Income Taxes (Tables)

12 Months Ended

Mar. 25, 2023

Income Tax Disclosure [Abstract]

Summary of Income Before Income Taxes

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

	Fiscal Years Ended
	March 25, 2023		March 26, 2022		March 27, 2021
U.S.	$	(141,670)	$	(17,674)	$	19,189
Non-U.S.	396,409		386,337		226,057
	$	254,739	$	368,663	$	245,246

Summary of Provision (Benefit) for Income Taxes

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

	Fiscal Years Ended
	March 25, 2023		March 26, 2022		March 27, 2021
Current:
U.S.	$	60,603	$	4,483	$	981
Non-U.S.	52,023		52,920		32,428
Total current tax provision	$	112,626	$	57,403	$	33,409
Deferred:
U.S.	(28,529)		(6,256)		(192)
Non-U.S.	(6,061)		(8,839)		(5,315)
Total deferred tax provision	(34,590)		(15,095)		(5,507)
Total tax provision	$	78,036	$	42,308	$	27,902

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 25, 2023	March 26, 2022	March 27, 2021
U.S. federal statutory rate	21.0	21.0	21.0
Foreign income taxed at different rates	(14.4)	(9.6)	(8.4)
Stock-based compensation	(0.3)	(0.9)	(0.8)
Foreign-derived intangible income deduction	—	(0.1)	(0.3)
GILTI and Subpart F income	30.6	10.0	7.8
Foreign tax credits	(7.7)	(9.4)	(7.4)
Change in valuation allowance	0.2	(0.2)	—
Release of prior year unrecognized tax benefits	—	—	(1.4)
Interest related to unrecognized tax benefits	0.7	0.2	0.3
Other	0.5	0.5	0.6
Effective tax rate	30.6	11.5	11.4

Significant Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities as of March 25, 2023 and March 26, 2022 are (in thousands): 

	March 25, 2023		March 26, 2022
Deferred tax assets:
Accrued expenses and allowances	$	7,913	$	6,517
Net operating loss carryforwards	1,132		1,713
Research and development tax credit carryforwards	13,283		15,230
Stock-based compensation	24,842		18,952
Lease liabilities	21,602		26,653
Capitalized research and development	9,183		6,372
Other	1,119		651
Total deferred tax assets	$	79,074	$	76,088
Valuation allowance for deferred tax assets	(13,076)		(13,088)
Net deferred tax assets	$	65,998	$	63,000
Deferred tax liabilities:
Depreciation and amortization	$	3,395	$	3,574
Right of use asset	19,226		25,744
Acquisition intangibles	7,782		32,315
Other	37		—
Total deferred tax liabilities	$	30,440	$	61,633
Total net deferred tax assets	$	35,558	$	1,367

Reconciliation of Unrecognized Tax Benefits

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

	March 25, 2023		March 26, 2022
Beginning balance	$	32,879	$	32,879
Additions based on tax positions related to the current year	—		—
Reductions based on tax positions related to the prior years	—		—
Ending balance	$	32,879	$	32,879