CIRRUS LOGIC, INC., 10-K filed on 5/20/2022
Annual Report
v3.22.1
Cover - USD ($)
 12 Months Ended
Mar. 26, 2022
May 18, 2022
Sep. 25, 2021
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Mar. 26, 2022    
Current Fiscal Year End Date --03-26    
Document Transition Report false    
Entity File Number 0-17795    
Entity Registrant Name CIRRUS LOGIC, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 77-0024818    
Entity Address, Address Line One 800 W. 6th Street    
Entity Address, City or Town Austin,    
Entity Address, State or Province TX    
Entity Address, Postal Zip Code 78701    
City Area Code (512)    
Local Phone Number 851-4000    
Title of 12(b) Security Common stock, $0.001 par value    
Trading Symbol CRUS    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Smaller Reporting Company false    
Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 2,809,967,527
Entity Common Stock, Shares Outstanding (in shares)   56,108,704  
Documents Incorporated by Reference Certain information contained in the registrant’s proxy statement for its annual meeting of stockholders to be held July 29, 2022 is incorporated by reference in Part II – Item 5 and Part III of this Annual Report on Form 10-K.    
Amendment Flag false    
Entity Central Index Key 0000772406    
Document Fiscal Year Focus 2022    
Document Fiscal Period Focus FY    
v3.22.1
Audit Information
 12 Months Ended
Mar. 26, 2022
Audit Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Austin, Texas
v3.22.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 26, 2022
Mar. 27, 2021
Current assets:    
Cash and cash equivalents $ 369,814 $ 442,164
Marketable securities 10,601 55,697
Accounts receivable, net 240,264 108,712
Inventories 138,436 173,263
Prepaid assets 40,822 37,576
Other current assets 40,078 25,107
Total current assets 840,015 842,519
Long-term marketable securities 63,749 312,759
Right-of-use lease assets 171,003 133,548
Property and equipment, net 157,077 154,942
Intangibles, net 158,145 22,031
Goodwill 435,791 287,518
Deferred tax assets 11,068 9,977
Long-term prepaid wafers 195,000 0
Other assets 91,552 67,320
Total assets 2,123,400 1,830,614
Current liabilities:    
Accounts payable 115,417 102,744
Accrued salaries and benefits 65,261 54,849
Software license agreements 21,736 28,006
Current lease liabilities 14,680 14,573
Acquisition-related liabilities 30,964 0
Other accrued liabilities 16,725 13,438
Total current liabilities 264,783 213,610
Long-term liabilities:    
Software license agreements 13,563 36,096
Non-current income taxes 73,383 64,020
Non-current lease liabilities 163,162 127,883
Long-term acquisition-related liabilities 8,692 0
Total long-term liabilities 258,800 227,999
Stockholders’ equity:    
Preferred stock, 5.0 million shares authorized but unissued 0 0
Common stock, $0.001 par value, 280,000 shares authorized, 56,596 shares and 57,652 shares issued and outstanding at March 26, 2022 and March 27, 2021, respectively 57 58
Additional paid-in capital 1,578,370 1,498,761
Accumulated earnings (deficit) 23,435 (112,689)
Accumulated other comprehensive income (loss) (2,045) 2,875
Total stockholders’ equity 1,599,817 1,389,005
Total liabilities and stockholders’ equity $ 2,123,400 $ 1,830,614
v3.22.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
shares in Thousands
Mar. 26, 2022
Mar. 27, 2021
Statement of Financial Position [Abstract]    
Preferred stock, shares authorized but unissued (in shares) 5,000 5,000
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 280,000 280,000
Common stock, shares issued (in shares) 56,596 57,652
Common stock, shares outstanding (in shares) 56,596 57,652
v3.22.1
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
Income Statement [Abstract]      
Net sales $ 1,781,460 $ 1,369,230 $ 1,281,124
Cost of sales 857,819 661,929 606,957
Gross profit 923,641 707,301 674,167
Operating expenses      
Research and development 406,307 342,759 347,647
Selling, general and administrative 150,996 127,008 131,115
Restructuring costs 0 352 21,925
Total operating expenses 557,303 470,119 500,687
Income from operations 366,338 237,182 173,480
Interest income 1,563 6,281 10,458
Interest expense (948) (1,057) (1,057)
Other income (expense) 1,710 2,840 (1,615)
Income before income taxes 368,663 245,246 181,266
Provision for income taxes 42,308 27,902 21,768
Net income $ 326,355 $ 217,344 $ 159,498
Basic earnings per share (in dollars per share) $ 5.70 $ 3.74 $ 2.74
Diluted earnings per share (in dollars per share) $ 5.52 $ 3.62 $ 2.64
Basic weighted average common shares outstanding (in shares) 57,278 58,106 58,317
Diluted weighted average common shares outstanding (in shares) 59,143 60,060 60,462
v3.22.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
Statement of Comprehensive Income [Abstract]      
Net income $ 326,355 $ 217,344 $ 159,498
Other comprehensive income (loss), before tax      
Foreign currency translation gain (loss) (507) 1,862 68
Unrealized gain (loss) on marketable securities (5,587) 5,673 (2,803)
Cumulative effect of adoption of ASU 2018-02 0 0 (257)
Benefit (provision) for income taxes 1,174 (1,191) 589
Comprehensive income $ 321,435 $ 223,688 $ 157,095
v3.22.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
Cash flows from operating activities:      
Net income $ 326,355 $ 217,344 $ 159,498
Adjustments to net cash provided by operating activities:      
Depreciation and amortization 62,061 47,083 68,237
Stock-based compensation expense 66,392 56,762 53,757
Deferred income taxes (15,002) (5,581) (5,888)
Loss on retirement or write-off of long-lived assets 642 371 379
Other non-cash (gains) / charges 370 (622) 697
MEMS restructuring charges 0 352 21,925
Net change in operating assets and liabilities:      
Accounts receivable, net (124,826) 45,286 (33,082)
Inventories 42,502 (26,538) 17,765
Long-term prepaid wafers (195,000) 0 0
Other assets (92,584) 843 1,379
Accounts payable 10,529 21,104 27,626
Accrued salaries and benefits 10,049 12,410 11,470
Income taxes payable (804) (18,185) (9,809)
Acquisition-related liabilities 39,656 0 0
Other accrued liabilities (5,587) (1,684) (18,139)
Net cash provided by operating activities 124,753 348,945 295,815
Cash flows from investing activities:      
Maturities and sales of available-for-sale marketable securities 371,545 168,328 170,818
Purchases of available-for-sale marketable securities (83,023) (225,528) (249,463)
Purchases of property, equipment and software (26,139) (18,253) (15,656)
Investments in technology (3,871) (2,222) (5,920)
Acquisition of business, net of cash obtained (276,884) 0 0
Net cash used in investing activities (18,372) (77,675) (100,221)
Cash flows from financing activities:      
Debt issuance costs (1,718) 0 0
Issuance of common stock, net of shares withheld for taxes 13,220 7,128 18,635
Repurchase of stock to satisfy employee tax withholding obligations (22,732) (18,367) (18,280)
Repurchase and retirement of common stock (167,501) (109,986) (120,002)
Net cash used in financing activities (178,731) (121,225) (119,647)
Net increase (decrease) in cash and cash equivalents (72,350) 150,045 75,947
Cash and cash equivalents at beginning of period 442,164 292,119 216,172
Cash and cash equivalents at end of period 369,814 442,164 292,119
Cash payments during the year for:      
Income taxes 35,693 28,988 22,321
Interest $ 572 $ 610 $ 457
v3.22.1
Consolidated Statements of Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Common Stock
Additional Paid-In Capital
Accumulated Earnings (Deficit)
Accumulated Earnings (Deficit)
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Income / (Loss)
Accumulated Other Comprehensive Income / (Loss)
Cumulative Effect, Period of Adoption, Adjustment
Balance (in shares) at Mar. 30, 2019     58,954          
Balance at Mar. 30, 2019 $ 1,140,240   $ 59 $ 1,363,677 $ (222,430)   $ (1,066)  
Balance (Accounting Standards Update 2016-02) at Mar. 30, 2019   $ (726)       $ (726)    
Balance (Accounting Standards Update 2018-02) at Mar. 30, 2019   $ 0       $ 257   $ (257)
Net income 159,498       159,498      
Change in unrealized gain (loss) on marketable securities, net of tax (2,214)           (2,214)  
Change in foreign currency translation adjustments 68           68  
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)     1,418          
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes 355   $ 1 18,634 (18,280)      
Repurchase and retirement of common stock (in shares)     (2,130)          
Repurchase and retirement of common stock (120,002)   $ (2)   (120,000)      
Amortization of deferred stock compensation 52,560     52,560        
Balance (in shares) at Mar. 28, 2020     58,242          
Balance at Mar. 28, 2020 1,229,779   $ 58 1,434,871 (201,681)   (3,469)  
Net income 217,344       217,344      
Change in unrealized gain (loss) on marketable securities, net of tax 4,482           4,482  
Change in foreign currency translation adjustments 1,862           1,862  
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)     862          
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (11,238)   $ 1 7,128 (18,367)      
Repurchase and retirement of common stock (in shares)     (1,452)          
Repurchase and retirement of common stock (109,986)   $ (1)   (109,985)      
Amortization of deferred stock compensation 56,762     56,762        
Balance (in shares) at Mar. 27, 2021     57,652          
Balance at Mar. 27, 2021 1,389,005   $ 58 1,498,761 (112,689)   2,875  
Net income 326,355       326,355      
Change in unrealized gain (loss) on marketable securities, net of tax (4,413)           (4,413)  
Change in foreign currency translation adjustments (507)           (507)  
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)     1,008          
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes $ (9,514)   $ 1 13,217 (22,732)      
Repurchase and retirement of common stock (in shares) (2,100)   (2,064)          
Repurchase and retirement of common stock $ (167,501)   $ (2)   (167,499)      
Amortization of deferred stock compensation 66,392     66,392        
Balance (in shares) at Mar. 26, 2022     56,596          
Balance at Mar. 26, 2022 $ 1,599,817   $ 57 $ 1,578,370 $ 23,435   $ (2,045)  
v3.22.1
Description of Business
 12 Months Ended
Mar. 26, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business Description of Business
Description of Business
Cirrus Logic, Inc. (“Cirrus Logic,” “We,” “Us,” “Our,” or the “Company”) is a leader in low-power, high-precision mixed-signal processing solutions that create innovative user experiences for the world’s top mobile and consumer applications.
We were incorporated in California in 1984, became a public company in 1989, and were reincorporated in the State of Delaware in February 1999. Our primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas. We also have offices in various other locations in the United States, United Kingdom, and Asia, including the People’s Republic of China, South Korea, Japan, Singapore, and Taiwan. Our common stock, which has been publicly traded since 1989, is listed on the NASDAQ's Global Select Market under the symbol CRUS.
Basis of Presentation
We prepare financial statements on a 52- or 53-week year that ends on the last Saturday in March. Fiscal years 2022, 2021 and 2020 were 52-week years.
Principles of Consolidation
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated.
Reclassifications
Certain reclassifications have been made to prior year balances in order to conform to the current year’s presentation of financial information.
Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires the use of management estimates. These estimates are subjective in nature and involve judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at fiscal year-end and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates.
v3.22.1
Summary of Significant Accounting Policies
 12 Months Ended
Mar. 26, 2022
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Cash and Cash Equivalents
Cash and cash equivalents consist primarily of money market funds, commercial paper, and U.S. Government Treasury and Agency instruments with original maturities of three months or less at the date of purchase.
Business Combinations
We account for business combinations using the acquisition method of accounting and allocate the fair value of acquisition consideration to the assets acquired and liabilities assumed based on their fair values at the acquisition date. The excess of the fair value of purchase consideration over the fair value of the assets acquired and liabilities assumed is recorded as goodwill. The results of operations of the business acquired is included in our consolidated statements of income beginning on the date of the acquisition.
Inventories
We use the lower of cost or net realizable value to value our inventories, with cost being determined on a first-in, first-out basis. One of the factors we consistently evaluate in the application of this method is the extent to which products are accepted into the marketplace. By policy, we evaluate market acceptance based on known business factors and conditions by comparing forecasted customer unit demand for our products over a specific future period, or demand horizon, to quantities on hand at the end of each accounting period.
On a quarterly and annual basis, we analyze inventories on a part-by-part basis. Product life cycles and the competitive nature of the industry are factors considered in the evaluation of customer unit demand at the end of each quarterly accounting
period. Inventory on-hand in excess of forecasted demand is considered to have reduced market value and, therefore, the cost basis is adjusted to the lower of cost or net realizable value. Typically, market values for excess or obsolete inventories are considered to be zero. Inventory charges recorded for excess and obsolete inventory, including scrapped inventory, were $6.5 million and $1.2 million, in fiscal year 2022 and 2021, respectively. Inventory charges in fiscal year 2022 and 2021 related to a combination of quality issues and inventory exceeding demand.

Inventories were comprised of the following (in thousands):
 
March 26, 2022March 27, 2021
Work in process$95,188 $92,073 
Finished goods43,248 81,190 
$138,436 $173,263 
Property, Plant and Equipment, net
Property, plant and equipment is recorded at cost, net of depreciation and amortization. Depreciation and amortization is calculated on a straight-line basis over estimated economic lives, ranging from 3 to 39 years. Leasehold improvements are depreciated over the shorter of the term of the lease or the estimated useful life. Furniture, fixtures, machinery, and equipment are all depreciated over a useful life of 3 to 10 years, while buildings are depreciated over a period of up to 39 years. In general, our capitalized software is amortized over a useful life of 3 years, with capitalized enterprise resource planning software being amortized over a useful life of 10 years. Gains or losses related to retirements or dispositions of fixed assets are recognized in the period incurred. Additionally, if impairment indicators exist, the Company will assess the carrying value in relation to the calculated fair value of the associated asset. The Company recorded $0.1 million and $9.6 million of equipment disposal charges, during fiscal year 2021 and the fourth quarter of fiscal year 2020, respectively, related to the MEMS restructuring. See Note 12 — Restructuring Costs for further detail. There were no additional material disposal charges for property, plant and equipment in fiscal years 2022, 2021 or 2020.
Property, plant and equipment was comprised of the following (in thousands):
 
