Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v3.23.1
Income Taxes
 3 Months Ended
Mar. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesEffective tax rates for the thirteen weeks ended March 30, 2023 and March 31, 2022 were based on the Company’s forecasted annualized effective tax rates and were adjusted for discrete items that occurred within each period. The Company’s effective income tax rate was 21.1% and 23.6% for the thirteen weeks ended March 30, 2023 and March 31, 2022, respectively. For the thirteen weeks ended March 30, 2023 and March 31, 2022, the effective income tax rate was higher than the statutory federal income tax rate of 21.0% primarily due to state income taxes that were partially offset by tax deductions in excess of book expense related to stock-based compensation awards.