Taxes (Tables)

12 Months Ended

Mar. 29, 2014

Income Before Provision for Income Taxes

Income before provision for income taxes consisted of the following (in thousands):

	Fiscal Years Ended
	March 29, 2014		March 30, 2013		March 31, 2012
United States	$	792,899	$	538,607	$	227,514
Non-U.S.		214,748		88,520		21,302
Total income before provision for income taxes	$	1,007,647	$	627,127	$	248,816

Provision for Income Taxes

The provision for income taxes was as follows (in thousands):

	Fiscal Years Ended
	March 29, 2014			March 30, 2013			March 31, 2012
Current
U.S. Federal	$	295,159		$	179,014		$	79,690
U.S. State		50,348			32,249			20,916
Non-U.S.		30,560			15,040			8,575
Total current		376,067			226,303			109,181
Deferred
U.S. Federal		(24,847	)		1,246			(4,128	)
U.S. State		(3,594	)		2,088			(3,595	)
Non-U.S.		(1,464	)		(112	)		(6	)
Total deferred		(29,905	)		3,222			(7,729	)
Total provision for income taxes	$	346,162		$	229,525		$	101,452

Significant Differences Between United States Federal Statutory Tax Rate and Company's Effective Tax Rate

The following table summarizes the significant differences between the United States Federal statutory tax rate and the Company’s effective tax rate for financial statement purposes:

	Fiscal Years Ended
	March 29, 2014			March 30, 2013			March 31, 2012
Federal tax at 35% statutory rate		35.0	%		35.0	%		35.0	%
State and local income taxes, net of federal benefit		2.3	%		3.6	%		4.8	%
Differences in tax effects on foreign income		-3.9	%		-3.1	%		-1.3	%
Foreign tax credit		-0.2	%		-0.2	%		-0.6	%
Liability for uncertain tax positions		0.8	%		0.5	%		0.2	%
Effect of changes in valuation allowances on deferred tax assets		-0.2	%		0.3	%		1.8	%
Other		0.6	%		0.5	%		0.9	%
		34.4	%		36.6	%		40.8	%

Significant Components of Deferred Tax Assets (Liabilities)

Significant components of the Company’s deferred tax assets (liabilities) consist of the following (in thousands):

	March 29, 2014			March 30, 2013
Deferred tax assets
Inventories	$	11,380		$	8,469
Payroll related accruals		4,722			1,188
Deferred rent		24,281			16,209
Deferred Revenue		2,389			—
Net operating loss carryforwards		7,743			8,508
Stock compensation		14,117			8,909
Sales allowances		7,654			—
Other		9,589			2,331
		81,875			45,614
Valuation allowance		(8,020	)		(8,746	)
Total deferred tax assets		73,855			36,868
Deferred tax liabilities
Goodwill and intangibles		(24,324	)		(14,780	)
Depreciation		(20,691	)		(20,927	)
Other		(526	)		(1,455	)
Total deferred tax liabilities		(45,541	)		(37,162	)
Net deferred tax (liability) assets	$	28,314		$	(294	)

Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits Excluding Accrued Interest

A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding accrued interest, for Fiscal 2014, Fiscal 2013, and Fiscal 2012, are presented below (in thousands):

	March 29, 2014			March 30, 2013			March 31, 2012
Unrecognized tax benefits beginning balance	$	6,628		$	1,758		$	939
Additions related to prior period tax positions		2,515			3,318			246
Additions related to current period tax positions		9,312			2,482			573
Decreases from prior period positions		(368	)		(930	)		—
Unrecognized tax benefits ending balance	$	18,087		$	6,628		$	1,758