March 26, 2022March 27, 2021
Land$23,853 $23,853 
Buildings63,730 63,803 
Furniture and fixtures24,122 23,733 
Leasehold improvements53,611 52,041 
Machinery and equipment175,966 160,400 
Capitalized software26,491 26,152 
Construction in progress and other5,566 950 
Total property, plant and equipment373,339 350,932 
Less: Accumulated depreciation and amortization(216,262)(195,990)
Property, plant and equipment, net$157,077 $154,942 
Depreciation and amortization expense on property, plant, and equipment for fiscal years 2022, 2021, and 2020 was $24.8 million, $24.9 million, and $31.9 million, respectively.
Goodwill and Intangibles, net
Intangible assets include purchased technology licenses and patents that are reported at cost and are amortized on a straight-line basis over their useful lives, generally ranging from 1 to 5 years. Acquired intangibles include existing technology, core technology or patents, license agreements, in-process research & development, trademarks, tradenames, customer relationships, non-compete agreements, and backlog. These assets are amortized on a straight-line basis over lives ranging from 1 to 15 years.
Goodwill is recorded at the time of an acquisition and is calculated as the difference between the aggregate consideration paid for an acquisition and the fair value of the net tangible and intangible assets acquired. Goodwill and intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests. The Company tests goodwill and indefinite lived intangibles for impairment on an annual basis or more frequently if the Company believes indicators of impairment exist. Impairment evaluations involve management’s assessment of qualitative factors to determine whether it is more likely than not that goodwill and other intangible assets are impaired. If management concludes from its assessment of
qualitative factors that it is more likely than not that impairment exists, then a quantitative impairment test will be performed involving management estimates of asset useful lives and future cash flows. Significant management judgment is required in the forecasts of future operating results that are used in these evaluations. Following the quantitative test, an impairment charge would be recorded for the amount the carrying value exceeds the calculated fair value. If our actual results, or the plans and estimates used in future impairment analyses, are lower than the original estimates used to assess the recoverability of these assets, we could incur additional impairment charges in a future period. The Company has recorded no goodwill impairments in fiscal years 2022, 2021, and 2020. During the fourth quarter of fiscal year 2020, the Company recorded $10.0 million of intangible asset impairment charges related to the MEMS restructuring. See Note 12 — Restructuring Costs for further detail. There were no material intangible asset impairments in fiscal years 2022 or 2021.
Long-Lived Assets
We test for impairment losses on long-lived assets and definite-lived intangibles used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. We measure any impairment loss by comparing the fair value of the asset to its carrying amount. We estimate fair value based on discounted future cash flows, quoted market prices, or independent appraisals.
Foreign Currency Translation
Some of the Company's subsidiaries utilize the local currency as the functional currency. The Company’s main entities, including the entities that generate the majority of sales and employ the majority of employees, are U.S. dollar functional.
Concentration of Credit Risk
Financial instruments that potentially subject us to material concentrations of credit risk consist primarily of cash equivalents, marketable securities, long-term marketable securities, and trade accounts receivable. We are exposed to credit risk to the extent of the amounts recorded on the balance sheet. By policy, our cash equivalents, marketable securities, and long-term marketable securities are subject to certain nationally recognized credit standards, issuer concentrations, sovereign risk, and marketability or liquidity considerations.
In evaluating our trade receivables, we perform credit evaluations of our major customers’ financial condition and monitor closely all of our receivables to limit our financial exposure by limiting the length of time and amount of credit extended. In certain situations, we may require payment in advance or utilize letters of credit to reduce credit risk. By policy, we establish a reserve for trade accounts receivable based on the type of business in which a customer is engaged, the length of time a trade account receivable is outstanding, and other knowledge that we may possess relating to the probability that a trade receivable is at risk for non-payment.
We had two contract manufacturers, Henan Fuchi and Pegatron, who represented 30 percent and 17 percent, respectively, of our consolidated gross trade accounts receivable as of the end of fiscal year 2022. Henan Fuchi represented 25 percent of our consolidated gross trade accounts receivable as of the end of fiscal year 2021. No other distributor or customer had receivable balances that represented more than 10 percent of consolidated gross trade accounts receivable as of the end of fiscal year 2022 and 2021.
Since the components we produce are largely proprietary and generally not available from second sources, we consider our end customer to be the entity specifying the use of our component in their design. These end customers may then purchase our products directly from us, from a distributor, or through a third-party manufacturer contracted to produce their end product. For each of fiscal years 2022, 2021, and 2020, our ten largest end customers represented approximately 93 percent of our sales. For fiscal years 2022, 2021, and 2020, we had one end customer, Apple Inc., who purchased through multiple contract manufacturers and represented approximately 79 percent, 83 percent, and 79 percent, of the Company’s total sales, respectively. No other customer or distributor represented more than 10 percent of net sales in fiscal years 2022, 2021, or 2020.
Revenue Recognition
We recognize revenue upon the transfer of promised goods or services to customers, in an amount that reflects the consideration the Company expects to be entitled in exchange for those goods or services.
Performance Obligations
The Company’s single performance obligation is the delivery of promised goods to the customer. The promised goods are explicitly stated in the customer contract and are comprised of either a single type of good or a series of goods that are substantially the same, have the same pattern of transfer to the customer, and are neither capable of being distinct nor separable from the other promised goods in the contract. This performance obligation is satisfied upon transfer of control of the promised goods to the customer, as defined per the shipping terms within the customer’s contract. The vast majority of the Company’s contracts with customers have an original expected term of one year or less. As allowed by ASC 606, the Company has not disclosed the value of any unsatisfied performance obligations related to these contracts.
The Company’s products typically include a warranty period of one to three years. These warranties qualify as assurance-type warranties, as goods can be returned for product non-conformance and defect only. As such, these warranties are accounted for under ASC 460, Guarantees, and are not considered a separate performance obligation.
Contract balances
Payments are typically due within 30 to 60 days of invoicing and terms do not include a significant financing component or noncash consideration. There have been no material impairment losses on accounts receivable. There are no material contract assets or contract liabilities recorded on the consolidated balance sheets.
Transaction price
The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised goods to the customer. Fixed pricing is the consideration that is agreed upon in the customer contract. Variable pricing includes rebates, rights of return, warranties, price protection and stock rotation. Rebates are granted as a customer account credit, based on agreed-upon sales thresholds. Rights of return and warranty costs are estimated using the "most likely amount" method by reviewing historical returns to determine the most likely customer return rate and applying materiality thresholds. Price protection includes price adjustments available to certain distributors based upon established book price and a stated adjustment period. Stock rotation is also available to certain distributors based on a stated maximum of prior billings.
The Company estimates all variable consideration at the most likely amount which it expects to be entitled. The estimate is based on current and historical information available to the Company, including recent sales activity and pricing. Variable consideration is only included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company defers all variable consideration that does not meet the revenue recognition criteria.
Warranty Expense
We warrant our products and maintain a provision for warranty repair or replacement of shipped products. The accrual represents management’s estimate of probable returns. Our estimate is based on an analysis of our overall sales volume and historical claims experience. The estimate is re-evaluated periodically for accuracy.
Shipping Costs
Our shipping and handling costs are included in cost of sales for all periods presented in the Consolidated Statements of Income.
Advertising Costs
Advertising costs are expensed as incurred. Advertising costs were $0.9 million, $0.9 million, and $0.9 million, in fiscal years 2022, 2021, and 2020, respectively.
Stock-Based Compensation
Stock-based compensation is measured at the grant date based on the grant-date fair value of the awards and is recognized as an expense, on a ratable basis, over the vesting period, which is generally between 1 and 4 years. Determining the amount of stock-based compensation to be recorded requires the Company to develop estimates used in calculating the grant-date fair value of stock options and performance awards (also called market stock units). The Company calculates the grant-date fair value for stock options and market stock units using the Black-Scholes valuation model and the Monte Carlo simulation, respectively. The use of valuation models requires the Company to make estimates of assumptions such as expected volatility, expected term, risk-free interest rate, expected dividend yield, and forfeiture rates. The grant-date fair value of restricted stock units is the market value at grant date multiplied by the number of units.
Income Taxes
We are required to calculate income taxes in each of the jurisdictions in which we operate. This process involves calculating the actual current tax liability as well as assessing temporary differences in the recognition of income or loss for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included in our Consolidated Balance Sheet. We record a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized.  The Company evaluates the ability to realize its deferred tax assets based on all the facts and circumstances, including projections of future taxable income and expiration dates of carryover tax attributes.
The calculation of our tax liabilities involves assessing uncertainties with respect to the application of complex tax rules and the potential for future adjustment of our uncertain tax positions by the U.S. Internal Revenue Service or other taxing jurisdiction. We recognize liabilities for uncertain tax positions based on the required two-step process. The first step requires
us to determine if the weight of available evidence indicates that the tax position has met the threshold for recognition; therefore, we must evaluate whether it is more likely than not that the position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step requires us to measure the tax benefit of the tax position taken, or expected to be taken, in an income tax return as the largest amount that is more than 50 percent likely of being realized upon ultimate settlement. We reevaluate the uncertain tax positions each quarter based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, expirations of statutes of limitation, effectively settled issues under audit, and new audit activity. A change in the recognition step or measurement step would result in the recognition of a tax benefit or an additional charge to the tax provision in the period.
Although we believe the measurement of our liabilities for uncertain tax positions is reasonable, we cannot assure that the final outcome of these matters will not be different than what is reflected in the historical income tax provisions and accruals. If additional taxes are assessed as a result of an audit or litigation, it could have a material effect on our income tax provision and net income in the period or periods for which that determination is made. We operate within multiple taxing jurisdictions and are subject to audit in these jurisdictions. These audits can involve complex issues which may require an extended period of time to resolve and could result in additional assessments of income tax. We believe adequate provisions for income taxes have been made for all periods. See Note 19 - Income Taxes for further detail.
Net Income Per Share
Basic net income per share is based on the weighted effect of common shares issued and outstanding and is calculated by dividing net income by the basic weighted average shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average number of common shares used in the basic net income per share calculation, plus the equivalent number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares outstanding. These potentially dilutive items consist primarily of outstanding stock options and restricted stock grants.
The following table details the calculation of basic and diluted earnings per share for fiscal years 2022, 2021, and 2020, (in thousands, except per share amounts):
 
 Fiscal Years Ended
March 26, 2022March 27, 2021March 28, 2020
Numerator:
Net income$326,355 $217,344 $159,498 
Denominator:
Weighted average shares outstanding57,278 58,106 58,317 
Effect of dilutive securities1,865 1,954 2,145 
Weighted average diluted shares59,143 60,060 60,462 
Basic earnings per share$5.70 $3.74 $2.74 
Diluted earnings per share$5.52 $3.62 $2.64 
The weighted outstanding shares excluded from our diluted calculation for the years ended March 26, 2022, March 27, 2021, and March 28, 2020 were 113 thousand, 187 thousand, and 543 thousand, respectively, as the exercise price of certain outstanding stock options exceeded the average market price during the period.
Accumulated Other Comprehensive Loss
Our accumulated other comprehensive loss is comprised of foreign currency translation adjustments and unrealized gains and losses on investments classified as available-for-sale. See Note 18 — Accumulated Other Comprehensive Income (Loss) for additional discussion.
Recently Adopted Accounting Pronouncements
In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The ASU removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year, with early adoption permitted. The Company adopted this ASU in the first quarter of fiscal year 2022, with no impact to the financial statements.
In January 2020, the FASB issued ASU No. 2020-01, Investments - Equity Securities (Topic 321) - Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force). This ASU clarifies the interaction of the accounting for equity securities and investments accounted for under the equity method of accounting, and the accounting
for certain forward contracts and purchased options. This ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year, with early adoption permitted. The Company adopted this ASU in the first quarter of fiscal year 2022, with no material impact to the financial statements.
In May 2020, the SEC adopted final rules that amend the financial statement requirements for significant business acquisitions and dispositions. Among other things, the rules modify the significance tests and improve the disclosure requirements for acquired or to be acquired businesses and related pro forma financial information, the periods those financial statements must cover, and the form and content of the pro forma financial information. The final rules were effective January 1, 2021. The Company adopted the final rules and applied changes in conjunction with the business acquisition described in Note 8 - Acquisition.
Recently Issued Accounting Pronouncements
In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured at the acquisition date in accordance with Revenue from Contracts with Customers (Topic 606) as if the acquirer had originated the contracts. Prior to the issuance of this ASU, contract assets and liabilities were recognized at fair value on the acquisition date. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within that fiscal year, with early adoption permitted, and should be applied on a prospective basis. The Company is currently evaluating the impact of this guidance.
In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832) – Disclosures by Business Entities about Government Assistance, which requires annual disclosures about transactions with a government that are accounted for by applying a grant or contribution type accounting model. The disclosures would require information about the nature and related policy used for the transactions, the line items on the balance sheet and income statement that are affected and the amounts applicable to each financial statement line item, and significant terms and conditions of the transactions. This ASU is effective for fiscal years beginning after December 15, 2021, with early adoption permitted, and can be applied on a prospective or retrospective basis. The Company is currently evaluating the impact of this guidance.
v3.22.1
Marketable Securities
 12 Months Ended
Mar. 26, 2022
Marketable Securities [Abstract]  
Marketable Securities Marketable Securities
The Company’s investments have been classified as available-for-sale securities in accordance with U.S. GAAP. Marketable securities are categorized on the Consolidated Balance Sheet as “Marketable securities” within the short-term or long-term classification, as appropriate.
The following table is a summary of available-for-sale securities (in thousands):
 
As of March 26, 2022Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair Value
(Net Carrying Amount)
Corporate debt securities$70,296 $2 $(2,133)$68,165 
Non-U.S. government securities509 — (9)500 
U.S. Treasury securities5,483 — (169)5,314 
Agency discount notes385 — (14)371 
Total securities$76,673 $2 $(2,325)$74,350 
The Company typically invests in highly-rated securities with original maturities generally ranging from one to three years. The Company's specifically identified gross unrealized losses of $2.3 million related to securities with total amortized costs of approximately $75.5 million at March 26, 2022. Securities in a continuous unrealized loss position for more than 12 months as of March 26, 2022 had an aggregate amortized cost of $3.5 million and an aggregate unrealized loss of $0.1 million. The Company may sell certain of its marketable securities prior to their stated maturities for strategic reasons including, but not limited to, anticipated or actual changes in credit rating and duration management.  The Company records an allowance for credit loss when a decline in investment market value is due to credit-related factors. When evaluating an investment for impairment, the Company reviews factors including the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer, changes in market interest rates and whether it is more likely than not the Company will be required to sell the investment before recovery of the investment’s cost basis. As of March 26, 2022, the Company does not consider any of its investments to be impaired.
 
As of March 27, 2021Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair Value
(Net Carrying Amount)
Corporate debt securities$348,971 $3,403 $(313)$352,061 
Non-U.S. government securities13,462 172 (1)13,633 
Agency discount notes2,759 4 (1)2,762 
Total securities$365,192 $3,579 $(315)$368,456 
The Company’s specifically identified gross unrealized losses of $0.3 million related to securities with total amortized costs of approximately $92.0 million at March 27, 2021. There were no securities that had been in a continuous unrealized loss position for more than 12 months as of March 27, 2021. As of March 27, 2021, the Company did not consider any of its investments to be impaired.
The cost and estimated fair value of available-for-sale investments by contractual maturity were as follows:
 
 March 26, 2022March 27, 2021
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Within 1 year$10,697 $10,601 $54,895 $55,698 
After 1 year65,976 63,749 310,297 312,758 
Total$76,673 $74,350 $365,192 $368,456 
v3.22.1
Fair Value of Financial Instruments
 12 Months Ended
Mar. 26, 2022
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The Company has determined that the assets and liabilities in the Company’s financial statements that are required to be measured at fair value on a recurring basis are the Company’s cash equivalents and marketable securities portfolio. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
▪Level 1 — Quoted prices in active markets for identical assets or liabilities.
▪Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
▪Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
The Company’s cash equivalents and marketable securities portfolio consist of money market funds, commercial paper, debt securities, non-U.S government securities, U.S Treasury securities, and securities of U.S. government-sponsored enterprises, and are reflected on our Consolidated Balance Sheet under the headings cash and cash equivalents, marketable securities, and long-term marketable securities. The Company determines the fair value of its marketable securities portfolio by obtaining non-binding market prices from its third-party pricing providers on the last day of the quarter, whose sources may use
quoted prices in active markets for identical assets (Level 1 inputs) or inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs) in determining fair value.
The Company’s long-term revolving facility, described in Note 9 - Revolving Credit Facility, bears interest at a base rate plus applicable margin or LIBOR plus applicable margin.  As of March 26, 2022, there are no amounts drawn under the facility and the fair value is zero.
As of March 26, 2022 and March 27, 2021, the Company has no material Level 3 assets or liabilities. There were no transfers between Level 1, Level 2, or Level 3 measurements for the years ending March 26, 2022 and March 27, 2021.

