Income Taxes (Tables)

12 Months Ended

Mar. 29, 2014

The provision for income taxes consists of the following:



(In thousands)	March 29, 2014			March 30, 2013			March 31, 2012
Federal:
Current	$	16,692		$	97,108		$	(17,333	)
Deferred	48,021			(45,465		)	74,911
	64,713			51,643			57,578
State:
Current	1,333			1,007			(2,999		)
Deferred	5,954			1,742			6,591
	7,287			2,749			3,592
Foreign:
Current	7,264			5,455			7,978
Deferred	(126		)	(377		)	(2,176		)
	7,138			5,078			5,802
Total	$	79,138		$	59,470		$	66,972

Schedule of Income before Income Tax, Domestic and Foreign

The domestic and foreign components of income before income taxes were as follows:



(In thousands)	March 29, 2014		March 30, 2013		March 31, 2012
Domestic	$	83,617	$	45,617	$	74,959
Foreign	625,909		501,389		522,092
Income before income taxes	$	709,526	$	547,006	$	597,051

Schedule of Effective Income Tax Rate Reconciliation

The provision for income taxes reconciles to the amount derived by applying the Federal statutory income tax rate to income before provision for taxes as follows:



(In thousands)	March 29, 2014			March 30, 2013			March 31, 2012
Income before provision for taxes	$	709,526		$	547,006		$	597,051
Federal statutory tax rate	35		%	35		%	35		%
Computed expected tax	248,334			191,452			208,968
State taxes, net of federal benefit	4,664			1,787			2,162
Foreign earnings at lower tax rates	(143,336		)	(107,730		)	(117,013		)
Tax credits	(23,389		)	(26,305		)	(29,633		)
Other	(7,135		)	266			2,488
Provision for income taxes	$	79,138		$	59,470		$	66,972

Schedule of Deferred Tax Assets and Liabilities

The major components of deferred tax assets and liabilities consisted of the following as of March 29, 2014 and March 30, 2013:



(In thousands)	2014			2013 ⁽¹⁾
Deferred tax assets:
Stock-based compensation	$	21,142		$	27,481
Deferred income on shipments to distributors	8,097			10,043
Accrued expenses	26,864			33,859
Tax credit carryforwards	79,272			62,723
Intangible and fixed assets	—			11,638
Deferred compensation plan	22,280			18,769
Other	13,420			14,948
Subtotal	171,075			179,461
Valuation allowance	(43,004		)	(26,401		)
Total deferred tax assets	128,071			153,060
Deferred tax liabilities:
Unremitted foreign earnings	(253,231		)	(244,341		)
Convertible debt	(4,670		)	(198,943		)
Other	(5,493		)	(8,181		)
Total deferred tax liabilities	(263,394		)	(451,465		)
Total net deferred tax liabilities	$	(135,323	)	$	(298,405	)

Schedule of Changes to Unrecognized Income Tax Benefits

The aggregate changes in the balance of gross unrecognized tax benefits for fiscal 2014 and 2013 were as follows:



(In thousands)	2014			2013
Balance as of beginning of fiscal year	$	69,957		$	65,038
Increases in tax positions for prior years	163			2,208
Decreases in tax positions for prior years	(35,615		)	(4,281		)
Increases in tax positions for current year	3,687			17,660
Settlements	(6,030		)	(44		)
Lapses in statutes of limitation	(5,764		)	(10,624		)
Balance as of end of fiscal year	$	26,398		$	69,957