Annual report [Section 13 and 15(d), not S-K Item 405]

INCOME TAXES (Tables)

v3.25.1
INCOME TAXES (Tables)
 12 Months Ended
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.