INCOME TAXES (Tables)

12 Months Ended

Apr. 01, 2023

Schedule of Provision for Income Taxes, Income Before Income Taxes

The provision for income taxes was computed based on the following amounts of income from continuing operations before income taxes:


	Year Ended March

(In thousands)	2023		2022		2021
Domestic	$	(885,562)	$	518,386	$	(152,073)
Foreign	928,849		1,004,864		608,545
Income before income taxes	$	43,287	$	1,523,250	$	456,472

Schedule of Provision for Income Taxes

The provision for income taxes consisted of:


	Year Ended March

(In thousands)	2023		2022		2021
Current:
Federal	$	(114,772)	$	231,469	$	6,373
Foreign	106,192		196,540		109,543
State	(13,163)		36,461		25,462
	(21,743)		464,470		141,378
Deferred:
Federal and state	(46,677)		(177,381)		(24,133)
Foreign	(6,877)		19,892		(15,679)
	(53,554)		(157,489)		(39,812)
Income tax expense (benefit)	$	(75,297)	$	306,981	$	101,566

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)	2023		2022		2021
Tax at federal statutory rate	$	9,090	$	319,882	$	95,859
State income taxes, net of federal tax benefit	(17,301)		16,641		13,771
Foreign rate differences	(38,609)		(62,928)		(5,605)
Tax reform	(94,877)		67,358		—
Goodwill impairment	74,624		—		2,631


Stock compensation (federal)	2,304		(1,977)		(4,783)
Non-taxable contingent consideration adjustments	—		(28,090)		—
Interest on tax receivable	(11,972)		—		—
Other	1,444		(3,905)		(307)
Income tax expense (benefit)	$	(75,297)	$	306,981	$	101,566

Schedule of Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities consisted of the following:


(In thousands)	March 2023		March 2022
Deferred income tax assets:
Inventories	$	74,395	$	38,661
Deferred compensation	24,557		32,349
Other employee benefits	—		16,870
Stock compensation	27,589		27,610
Operating lease liabilities	361,676		327,668
Other accrued expenses	109,050		105,978

Interest expense limitation carryforward	3,932		1,711
Capital loss carryforwards	166,587		166,622
Operating loss and credit carryforwards	331,167		539,157
Gross deferred income tax assets	1,098,953		1,256,626
Valuation allowances	(424,932)		(616,533)
Net deferred income tax assets	674,021		640,093
Deferred income tax liabilities:
Depreciation	26,303		10,768
Intangible assets	277,473		361,182
Operating lease right-of-use assets	330,235		295,227
Other employee benefits	3,707		—
Other deferred tax liabilities	48,732		22,337
Deferred income tax liabilities	686,450		689,514
Net deferred income tax assets (liabilities)	$	(12,429)	$	(49,421)
Amounts included in the Consolidated Balance Sheets:
Other assets (Note 11)	$	95,117	$	100,980
Other liabilities (Note 15)	(107,546)		(150,401)
	$	(12,429)	$	(49,421)

Schedule of Reconciliation of Change in Accrual for Unrecognized Income Tax Benefits

A reconciliation of the change in the accrual for unrecognized income tax benefits is as follows:


(In thousands)	Unrecognized Income Tax Benefits		Accrued Interest and Penalties		Unrecognized Income Tax Benefits Including Interest and Penalties
Balance, March 2020	$	184,723	$	30,612	$	215,335
Additions for current year tax positions	6,609		—		6,609
Additions for prior year tax positions	20,950		8,064		29,014
Reductions for prior year tax positions	(2,073)		(1,399)		(3,472)
Reductions due to statute expirations	(761)		(216)		(977)
Payments in settlement	(3,464)		(650)		(4,114)

Additions due to acquisitions	17,066		1,673		18,739
Currency translation	(40)		57		17
Balance, March 2021	223,010		38,141		261,151
Additions for current year tax positions	28,098		—		28,098
Additions for prior year tax positions (a)	112,850		32,642		145,492
Reductions for prior year tax positions	(895)		(532)		(1,427)
Reductions due to statute expirations	(5,803)		(840)		(6,643)
Payments in settlement	(21,278)		(730)		(22,008)

Decrease due to divestiture	(506)		(340)		(846)
Currency translation	186		(43)		143
Balance, March 2022	335,662		68,298		403,960
Additions for current year tax positions	22,319		—		22,319
Additions for prior year tax positions	13,324		20,577		33,901
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	$	348,170	$	84,607	$	432,777

(a)The year ended March 2022 included an increase resulting from updated estimates related to intellectual property transfers completed in a prior period.

Schedule of Amounts Included in Consolidated Balance Sheets


(In thousands)	March 2023		March 2022
Amounts included in the Consolidated Balance Sheets:
Unrecognized income tax benefits, including interest and penalties	$	432,777	$	403,960
Less deferred tax benefits	135,175		126,179
Total unrecognized tax benefits	$	297,602	$	277,781