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v3.23.1

Income Taxes (Tables) | 12 Months Ended
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Mar. 25, 2023
Income Tax Disclosure [Abstract] |
Summary of Income Before Income Taxes | Income (loss) before income taxes consisted of (in thousands):
|  | Fiscal Years Ended
|  | March 25, 2023 |  | March 26, 2022 |  | March 27, 2021
U.S. |  | $ | (141,670) |  |  | $ | (17,674) |  |  | $ | 19,189 |
Non-U.S. |  | 396,409 |  |  | 386,337 |  |  | 226,057 |
|  | $ | 254,739 |  |  | $ | 368,663 |  |  | $ | 245,246 |
Summary of Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes consists of (in thousands):
|  | Fiscal Years Ended
|  | March 25, 2023 |  | March 26, 2022 |  | March 27, 2021
Current: |  |  |  |  |  |
U.S. |  | $ | 60,603 |  |  | $ | 4,483 |  |  | $ | 981 |
Non-U.S. |  | 52,023 |  |  | 52,920 |  |  | 32,428 |
Total current tax provision |  | $ | 112,626 |  |  | $ | 57,403 |  |  | $ | 33,409 |
Deferred: |  |  |  |  |  |
U.S. |  | (28,529) |  |  | (6,256) |  |  | (192) |
Non-U.S. |  | (6,061) |  |  | (8,839) |  |  | (5,315) |
Total deferred tax provision |  | (34,590) |  |  | (15,095) |  |  | (5,507) |
Total tax provision |  | $ | 78,036 |  |  | $ | 42,308 |  |  | $ | 27,902 |
Summary of Provision (Benefit) for Income Taxes, Statutory Federal Rate Pretax Income Reconciliation | The effective income tax rates differ from the rates computed by applying the statutory federal rate to pretax income as follows (in percentages):
|  | Fiscal Years Ended
|  | March 25, 2023 |  | March 26, 2022 |  | March 27, 2021
U.S. federal statutory rate |  | 21.0 |  |  | 21.0 |  |  | 21.0 |
Foreign income taxed at different rates |  | (14.4) |  |  | (9.6) |  |  | (8.4) |
Stock-based compensation |  | (0.3) |  |  | (0.9) |  |  | (0.8) |
Foreign-derived intangible income deduction |  | — |  |  | (0.1) |  |  | (0.3) |
GILTI and Subpart F income |  | 30.6 |  |  | 10.0 |  |  | 7.8 |
Foreign tax credits |  | (7.7) |  |  | (9.4) |  |  | (7.4) |
Change in valuation allowance |  | 0.2 |  |  | (0.2) |  |  | — |
Release of prior year unrecognized tax benefits |  | — |  |  | — |  |  | (1.4) |
Interest related to unrecognized tax benefits |  | 0.7 |  |  | 0.2 |  |  | 0.3 |
Other |  | 0.5 |  |  | 0.5 |  |  | 0.6 |
Effective tax rate |  | 30.6 |  |  | 11.5 |  |  | 11.4 |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities as of March 25, 2023 and March 26, 2022 are (in thousands):
|  | March 25, 2023 |  | March 26, 2022
Deferred tax assets: |  |  |  |
Accrued expenses and allowances |  | $ | 7,913 |  |  | $ | 6,517 |
Net operating loss carryforwards |  | 1,132 |  |  | 1,713 |
Research and development tax credit carryforwards |  | 13,283 |  |  | 15,230 |
Stock-based compensation |  | 24,842 |  |  | 18,952 |
Lease liabilities |  | 21,602 |  |  | 26,653 |
Capitalized research and development |  | 9,183 |  |  | 6,372 |
Other |  | 1,119 |  |  | 651 |
Total deferred tax assets |  | $ | 79,074 |  |  | $ | 76,088 |
Valuation allowance for deferred tax assets |  | (13,076) |  |  | (13,088) |
Net deferred tax assets |  | $ | 65,998 |  |  | $ | 63,000 |
Deferred tax liabilities: |  |  |  |
Depreciation and amortization |  | $ | 3,395 |  |  | $ | 3,574 |
Right of use asset |  | 19,226 |  |  | 25,744 |
Acquisition intangibles |  | 7,782 |  |  | 32,315 |
Other |  | 37 |  |  | — |
Total deferred tax liabilities |  | $ | 30,440 |  |  | $ | 61,633 |
Total net deferred tax assets |  | $ | 35,558 |  |  | $ | 1,367 |
Reconciliation of Unrecognized Tax Benefits | The following table summarizes the changes in the unrecognized tax benefits (in thousands):
|  | March 25, 2023 |  | March 26, 2022
Beginning balance |  | $ | 32,879 |  |  | $ | 32,879 |
Additions based on tax positions related to the current year |  | — |  |  | — |
Reductions based on tax positions related to the prior years |  | — |  |  | — |
Ending balance |  | $ | 32,879 |  |  | $ | 32,879 |

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