Income Taxes

3 Months Ended

Jul. 02, 2022

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes

For the three months ended July 2, 2022 and July 3, 2021, the Company recorded $40.4 million and $14.0 million of income tax expense and had an effective tax rate of 25.7% and 24.6%, respectively.

The Company’s effective tax rate for the three months ended July 2, 2022 differs from the federal statutory income tax rate of 21.0% due primarily to the effect of state and local income taxes, non-deductible expenses, tax credits, and results in foreign jurisdictions. The Company’s effective tax rate for the three months ended July 3, 2021 differs from the federal statutory income tax rate of 21.0% due primarily to the effect of state and local income taxes, non-deductible expenses, tax credits, results in foreign jurisdictions and tax benefits from equity compensation.

At July 2, 2022, the Company had no unrecognized tax benefits. The Company does not anticipate any material changes to uncertain tax benefits in the next twelve months. The Company records interest and penalties related to unrecognized tax benefits as a component of income tax expense.