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Taxes (Tables)

12 Months Ended

Mar. 28, 2015

Income Before Provision for Income Taxes

Income before provision for income taxes consisted of the following (in thousands):

		Fiscal Years Ended
		March 28, 2015				March 29, 2014				March 30, 2013
U.S.		$	814,368			$	792,899			$	538,607
Non-U.S.			441,455				214,748				88,520
Total income before provision for income taxes		$	1,255,823			$	1,007,647			$	627,127

Provision for Income Taxes

The provision for income taxes was as follows (in thousands):
		Fiscal Years Ended
		March 28, 2015				March 29, 2014				March 30, 2013
Current
U.S. Federal		$	277,001			$	295,159			$	179,014
U.S. State			49,645				50,348				32,249
Non-U.S.			41,922				30,560				15,040
Total current			368,568				376,067				226,303
Deferred
U.S. Federal			5,020				(24,847	)			1,246
U.S. State			331				(3,594	)			2,088
Non-U.S.			881				(1,464	)			(112	)
Total deferred			6,232				(29,905	)			3,222
Total provision for income taxes		$	374,800			$	346,162			$	229,525

Significant Differences Between United States Federal Statutory Tax Rate and Company's Effective Tax Rate

The following table summarizes the significant differences between the U.S. federal statutory tax rate and the Company’s effective tax rate for financial statement purposes:

		Fiscal Years Ended
		March 28, 2015				March 29, 2014				March 30, 2013
Federal tax at 35% statutory rate			35.0	%			35.0	%			35.0	%
State and local income taxes, net of federal benefit			2.4	%			2.3	%			3.6	%
Differences in tax effects on foreign income			-9.0	%			-3.9	%			-3.1	%
Foreign tax credit			-0.4	%			-0.2	%			-0.2	%
Liability for uncertain tax positions			0.2	%			0.8	%			0.5	%
Effect of changes in valuation allowances on deferred tax assets			-0.1	%			-0.2	%			0.3	%
Other			1.7	%			0.6	%			0.5	%
			29.8	%			34.4	%			36.6	%

Significant Components of Deferred Tax Assets (Liabilities)

Significant components of the Company’s deferred tax assets (liabilities) consist of the following (in thousands):

		March 28,   2015				March 29,  2014
Deferred tax assets
Inventories		$	11,194			$	11,380
Payroll related accruals			408				4,722
Deferred rent			30,428				24,281
Deferred revenue			—				2,389
Net operating loss carryforwards			5,860				7,743
Stock compensation			23,845				14,117
Sales allowances			10,090				7,654
Other			11,054				9,589
			92,879				81,875
Valuation allowance			(5,640	)			(8,020	)
Total deferred tax assets			87,239				73,855
Deferred tax liabilities
Goodwill and intangibles			(32,704	)			(24,324	)
Depreciation			(34,633	)			(20,691	)
Other			(3,910	)			(526	)
Total deferred tax liabilities			(71,247	)			(45,541	)
Net deferred tax assets		$	15,992			$	28,314

Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits Excluding Accrued Interest

A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding accrued interest, for Fiscal 2015, Fiscal 2014, and Fiscal 2013, are presented below (in thousands):

		March 28, 2015				March 29, 2014				March 30, 2013
Unrecognized tax benefits beginning balance		$	18,087			$	6,628			$	1,758
Additions related to prior period tax positions			443				2,515				3,318
Additions related to current period tax positions			5,193				9,312				2,482
Decreases from prior period positions			(3,838	)			(368	)			(930	)
Unrecognized tax benefits ending balance		$	19,885			$	18,087			$	6,628

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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