Income Taxes |
3 Months Ended |
|---|---|
Jun. 28, 2025 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | 11. INCOME TAXES The Company’s income tax expense was $6.1 million for the three months ended June 28, 2025, and income tax benefit was $1.1 million for the three months ended June 29, 2024. The Company’s effective tax rate was 19.2% and 157.2% for the three months ended June 28, 2025 and June 29, 2024, respectively. The Company's effective tax rate for the three months ended June 28, 2025 differed from the statutory rate primarily due to tax rate differences in foreign jurisdictions, global minimum taxes in foreign jurisdictions and Global Intangible Low-Taxed Income ("GILTI"), partially offset by domestic tax credits generated. The Company's effective tax rate for the three months ended June 29, 2024 differed from the statutory rate primarily due to tax rate differences in foreign jurisdictions, GILTI, domestic tax credits generated and discrete tax charges. After consideration of pretax income taxed discretely in the period, the Company recognized a tax benefit associated with its ongoing operations and the quarter-to-date loss, which was partially offset by a $4.5 million discrete tax expense recorded during the three months ended June 29, 2024. The discrete tax expense primarily related to the tax effects of the sale of the Company's assembly and test operations in China. On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted in the U.S. The OBBBA permanently extends multiple tax provisions of the 2017 Tax Cuts and Jobs Act, as well as repeals, modifies and introduces various other tax provisions. The legislation has various effective dates, with certain provisions expected to impact the Company's consolidated financial statements beginning with the period ending September 27, 2025. The Company is currently evaluating the provisions of the OBBBA and its impact to the Company.
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