Annual report [Section 13 and 15(d), not S-K Item 405]

INCOME TAXES (Tables)

v3.26.1
INCOME TAXES (Tables)
 12 Months Ended
Mar. 28, 2026
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes, Income Before Income Taxes
The provision for income taxes was computed based on the following amounts of income (loss) from continuing operations before income taxes:
Year Ended March
(In thousands) 2026 2025 2024
Domestic $ (416,404) $ (633,126) $ (948,501)
Foreign 757,622  778,287  663,580 
Income (loss) from continuing operations before income taxes $ 341,218  $ 145,161  $ (284,921)
Schedule of Provision for Income Taxes
The provision for income taxes consisted of:
Year Ended March
(In thousands) 2026 2025 2024
Current:
Federal $ 13,048  $ 11,355  $ 235,262 
Foreign 176,140  141,175  747,859 
State (60,641) 11,851  134,351 
128,547  164,381  1,117,472 
Deferred:
Federal and state (80,798) (65,807) (305,058)
Foreign 38,549  (22,737) (78,858)
(42,249) (88,544) (383,916)
Income tax expense $ 86,298  $ 75,837  $ 733,556 
Schedule of Differences Between Income Taxes Computed by Applying Statutory Federal Income Tax Rate and Income Tax Expense Reported in Consolidated Financial Statements
The differences between income taxes computed by applying the statutory federal income tax rate and income tax expense reported in the consolidated financial statements were as follows:
Year Ended March 2026
(Dollars in thousands) Amount Percent
U.S. federal statutory tax rate $ 71,656  21.0 %
State and local income taxes, net of federal tax effect (a)
(9,655) (2.8 %)
Foreign tax effects
China
Foreign withholding taxes 8,691  2.5 %
Other 7,835  2.3 %
Singapore
Statutory tax rate difference between Singapore and United States (13,275) (3.9 %)
Other (5,022) (1.5 %)
Switzerland
Changes in valuation allowance 171,541  50.3 %
Investment impairments (163,164) (47.8 %)
Statutory tax rate difference between Switzerland and United States (23,677) (6.9 %)
Cantonal taxes 22,752  6.7 %
Other 5,598  1.6 %
Other foreign jurisdictions 39,409  11.5 %
Effect of cross-border tax laws
Global intangible low-taxed income, net of foreign tax credits 38,719  11.3 %
Foreign tax credits (8,857) (2.6 %)
Other 45  0.0 %
Tax credits (2,987) (0.9 %)
Changes in valuation allowances (31,387) (9.2 %)
Nontaxable or nondeductible items
Share-based payment awards 10,135  3.0 %
Nondeductible excise tax 5,266  1.5 %
Other 1,036  0.3 %
Changes in unrecognized tax benefits (39,302) (11.5 %)
Other adjustments 941  0.3 %
Effective tax rate $ 86,298  25.3 %
(a)State taxes in California, Florida, Maryland, New Jersey, New York, Pennsylvania, Tennessee and Texas represent the majority (greater than 50%) of the tax effect in this category.
