INCOME TAXES (Tables)

12 Months Ended

Mar. 30, 2024

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)	2024		2023		2022
Domestic	$	(970,325)	$	(885,562)	$	518,386
Foreign	736,640		928,849		1,004,864
Income (loss) before income taxes	$	(233,685)	$	43,287	$	1,523,250

Schedule of Provision for Income Taxes

The provision for income taxes consisted of:


	Year Ended March

(In thousands)	2024		2023		2022
Current:
Federal	$	236,135	$	(114,772)	$	231,469
Foreign	759,679		106,192		196,540
State	134,483		(13,163)		36,461
	1,130,297		(21,743)		464,470
Deferred:
Federal and state	(316,470)		(46,677)		(177,381)
Foreign	(78,630)		(6,877)		19,892
	(395,100)		(53,554)		(157,489)
Income tax expense (benefit)	$	735,197	$	(75,297)	$	306,981

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)	2024		2023		2022
Tax at federal statutory rate	$	(49,074)	$	9,090	$	319,882
State income taxes, net of federal tax benefit	(28,867)		(17,301)		16,641
Foreign rate differences	54,941		(38,609)		(62,928)
Tax reform	—		(94,877)		67,358
Tax litigation	691,053		—		—
Goodwill impairment	55,076		74,624		—

Stock compensation	3,908		2,304		(1,977)
Non-taxable contingent consideration adjustments	—		—		(28,090)
Interest on tax receivable	11,972		(11,972)		—
Other	(3,812)		1,444		(3,905)
Income tax expense (benefit)	$	735,197	$	(75,297)	$	306,981

Schedule of Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities consisted of the following:


(In thousands)	March 2024		March 2023
Deferred income tax assets:
Inventories	$	88,299	$	74,395
Depreciation and capitalized research and development	12,785		—
Deferred compensation	19,904		24,557

Stock compensation	26,961		27,589
Operating lease liabilities	352,821		361,676
Other employee benefits	3,170		—
Other accrued expenses	117,689		109,050

Interest expense limitation carryforward	143,077		3,932
Capital loss carryforwards	153,789		166,587
Operating loss and credit carryforwards	557,272		331,167
Gross deferred income tax assets	1,475,767		1,098,953
Valuation allowances	(436,047)		(424,932)
Net deferred income tax assets	1,039,720		674,021
Deferred income tax liabilities:
Depreciation and capitalized research and development	—		26,303
Intangible assets	120,682		277,473
Operating lease right-of-use assets	320,896		330,235
Other employee benefits	—		3,707
Outside basis difference in subsidiaries	216,215		46,690
Other deferred tax liabilities	2,224		2,042
Deferred income tax liabilities	660,017		686,450
Net deferred income tax assets (liabilities)	$	379,703	$	(12,429)
Amounts included in the Consolidated Balance Sheets:
Other assets (Note 11)	$	389,783	$	95,117
Other liabilities (Note 16)	(10,080)		(107,546)
	$	379,703	$	(12,429)

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 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
Additions for current year tax positions	15,982		—		15,982
Additions for prior year tax positions (b)	165,426		78,133		243,559
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 (c)	(210,874)		(74,659)		(285,533)


Currency translation	(11)		(4)		(15)
Balance, March 2024	$	280,314	$	83,885	$	364,199

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

(b)The year ended March 2024 includes an increase due to uncertainty in the application of court decisions upheld upon appeal.

(c)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 2024		March 2023
Amounts included in the Consolidated Balance Sheets (a):
Unrecognized income tax benefits, including interest and penalties	$	364,199	$	432,777
Less deferred tax benefits	61,368		135,175
Total unrecognized tax benefits	$	302,831	$	297,602

(a)Included in the accrued liabilities and other liabilities line items in the Consolidated Balance Sheets.