XML 75 R45.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Tables)
 12 Months Ended
Mar. 30, 2013
Income Tax Disclosure [Abstract]  
Components of net deferred tax assets
Net deferred tax assets at March 30, 2013 and March 31, 2012 consisted of the following:
(In thousands)
2013
 
2012
Deferred tax assets and liabilities:
 
 
 
Current
 
 
 
Inventory valuation and warranty costs
$
11,779

 
$
5,660

Receivables and other current assets
(217
)
 
(257
)
Payroll-related accruals
1,901

 
1,367

Accrued liabilities
2,226

 
1,097

Deferred revenue
3,182

 
3,897

Other
15

 
642

Total current deferred tax assets
18,886

 
12,406

Valuation allowance, current
(17,204
)
 
(2,385
)
Net current deferred tax assets
$
1,682

 
$
10,021

Non-current
 
 
 
Deferred compensation
$
6,745

 
$
6,497

Intangible assets and investments
(1,431
)
 
(6
)
Accrued liabilities
523

 
722

Property, plant and equipment
4,967

 
3,975

Other comprehensive income
(302
)
 
(303
)
Tax loss and credit carryforwards
36,442

 
32,408

Other
427

 
1,880

Total non-current deferred tax asset
47,371

 
45,173

Valuation allowance, non-current
(43,605
)
 
(8,684
)
Net non-current deferred tax assets
$
3,766

 
$
36,489

Total deferred tax assets
$
66,257

 
$
57,579

Total valuation allowance
(60,809
)
 
(11,069
)
Net deferred tax assets
$
5,448

 
$
46,510
Breakdown of net operating loss carryforwards and tax credits
A detailed breakdown of the net operating loss carryforwards, net of tax, and tax credits at March 30, 2013 and March 31, 2012 was as follows:
(In thousands)
2013
 
2012
Federal net operating losses
$
—

 
$
1,308

State net operating losses
2,863

 
3,004

Foreign operating losses and tax credits
9,923

 
3,099

Federal research credits
17,633

 
15,010

State research credits
4,439

 
4,630

Federal minimum tax credit
1,171

 
1,246

Federal capital losses
4,038

 
4,111

 
$
40,067

 
$
32,408
Components of income tax expense and provision for income taxes
The components of income before income taxes and the provision for (benefit from) income taxes, all from continuing operations, were as follows:
(In thousands)
2013
 
2012
 
2011
(Loss) income before income taxes:
 
 
 
 
 
Domestic
$
(16,935
)
 
$
(3,298
)
 
$
(1,118
)
Foreign
2,070

 
6,785

 
9,442

Total (loss) income before income taxes
$
(14,865
)
 
$
3,487

 
$
8,324

(Benefit from) provision for income taxes:
 
 
 
 
 
Current:
 
 
 
 
 
U.S. federal and state
$
(2,978
)
 
$
2,287

 
$
1,579

Foreign
1,767

 
2,093

 
1,214

 
(1,211
)
 
4,380

 
2,793

Deferred:
 
 
 
 
 
U.S. federal and state
40,055

 
(5,221
)
 
(2,024
)
Foreign
1,007

 
(576
)
 
(379
)
 
41,062

 
(5,797
)
 
(2,403
)
Total provision for (benefit from) income taxes
$
39,851

 
$
(1,417
)
 
$
390
Reconciliation of effective tax rate
A reconciliation of the Company’s effective tax rate to the United States federal statutory income tax rate was as follows:
 
2013
 
2012
 
2011
U.S. federal statutory income tax rate
35.0
 %
 
35.0
 %
 
35.0
 %
State income taxes, net of federal benefit
1.1

 
(7.7
)
 
0.1

Tax credits
11.3

 
(72.2
)
 
(12.1
)
Domestic production and export tax incentives
3.7

 
—

 
(2.4
)
Non-U.S. income taxed at different rates
8.4

 
(16.0
)
 
(23.3
)
Changes in unrecognized tax benefits
3.6

 
21.1

 
4.6

Change in valuation allowance
(327.2
)
 
(9.4
)
 
(0.4
)
Stock compensation
(3.6
)
 
5.2

 
2.5

Other, net
(0.4
)
 
3.4

 
0.7

 
(268.1
)%
 
(40.6
)%
 
4.7
 %
Tax years subject to examination
As of March 30, 2013, the following tax years remained subject to examination by the major tax jurisdictions indicated:
Major Jurisdictions
Open Tax Years
Canada
 
 
2011 and forward
China
 
 
2003 and forward
France
 
 
2010 and forward
Japan
 
 
2006 and forward
Korea
 
 
2008 and forward
Singapore
 
 
2009 and forward
Taiwan
 
 
2008 and forward
United Kingdom
 
 
2008 and forward
United States
 
 
2004 and forward
Rollforward of unrecognized income tax benefits
A reconciliation of the beginning and ending amount of the consolidated liability for unrecognized income tax benefits for the years ended March 30, 2013 and March 31, 2012 was as follows:
(In thousands)
2013
 
2012
Beginning unrecognized tax benefits balance
$
8,613

 
$
8,016

Gross increases for tax positions of prior years
109

 
78

Gross decreases for tax positions of prior years
(581
)
 
—

Gross increases for tax positions for current year
1,069

 
519

Ending unrecognized tax benefits balance
$
9,210

 
$
8,613