The following summarizes the fair value of our financial instruments at March 26, 2022 (in thousands):
 
Quoted Prices
in Active
Markets for
Identical
Assets
Level 1		Significant
Other
Observable
Inputs
Level 2		Significant
Unobservable
Inputs
Level 3		Total
Assets:
Cash equivalents
Money market funds$217,151 $— $— $217,151 
Commercial paper— 249 — 249 
$217,151 $249 $— $217,400 
Available-for-sale securities
Corporate debt securities$— $68,165 $— $68,165 
Non-U.S. government securities— 500 — 500 
U.S. Treasury securities5,314 — — 5,314 
Agency discount notes— 371 — 371 
$5,314 $69,036 $— $74,350 

The following summarizes the fair value of our financial instruments at March 27, 2021 (in thousands):
Quoted Prices
in Active
Markets for
Identical
Assets
Level 1		Significant
Other
Observable
Inputs
Level 2		Significant
Unobservable
Inputs
Level 3		Total
Assets:
Cash equivalents
Money market funds$405,819 $— $— $405,819 
Available-for-sale securities
Corporate debt securities$— $352,061 $— $352,061 
Non-U.S. government securities— 13,633 — 13,633 
Agency discount notes— 2,762 — 2,762 
$— $368,456 $— $368,456 
v3.22.1
Derivative Financial Instruments
 12 Months Ended
Mar. 26, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Foreign Currency Forward Contracts
Beginning in fiscal year 2020, the Company uses foreign currency forward contracts to reduce the earnings impact that exchange rate fluctuations have on non-functional currency balance sheet exposures. The Company recognizes both the gains and losses on foreign currency forward contracts and the gains and losses on the remeasurement of non-functional currency assets and liabilities within "Other income (expense)" in the consolidated statements of income. The Company does not apply hedge accounting to these foreign currency derivative instruments.
As of March 26, 2022, the Company held one foreign currency forward contract denominated in British Pound Sterling with a notional value of $3.0 million. The fair value of this contract was not material as of March 26, 2022.
The before-tax effect of derivative instruments not designated as hedging instruments was as follows (in thousands):
Fiscal Years Ended
March 26, 2022March 27, 2021March 28, 2020Location
Gain (loss) recognized in income
Foreign currency forward contracts$(283)$3,212 $(4,226)Other income (expense)
v3.22.1
Accounts Receivable, net
 12 Months Ended
Mar. 26, 2022
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Accounts Receivable, net Accounts Receivable, net
The following are the components of accounts receivable, net (in thousands):
 
March 26, 2022March 27, 2021
Gross accounts receivable$240,264 $108,712 
Allowance for doubtful accounts— — 
Accounts receivable, net$240,264 $108,712 
The Company regularly evaluates the collectability of accounts receivable based on age, historical customer payment trends and ongoing customer relations. The allowance for doubtful accounts and recoveries on bad debt were immaterial for fiscal years 2022, 2021 and 2020.
The significant increase in accounts receivable is due primarily to the volume and timing of shipments in the current fiscal quarter versus the fourth quarter of fiscal year 2021.
v3.22.1
Intangibles, net and Goodwill
 12 Months Ended
Mar. 26, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangibles, net and Goodwill Intangibles, net and Goodwill
The intangibles, net balance included on the Consolidated Balance Sheet was $158.1 million and $22.0 million at March 26, 2022 and March 27, 2021, respectively.
The following information details the gross carrying amount and accumulated amortization of our intangible assets (in thousands):
 
 March 26, 2022March 27, 2021
Intangible Category / Weighted-Average Amortization
period (in years)		Gross
Amount		Accumulated
Amortization		Gross
Amount		Accumulated
Amortization
Core technology (a)$1,390 $(1,390)$1,390 $(1,390)
License agreement (a)440 (440)440 (440)
Existing technology (7.2)
255,995 (124,127)111,005 (105,870)
In-process research & development (“IPR&D”) (7.5)
70,936 (67,486)70,936 (62,885)
Trademarks and tradename (10.0)
3,037 (2,845)3,037 (2,717)
Customer relationships (7.3)
34,091 (14,379)15,381 (10,346)
Backlog (a)220 (220)220 (220)
Non-compete agreements (a)470 (470)470 (470)
Technology licenses (3.0)
22,376 (19,453)25,945 (22,455)
Total$388,955 $(230,810)$228,824 $(206,793)
 
(a)Intangible assets are fully amortized.
Amortization expense for intangibles in fiscal years 2022, 2021, and 2020 was $29.0 million, $14.5 million, and $28.3 million, respectively. The following table details the estimated aggregate amortization expense for all intangibles owned as of March 26, 2022, for each of the five succeeding fiscal years and in the aggregate thereafter (in thousands):
 
Fiscal Year
2023$31,619 
2024$27,214 
2025$25,276 
2026$24,455 
2027$21,964 
Thereafter$27,617 
The goodwill balance included on the Consolidated Balance Sheet was $435.8 million and $287.5 million at March 26, 2022 and March 27, 2021, respectively.
v3.22.1
Acquisition
 12 Months Ended
Mar. 26, 2022
Business Combination and Asset Acquisition [Abstract]  
Acquisition Acquisition
On July 20, 2021, the Company completed the acquisition of Lion Semiconductor, Inc. ("Lion") (the "Acquisition"). Lion's switched-capacitor architectures deliver higher efficiency and better heat dissipation for the rapidly developing fast-charging market and are used today in numerous flagship and mid-tier smartphones. The Acquisition is expected to bring unique intellectual property and products for power applications in smartphones, laptops and other devices and accelerate growth of the Company’s high-performance mixed-signal product line.
As a result of acquiring 100 percent of the outstanding share capital of Lion, Lion became a wholly-owned subsidiary of the Company. This transaction was accounted for as a business combination using the acquisition method of accounting. All of the acquired assets and liabilities of Lion have been recorded at their respective fair values as of the acquisition date. Transaction costs have been expensed as incurred.
At the acquisition date, total consideration transferred was approximately $280.5 million, inclusive of $4.9 million in cash acquired. During the third quarter of fiscal year 2022, an additional $1.2 million of consideration was paid related to contractual post-closing adjustment provisions. The remaining merger consideration of $31.0 million is subject to indemnity provisions as outlined in the merger agreement and is recorded as a liability as of March 26, 2022.
In addition, $25.4 million of the merger consideration relates to retention agreements with certain key employees that are subject to continued employment with the Company. The merger consideration subject to retention agreements is treated as compensation expense and is recognized over the retention period in "Research and development" expense in the consolidated statements of income.
The excess of the purchase price over the net assets acquired is recorded as goodwill and is attributable primarily to expected growth in the scope of and market opportunities of the products and customer base of Lion. None of the goodwill is deductible for income tax purposes.
The following table presents the preliminary allocation of the purchase price at the date of acquisition (in thousands):
July 20, 2021
Cash$4,924 
Account receivable6,725 
Inventory7,675 
Manufacturing advances8,502 
Other current assets321 
Intangibles163,700 
Goodwill148,273 
Other non-current assets453 
Current liabilities(2,927)
Deferred tax liabilities(24,871)
Total purchase price$312,775 
Preliminary estimates of the fair value of the assets acquired and the liabilities assumed are based on the information currently available. The Company is continuing to evaluate the underlying inputs and assumptions used in the valuations and related income tax impacts of the transaction. Accordingly, these preliminary estimates are subject to change during the measurement period, which is up to one year from the date of acquisition.
The components of the acquired intangible assets and related weighted average amortization periods are detailed below (in thousands):
AmountWeighted Average Amortization Period (years)
Developed Technology$144,990 7
Customer Relationships18,710 5
Total$163,700 

Developed technology represents the fair value of the intellectual property portfolio related to Lion's fast-charging products that are expected to contribute meaningful growth. Developed technology was valued using the multi-period excess earnings method under the income approach. This method reflects the present value of the projected cash flows that are expected to be generated by the technology less charges representing the contribution of other assets to those cash flows. The economic useful life was determined based on the technology cycle, as well as the cash flows over the forecast period.
Customer relationships represent the fair value of future projected revenue that will be derived from sales of products to existing customers. Customer relationships were valued using the with-and-without-method under the income approach. In the with-and-without method, the fair value was measured by the difference between the present values of the cash flows with and without the existing customers in place over the period of time necessary to reacquire the customers. The economic useful life was determined by evaluating many factors, including the useful life of comparable intangible assets, the length of time
remaining on the acquired contracts and the historical customer turnover rates.
Revenues attributable to the Lion business from the date of acquisition to March 26, 2022 were $44.5 million and are included in the consolidated statements of income for the current fiscal year. Transaction costs in connection with the Acquisition were immaterial for the fiscal year ended March 26, 2022, and are included in "Selling, general and administrative" expense in the consolidated statements of income. Pro forma information related to the Acquisition has not been presented because it is not materially different from amounts reported.
v3.22.1
Revolving Credit Facility
 12 Months Ended
Mar. 26, 2022
Debt Disclosure [Abstract]  
Revolving Credit Facility Revolving Credit Facility
On July 8, 2021, the Company entered into a second amended and restated credit agreement (the “Second Amended Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto. The Second Amended Credit Agreement provides for a $300 million senior secured revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility matures on July 8, 2026 (the “Maturity Date”). The Revolving Credit Facility is required to be guaranteed by all of Cirrus Logic’s material domestic subsidiaries (the "Subsidiary Guarantors"). The Revolving Credit Facility is secured by substantially all the assets of Cirrus Logic and any Subsidiary Guarantors, except for certain excluded assets.
Borrowings under the Revolving Credit Facility may, at Cirrus Logic’s election, bear interest at either (a) a base rate plus the applicable margin ("Base Rate Loans") or (b) a LIBOR rate plus the applicable margin ("LIBOR Rate Loans"). The applicable margin ranges from 0% to 0.75% per annum for Base Rate Loans and 1.00% to 1.75% per annum for LIBOR Rate Loans based on the ratio of consolidated funded indebtedness to consolidated EBITDA for the most recently ended period of four consecutive fiscal quarters (the “Consolidated Leverage Ratio”). The Second Amended Credit Agreement further provides a method for determining an alternative rate of interest if the LIBOR Rate is no longer available or upon the occurrence of certain other events. A Commitment Fee accrues at a rate per annum ranging from 0.175% to 0.275% (based on the Consolidated Leverage Ratio) on the average daily unused portion of the commitment of the lenders.
The Revolving Credit Facility contains certain financial covenants providing that (a) the ratio of consolidated funded indebtedness (minus up to $200 million of unrestricted cash and cash equivalents available on such date) to consolidated EBITDA for the prior four consecutive quarters must not be greater than 3.00 to 1.00 (the “Consolidated Net Leverage Ratio”) and (b) the ratio of consolidated EBITDA for the prior four consecutive quarters to consolidated interest expense paid or payable in cash for the prior four consecutive quarters must not be less than 3.00 to 1.00 (the “Consolidated Interest Coverage Ratio”). The Second Amended Credit Agreement also contains negative covenants limiting the Company's or any Subsidiary's ability to, among other things, incur debt, grant liens, make investments, effect certain fundamental changes, make certain asset
dispositions, and make certain restricted payments. Further, the Second Amended Credit Agreement contains customary affirmative covenants, including, among others, covenants regarding the payment of taxes and other obligations, maintenance of insurance, reporting requirements, and compliance with applicable laws and regulations.
As of March 26, 2022, the Company had no amounts outstanding under the Revolving Credit Facility and was in compliance with all covenants under the Second Amended Credit Agreement. 
As of March 26, 2022, future interest payment obligations based on forecasted commitment fees under the Revolving Credit Facility were as follows (in thousands):  

Fiscal Year
2023$532 
2024532 
2025534 
2026532 
2027277 
Thereafter— 
Total$2,407 
v3.22.1
Revenues
 12 Months Ended
Mar. 26, 2022
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Disaggregation of revenue
We disaggregate revenue from contracts with customers by product line and ship to location of the customer. Sales are designated in the product line categories of Audio and High-Performance Mixed-Signal.
Total net sales based on the product line disaggregation criteria described above are shown in the table below (in thousands).
Fiscal Years Ended
March 26, 2022March 27, 2021March 28, 2020
Audio Products$1,187,126 $1,104,060 $1,109,958 
High-Performance Mixed-Signal Products594,334 265,170 171,166 
Total$1,781,460 $1,369,230 $1,281,124 

The geographic regions that are reviewed are China, the United States, and the rest of the world.
Total net sales based on the geographic disaggregation criteria described are as follows (in thousands):

Fiscal Years Ended
March 26,March 27,March 28,
202220212020
China$1,197,812 $1,024,178 $975,090 
United States29,513 21,708 17,099 
Rest of World554,135 323,344 288,935 
Total$1,781,460 $1,369,230 $1,281,124 

See Note 2 - Summary of Significant Accounting Policies for additional discussion surrounding revenue recognition considerations.
v3.22.1
Leases
 12 Months Ended
Mar. 26, 2022
Leases [Abstract]  
Leases Leases
The Company has operating leases for corporate offices and certain office equipment. Our leases have remaining lease terms of 1 year to 27 years, some of which include options to extend the leases that are considered reasonably certain to be exercised. Our leases generally contain fixed rental payments, with additional variable payments linked to actual common area maintenance costs incurred by the landlord. These variable payments are therefore not included within the lease liability and ROU asset, but are recognized as an expense when incurred. As our leases typically do not provide an implicit rate, the Company determined the Incremental Borrowing Rate ("IBR") for each lease based on the information available at the commencement date, taking into consideration necessary adjustments for collateral, currency, and lease term. There are no residual value guarantees in any of our leases. No restrictions or covenants have been imposed on the Company as a result of the lease agreements in place.
The Company also leases a small portion of our office space to tenants under operating leases, receiving monthly rental payments. Payments are generally fixed, with variable payments linked to actual common area maintenance costs incurred. Total fixed lease payments to be received over the life of the lease are recognized on a straight-line basis over the lease term.
All of the Company’s leases have been classified as operating leases. Operating leases in excess of 12 months are recognized on the balance sheet, with future lease payments recognized as a liability, measured at present value, and the right-of-use asset recognized for the lease term. A single lease cost is recognized in the income statement over the lease term.

