Income Taxes

9 Months Ended

Dec. 27, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company’s effective tax rate for the three and nine months ended December 27, 2025 was (3.6)% and 18.6%, respectively. The effective rate for the three months ended December 27, 2025 differed from the United Kingdom statutory rate of 25% (the “UK Rate”) primarily due to the effects of global financing activities and a favorable return-to-provision adjustment. In addition, the effective tax rate for the nine months ended December 27, 2025 differed from the UK Rate due to a beneficial geographic mix of earnings partially offset by the impact of incremental valuation allowances recorded during the period.

The Company’s effective tax rate for the three and nine months ended December 28, 2024 was 68.4% and (17.8)%, respectively. The effective tax rate for the three months ended December 28, 2024 differed from the UK Rate due to the impacts of favorable global financing activities and non-deductible goodwill impairment charges. In addition, the effective tax rate for the nine months ended December 28, 2024, was also impacted by the release of an uncertain tax position during the period.

On July 4, 2025, the U.S. government enacted the OBBBA 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 Jobs Act. Based upon the Company’s analysis, the OBBBA did not have a material impact on the Company’s consolidated financial statements.