Income Taxes (Tables)

12 Months Ended

Mar. 25, 2022

Schedule of Income before Income Tax, Domestic and Foreign

The components of income before income taxes include the following:


	Fiscal Year Ended
	March 25, 2022		March 26, 2021		March 27, 2020
Income before provision for income taxes attributable to:
Domestic operations	$	121,883	$	(2,288)	$	34,425
Foreign operations	18,863		837		18,853
Total	$	140,746	$	(1,451)	$	53,278

Schedule of Tax Provision

Significant components of the provision (benefit) for income taxes are as follows:


	Fiscal Year Ended
	March 25, 2022		March 26, 2021		March 27, 2020
Current:
Federal	$	7,779	$	(3,821)	$	15,146
State	1,553		1,085		1,468
Foreign	4,361		2,115		4,468
Total current	13,693		(621)		21,082
Deferred:
Federal	7,892		(17,564)		(4,431)
State	371		(1,016)		18
Foreign	(765)		(351)		(496)
Total deferred	7,498		(18,931)		(4,909)
Total income tax provision	$	21,191	$	(19,552)	$	16,173

Schedule of Income Taxes Reconciliation

The difference between the tax provision at the statutory federal tax rate and the provision for income taxes is as follows:


	Fiscal Year Ended
	March 25, 2022		March 26, 2021		March 27, 2020
Tax provision at U.S. statutory rate	$	29,557	$	(305)	$	11,189
162(m) limitation	3,988		—		—
Stock based compensation	(230)		(13,303)		—
CARES carryback claim and amended returns	(2,031)		(3,834)		—
PSL Divestiture	—		(2,009)		—
Research and development tax credit	(2,823)		(2,162)		(1,841)
FDII	(9,066)		—		(1,188)
BEAT	—		—		1,694
GILTI	—		—		86
Transaction costs	307		1,498		—
Foreign tax rate	(157)		1,279		283
State income taxes, net of federal benefit	2,370		356		514
Deferred tax remeasurement	—		309		—
Subpart F income, net of credits	283		43		—
Provision for uncertain tax positions	(17)		26		361
Provision for IRS audit settlement	—		—		5,491

Gain on contingent purchase price reduction	(420)		(525)		—
Cumulative provision-to-return	(590)		(862)		(186)
Other	20		(63)		(230)
Total income tax provision	$	21,191	$	(19,552)	$	16,173

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows:


	March 25, 2022		March 26, 2021
Deferred income tax assets:
Net operating loss	$	2,106	$	11,054
Bonuses, commissions and other compensation	11,137		9,304
Tax credits	6,454		8,698
Inventory and sales related	5,892		6,304
Stock-based compensation	2,837		821
Right-of-use liability	2,221		—

Other accruals and reserves	2,067		2,050
Gross deferred income tax assets	32,714		38,231
Valuation allowance for deferred income tax assets	(5,070)		(5,025)
Total deferred income tax assets	27,644		33,206
Deferred income tax liabilities:
Fixed assets and intangibles	(4,720)		(4,366)
Equity method and other investments	(2,801)		(1,868)
Right-of-use asset	(2,156)		—

Total deferred income tax liabilities	(9,677)		(6,234)
Net deferred income tax assets	$	17,967	$	26,972

Schedule of Unrecognized Tax Benefits Roll Forward


	Fiscal Year Ended
	March 25, 2022		March 26, 2021		March 27, 2020
Beginning balance	$	2,554	$	2,559	$	6,264
Gross increases-tax positions in prior period	—		55		4,863
Gross decreases-tax positions in prior period settlement	—		—		(8,513)
Lapse in statute of limitations	(95)		(60)		(55)
Balance at end of period	$	2,459	$	2,554	$	2,559