Income Taxes (Tables)

12 Months Ended

Mar. 31, 2018

The provision for income taxes consists of the following:



	Years Ended
(In thousands)	March 31, 2018			April 1, 2017			April 2, 2016
Federal:
Current	$	565,765		$	(19,097	)	$	21,366
Deferred	(362,346		)	64,158			42,146
	203,419			45,061			63,512
State:
Current	2,520			(938		)	2,447
Deferred	8,304			3,093			1,781
	10,824			2,155			4,228
Foreign:
Current	23,772			21,121			18,016
Deferred	15			231			202
	23,787			21,352			18,218
Total	$	238,030		$	68,568		$	85,958

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 31, 2018		April 1, 2017		April 2, 2016
Domestic	$	37,784	$	41,031	$	37,568
Foreign	712,627		650,049		599,257
Income before income taxes	$	750,411	$	691,080	$	636,825

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:



	Years Ended
(In thousands)	March 31, 2018			April 1, 2017			April 2, 2016
Income before provision for taxes	$	750,411		$	691,080		$	636,825
Federal statutory tax rate	31.5		%	35.0		%	35.0		%
Computed expected tax	236,668			241,878			222,889
State taxes, net of federal benefit	10,338			1,741			3,177
Foreign earnings at lower tax rates	(199,960		)	(119,616		)	(112,942		)
Tax credits	(19,708		)	(34,146		)	(25,211		)
Transition tax	208,523			—			—
Deferred tax remeasurement	25,148			—			—
Excess benefits from stock-based compensation	(21,520		)	(15,396		)	—
Other	(1,459		)	(5,893		)	(1,955		)
Provision for income taxes	$	238,030		$	68,568		$	85,958

Schedule of Deferred Tax Assets and Liabilities

The major components of deferred tax assets and liabilities consisted of the following:



(In thousands)	March 31, 2018			April 1, 2017
Deferred tax assets:
Stock-based compensation	$	17,213		$	22,050
Deferred income on shipments to distributors	2,019			8,167
Accrued expenses	7,172			9,567
Tax credit carryforwards	140,406			109,681
Deferred compensation plan	24,121			32,518
Low income housing and other investments	5,836			8,163
Other	15,337			17,628
Subtotal	212,104			207,774
Valuation allowance	(101,383		)	(72,520		)
Total deferred tax assets	110,721			135,254
Deferred tax liabilities:
Unremitted foreign earnings	(6,185		)	(383,312		)
Convertible debt	—			(1,573		)
Other	(2,522		)	(4,002		)
Total deferred tax liabilities	(8,707		)	(388,887		)
Total net deferred tax liabilities	$	102,014		$	(253,633	)

Schedule of Changes to Unrecognized Income Tax Benefits

The aggregate changes in the balance of gross unrecognized tax benefits were as follows:



(In thousands)	March 31, 2018			April 1, 2017
Balance as of beginning of fiscal year	$	30,437		$	33,999
Increases in tax positions for prior years	90,716			—
Decreases in tax positions for prior years	(1,063		)	(10,078		)
Increases in tax positions for current year	5,158			6,556
Settlements	—			—
Lapses in statutes of limitation	(100		)	(40		)
Balance as of end of fiscal year	$	125,148		$	30,437