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Income Taxes
6 Months Ended
Jul. 02, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesFor the three months ended July 2, 2022, the Company recorded income tax expense of $78,176 on earnings before income taxes of $358,686 for an effective tax rate of 21.8%, as compared to an income tax expense of $64,245 on earnings before income taxes of $400,698, for an effective tax rate of 16.0% for the three months ended July 3, 2021. For the six months ended July 2, 2022, the Company recorded income tax expense of $139,624 on earnings before income taxes of $665,568 for an effective tax rate of 21.0%, as compared to income tax expense of $131,935 on earnings before income taxes of $705,199, for an effective tax rate of 18.7% for the six months ended July 3, 2021. The difference in the effective tax rates for the comparative periods was impacted by the Company’s geographic dispersion of profits and losses for the respective periods, lower U.S. tax on foreign earnings, a one-time Italian tax planning election allowing for the realignment of tax asset values in the quarter ended July 3, 2021, and an Italian benefit associated with a release of an uncertain tax liability for the six months ended July 2, 2022.