Income Taxes (Tables)

12 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of income tax expense (benefit)

The components of our income (loss) from continuing operations before income taxes are as follows:

	Year Ended
(In millions)	March 31, 2023		April 1, 2022		April 2, 2021
Domestic	$	350	$	791	$	607
International	454		251		265
Income (loss) before income taxes	$	804	$	1,042	$	872

The components of income tax expense (benefit) from continuing operations are as follows:

	Year Ended
(In millions)	March 31, 2023		April 1, 2022		April 2, 2021
Current:
Federal	$	(479)	$	217	$	133
State	(28)		50		36
International	99		20		(13)
Total	(408)		287		156
Deferred:
Federal	(111)		(42)		(6)
State	(10)		(6)		(5)
International	(16)		(33)		31
Total	(137)		(81)		20
Income tax expense (benefit)	$	(545)	$	206	$	176

Schedule of Difference Between Effective Income Tax and Federal Statutory Income Tax

The U.S. federal statutory income tax rates we have applied for fiscal 2023, 2022 and 2021 are as follows:

	Year Ended
	March 31, 2023		April 1, 2022		April 2, 2021
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%

The difference between our effective income tax and the federal statutory income tax is as follows:

	Year Ended
(In millions)	March 31, 2023		April 1, 2022		April 2, 2021
Federal statutory tax expense (benefit)	$	169	$	219	$	183
State taxes, net of federal benefit	1		33		25
Foreign earnings taxed at other than the federal rate	44		(47)		(10)
Federal research and development credit	(5)		(4)		(1)
Valuation allowance increase (decrease)	(33)		2		1
Change in uncertain tax positions	176		11		3
Stock-based compensation	9		7		5
Favorable ruling on foreign withholding tax	19		—		(35)
US tax on foreign earnings	(1)		12		(15)
Return to provision adjustment	1		(8)		1
Irish FX remeasurement	(17)		(19)		17
Capital loss	(910)		—		—
Other, net	2		—		2
Income tax expense (benefit)	$	(545)	$	206	$	176

Schedule of Principal Components of Deferred Tax Assets

The principal components of deferred tax assets and liabilities are as follows:

(In millions)	March 31, 2023		April 1, 2022
Deferred tax assets:
Tax credit carryforwards	$	24	$	7
Net operating loss carryforwards of acquired companies	60		16
Interest	37		—
Other accruals and reserves not currently tax deductible	95		84
Operating lease liabilities	11		28
Deferred revenue	16		—
Property and equipment	16		13
Intangible assets	—		123
Capitalized research and experimental expenditures	46		—
Loss on investments not currently tax deductible	68		—
Stock-based compensation	15		8
Other	39		54
Gross deferred tax assets	427		333
Valuation allowance	(97)		(11)
Deferred tax assets, net of valuation allowance	330		322
Deferred tax liabilities:
Operating lease assets	(8)		(21)
Goodwill	(10)		(6)
Intangible assets	(328)		—
Deferred revenue	—		(2)
Unremitted earnings of foreign subsidiaries	(15)		(16)
Prepaids and deferred expenses	(2)		(1)
Deferred tax liabilities	(363)		(46)
Net deferred tax assets (liabilities)	$	(33)	$	276

Schedule of Changes in Unrecognized Tax Benefits

The aggregate changes in the balance of gross unrecognized tax benefits were as follows:

	Year Ended
(In millions)	March 31, 2023		April 1, 2022		April 2, 2021
Balance at beginning of year	$	527	$	548	$	724
Settlements with tax authorities	(2)		—		(37)
Lapse of statute of limitations	(96)		(34)		(34)
Increase related to prior period tax positions	9		16		13
Decrease related to prior period tax positions	(15)		(11)		(129)
Increase related to current year tax positions	259		8		11
Increase due to acquisition	28		—		—
Balance at end of year	$	710	$	527	$	548