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Income Taxes
 9 Months Ended
Dec. 29, 2023
Income Tax Disclosure [Abstract]  
Income Taxes

14. Income Taxes

The Company recorded the following tax provision in its unaudited condensed consolidated statements of operations:

 

 

Three-Month Period Ended

 

 

Nine-Month Period Ended

 

 

December 29,
2023

 

 

December 23,
2022

 

 

December 29,
2023

 

 

December 23,
2022

 

Provision for income taxes

 

$

2,969

 

 

$

7,540

 

 

$

17,584

 

 

$

17,943

 

Effective tax rate

 

 

8.2

%

 

 

10.5

%

 

 

9.9

%

 

 

12.5

%

 

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 income tax rate fluctuates primarily because of the change in the mix of its U.S. and foreign income, the impact of discrete transactions and law changes, state tax impacts and tax benefits generated by the foreign derived intangible income (“FDII”) deduction, including permanent impacts of Internal Revenue Code Section 174 Capitalization, and research credits; offset by non-deductible stock-based compensation charges.

The effective tax rate (“ETR”) year-over-year was primarily impacted by reductions in global intangible low-tax income (“GILTI”) and non-deductible stock-based compensation charges, offset by a decrease in FDII benefits. The ETR year-over-year was also reduced by discrete tax benefits related to stock-based compensation windfalls realized in the period ended December 29, 2023.