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Annual report [Section 13 and 15(d), not S-K Item 405]

INCOME TAXES (Tables)

v3.25.1
INCOME TAXES (Tables)
 12 Months Ended
Mar. 29, 2025
Income Tax Disclosure [Abstract] Ìý
Schedule of Provision for Income Taxes, Income Before Income Taxes
The provision for income taxes was computed based on the following amounts of income (loss) from continuing operations before income taxes:
Year Ended March
(In thousands) 2025 2024 2023
Domestic $ (633,126) $ (948,501) $ (338,638)
Foreign 778,287Ìý 663,580Ìý 1,076,428Ìý
Income (loss) from continuing operations before income taxes $ 145,161Ìý $ (284,921) $ 737,790Ìý
Schedule of Provision for Income Taxes
The provision for income taxes consisted of:
Year Ended March
(In thousands) 2025 2024 2023
Current:
Federal $ 11,355Ìý $ 235,262Ìý $ (117,057)
Foreign 141,175Ìý 747,859Ìý 102,394Ìý
State 11,851Ìý 134,351Ìý (15,722)
164,381Ìý 1,117,472Ìý (30,385)
Deferred:
Federal and state (65,807) (305,058) (339)
Foreign (22,737) (78,858) 12,780Ìý
(88,544) (383,916) 12,441Ìý
Income tax expense (benefit) $ 75,837Ìý $ 733,556Ìý $ (17,944)
Schedule of Differences Between Income Taxes Computed by Applying Statutory Federal Income Tax Rate and Income Tax Expense reported in Consolidated Financial Statements
The differences between income taxes computed by applying the statutory federal income tax rate and income tax expense (benefit) reported in the consolidated financial statements are as follows:
Year Ended March
(In thousands) 2025 2024 2023
Tax at federal statutory rate $ 30,484Ìý $ (59,834) $ 154,936Ìý
State income taxes, net of federal tax benefit (5,075) (27,734) (13,372)
Foreign rate differences 51,422Ìý 64,134Ìý (55,145)
Tax reform —Ìý —Ìý (94,877)
Tax litigation (7,901) 691,053Ìý —Ìý
Goodwill impairment 1,154Ìý 55,076Ìý —Ìý
Stock compensation 4,230Ìý 3,908Ìý 2,304Ìý
Interest on tax receivable —Ìý 11,972Ìý (11,972)
Other 1,523Ìý (5,019) 182Ìý
Income tax expense (benefit) $ 75,837Ìý $ 733,556Ìý $ (17,944)
Schedule of Deferred Income Tax Assets and Liabilities
Deferred income tax assets and liabilities consisted of the following:
(In thousands) March 2025 March 2024
Deferred income tax assets:
Inventories $ 46,180Ìý $ 75,760Ìý
Depreciation and capitalized research and development 31,539Ìý 13,514Ìý
Deferred compensation 16,985Ìý 19,719Ìý
Stock compensation 25,403Ìý 25,061Ìý
Operating lease liabilities 332,825Ìý 337,614Ìý
Other employee benefits —Ìý 1,039Ìý
Other accrued expenses 125,387Ìý 117,227Ìý
Interest expense limitation carryforward 186,258Ìý 143,077Ìý
Capital loss carryforwards 266,865Ìý 153,789Ìý
Operating loss and credit carryforwards 432,049Ìý 556,465Ìý
Gross deferred income tax assets 1,463,491Ìý 1,443,265Ìý
Valuation allowances (531,028) (436,047)
Net deferred income tax assets 932,463Ìý 1,007,218Ìý
Deferred income tax liabilities:
Intangible assets 27,456Ìý 13,700Ìý
Operating lease right-of-use assets 301,672Ìý 307,608Ìý
Other employee benefits 5,691Ìý —Ìý
Outside basis difference in subsidiaries 35,432Ìý 216,192Ìý
Other deferred tax liabilities 1,217Ìý 2,428Ìý
Deferred income tax liabilities 371,468Ìý 539,928Ìý
Net deferred income tax assets (liabilities) $ 560,995Ìý $ 467,290Ìý
Amounts included in the Consolidated Balance Sheets:
Other assets (Note 11)
 $ 575,546Ìý $ 477,262Ìý
Other liabilities (Note 16)
 (14,551) (9,972)
$ 560,995Ìý $ 467,290Ìý
Schedule of Reconciliation of Change in Accrual for Unrecognized Income Tax Benefit
A reconciliation of the change in the accrual for unrecognized income tax benefits is as follows:
(In thousands) Unrecognized
Income Tax
Benefits		 Accrued
Interest
andÌýPenalties		 Unrecognized
Income Tax
Benefits
IncludingÌýInterest
and Penalties
Balance, March 2022 $ 335,662Ìý $ 68,298Ìý $ 403,960Ìý
Additions for current year tax positions 22,319Ìý —Ìý 22,319Ìý
Additions for prior year tax positions 13,324Ìý 20,577Ìý 33,901Ìý
Reductions for prior year tax positions (3,747) (951) (4,698)
Reductions due to statute expirations (15,369) (1,699) (17,068)
Payments in settlement (3,847) (1,608) (5,455)
Currency translation (172) (10) (182)
Balance, March 2023 348,170Ìý 84,607Ìý 432,777Ìý
Additions for current year tax positions 15,982Ìý —Ìý 15,982Ìý
Additions for prior year tax positions (a)
165,426Ìý 78,133Ìý 243,559Ìý
Reductions for prior year tax positions (36,943) (3,809) (40,752)
Reductions due to statute expirations (1,436) (383) (1,819)
Payments in settlement (b)
(210,874) (74,659) (285,533)
Currency translation (11) (4) (15)
Balance, March 2024 280,314Ìý 83,885Ìý 364,199Ìý
Additions for current year tax positions 17,978Ìý —Ìý 17,978Ìý
Additions for prior year tax positions 36,190Ìý 27,372Ìý 63,562Ìý
Reductions for prior year tax positions (15,135) (755) (15,890)
Reductions due to statute expirations (530) (520) (1,050)
Payments in settlement (914) (91) (1,005)
Decrease due to divestiture (472) (72) (544)
Currency translation (21) (16) (37)
Balance, March 2025 $ 317,410Ìý $ 109,803Ìý $ 427,213Ìý
(a)The year ended March 2024 includes an increase due to uncertainty in the application of court decisions upheld upon appeal.
(b)The year ended March 2024 includes a settlement with the tax authorities related to intellectual property transfers completed in a prior period.
Schedule of Amounts Included in Consolidated Balance Sheets
(In thousands) March 2025 March 2024
Amounts included in the Consolidated Balance Sheets (a):
Unrecognized income tax benefits, including interest and penalties $ 427,213Ìý $ 364,199Ìý
Less deferred tax benefits 101,618Ìý 61,368Ìý
Total unrecognized tax benefits $ 325,595Ìý $ 302,831Ìý
(a)Included in the accrued liabilities and other liabilities line items in the Consolidated Balance Sheets.