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INCOME TAXES (Tables) | 12 Months Ended
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Mar. 30, 2024
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) | 2024 |  | 2023 |  | 2022
Domestic | $ | 112,563 |  |  | $ | 85,657 |  |  | $ | (5,219) |
Foreign | 39,302 |  |  | 55,746 |  |  | 68,848 |
Total | $ | 151,865 |  |  | $ | 141,403 |  |  | $ | 63,629 |
Schedule of Income Tax Provision Components | The income tax provision (benefit) from continuing operations contains the following components:
(In thousands) | 2024 |  | 2023 |  | 2022
Current |  |  |  |  |
Federal | $ | 29,113 |  |  | $ | 6,461 |  |  | $ | 3,586 |
State | 6,539 |  |  | 4,824 |  |  | 1,682 |
Foreign | 9,532 |  |  | 8,940 |  |  | 9,940 |
Total current | $ | 45,184 |  |  | $ | 20,225 |  |  | $ | 15,208 |
Deferred |  |  |  |  |
Federal | (6,165) |  |  | 14,298 |  |  | 3,455 |
State | 2,132 |  |  | (7,678) |  |  | 310 |
Foreign | (6,844) |  |  | (843) |  |  | 1,281 |
Total deferred | $ | (10,877) |  |  | $ | 5,777 |  |  | $ | 5,046 |
Total | $ | 34,307 |  |  | $ | 26,002 |  |  | $ | 20,254 |
Schedule of Net Deferred Tax Asset | Tax effected, significant temporary differences comprising the net deferred tax liability are as follows:
(In thousands) | March 30, 2024 |  | April 1, 2023
Deferred tax assets: |  |  |
Depreciation | $ | 1,817 |  |  | $ | 174 |
Amortization of intangibles | 3,715 |  |  | 1,013 |
Inventory | 5,502 |  |  | 7,674 |
Accruals, reserves and other deferred tax assets | 18,777 |  |  | 15,680 |
Net operating loss carry-forward | 16,221 |  |  | 20,996 |
Stock based compensation | 3,965 |  |  | 4,230 |
Operating lease liabilities | 16,132 |  |  | 15,851 |
Tax credit carry-forward, net | 7,766 |  |  | 5,072 |
Capitalized research expenses | 31,370 |  |  | 19,671 |
Gross deferred tax assets | 105,265 |  |  | 90,361 |
Less valuation allowance | (10,239) |  |  | (8,838) |
Total deferred tax assets (after valuation allowance) | 95,026 |  |  | 81,523 |
Deferred tax liabilities: |  |  |
Depreciation | (35,279) |  |  | (37,400) |
Amortization of goodwill and intangibles | (96,597) |  |  | (57,752) |
Unremitted earnings | (1,334) |  |  | (1,163) |
Operating lease assets | (13,341) |  |  | (13,220) |
Other deferred tax liabilities | (3,380) |  |  | (2,942) |
Total deferred tax liabilities | (149,931) |  |  | (112,477) |
Net deferred tax liabilities | $ | (54,905) |  |  | $ | (30,954) |
Schedule of Effective Income Tax Rate Reconciliation |
(In thousands) | 2024 |  | 2023 |  | 2022
Tax at federal statutory rate | $ | 31,892 |  |  | 21.0 | % |  | $ | 29,695 |  |  | 21.0 | % |  | $ | 13,362 |  |  | 21.0 | %
Impact of foreign operations | (3,631) |  |  | (2.4) | % |  | (2,408) |  |  | (1.7) | % |  | (3,799) |  |  | (6.0) | %
State income taxes net of federal benefit | 7,037 |  |  | 4.6 | % |  | 2,939 |  |  | 2.1 | % |  | 1,384 |  |  | 2.2 | %
Change in uncertain tax positions | (107) |  |  | (0.1) | % |  | 81 |  |  | 0.1 | % |  | (777) |  |  | (1.2) | %
Global intangible low taxed income | (555) |  |  | (0.4) | % |  | (828) |  |  | (0.6) | % |  | 3,608 |  |  | 5.7 | %
Unremitted earnings | 171 |  |  | 0.1 | % |  | (91) |  |  | (0.1) | % |  | 194 |  |  | 0.3 | %
Deferred statutory rate changes | (159) |  |  | (0.1) | % |  | 82 |  |  | 0.1 | % |  | 40 |  |  | 0.1 | %
Non-deductible executive compensation | 3,256 |  |  | 2.1 | % |  | 1,439 |  |  | 1.0 | % |  | 1,080 |  |  | 1.7 | %
Non-deductible expenses | 2,355 |  |  | 1.6 | % |  | 827 |  |  | 0.6 | % |  | 741 |  |  | 1.2 | %
Stock compensation shortfalls (benefits) | (1,841) |  |  | (1.2) | % |  | 1,883 |  |  | 1.3 | % |  | 2,070 |  |  | 3.3 | %
Research credits | (1,378) |  |  | (0.9) | % |  | (2,073) |  |  | (1.5) | % |  | (1,496) |  |  | (2.4) | %
Contingent consideration | — |  |  | — | % |  | — |  |  | — | % |  | 1,880 |  |  | 3.0 | %
Impact of foreign tax law changes | (2,739) |  |  | (1.8) | % |  | — |  |  | — | % |  | — |  |  | — | %
Valuation allowance | (393) |  |  | (0.2) | % |  | (5,135) |  |  | (3.6) | % |  | 254 |  |  | 0.2 | %
Other, net | 399 |  |  | 0.3 | % |  | (409) |  |  | (0.3) | % |  | 1,713 |  |  | 2.7 | %
Income tax provision | $ | 34,307 |  |  | 22.6 | % |  | $ | 26,002 |  |  | 18.4 | % |  | $ | 20,254 |  |  | 31.8 | %
Summary of Gross Unrecognized Tax Benefits | The following table summarizes the activity related to its gross unrecognized tax benefits for the fiscal years ended March 30, 2024, April 1, 2023 and April 2, 2022:
(In thousands) | March 30, 2024 |  | April 1, 2023 |  | April 2, 2022
Beginning Balance | $ | 3,941 |  |  | $ | 3,939 |  |  | $ | 6,107 |
Additions for tax positions of current year | 234 |  |  | 292 |  |  | 219 |
Reductions of tax positions | (198) |  |  | (290) |  |  | (808) |
Settlements of tax positions | — |  |  | — |  |  | (1,579) |
Expiration of statute of limitations | (234) |  |  | — |  |  | — |
Ending Balance | $ | 3,743 |  |  | $ | 3,941 |  |  | $ | 3,939 |

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