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v3.25.1

Income Taxes (Tables) | 12 Months Ended
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Mar. 29, 2025
Income Tax Disclosure [Abstract] |
Summary of Income Before Income Taxes | Income (loss) before income taxes consisted of (in thousands):
|  | Fiscal Years Ended
|  | March 29, 2025 |  | March 30, 2024 |  | March 25, 2023
U.S. |  | $ | 538 |  |  | $ | (10,343) |  |  | $ | (141,670) |
Non-U.S. |  | 444,376 |  |  | 374,279 |  |  | 396,409 |
|  | $ | 444,914 |  |  | $ | 363,936 |  |  | $ | 254,739 |
Summary of Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes consists of (in thousands):
|  | Fiscal Years Ended
|  | March 29, 2025 |  | March 30, 2024 |  | March 25, 2023
Current: |  |  |  |  |  |
U.S. |  | $ | 39,932 |  |  | $ | 42,184 |  |  | $ | 60,603 |
Non-U.S. |  | 73,573 |  |  | 60,615 |  |  | 52,023 |
Total current tax provision |  | $ | 113,505 |  |  | $ | 102,799 |  |  | $ | 112,626 |
Deferred: |  |  |  |  |  |
U.S. |  | 1,575 |  |  | (5,178) |  |  | (28,529) |
Non-U.S. |  | (1,673) |  |  | (8,257) |  |  | (6,061) |
Total deferred tax provision |  | (98) |  |  | (13,435) |  |  | (34,590) |
Total tax provision |  | $ | 113,407 |  |  | $ | 89,364 |  |  | $ | 78,036 |
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 29, 2025 |  | March 30, 2024 |  | March 25, 2023
U.S. federal statutory rate |  | 21.0 |  |  | 21.0 |  |  | 21.0 |
Foreign income taxed at different rates |  | (3.5) |  |  | (7.1) |  |  | (14.4) |
Stock-based compensation |  | (1.7) |  |  | (0.1) |  |  | (0.3) |
Foreign-derived intangible income deduction |  | — |  |  | (0.2) |  |  | — |
GILTI and Subpart F income |  | 14.1 |  |  | 14.6 |  |  | 30.6 |
Foreign tax credits |  | (5.6) |  |  | (4.1) |  |  | (7.7) |
Change in valuation allowance |  | — |  |  | — |  |  | 0.2 |
Release of prior year unrecognized tax benefits |  | — |  |  | (0.2) |  |  | — |
Interest related to unrecognized tax benefits |  | 0.6 |  |  | 0.7 |  |  | 0.7 |
U.S. research and development credit |  | — |  |  | (0.7) |  |  | — |
Other |  | 0.6 |  |  | 0.7 |  |  | 0.5 |
Effective tax rate |  | 25.5 |  |  | 24.6 |  |  | 30.6 |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities as of March 29, 2025 and March 30, 2024 are (in thousands):
|  | March 29, 2025 |  | March 30, 2024
Deferred tax assets: |  |  |  |
Accrued expenses and allowances |  | $ | 3,939 |  |  | $ | 3,559 |
Net operating loss carryforwards |  | 889 |  |  | 932 |
Research and development tax credit carryforwards |  | 12,024 |  |  | 12,547 |
Stock-based compensation |  | 23,099 |  |  | 28,437 |
Lease liabilities |  | 23,562 |  |  | 25,564 |
Capitalized research and development |  | 10,461 |  |  | 11,307 |
Depreciation and amortization |  | 6,823 |  |  | 994 |
Other |  | 714 |  |  | 938 |
Total deferred tax assets |  | $ | 81,511 |  |  | $ | 84,278 |
Valuation allowance for deferred tax assets |  | (12,475) |  |  | (12,508) |
Net deferred tax assets |  | $ | 69,036 |  |  | $ | 71,770 |
Deferred tax liabilities: |  |  |  |
Right of use asset |  | 20,302 |  |  | 22,279 |
Acquisition intangibles |  | 134 |  |  | 845 |
Other |  | 450 |  |  | — |
Total deferred tax liabilities |  | $ | 20,886 |  |  | $ | 23,124 |
Total net deferred tax assets |  | $ | 48,150 |  |  | $ | 48,646 |
Reconciliation of Unrecognized Tax Benefits | The following table summarizes the changes in the unrecognized tax benefits (in thousands):
|  | March 29, 2025 |  | March 30, 2024
Beginning balance |  | $ | 32,077 |  |  | $ | 32,879 |
Additions based on tax positions related to the current year |  | — |  |  | — |
Reduction for the lapse of applicable statute of limitations |  | — |  |  | (802) |
Ending balance |  | $ | 32,077 |  |  | $ | 32,077 |

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