Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

For the three and six months ended June 30, 2024, we recognized income tax expense of $11.1 million and $19.5 million, respectively, representing effective tax rates of 18.4% and 18.4%, respectively. For the three and six months ended July 2, 2023, we recognized income tax expense of $15.7 million and $30.5 million, respectively, representing effective tax rates of 18.5% and 18.8%, respectively. The effective tax rates were primarily impacted by the effect of our foreign operations, including statutory tax rates differences and foreign tax credits.

The Organization for Economic Cooperation and Development is actively implementing changes to existing tax laws, including a global minimum tax of 15% which went into effect in 2024. This legislation has not materially impacted our provision for income taxes, but we will continually monitor and evaluate the potential impact on the countries in which we do business in future periods.