Income Taxes |
3 Months Ended |
|---|---|
Apr. 01, 2023 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The effective tax rate for the three months ended April 1, 2023 and April 2, 2022 was 46.8 percent and 21.1 percent, respectively. In the first quarter of 2023, we completed an intercompany sale of certain intellectual property rights in order to better align the ownership of those rights with how our business operates. The completion of this sale from one of our affiliates in Norway to the United States resulted in $52.9 million of discrete income tax expense. The income tax will be paid over time as permitted under current Norwegian tax law.
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 2019 through 2021 tax years. The Company is open to state and local tax audits in major tax jurisdictions dating back to the 2017 taxable year. The Company is no longer subject to income tax examinations by any major foreign tax jurisdiction for years prior to 2015.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|