The components of net operating lease expense were as follows (in thousands):
Fiscal Years Ended
March 26, 2022March 27, 2021
Operating lease - in excess of 12 months$14,901 $14,050 
Variable lease4,954 4,981 
Short-term lease22 151 
Operating lease income(1,518)(1,416)
Total net operating lease expense$18,359 $17,766 

Supplemental operating lease information:
Fiscal Years Ended
March 26, 2022March 27, 2021
Balance Sheet Information (in thousands)
Operating lease right-of-use assets$171,003 $133,548 
Operating lease liabilities$177,842 $142,456 
Cash Flow Information (in thousands)
Operating cash flows from operating leases$14,634 $14,954 
Right-of-use assets obtained in exchange for new operating lease liabilities46,123 805 
Operating Lease Information
Weighted-average remaining lease term - operating leases (in years)1619
Weighted-average discount rate - operating leases4 %4 %
As of March 26, 2022, there are no leases that have not yet commenced that would create significant rights and obligations on the Company.
Future lease commitments under non-cancellable leases, including extension options reasonably anticipated to be exercised as of March 26, 2022, are as follows (in thousands):
Fiscal YearOperating Lease Expense
2023$14,913 
202418,750 
202519,450 
202617,852 
202716,365 
Thereafter172,170 
Total$259,500 
Less imputed interest(81,658)
Total$177,842 

The Company leases a portion of its facilities to other tenants. Future lease income from operating leases is $278 thousand for fiscal year 2023.

Operating lease liabilities consisted of the following (in thousands):
March 26, 2022March 27, 2021
Current lease liabilities$14,680 $14,573 
Non-current lease liabilities163,162 127,883 
Total operating lease liabilities$177,842 $142,456 
Leases Leases
The Company has operating leases for corporate offices and certain office equipment. Our leases have remaining lease terms of 1 year to 27 years, some of which include options to extend the leases that are considered reasonably certain to be exercised. Our leases generally contain fixed rental payments, with additional variable payments linked to actual common area maintenance costs incurred by the landlord. These variable payments are therefore not included within the lease liability and ROU asset, but are recognized as an expense when incurred. As our leases typically do not provide an implicit rate, the Company determined the Incremental Borrowing Rate ("IBR") for each lease based on the information available at the commencement date, taking into consideration necessary adjustments for collateral, currency, and lease term. There are no residual value guarantees in any of our leases. No restrictions or covenants have been imposed on the Company as a result of the lease agreements in place.
The Company also leases a small portion of our office space to tenants under operating leases, receiving monthly rental payments. Payments are generally fixed, with variable payments linked to actual common area maintenance costs incurred. Total fixed lease payments to be received over the life of the lease are recognized on a straight-line basis over the lease term.
All of the Company’s leases have been classified as operating leases. Operating leases in excess of 12 months are recognized on the balance sheet, with future lease payments recognized as a liability, measured at present value, and the right-of-use asset recognized for the lease term. A single lease cost is recognized in the income statement over the lease term.

The components of net operating lease expense were as follows (in thousands):
Fiscal Years Ended
March 26, 2022March 27, 2021
Operating lease - in excess of 12 months$14,901 $14,050 
Variable lease4,954 4,981 
Short-term lease22 151 
Operating lease income(1,518)(1,416)
Total net operating lease expense$18,359 $17,766 

Supplemental operating lease information:
Fiscal Years Ended
March 26, 2022March 27, 2021
Balance Sheet Information (in thousands)
Operating lease right-of-use assets$171,003 $133,548 
Operating lease liabilities$177,842 $142,456 
Cash Flow Information (in thousands)
Operating cash flows from operating leases$14,634 $14,954 
Right-of-use assets obtained in exchange for new operating lease liabilities46,123 805 
Operating Lease Information
Weighted-average remaining lease term - operating leases (in years)1619
Weighted-average discount rate - operating leases4 %4 %
As of March 26, 2022, there are no leases that have not yet commenced that would create significant rights and obligations on the Company.
Future lease commitments under non-cancellable leases, including extension options reasonably anticipated to be exercised as of March 26, 2022, are as follows (in thousands):
Fiscal YearOperating Lease Expense
2023$14,913 
202418,750 
202519,450 
202617,852 
202716,365 
Thereafter172,170 
Total$259,500 
Less imputed interest(81,658)
Total$177,842 

The Company leases a portion of its facilities to other tenants. Future lease income from operating leases is $278 thousand for fiscal year 2023.

Operating lease liabilities consisted of the following (in thousands):
March 26, 2022March 27, 2021
Current lease liabilities$14,680 $14,573 
Non-current lease liabilities163,162 127,883 
Total operating lease liabilities$177,842 $142,456 
v3.22.1
Restructuring Costs
 12 Months Ended
Mar. 26, 2022
Restructuring and Related Activities [Abstract]  
Restructuring Costs Restructuring Costs
In the fourth quarter of fiscal year 2020, the Company approved a restructuring plan (the “MEMS Restructuring”), including discontinuing efforts relating to the microelectromechanical systems ("MEMS") microphone product line, which allowed the Company to concentrate our resources on projects with an anticipated larger return on investment. The Company recorded charges of $21.9 million as part of the MEMS Restructuring in fiscal year 2020. The MEMS Restructuring was substantially complete as of the first quarter of fiscal year 2021 with a $0.4 million "Restructuring Costs" charge to the income statement. No additional restructuring charges were incurred during fiscal year 2021 or 2022.
The following table details the total restructuring charges presented in the Consolidated Statements of Income within the "Restructuring Costs" line item (in thousands):
Fiscal Years Ended
March 27, 2021March 28, 2020
Disposal of equipment, net of recovery from sales (a)
$130 $9,578 
Impairment and write-off of intangible assets— 9,961 
Other exit costs222 1,903 
Personnel-related charges, net of equity cancellations (b)— 483 
Total$352 $21,925 

a.Fiscal year ended March 28, 2020 includes accelerated depreciation of equipment of $11.5 million, net of $1.9 million of recovery from equipment sold during the fourth quarter of fiscal 2020.
b.Personnel-related charges consist of severance costs of $1.7 million, net of $1.2 million of equity cancellation benefits.
There were no restructuring-related liabilities as of March 26, 2022 or March 27, 2021.
v3.22.1
Postretirement Benefit Plans
 12 Months Ended
Mar. 26, 2022
Retirement Benefits [Abstract]  
Postretirement Benefit Plans Postretirement Benefit PlansWe have Defined Contribution Plans (“the Plans”) covering all of our qualifying employees. Under the Plans, employees may elect to contribute any percentage of their annual compensation up to the annual regulatory limits. The Company made matching employee contributions of $9.6 million, $7.9 million, and $7.5 million during fiscal years 2022, 2021, and 2020, respectively.
v3.22.1
Equity Compensation
 12 Months Ended
Mar. 26, 2022
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Equity Compensation Equity Compensation
The Company is currently granting equity awards from the 2018 Long Term Incentive Plan (the “Plan”), which was approved by stockholders in August 2018 and subsequently amended on July 31, 2020. The Plan provides for granting of stock options, restricted stock awards, performance awards, phantom stock awards, and bonus stock awards, or any combination of the foregoing.  To date, the Company has granted stock options, restricted stock awards, phantom stock awards (also called restricted stock units), and performance awards (also called market stock units). Each stock option granted reduces the total shares available for grant under the Plan by one share. Each full value award granted (including restricted stock awards, restricted stock units and market stock units) reduces the total shares available for grant under the Plan by 1.5 shares. Stock options generally vest between one and four years, and are exercisable for a period of ten years from the date of grant.  Restricted stock units are generally subject to vesting from one to three years, depending upon the terms of the grant. Market stock units are subject to a vesting schedule of three years.
The following table summarizes the activity in total shares available for grant (in thousands):
 
 Shares
 Available for
 Grant
Balance, March 30, 20193,323 
Shares added248 
Granted(1,686)
Forfeited210 
Balance, March 28, 20202,095 
Shares added3,223 
Granted(1,491)
Forfeited198 
Balance, March 27, 20214,025 
Shares added— 
Granted(1,679)
Forfeited271 
Balance, March 26, 20222,617 
Stock-based Compensation Expense

The following table summarizes the effects of stock-based compensation on cost of goods sold, research and development, sales, general and administrative, pre-tax income, and net income after taxes for shares granted under the Plan (in thousands, except per share amounts):
 
 Fiscal Year
 202220212020
Cost of sales$1,024 $900 $908 
Research and development44,153 37,483 33,859 
Sales, general and administrative21,215 18,379 18,990 
Effect on pre-tax income66,392 56,762 53,757 
Income Tax Benefit(11,521)(9,558)(9,336)
Total stock-based compensation expense (net of taxes)54,871 47,204 44,421 
Stock-based compensation effects on basic earnings per share$0.96 $0.81 $0.76 
Stock-based compensation effects on diluted earnings per share0.93 0.79 0.73 

The total stock-based compensation expense included in the table above and which is attributable to restricted stock units and market stock units was $63.2 million, $53.6 million, $50.0 million, for fiscal years 2022, 2021, and 2020, respectively. Stock-based compensation expense is presented within operating activities in the Consolidated Statement of Cash Flows.
As of March 26, 2022, there was $120.0 million of compensation costs related to non-vested stock options, restricted stock units, and market stock units granted under the Company’s equity incentive plans not yet recognized in the Company’s financial statements. The unrecognized compensation cost is expected to be recognized over a weighted average period of 1.44 years for stock options, 1.54 years for restricted stock units, and 1.79 years for market stock units.
In addition to the income tax benefit of stock-based compensation expense shown in the table above, the Company recognized excess tax benefits of $3.9 million, $2.2 million and $4.9 million in fiscal years 2022, 2021, and 2020 respectively.

Stock Options
We estimate the fair value of each stock option on the date of grant using the Black-Scholes option-pricing model using a dividend yield of zero and the following additional assumptions:
 
March 26, 2022March 27, 2021March 28, 2020
Expected stock price volatility
36.85% - 41.66%
43.85% - 43.99%
37.17% - 41.61%
Risk-free interest rate
0.82% - 1.62%
0.35% - 0.72%
1.54% - 2.29%
Expected term (in years)
4.22 - 4.39
4.32 - 4.43
3.81 - 4.55
The Black-Scholes valuation calculation requires us to estimate key assumptions such as stock price volatility, expected term, risk-free interest rate and dividend yield. The expected stock price volatility is based upon implied volatility from traded options on our stock in the marketplace. The expected term of options granted is derived from an analysis of historical exercises and remaining contractual life of stock options, and represents the period of time that options granted are expected to be outstanding after becoming vested. The risk-free interest rate reflects the yield on zero-coupon U.S. Treasury securities for a period that is commensurate with the expected term assumption. Finally, we have never paid cash dividends, do not currently intend to pay cash dividends, and thus have assumed a zero percent dividend yield.
Using the Black-Scholes option valuation model, the weighted average estimated fair values of employee stock options granted in fiscal years 2022, 2021, and 2020, were $37.31, $33.81, and $29.25, respectively.
During fiscal years 2022, 2021, and 2020, we received a net $13.2 million, $7.1 million, and $18.6 million, respectively, from the exercise of 0.3 million, 0.2 million, and 0.8 million, respectively, stock options granted under the Company’s Stock Plan.
The total intrinsic value of stock options exercised during fiscal year 2022, 2021, and 2020, was $15.8 million, $10.2 million, and $34.0 million, respectively. Intrinsic value represents the difference between the market value of the Company’s common stock at the time of exercise and the strike price of the stock option.
Additional information with respect to stock option activity is as follows (in thousands, except per share amounts):
 
 Outstanding Options
NumberWeighted
Average
Exercise Price
Balance, March 30, 20191,865 $33.68 
Options granted169 66.93 
Options exercised(780)23.90 
Options forfeited(27)50.75 
Options expired(11)55.03 
Balance, March 28, 20201,216 $44.01 
Options granted96 77.23 
Options exercised(236)30.26 
Options forfeited(17)56.27 
Options expired— — 
Balance, March 27, 20211,059 $49.87 
Options granted88 87.52 
Options exercised(327)40.31 
Options forfeited— — 
Options expired— — 
Balance, March 26, 2022820 $57.75 
Additional information with regards to outstanding options that are vesting, expected to vest, or exercisable as of March 26, 2022 is as follows (in thousands, except years and per share amounts):
 
Number of
Options		Weighted
Average
Exercise price		Weighted Average
Remaining Contractual
Term (years)		Aggregate
Intrinsic Value
Vested and expected to vest809 $57.42 6.63$24,499 
Exercisable585 $50.65 5.82$21,676 
In accordance with U.S. GAAP, stock options outstanding that are expected to vest are presented net of estimated future option forfeitures, which are estimated as compensation costs are recognized. Options with a fair value of $4.6 million, $4.8 million, and $4.7 million, became vested during fiscal years 2022, 2021, and 2020, respectively.
The following table summarizes information regarding outstanding and exercisable options as of March 26, 2022 (in thousands, except per share amounts):
 
 Options OutstandingOptions Exercisable
Weighted Average
Remaining
Contractual Life		Weighted
Average Exercise		NumberWeighted
Average
Range of Exercise PricesNumber(years)PriceExercisableExercise Price
$20.37 - $38.34
133 4.62$33.60 126 $33.37 
$41.49 - $42.64
135 6.6541.56 117 41.55 
$54.65 - $55.72
231 5.1355.21 231 55.21 
$68.43 - $68.43
8 8.0868.43 4 68.43 
$68.56 - $68.56
137 7.6268.56 85 68.56 
$78.00 - $88.00
176 9.4282.76 22 78.00 
820 6.66$57.75 585 $50.65 
As of March 26, 2022, March 27, 2021, and March 28, 2020, the number of options exercisable was 0.6 million, 0.7 million, and 0.8 million respectively.
Restricted Stock Units
Restricted stock units (“RSUs”) are valued as of the grant date and amortized over the requisite vesting period. Generally, RSUs vest 100 percent on the first to third anniversary of the grant date depending on the vesting specifications. A summary of the activity for RSUs in fiscal year 2022, 2021, and 2020 is presented below (in thousands, except per share amounts):
 
SharesWeighted
Average
Fair Value
March 30, 20192,834 $47.99 
Granted1,014 66.76 
Vested(897)51.20 
Forfeited(271)50.82 
March 28, 20202,680 $53.74 
Granted945 71.44 
Vested(881)52.97 
Forfeited(131)55.36 
March 27, 20212,613 $60.31 
Granted1,079 81.61 
Vested(935)43.96 
Forfeited(181)70.60 
March 26, 20222,576 $74.45 

The aggregate intrinsic value of RSUs outstanding as of March 26, 2022, March 27, 2021, and March 28, 2020 was $225.9 million, $216.9 million, and $165.9 million, respectively. Additional information with regards to outstanding RSUs that are expected to vest as of March 26, 2022, is as follows (in thousands, except year and per share amounts):
 
SharesWeighted
Average
Fair Value		Weighted Average
Remaining Contractual
Term (years)
Expected to vest2,426 $74.30 1.51
RSUs outstanding that are expected to vest are presented net of estimated future forfeitures, which are estimated as compensation costs are recognized. RSUs with a fair value of $41.1 million, $46.7 million, and $45.9 million became vested during fiscal years 2022, 2021, and 2020, respectively. The majority of RSUs that vested in 2022, 2021 and 2020 were net settled such that the Company withheld a portion of the shares to satisfy tax withholding requirements. In fiscal years 2022, 2021, and 2020 the vesting of RSUs reduced the authorized and unissued share balance by approximately 0.9 million, 0.9 million, and 0.9 million, respectively. Total shares withheld and subsequently retired out of the Plan were approximately 0.3 million, 0.3 million, and 0.3 million and total payments for the employees’ tax obligations to taxing authorities were $22.0 million, $18.4 million, and $18.3 million for fiscal years 2022, 2021, and 2020, respectively.
Market Stock Units
Market stock units (“MSUs”) vest based upon the relative total shareholder return (“TSR”) of the Company as compared to that of the Philadelphia Semiconductor Index (“the Index”). The requisite service period for these MSUs is also the vesting period, which is three years. The fair value of each MSU granted was determined on the date of grant using the Monte Carlo simulation, which calculates the present value of the potential outcomes of future stock prices of the Company and the Index over the requisite service period. The fair value is based on the risk-free rate of return, the volatilities of the stock price of the Company and the Index, the correlation of the stock price of the Company with the Index, and the dividend yield.
The fair values estimated from the Monte Carlo simulation were calculated using a dividend yield of zero and the following additional assumptions:
 
