INCOME TAXES (Tables)

12 Months Ended

Mar. 29, 2025

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	778,287		663,580		1,076,428
Income (loss) from continuing operations before income taxes	$	145,161	$	(284,921)	$	737,790

Schedule of Provision for Income Taxes

The provision for income taxes consisted of:


	Year Ended March

(In thousands)	2025		2024		2023
Current:
Federal	$	11,355	$	235,262	$	(117,057)
Foreign	141,175		747,859		102,394
State	11,851		134,351		(15,722)
	164,381		1,117,472		(30,385)
Deferred:
Federal and state	(65,807)		(305,058)		(339)
Foreign	(22,737)		(78,858)		12,780
	(88,544)		(383,916)		12,441
Income tax expense (benefit)	$	75,837	$	733,556	$	(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	$	30,484	$	(59,834)	$	154,936
State income taxes, net of federal tax benefit	(5,075)		(27,734)		(13,372)
Foreign rate differences	51,422		64,134		(55,145)
Tax reform	—		—		(94,877)
Tax litigation	(7,901)		691,053		—
Goodwill impairment	1,154		55,076		—

Stock compensation	4,230		3,908		2,304

Interest on tax receivable	—		11,972		(11,972)
Other	1,523		(5,019)		182
Income tax expense (benefit)	$	75,837	$	733,556	$	(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	$	46,180	$	75,760
Depreciation and capitalized research and development	31,539		13,514
Deferred compensation	16,985		19,719

Stock compensation	25,403		25,061
Operating lease liabilities	332,825		337,614
Other employee benefits	—		1,039
Other accrued expenses	125,387		117,227

Interest expense limitation carryforward	186,258		143,077
Capital loss carryforwards	266,865		153,789
Operating loss and credit carryforwards	432,049		556,465
Gross deferred income tax assets	1,463,491		1,443,265
Valuation allowances	(531,028)		(436,047)
Net deferred income tax assets	932,463		1,007,218
Deferred income tax liabilities:

Intangible assets	27,456		13,700
Operating lease right-of-use assets	301,672		307,608
Other employee benefits	5,691		—
Outside basis difference in subsidiaries	35,432		216,192
Other deferred tax liabilities	1,217		2,428
Deferred income tax liabilities	371,468		539,928
Net deferred income tax assets (liabilities)	$	560,995	$	467,290
Amounts included in the Consolidated Balance Sheets:
Other assets (Note 11)	$	575,546	$	477,262
Other liabilities (Note 16)	(14,551)		(9,972)
	$	560,995	$	467,290

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 and Penalties		Unrecognized Income Tax Benefits Including Interest and Penalties
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 (a)	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 (b)	(210,874)		(74,659)		(285,533)


Currency translation	(11)		(4)		(15)
Balance, March 2024	280,314		83,885		364,199
Additions for current year tax positions	17,978		—		17,978
Additions for prior year tax positions	36,190		27,372		63,562
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	$	317,410	$	109,803	$	427,213

(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	$	427,213	$	364,199
Less deferred tax benefits	101,618		61,368
Total unrecognized tax benefits	$	325,595	$	302,831

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