Income Taxes |
3 Months Ended |
|---|---|
Apr. 01, 2023 | |
| Income Taxes [Abstract] | |
| INCOME TAXES | NOTE 8 - INCOME TAXES
The Company's 2023 and 2022 effective tax rates differ from the statutory federal tax rate due principally to the availability of research and development tax credits, state income taxes, and the nondeductibility of certain executive compensation. The Company’s effective income tax rate was 22.4% and 23.5% for the three months ended April 1, 2023 and April 1, 2022, respectively.
Income tax payments for the three months ended April 1, 2023 and April 2, 2022 totaled $3.0 million and $3.1 million, respectively.
The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2017.
The Company does not believe it has included any “uncertain tax positions” in its federal income tax return or any of the state income tax returns it is currently filing. The Company has made an evaluation of the potential impact of additional state taxes being assessed by jurisdictions in which the Company does not currently consider itself liable. The Company does not anticipate that such additional taxes, if any, would result in a material change to its financial position. |