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INCOME TAXES (Tables) | 12 Months Ended
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Mar. 30, 2024
Income Tax Disclosure [Abstract] |
Schedule of 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) |  | 2024 |  |  | 2023 |  | 2022
Domestic |  | $ | (970,325) |  |  |  | $ | (885,562) |  |  | $ | 518,386 |
Foreign |  | 736,640 |  |  |  | 928,849 |  |  | 1,004,864 |
Income (loss) before income taxes |  | $ | (233,685) |  |  |  | $ | 43,287 |  |  | $ | 1,523,250 |
Schedule of Provision for Income Taxes | The provision for income taxes consisted of:
|  | Year Ended March
(In thousands) |  | 2024 |  |  | 2023 |  | 2022
Current: |  |  |  |  |  |  |
Federal |  | $ | 236,135 |  |  |  | $ | (114,772) |  |  | $ | 231,469 |
Foreign |  | 759,679 |  |  |  | 106,192 |  |  | 196,540 |
State |  | 134,483 |  |  |  | (13,163) |  |  | 36,461 |
|  | 1,130,297 |  |  |  | (21,743) |  |  | 464,470 |
Deferred: |  |  |  |  |  |  |
Federal and state |  | (316,470) |  |  |  | (46,677) |  |  | (177,381) |
Foreign |  | (78,630) |  |  |  | (6,877) |  |  | 19,892 |
|  | (395,100) |  |  |  | (53,554) |  |  | (157,489) |
Income tax expense (benefit) |  | $ | 735,197 |  |  |  | $ | (75,297) |  |  | $ | 306,981 |
Schedule of 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 (benefit) reported in the consolidated financial statements are as follows:
|  | Year Ended March
(In thousands) |  | 2024 |  |  | 2023 |  | 2022
Tax at federal statutory rate |  | $ | (49,074) |  |  |  | $ | 9,090 |  |  | $ | 319,882 |
State income taxes, net of federal tax benefit |  | (28,867) |  |  |  | (17,301) |  |  | 16,641 |
Foreign rate differences |  | 54,941 |  |  |  | (38,609) |  |  | (62,928) |
Tax reform |  | — |  |  |  | (94,877) |  |  | 67,358 |
Tax litigation |  | 691,053 |  |  |  | — |  |  | — |
Goodwill impairment |  | 55,076 |  |  |  | 74,624 |  |  | — |
Stock compensation |  | 3,908 |  |  |  | 2,304 |  |  | (1,977) |
Non-taxable contingent consideration adjustments |  | — |  |  |  | — |  |  | (28,090) |
Interest on tax receivable |  | 11,972 |  |  |  | (11,972) |  |  | — |
Other |  | (3,812) |  |  |  | 1,444 |  |  | (3,905) |
Income tax expense (benefit) |  | $ | 735,197 |  |  |  | $ | (75,297) |  |  | $ | 306,981 |
Schedule of Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities consisted of the following:
(In thousands) |  | March 2024 |  |  | March 2023 |  |  |  |  |  |  |  |  |
Deferred income tax assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Inventories |  | $ | 88,299 |  |  |  | $ | 74,395 |  |  |  |  |  |  |  |  |  |
Depreciation and capitalized research and development |  | 12,785 |  |  |  | — |  |  |  |  |  |  |  |  |  |
Deferred compensation |  | 19,904 |  |  |  | 24,557 |  |  |  |  |  |  |  |  |  |
Stock compensation |  | 26,961 |  |  |  | 27,589 |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | 352,821 |  |  |  | 361,676 |  |  |  |  |  |  |  |  |  |
Other employee benefits |  | 3,170 |  |  |  | — |  |  |  |  |  |  |  |  |  |
Other accrued expenses |  | 117,689 |  |  |  | 109,050 |  |  |  |  |  |  |  |  |  |
Interest expense limitation carryforward |  | 143,077 |  |  |  | 3,932 |  |  |  |  |  |  |  |  |  |
Capital loss carryforwards |  | 153,789 |  |  |  | 166,587 |  |  |  |  |  |  |  |  |  |
Operating loss and credit carryforwards |  | 557,272 |  |  |  | 331,167 |  |  |  |  |  |  |  |  |  |
Gross deferred income tax assets |  | 1,475,767 |  |  |  | 1,098,953 |  |  |  |  |  |  |  |  |  |
