Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES

v3.24.3
INCOME TAXES
 9 Months Ended
Sep. 28, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The effective income tax rate for the nine months ended September 2024 was 19.5% compared to 21.4% in the 2023 period. The nine months ended September 2024 included a net discrete tax benefit primarily related to stock-based compensation which decreased the effective income tax rate by 0.7%. The nine months ended September 2023 included a net discrete tax expense primarily related to a remeasurement of deferred tax assets associated with a tax holiday granted from local income taxes in a foreign jurisdiction which increased the effective income tax rate by 2.4%. The effective tax rate without discrete items for the nine months ended September 2024 was 20.2% compared to 19.0% in the 2023 period. The increase was primarily due to changes in our jurisdictional mix of earnings.
During the nine months ended September 2024, the amount of net unrecognized tax benefits and associated interest increased by $0.9 million to $14.5 million. Management believes that it is reasonably possible that the amount of unrecognized tax benefits may decrease by $2.3 million within the next 12 fiscal months due to expiration of statutes of limitations, which would reduce income tax expense.