Year Ended March
(In thousands) 2025 2024
Tax at federal statutory rate $ 30,484  $ (59,834)
State income taxes, net of federal tax benefit (5,075) (27,734)
Foreign rate differences 51,422  64,134 
Tax litigation (7,901) 691,053 
Goodwill impairment 1,154  55,076 
Stock compensation 4,230  3,908 
Interest on tax receivable —  11,972 
Other 1,523  (5,019)
Income tax expense $ 75,837  $ 733,556 
Schedule of Deferred Income Tax Assets and Liabilities
Deferred income tax assets and liabilities consisted of the following:
(In thousands) March 2026 March 2025
Deferred income tax assets:
Inventories $ 25,777  $ 46,180 
Depreciation and capitalized research and development 55,504  31,539 
Deferred compensation 14,786  16,985 
Other employee benefits 37,758  — 
Stock compensation 24,121  25,403 
Operating lease liabilities 341,537  332,825 
Other accrued expenses 138,994  125,387 
Interest expense limitation carryforward 184,692  186,258 
Capital loss carryforwards 216,016  266,865 
Operating loss and credit carryforwards 719,275  432,049 
Gross deferred income tax assets 1,758,460  1,463,491 
Valuation allowances (771,253) (531,028)
Net deferred income tax assets 987,207  932,463 
Deferred income tax liabilities:
Intangible assets 28,985  27,456 
Operating lease right-of-use assets 310,222  301,672 
Other employee benefits —  5,691 
Outside basis difference in subsidiaries 39,257  35,432 
Other deferred tax liabilities 3,480  1,217 
Deferred income tax liabilities 381,944  371,468 
Net deferred income tax assets (liabilities) $ 605,263  $ 560,995 
Amounts included in the Consolidated Balance Sheets:
Other assets (Note 11)
 $ 626,320  $ 575,546 
Other liabilities (Note 16)
 (21,057) (14,551)
$ 605,263  $ 560,995 
Schedule of Cash Paid, Net of Refunds
A summary of cash paid for income taxes, net of refunds, in the year ended March 2026 was as follows:
(In thousands) Year Ended March 2026
Federal $ — 
State 5,400 
Foreign:
Switzerland 40,540 
China 20,742 
Singapore 20,712 
Mexico 11,363 
Czech Republic 9,225 
Other foreign jurisdictions 63,793 
Income taxes paid $ 171,775 
Year Ended March
(In thousands) 2026 2025 2024
Income taxes paid, net of refunds (a)
$ 171,775  $ 162,562  $ 349,978 
Interest paid, net of amounts capitalized 145,110  162,918  175,822 
Noncash transactions:
Property, plant and equipment expenditures included in accounts payable or accrued liabilities
 25,026  19,568  15,903 
Computer software costs included in accounts payable or accrued liabilities
 11,751  18,229  17,080 
(a)Includes both continuing and discontinued operations.
Schedule of Reconciliation of Change in Accrual for Unrecognized Income Tax Benefit
A reconciliation of the change in the accrual for unrecognized income tax benefits was as follows:
(In thousands) Unrecognized
Income Tax
Benefits		 Accrued
Interest
and Penalties		 Unrecognized
Income Tax
Benefits
Including Interest
and Penalties
Balance, March 2023 $ 348,170  $ 84,607  $ 432,777 
Additions for current year tax positions 15,982  —  15,982 
Additions for prior year tax positions (a)
165,426  78,133  243,559 
Reductions for prior year tax positions (36,943) (3,809) (40,752)
Reductions due to statute expirations (1,436) (383) (1,819)
Payments in settlement (b)
(210,874) (74,659) (285,533)
Currency translation (11) (4) (15)
Balance, March 2024 280,314  83,885  364,199 
Additions for current year tax positions 17,978  —  17,978 
Additions for prior year tax positions 36,190  27,372  63,562 
Reductions for prior year tax positions (15,135) (755) (15,890)
Reductions due to statute expirations (530) (520) (1,050)
Payments in settlement (914) (91) (1,005)
Decrease due to divestiture (472) (72) (544)
Currency translation (21) (16) (37)
Balance, March 2025 317,410  109,803  427,213 
Additions for current year tax positions 5,119  —  5,119 
Additions for prior year tax positions 54,502  12,946  67,448 
Reductions for prior year tax positions (77,531) (37,706) (115,237)
Payments in settlement (17,261) (344) (17,605)
Currency translation (9) 42  33 
Balance, March 2026 $ 282,230  $ 84,741  $ 366,971 
(a)The year ended March 2024 includes an increase due to uncertainty in the application of court decisions upheld upon appeal.
(b)The year ended March 2024 includes a settlement with the tax authorities related to intellectual property transfers completed in a prior period.
Schedule of Amounts Included in Consolidated Balance Sheets
(In thousands) March 2026 March 2025
Amounts included in the Consolidated Balance Sheets (a):
Unrecognized income tax benefits, including interest and penalties $ 366,971  $ 427,213 
Less deferred tax benefits 98,250  101,618 
Total unrecognized tax benefits $ 268,721  $ 325,595 
(a)Included in the accrued liabilities and other liabilities line items in the Consolidated Balance Sheets.