Valuation allowances |  | (436,047) |  |  |  | (424,932) |  |  |  |  |  |  |  |  |  |
Net deferred income tax assets |  | 1,039,720 |  |  |  | 674,021 |  |  |  |  |  |  |  |  |  |
Deferred income tax liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and capitalized research and development |  | — |  |  |  | 26,303 |  |  |  |  |  |  |  |  |  |
Intangible assets |  | 120,682 |  |  |  | 277,473 |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | 320,896 |  |  |  | 330,235 |  |  |  |  |  |  |  |  |  |
Other employee benefits |  | — |  |  |  | 3,707 |  |  |  |  |  |  |  |  |  |
Outside basis difference in subsidiaries |  | 216,215 |  |  |  | 46,690 |  |  |  |  |  |  |  |  |  |
Other deferred tax liabilities |  | 2,224 |  |  |  | 2,042 |  |  |  |  |  |  |  |  |  |
Deferred income tax liabilities |  | 660,017 |  |  |  | 686,450 |  |  |  |  |  |  |  |  |  |
Net deferred income tax assets (liabilities) |  | $ | 379,703 |  |  |  | $ | (12,429) |  |  |  |  |  |  |  |  |  |
Amounts included in the Consolidated Balance Sheets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets (Note 11) |  | $ | 389,783 |  |  |  | $ | 95,117 |  |  |  |  |  |  |  |  |  |
Other liabilities (Note 16) |  | (10,080) |  |  |  | (107,546) |  |  |  |  |  |  |  |  |  |
|  | $ | 379,703 |  |  |  | $ | (12,429) |  |  |  |  |  |  |  |  |  |
Schedule of 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 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 |  |
Additions for current year tax positions | 22,319 |  |  | — |  |  | 22,319 |  |
Additions for prior year tax positions | 13,324 |  |  | 20,577 |  |  | 33,901 |  |
Reductions for prior year tax positions | (3,747) |  |  | (951) |  |  | (4,698) |  |
Reductions due to statute expirations | (15,369) |  |  | (1,699) |  |  | (17,068) |  |
Payments in settlement | (3,847) |  |  | (1,608) |  |  | (5,455) |  |
Currency translation | (172) |  |  | (10) |  |  | (182) |  |
Balance, March 2023 | 348,170 |  |  | 84,607 |  |  | 432,777 |  |
Additions for current year tax positions | 15,982 |  |  | — |  |  | 15,982 |  |
Additions for prior year tax positions (b) | 165,426 |  |  | 78,133 |  |  | 243,559 |  |
Reductions for prior year tax positions | (36,943) |  |  | (3,809) |  |  | (40,752) |  |
Reductions due to statute expirations | (1,436) |  |  | (383) |  |  | (1,819) |  |
Payments in settlement (c) | (210,874) |  |  | (74,659) |  |  | (285,533) |  |
Currency translation | (11) |  |  | (4) |  |  | (15) |  |
Balance, March 2024 | $ | 280,314 |  |  | $ | 83,885 |  |  | $ | 364,199 |  |
(a)The year ended March 2022 included an increase resulting from updated estimates related to intellectual property transfers completed in a prior period. (b)The year ended March 2024 includes an increase due to uncertainty in the application of court decisions upheld upon appeal. (c)The year ended March 2024 includes a settlement with the tax authorities related to intellectual property transfers completed in a prior period.
Schedule of Amounts Included in Consolidated Balance Sheets |
(In thousands) |  | March 2024 |  |  | March 2023
Amounts included in the Consolidated Balance Sheets (a): |  |  |  |  |
Unrecognized income tax benefits, including interest and penalties |  | $ | 364,199 |  |  |  | $ | 432,777 |
Less deferred tax benefits |  | 61,368 |  |  |  | 135,175 |
Total unrecognized tax benefits |  | $ | 302,831 |  |  |  | $ | 297,602 |
(a)Included in the accrued liabilities and other liabilities line items in the Consolidated Balance Sheets.

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