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Income Taxes (Tables)
12 Months Ended
Mar. 28, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of (Loss) Income before Income Taxes

The components of (loss) income before income taxes include the following:

 

 

Fiscal Year Ended

 

 

March 28,
2025

 

 

March 29,
2024

 

 

March 31,
2023

 

(Loss) income before income taxes

 

 

 

 

 

 

 

 

 

Domestic operations

 

$

(106,576

)

 

$

183,524

 

 

$

190,107

 

Foreign operations

 

 

20,880

 

 

 

11,273

 

 

 

21,239

 

Total

 

$

(85,696

)

 

$

194,797

 

 

$

211,346

 

Schedule of Significant Components of Income Taxes (Benefit) Provision

Significant components of the income tax (benefit) provision are as follows:

 

 

Fiscal Year Ended

 

 

March 28,
2025

 

 

March 29,
2024

 

 

March 31,
2023

 

Current:

 

 

 

 

 

 

 

 

 

Federal

 

$

(2,047

)

 

$

16,086

 

 

$

53,973

 

State

 

 

325

 

 

 

1,319

 

 

 

472

 

Foreign

 

 

5,090

 

 

 

43,117

 

 

 

9,523

 

Total current

 

 

3,368

 

 

 

60,522

 

 

 

63,968

 

Deferred:

 

 

 

 

 

 

 

 

 

Federal

 

 

(15,272

)

 

 

10,721

 

 

 

(36,276

)

State

 

 

(231

)

 

 

(131

)

 

 

310

 

Foreign

 

 

(798

)

 

 

(29,203

)

 

 

(4,150

)

Total deferred

 

 

(16,301

)

 

 

(18,613

)

 

 

(40,116

)

Total income tax (benefit) provision

 

$

(12,933

)

 

$

41,909

 

 

$

23,852

 

Schedule of Income Taxes Reconciliation

The difference between the income tax (benefit) provision at the statutory federal tax rate and the (benefit) provision for income taxes is as follows:

 

 

Fiscal Year Ended

 

 

March 28,
2025

 

 

March 29,
2024

 

 

March 31,
2023

 

Tax (benefit) provision at U.S. statutory rate

 

$

(17,996

)

 

$

40,907

 

 

$

44,383

 

State income taxes, net of federal benefit

 

 

266

 

 

 

1,106

 

 

 

1,027

 

Foreign derived intangible income

 

 

(2,037

)

 

 

(25,612

)

 

 

(25,391

)

Research and development tax credit

 

 

(3,644

)

 

 

(6,188

)

 

 

(3,641

)

Stock-based compensation

 

 

2,094

 

 

 

(956

)

 

 

(1,025

)

Cumulative provision-to-return

 

 

(2,035

)

 

 

(1,147

)

 

 

(914

)

Gain on contingent purchase price reduction

 

 

 

 

 

 

 

 

(588

)

Subpart F and GILTI, net of credits

 

 

640

 

 

 

(168

)

 

 

(307

)

Provision for uncertain tax positions

 

 

(586

)

 

 

827

 

 

 

(81

)

162(m) limitation

 

 

3,542

 

 

 

3,010

 

 

 

8,931

 

Foreign tax rate

 

 

(235

)

 

 

2,632

 

 

 

954

 

Deferred tax remeasurement

 

 

 

 

 

 

 

 

651

 

Transaction costs

 

 

91

 

 

 

1,848

 

 

 

338

 

BEAT alternative minimum tax

 

 

1,454

 

 

 

 

 

 

 

Entity restructuring

 

 

(1,188

)

 

 

25,921

 

 

 

 

Nondeductible - loss on forward repurchase contract

 

 

7,298

 

 

 

 

 

 

 

Refund interest and other

 

 

(597

)

 

 

(271

)

 

 

(485

)

Total income tax (benefit) provision

 

$

(12,933

)

 

$

41,909

 

 

$

23,852

 

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows:

 

 

March 28,
2025

 

 

March 29,
2024

 

Deferred income tax assets:

 

 

 

 

 

 

Capitalized research and development costs

 

$

87,759

 

 

$

62,651

 

Accrued bonuses, sales commissions and other compensation

 

 

6,502

 

 

 

9,407

 

Inventory and sales related

 

 

15,629

 

 

 

16,766

 

Stock-based compensation

 

 

3,780

 

 

 

4,544

 

Tax credits

 

 

3,154

 

 

 

3,290

 

Lease liabilities

 

 

2,442

 

 

 

2,388

 

Property, plant and equipment, net

 

 

1,918

 

 

 

157

 

Other accruals and reserves

 

 

3,753

 

 

 

2,653

 

NOL carryforwards

 

 

5,255

 

 

 

8,589

 

Gross deferred income tax assets

 

 

130,192

 

 

 

110,445

 

Valuation allowance for deferred income tax assets

 

 

(4,250

)

 

 

(3,160

)

Total deferred income tax assets

 

 

125,942

 

 

 

107,285

 

Deferred income tax liabilities:

 

 

 

 

 

 

Equity method and other investments

 

 

(641

)

 

 

(1,782

)

Intangibles assets, net

 

 

(42,623

)

 

 

(48,875

)

Property, plant and equipment, net

 

 

(12,108

)

 

 

 

Right-of-use assets

 

 

(2,042

)

 

 

(2,132

)

Total deferred income tax liabilities

 

 

(57,414

)

 

 

(52,789

)

Net deferred income tax assets

 

$

68,528

 

 

$

54,496

 

Schedule of Unrecognized Tax Benefits Roll Forward

 

Fiscal Year Ended

 

 

March 28,
2025

 

 

March 29,
2024

 

 

March 31,
2023

 

Beginning balance

 

$

4,980

 

 

$

2,408

 

 

$

2,459

 

Gross increases - tax positions for prior periods

 

 

 

 

 

2,210

 

 

 

 

Gross increases - tax positions for current period

 

 

149

 

 

 

378

 

 

 

 

Gross decreases lapse of applicable statutes of limitations

 

 

(332

)

 

 

(16

)

 

 

(51

)

Ending balance

 

$

4,797

 

 

$

4,980

 

 

$

2,408