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Income Taxes | 3 Months Ended
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Jun. 29, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Company’s income tax provision consists of federal, state and foreign income taxes. The tax provision for the first quarter of fiscal 2026 and 2025 was based on the estimated effective tax rates applicable for the full years ending March 31, 2026 and March 31, 2025, respectively, after giving effect to items specifically related to the interim periods. The Company’s effective income tax rate with respect to any period may be volatile based on the mix of income in the tax jurisdictions, in which the Company operates, changes in tax laws and the amount of the Company's consolidated earnings before taxes. The Organization for Economic Co-operation and Development (OECD) has a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as Pillar 2), with certain aspects of Pillar 2 effective for taxable years beginning after December 31, 2023. While it is uncertain whether the U.S. will enact legislation to adopt Pillar 2, certain countries in which we operate have adopted legislation, and other countries are in the process of introducing legislation to implement Pillar 2. The impact of the enacted legislation is included in our estimated effective tax rate. The Company will continue to monitor and evaluate as new legislation and guidance is issued. On July 4, 2025, the “One Big Beautiful Bill Act” (“OBBBA”) was enacted into law. The OBBBA includes changes to U.S. tax law that will be applicable to the Company effective in future quarters. These changes include permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and changes to the tax treatment for certain business provisions and energy credits. The Company is evaluating the potential impact of the OBBBA to the Consolidated Financial Statements and actively monitoring guidance as it is issued. The consolidated effective income tax rates for the first quarter of fiscal 2026 and 2025 were 12.5% and 11.6%. The rate increase in the first quarter compared to the prior year period is primarily due to the greater impact of Pillar 2 and mix of earnings among tax jurisdictions. Foreign income as a percentage of worldwide income is estimated to be 52% for fiscal 2026 compared to 49% for fiscal 2025. The foreign effective tax rates for the first quarter of fiscal 2026 and 2025 were 16% and 14%, respectively. The foreign effective tax rate increase in the first quarter compared to the first quarter of the prior year is primarily due to the impact of Pillar 2. Income from the Company's Swiss subsidiary comprised a substantial portion of the Company's overall foreign mix of income for both fiscal 2026 and fiscal 2025 and were taxed at an effective income tax rate of approximately 14% and 11%, respectively, due to the greater impact of Pillar 2.

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