Income Taxes |
9 Months Ended |
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Oct. 01, 2022 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The effective tax rate for the three months ended October 1, 2022 and October 2, 2021 was 21.7 percent and 21.2 percent, respectively. The effective tax rate for the three months ended October 1, 2022 was higher than the same period in the prior year primarily due to higher earnings in the quarter in foreign jurisdictions. The effective tax rate for the nine months ended October 1, 2022 and October 2, 2021 was 21.6 percent and 22.3 percent, respectively. The effective tax rate for the nine months ended October 1, 2022 was lower than the same period in the prior year primarily due to net excess tax benefits related to share-based compensation and lower deferred tax reassessments.
The Company is regularly audited by federal, state and foreign tax authorities. The Internal Revenue Service ("IRS") has completed its field examination and has issued its Revenue Agents Report through the 2014 tax year and all open issues have been resolved. The Company is currently open to tax examinations by the IRS for the 2018 through 2020 tax years. Primarily as a result of filing amended returns, which were generated by the closing of federal income tax audits, the Company is open to state and local tax audits in major tax jurisdictions dating back to the 2014 taxable year. The Company is no longer subject to income tax examinations by any major foreign tax jurisdiction for years prior to 2013.
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