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Income Taxes | 12 Months Ended
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Mar. 28, 2015
Income Taxes [Abstract] |
Income Taxes | 1 7. Income Taxes Income before income taxes consisted of (in thousands):
| 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
T he provision (benefit) for income taxes consists of (in thousands):
| 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
T he effective income tax rates differ from the rates computed by applying the statutory federal rate to pretax income as follows (in percentages):
| 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
S ignificant components of our deferred tax assets and liabilities as of March 28, 2015 and March 29, 201 4 are (in thousands):
| 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
These net deferred tax assets have been categorized on the Consolidated Balance Sheets as of March 28, 2015 and March 29, 201 4 as follows:
| 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
The current and long-term deferred tax assets are disclosed separately under their respective captions on the C onsolidated B alance S heets. The long-term deferred tax liabilities are included in “Other long-term liabilities” on the Consolidated Balance Sheets. The valuation allowance in creased by $1.0 million in fiscal year 2015 from fiscal year 2014. The increase during fiscal year 2015 was primarily due to the acquisition of stock of Wolfson Microelectronics, Inc., a U.S. corporation previously owned by Wolfson. Wolfson Microelectronics, Inc. had a Federal net operating loss that will not be fully realized due to the limitations of Internal Revenue Code Section 382. The Company maintained its valuation allowance 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. With regard to the remaining deferred tax assets, management believes that the Company’s results from future operations will generate sufficient taxable income such that it is more likely than not that these deferred tax assets will be realized. At March 28, 201 5, we had gross federal net operating loss carryforwards of $26.2 million. All of the $2 6.2 million relate s to acquired companies and are, therefore, subject to certain limitations under Section 382 of the Internal Revenue Code. We had gross state net operating losses in various states that total $88.3 million. The federal net operating loss carryforwards expire in fiscal years 2019 through 2034. The state net operating loss carryforwards expire in fiscal years 201 6 through 20 34. We also have gross non-U.S. net operating losses of $147.6 million, which do not expire. At March 28, 2015, we had $5.1 million of F ederal research and development credit carryforwards, none of which are reflected as deferred tax assets at the end of the fiscal year since, u nder the “with and without method”, they are deemed to have been utilized for U.S. GAAP purposes. Of the $14.6 million of state research and development credits reflected as deferred tax assets, $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. The cumulative undistributed earnings in our non-U.S. subsidiaries is currently negative. We have no unrecognized deferred tax liability on these earnings. We record unrecognized tax benefits for the estimated risk associated with tax positions taken on tax returns. T he unrecognized tax benefits balance was zero at March 28, 2015 and March 29, 2014. Due to the Wolfson acquisition and subsequent post-acquisition integration, it is reasonably possible that the total amount of unrecognized tax benefits could increase within the next 12 months. An estimate of the range of increase is impracticable as of March 28, 2015. We accrue interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes. As of March 28, 2015, the balance of accrued interest and penalties was zero. No interest or penalties were incurred during fiscal year 2015 or 201 4. 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 201 2 through 201 5 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 Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 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=26873400&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 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: 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 6: 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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