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Income Taxes | 3 Months Ended
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Jun. 28, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Company’s effective tax rate for the three months ended June 28, 2025 was (40)%. This rate differs from the United Kingdom (“U.K.”) federal statutory rate of 25% primarily related to a reduction in the Company’s valuation allowance during the period for the three months ended June 28, 2025. The Company’s effective tax rate for the three months ended June 29, 2024 was 55%. This rate differs from the U.K federal statutory rate of 25% primarily related to the settlement of certain state tax audits and unfavorable share-based compensation adjustments. 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. and U.K. subsidiaries. Due to the difference in the statutory income tax rates between these jurisdictions, the Company generally realizes lower effective tax rates compared to its statutory rate as a result of these financing activities. On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act of 2025 which includes, among other provisions, changes to the U.S. corporate income tax system including the allowance of immediate expensing of qualifying research and development expenses and permanent extensions of certain provisions within the Tax Cuts and Jobs Act. The Company is evaluating the future impact of these tax law changes on its consolidated financial statements. On January 10, 2025, the United States Treasury and the IRS issued final regulations that address several long-standing issues related to dual consolidated losses and introduce new rules for disregarded payment losses. The changes related to disregarded payment losses could impact how the Company utilizes certain deductions and losses to offset its U.S. income as part of its global financing activities beginning in Fiscal 2027. The Company will continue to evaluate its impact as further information becomes available.

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