Income Taxes (Tables)

12 Months Ended

Mar. 29, 2025

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

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


	Fiscal Years Ended
	March 29, 2025		March 30, 2024		March 25, 2023
Current:
U.S.	$	39,932	$	42,184	$	60,603
Non-U.S.	73,573		60,615		52,023
Total current tax provision	$	113,505	$	102,799	$	112,626
Deferred:
U.S.	1,575		(5,178)		(28,529)
Non-U.S.	(1,673)		(8,257)		(6,061)
Total deferred tax provision	(98)		(13,435)		(34,590)
Total tax provision	$	113,407	$	89,364	$	78,036

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 29, 2025	March 30, 2024	March 25, 2023
U.S. federal statutory rate	21.0	21.0	21.0
Foreign income taxed at different rates	(3.5)	(7.1)	(14.4)
Stock-based compensation	(1.7)	(0.1)	(0.3)
Foreign-derived intangible income deduction	—	(0.2)	—
GILTI and Subpart F income	14.1	14.6	30.6
Foreign tax credits	(5.6)	(4.1)	(7.7)
Change in valuation allowance	—	—	0.2
Release of prior year unrecognized tax benefits	—	(0.2)	—
Interest related to unrecognized tax benefits	0.6	0.7	0.7
U.S. research and development credit	—	(0.7)	—
Other	0.6	0.7	0.5
Effective tax rate	25.5	24.6	30.6

Significant components of our deferred tax assets and liabilities as of March 29, 2025 and March 30, 2024 are (in thousands):


	March 29, 2025		March 30, 2024
Deferred tax assets:
Accrued expenses and allowances	$	3,939	$	3,559
Net operating loss carryforwards	889		932
Research and development tax credit carryforwards	12,024		12,547
Stock-based compensation	23,099		28,437
Lease liabilities	23,562		25,564
Capitalized research and development	10,461		11,307
Depreciation and amortization	6,823		994
Other	714		938
Total deferred tax assets	$	81,511	$	84,278
Valuation allowance for deferred tax assets	(12,475)		(12,508)
Net deferred tax assets	$	69,036	$	71,770
Deferred tax liabilities:
Right of use asset	20,302		22,279
Acquisition intangibles	134		845
Other	450		—
Total deferred tax liabilities	$	20,886	$	23,124
Total net deferred tax assets	$	48,150	$	48,646

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


	March 29, 2025		March 30, 2024
Beginning balance	$	32,077	$	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	$	32,077