Income Taxes (Tables)

12 Months Ended

Mar. 29, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of income tax expense (benefit)

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

	Year Ended
(In millions)	March 29, 2024		March 31, 2023		April 1, 2022
Domestic	$	78	$	350	$	791
International	381		454		251
Income (loss) before income taxes	$	459	$	804	$	1,042

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

	Year Ended
(In millions)	March 29, 2024		March 31, 2023		April 1, 2022
Current:
Federal	$	201	$	(479)	$	217
State	43		(28)		50
International	579		99		20
Total	823		(408)		287
Deferred:
Federal	(727)		(111)		(42)
State	(133)		(10)		(6)
International	(120)		(16)		(33)
Total	(980)		(137)		(81)
Income tax expense (benefit)	$	(157)	$	(545)	$	206

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 2024, 2023 and 2022 are as follows:

	Year Ended
	March 29, 2024		March 31, 2023		April 1, 2022
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 29, 2024		March 31, 2023		April 1, 2022
Federal statutory tax expense (benefit)	$	96	$	169	$	219
State taxes, net of federal benefit	—		1		33
Foreign earnings taxed at other than the federal rate	(22)		(11)		(47)
Nondeductible expenses	48		20		—
Federal research and development credit	(6)		(5)		(4)
Valuation allowance increase (decrease)	(4)		(33)		2
Change in unrecognized tax benefits	338		163		(2)
Tax interest and penalties	129		13		13
Stock-based compensation	17		9		7
US tax on foreign earnings	20		12		12
Return to provision adjustment	—		1		(8)
Foreign exchange loss (gain)	(28)		(17)		(19)
Capital loss	(44)		(910)		—
Legal entity restructuring	(719)		42		—
Other, net	18		1		—
Income tax expense (benefit)	$	(157)	$	(545)	$	206

Schedule of Principal Components of Deferred Tax Assets

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

(In millions)	March 29, 2024		March 31, 2023
Deferred tax assets:
Tax credit carryforwards	$	27	$	24
Net operating loss carryforwards of acquired companies	60		60
Interest	63		37
Other accruals and reserves not currently tax deductible	332		95
Goodwill	517		—
Capitalized research and experimental expenditures	82		46
Loss on investments not currently tax deductible	60		68
Other	56		97
Gross deferred tax assets	1,197		427
Valuation allowance	(93)		(97)
Deferred tax assets, net of valuation allowance	1,104		330
Deferred tax liabilities:
Intangible assets	(127)		(328)
Unremitted earnings of foreign subsidiaries	(14)		(15)
Other	(9)		(20)
Deferred tax liabilities	(150)		(363)
Net deferred tax assets (liabilities)	$	954	$	(33)

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 29, 2024		March 31, 2023		April 1, 2022
Balance at beginning of year	$	710	$	527	$	548
Settlements with tax authorities	(8)		(2)		—
Lapse of statute of limitations	(14)		(96)		(34)
Increase related to prior period tax positions	47		9		16
Decrease related to prior period tax positions	(9)		(15)		(11)
Increase related to current year tax positions	467		259		8
Increase due to acquisition	—		28		—
Increase (decrease) related to foreign currency exchange rates	(30)		—		—
Balance at end of year	$	1,163	$	710	$	527