XML 38 R25.htm IDEA: XBRL DOCUMENT v3.21.1
Income Taxes
3 Months Ended
Mar. 28, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s provision for income tax expense (benefits) was approximately $2.6 million, and its effective income tax rates was 17.5% for the three months period ended March 28, 2021. The Company’s provision for income tax expense (benefits) was approximately $(9.5) million, and its effective income tax rates was 57.3% for the three months period ended March 29, 2020.

The provision for income taxes for the period ended March 28, 2021 differed from the U.S. federal statutory rate computed by applying the U.S. federal statutory rate to income or loss before income taxes primarily due to the benefit of Foreign Derived Intangible Income (“FDII”), nontaxable income including the fair value adjustment for warrants, and the effect of foreign operations. The provision for income taxes for the period ended March 29, 2020 differed from the U.S. federal statutory rate computed by applying the U.S. federal statutory rate to income or loss before income taxes primarily due to the benefit of FDII, the Coronavirus Aid, Relief and Economic Security Act (as amended, the “CARES Act”) adjustments, nontaxable income including the fair value adjustment for warrants, and settlement of foreign taxes.
On March 27, 2020, the CARES Act was signed into law. Under the CARES Act, the Company deferred $37.0 million of employer share of Social Security tax that will be paid equally by December 31, 2021 and 2022.