Income Taxes

3 Months Ended

Mar. 29, 2024

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 12. INCOME TAXES

For the first quarter, our effective income tax rate was 21.6%, as compared to 19.8% in the corresponding period in 2023. The increase was primarily due to a decreased tax benefit from foreign-derived intangible income.

Unrecognized tax benefits of $60.4 million and $59.5 million at the end of the first quarter of 2024 and at the end of 2023, if recognized, would favorably affect the effective income tax rate in future periods. At the end of the first quarter of 2024 and at the end of 2023, we accrued interest and penalties of $11.3 million and $9.9 million.