 Fiscal Years Ended
March 26,
2022		March 27,
2021		March 28,
2020
Expected stock price volatility41.66 %43.85 %
37.17% - 41.61%
Risk-free interest rate1.46 %0.29 %
1.59% - 2.28%
Expected term (in years)3.003.003.00
Using the Monte Carlo simulation, the weighted average estimated fair value of the MSUs granted in fiscal year 2022 was $109.18. A summary of the activity for MSUs in fiscal year 2022, 2021, and 2020 is presented below (in thousands, except per share amounts):
 
SharesWeighted
Average
Fair Value
March 30, 2019166 $62.77 
Granted45 95.89 
Vested— — 
Forfeited(58)73.25 
March 28, 2020153 $68.71 
Granted28 83.96 
Vested— — 
Forfeited(48)64.92 
March 27, 2021133 $73.29 
Granted28 109.18 
Vested(30)50.11 
Forfeited(46)38.70 
March 26, 202285 $95.75 
The aggregate intrinsic value of MSUs outstanding as of March 26, 2022, March 27, 2021, and March 28, 2020 was $7.5 million, $11.0 million, and $9.5 million, respectively. Additional information with regard to outstanding MSUs that are expected to vest as of March 26, 2022 is as follows (in thousands, except year and per share amounts):

 
SharesWeighted
Average
Fair Value		Weighted Average
Remaining Contractual
Term (years)
Expected to vest80 $95.52 1.75
MSUs with a fair value of $1.5 million became vested during fiscal year 2022. No MSUs became vested in fiscal years 2021 or 2020.
v3.22.1
Commitments and Contingencies
 12 Months Ended
Mar. 26, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Facilities and Equipment Under Operating Lease Agreements
We currently own our corporate headquarters and select surrounding properties. We lease certain of our other facilities and certain equipment under operating lease agreements, some of which have renewal options. Certain of these arrangements provide for lease payment increases based upon future fair market rates. As of March 26, 2022, our principal facilities are located in Austin, Texas and Edinburgh, Scotland, United Kingdom.
Total rent expense under operating leases was approximately $19.9 million, $19.2 million, and $18.4 million, for fiscal years 2022, 2021, and 2020, respectively. Rental income was $1.5 million, $1.4 million, and $1.3 million, for fiscal years 2022, 2021, and 2020, respectively.
See Note 11 - Leases for minimum future rental commitments and income under all operating leases as of March 26, 2022.
Capacity Reservation Agreement
On July 28, 2021, the Company entered into a Capacity Reservation and Wafer Supply Commitment Agreement (the “Capacity Reservation Agreement”) with GLOBALFOUNDRIES Singapore Pte. Ltd. (“GlobalFoundries”) to provide the Company a wafer capacity commitment and wafer pricing for Company products for calendar years 2022-2026 (the “Commitment Period”).
The Capacity Reservation Agreement requires GlobalFoundries to provide, and the Company to purchase, a defined number of wafers on a quarterly basis for the Commitment Period, subject to shortfall payments. In exchange for GlobalFoundries’ capacity commitment, the Company paid a $50 million non-refundable capacity reservation fee. This reservation fee is recorded in "Other current assets" and "Other assets" on the consolidated balance sheets within the short-term or long-term classification, as appropriate, and amortized over the Commitment Period. In addition, the Company pre-paid
GlobalFoundries $175 million for future wafer purchases, which will be credited back to the Company as a portion of the price of wafers purchased beginning in the third quarter of calendar year 2023. This prepayment is currently recorded in "Long-term prepaid wafers" on the consolidated balance sheets. The Company currently estimates that it is obligated to purchase at least approximately $1.6 billion of wafers from GlobalFoundries under the Capacity Reservation Agreement.
In addition, the Capacity Reservation Agreement provides the Company an option to reserve a specified portion of the capacity commitment for wafers that include certain additional technology beginning in calendar year 2023. The Company exercised that option in the second quarter of fiscal year 2022, and GlobalFoundries agreed to provide up to a maximum portion of the wafers pursuant to the capacity commitment with this additional technology. In exchange for the capacity commitment with the additional technology, the Company paid an additional $10 million non-refundable fee and pre-paid an additional $20 million for future wafer purchases. These payments were recorded similarly to the description above.
Purchase Commitments
We rely primarily on third-party foundries for our wafer manufacturing needs. With the exception of the terms of the Capacity Reservation Agreement described above, generally, our foundry agreements do not have volume purchase commitments and primarily provide for purchase commitments based on purchase orders. Cancellation fees or other charges may apply and are generally dependent upon whether wafers have been started or the stage of the manufacturing process at which the notice of cancellation is given.
In addition to our wafer supply arrangements, we contract with third-party assembly vendors to package the wafer die into finished products. Assembly and test vendors provide fixed-cost-per-unit pricing, as is common in the semiconductor industry.
The Company's purchase commitments primarily include the Company's obligations to purchase wafers and related assembly and testing services described above, in addition to future payments related to multi-year tool commitments.
Total future unconditional purchase commitments as of March 26, 2022 were as follows (in thousands):
Fiscal Year
2023$511,472 
2024418,299 
2025370,501 
2026251,170 
2027160,854 
Thereafter— 
Total$1,712,296 
v3.22.1
Legal Matters
 12 Months Ended
Mar. 26, 2022
Loss Contingency, Information about Litigation Matters [Abstract]  
Legal Matters Legal MattersFrom time to time, we are involved in legal proceedings concerning matters arising in connection with the conduct of our business activities. We regularly evaluate the status of legal proceedings in which we are involved to assess whether a loss is probable or there is a reasonable possibility that a loss or additional loss may have been incurred and to determine if accruals are appropriate. We further evaluate each legal proceeding to assess whether an estimate of possible loss or range of loss can be made. Based on current knowledge, management does not believe that there are any pending matters that could potentially have a material adverse effect on our business, financial condition, results of operations or cash flows.
v3.22.1
Stockholders' Equity
 12 Months Ended
Mar. 26, 2022
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders' Equity
Share Repurchase Program
In January 2021, the Board of Directors authorized the repurchase of up to an additional $350 million of the Company’s common stock. Since inception, approximately $157.5 million of the Company’s common stock has been repurchased under the 2021 share repurchase program, leaving approximately $192.5 million available for repurchase under this plan as of March 26, 2022. During the fiscal year ended March 26, 2022, the Company repurchased 2.1 million shares of its common stock under both the 2021 plan and the prior $200 million 2019 share repurchase program for $167.5 million, at an average cost of $81.18 per share. During the three months ended June 26, 2021, the Company completed share repurchases under the 2019 plan. All of these shares were repurchased in the open market and were funded from existing cash. All shares of our common stock that were repurchased were retired as of March 26, 2022.
Preferred Stock
We have 5.0 million shares of Preferred Stock authorized. As of March 26, 2022, we have not issued any of the authorized shares.
v3.22.1
Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Mar. 26, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
Our accumulated other comprehensive income (loss) is comprised of foreign currency translation adjustments, unrealized gains and losses on investments classified as available-for-sale, and cumulative effects of adopting new accounting standards.
The following table summarizes the changes in the components of accumulated other comprehensive income (loss), net of tax (in thousands):
Foreign
Currency		Unrealized Gains
(Losses) on Securities		Cumulative Effect of Adoption of ASU 2018-02Total
Balance, March 28, 2020$(1,568)$(1,644)$(257)$(3,469)
Current period foreign exchange translation1,862 — — 1,862 
Current period marketable securities activity— 5,673 — 5,673 
Tax effect— (1,191)— (1,191)
Balance, March 27, 2021$294 $2,838 $(257)$2,875 
Current period foreign exchange translation(507)— — (507)
Current period marketable securities activity— (5,587)— (5,587)
Tax effect— 1,174 — 1,174 
Balance, March 26, 2022$(213)$(1,575)$(257)$(2,045)
v3.22.1
Income Taxes
 12 Months Ended
Mar. 26, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income (loss) before income taxes consisted of (in thousands):
 Fiscal Years Ended
March 26,
2022		March 27,
2021		March 28,
2020
U.S.$(17,674)$19,189 $44,154 
Non-U.S.386,337 226,057 137,112 
$368,663 $245,246 $181,266 

The provision (benefit) for income taxes consists of (in thousands):
 Fiscal Years Ended
March 26,
2022		March 27,
2021		March 28,
2020
Current:
U.S.$4,483 $981 $5,241 
Non-U.S.52,920 32,428 21,634 
Total current tax provision$57,403 $33,409 $26,875 
Deferred:
U.S.(6,256)(192)(561)
Non-U.S.(8,839)(5,315)(4,546)
Total deferred tax provision(15,095)(5,507)(5,107)
Total tax provision$42,308 $27,902 $21,768 
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 Ended
March 26,
2022		March 27,
2021		March 28,
2020
U.S. federal statutory rate21.0 21.0 21.0 
Foreign income taxed at different rates(9.6)(8.4)(5.5)
Stock-based compensation(0.9)(0.8)(2.7)
Foreign-derived intangible income deduction(0.1)(0.3)(0.8)
Current U.S. tax on foreign earnings0.6 0.4 1.1 
Change in valuation allowance(0.2)— (0.1)
Release of prior year unrecognized tax benefits— (1.4)(2.3)
Interest related to unrecognized tax benefits0.2 0.3 0.5 
Other0.5 0.6 0.8 
Effective tax rate11.5 11.4 12.0 
The legislation commonly referred to as the Tax Cuts and Jobs Act ("Tax Act") was enacted on December 22, 2017 and required companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax-deferred. We elected to pay the transition tax over the eight-year period provided in the Tax Act. As of March 26, 2022, the remaining balance of our transition tax obligation was $27.0 million, which will be paid over the next four years.
Significant components of our deferred tax assets and liabilities as of March 26, 2022 and March 27, 2021 are (in thousands): 
March 26,
2022		March 27,
2021
Deferred tax assets:
Accrued expenses and allowances$6,517 $4,354 
Net operating loss carryforwards1,713 1,781 
Research and development tax credit carryforwards15,230 12,753 
Stock-based compensation18,952 10,995 
Lease liabilities26,653 17,672 
Capitalized research and development6,372 — 
Other651 — 
Total deferred tax assets$76,088 $47,555 
Valuation allowance for deferred tax assets(13,088)(12,782)
Net deferred tax assets$63,000 $34,773 
Deferred tax liabilities:
Depreciation and amortization$3,574 $4,059 
Right of use asset25,744 16,987 
Acquisition intangibles32,315 3,100 
Other— 650 
Total deferred tax liabilities$61,633 $24,796 
Total net deferred tax assets$1,367 $9,977 
Deferred tax assets and liabilities are recorded for the estimated tax impact of temporary differences between the tax basis and book basis of assets and liabilities. A valuation allowance is established against a deferred tax asset when it is more likely than not that the deferred tax asset will not be realized. Our valuation allowance increased by $0.3 million in fiscal year 2022.  The Company maintains a valuation allowance for certain deferred tax assets primarily relating to certain state net operating loss and state tax credit carryforwards due to the likelihood that they will expire or go unutilized. Management believes that the Company’s results from future operations will generate sufficient taxable income in the appropriate jurisdictions and of the appropriate character such that it is more likely than not that the remaining deferred tax assets will be realized.
At March 26, 2022, the Company had gross federal net operating loss carryforwards of $3.7 million, all of which related to acquired companies and are, therefore, subject to certain limitations under Section 382 of the Internal Revenue Code. The
federal net operating loss carryforwards expire in fiscal years 2023 through 2031. At March 26, 2022 the Company had gross foreign net operating loss carryforwards of $0.3 million that do not expire and gross state net operating loss carryforwards of $10.1 million that expire in fiscal years 2023 through 2030. In addition, the Company had $13.7 million of state business tax, minimum tax, and research and development tax credit carryforwards. Certain of these state tax credits will expire in fiscal years 2023 through 2034, and others do not expire.
At March 26, 2022, unremitted earnings of our foreign subsidiaries that can be distributed without tax consequence, other than withholding taxes that may apply based on the jurisdiction of the subsidiary, are not expected to be indefinitely reinvested. No taxes have been accrued for foreign withholding taxes on these earnings as these amounts are not material. We have not provided additional income taxes for other outside basis differences inherent in our foreign entities, as these amounts continue to be indefinitely reinvested in foreign operations. Determining the amount of unrecognized deferred tax liability related to all other outside basis differences in these entities is not practicable at this time.
On July 27, 2015, the U.S. Tax Court issued an opinion in Altera Corp. et al. v. Commissioner which concluded that the regulations relating to the treatment of stock-based compensation expense in intercompany cost-sharing arrangements were invalid. In 2016 the U.S. Internal Revenue Service appealed the decision to the U.S. Court of Appeals for the Ninth Circuit (the “Ninth Circuit”). On July 24, 2018, the Ninth Circuit issued a decision that was subsequently withdrawn and a reconstituted panel conferred on the appeal. On June 7, 2019, the Ninth Circuit reversed the decision of the U.S. Tax Court and upheld the cost-sharing regulations. On February 10, 2020, Altera Corp. filed a Petition for a Writ of Certiorari with the Supreme Court of the United States, which was denied by the Supreme Court on June 22, 2020. Although the issue is now resolved within the Ninth Circuit, the Ninth Circuit's opinion is not binding in other circuits. The potential impact of this issue on the Company, which is not located within the jurisdiction of the Ninth Circuit, is unclear at this time. We will continue to monitor developments related to this issue and the potential impact of those developments on the Company's current and prior fiscal years.
The following table summarizes the changes in the unrecognized tax benefits (in thousands): 
March 26,
2022		March 27,
2021
Beginning balance$32,879 $36,208 
Additions based on tax positions related to the current year— — 
Reductions based on tax positions related to the prior years— (3,329)
Ending balance$32,879 $32,879 
At March 26, 2022, the Company had gross unrecognized tax benefits of $32.9 million, all of which would impact the effective tax rate if recognized. The Company’s unrecognized tax benefits are classified as “Non-current income taxes” in the Consolidated Balance Sheet. The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes. During fiscal years 2022 and 2021 we recognized interest expense, net of tax, of approximately $0.9 million and $0.7 million, respectively. The total amount of interest accrued as of March 26, 2022 was $5.1 million.
The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax in multiple state and foreign jurisdictions. Fiscal years 2017 through 2022 remain open to examination by the major taxing jurisdictions to which the Company is subject, although carry forward attributes that were generated in tax years prior to fiscal year 2017 may be adjusted upon examination by the tax authorities if they have been, or will be, used in a future period. 
The Company's fiscal year 2017, 2018, and 2019 federal income tax returns are under examination by the U.S. Internal Revenue Service ("IRS").  The IRS has proposed adjustments that would increase U.S. taxable income related to transfer pricing matters with respect to our U.S. and U.K. affiliated companies and on May 17, 2022, the IRS issued a Revenue Agent’s Report asserting additional tax of approximately $170.5 million plus interest and imposing penalties of approximately $63.7 million. We do not agree with the IRS's positions and we intend to vigorously dispute the proposed adjustments. We intend to pursue resolution through the administrative process with the IRS Independent Office of Appeals and, if necessary, through judicial remedies. We expect it could take a number of years to reach resolution on these matters. Although the final resolution of these matters is uncertain, the Company believes adequate amounts have been reserved for any adjustments to the provision for income taxes that may ultimately result. However, if the IRS prevails in these matters, the assessed tax, interest, and penalties, if any, could have an adverse impact on our financial position, results of operations, and cash flows in future periods. The Company is not under an income tax audit in any other major taxing jurisdiction.
v3.22.1
Segment Information
 12 Months Ended
Mar. 26, 2022
Segment Reporting [Abstract]  
Segment Information Segment Information
We determine our operating segments in accordance with Financial Accounting Standards Board (“FASB”) guidelines. Our Chief Executive Officer (“CEO”) has been identified as the chief operating decision maker under these guidelines.
The Company operates and tracks its results in one reportable segment, but reports revenue performance in two product lines: Audio and High-Performance Mixed-Signal. Our CEO receives and uses enterprise-wide financial information to assess financial performance and allocate resources, rather than detailed information at a product line level. Additionally, our product lines have similar characteristics and customers. They share operations support functions such as sales, public relations, supply chain management, various research and development and engineering support, in addition to the general and administrative functions of human resources, legal, finance and information technology. Therefore, there is no complete, discrete financial information maintained for these product lines. Revenue by product line is disclosed in Note 10 - Revenues. Geographic details of revenue and property, plant and equipment are included below. 

