v3.24.1.1.u2
Income Taxes (Tables)
12 Months Ended
Mar. 29, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income before Provision for Income Tax, Domestic and Foreign

The components of income before provision for income taxes include the following:

 

 

Fiscal Year Ended

 

 

March 29,
2024

 

 

March 31,
2023

 

 

March 25,
2022

 

Income before provision for income taxes attributable to:

 

 

 

 

 

 

 

 

 

Domestic operations

 

$

183,524

 

 

$

190,107

 

 

$

121,883

 

Foreign operations

 

 

11,273

 

 

 

21,239

 

 

 

18,863

 

Total

 

$

194,797

 

 

$

211,346

 

 

$

140,746

 

Schedule of Tax Provision

Significant components of the provision for income taxes are as follows:

 

 

Fiscal Year Ended

 

 

March 29,
2024

 

 

March 31,
2023

 

 

March 25,
2022

 

Current:

 

 

 

 

 

 

 

 

 

Federal

 

$

16,086

 

 

$

53,973

 

 

$

7,779

 

State

 

 

1,319

 

 

 

472

 

 

 

1,553

 

Foreign

 

 

43,117

 

 

 

9,523

 

 

 

4,361

 

Total current

 

 

60,522

 

 

 

63,968

 

 

 

13,693

 

Deferred:

 

 

 

 

 

 

 

 

 

Federal

 

 

10,721

 

 

 

(36,276

)

 

 

7,892

 

State

 

 

(131

)

 

 

310

 

 

 

371

 

Foreign

 

 

(29,203

)

 

 

(4,150

)

 

 

(765

)

Total deferred

 

 

(18,613

)

 

 

(40,116

)

 

 

7,498

 

Total income tax provision

 

$

41,909

 

 

$

23,852

 

 

$

21,191

 

Schedule of Income Taxes Reconciliation

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

 

 

Fiscal Year Ended

 

 

March 29,
2024

 

 

March 31,
2023

 

 

March 25,
2022

 

Tax provision at U.S. statutory rate

 

$

40,907

 

 

$

44,383

 

 

$

29,557

 

State income taxes, net of federal benefit

 

 

1,106

 

 

 

1,027

 

 

 

2,370

 

Foreign derived intangible income

 

 

(25,612

)

 

 

(25,391

)

 

 

(9,066

)

Research and development tax credit

 

 

(6,188

)

 

 

(3,641

)

 

 

(2,823

)

Stock-based compensation

 

 

(956

)

 

 

(1,025

)

 

 

(230

)

Cumulative provision-to-return

 

 

(1,147

)

 

 

(914

)

 

 

(590

)

Gain on contingent purchase price reduction

 

 

 

 

 

(588

)

 

 

(420

)

Subpart F income, net of credits

 

 

(168

)

 

 

(307

)

 

 

283

 

Provision for uncertain tax positions

 

 

827

 

 

 

(81

)

 

 

(17

)

162(m) limitation

 

 

3,010

 

 

 

8,931

 

 

 

3,988

 

Foreign tax rate

 

 

2,632

 

 

 

954

 

 

 

(157

)

Deferred tax remeasurement

 

 

 

 

 

651

 

 

 

 

Transaction costs

 

 

1,848

 

 

 

338

 

 

 

307

 

CARES carryback claim and amended returns

 

 

 

 

 

 

 

 

(2,031

)

Entity restructuring

 

 

25,921

 

 

 

 

 

 

 

Other

 

 

(271

)

 

 

(485

)

 

 

20

 

Total income tax provision

 

$

41,909

 

 

$

23,852

 

 

$

21,191

 

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 29,
2024

 

 

March 31,
2023

 

Deferred income tax assets:

 

 

 

 

 

 

Capitalized research and development costs

 

$

62,651

 

 

$

30,582

 

Bonuses, sales commissions and other compensation

 

 

9,407

 

 

 

11,506

 

Inventory and sales related

 

 

16,766

 

 

 

8,730

 

Stock-based compensation

 

 

4,544

 

 

 

3,842

 

Tax credits

 

 

3,290

 

 

 

3,220

 

Lease liability

 

 

2,388

 

 

 

2,479

 

Property, plant and equipment, net

 

 

157

 

 

 

 

Other accruals and reserves

 

 

2,653

 

 

 

2,803

 

Net operating loss carryforward

 

 

8,589

 

 

 

361

 

Gross deferred income tax assets

 

 

110,445

 

 

 

63,523

 

Valuation allowance for deferred income tax assets

 

 

(3,160

)

 

 

(3,581

)

Total deferred income tax assets

 

 

107,285

 

 

 

59,942

 

Deferred income tax liabilities:

 

 

 

 

 

 

Equity method and other investments

 

 

(1,782

)

 

 

(4,172

)

Intangibles, net

 

 

(48,875

)

 

 

(1,090

)

Property, plant and equipment, net

 

 

 

 

 

(1,930

)

Right-of-use asset

 

 

(2,132

)

 

 

(2,391

)

Total deferred income tax liabilities

 

 

(52,789

)

 

 

(9,583

)

Net deferred income tax assets

 

$

54,496

 

 

$

50,359

 

Schedule of Unrecognized Tax Benefits Roll Forward

 

Fiscal Year Ended

 

 

March 29,
2024

 

 

March 31,
2023

 

 

March 25,
2022

 

Beginning balance

 

$

2,408

 

 

$

2,459

 

 

$

2,554

 

Gross acquired - tax positions from prior periods

 

 

2,210

 

 

 

 

 

 

 

Gross increases - tax positions in prior period

 

 

378

 

 

 

 

 

 

 

Lapse in statute of limitations

 

 

(16

)

 

 

(51

)

 

 

(95

)

Balance at end of period

 

$

4,980

 

 

$

2,408

 

 

$

2,459