Income taxes

3 Months Ended

Oct. 01, 2022

Income taxes

Income taxes

8. Income taxes

The Company’s effective tax rate on its income before taxes was 25.0% in the first quarter of fiscal 2023. During the first quarter of fiscal 2023, the Company’s effective tax rate was unfavorably impacted primarily by (i) increases to unrecognized tax benefit reserves and (ii) the mix of income in higher tax jurisdictions.

During the first quarter of fiscal 2022, the Company’s effective tax rate on its income before taxes was 23.2%. The Company’s effective tax rate was unfavorably impacted primarily by increases to valuation allowances.