INCOME TAXES (Tables)

12 Months Ended

Mar. 30, 2024

Schedule Domestic and Foreign Income Before Provision for Income Tax

Domestic and foreign income before provision (benefit) for income tax is as follows:


(In thousands)	2024		2023		2022
Domestic	$	112,563	$	85,657	$	(5,219)
Foreign	39,302		55,746		68,848
Total	$	151,865	$	141,403	$	63,629

Schedule of Income Tax Provision Components

The income tax provision (benefit) from continuing operations contains the following components:


(In thousands)	2024		2023		2022
Current
Federal	$	29,113	$	6,461	$	3,586
State	6,539		4,824		1,682
Foreign	9,532		8,940		9,940
Total current	$	45,184	$	20,225	$	15,208
Deferred
Federal	(6,165)		14,298		3,455
State	2,132		(7,678)		310
Foreign	(6,844)		(843)		1,281
Total deferred	$	(10,877)	$	5,777	$	5,046
Total	$	34,307	$	26,002	$	20,254

Schedule of Net Deferred Tax Asset

Tax effected, significant temporary differences comprising the net deferred tax liability are as follows:


(In thousands)	March 30, 2024		April 1, 2023
Deferred tax assets:
Depreciation	$	1,817	$	174
Amortization of intangibles	3,715		1,013
Inventory	5,502		7,674

Accruals, reserves and other deferred tax assets	18,777		15,680
Net operating loss carry-forward	16,221		20,996
Stock based compensation	3,965		4,230
Operating lease liabilities	16,132		15,851
Tax credit carry-forward, net	7,766		5,072
Capitalized research expenses	31,370		19,671
Gross deferred tax assets	105,265		90,361
Less valuation allowance	(10,239)		(8,838)
Total deferred tax assets (after valuation allowance)	95,026		81,523
Deferred tax liabilities:
Depreciation	(35,279)		(37,400)
Amortization of goodwill and intangibles	(96,597)		(57,752)
Unremitted earnings	(1,334)		(1,163)
Operating lease assets	(13,341)		(13,220)

Other deferred tax liabilities	(3,380)		(2,942)
Total deferred tax liabilities	(149,931)		(112,477)
Net deferred tax liabilities	$	(54,905)	$	(30,954)

Schedule of Effective Income Tax Rate Reconciliation


(In thousands)	2024				2023				2022
Tax at federal statutory rate	$	31,892	21.0	%	$	29,695	21.0	%	$	13,362	21.0	%

Impact of foreign operations	(3,631)		(2.4)	%	(2,408)		(1.7)	%	(3,799)		(6.0)	%
State income taxes net of federal benefit	7,037		4.6	%	2,939		2.1	%	1,384		2.2	%
Change in uncertain tax positions	(107)		(0.1)	%	81		0.1	%	(777)		(1.2)	%

Global intangible low taxed income	(555)		(0.4)	%	(828)		(0.6)	%	3,608		5.7	%
Unremitted earnings	171		0.1	%	(91)		(0.1)	%	194		0.3	%
Deferred statutory rate changes	(159)		(0.1)	%	82		0.1	%	40		0.1	%

Non-deductible executive compensation	3,256		2.1	%	1,439		1.0	%	1,080		1.7	%
Non-deductible expenses	2,355		1.6	%	827		0.6	%	741		1.2	%
Stock compensation shortfalls (benefits)	(1,841)		(1.2)	%	1,883		1.3	%	2,070		3.3	%
Research credits	(1,378)		(0.9)	%	(2,073)		(1.5)	%	(1,496)		(2.4)	%
Contingent consideration	—		—	%	—		—	%	1,880		3.0	%
Impact of foreign tax law changes	(2,739)		(1.8)	%	—		—	%	—		—	%


Valuation allowance	(393)		(0.2)	%	(5,135)		(3.6)	%	254		0.2	%
Other, net	399		0.3	%	(409)		(0.3)	%	1,713		2.7	%
Income tax provision	$	34,307	22.6	%	$	26,002	18.4	%	$	20,254	31.8	%

Summary of Gross Unrecognized Tax Benefits

The following table summarizes the activity related to its gross unrecognized tax benefits for the fiscal years ended March 30, 2024, April 1, 2023 and April 2, 2022:


(In thousands)	March 30, 2024		April 1, 2023		April 2, 2022
Beginning Balance	$	3,941	$	3,939	$	6,107
Additions for tax positions of current year	234		292		219

Reductions of tax positions	(198)		(290)		(808)
Settlements of tax positions	—		—		(1,579)
Expiration of statute of limitations	(234)		—		—
Ending Balance	$	3,743	$	3,941	$	3,939