Income Taxes

6 Months Ended

Sep. 27, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The provision for income taxes was $36 million and $20 million for the three and six months ended September 27, 2025, compared to a benefit of $27 million and $21 million for the three and six months ended September 28, 2024. The Company’s effective tax rate for the three and six months ended September 27, 2025 compared to the effective tax rate for the three and six months ended September 28, 2024 is not a meaningful metric due to the effect of the Company recording $40 million and $14 million of incremental net valuation allowances for the three and six months ended September 27, 2025, respectively.

On January 10, 2025, the United States Treasury and the IRS issued final regulations that address several long-standing issues related to dual consolidated losses and introduce new rules for disregarded payment losses. The changes related to disregarded payment losses could impact how the Company utilizes certain deductions and losses to offset its U.S. income as part of its global financing activities, beginning in Fiscal 2027. Based upon the Company’s analysis, this is not projected to have a material impact on the Company’s consolidated financial statements.

On July 4, 2025, the U.S. government enacted the OBBBA which includes, among other provisions, changes to the U.S. corporate income tax system including the allowance of immediate expensing of qualifying research and development expenses and permanent extensions of certain provisions within the Jobs Act. Based upon the Company’s analysis, the OBBBA did not have a material impact on the Company’s consolidated financial statements.