Income Taxes (Tables)

12 Months Ended

Mar. 28, 2020

The provision for income taxes consists of the following:



	Years Ended
(In thousands)	March 28, 2020			March 30, 2019			March 31, 2018
Federal:
Current	$	(2,056	)	$	90,674		$	565,765
Deferred	11,527			(30,746		)	(370,893		)
	9,471			59,928			194,872
State:
Current	5,480			4,623			2,520
Deferred	9,289			2,545			7,813
	14,769			7,168			10,333
Foreign:
Current	26,915			16,282			23,483
Deferred	(9,892		)	(4,796		)	(1,290		)
	17,023			11,486			22,193
Total	$	41,263		$	78,582		$	227,398

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, 2020		March 30, 2019		March 31, 2018
Domestic	$	145,339	$	173,082	$	21,198
Foreign	688,645		795,250		670,181
Income before income taxes	$	833,984	$	968,332	$	691,379

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 28, 2020			March 30, 2019			March 31, 2018
Income before provision for taxes	$	833,984		$	968,332		$	691,379
Federal statutory tax rate	21.0		%	21.0		%	31.5		%
Computed expected tax	175,137			203,350			217,784
State taxes, net of federal benefit	16,085			6,379			9,785
Foreign earnings at lower tax rates	(69,103		)	(98,387		)	(188,174		)
Tax credits	(35,846		)	(31,679		)	(19,708		)
Transition tax	—			21,063			208,523
Deferred tax remeasurement	—			—			21,834
Excess benefits from stock-based compensation	(37,428		)	(14,196		)	(21,520		)
Fiscal 2014 amended returns*	(9,398		)	—			—
Other	1,816			(7,948		)	(1,126		)
Provision for income taxes	$	41,263		$	78,582		$	227,398

*Interest income on refunds and release of unrecognized tax benefits for related research credits. Refer to gross unrecognized tax benefits discussion below for more detail.

Schedule of Deferred Tax Assets and Liabilities

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



(In thousands)	March 28, 2020			March 30, 2019
Deferred tax assets:
Stock-based compensation	$	18,600		$	18,514
Accrued expenses	12,159			7,744
Tax credit carryforwards	172,998			155,036
Deferred compensation plan	28,394			27,186
Low income housing and other investments	2,880			6,366
GILTI deferred taxes	24,306			38,410
Tax loss carryforwards	57,969			—
Intangible assets	1,755			—
Operating leases	11,317			—
Other	7,465			22,997
Subtotal	337,843			276,253
Valuation allowance	(150,907		)	(118,773		)
Total deferred tax assets	186,936			157,480
Deferred tax liabilities:
Unremitted foreign earnings	(8,432		)	(5,142		)
Intangible assets	—			(20,775		)
Distributor price adjustments	(7,540		)	(11,464		)
Operating leases	(11,317		)	—
Other	(12,499		)	(4,975		)
Total deferred tax liabilities	(39,788		)	(42,356		)
Total net deferred tax assets	$	147,148		$	115,124

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 28, 2020			March 30, 2019
Balance as of beginning of fiscal year	$	147,616		$	125,148
Increases in tax positions for prior years	4,481			18,156
Decreases in tax positions for prior years	(90,521		)	(666		)
Increases in tax positions for current year	27,524			5,132
Settlements	—			—
Lapses in statutes of limitation	(260		)	(154		)
Balance as of end of fiscal year	$	88,840		$	147,616