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INCOME TAXES (Tables) | 12 Months Ended
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Apr. 02, 2022
Income Tax Disclosure [Abstract] |
Provision for Income Taxes, 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
(In thousands) |  | 2022 |  |  | 2021 |  | 2020
Domestic |  | $ | 518,386 |  |  |  | $ | (152,073) |  |  | $ | (91,063) |
Foreign |  | 1,004,864 |  |  |  | 608,545 |  |  | 818,271 |
Income before income taxes |  | $ | 1,523,250 |  |  |  | $ | 456,472 |  |  | $ | 727,208 |
Provision for Income Taxes | The provision for income taxes consisted of:
|  | Year Ended March
(In thousands) |  | 2022 |  |  | 2021 |  | 2020
Current: |  |  |  |  |  |  |
Federal |  | $ | 231,469 |  |  |  | $ | 6,373 |  |  | $ | 12,926 |
Foreign |  | 196,540 |  |  |  | 109,543 |  |  | 157,052 |
State |  | 36,461 |  |  |  | 25,462 |  |  | 2,583 |
|  | 464,470 |  |  |  | 141,378 |  |  | 172,561 |
Deferred: |  |  |  |  |  |  |
Federal and state |  | (177,381) |  |  |  | (24,133) |  |  | 38,511 |
Foreign |  | 19,892 |  |  |  | (15,679) |  |  | (113,010) |
|  | (157,489) |  |  |  | (39,812) |  |  | (74,499) |
Income taxes |  | $ | 306,981 |  |  |  | $ | 101,566 |  |  | $ | 98,062 |
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
(In thousands) |  | 2022 |  |  | 2021 |  | 2020
Tax at federal statutory rate |  | $ | 319,882 |  |  |  | $ | 95,859 |  |  | $ | 152,714 |
State income taxes, net of federal tax benefit |  | 16,641 |  |  |  | 13,771 |  |  | 14,363 |
Foreign rate differences |  | (62,928) |  |  |  | (5,605) |  |  | (22,038) |
Tax reform |  | 67,358 |  |  |  | — |  |  | (93,598) |
Goodwill impairment |  | — |  |  |  | 2,631 |  |  | 45,613 |
Stock compensation (federal) |  | (1,977) |  |  |  | (4,783) |  |  | (12,245) |
Non-taxable contingent consideration adjustments |  | (28,090) |  |  |  | — |  |  | — |
Other |  | (3,905) |  |  |  | (307) |  |  | 13,253 |
Income taxes |  | $ | 306,981 |  |  |  | $ | 101,566 |  |  | $ | 98,062 |
Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities consisted of the following:
(In thousands) |  | March 2022 |  |  | March 2021
Deferred income tax assets: |  |  |  |  |
Inventories |  | $ | 38,661 |  |  |  | $ | 33,023 |
Deferred compensation |  | 32,349 |  |  |  | 39,794 |
Other employee benefits |  | 16,870 |  |  |  | 32,770 |
Stock compensation |  | 27,610 |  |  |  | 25,258 |
Operating lease liabilities |  | 327,668 |  |  |  | 354,747 |
Other accrued expenses |  | 132,747 |  |  |  | 148,790 |
Outside basis difference on assets held-for-sale |  | — |  |  |  | 228,735 |
Interest expense limitation carryforward |  | 1,711 |  |  |  | 20,503 |
Capital loss carryforwards |  | 166,622 |  |  |  | 2,458 |
Operating loss carryforwards |  | 512,388 |  |  |  | 323,902 |
Gross deferred income tax assets |  | 1,256,626 |  |  |  | 1,209,980 |
Valuation allowances |  | (616,533) |  |  |  | (500,601) |
Net deferred income tax assets |  | 640,093 |  |  |  | 709,379 |
Deferred income tax liabilities: |  |  |  |  |
Depreciation |  | 10,768 |  |  |  | 52,564 |
Intangible assets |  | 361,182 |  |  |  | 414,321 |
Operating lease right-of-use assets |  | 295,227 |  |  |  | 318,747 |
Other deferred tax liabilities |  | 22,337 |  |  |  | 65,222 |
Deferred income tax liabilities |  | 689,514 |  |  |  | 850,854 |
Net deferred income tax assets (liabilities) |  | $ | (49,421) |  |  |  | $ | (141,475) |
Amounts included in the Consolidated Balance Sheets: |  |  |  |  |
Other assets (Note 11) |  | $ | 100,980 |  |  |  | $ | 201,237 |
Other liabilities (Note 15) |  | (150,401) |  |  |  | (342,712) |
|  | $ | (49,421) |  |  |  | $ | (141,475) |
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, 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 |  |
Additions for current year tax positions | 6,609 |  |  | — |  |  | 6,609 |  |
Additions for prior year tax positions | 20,950 |  |  | 8,064 |  |  | 29,014 |  |
Reductions for prior year tax positions | (2,073) |  |  | (1,399) |  |  | (3,472) |  |
Reductions due to statute expirations | (761) |  |  | (216) |  |  | (977) |  |
Payments in settlement | (3,464) |  |  | (650) |  |  | (4,114) |  |
Additions due to acquisitions | 17,066 |  |  | 1,673 |  |  | 18,739 |  |
Currency translation | (40) |  |  | 57 |  |  | 17 |  |
Balance, March 2021 | 223,010 |  |  | 38,141 |  |  | 261,151 |  |
Additions for current year tax positions | 28,098 |  |  | — |  |  | 28,098 |  |
Additions for prior year tax positions (a) | 112,850 |  |  | 32,642 |  |  | 145,492 |  |
Reductions for prior year tax positions | (895) |  |  | (532) |  |  | (1,427) |  |
Reductions due to statute expirations | (5,803) |  |  | (840) |  |  | (6,643) |  |
Payments in settlement | (21,278) |  |  | (730) |  |  | (22,008) |  |
Decrease due to divestiture | (506) |  |  | (340) |  |  | (846) |  |
Currency translation | 186 |  |  | (43) |  |  | 143 |  |
Balance, March 2022 | $ | 335,662 |  |  | $ | 68,298 |  |  | $ | 403,960 |  |
(a)The year ended March 2022 includes an increase resulting from updated estimates related to intellectual property transfers completed in a prior period.
Amounts Included in Consolidated Balance Sheets |
(In thousands) |  | March 2022 |  |  | March 2021
Amounts included in the Consolidated Balance Sheets: |  |  |  |  |
Unrecognized income tax benefits, including interest and penalties |  | $ | 403,960 |  |  |  | $ | 261,151 |
Less deferred tax benefits |  | 126,179 |  |  |  | 70,954 |
Total unrecognized tax benefits |  | $ | 277,781 |  |  |  | $ | 190,197 |

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