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Income Taxes
3 Months Ended
Jul. 02, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesThe Company’s effective tax rate for the three months ended July 2, 2022 was 12.1%. Such rates differ from the United Kingdom (“U.K.”) federal statutory rate of 19% primarily due to the impact of global financing activities. The global financing activities are related to the Company’s 2014 move of its principal executive office from Hong Kong to the U.K. and decision to become a U.K. tax resident. In connection with this decision, the Company funded its international growth strategy through intercompany debt financing arrangements. These debt financing arrangements reside between certain of our U.S., U.K. and Hungarian subsidiaries. Due to the difference in the statutory income tax rates between these jurisdictions, the Company realized lower effective tax rates for the three months ended July 2, 2022.