XML 62 R43.htm IDEA: XBRL DOCUMENT v3.21.1
INCOME TAXES (Tables)
 12 Months Ended
Apr. 03, 2021
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
Income Tax Benefit for Fiscal Years 2021, 2020, and 2019 consisted of the following:
Fiscal Year Ended
(in thousands)April 3, 2021March 28, 2020March 30, 2019
Current:   
Federal$(1,895)$15,794 $(1,199)
State1,780 2,310 2,550 
Foreign13,740 9,526 (1,550)
Total current income tax expense (benefit)13,625 27,630 (199)
Deferred:  
Federal— (12,899)(37,577)
State— (768)(4,160)
Foreign(21,174)(83,364)(8,195)
Total deferred income tax benefit(21,174)(97,031)(49,932)
Income tax benefit$(7,549)$(69,401)$(50,131)
Schedule of Income before Income Tax, Domestic and Foreign
The components of Loss Before Income Taxes for Fiscal Years 2021, 2020, and 2019 are as follows:
Fiscal Year Ended
(in thousands)April 3, 2021March 28, 2020March 30, 2019
United States$(137,433)$(756,095)$(179,387)
Foreign72,553 (140,488)(6,305)
Loss before income taxes$(64,880)$(896,583)$(185,692)
Schedule of Effective Income Tax Rate Reconciliation
The following is a reconciliation between statutory federal income taxes and the income tax benefit for Fiscal Years 2021, 2020, and 2019:
Fiscal Year Ended
 (in thousands)April 3, 2021March 28, 2020March 30, 2019
Tax benefit at statutory rate$(13,625)$(188,282)$(38,995)
Foreign operations taxed at different rates(11,709)2,497 (4,965)
State taxes, net of federal benefit(5,077)(14,326)(1,610)
Research and development credit(9,725)(6,498)(4,288)
US tax on foreign earnings11,274 10,889 4,398 
Impact of Tax Act— — (3,728)
Goodwill impairment— 101,604 — 
Stock-based compensation6,751 7,369 (1,196)
Internal restructuring related benefit— (65,069)— 
Valuation allowance change23,928 68,486 — 
Altera accrual— 9,467 — 
Tax rate change(12,418)— — 
Nondeductible compensation1,209 1,187 1,611 
Provision to return2,707 1,717 — 
Other, net(864)1,558 (1,358)
Income tax benefit$(7,549)$(69,401)$(50,131)
Schedule of Deferred Tax Assets and Liabilities Significant components of the Company's deferred tax assets and liabilities as of April 3, 2021 and March 28, 2020 are as follows:
(in thousands)April 3, 2021March 28, 2020
Deferred tax assets
Accruals and other reserves$36,503 $29,788 
Deferred compensation3,717 277 
Net operating loss carry forward10,923 11,810 
Stock-based compensation9,939 10,867 
Interest expense23 10,676 
Tax credits13,858 12,437 
Capitalized R&D costs54,725 41,123 
Intangible assets101,362 94,809 
Other deferred tax assets4,610 3,826 
Unearned revenue9,043 6,521 
Property, plant, and equipment depreciation1,045 818 
Total deferred tax assets, before valuation allowance245,748 222,952 
Valuation allowance(1)
(101,740)(81,436)
Total deferred tax assets, net144,008 141,516 
Deferred tax liabilities
Deferred gains on sales of properties(1,137)(1,128)
Purchased intangibles(42,255)(55,586)
Unremitted earnings of certain subsidiaries(889)(7,123)
Right of use assets(5,623)(5,316)
Total deferred tax liabilities(49,904)(69,153)
Net deferred tax assets$94,104 $72,363 

(1) Valuation allowance on federal and state deferred tax assets is net of federal tax impact.
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the change in the amount of gross unrecognized income tax benefits for the periods is as follows:
Fiscal Year Ended
(in thousands)April 3, 2021March 28, 2020March 30, 2019
Balance at beginning of period$152,307 $26,458 $12,612 
Increase (decrease) of unrecognized tax benefits related to prior fiscal years8,827 11,226 254 
Increase of unrecognized tax benefits related to business combinations— 89 13,329 
Increase of unrecognized tax benefits related to current year income statement— 115,824 2,069 
Reductions to unrecognized tax benefits related to settlements with taxing authorities(9,668)(995)— 
Reductions to unrecognized tax benefits related to lapse of applicable statute of limitations(2,000)(295)(1,806)
Balance at end of period$149,466 $152,307 $26,458