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INCOME TAXES (Tables) | 12 Months Ended
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Apr. 01, 2023
Income Tax Disclosure [Abstract] |
Schedule Domestic and Foreign Income Before Provision for Income Tax | Domestic and foreign income before provision (benefit) for income tax is as follows:
(In thousands) | 2023 |  | 2022 |  | 2021
Domestic | $ | 85,657 |  |  | $ | (5,219) |  |  | $ | 5,526 |
Foreign | 55,746 |  |  | 68,848 |  |  | 67,387 |
Total | $ | 141,403 |  |  | $ | 63,629 |  |  | $ | 72,913 |
Schedule of Income Tax Provision Components | The income tax provision (benefit) from continuing operations contains the following components:
(In thousands) | 2023 |  | 2022 |  | 2021
Current |  |  |  |  |
Federal | $ | 6,461 |  |  | $ | 3,586 |  |  | $ | (289) |
State | 4,824 |  |  | 1,682 |  |  | 1,256 |
Foreign | 8,940 |  |  | 9,940 |  |  | 13,319 |
Total current | $ | 20,225 |  |  | $ | 15,208 |  |  | $ | 14,286 |
Deferred |  |  |  |  |
Federal | 14,298 |  |  | 3,455 |  |  | (12,906) |
State | (7,678) |  |  | 310 |  |  | (2,436) |
Foreign | (843) |  |  | 1,281 |  |  | (5,500) |
Total deferred | $ | 5,777 |  |  | $ | 5,046 |  |  | $ | (20,842) |
Total | $ | 26,002 |  |  | $ | 20,254 |  |  | $ | (6,556) |
Schedule of Net Deferred Tax Asset | Tax effected, significant temporary differences comprising the net deferred tax liability are as follows:
(In thousands) | April 1, 2023 |  | April 2, 2022
Deferred tax assets: |  |  |
Depreciation | $ | 174 |  |  | $ | 623 |
Amortization of intangibles | 1,013 |  |  | 1,243 |
Inventory | 7,674 |  |  | 6,841 |
Accruals, reserves and other deferred tax assets | 15,680 |  |  | 13,020 |
Net operating loss carry-forward | 20,996 |  |  | 30,212 |
Stock based compensation | 4,230 |  |  | 4,422 |
Operating lease liabilities | 15,851 |  |  | 15,777 |
Tax credit carry-forward, net | 5,072 |  |  | 6,452 |
Capitalized research expenses | 19,671 |  |  | 6,733 |
Gross deferred tax assets | 90,361 |  |  | 85,323 |
Less valuation allowance | (8,838) |  |  | (14,077) |
Total deferred tax assets (after valuation allowance) | 81,523 |  |  | 71,246 |
Deferred tax liabilities: |  |  |
Depreciation | (37,400) |  |  | (15,727) |
Amortization of goodwill and intangibles | (57,752) |  |  | (63,004) |
Unremitted earnings | (1,163) |  |  | (1,254) |
Operating lease assets | (13,220) |  |  | (12,877) |
Other deferred tax liabilities | (2,942) |  |  | (2,643) |
Total deferred tax liabilities | (112,477) |  |  | (95,505) |
Net deferred tax liabilities | $ | (30,954) |  |  | $ | (24,259) |
Schedule of Effective Income Tax Rate Reconciliation |
(In thousands) | 2023 |  | 2022 |  | 2021
Tax at federal statutory rate | $ | 29,695 |  |  | 21.0 | % |  | $ | 13,362 |  |  | 21.0 | % |  | $ | 15,312 |  |  | 21.0 | %
Impact of foreign operations | (2,408) |  |  | (1.7) | % |  | (3,799) |  |  | (6.0) | % |  | (7,049) |  |  | (9.7) | %
State income taxes net of federal benefit | 2,939 |  |  | 2.1 | % |  | 1,384 |  |  | 2.2 | % |  | (924) |  |  | (1.3) | %
Change in uncertain tax positions | 81 |  |  | 0.1 | % |  | (777) |  |  | (1.2) | % |  | 1,172 |  |  | 1.6 | %
Global intangible low taxed income | (828) |  |  | (0.6) | % |  | 3,608 |  |  | 5.7 | % |  | (758) |  |  | (1.0) | %
Unremitted earnings | (91) |  |  | (0.1) | % |  | 194 |  |  | 0.3 | % |  | 257 |  |  | 0.4 | %
Deferred statutory rate changes | 82 |  |  | 0.1 | % |  | 40 |  |  | 0.1 | % |  | (243) |  |  | (0.3) | %
Non-deductible executive compensation | 1,439 |  |  | 1.0 | % |  | 1,080 |  |  | 1.7 | % |  | 2,238 |  |  | 3.1 | %
Non-deductible expenses | 827 |  |  | 0.6 | % |  | 741 |  |  | 1.2 | % |  | 2,038 |  |  | 2.8 | %
Stock compensation shortfalls (benefits) | 1,883 |  |  | 1.3 | % |  | 2,070 |  |  | 3.3 | % |  | (5,504) |  |  | (7.5) | %
Research credits | (2,073) |  |  | (1.5) | % |  | (1,496) |  |  | (2.4) | % |  | (1,230) |  |  | (1.7) | %
Contingent consideration | — |  |  | — | % |  | 1,880 |  |  | 3.0 | % |  | — |  |  | — | %
Intercompany sale of intellectual property | — |  |  | — | % |  | — |  |  | — | % |  | (7,550) |  |  | (10.4) | %
Valuation allowance | (5,135) |  |  | (3.6) | % |  | 254 |  |  | 0.2 | % |  | (3,144) |  |  | (4.4) | %
Other, net | (409) |  |  | (0.3) | % |  | 1,713 |  |  | 2.7 | % |  | (1,171) |  |  | (1.6) | %
Income tax provision (benefit) | $ | 26,002 |  |  | 18.4 | % |  | $ | 20,254 |  |  | 31.8 | % |  | $ | (6,556) |  |  | (9.0) | %
Summary of Gross Unrecognized Tax Benefits | The following table summarizes the activity related to its gross unrecognized tax benefits for the fiscal years ended April 1, 2023, April 2, 2022 and April 3, 2021:
(In thousands) | April 1, 2023 |  | April 2, 2022 |  | April 3, 2021
Beginning Balance | $ | 3,939 |  |  | $ | 6,107 |  |  | $ | 4,620 |
Additions for tax positions of current year | 292 |  |  | 219 |  |  | 335 |
Additions for tax positions of prior years | — |  |  | — |  |  | 1,194 |
Reductions of tax positions | (290) |  |  | (808) |  |  | (42) |
Settlements of tax positions | — |  |  | (1,579) |  |  | — |
Ending Balance | $ | 3,941 |  |  | $ | 3,939 |  |  | $ | 6,107 |

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