Income Taxes (Tables)

12 Months Ended

Mar. 30, 2024

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

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


	Fiscal Years Ended
	March 30, 2024		March 25, 2023		March 26, 2022
Current:
U.S.	$	42,184	$	60,603	$	4,483
Non-U.S.	60,615		52,023		52,920
Total current tax provision	$	102,799	$	112,626	$	57,403
Deferred:
U.S.	(5,178)		(28,529)		(6,256)
Non-U.S.	(8,257)		(6,061)		(8,839)
Total deferred tax provision	(13,435)		(34,590)		(15,095)
Total tax provision	$	89,364	$	78,036	$	42,308

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 30, 2024	March 25, 2023	March 26, 2022
U.S. federal statutory rate	21.0	21.0	21.0
Foreign income taxed at different rates	(7.1)	(14.4)	(9.6)
Stock-based compensation	(0.1)	(0.3)	(0.9)
Foreign-derived intangible income deduction	(0.2)	—	(0.1)
GILTI and Subpart F income	14.6	30.6	10.0
Foreign tax credits	(4.1)	(7.7)	(9.4)
Change in valuation allowance	—	0.2	(0.2)
Release of prior year unrecognized tax benefits	(0.2)	—	—
Interest related to unrecognized tax benefits	0.7	0.7	0.2
U.S. research and development credit	(0.7)	—	—
Other	0.7	0.5	0.5
Effective tax rate	24.6	30.6	11.5

Significant components of our deferred tax assets and liabilities as of March 30, 2024 and March 25, 2023 are (in thousands):


	March 30, 2024		March 25, 2023
Deferred tax assets:
Accrued expenses and allowances	$	3,559	$	7,913
Net operating loss carryforwards	932		1,132
Research and development tax credit carryforwards	12,547		13,283
Stock-based compensation	28,437		24,842
Lease liabilities	25,564		21,602
Capitalized research and development	11,307		9,183
Depreciation and amortization	994		—
Other	938		1,119
Total deferred tax assets	$	84,278	$	79,074
Valuation allowance for deferred tax assets	(12,508)		(13,076)
Net deferred tax assets	$	71,770	$	65,998
Deferred tax liabilities:
Depreciation and amortization	$	—	$	3,395
Right of use asset	22,279		19,226
Acquisition intangibles	845		7,782
Other	—		37
Total deferred tax liabilities	$	23,124	$	30,440
Total net deferred tax assets	$	48,646	$	35,558

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


	March 30, 2024		March 25, 2023
Beginning balance	$	32,879	$	32,879
Additions based on tax positions related to the current year	—		—

Reduction for the lapse of applicable statute of limitations	(802)		—
Ending balance	$	32,077	$	32,879