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Income Taxes (Tables)
12 Months Ended
Mar. 28, 2015
Income Taxes [Abstract]  
Summary of Income Before Income Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

March 28,

 

March 29,

 

March 30,

 

2015

 

2014

 

2013

United States

$

133,295 

 

$

155,431 

 

$

200,124 

Non-U.S.

 

(41,746)

 

 

306 

 

 

1,066 

 

$

91,549 

 

$

155,737 

 

$

201,190 

 

Summary of Provision for Income Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

March 28,

 

March 29,

 

March 30,

 

2015

 

2014

 

2013

Current:

 

 

 

 

 

 

 

 

Federal

$

42,102 

 

$

10,550 

 

$

3,537 

State

 

63 

 

 

258 

 

 

323 

Non-U.S.

 

445 

 

 

335 

 

 

243 

Total current tax provision

$

42,610 

 

$

11,143 

 

$

4,103 

 

 

 

 

 

 

 

 

 

Deferred:

 

 

 

 

 

 

 

 

U.S.

 

2,136 

 

 

36,543 

 

 

60,506 

Non-U.S.

 

(8,375)

 

 

(60)

 

 

(17)

Total deferred tax provision (benefit)

 

(6,239)

 

 

36,483 

 

 

60,489 

Total tax provision

$

36,371 

 

$

47,626 

 

$

64,592 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

March 28,

 

March 29,

 

March 30,

 

2015

 

2014

 

2013

Expected income tax provision at the U.S. federal statutory rate

 

35.0 

 

 

35.0 

 

 

35.0 

Valuation allowance changes affecting the provision of income taxes

 

(0.3)

 

 

(0.1)

 

 

(1.3)

Foreign taxes at different rates

 

7.3 

 

 

0.1 

 

 

(0.1)

R&D credit

 

(3.6)

 

 

(0.9)

 

 

(2.1)

Stock compensation

 

(0.8)

 

 

(0.1)

 

 

0.1 

Recognition of prior year benefit

 

 -

 

 

(4.1)

 

 

 -

Nondeductible expenses

 

2.3 

 

 

0.5 

 

 

0.3 

Other

 

(0.2)

 

 

0.2 

 

 

0.2 

Provision for income taxes

 

39.7 

 

 

30.6 

 

 

32.1 

 

Significant Components of Deferred Tax Assets and Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

March 28,

 

March 29,

 

2015

 

2014

Deferred tax assets:

 

 

 

 

 

Inventory valuation

$

6,377 

 

$

7,692 

Accrued expenses and allowances

 

4,705 

 

 

3,905 

Net operating loss carryforwards

 

57,878 

 

 

29,062 

Research and development tax credit carryforwards

 

14,567 

 

 

15,164 

State tax credit carryforwards

 

225 

 

 

231 

Capitalized research and development

 

1,793 

 

 

3,485 

Other

 

30,695 

 

 

28,627 

Total deferred tax assets

$

116,240 

 

$

88,166 

Valuation allowance for deferred tax assets

 

(33,190)

 

 

(32,159)

Net deferred tax assets

$

83,050 

 

$

56,007 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

Depreciation and amortization

$

6,827 

 

$

5,709 

Acquisition intangibles

 

35,242 

 

 

3,209 

Total deferred tax liabilities

$

42,069 

 

$

8,918 

Total net deferred tax assets

$

40,981 

 

$

47,089 

 

Summary of Deferred Tax Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

March 28,

 

March 29,

 

2015

 

2014

Current deferred tax assets

$

18,559 

 

$

22,024 

Long-term deferred tax assets

 

25,593 

 

 

25,065 

Long-term deferred tax liabilities

 

(3,171)

 

 

 -

Total net deferred tax assets

$

40,981 

 

$

47,089