Income Taxes (Tables)

12 Months Ended

Mar. 26, 2022

Income Tax Disclosure [Abstract]

Summary of Income Before Income Taxes

Income (loss) before income taxes consisted of (in thousands):

	Fiscal Years Ended
	March 26, 2022		March 27, 2021		March 28, 2020
U.S.	$	(17,674)	$	19,189	$	44,154
Non-U.S.	386,337		226,057		137,112
	$	368,663	$	245,246	$	181,266

Summary of Provision (Benefit) for Income Taxes

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

	Fiscal Years Ended
	March 26, 2022		March 27, 2021		March 28, 2020
Current:
U.S.	$	4,483	$	981	$	5,241
Non-U.S.	52,920		32,428		21,634
Total current tax provision	$	57,403	$	33,409	$	26,875
Deferred:
U.S.	(6,256)		(192)		(561)
Non-U.S.	(8,839)		(5,315)		(4,546)
Total deferred tax provision	(15,095)		(5,507)		(5,107)
Total tax provision	$	42,308	$	27,902	$	21,768

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 26, 2022	March 27, 2021	March 28, 2020
U.S. federal statutory rate	21.0	21.0	21.0
Foreign income taxed at different rates	(9.6)	(8.4)	(5.5)
Stock-based compensation	(0.9)	(0.8)	(2.7)
Foreign-derived intangible income deduction	(0.1)	(0.3)	(0.8)
Current U.S. tax on foreign earnings	0.6	0.4	1.1
Change in valuation allowance	(0.2)	—	(0.1)
Release of prior year unrecognized tax benefits	—	(1.4)	(2.3)
Interest related to unrecognized tax benefits	0.2	0.3	0.5
Other	0.5	0.6	0.8
Effective tax rate	11.5	11.4	12.0

Significant Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities as of March 26, 2022 and March 27, 2021 are (in thousands): 

	March 26, 2022		March 27, 2021
Deferred tax assets:
Accrued expenses and allowances	$	6,517	$	4,354
Net operating loss carryforwards	1,713		1,781
Research and development tax credit carryforwards	15,230		12,753
Stock-based compensation	18,952		10,995
Lease liabilities	26,653		17,672
Capitalized research and development	6,372		—
Other	651		—
Total deferred tax assets	$	76,088	$	47,555
Valuation allowance for deferred tax assets	(13,088)		(12,782)
Net deferred tax assets	$	63,000	$	34,773
Deferred tax liabilities:
Depreciation and amortization	$	3,574	$	4,059
Right of use asset	25,744		16,987
Acquisition intangibles	32,315		3,100
Other	—		650
Total deferred tax liabilities	$	61,633	$	24,796
Total net deferred tax assets	$	1,367	$	9,977

Reconciliation of Unrecognized Tax Benefits

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

	March 26, 2022		March 27, 2021
Beginning balance	$	32,879	$	36,208
Additions based on tax positions related to the current year	—		—
Reductions based on tax positions related to the prior years	—		(3,329)
Ending balance	$	32,879	$	32,879