varied from the U.S. federal statutory rate of 21% for the three months ended April 3, 2022 primarily due to state income taxes.

There were no significant changes to the unrecognized tax benefits or related interest and penalties for the three months ended April 3, 2022. During the next twelve months, we believe it is reasonably possible the Company will reduce unrecognized tax benefits by up to $936 due to lapses of statutes of limitations.

The current portion of refundable income taxes was $7,206 and $11,901 as of April 3, 2022 and January 2, 2022, respectively, and is included in “Accounts and notes receivable, net.” There were no long-term refundable income taxes as of April 3, 2022 and January 2, 2022.