Income Taxes (Tables)

12 Months Ended

Mar. 28, 2015

The provision for income taxes consists of the following:



(In thousands)	March 28, 2015			March 29, 2014			March 30, 2013
Federal:
Current	$	61,308		$	16,692		$	97,108
Deferred	17,121			48,021			(45,465		)
	78,429			64,713			51,643
State:
Current	3,330			1,333			1,007
Deferred	1,803			5,954			1,742
	5,133			7,287			2,749
Foreign:
Current	9,433			7,264			5,455
Deferred	(1,135		)	(126		)	(377		)
	8,298			7,138			5,078
Total	$	91,860		$	79,138		$	59,470

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 28, 2015		March 29, 2014		March 30, 2013
Domestic	$	110,881	$	83,617	$	45,617
Foreign	629,195		625,909		501,389
Income before income taxes	$	740,076	$	709,526	$	547,006

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 28, 2015			March 29, 2014			March 30, 2013
Income before provision for taxes	$	740,076		$	709,526		$	547,006
Federal statutory tax rate	35		%	35		%	35		%
Computed expected tax	259,027			248,334			191,452
State taxes, net of federal benefit	2,458			4,664			1,787
Foreign earnings at lower tax rates	(141,372		)	(143,336		)	(107,730		)
Tax credits	(26,633		)	(23,389		)	(26,305		)
Other	(1,620		)	(7,135		)	266
Provision for income taxes	$	91,860		$	79,138		$	59,470

Schedule of Deferred Tax Assets and Liabilities

The major components of deferred tax assets and liabilities consisted of the following as of March 28, 2015 and March 29, 2014:



(In thousands)	2015			2014
Deferred tax assets:
Stock-based compensation	$	18,233		$	21,142
Deferred income on shipments to distributors	9,207			8,097
Accrued expenses	28,318			26,864
Tax credit carryforwards	86,650			79,272
Deferred compensation plan	26,079			22,280
Low income housing and other investments	10,247			6,735
Other	10,706			6,685
Subtotal	189,440			171,075
Valuation allowance	(52,552		)	(43,004		)
Total deferred tax assets	136,888			128,071
Deferred tax liabilities:
Unremitted foreign earnings	(280,322		)	(253,231		)
Convertible debt	(3,220		)	(4,670		)
Other	(3,987		)	(5,493		)
Total deferred tax liabilities	(287,529		)	(263,394		)
Total net deferred tax liabilities	$	(150,641	)	$	(135,323	)

Schedule of Changes to Unrecognized Income Tax Benefits

The aggregate changes in the balance of gross unrecognized tax benefits for fiscal 2015 and 2014 were as follows:



(In thousands)	2015			2014
Balance as of beginning of fiscal year	$	26,398		$	69,957
Increases in tax positions for prior years	97			163
Decreases in tax positions for prior years	(37		)	(35,615		)
Increases in tax positions for current year	4,822			3,687
Settlements	—			(6,030		)
Lapses in statutes of limitation	(1,191		)	(5,764		)
Balance as of end of fiscal year	$	30,089		$	26,398