Income Taxes (Tables)

12 Months Ended

Mar. 27, 2021

Income Tax Disclosure [Abstract]

Summary of Income Before Income Taxes

Income before income taxes consisted of (in thousands): 

	Fiscal Years Ended
	March 27, 2021		March 28, 2020		March 30, 2019
U.S.	$	19,189	$	44,154	$	41,980
Non-U.S.	226,057		137,112		51,764
	$	245,246	$	181,266	$	93,744

Summary of Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes consists of (in thousands): 

	Fiscal Years Ended
	March 27, 2021		March 28, 2020		March 30, 2019
Current:
U.S.	$	981	$	5,241	$	(7,109)
Non-U.S.	32,428		21,634		12,428
Total current tax provision	$	33,409	$	26,875	$	5,319
Deferred:
U.S.	(192)		(561)		5,441
Non-U.S.	(5,315)		(4,546)		(7,007)
Total deferred tax provision	(5,507)		(5,107)		(1,566)
Total tax provision	$	27,902	$	21,768	$	3,753

Summary of Provision (Benefit) for Income Taxes, Statutory Federal Rate Pretax Income Reconciliation

The effective income tax rates differ from the rates computed by applying the statutory federal rate to pretax income as follows (in percentages): 

	Fiscal Years Ended
	March 27, 2021	March 28, 2020	March 30, 2019
U.S. federal statutory rate	21.0	21.0	21.0
Foreign income taxed at different rates	(8.4)	(5.5)	(2.9)
Transition tax on deferred foreign income	—	—	(11.8)
Remeasurement of U.S. deferred tax balance	—	—	(0.1)
Research and development tax credits	—	—	(6.7)
Stock-based compensation	(0.8)	(2.7)	(1.0)
Foreign-derived intangible income deduction	(0.3)	(0.8)	(2.8)
Current U.S. tax on foreign earnings	0.4	1.1	2.2
Change in valuation allowance	—	(0.1)	4.4
Release of prior year unrecognized tax benefits	(1.4)	(2.3)	—
Interest related to unrecognized tax benefits	0.3	0.5	1.6
Other	0.6	0.8	0.1
Effective tax rate	11.4	12.0	4.0

Significant Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities as of March 27, 2021 and March 28, 2020 are (in thousands): 

	March 27, 2021		March 28, 2020
Deferred tax assets:
Accrued expenses and allowances	$	4,354	$	2,750
Net operating loss carryforwards	1,781		2,093
Research and development tax credit carryforwards	12,753		13,066
Stock-based compensation	10,995		8,380
Lease liabilities	17,672		18,095
Other	—		1,260
Total deferred tax assets	$	47,555	$	45,644
Valuation allowance for deferred tax assets	(12,782)		(12,596)
Net deferred tax assets	$	34,773	$	33,048
Deferred tax liabilities:
Depreciation and amortization	$	4,059	$	5,425
Right of use asset	16,987		17,391
Acquisition intangibles	3,100		4,645
Other	650		—
Total deferred tax liabilities	$	24,796	$	27,461
Total net deferred tax assets	$	9,977	$	5,587

Reconciliation of Unrecognized Tax Benefits

The following table summarizes the changes in the unrecognized tax benefits (in thousands): 

	March 27, 2021		March 28, 2020
Beginning balance	$	36,208	$	39,746
Additions based on tax positions related to the current year	—		615
Reductions based on tax positions related to the prior years	(3,329)		(4,153)
Ending balance	$	32,879	$	36,208