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INCOME TAXES (Tables) | 12 Months Ended
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Mar. 30, 2019
Income Tax Disclosure [Abstract] |
Provision for Income Taxes was Computed Based on Amounts of Income Before Income Taxes | The provision for income taxes was computed based on the following amounts of income from continuing operations before income taxes:
|  | Year Ended March |  |  | Three Months Ended March (Transition Period) |  | Year Ended December
(In thousands) |  | 2019 |  |  | 2018 |  | 2017 |  | 2016
Domestic |  | $ | 337,066 |  |  |  | $ | 4,163 |  |  | $ | 364,846 |  |  | $ | 301,760 |
Foreign |  | 1,190,338 |  |  |  | 289,970 |  |  | 1,051,649 |  |  | 982,956 |
Income before income taxes |  | $ | 1,527,404 |  |  |  | $ | 294,133 |  |  | $ | 1,416,495 |  |  | $ | 1,284,716 |
Provision for Income Taxes | The provision for income taxes consisted of:
|  | Year Ended March |  |  | Three Months Ended March (Transition Period) |  | Year Ended December
(In thousands) |  | 2019 |  |  | 2018 |  | 2017 |  | 2016
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 143,872 |  |  |  | $ | (4,864 | ) |  | $ | 618,611 |  |  | $ | 115,570 |
Foreign |  | 164,974 |  |  |  | 36,634 |  |  | 135,007 |  |  | 123,960 |
State |  | 22,455 |  |  |  | 896 |  |  | 21,506 |  |  | 37,957 |
|  | 331,301 |  |  |  | 32,666 |  |  | 775,124 |  |  | 277,487 |
Deferred: |  |  |  |  |  |  |  |  |
Federal and state |  | (53,715 | ) |  |  | (13,656 | ) |  | (76,039 | ) |  | (63,610 | )
Foreign |  | (9,186 | ) |  |  | 13,959 |  |  | (3,799 | ) |  | (8,015 | )
|  | (62,901 | ) |  |  | 303 |  |  | (79,838 | ) |  | (71,625 | )
Income taxes |  | $ | 268,400 |  |  |  | $ | 32,969 |  |  | $ | 695,286 |  |  | $ | 205,862 |
Differences Between Income Taxes Computed by Applying Statutory Federal Income Tax Rate and Income Tax Expense reported in Consolidated Financial Statements | The differences between income taxes computed by applying the statutory federal income tax rate and income tax expense reported in the consolidated financial statements are as follows:
|  | Year Ended March |  |  | Three Months Ended March (Transition Period) |  | Year Ended December
(In thousands) |  | 2019 |  |  | 2018 |  | 2017 |  | 2016
Tax at federal statutory rate |  | $ | 320,755 |  |  |  | $ | 61,768 |  |  | $ | 495,772 |  |  | $ | 449,650 |
State income taxes, net of federal tax benefit |  | 32,954 |  |  |  | (4,745 | ) |  | 23,684 |  |  | 24,426 |
Foreign rate differences |  | (84,702 | ) |  |  | (9,227 | ) |  | (217,131 | ) |  | (262,392 | )
Tax reform |  | 37,262 |  |  |  | (5,107 | ) |  | 465,501 |  |  | — |
Capital losses |  | — |  |  |  | — |  |  | (67,032 | ) |  | — |
Valuation allowances (federal) |  | — |  |  |  | 977 |  |  | 37,296 |  |  | — |
Stock compensation (federal) |  | (26,398 | ) |  |  | (10,060 | ) |  | (22,826 | ) |  | (25,135 | )
Other |  | (11,471 | ) |  |  | (637 | ) |  | (19,978 | ) |  | 19,313 |
Income taxes |  | $ | 268,400 |  |  |  | $ | 32,969 |  |  | $ | 695,286 |  |  | $ | 205,862 |
Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities consisted of the following:
(In thousands) |  | March 2019 |  |  | March 2018 |  | December 2017
Deferred income tax assets: |  |  |  |  |  |  |
Inventories |  | $ | 32,647 |  |  |  | $ | 24,797 |  |  | $ | 21,146 |
Deferred compensation |  | 51,913 |  |  |  | 53,843 |  |  | 55,326 |
Other employee benefits |  | 69,594 |  |  |  | 52,456 |  |  | 45,464 |
Stock compensation |  | 37,317 |  |  |  | 38,244 |  |  | 45,960 |
Other accrued expenses |  | 127,684 |  |  |  | 155,635 |  |  | 158,632 |
Capital loss carryforwards |  | 19,423 |  |  |  | 46,069 |  |  | 34,705 |
Operating loss carryforwards |  | 229,955 |  |  |  | 252,695 |  |  | 251,236 |
Gross deferred income tax assets |  | 568,533 |  |  |  | 623,739 |  |  | 612,469 |