Geographic Area
The following illustrates sales by ship to location of the customer (in thousands):
 Fiscal Years Ended
March 26,
2022		March 27,
2021		March 28,
2020
China$1,197,812 $1,024,178 $975,090 
Hong Kong325,433 170,605 205,314 
Vietnam72,162 10,115 — 
South Korea51,606 42,403 12,218 
United States29,513 21,708 17,099 
Rest of World104,934 100,221 71,403 
Total consolidated sales$1,781,460 $1,369,230 $1,281,124 

The following illustrates property, plant and equipment, net, by geographic locations, based on physical location (in thousands):
 Fiscal Years Ended
March 26,
2022		March 27,
2021
United States$118,847 $116,649 
United Kingdom28,612 29,895 
Rest of World9,618 8,398 
Total consolidated property, plant and equipment, net$157,077 $154,942 
v3.22.1
Summary of Significant Accounting Policies (Policy)
 12 Months Ended
Mar. 26, 2022
Accounting Policies [Abstract]  
Basis of Presentation Basis of PresentationWe prepare financial statements on a 52- or 53-week year that ends on the last Saturday in March. Fiscal years 2022, 2021 and 2020 were 52-week years.
Principles of Consolidation
Principles of Consolidation
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated.
Reclassifications
Reclassifications
Certain reclassifications have been made to prior year balances in order to conform to the current year’s presentation of financial information.
Use of Estimates
Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires the use of management estimates. These estimates are subjective in nature and involve judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at fiscal year-end and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents consist primarily of money market funds, commercial paper, and U.S. Government Treasury and Agency instruments with original maturities of three months or less at the date of purchase.
Business Combinations
Business Combinations
We account for business combinations using the acquisition method of accounting and allocate the fair value of acquisition consideration to the assets acquired and liabilities assumed based on their fair values at the acquisition date. The excess of the fair value of purchase consideration over the fair value of the assets acquired and liabilities assumed is recorded as goodwill. The results of operations of the business acquired is included in our consolidated statements of income beginning on the date of the acquisition.
Inventories
Inventories
We use the lower of cost or net realizable value to value our inventories, with cost being determined on a first-in, first-out basis. One of the factors we consistently evaluate in the application of this method is the extent to which products are accepted into the marketplace. By policy, we evaluate market acceptance based on known business factors and conditions by comparing forecasted customer unit demand for our products over a specific future period, or demand horizon, to quantities on hand at the end of each accounting period.
On a quarterly and annual basis, we analyze inventories on a part-by-part basis. Product life cycles and the competitive nature of the industry are factors considered in the evaluation of customer unit demand at the end of each quarterly accounting
period. Inventory on-hand in excess of forecasted demand is considered to have reduced market value and, therefore, the cost basis is adjusted to the lower of cost or net realizable value. Typically, market values for excess or obsolete inventories are considered to be zero. Inventory charges recorded for excess and obsolete inventory, including scrapped inventory, were $6.5 million and $1.2 million, in fiscal year 2022 and 2021, respectively. Inventory charges in fiscal year 2022 and 2021 related to a combination of quality issues and inventory exceeding demand.
Property, Plant and Equipment, net Property, Plant and Equipment, netProperty, plant and equipment is recorded at cost, net of depreciation and amortization. Depreciation and amortization is calculated on a straight-line basis over estimated economic lives, ranging from 3 to 39 years. Leasehold improvements are depreciated over the shorter of the term of the lease or the estimated useful life. Furniture, fixtures, machinery, and equipment are all depreciated over a useful life of 3 to 10 years, while buildings are depreciated over a period of up to 39 years. In general, our capitalized software is amortized over a useful life of 3 years, with capitalized enterprise resource planning software being amortized over a useful life of 10 years. Gains or losses related to retirements or dispositions of fixed assets are recognized in the period incurred. Additionally, if impairment indicators exist, the Company will assess the carrying value in relation to the calculated fair value of the associated asset.
Goodwill and Intangibles, net
Goodwill and Intangibles, net
Intangible assets include purchased technology licenses and patents that are reported at cost and are amortized on a straight-line basis over their useful lives, generally ranging from 1 to 5 years. Acquired intangibles include existing technology, core technology or patents, license agreements, in-process research & development, trademarks, tradenames, customer relationships, non-compete agreements, and backlog. These assets are amortized on a straight-line basis over lives ranging from 1 to 15 years.
Goodwill is recorded at the time of an acquisition and is calculated as the difference between the aggregate consideration paid for an acquisition and the fair value of the net tangible and intangible assets acquired. Goodwill and intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests. The Company tests goodwill and indefinite lived intangibles for impairment on an annual basis or more frequently if the Company believes indicators of impairment exist. Impairment evaluations involve management’s assessment of qualitative factors to determine whether it is more likely than not that goodwill and other intangible assets are impaired. If management concludes from its assessment of
qualitative factors that it is more likely than not that impairment exists, then a quantitative impairment test will be performed involving management estimates of asset useful lives and future cash flows. Significant management judgment is required in the forecasts of future operating results that are used in these evaluations. Following the quantitative test, an impairment charge would be recorded for the amount the carrying value exceeds the calculated fair value. If our actual results, or the plans and estimates used in future impairment analyses, are lower than the original estimates used to assess the recoverability of these assets, we could incur additional impairment charges in a future period.
Long-Lived Assets Long-Lived AssetsWe test for impairment losses on long-lived assets and definite-lived intangibles used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. We measure any impairment loss by comparing the fair value of the asset to its carrying amount. We estimate fair value based on discounted future cash flows, quoted market prices, or independent appraisals.
Foreign Currency Translation Foreign Currency TranslationSome of the Company's subsidiaries utilize the local currency as the functional currency. The Company’s main entities, including the entities that generate the majority of sales and employ the majority of employees, are U.S. dollar functional.
Concentration of Credit Risk
Concentration of Credit Risk
Financial instruments that potentially subject us to material concentrations of credit risk consist primarily of cash equivalents, marketable securities, long-term marketable securities, and trade accounts receivable. We are exposed to credit risk to the extent of the amounts recorded on the balance sheet. By policy, our cash equivalents, marketable securities, and long-term marketable securities are subject to certain nationally recognized credit standards, issuer concentrations, sovereign risk, and marketability or liquidity considerations.
In evaluating our trade receivables, we perform credit evaluations of our major customers’ financial condition and monitor closely all of our receivables to limit our financial exposure by limiting the length of time and amount of credit extended. In certain situations, we may require payment in advance or utilize letters of credit to reduce credit risk. By policy, we establish a reserve for trade accounts receivable based on the type of business in which a customer is engaged, the length of time a trade account receivable is outstanding, and other knowledge that we may possess relating to the probability that a trade receivable is at risk for non-payment.
We had two contract manufacturers, Henan Fuchi and Pegatron, who represented 30 percent and 17 percent, respectively, of our consolidated gross trade accounts receivable as of the end of fiscal year 2022. Henan Fuchi represented 25 percent of our consolidated gross trade accounts receivable as of the end of fiscal year 2021. No other distributor or customer had receivable balances that represented more than 10 percent of consolidated gross trade accounts receivable as of the end of fiscal year 2022 and 2021.
Since the components we produce are largely proprietary and generally not available from second sources, we consider our end customer to be the entity specifying the use of our component in their design. These end customers may then purchase our products directly from us, from a distributor, or through a third-party manufacturer contracted to produce their end product. For each of fiscal years 2022, 2021, and 2020, our ten largest end customers represented approximately 93 percent of our sales. For fiscal years 2022, 2021, and 2020, we had one end customer, Apple Inc., who purchased through multiple contract manufacturers and represented approximately 79 percent, 83 percent, and 79 percent, of the Company’s total sales, respectively. No other customer or distributor represented more than 10 percent of net sales in fiscal years 2022, 2021, or 2020.
Revenue Recognition, Warranty Expense Shipping Costs
Revenue Recognition
We recognize revenue upon the transfer of promised goods or services to customers, in an amount that reflects the consideration the Company expects to be entitled in exchange for those goods or services.
Performance Obligations
The Company’s single performance obligation is the delivery of promised goods to the customer. The promised goods are explicitly stated in the customer contract and are comprised of either a single type of good or a series of goods that are substantially the same, have the same pattern of transfer to the customer, and are neither capable of being distinct nor separable from the other promised goods in the contract. This performance obligation is satisfied upon transfer of control of the promised goods to the customer, as defined per the shipping terms within the customer’s contract. The vast majority of the Company’s contracts with customers have an original expected term of one year or less. As allowed by ASC 606, the Company has not disclosed the value of any unsatisfied performance obligations related to these contracts.
The Company’s products typically include a warranty period of one to three years. These warranties qualify as assurance-type warranties, as goods can be returned for product non-conformance and defect only. As such, these warranties are accounted for under ASC 460, Guarantees, and are not considered a separate performance obligation.
Contract balances
Payments are typically due within 30 to 60 days of invoicing and terms do not include a significant financing component or noncash consideration. There have been no material impairment losses on accounts receivable. There are no material contract assets or contract liabilities recorded on the consolidated balance sheets.
Transaction price
The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised goods to the customer. Fixed pricing is the consideration that is agreed upon in the customer contract. Variable pricing includes rebates, rights of return, warranties, price protection and stock rotation. Rebates are granted as a customer account credit, based on agreed-upon sales thresholds. Rights of return and warranty costs are estimated using the "most likely amount" method by reviewing historical returns to determine the most likely customer return rate and applying materiality thresholds. Price protection includes price adjustments available to certain distributors based upon established book price and a stated adjustment period. Stock rotation is also available to certain distributors based on a stated maximum of prior billings.
The Company estimates all variable consideration at the most likely amount which it expects to be entitled. The estimate is based on current and historical information available to the Company, including recent sales activity and pricing. Variable consideration is only included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company defers all variable consideration that does not meet the revenue recognition criteria.
Warranty Expense
We warrant our products and maintain a provision for warranty repair or replacement of shipped products. The accrual represents management’s estimate of probable returns. Our estimate is based on an analysis of our overall sales volume and historical claims experience. The estimate is re-evaluated periodically for accuracy.
Shipping Costs
Our shipping and handling costs are included in cost of sales for all periods presented in the Consolidated Statements of Income.
Disaggregation of revenue
We disaggregate revenue from contracts with customers by product line and ship to location of the customer. Sales are designated in the product line categories of Audio and High-Performance Mixed-Signal.
Total net sales based on the product line disaggregation criteria described above are shown in the table below (in thousands).
Fiscal Years Ended
March 26, 2022March 27, 2021March 28, 2020
Audio Products$1,187,126 $1,104,060 $1,109,958 
High-Performance Mixed-Signal Products594,334 265,170 171,166 
Total$1,781,460 $1,369,230 $1,281,124 
The geographic regions that are reviewed are China, the United States, and the rest of the world.
Advertising Costs Advertising CostsAdvertising costs are expensed as incurred.
Stock-Based Compensation
Stock-Based Compensation
Stock-based compensation is measured at the grant date based on the grant-date fair value of the awards and is recognized as an expense, on a ratable basis, over the vesting period, which is generally between 1 and 4 years. Determining the amount of stock-based compensation to be recorded requires the Company to develop estimates used in calculating the grant-date fair value of stock options and performance awards (also called market stock units). The Company calculates the grant-date fair value for stock options and market stock units using the Black-Scholes valuation model and the Monte Carlo simulation, respectively. The use of valuation models requires the Company to make estimates of assumptions such as expected volatility, expected term, risk-free interest rate, expected dividend yield, and forfeiture rates. The grant-date fair value of restricted stock units is the market value at grant date multiplied by the number of units.
Income Taxes
Income Taxes
We are required to calculate income taxes in each of the jurisdictions in which we operate. This process involves calculating the actual current tax liability as well as assessing temporary differences in the recognition of income or loss for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included in our Consolidated Balance Sheet. We record a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized.  The Company evaluates the ability to realize its deferred tax assets based on all the facts and circumstances, including projections of future taxable income and expiration dates of carryover tax attributes.
The calculation of our tax liabilities involves assessing uncertainties with respect to the application of complex tax rules and the potential for future adjustment of our uncertain tax positions by the U.S. Internal Revenue Service or other taxing jurisdiction. We recognize liabilities for uncertain tax positions based on the required two-step process. The first step requires
us to determine if the weight of available evidence indicates that the tax position has met the threshold for recognition; therefore, we must evaluate whether it is more likely than not that the position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step requires us to measure the tax benefit of the tax position taken, or expected to be taken, in an income tax return as the largest amount that is more than 50 percent likely of being realized upon ultimate settlement. We reevaluate the uncertain tax positions each quarter based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, expirations of statutes of limitation, effectively settled issues under audit, and new audit activity. A change in the recognition step or measurement step would result in the recognition of a tax benefit or an additional charge to the tax provision in the period.
Although we believe the measurement of our liabilities for uncertain tax positions is reasonable, we cannot assure that the final outcome of these matters will not be different than what is reflected in the historical income tax provisions and accruals. If additional taxes are assessed as a result of an audit or litigation, it could have a material effect on our income tax provision and net income in the period or periods for which that determination is made. We operate within multiple taxing jurisdictions and are subject to audit in these jurisdictions. These audits can involve complex issues which may require an extended period of time to resolve and could result in additional assessments of income tax. We believe adequate provisions for income taxes have been made for all periods. See Note 19 - Income Taxes for further detail.
Net Income Per Share
Net Income Per Share
Basic net income per share is based on the weighted effect of common shares issued and outstanding and is calculated by dividing net income by the basic weighted average shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average number of common shares used in the basic net income per share calculation, plus the equivalent number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares outstanding. These potentially dilutive items consist primarily of outstanding stock options and restricted stock grants.
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss
Our accumulated other comprehensive loss is comprised of foreign currency translation adjustments and unrealized gains and losses on investments classified as available-for-sale. See Note 18 — Accumulated Other Comprehensive Income (Loss) for additional discussion.
Recently Issued Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The ASU removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year, with early adoption permitted. The Company adopted this ASU in the first quarter of fiscal year 2022, with no impact to the financial statements.
In January 2020, the FASB issued ASU No. 2020-01, Investments - Equity Securities (Topic 321) - Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force). This ASU clarifies the interaction of the accounting for equity securities and investments accounted for under the equity method of accounting, and the accounting
for certain forward contracts and purchased options. This ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year, with early adoption permitted. The Company adopted this ASU in the first quarter of fiscal year 2022, with no material impact to the financial statements.
In May 2020, the SEC adopted final rules that amend the financial statement requirements for significant business acquisitions and dispositions. Among other things, the rules modify the significance tests and improve the disclosure requirements for acquired or to be acquired businesses and related pro forma financial information, the periods those financial statements must cover, and the form and content of the pro forma financial information. The final rules were effective January 1, 2021. The Company adopted the final rules and applied changes in conjunction with the business acquisition described in Note 8 - Acquisition.
Recently Issued Accounting Pronouncements
In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured at the acquisition date in accordance with Revenue from Contracts with Customers (Topic 606) as if the acquirer had originated the contracts. Prior to the issuance of this ASU, contract assets and liabilities were recognized at fair value on the acquisition date. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within that fiscal year, with early adoption permitted, and should be applied on a prospective basis. The Company is currently evaluating the impact of this guidance.
In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832) – Disclosures by Business Entities about Government Assistance, which requires annual disclosures about transactions with a government that are accounted for by applying a grant or contribution type accounting model. The disclosures would require information about the nature and related policy used for the transactions, the line items on the balance sheet and income statement that are affected and the amounts applicable to each financial statement line item, and significant terms and conditions of the transactions. This ASU is effective for fiscal years beginning after December 15, 2021, with early adoption permitted, and can be applied on a prospective or retrospective basis. The Company is currently evaluating the impact of this guidance.
Marketable Securities The Company’s investments have been classified as available-for-sale securities in accordance with U.S. GAAP. Marketable securities are categorized on the Consolidated Balance Sheet as “Marketable securities” within the short-term or long-term classification, as appropriate.
v3.22.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Mar. 26, 2022
Accounting Policies [Abstract]  
Schedule of Inventories
Inventories were comprised of the following (in thousands):
 
