Income Taxes

6 Months Ended

May 29, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The Company's effective income tax rate was 36.1% for the three months ended May 29, 2022, compared to (16.2)% for the same prior-year period. The increase in the effective tax rate was primarily driven by lower tax benefits from stock-based compensation equity awards as compared to the same prior-year period, as well as a 16% tax rate increase resulting from non-deductible charges related to the Russia-Ukraine crisis.

The Company's effective income tax rate was 24.1% for the six months ended May 29, 2022, compared to 1.5% for the same prior-year period. The increase in the effective tax rate was primarily driven by lower tax benefits from the foreign-derived intangible income deduction on actual and deemed royalty income and stock-based compensation equity awards as compared to the same prior-year period, as well as an increase resulting from non-deductible charges related to the Russia-Ukraine crisis.