Company: CRUS
Filing Date: 2025-05-23
Form Type: 10-K
Source: 0000772406-25-000014
Chunk: 111

Company: CIRRUS LOGIC, INC.
Filing Date: 2025-05-23
Form: 10-K
Item: Item 8
Chunk 111
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 consisted of (in thousands): Fiscal Years EndedMarch 29,2025March 30,2024March 25,2023U.S.$538 $(10,343)$(141,670)Non-U.S.444,376 374,279 396,409 $444,914 $363,936 $254,739 The provision (benefit) for income taxes consists of (in thousands): Fiscal Years EndedMarch 29,2025March 30,2024March 25,2023Current:U.S.$39,932 $42,184 $60,603 Non-U.S.73,573 60,615 52,023 Total current tax provision$113,505 $102,799 $112,626 Deferred:U.S.1,575 (5,178)(28,529)Non-U.S.(1,673)(8,257)(6,061)Total deferred tax provision(98)(13,435)(34,590)Total tax provision$113,407 $89,364 $78,036 

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The effective income tax rates differ from the rates computed by applying the statutory federal rate to pretax income as follows (in percentages): Fiscal Years EndedMarch 29,2025March 30,2024March 25,2023U.S. federal statutory rate21.0 21.0 21.0 Foreign income taxed at different rates(3.5)(7.1)(14.4)Stock-based compensation(1.7)(0.1)(0.3)Foreign-derived intangible income deduction— (0.2)— GILTI and Subpart F income14.1 14.6 30.6 Foreign tax credits(5.6)(4.1)(7.7)Change in valuation allowance— — 0.2 Release of prior year unrecognized tax benefits— (0.2)— Interest related to unrecognized tax benefits0.6 0.7 0.7 U.S. research and development credit— (0.7)— Other0.6 0.7 0.5 Effective tax rate25.5 24.6 30.6 Under the legislation commonly referred to as the Tax Cuts and Jobs Act ("Tax Act"), research and development expenses incurred for tax years beginning after December 31, 2021