XML 25 R32.htm IDEA: XBRL DOCUMENT v3.20.1
INCOME TAXES (Tables)
 12 Months Ended
Mar. 28, 2020
Income Tax Disclosure [Abstract]  
Schedule Domestic and Foreign Income Before Provision for Income Tax

Domestic and foreign income before provision for income tax is as follows:
(In thousands)
2020
 
2019
 
2018
Domestic
$
5,344

 
$
26,665

 
$
3,534

Foreign
81,808

 
46,968

 
56,098

Total
$
87,152

 
$
73,633

 
$
59,632
Schedule of Income Tax Provision Components
The income tax provision from continuing operations contains the following components:
(In thousands)
2020
 
2019
 
2018
Current
 

 
 

 
 

Federal
$
3,834

 
$
(4,165
)
 
$
9,927

State
1,054

 
844

 
1,024

Foreign
12,467

 
8,584

 
8,937

Total current
$
17,355

 
$
5,263

 
$
19,888

Deferred
 

 
 

 
 

Federal
(8,257
)
 
12,220

 
(5,350
)
State
280

 
463

 
344

Foreign
1,248

 
668

 
(822
)
Total deferred
$
(6,729
)
 
$
13,351

 
$
(5,828
)
Total
$
10,626

 
$
18,614

 
$
14,060
Schedule of Net Deferred Tax Asset
Tax affected, significant temporary differences comprising the net deferred tax liability are as follows:
(In thousands)
March 28,
2020
 
March 30,
2019
Deferred tax assets:
 
 
 
Depreciation
$
1,922

 
$
2,277

Amortization of intangibles
1,156

 
1,091

Inventory
2,904

 
3,541

Accruals, reserves and other deferred tax assets
17,345

 
15,802

Net operating loss carry-forward
4,953

 
4,931

Stock based compensation
3,634

 
3,728

Operating lease liabilities
14,115

 
—

Tax credit carry-forward, net
5,159

 
4,176

Capitalized research expenses
3,820

 
—

Gross deferred tax assets
55,008

 
35,546

Less valuation allowance
(14,587
)
 
(11,322
)
Total deferred tax assets (after valuation allowance)
40,421

 
24,224

Deferred tax liabilities:
 
 
 
Depreciation
(15,840
)
 
(23,102
)
Amortization of goodwill and intangibles
(15,450
)
 
(13,959
)
Unremitted earnings
(654
)
 
(801
)
Operating lease assets
(12,743
)
 
—

Other deferred tax liabilities
(2,366
)
 
(1,909
)
Total deferred tax liabilities
(47,053
)
 
(39,771
)
Net deferred tax liabilities
$
(6,632
)
 
$
(15,547
)
Schedule of Effective Income Tax Rate Reconciliation
(In thousands)
2020
 
2019
 
2018
Tax at federal statutory rate
$
18,302

 
21.0
 %
 
$
15,463

 
21.0
 %
 
$
18,807

 
31.5
 %
Difference between U.S. and foreign tax
(6,688
)
 
(7.7
)%
 
(1,423
)
 
(1.9
)%
 
(9,264
)
 
(15.5
)%
State income taxes net of federal benefit
(342
)
 
(0.4
)%
 
902

 
1.2
 %
 
29

 
—
 %
Change in uncertain tax positions
785

 
0.9
 %
 
267

 
0.4
 %
 
1,095

 
1.8
 %
Global intangible low taxed income
5,431

 
6.2
 %
 
5,954

 
8.1
 %
 
—

 
—
 %
Unremitted earnings
40

 
—
 %
 
527

 
0.7
 %
 
(791
)
 
(1.3
)%
Deferred statutory rate changes
1,091

 
1.3
 %
 
1,183

 
1.6
 %
 
(3,193
)
 
(5.4
)%
Non-deductible executive compensation
2,423

 
2.8
 %
 
1,588

 
2.2
 %
 
221

 
0.4
 %
Non-deductible other
1,050

 
1.2
 %
 
462

 
0.6
 %
 
22

 
—
 %
Stock compensation benefits
(12,133
)
 
(13.9
)%
 
(5,382
)
 
(7.3
)%
 
(2,544
)
 
(4.3
)%
Research credits
(2,085
)
 
(2.4
)%
 
(768
)
 
(1.0
)%
 
(763
)
 
(1.3
)%
One-time transition tax from tax reform
—

 
—
 %
 
26

 
—
 %
 
25,798

 
43.3
 %
Valuation allowance
2,939

 
3.4
 %
 
(184
)
 
(0.3
)%
 
(15,541
)
 
(25.9
)%
Other, net
(187
)
 
(0.2
)%
 
(1
)
 
—
 %
 
184

 
0.3
 %
Income tax provision (benefit)
$
10,626

 
12.2
 %
 
$
18,614

 
25.3
 %
 
$
14,060

 
23.6
 %
Summary of Gross Unrecognized Tax Benefits
The following table summarizes the activity related to its gross unrecognized tax benefits for the fiscal years ended March 28, 2020, March 30, 2019 and March 31, 2018:
(In thousands)
March 28,
2020
 
March 30,
2019
 
March 31,
2018
Beginning Balance
$
4,657

 
$
4,450

 
$
3,370

Additions for tax positions of current year
180

 
282

 
289

Additions for tax positions of prior years
880

 
—

 
1,203

Reductions of tax positions
(539
)
 
(52
)
 
(252
)
Settlements of tax positions
(558
)
 
—

 
—

Closure of statute of limitations
—

 
(23
)
 
(160
)
Ending Balance
$
4,620

 
$
4,657

 
$
4,450