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Income Taxes
 3 Months Ended
Jun. 25, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company recorded the following tax (benefit) provision in its unaudited consolidated statements of operations:
Three-Month Period Ended
June 25,
2021		June 26,
2020
Operating taxes$5,118 $816 
Discrete tax items(855)(288)
Provision for income taxes$4,263 $528 
Annual operating tax rate15.9 %15.2 %
Effective tax rate13.3 %9.8 %
The Company’s provision for income taxes is comprised of the year-to-date taxes based on an estimate of the annual effective tax rate plus the tax impact of discrete items.
The Company is subject to tax in the U.S. and various foreign jurisdictions. The Company’s effective tax rate can fluctuate primarily based on: the mix of its U.S. and foreign income; the impact of discrete transactions; and the difference between the amount of tax benefit generated by the foreign derived intangible income deduction (“FDII”) and research credits offset by the additional tax from the global intangible low-tax income (“GILTI”).
The Company regularly assesses the likelihood of outcomes that could result from the examination of its tax returns by the IRS, and other tax authorities to determine the adequacy of its income tax reserves and expense. Should actual events or results differ from the Company’s then-current expectations, charges or credits to the Company’s provision for income taxes may become necessary. Any such adjustments could have a significant effect on the results of operations.
Income tax expense and the effective income tax rate were $4,263, or 13.3%, and $528, or 9.8%, for the three-month periods ending June 25, 2021 and June 26, 2020, respectively. The fluctuation in our effective income tax rate relates primarily to differences in our US taxable income, estimated FDII benefits, research credits, non-deductible stock-based compensation charges, and discrete tax items.