Valuation allowances |  | (188,258 | ) |  |  | (226,269 | ) |  | (225,141 | )
Net deferred income tax assets |  | 380,275 |  |  |  | 397,470 |  |  | 387,328 |
Deferred income tax liabilities: |  |  |  |  |  |  |
Depreciation |  | 25,355 |  |  |  | 27,023 |  |  | 25,272 |
Intangible assets |  | 222,769 |  |  |  | 223,435 |  |  | 237,667 |
Other deferred tax liabilities |  | 91,464 |  |  |  | 82,406 |  |  | 78,824 |
Deferred income tax liabilities |  | 339,588 |  |  |  | 332,864 |  |  | 341,763 |
Net deferred income tax assets (liabilities) |  | $ | 40,687 |  |  |  | $ | 64,606 |  |  | $ | 45,565 |
Amounts included in the Consolidated Balance Sheets: |  |  |  |  |  |  |
Other assets (Note 10) |  | $ | 109,551 |  |  |  | $ | 105,493 |  |  | $ | 103,601 |
Other liabilities (Note 14) |  | (68,864 | ) |  |  | (40,887 | ) |  | (58,036 | )
|  | $ | 40,687 |  |  |  | $ | 64,606 |  |  | $ | 45,565 |
Reconciliation of Change in Accrual for Unrecognized Income Tax Benefits | A reconciliation of the change in the accrual for unrecognized income tax benefits is as follows:
(In thousands) | Unrecognized Income Tax Benefits |  | Accrued Interest and Penalties |  | Unrecognized Income Tax Benefits Including Interest and Penalties |
Balance, December 2015 | $ | 75,677 |  |  | $ | 9,369 |  |  | $ | 85,046 |  |
Additions for current year tax positions | 121,025 |  |  | — |  |  | 121,025 |  |
Additions for prior year tax positions | 6,164 |  |  | 2,880 |  |  | 9,044 |  |
Reductions for prior year tax positions | (4,798 | ) |  | (1,362 | ) |  | (6,160 | ) |
Reductions due to statute expirations | (14,985 | ) |  | (1,335 | ) |  | (16,320 | ) |
Payments in settlement | (6,108 | ) |  | (829 | ) |  | (6,937 | ) |
Currency translation | (9 | ) |  | (14 | ) |  | (23 | ) |
Balance, December 2016 | 176,966 |  |  | 8,709 |  |  | 185,675 |  |
Additions for current year tax positions | 28,049 |  |  | — |  |  | 28,049 |  |
Additions for prior year tax positions | 22,968 |  |  | 6,808 |  |  | 29,776 |  |
Reductions for prior year tax positions | (22,163 | ) |  | (279 | ) |  | (22,442 | ) |
Reductions due to statute expirations | (9,028 | ) |  | (915 | ) |  | (9,943 | ) |
Payments in settlement | (855 | ) |  | (248 | ) |  | (1,103 | ) |
Currency translation | 55 |  |  | 11 |  |  | 66 |  |
Balance, December 2017 | 195,992 |  |  | 14,086 |  |  | 210,078 |  |
Additions for current year tax positions | 2,012 |  |  | — |  |  | 2,012 |  |
Additions for prior year tax positions | 477 |  |  | 2,340 |  |  | 2,817 |  |
Reductions for prior year tax positions | (201 | ) |  | (3 | ) |  | (204 | ) |
Reductions due to statute expirations | (9,222 | ) |  | (985 | ) |  | (10,207 | ) |
Payments in settlement | — |  |  | — |  |  | — |  |
Currency translation | 17 |  |  | 2 |  |  | 19 |  |
Balance, March 2018 | 189,075 |  |  | 15,440 |  |  | 204,515 |  |
Additions for current year tax positions | 8,511 |  |  | — |  |  | 8,511 |  |
Additions for prior year tax positions | 16,211 |  |  | 12,521 |  |  | 28,732 |  |
Reductions for prior year tax positions | (18,753 | ) |  | (467 | ) |  | (19,220 | ) |
Reductions due to statute expirations | (30 | ) |  | (7 | ) |  | (37 | ) |
Payments in settlement | (6,754 | ) |  | (919 | ) |  | (7,673 | ) |
Currency translation | (35 | ) |  | (3 | ) |  | (38 | ) |
Balance, March 2019 | $ | 188,225 |  |  | $ | 26,565 |  |  | $ | 214,790 |  |
Amounts Included in Consolidated Balance Sheets |
(In thousands) |  | March 2019 |  |  | March 2018 |  | December 2017
Amounts included in the Consolidated Balance Sheets: |  |  |  |  |  |  |
Unrecognized income tax benefits, including interest and penalties |  | $ | 214,790 |  |  |  | $ | 204,515 |  |  | $ | 210,078 |
Less deferred tax benefits |  | 40,862 |  |  |  | 35,474 |  |  | 31,197 |
Total unrecognized tax benefits |  | $ | 173,928 |  |  |  | $ | 169,041 |  |  | $ | 178,881 |

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