March 26, 2022March 27, 2021
Work in process$95,188 $92,073 
Finished goods43,248 81,190 
$138,436 $173,263 
Components of Property, Plant and Equipment
Property, plant and equipment was comprised of the following (in thousands):
 
March 26, 2022March 27, 2021
Land$23,853 $23,853 
Buildings63,730 63,803 
Furniture and fixtures24,122 23,733 
Leasehold improvements53,611 52,041 
Machinery and equipment175,966 160,400 
Capitalized software26,491 26,152 
Construction in progress and other5,566 950 
Total property, plant and equipment373,339 350,932 
Less: Accumulated depreciation and amortization(216,262)(195,990)
Property, plant and equipment, net$157,077 $154,942 
Schedule of Earnings Per Share, Basic and Diluted
The following table details the calculation of basic and diluted earnings per share for fiscal years 2022, 2021, and 2020, (in thousands, except per share amounts):
 
 Fiscal Years Ended
March 26, 2022March 27, 2021March 28, 2020
Numerator:
Net income$326,355 $217,344 $159,498 
Denominator:
Weighted average shares outstanding57,278 58,106 58,317 
Effect of dilutive securities1,865 1,954 2,145 
Weighted average diluted shares59,143 60,060 60,462 
Basic earnings per share$5.70 $3.74 $2.74 
Diluted earnings per share$5.52 $3.62 $2.64 
v3.22.1
Marketable Securities (Tables)
 12 Months Ended
Mar. 26, 2022
Marketable Securities [Abstract]  
Schedule of Available-for-sale Securities
The following table is a summary of available-for-sale securities (in thousands):
 
As of March 26, 2022Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair Value
(Net Carrying Amount)
Corporate debt securities$70,296 $2 $(2,133)$68,165 
Non-U.S. government securities509 — (9)500 
U.S. Treasury securities5,483 — (169)5,314 
Agency discount notes385 — (14)371 
Total securities$76,673 $2 $(2,325)$74,350 
As of March 27, 2021Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair Value
(Net Carrying Amount)
Corporate debt securities$348,971 $3,403 $(313)$352,061 
Non-U.S. government securities13,462 172 (1)13,633 
Agency discount notes2,759 4 (1)2,762 
Total securities$365,192 $3,579 $(315)$368,456 
Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity
The cost and estimated fair value of available-for-sale investments by contractual maturity were as follows:
 
 March 26, 2022March 27, 2021
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Within 1 year$10,697 $10,601 $54,895 $55,698 
After 1 year65,976 63,749 310,297 312,758 
Total$76,673 $74,350 $365,192 $368,456 
v3.22.1
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Mar. 26, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Assets and Liabilities
The following summarizes the fair value of our financial instruments at March 26, 2022 (in thousands):
 
Quoted Prices
in Active
Markets for
Identical
Assets
Level 1		Significant
Other
Observable
Inputs
Level 2		Significant
Unobservable
Inputs
Level 3		Total
Assets:
Cash equivalents
Money market funds$217,151 $— $— $217,151 
Commercial paper— 249 — 249 
$217,151 $249 $— $217,400 
Available-for-sale securities
Corporate debt securities$— $68,165 $— $68,165 
Non-U.S. government securities— 500 — 500 
U.S. Treasury securities5,314 — — 5,314 
Agency discount notes— 371 — 371 
$5,314 $69,036 $— $74,350 

The following summarizes the fair value of our financial instruments at March 27, 2021 (in thousands):
Quoted Prices
in Active
Markets for
Identical
Assets
Level 1		Significant
Other
Observable
Inputs
Level 2		Significant
Unobservable
Inputs
Level 3		Total
Assets:
Cash equivalents
Money market funds$405,819 $— $— $405,819 
Available-for-sale securities
Corporate debt securities$— $352,061 $— $352,061 
Non-U.S. government securities— 13,633 — 13,633 
Agency discount notes— 2,762 — 2,762 
$— $368,456 $— $368,456 
v3.22.1
Derivative Financial Instruments (Tables)
 12 Months Ended
Mar. 26, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Before-Tax Effect of Derivative Instruments Not Designated as Hedging Instruments The before-tax effect of derivative instruments not designated as hedging instruments was as follows (in thousands):
Fiscal Years Ended
March 26, 2022March 27, 2021March 28, 2020Location
Gain (loss) recognized in income
Foreign currency forward contracts$(283)$3,212 $(4,226)Other income (expense)
v3.22.1
Accounts Receivable, net (Tables)
 12 Months Ended
Mar. 26, 2022
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Components of Accounts Receivable, Net
The following are the components of accounts receivable, net (in thousands):
 
March 26, 2022March 27, 2021
Gross accounts receivable$240,264 $108,712 
Allowance for doubtful accounts— — 
Accounts receivable, net$240,264 $108,712 
v3.22.1
Intangibles, net and Goodwill (Tables)
 12 Months Ended
Mar. 26, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Gross Carrying Amount and Amortization of Intangible Assets
The following information details the gross carrying amount and accumulated amortization of our intangible assets (in thousands):
 
 March 26, 2022March 27, 2021
Intangible Category / Weighted-Average Amortization
period (in years)		Gross
Amount		Accumulated
Amortization		Gross
Amount		Accumulated
Amortization
Core technology (a)$1,390 $(1,390)$1,390 $(1,390)
License agreement (a)440 (440)440 (440)
Existing technology (7.2)
255,995 (124,127)111,005 (105,870)
In-process research & development (“IPR&D”) (7.5)
70,936 (67,486)70,936 (62,885)
Trademarks and tradename (10.0)
3,037 (2,845)3,037 (2,717)
Customer relationships (7.3)
34,091 (14,379)15,381 (10,346)
Backlog (a)220 (220)220 (220)
Non-compete agreements (a)470 (470)470 (470)
Technology licenses (3.0)
22,376 (19,453)25,945 (22,455)
Total$388,955 $(230,810)$228,824 $(206,793)
 
(a)Intangible assets are fully amortized.
Schedule of Estimated Aggregate Amortization Expense for Intangibles The following table details the estimated aggregate amortization expense for all intangibles owned as of March 26, 2022, for each of the five succeeding fiscal years and in the aggregate thereafter (in thousands): 
Fiscal Year
2023$31,619 
2024$27,214 
2025$25,276 
2026$24,455 
2027$21,964 
Thereafter$27,617 
v3.22.1
Acquisition (Tables)
 12 Months Ended
Mar. 26, 2022
Business Combination and Asset Acquisition [Abstract]  
Preliminary Allocation of Purchase Price
The following table presents the preliminary allocation of the purchase price at the date of acquisition (in thousands):
July 20, 2021
Cash$4,924 
Account receivable6,725 
Inventory7,675 
Manufacturing advances8,502 
Other current assets321 
Intangibles163,700 
Goodwill148,273 
Other non-current assets453 
Current liabilities(2,927)
Deferred tax liabilities(24,871)
Total purchase price$312,775 
Schedule of Acquired Intangible Assets
The components of the acquired intangible assets and related weighted average amortization periods are detailed below (in thousands):
AmountWeighted Average Amortization Period (years)
Developed Technology$144,990 7
Customer Relationships18,710 5
Total$163,700 
v3.22.1
Revolving Credit Facility (Tables)
 12 Months Ended
Mar. 26, 2022
Debt Disclosure [Abstract]  
Schedule Of Future Interest Payment Obligations
As of March 26, 2022, future interest payment obligations based on forecasted commitment fees under the Revolving Credit Facility were as follows (in thousands):  

Fiscal Year
2023$532 
2024532 
2025534 
2026532 
2027277 
Thereafter— 
Total$2,407 
v3.22.1
Revenues (Tables)
 12 Months Ended
Mar. 26, 2022
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
Total net sales based on the product line disaggregation criteria described above are shown in the table below (in thousands).
Fiscal Years Ended
March 26, 2022March 27, 2021March 28, 2020
Audio Products$1,187,126 $1,104,060 $1,109,958 
High-Performance Mixed-Signal Products594,334 265,170 171,166 
Total$1,781,460 $1,369,230 $1,281,124 
Total net sales based on the geographic disaggregation criteria described are as follows (in thousands):

Fiscal Years Ended
March 26,March 27,March 28,
202220212020
China$1,197,812 $1,024,178 $975,090 
United States29,513 21,708 17,099 
Rest of World554,135 323,344 288,935 
Total$1,781,460 $1,369,230 $1,281,124 
v3.22.1
Leases (Tables)
 12 Months Ended
Mar. 26, 2022
Leases [Abstract]  
Schedule of Lease Expense and Other Information
The components of net operating lease expense were as follows (in thousands):
Fiscal Years Ended
March 26, 2022March 27, 2021
Operating lease - in excess of 12 months$14,901 $14,050 
Variable lease4,954 4,981 
Short-term lease22 151 
Operating lease income(1,518)(1,416)
Total net operating lease expense$18,359 $17,766 

Supplemental operating lease information:
Fiscal Years Ended
March 26, 2022March 27, 2021
Balance Sheet Information (in thousands)
Operating lease right-of-use assets$171,003 $133,548 
Operating lease liabilities$177,842 $142,456 
Cash Flow Information (in thousands)
Operating cash flows from operating leases$14,634 $14,954 
Right-of-use assets obtained in exchange for new operating lease liabilities46,123 805 
Operating Lease Information
Weighted-average remaining lease term - operating leases (in years)1619
Weighted-average discount rate - operating leases4 %4 %
Schedule of Operating Lease Income The components of net operating lease expense were as follows (in thousands):
Fiscal Years Ended
March 26, 2022March 27, 2021
Operating lease - in excess of 12 months$14,901 $14,050 
Variable lease4,954 4,981 
Short-term lease22 151 
Operating lease income(1,518)(1,416)
Total net operating lease expense$18,359 $17,766 
Schedule of Future Lease Commitments, Operating Lease Expense
Future lease commitments under non-cancellable leases, including extension options reasonably anticipated to be exercised as of March 26, 2022, are as follows (in thousands):
Fiscal YearOperating Lease Expense
2023$14,913 
202418,750 
202519,450 
202617,852 
202716,365 
Thereafter172,170 
Total$259,500 
Less imputed interest(81,658)
Total$177,842 
Schedule of Lease Liabilities
Operating lease liabilities consisted of the following (in thousands):
March 26, 2022March 27, 2021
Current lease liabilities$14,680 $14,573 
Non-current lease liabilities163,162 127,883 
Total operating lease liabilities$177,842 $142,456 
v3.22.1
Restructuring Costs (Tables)
 12 Months Ended
Mar. 26, 2022
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Costs
The following table details the total restructuring charges presented in the Consolidated Statements of Income within the "Restructuring Costs" line item (in thousands):
Fiscal Years Ended
March 27, 2021March 28, 2020
Disposal of equipment, net of recovery from sales (a)
$130 $9,578 
Impairment and write-off of intangible assets— 9,961 
Other exit costs222 1,903 
Personnel-related charges, net of equity cancellations (b)— 483 
Total$352 $21,925 

a.Fiscal year ended March 28, 2020 includes accelerated depreciation of equipment of $11.5 million, net of $1.9 million of recovery from equipment sold during the fourth quarter of fiscal 2020.
b.Personnel-related charges consist of severance costs of $1.7 million, net of $1.2 million of equity cancellation benefits.
v3.22.1
Equity Compensation (Tables)
 12 Months Ended
Mar. 26, 2022
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Summary of Activity in Total Stock Available for Grant
The following table summarizes the activity in total shares available for grant (in thousands):
 
 Shares
 Available for
 Grant
Balance, March 30, 20193,323 
Shares added248 
Granted(1,686)
Forfeited210 
Balance, March 28, 20202,095 
Shares added3,223 
Granted(1,491)
Forfeited198 
Balance, March 27, 20214,025 
Shares added— 
Granted(1,679)
Forfeited271 
Balance, March 26, 20222,617 
Summary of Effect of Stock-Based Compensation
The following table summarizes the effects of stock-based compensation on cost of goods sold, research and development, sales, general and administrative, pre-tax income, and net income after taxes for shares granted under the Plan (in thousands, except per share amounts):
 
 Fiscal Year
 202220212020
Cost of sales$1,024 $900 $908 
Research and development44,153 37,483 33,859 
Sales, general and administrative21,215 18,379 18,990 
Effect on pre-tax income66,392 56,762 53,757 
Income Tax Benefit(11,521)(9,558)(9,336)
Total stock-based compensation expense (net of taxes)54,871 47,204 44,421 
Stock-based compensation effects on basic earnings per share$0.96 $0.81 $0.76 
Stock-based compensation effects on diluted earnings per share0.93 0.79 0.73 
Schedule of Fair Value of Stock Option Grants
We estimate the fair value of each stock option on the date of grant using the Black-Scholes option-pricing model using a dividend yield of zero and the following additional assumptions:
 
