Note 8 - Income Taxes

3 Months Ended

Mar. 02, 2024

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note 8: Income Taxes

Income tax expense for the three months ended March 2, 2024 includes $2,527 of discrete tax benefit relating to various foreign tax matters, as well as an excess tax benefit related to U.S. stock compensation. Excluding the discrete tax benefit, the overall effective tax rate was 27.4 percent for the three months ended March 2, 2024.

Income tax expense for the three months ended March 4, 2023 includes $846 of discrete tax expense relating to various foreign tax matters offset by an excess tax benefit related to U.S. stock compensation. Excluding the discrete tax expense, the overall effective tax rate was 29.2 percent for the three months ended March 4, 2023.

As of  March 2, 2024, we had a liability of $14,127 recorded for gross unrecognized tax benefits (excluding interest) compared to $14,254 as of December 2, 2023. As of March 2, 2024 and December 2, 2023, we had accrued $6,649 and $6,310 of gross interest relating to unrecognized tax benefits, respectively.