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v3.25.1

INCOME TAXES (Tables) | 12 Months Ended
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Mar. 29, 2025
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 (loss) from continuing operations before income taxes:
|  | Year Ended March
(In thousands) |  | 2025 |  |  | 2024 |  | 2023
Domestic |  | $ | (633,126) |  |  |  | $ | (948,501) |  |  | $ | (338,638) |
Foreign |  | 778,287 |  |  |  | 663,580 |  |  | 1,076,428 |
Income (loss) from continuing operations before income taxes |  | $ | 145,161 |  |  |  | $ | (284,921) |  |  | $ | 737,790 |
Schedule of Provision for Income Taxes | The provision for income taxes consisted of:
|  | Year Ended March
(In thousands) |  | 2025 |  |  | 2024 |  | 2023
Current: |  |  |  |  |  |  |
Federal |  | $ | 11,355 |  |  |  | $ | 235,262 |  |  | $ | (117,057) |
Foreign |  | 141,175 |  |  |  | 747,859 |  |  | 102,394 |
State |  | 11,851 |  |  |  | 134,351 |  |  | (15,722) |
|  | 164,381 |  |  |  | 1,117,472 |  |  | (30,385) |
Deferred: |  |  |  |  |  |  |
Federal and state |  | (65,807) |  |  |  | (305,058) |  |  | (339) |
Foreign |  | (22,737) |  |  |  | (78,858) |  |  | 12,780 |
|  | (88,544) |  |  |  | (383,916) |  |  | 12,441 |
Income tax expense (benefit) |  | $ | 75,837 |  |  |  | $ | 733,556 |  |  | $ | (17,944) |
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) |  | 2025 |  |  | 2024 |  | 2023
Tax at federal statutory rate |  | $ | 30,484 |  |  |  | $ | (59,834) |  |  | $ | 154,936 |
State income taxes, net of federal tax benefit |  | (5,075) |  |  |  | (27,734) |  |  | (13,372) |
Foreign rate differences |  | 51,422 |  |  |  | 64,134 |  |  | (55,145) |
Tax reform |  | — |  |  |  | — |  |  | (94,877) |
Tax litigation |  | (7,901) |  |  |  | 691,053 |  |  | — |
Goodwill impairment |  | 1,154 |  |  |  | 55,076 |  |  | — |
Stock compensation |  | 4,230 |  |  |  | 3,908 |  |  | 2,304 |
Interest on tax receivable |  | — |  |  |  | 11,972 |  |  | (11,972) |
Other |  | 1,523 |  |  |  | (5,019) |  |  | 182 |
Income tax expense (benefit) |  | $ | 75,837 |  |  |  | $ | 733,556 |  |  | $ | (17,944) |
Schedule of Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities consisted of the following:
(In thousands) |  | March 2025 |  |  | March 2024 |  |  |  |  |  |  |  |  |
Deferred income tax assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Inventories |  | $ | 46,180 |  |  |  | $ | 75,760 |  |  |  |  |  |  |  |  |  |
Depreciation and capitalized research and development |  | 31,539 |  |  |  | 13,514 |  |  |  |  |  |  |  |  |  |
Deferred compensation |  | 16,985 |  |  |  | 19,719 |  |  |  |  |  |  |  |  |  |
Stock compensation |  | 25,403 |  |  |  | 25,061 |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | 332,825 |  |  |  | 337,614 |  |  |  |  |  |  |  |  |  |
Other employee benefits |  | — |  |  |  | 1,039 |  |  |  |  |  |  |  |  |  |
Other accrued expenses |  | 125,387 |  |  |  | 117,227 |  |  |  |  |  |  |  |  |  |
Interest expense limitation carryforward |  | 186,258 |  |  |  | 143,077 |  |  |  |  |  |  |  |  |  |
Capital loss carryforwards |  | 266,865 |  |  |  | 153,789 |  |  |  |  |  |  |  |  |  |
Operating loss and credit carryforwards |  | 432,049 |  |  |  | 556,465 |  |  |  |  |  |  |  |  |  |
Gross deferred income tax assets |  | 1,463,491 |  |  |  | 1,443,265 |  |  |  |  |  |  |  |  |  |
Valuation allowances |  | (531,028) |  |  |  | (436,047) |  |  |  |  |  |  |  |  |  |
Net deferred income tax assets |  | 932,463 |  |  |  | 1,007,218 |  |  |  |  |  |  |  |  |  |
Deferred income tax liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intangible assets |  | 27,456 |  |  |  | 13,700 |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | 301,672 |  |  |  | 307,608 |  |  |  |  |  |  |  |  |  |
Other employee benefits |  | 5,691 |  |  |  | — |  |  |  |  |  |  |  |  |  |
Outside basis difference in subsidiaries |  | 35,432 |  |  |  | 216,192 |  |  |  |  |  |  |  |  |  |
Other deferred tax liabilities |  | 1,217 |  |  |  | 2,428 |  |  |  |  |  |  |  |  |  |
Deferred income tax liabilities |  | 371,468 |  |  |  | 539,928 |  |  |  |  |  |  |  |  |  |
Net deferred income tax assets (liabilities) |  | $ | 560,995 |  |  |  | $ | 467,290 |  |  |  |  |  |  |  |  |  |
Amounts included in the Consolidated Balance Sheets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets (Note 11) |  | $ | 575,546 |  |  |  | $ | 477,262 |  |  |  |  |  |  |  |  |  |
Other liabilities (Note 16) |  | (14,551) |  |  |  | (9,972) |  |  |  |  |  |  |  |  |  |
|  | $ | 560,995 |  |  |  | $ | 467,290 |  |  |  |  |  |  |  |  |  |
Schedule of Reconciliation of Change in Accrual for Unrecognized Income Tax Benefit | 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 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 (a) | 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 (b) | (210,874) |  |  | (74,659) |  |  | (285,533) |  |
Currency translation | (11) |  |  | (4) |  |  | (15) |  |
Balance, March 2024 | 280,314 |  |  | 83,885 |  |  | 364,199 |  |
Additions for current year tax positions | 17,978 |  |  | — |  |  | 17,978 |  |
Additions for prior year tax positions | 36,190 |  |  | 27,372 |  |  | 63,562 |  |
Reductions for prior year tax positions | (15,135) |  |  | (755) |  |  | (15,890) |  |
Reductions due to statute expirations | (530) |  |  | (520) |  |  | (1,050) |  |
Payments in settlement | (914) |  |  | (91) |  |  | (1,005) |  |
Decrease due to divestiture | (472) |  |  | (72) |  |  | (544) |  |
Currency translation | (21) |  |  | (16) |  |  | (37) |  |
Balance, March 2025 | $ | 317,410 |  |  | $ | 109,803 |  |  | $ | 427,213 |  |
(a)The year ended March 2024 includes an increase due to uncertainty in the application of court decisions upheld upon appeal. (b)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 2025 |  |  | March 2024
Amounts included in the Consolidated Balance Sheets (a): |  |  |  |  |
Unrecognized income tax benefits, including interest and penalties |  | $ | 427,213 |  |  |  | $ | 364,199 |
Less deferred tax benefits |  | 101,618 |  |  |  | 61,368 |
Total unrecognized tax benefits |  | $ | 325,595 |  |  |  | $ | 302,831 |
(a)Included in the accrued liabilities and other liabilities line items in the Consolidated Balance Sheets.

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