v3.26.1
INCOME TAXES (Tables)
 12 Months Ended
Mar. 28, 2026
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)202620252024
Domestic$(416,404)$(633,126)$(948,501)
Foreign757,622 778,287 663,580 
Income (loss) from continuing operations before income taxes$341,218 $145,161 $(284,921)
Schedule of Provision for Income Taxes
The provision for income taxes consisted of:
Year Ended March
(In thousands)202620252024
Current:
Federal$13,048 $11,355 $235,262 
Foreign176,140 141,175 747,859 
State(60,641)11,851 134,351 
128,547 164,381 1,117,472 
Deferred:
Federal and state(80,798)(65,807)(305,058)
Foreign38,549 (22,737)(78,858)
(42,249)(88,544)(383,916)
Income tax expense $86,298 $75,837 $733,556 
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 reported in the consolidated financial statements were as follows:
Year Ended March 2026
(Dollars in thousands)AmountPercent
U.S. federal statutory tax rate$71,656 21.0%
State and local income taxes, net of federal tax effect (a)
(9,655)(2.8%)
Foreign tax effects
China
Foreign withholding taxes8,691 2.5%
Other7,835 2.3%
Singapore
Statutory tax rate difference between Singapore and United States(13,275)(3.9%)
Other(5,022)(1.5%)
Switzerland
Changes in valuation allowance171,541 50.3%
Investment impairments(163,164)(47.8%)
Statutory tax rate difference between Switzerland and United States(23,677)(6.9%)
Cantonal taxes22,752 6.7%
Other5,598 1.6%
Other foreign jurisdictions39,409 11.5%
Effect of cross-border tax laws
Global intangible low-taxed income, net of foreign tax credits38,719 11.3%
Foreign tax credits(8,857)(2.6%)
Other45 0.0%
Tax credits(2,987)(0.9%)
Changes in valuation allowances(31,387)(9.2%)
Nontaxable or nondeductible items
Share-based payment awards10,135 3.0%
Nondeductible excise tax5,266 1.5%
Other1,036 0.3%
Changes in unrecognized tax benefits(39,302)(11.5%)
Other adjustments941 0.3%
Effective tax rate$86,298 25.3%
(a)State taxes in California, Florida, Maryland, New Jersey, New York, Pennsylvania, Tennessee and Texas represent the majority (greater than 50%) of the tax effect in this category.
Year Ended March
(In thousands)20252024
Tax at federal statutory rate$30,484 $(59,834)
State income taxes, net of federal tax benefit(5,075)(27,734)
Foreign rate differences51,422 64,134 
Tax litigation(7,901)691,053 
Goodwill impairment1,154 55,076 
Stock compensation4,230 3,908 
Interest on tax receivable— 11,972 
Other1,523 (5,019)
Income tax expense$75,837 $733,556 
Schedule of Deferred Income Tax Assets and Liabilities
Deferred income tax assets and liabilities consisted of the following:
(In thousands)March 2026March 2025
Deferred income tax assets:
Inventories$25,777 $46,180 
Depreciation and capitalized research and development55,504 31,539 
Deferred compensation14,786 16,985 
Other employee benefits37,758 — 
Stock compensation24,121 25,403 
Operating lease liabilities341,537 332,825 
Other accrued expenses138,994 125,387 
Interest expense limitation carryforward184,692 186,258 
Capital loss carryforwards216,016 266,865 
Operating loss and credit carryforwards719,275 432,049 
Gross deferred income tax assets1,758,460 1,463,491 
Valuation allowances(771,253)(531,028)
Net deferred income tax assets987,207 932,463 
Deferred income tax liabilities:
Intangible assets28,985 27,456 
Operating lease right-of-use assets310,222 301,672 
Other employee benefits— 5,691 
Outside basis difference in subsidiaries39,257 35,432 
Other deferred tax liabilities3,480 1,217 
Deferred income tax liabilities381,944 371,468 
Net deferred income tax assets (liabilities)$605,263 $560,995 
Amounts included in the Consolidated Balance Sheets:
Other assets (Note 11)
$626,320 $575,546 
Other liabilities (Note 16)
(21,057)(14,551)
$605,263 $560,995 
Schedule of Cash Paid, Net of Refunds
A summary of cash paid for income taxes, net of refunds, in the year ended March 2026 was as follows:
(In thousands)Year Ended March 2026
Federal$— 
State5,400 
Foreign:
Switzerland40,540 
China20,742 
Singapore20,712 
Mexico11,363 
Czech Republic9,225 
Other foreign jurisdictions63,793 
Income taxes paid$171,775 
Year Ended March
(In thousands)202620252024
Income taxes paid, net of refunds (a)
$171,775 $162,562 $349,978 
Interest paid, net of amounts capitalized145,110 162,918 175,822 
Noncash transactions:
Property, plant and equipment expenditures included in accounts payable or accrued liabilities
25,026 19,568 15,903 
Computer software costs included in accounts payable or accrued liabilities
11,751 18,229 17,080 
(a)Includes both continuing and discontinued operations.
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 was as follows:
(In thousands)Unrecognized
Income Tax
Benefits		Accrued
Interest
and Penalties		Unrecognized
Income Tax
Benefits
Including Interest
and Penalties
Balance, March 2023$348,170 $84,607 $432,777 
Additions for current year tax positions15,982 — 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 2024280,314 83,885 364,199 
Additions for current year tax positions17,978 — 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 2025317,410 109,803 427,213 
Additions for current year tax positions5,119 — 5,119 
Additions for prior year tax positions 54,502 12,946 67,448 
Reductions for prior year tax positions(77,531)(37,706)(115,237)
Payments in settlement (17,261)(344)(17,605)
Currency translation(9)42 33 
Balance, March 2026$282,230 $84,741 $366,971 
(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 2026March 2025
Amounts included in the Consolidated Balance Sheets (a):
Unrecognized income tax benefits, including interest and penalties$366,971 $427,213 
Less deferred tax benefits98,250 101,618 
Total unrecognized tax benefits$268,721 $325,595 
(a)Included in the accrued liabilities and other liabilities line items in the Consolidated Balance Sheets.