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Income Taxes (Tables)
 12 Months Ended
Mar. 28, 2020
Income Tax Disclosure [Abstract]  
Domestic and foreign pretax income (loss)
Domestic and foreign pretax income are as follows:
 
 
Fiscal Years Ended
 
 
March 28,
2020
 
March 30,
2019
 
March 31,
2018
 
 
(millions)
Domestic
 
$
(82.9
)
 
$
66.6

 
$
16.4

Foreign
 
409.3

 
515.9

 
472.8

Total income before income taxes
 
$
326.4

 
$
582.5

 
$
489.2
Benefits (provisions) for current and deferred income taxes
Benefits (provisions) for current and deferred income taxes are as follows:
 
 
Fiscal Years Ended
 
 
March 28,
2020
 
March 30,
2019
 
March 31,
2018
 
 
(millions)
Current:
 
 
 
 
 
 
Federal
 
$
1.5

 
$
(37.3
)
 
$
(154.6
)
State and local
 
(19.8
)
 
(11.9
)
 
(5.0
)
Foreign
 
(92.6
)
 
(93.9
)
 
(82.7
)
 
 
(110.9
)
 
(143.1
)
 
(242.3
)
Deferred:
 
 
 
 
 
 
Federal
 
18.0

 
(5.0
)
 
(64.1
)
State and local
 
5.6

 
(6.9
)
 
(12.6
)
Foreign
 
145.2

 
3.4

 
(7.4
)
 
 
168.8

 
(8.5
)
 
(84.1
)
Total income tax benefit (provision)
 
$
57.9

 
$
(151.6
)
 
$
(326.4
)
Tax rate reconciliation
The differences between income taxes expected at the U.S. federal statutory income tax rate and income taxes provided are as set forth below:
 
 
Fiscal Years Ended
 
 
March 28,
2020
 
March 30,
2019
 
March 31,
2018
 
 
(millions)
Provision for income taxes at the U.S. federal statutory rate(a)
 
$
(68.5
)
 
$
(122.3
)
 
$
(154.3
)
Change due to:
 
 
 
 
 
 
State and local income taxes, net of federal benefit
 
(1.5
)
 
(12.4
)
 
(1.6
)
Foreign income taxed at different rates, net of U.S. foreign tax credits
 
24.7

 
27.6

 
74.7

Unrecognized tax benefits and settlements of tax examinations
 
(9.2
)
 
(3.4
)
 
(14.4
)
Changes in valuation allowance on deferred tax assets
 
(1.7
)
 
(1.4
)
 
2.5

TCJA enactment-related charges
 
—

 
(27.6
)
 
(221.4
)
Swiss Tax Act benefit
 
125.3

 
—

 
—

Compensation-related adjustments
 
(10.7
)
 
(11.6
)
 
(15.4
)
Other
 
(0.5
)
 
(0.5
)
 
3.5

Total income tax benefit (provision)
 
$
57.9

 
$
(151.6
)
 
$
(326.4
)
Effective tax rate(b)
 
(17.7
%)
 
26.0
%
 
66.7
%

 

(a) 
The U.S. federal statutory income tax rate was 21.0% during Fiscal 2020 and Fiscal 2019. The previous statutory rate of 35.0% was reduced to 21.0% by the TCJA effective January 1, 2018, resulting in a blended statutory rate of 31.5% for the Company's Fiscal 2018.
(b) 
Effective tax rate is calculated by dividing the income tax benefit (provision) by income (loss) before income taxes.
Deferred taxes
Significant components of the Company's deferred tax assets and liabilities are as follows:
 
 
March 28,
2020
 
March 30,
2019
 
 
(millions)
Lease liabilities
 
$
428.9

 
$
44.6

Inventory basis difference
 
54.0

 
19.0

Deferred compensation
 
50.2

 
53.4

Receivable allowances and reserves
 
45.6

 
25.6

Net operating loss carryforwards
 
42.6

 
48.9

Unrecognized tax benefits
 
17.1

 
8.1

Accrued expenses
 
10.5

 
11.8

Transfer pricing
 
9.0

 
9.0

Property and equipment
 
3.0

 
(24.6
)
Deferred income
 
0.2

 
1.2

Deferred rent
 
—

 
7.3

Lease right-of-use assets
 
(353.0
)
 
—

Goodwill and other intangible assets
 
(30.0
)
 
(149.8
)
Cumulative translation adjustment and hedges
 
(17.6
)
 
(7.8
)
Undistributed foreign earnings
 
(3.3
)
 
(4.7
)
Other
 
15.3

 
13.2

Valuation allowance
 
(37.3
)
 
(38.4
)
Net deferred tax assets(a)
 
$
235.2

 
$
16.8

 

(a) 
Net deferred tax balances as of March 28, 2020 and March 30, 2019 were comprised of non-current deferred tax assets of $245.2 million and $67.0 million, respectively, recorded within deferred tax assets, and non-current deferred tax liabilities of $10.0 million and $50.2 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 2020, Fiscal 2019, and Fiscal 2018 are presented below:
 
 
Fiscal Years Ended
 
 
March 28,
2020
 
March 30,
2019
 
March 31,
2018
 
 
(millions)
Unrecognized tax benefits beginning balance
 
$
65.2

 
$
64.2

 
$
49.9

Additions related to current period tax positions
 
6.0

 
4.9

 
6.8

Additions related to prior period tax positions
 
30.5

 
11.7

 
9.5

Reductions related to prior period tax positions
 
(18.7
)
 
(5.5
)
 
(1.3
)
Reductions related to expiration of statutes of limitations
 
(1.2
)
 
(4.1
)
 
(3.3
)
Reductions related to settlements with taxing authorities
 
(8.8
)
 
(3.1
)
 
(0.7
)
Additions (reductions) related to foreign currency translation
 
(0.3
)
 
(2.9
)
 
3.3

Unrecognized tax benefits ending balance
 
$
72.7

 
$
65.2

 
$
64.2
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 2020, Fiscal 2019, and Fiscal 2018 are presented below:
 
 
Fiscal Years Ended
 
 
March 28,
2020
 
March 30,
2019
 
March 31,
2018
 
 
(millions)
Accrued interest and penalties beginning balance
 
$
13.6

  
$
15.0

 
$
12.8

Net additions charged to expense
 
7.0

 
3.0

 
3.8

Reductions related to prior period tax positions
 
(1.9
)
 
(3.4
)
 
(1.6
)
Reductions related to settlements with taxing authorities
 
(2.5
)
 
(0.8
)
 
(0.3
)
Additions (reductions) related to foreign currency translation
 
—

  
(0.2
)
 
0.3

Accrued interest and penalties ending balance
 
$
16.2

  
$
13.6

 
$
15.0