v2.4.0.6

Income Taxes | 12 Months Ended
--- | ---
Mar. 31, 2012
Income Taxes [Abstract] |
Income Taxes | 14. Income Taxes Income before income taxes consisted of (in thousands):
| Year Ended
| March 31, 2012 | March 26, 2011 | March 27, 2010
United States............................................................................................................. . | $ 79,425 | $ 83,569 | $ 24,289
Non-U.S...................................................................................................................... | 558 | 645 | 2,394
| $ 79,983 | $ 84,214 | $ 26,683
The provision (benefit) for income taxes consists of (in thousands):
| Year Ended
Current: | March 31, 2012 | March 26, 2011 | March 27, 2010
Federal........................................................................................................................ | $ 1,322 | $ 163 | $ (75)
State............................................................................................................................ | 518 | 312 | 8
Non-U.S...................................................................................................................... | 261 | 204 | 264
Total current tax provision........................................................................... | $ 2,101 | $ 679 | $ 197
Deferred: |  |  |
U.S............................................................................................................................... | $ (10,102) | $ (120,057) | $ (11,787)
Non-U.S...................................................................................................................... | 1 | 89 | (125)
Total deferred tax benefit............................................................................. | (10,101) | (119,968) | (11,912)
Total tax benefit............................................................................................. | $ (8,000) | $ (119,289) | $ (11,715)
The provision (benefit) for income taxes differs from the amount computed by applying the statutory federal rate to pretax income as follows (in percentages):
| Year Ended
| March 31, 2012 | March 26, 2011 | March 27, 2010
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........ . | (46.7) | (178.6) | (80.5) |
Foreign taxes at different rates................................................................................ | — | 0.1 | (2.7) |
Foreign earnings taxed in the U.S............................................................................ | — | — | 0.2 |
Refundable R&D credit............................................................................................ | — | — | (0.3) |
Stock compensation.................................................................................................. | 1.0 | (0.1) | 4.2 |
Nondeductible expenses.......................................................................................... | 0.1 | 1.1 | 0.4 |
Other............................................................................................................................ | 0.6 | 0.9 | (0.2) |
Benefit for income taxes........................................................................................ . | (10.0) | (141.6) | (43.9) |
Significant components of our deferred tax assets and liabilities are (in thousands):
| Year Ended
| March 31, 2012 | March 26, 2011
Deferred tax assets: |  |
Inventory valuation............................................................................................................. | $ 3,240 | $ 4,494
Accrued expenses and allowances.................................................................................... | 3,656 | 3,017
Net operating loss carryforwards....................................................................................... | 105,220 | 131,331
Research and development tax credit carryforwards.................................................... | 36,032 | 37,464
State tax credit carryforwards............................................................................................ | 244 | 250
# Capitalized research and development............................................................................ | 9,779 | 14,773
# Depreciation and Amortization......................................................................................... | — | 159
Other........................................................................................................................................ | 18,747 | 14,807
Total deferred tax assets.............................................................................................. | $ 176,918 | $ 206,295
Valuation allowance for deferred tax assets................................................................... | (29,075) | (68,380)
Net deferred tax assets.................................................................................................. | $ 147,843 | $ 137,915
Deferred tax liabilities: |  |
Depreciation and amortization............................................................................................ | $ 287 | $ —
Acquisition intangibles......................................................................................................... | 5,348 | 5,861
Total deferred tax liabilities.......................................................................................... | $ 5,635 | $ 5,861
Total net deferred tax assets.......................................................................................... | $ 142,208 | $ 132,054
These net deferred tax assets have been categorized on the Consolidated Balance Sheets as follows:
| March 31, 2012 | March 26, 2011
# Current deferred tax assets............................................................................................... | $ 53,137 | $ 30,797
# Long-term deferred tax assets.......................................................................................... | 89,071 | 102,136
# Long-term deferred tax liabilities..................................................................................... | — | (879)
# Total net deferred tax assets............................................................................................. | $ 142,208 | $132,054
The current and long-term deferred tax assets are disclosed separately under their respective captions on the consolidated balance sheets, while the long term deferred tax liabilities are aggregated under the caption “Other long- term liabilities” on the consolidated balance sheets. The valuation allowance decreased by $39.3 million in fiscal year 2012 and $157.8 million in fiscal year 2011. In 2012 and 2011, the Company evaluated the ability to realize its deferred tax assets by using a three year forecast to determine the amount of net operating losses and other deferred tax assets that would be utilized if we achieved the results set forth in our three-year forecast. The forecasted income was more than sufficient to absorb the remaining Federal net operating losses, research credits and most other Federal deductions; therefore, the valuation allowance that had remained on these deferred tax assets was released except for research credits that expire within the next year. A valuation allowance was maintained on the Company’s capital loss carryforward because it will likely expire without being utilized. A valuation allowance was also maintained on various state net operating losses and credits due to the likelihood that they will expire or go unutilized because the Company no longer has a significant apportionment in the jurisdiction in which the attribute was created. At March 31, 2012, we had federal net operating loss carryforwards of $353.8 million. Of that amount, $36.6 million related to companies we acquired during fiscal year 2002 and are, therefore, subject to certain limitations under Section 382 of the Internal Revenue Code. Because the Company has elected the “with and without” method for purposes of tracking its excess stock deductions, the amount of Federal net operating loss included in deferred tax assets is $276 million, which yields a tax effected deferred tax asset of $96.6 million. The Company had $77.8 million of excess stock deductions which are not included in deferred tax assets. The tax benefit from these deductions will increase additional paid-in capital when they are deemed realized under the “with and without” method. We had net operating losses in various states that total $104.8 million. The federal net operating loss carryforwards expire in fiscal years 2019 through 2029. The state net operating loss carryforwards expire in fiscal years 2013 through 2029. We also have non-U.S. net operating losses of $2.1 million, which do not expire. There are federal research and development credit carryforwards of $21.4 million that expire in fiscal years 2013 through 2032. There are $14.6 million of state research and development credits. Of that amount, $2.9 million will expire in fiscal years 2022 through 2027. The remaining $11.7 million of state research and development credits are not subject to expiration. We have approximately $185 thousand of cumulative undistributed earnings in certain non-U.S. subsidiaries. We have not recognized a deferred tax liability on these undistributed earnings because the Company currently intends to reinvest these earnings in operations outside the U.S. The unrecognized deferred tax liability on these earnings is approximately $66 thousand. We record unrecognized tax benefits for the estimated risk associated with tax positions taken on tax returns. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands):
Balance at March 26, 2011................................................................................................................................... | $ 0
Additions based on tax positions related to the current year.......................................................................... | —
Reductions for tax positions of prior years......................................................................................................... | —
Settlements............................................................................................................................................................... | —
Reductions related to expirations of statutes of limitation.............................................................................. | —
Balance at March 31, 2012................................................................................................................................... | $ 0
The Company does not believe that its unrecognized tax benefits will significantly increase or decrease during the next 12 months. We accrue interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes. We did not record any interest or penalties during fiscal year 2012. The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax in multiple state and foreign jurisdictions. Fiscal years 2009 through 2012 remain open to examination by the major taxing jurisdictions to which we are subject.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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