Income Taxes (Tables)

12 Months Ended

Mar. 28, 2026

Domestic and foreign pretax income (loss)

Domestic and foreign pretax income are as follows:


	Fiscal Years Ended
	March 28, 2026		March 29, 2025		March 30, 2024
	(millions)
Domestic	$	230.0	$	117.7	$	84.6
Foreign	947.7		833.0		692.8
Total income before income taxes	$	1,177.7	$	950.7	$	777.4

(Benefits) provisions for current and deferred income taxes

Provisions for current and deferred income taxes are as follows:


	Fiscal Years Ended
	March 28, 2026		March 29, 2025		March 30, 2024
	(millions)
Current:
Federal	$	26.5	$	54.4	$	17.6
State and local	26.3		5.2		15.9
Foreign	175.4		198.2		138.7
	228.2		257.8		172.2
Deferred:
Federal	(31.2)		(37.0)		(2.8)
State and local	(7.5)		1.3		(2.6)
Foreign	47.1		(14.3)		(35.7)
	8.4		(50.0)		(41.1)
Total income tax provision	$	236.6	$	207.8	$	131.1

Tax rate reconciliation

In accordance with the Company's prospective adoption of ASU 2023-09 (see Note 4), the differences between income taxes expected at the U.S. federal statutory income tax rate of 21% and income taxes provided are as follows:


	Fiscal Year Ended
	March 28, 2026
	Amount		Rate
	(millions)
Provision for income taxes at the U.S. federal statutory rate	$	247.3	21.0	%
State and local income taxes(a)	13.5		1.2	%
Foreign tax effects
Switzerland
Cantonal taxes	22.5		1.9	%
Effect of rates different than U.S. federal statutory rate	(44.4)		(3.8	%)
Other	(3.3)		(0.3	%)
South Korea	18.8		1.6	%
Other foreign jurisdictions	32.0		2.7	%
Effect of cross-border tax laws
Foreign-derived intangible income	(18.1)		(1.5	%)
Other	(9.0)		(0.8	%)
Tax Credits
Foreign tax credits	(13.3)		(1.1	%)
Other	(1.3)		(0.1	%)
Non-taxable or non-deductible items
Non-deductible officers' compensation	14.6		1.2	%
Stock-based compensation	(19.5)		(1.7	%)
Other	(3.8)		(0.3	%)
Other adjustments	0.6		0.1	%
Total income tax provision and effective tax rate(b)	$	236.6	20.1	%

(a)State and local taxes primarily relate to New York, New Jersey, California, and Illinois.

(b)Effective tax rate is calculated by dividing the income tax provision by income before income taxes.

In accordance with the disclosure requirements in effect prior to the adoption of ASU 2023-09, the differences between income taxes expected at the U.S. federal statutory income tax rate of 21% and income taxes provided are as follows:


	Fiscal Years Ended
	March 29, 2025			March 30, 2024
	(millions)
Provision for income taxes at the U.S. federal statutory rate	$	199.6		$	163.2
Change due to:
State and local income taxes, net of federal benefit	5.6			8.4
Foreign income taxed at different rates, net of U.S. foreign tax credits	(11.9)			(30.5)
Deferred tax adjustments	—			(37.6)
Non-creditable foreign taxes	(7.2)			4.5
Changes in valuation allowance on deferred tax assets	(0.5)			(0.2)
Unrecognized tax benefits and settlements of tax examinations	22.0			21.1
Compensation-related adjustments	9.9			7.1
Charitable contributions	(4.9)			(1.7)
Other	(4.8)			(3.2)
Total income tax provision	$	207.8		$	131.1
Effective tax rate(a)	21.9		%	16.9		%

(a)Effective tax rate is calculated by dividing the income tax provision by income before income taxes.

Schedule of income tax paid net

Disclosure of disaggregated cash paid for income taxes (net of refunds received), in accordance with the Company's prospective adoption of ASU 2023-09 in Fiscal 2026, is as follows:


	Fiscal Year Ended
	March 28, 2026
	(millions)
U.S. Federal	$	71.2
U.S. State and local	20.1
Foreign
South Korea	47.9
Switzerland federal taxes	43.5
United Kingdom	37.4
Switzerland cantonal taxes	29.0
Japan	19.6
Hong Kong	18.5
Other	69.4
Cash paid for income taxes, net of refunds	$	356.6

Cash paid for income taxes (net of refunds received) was $151.6 million and $155.5 million in Fiscal 2025 and Fiscal 2024, respectively.

Deferred taxes

Significant components of the Company's deferred tax assets and liabilities are as follows:


	March 28, 2026		March 29, 2025
	(millions)
Lease liabilities	$	310.2	$	288.5
Goodwill and other intangible assets	87.7		95.9
Deferred compensation	79.1		65.1
Deferred income	71.7		30.8
Unrecognized tax benefits	64.2		91.7
Inventory basis difference	44.7		27.6
Property and equipment	39.9		52.5
Receivable allowances and reserves	35.3		33.3
Capitalized software	29.6		31.3
Net operating loss carryforwards	8.8		8.8


Lease ROU assets	(255.6)		(226.8)
Cumulative translation adjustment and hedges	(15.4)		(21.4)

Other	5.2		13.9
Valuation allowance	(168.4)		(161.7)
Net deferred tax assets(a)	$	337.0	$	329.5

(a)Net deferred tax balances as of March 28, 2026 and March 29, 2025 were comprised of non-current deferred tax assets of $345.1 million and $335.4 million, respectively, recorded within deferred tax assets, and non-current deferred tax liabilities of $8.1 million and $5.9 million, respectively, recorded within other non-current liabilities in the consolidated balance sheets.

Reconciliation of unrecognized tax benefits, excluding interest and penalties

Reconciliations of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, for Fiscal 2026, Fiscal 2025, and Fiscal 2024 are presented below:


	Fiscal Years Ended
	March 28, 2026		March 29, 2025		March 30, 2024
	(millions)
Unrecognized tax benefits beginning balance	$	169.1	$	98.4	$	77.1
Additions related to current period tax positions	3.9		32.5		21.7
Additions related to prior period tax positions	16.9		41.8		2.4
Reductions related to prior period tax positions	(59.8)		(0.6)		(0.9)
Reductions related to expiration of statutes of limitations	(1.1)		(2.6)		(1.0)
Reductions related to settlements with taxing authorities	(1.7)		—		(0.1)
Additions (reductions) related to foreign currency translation	8.0		(0.4)		(0.8)
Unrecognized tax benefits ending balance	$	135.3	$	169.1	$	98.4

Reconciliation of accrued interest and penalties related to unrecognized tax benefits

Reconciliations of the beginning and ending amounts of accrued interest and penalties related to unrecognized tax benefits for Fiscal 2026, Fiscal 2025, and Fiscal 2024 are presented below:


	Fiscal Years Ended
	March 28, 2026		March 29, 2025		March 30, 2024
	(millions)
Accrued interest and penalties beginning balance	$	24.2	$	20.3	$	16.7
Net additions charged to expense	8.8		4.1		3.9
Reductions related to prior period tax positions	—		(0.1)		(0.2)
Reductions related to settlements with taxing authorities	(0.1)		—		—
Additions (reductions) related to foreign currency translation	0.5		(0.1)		(0.1)
Accrued interest and penalties ending balance	$	33.4	$	24.2	$	20.3