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Income Taxes

9 Months Ended

Dec. 26, 2020

10.	Income Taxes

For the three months ended December 26, 2020 and December 28, 2019, the Company recorded $5.3 million and $6.3 million of income tax expense and had an effective tax rate of 19.7% and 27.0%, respectively. For the nine months ended December 26, 2020 and December 28, 2019, the Company recorded $15.5 million and $20.5 million of income tax expense and had an effective tax rate of 23.3% and 28.2%, respectively. During the three months ended December 26, 2020, the Company completed a U.S. research and development ("R&D") tax credit study for the years 2018 and 2019 that resulted in the recognition of a tax benefit of $1.7 million.

The Company’s effective tax rate for both the three and nine months ended December 26, 2020 and December 28, 2019 differs from the federal statutory income tax rate of 21.0% due primarily to the effect of non-deductible expenses, state and local income taxes, tax credits, and results in foreign jurisdictions.

At December 26, 2020, 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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