Income Taxes (Tables)

12 Months Ended

Apr. 02, 2016

The provision for income taxes consists of the following:



(In thousands)	April 2, 2016		March 28, 2015			March 29, 2014
Federal:
Current	$	21,366	$	61,308		$	16,692
Deferred	42,146		17,121			48,021
	63,512		78,429			64,713
State:
Current	2,447		3,330			1,333
Deferred	1,781		1,803			5,954
	4,228		5,133			7,287
Foreign:
Current	18,016		9,433			7,264
Deferred	202		(1,135		)	(126		)
	18,218		8,298			7,138
Total	$	85,958	$	91,860		$	79,138

Schedule of Income before Income Tax, Domestic and Foreign

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



(In thousands)	April 2, 2016		March 28, 2015		March 29, 2014
Domestic	$	37,568	$	110,881	$	83,617
Foreign	599,257		629,195		625,909
Income before income taxes	$	636,825	$	740,076	$	709,526

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)	April 2, 2016			March 28, 2015			March 29, 2014
Income before provision for taxes	$	636,825		$	740,076		$	709,526
Federal statutory tax rate	35		%	35		%	35		%
Computed expected tax	222,889			259,027			248,334
State taxes, net of federal benefit	3,177			2,458			4,664
Foreign earnings at lower tax rates	(112,942		)	(141,372		)	(143,336		)
Tax credits	(25,211		)	(26,633		)	(23,389		)
Other	(1,955		)	(1,620		)	(7,135		)
Provision for income taxes	$	85,958		$	91,860		$	79,138

Schedule of Deferred Tax Assets and Liabilities

The major components of deferred tax assets and liabilities consisted of the following as of April 2, 2016 and March 28, 2015:



(In thousands)	2016			2015
Deferred tax assets:
Stock-based compensation	$	22,128		$	18,233
Deferred income on shipments to distributors	9,307			9,207
Accrued expenses	32,771			28,318
Tax credit carryforwards	95,424			86,650
Deferred compensation plan	27,412			26,079
Low income housing and other investments	8,265			10,247
Other	11,538			10,706
Subtotal	206,845			189,440
Valuation allowance	(62,179		)	(52,552		)
Total deferred tax assets	144,666			136,888
Deferred tax liabilities:
Unremitted foreign earnings	(335,522		)	(280,322		)
Convertible debt	(2,349		)	(3,220		)
Other	(1,699		)	(3,987		)
Total deferred tax liabilities	(339,570		)	(287,529		)
Total net deferred tax liabilities	$	(194,904	)	$	(150,641	)

Schedule of Changes to Unrecognized Income Tax Benefits

The aggregate changes in the balance of gross unrecognized tax benefits for fiscal 2016 and 2015 were as follows:



(In thousands)	2016			2015
Balance as of beginning of fiscal year	$	30,089		$	26,398
Increases in tax positions for prior years	786			97
Decreases in tax positions for prior years	(606		)	(37		)
Increases in tax positions for current year	4,757			4,822
Settlements	(85		)	—
Lapses in statutes of limitation	(942		)	(1,191		)
Balance as of end of fiscal year	$	33,999		$	30,089