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v3.20.1

INCOME TAXES (Tables) | 12 Months Ended
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Mar. 28, 2020
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) |  | 2020 |  |  | 2019 |  | 2018 |  | 2017
Domestic |  | $ | (91,063 | ) |  |  | $ | 73,769 |  |  | $ | (67,963 | ) |  | $ | 15,523 |
Foreign |  | 818,271 |  |  |  | 964,544 |  |  | 199,279 |  |  | 772,356 |
Income before income taxes |  | $ | 727,208 |  |  |  | $ | 1,038,313 |  |  | $ | 131,316 |  |  | $ | 787,879 |
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) |  | 2020 |  |  | 2019 |  | 2018 |  | 2017
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 12,926 |  |  |  | $ | 89,309 |  |  | $ | (24,251 | ) |  | $ | 502,612 |
Foreign |  | 157,052 |  |  |  | 115,332 |  |  | 25,724 |  |  | 94,370 |
State |  | 2,583 |  |  |  | 11,229 |  |  | (3,067 | ) |  | 3,471 |
|  | 172,561 |  |  |  | 215,870 |  |  | (1,594 | ) |  | 600,453 |
Deferred: |  |  |  |  |  |  |  |  |
Federal and state |  | 38,511 |  |  |  | (48,000 | ) |  | (7,117 | ) |  | (77,820 | )
Foreign |  | (113,010 | ) |  |  | 17 |  |  | 11,052 |  |  | (2,824 | )
|  | (74,499 | ) |  |  | (47,983 | ) |  | 3,935 |  |  | (80,644 | )
Income taxes |  | $ | 98,062 |  |  |  | $ | 167,887 |  |  | $ | 2,341 |  |  | $ | 519,809 |
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) |  | 2020 |  |  | 2019 |  | 2018 |  | 2017
Tax at federal statutory rate |  | $ | 152,714 |  |  |  | $ | 218,046 |  |  | $ | 27,576 |  |  | $ | 275,757 |
State income taxes, net of federal tax benefit |  | 14,363 |  |  |  | 12,594 |  |  | (7,031 | ) |  | 10,660 |
Foreign rate differences |  | (22,038 | ) |  |  | (74,528 | ) |  | (5,252 | ) |  | (159,599 | )
Tax reform |  | (93,598 | ) |  |  | 37,262 |  |  | (5,107 | ) |  | 465,501 |
Goodwill impairment |  | 45,613 |  |  |  | — |  |  | — |  |  | — |
Capital losses |  | — |  |  |  | — |  |  | — |  |  | (67,032 | )
Valuation allowances (federal) |  | — |  |  |  | — |  |  | 977 |  |  | 37,296 |
Stock compensation (federal) |  | (12,245 | ) |  |  | (21,614 | ) |  | (8,843 | ) |  | (19,883 | )
Other |  | 13,253 |  |  |  | (3,873 | ) |  | 21 |  |  | (22,891 | )
Income taxes |  | $ | 98,062 |  |  |  | $ | 167,887 |  |  | $ | 2,341 |  |  | $ | 519,809 |
Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities consisted of the following:
(In thousands) |  | March 2020 |  |  | March 2019
Deferred income tax assets: |  |  |  |  |
Inventories |  | $ | 19,153 |  |  |  | $ | 16,292 |
Deferred compensation |  | 32,715 |  |  |  | 39,317 |
Other employee benefits |  | 31,814 |  |  |  | 58,908 |
Stock compensation |  | 28,894 |  |  |  | 30,441 |
Lease liability |  | 270,669 |  |  |  | — |
Other accrued expenses |  | 87,384 |  |  |  | 102,240 |
Capital loss carryforwards |  | 15,704 |  |  |  | 19,066 |
Operating loss carryforwards |  | 221,584 |  |  |  | 219,774 |
Gross deferred income tax assets |  | 707,917 |  |  |  | 486,038 |
Valuation allowances |  | (172,912 | ) |  |  | (177,987 | )
Net deferred income tax assets |  | 535,005 |  |  |  | 308,051 |
Deferred income tax liabilities: |  |  |  |  |
Depreciation |  | 49,748 |  |  |  | 21,819 |
Intangible assets |  | 99,861 |  |  |  | 218,089 |
Right-of-use asset |  | 257,843 |  |  |  | — |
Other deferred tax liabilities |  | 105,588 |  |  |  | 80,741 |
Deferred income tax liabilities |  | 513,040 |  |  |  | 320,649 |
Net deferred income tax assets (liabilities) |  | $ | 21,965 |  |  |  | $ | (12,598 | )
Amounts included in the Consolidated Balance Sheets: |  |  |  |  |
Other assets (Note 11) |  | $ | 183,336 |  |  |  | $ | 95,399 |
Other liabilities (Note 15) |  | (161,371 | ) |  |  | (107,997 | )
|  | $ | 21,965 |  |  |  | $ | (12,598 | )
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 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 |  |
Additions for current year tax positions | 20,328 |  |  | — |  |  | 20,328 |  |
Additions for prior year tax positions | 3,136 |  |  | 10,029 |  |  | 13,165 |  |
Reductions for prior year tax positions | (3,521 | ) |  | (254 | ) |  | (3,775 | ) |
Reductions due to statute expirations | (11,135 | ) |  | (1,817 | ) |  | (12,952 | ) |
Payments in settlement | (664 | ) |  | (146 | ) |  | (810 | ) |
Decrease due to divestiture | (11,619 | ) |  | (3,723 | ) |  | (15,342 | ) |
Currency translation | (27 | ) |  | (42 | ) |  | (69 | ) |
Balance, March 2020 | $ | 184,723 |  |  | $ | 30,612 |  |  | $ | 215,335 |  |
Amounts Included in Consolidated Balance Sheets |
(In thousands) |  | March 2020 |  |  | March 2019
Amounts included in the Consolidated Balance Sheets: |  |  |  |  |
Unrecognized income tax benefits, including interest and penalties |  | $ | 215,335 |  |  |  | $ | 214,790 |
Less deferred tax benefits |  | 50,197 |  |  |  | 40,862 |
Total unrecognized tax benefits |  | $ | 165,138 |  |  |  | $ | 173,928 |

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