Income Taxes

6 Months Ended

Dec. 27, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company recorded an income tax provision of $5,110 and $4,483 on income from operations before income taxes of $20,786 and $16,866 for the second quarters ended December 27, 2019 and December 31, 2018, respectively. The Company recorded an income tax provision of $3,092 and $7,612 on income from operations before income taxes of $38,015 and $27,474 for the six months ended December 27, 2019 and December 31, 2018, respectively.

During the second quarters ended December 27, 2019 and December 31, 2018, the Company recognized a discrete tax benefit of $353 and $67, respectively, related to excess tax benefits on stock-based compensation. The effective tax rate for the

second quarters ended December 27, 2019 and December 31, 2018 differed from the Federal statutory rate primarily due to Federal research and development credits, excess tax benefits related to stock compensation, a modified territorial tax system and a minimum tax on certain foreign earnings, and state taxes.

During the six months ended December 27, 2019 and December 31, 2018, the Company recognized a discrete tax benefit of $6,480 and $1,716, respectively, related to excess tax benefits on stock-based compensation. The effective tax rate for the six months ended December 27, 2019 and December 31, 2018 differed from the Federal statutory rate primarily due to Federal research and development credits, excess tax benefits related to stock compensation, a modified territorial tax system and a minimum tax on certain foreign earnings, and state taxes.

During the second quarter ended December 27, 2019, there were no material changes made to the Company’s unrecognized tax positions.