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Income Taxes (Tables)

12 Months Ended

Mar. 29, 2025

Income Tax Disclosure [Abstract]

Domestic and foreign pretax income (loss)

Domestic and foreign pretax income are as follows:

						Fiscal Years Ended
						March 29, 2025						March 30, 2024						April 1, 2023
						(millions)
Domestic						$	117.7					$	84.6					$	74.3
Foreign						833.0						692.8						617.6
Total income before income taxes						$	950.7					$	777.4					$	691.9

Benefits (provisions) for current and deferred income taxes

Provisions for current and deferred income taxes are as follows:

						Fiscal Years Ended
						March 29, 2025						March 30, 2024						April 1, 2023
						(millions)
Current:
Federal						$	(54.4)					$	(17.6)					$	(35.7)
State and local						(5.2)						(15.9)						1.4
Foreign						(198.2)						(138.7)						(131.0)
						(257.8)						(172.2)						(165.3)
Deferred:
Federal						37.0						2.8						14.3
State and local						(1.3)						2.6						(8.0)
Foreign						14.3						35.7						(10.2)
						50.0						41.1						(3.9)
Total income tax provision						$	(207.8)					$	(131.1)					$	(169.2)

Tax rate reconciliation

The differences between income taxes expected at the U.S. federal statutory income tax rate and income taxes provided are as follows:

						Fiscal Years Ended
						March 29, 2025						March 30, 2024						April 1, 2023
						(millions)
Provision for income taxes at the U.S. federal statutory rate						$	(199.6)					$	(163.2)					$	(145.3)
Change due to:
State and local income taxes, net of federal benefit						(5.6)						(8.4)						(6.3)
Foreign income taxed at different rates, net of U.S. foreign tax credits						11.9						30.5						(2.7)
Deferred tax adjustments						—						37.6						—
Non-creditable foreign taxes						7.2						(4.5)						(8.8)
Changes in valuation allowance on deferred tax assets						0.5						0.2						(0.2)
Unrecognized tax benefits and settlements of tax examinations						(22.0)						(21.1)						(1.2)
Compensation-related adjustments						(9.9)						(7.1)						(7.7)
Charitable contributions						4.9						1.7						2.8
Other						4.8						3.2						0.2
Total income tax provision						$	(207.8)					$	(131.1)					$	(169.2)
Effective tax rate(a)						21.9		%				16.9		%				24.5		%

(a)Effective tax rate is calculated by dividing the income tax provision by income before income taxes.

Deferred taxes

Significant components of the Company's deferred tax assets and liabilities are as follows:

						March 29, 2025						March 30, 2024
						(millions)
Lease liabilities						$	288.5					$	300.0
Goodwill and other intangible assets						95.9						123.4
Unrecognized tax benefits						91.7						38.6
Deferred compensation						65.1						54.8
Property and equipment						52.5						48.5
Receivable allowances and reserves						33.3						27.1
Capitalized software						31.3						24.6
Deferred income						30.8						46.5
Inventory basis difference						27.6						31.2
Net operating loss carryforwards						8.8						9.7
Accrued expenses						8.4						7.2
GILTI-related carryforwards						0.7						3.4
Lease ROU assets						(226.8)						(232.8)
Cumulative translation adjustment and hedges						(21.4)						(22.0)
Undistributed foreign income						(7.4)						(16.7)
Other						12.2						6.5
Valuation allowance						(161.7)						(168.7)
Net deferred tax assets(a)						$	329.5					$	281.3

(a)Net deferred tax balances as of March 29, 2025 and March 30, 2024 were comprised of non-current deferred tax assets of $335.4 million and $288.3 million, respectively, recorded within deferred tax assets, and non-current deferred tax liabilities of $5.9 million and $7.0 million, respectively, recorded within other non-current liabilities in the consolidated balance sheets.

Reconciliation of unrecognized tax benefits, excluding interest and penalties

Reconciliations of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, for Fiscal 2025, Fiscal 2024, and Fiscal 2023 are presented below:

						Fiscal Years Ended
						March 29, 2025						March 30, 2024						April 1, 2023
						(millions)
Unrecognized tax benefits beginning balance						$	98.4					$	77.1					$	75.4
Additions related to current period tax positions						32.5						21.7						13.3
Additions related to prior period tax positions						41.8						2.4						0.6
Reductions related to prior period tax positions						(0.6)						(0.9)						(4.3)
Reductions related to expiration of statutes of limitations						(2.6)						(1.0)						(2.9)
Reductions related to settlements with taxing authorities						—						(0.1)						(4.5)
Reductions related to foreign currency translation						(0.4)						(0.8)						(0.5)
Unrecognized tax benefits ending balance						$	169.1					$	98.4					$	77.1

Reconciliation of accrued interest and penalties related to unrecognized tax benefits

Reconciliations of the beginning and ending amounts of accrued interest and penalties related to unrecognized tax benefits for Fiscal 2025, Fiscal 2024, and Fiscal 2023 are presented below:

						Fiscal Years Ended
						March 29, 2025						March 30, 2024						April 1, 2023
						(millions)
Accrued interest and penalties beginning balance						$	20.3					$	16.7					$	16.5
Net additions charged to expense						4.1						3.9						2.6
Reductions related to prior period tax positions						(0.1)						(0.2)						(1.9)
Reductions related to settlements with taxing authorities						—						—						(0.4)
Reductions related to foreign currency translation						(0.1)						(0.1)						(0.1)
Accrued interest and penalties ending balance						$	24.2					$	20.3					$	16.7

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