March 26, 2022March 27, 2021March 28, 2020
Expected stock price volatility
36.85% - 41.66%
43.85% - 43.99%
37.17% - 41.61%
Risk-free interest rate
0.82% - 1.62%
0.35% - 0.72%
1.54% - 2.29%
Expected term (in years)
4.22 - 4.39
4.32 - 4.43
3.81 - 4.55
Schedule of Stock Option Activity
Additional information with respect to stock option activity is as follows (in thousands, except per share amounts):
 
 Outstanding Options
NumberWeighted
Average
Exercise Price
Balance, March 30, 20191,865 $33.68 
Options granted169 66.93 
Options exercised(780)23.90 
Options forfeited(27)50.75 
Options expired(11)55.03 
Balance, March 28, 20201,216 $44.01 
Options granted96 77.23 
Options exercised(236)30.26 
Options forfeited(17)56.27 
Options expired— — 
Balance, March 27, 20211,059 $49.87 
Options granted88 87.52 
Options exercised(327)40.31 
Options forfeited— — 
Options expired— — 
Balance, March 26, 2022820 $57.75 
Summary of Outstanding Options Vesting, Expected to Vest, or Exercisable
Additional information with regards to outstanding options that are vesting, expected to vest, or exercisable as of March 26, 2022 is as follows (in thousands, except years and per share amounts):
 
Number of
Options		Weighted
Average
Exercise price		Weighted Average
Remaining Contractual
Term (years)		Aggregate
Intrinsic Value
Vested and expected to vest809 $57.42 6.63$24,499 
Exercisable585 $50.65 5.82$21,676 
Summary of Outstanding and Exercisable Options
The following table summarizes information regarding outstanding and exercisable options as of March 26, 2022 (in thousands, except per share amounts):
 
 Options OutstandingOptions Exercisable
Weighted Average
Remaining
Contractual Life		Weighted
Average Exercise		NumberWeighted
Average
Range of Exercise PricesNumber(years)PriceExercisableExercise Price
$20.37 - $38.34
133 4.62$33.60 126 $33.37 
$41.49 - $42.64
135 6.6541.56 117 41.55 
$54.65 - $55.72
231 5.1355.21 231 55.21 
$68.43 - $68.43
8 8.0868.43 4 68.43 
$68.56 - $68.56
137 7.6268.56 85 68.56 
$78.00 - $88.00
176 9.4282.76 22 78.00 
820 6.66$57.75 585 $50.65 
Summary of Restricted Stock and Restricted Stock Units Activity A summary of the activity for RSUs in fiscal year 2022, 2021, and 2020 is presented below (in thousands, except per share amounts): 
SharesWeighted
Average
Fair Value
March 30, 20192,834 $47.99 
Granted1,014 66.76 
Vested(897)51.20 
Forfeited(271)50.82 
March 28, 20202,680 $53.74 
Granted945 71.44 
Vested(881)52.97 
Forfeited(131)55.36 
March 27, 20212,613 $60.31 
Granted1,079 81.61 
Vested(935)43.96 
Forfeited(181)70.60 
March 26, 20222,576 $74.45 
Summary of Restricted Stock Units Vesting or Expected to Vest Additional information with regards to outstanding RSUs that are expected to vest as of March 26, 2022, is as follows (in thousands, except year and per share amounts): 
SharesWeighted
Average
Fair Value		Weighted Average
Remaining Contractual
Term (years)
Expected to vest2,426 $74.30 1.51
Summary of Monte Carlo Simulation Assumptions for Market Stock Units
The fair values estimated from the Monte Carlo simulation were calculated using a dividend yield of zero and the following additional assumptions:
 
 Fiscal Years Ended
March 26,
2022		March 27,
2021		March 28,
2020
Expected stock price volatility41.66 %43.85 %
37.17% - 41.61%
Risk-free interest rate1.46 %0.29 %
1.59% - 2.28%
Expected term (in years)3.003.003.00
Schedule of Market Stock Units Activity A summary of the activity for MSUs in fiscal year 2022, 2021, and 2020 is presented below (in thousands, except per share amounts): 
SharesWeighted
Average
Fair Value
March 30, 2019166 $62.77 
Granted45 95.89 
Vested— — 
Forfeited(58)73.25 
March 28, 2020153 $68.71 
Granted28 83.96 
Vested— — 
Forfeited(48)64.92 
March 27, 2021133 $73.29 
Granted28 109.18 
Vested(30)50.11 
Forfeited(46)38.70 
March 26, 202285 $95.75 
Summary of Outstanding MSUs Expected to Vest Additional information with regard to outstanding MSUs that are expected to vest as of March 26, 2022 is as follows (in thousands, except year and per share amounts): 
SharesWeighted
Average
Fair Value		Weighted Average
Remaining Contractual
Term (years)
Expected to vest80 $95.52 1.75
v3.22.1
Commitment and Contingencies (Tables)
 12 Months Ended
Mar. 26, 2022
Commitments and Contingencies Disclosure [Abstract]  
Long-term Purchase Commitment
Total future unconditional purchase commitments as of March 26, 2022 were as follows (in thousands):
Fiscal Year
2023$511,472 
2024418,299 
2025370,501 
2026251,170 
2027160,854 
Thereafter— 
Total$1,712,296 
v3.22.1
Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Mar. 26, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Summary of Changes in the Components of Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in the components of accumulated other comprehensive income (loss), net of tax (in thousands):
Foreign
Currency		Unrealized Gains
(Losses) on Securities		Cumulative Effect of Adoption of ASU 2018-02Total
Balance, March 28, 2020$(1,568)$(1,644)$(257)$(3,469)
Current period foreign exchange translation1,862 — — 1,862 
Current period marketable securities activity— 5,673 — 5,673 
Tax effect— (1,191)— (1,191)
Balance, March 27, 2021$294 $2,838 $(257)$2,875 
Current period foreign exchange translation(507)— — (507)
Current period marketable securities activity— (5,587)— (5,587)
Tax effect— 1,174 — 1,174 
Balance, March 26, 2022$(213)$(1,575)$(257)$(2,045)
v3.22.1
Income Taxes (Tables)
 12 Months Ended
Mar. 26, 2022
Income Tax Disclosure [Abstract]  
Summary of Income Before Income Taxes Income (loss) before income taxes consisted of (in thousands):
 Fiscal Years Ended
March 26,
2022		March 27,
2021		March 28,
2020
U.S.$(17,674)$19,189 $44,154 
Non-U.S.386,337 226,057 137,112 
$368,663 $245,246 $181,266 
Summary of Provision (Benefit) for Income Taxes The provision (benefit) for income taxes consists of (in thousands):
 Fiscal Years Ended
March 26,
2022		March 27,
2021		March 28,
2020
Current:
U.S.$4,483 $981 $5,241 
Non-U.S.52,920 32,428 21,634 
Total current tax provision$57,403 $33,409 $26,875 
Deferred:
U.S.(6,256)(192)(561)
Non-U.S.(8,839)(5,315)(4,546)
Total deferred tax provision(15,095)(5,507)(5,107)
Total tax provision$42,308 $27,902 $21,768 
Summary of Provision (Benefit) for Income Taxes, Statutory Federal Rate Pretax Income Reconciliation 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 Ended
March 26,
2022		March 27,
2021		March 28,
2020
U.S. federal statutory rate21.0 21.0 21.0 
Foreign income taxed at different rates(9.6)(8.4)(5.5)
Stock-based compensation(0.9)(0.8)(2.7)
Foreign-derived intangible income deduction(0.1)(0.3)(0.8)
Current U.S. tax on foreign earnings0.6 0.4 1.1 
Change in valuation allowance(0.2)— (0.1)
Release of prior year unrecognized tax benefits— (1.4)(2.3)
Interest related to unrecognized tax benefits0.2 0.3 0.5 
Other0.5 0.6 0.8 
Effective tax rate11.5 11.4 12.0 
Significant Components of Deferred Tax Assets and Liabilities Significant components of our deferred tax assets and liabilities as of March 26, 2022 and March 27, 2021 are (in thousands): 
March 26,
2022		March 27,
2021
Deferred tax assets:
Accrued expenses and allowances$6,517 $4,354 
Net operating loss carryforwards1,713 1,781 
Research and development tax credit carryforwards15,230 12,753 
Stock-based compensation18,952 10,995 
Lease liabilities26,653 17,672 
Capitalized research and development6,372 — 
Other651 — 
Total deferred tax assets$76,088 $47,555 
Valuation allowance for deferred tax assets(13,088)(12,782)
Net deferred tax assets$63,000 $34,773 
Deferred tax liabilities:
Depreciation and amortization$3,574 $4,059 
Right of use asset25,744 16,987 
Acquisition intangibles32,315 3,100 
Other— 650 
Total deferred tax liabilities$61,633 $24,796 
Total net deferred tax assets$1,367 $9,977 
Reconciliation of Unrecognized Tax Benefits
The following table summarizes the changes in the unrecognized tax benefits (in thousands): 
March 26,
2022		March 27,
2021
Beginning balance$32,879 $36,208 
Additions based on tax positions related to the current year— — 
Reductions based on tax positions related to the prior years— (3,329)
Ending balance$32,879 $32,879 
v3.22.1
Segment Information (Tables)
 12 Months Ended
Mar. 26, 2022
Segment Reporting [Abstract]  
Schedule of Sales by Geographic Location Based on Customer Ship To Location The following illustrates sales by ship to location of the customer (in thousands):
 Fiscal Years Ended
March 26,
2022		March 27,
2021		March 28,
2020
China$1,197,812 $1,024,178 $975,090 
Hong Kong325,433 170,605 205,314 
Vietnam72,162 10,115 — 
South Korea51,606 42,403 12,218 
United States29,513 21,708 17,099 
Rest of World104,934 100,221 71,403 
Total consolidated sales$1,781,460 $1,369,230 $1,281,124 
Schedule of Property, Plant, and Equipment, Net, by Geographic Location The following illustrates property, plant and equipment, net, by geographic locations, based on physical location (in thousands):
 Fiscal Years Ended
March 26,
2022		March 27,
2021
United States$118,847 $116,649 
United Kingdom28,612 29,895 
Rest of World9,618 8,398 
Total consolidated property, plant and equipment, net$157,077 $154,942 
v3.22.1
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)
shares in Thousands
 3 Months Ended 12 Months Ended
Mar. 28, 2020
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
Inventory Disclosure [Abstract]        
Inventory write-down   $ 6,500,000 $ 1,200,000  
Property, Plant and Equipment, Net [Abstract]        
Equipment disposal charges, net of recovery $ 9,600,000   130,000 $ 9,578,000
Gain on sale of assets 0 0 0  
Depreciation and amortization expense on property, plant and equipment   24,800,000 24,900,000 31,900,000
Intangible Assets, Net (Including Goodwill) [Abstract]        
Impairment of goodwill   0 0 0
Impairment and write-off of intangible assets $ 10,000,000 0 0 9,961,000
Marketing and Advertising Expense [Abstract]        
Advertising costs   $ 900,000 $ 900,000 $ 900,000
Earnings Per Share [Abstract]        
Weighted outstanding options excluded from diluted calculation (in shares)   113 187 543
Henan Fuchi | Accounts Receivable | Customer Concentration Risk        
Concentration Of Credit Risk [Abstract]        
Concentration risk, percentage   30.00% 25.00%  
Pegatron | Accounts Receivable | Customer Concentration Risk        
Concentration Of Credit Risk [Abstract]        
Concentration risk, percentage   17.00%    
Ten Largest Customers | Sales Revenue, Net | Customer Concentration Risk        
Concentration Of Credit Risk [Abstract]        
Concentration risk, percentage   93.00% 93.00% 93.00%
Apple, Inc. | Sales Revenue, Net | Customer Concentration Risk        
Concentration Of Credit Risk [Abstract]        
Concentration risk, percentage   79.00% 83.00% 79.00%
Capitalized Software        
Property, Plant and Equipment, Net [Abstract]        
Estimated useful life   3 years    
Capitalized Enterprise Resource Planning Software        
Property, Plant and Equipment, Net [Abstract]        
Estimated useful life   10 years    
Minimum        
Intangible Assets, Net (Including Goodwill) [Abstract]        
Intangible assets, useful life   1 year    
Acquired intangible assets, useful life   1 year    
Revenue, Performance Obligation [Abstract]        
Warranty period   1 year    
Contract Balance Payment Terms [Abstract]        
Contract balance, payment term   30 days    
Share-based Compensation [Abstract]        
Share-based compensation, vesting period   1 year    
Minimum | Property, Plant and Equipment        
Property, Plant and Equipment, Net [Abstract]        
Estimated useful life   3 years    
Minimum | Furniture, Fixtures, Machinery and Equipment        
Property, Plant and Equipment, Net [Abstract]        
Estimated useful life   3 years    
Maximum        
Intangible Assets, Net (Including Goodwill) [Abstract]        
Intangible assets, useful life   5 years    
Acquired intangible assets, useful life   15 years    
Revenue, Performance Obligation [Abstract]        
Warranty period   3 years    
Contract Balance Payment Terms [Abstract]        
Contract balance, payment term   60 days    
Share-based Compensation [Abstract]        
Share-based compensation, vesting period   4 years    
Maximum | Property, Plant and Equipment        
Property, Plant and Equipment, Net [Abstract]        
Estimated useful life   39 years    
Maximum | Furniture, Fixtures, Machinery and Equipment        
Property, Plant and Equipment, Net [Abstract]        
Estimated useful life   10 years    
Maximum | Buildings        
Property, Plant and Equipment, Net [Abstract]        
Estimated useful life   39 years    
v3.22.1
Summary of Significant Accounting Policies (Schedule of Inventories) (Details) - USD ($)
$ in Thousands
Mar. 26, 2022
Mar. 27, 2021
Accounting Policies [Abstract]    
Work in process $ 95,188 $ 92,073
Finished goods 43,248 81,190
Inventories $ 138,436 $ 173,263
v3.22.1
Summary of Significant Accounting Policies (Components of Property, Plant and Equipment) (Details) - USD ($)
$ in Thousands
Mar. 26, 2022
Mar. 27, 2021
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment $ 373,339 $ 350,932
Less: Accumulated depreciation and amortization (216,262) (195,990)
Property, plant and equipment, net 157,077 154,942
Land    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 23,853 23,853
Buildings    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 63,730 63,803
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 24,122 23,733
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 53,611 52,041
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 175,966 160,400
Capitalized software    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 26,491 26,152
Construction in progress and other    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment $ 5,566 $ 950
v3.22.1
Summary of Significant Accounting Policies (Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
Numerator:      
Net income $ 326,355 $ 217,344 $ 159,498
Denominator:      
Weighted average shares outstanding (in shares) 57,278 58,106 58,317
Effect of dilutive securities (in shares) 1,865 1,954 2,145
Weighted average diluted shares (in shares) 59,143 60,060 60,462
Basic earnings per share (in dollars per share) $ 5.70 $ 3.74 $ 2.74
Diluted earnings per share (in dollars per share) $ 5.52 $ 3.62 $ 2.64
v3.22.1
Marketable Securities (Schedule of Available-for-sale Securities) (Details) - USD ($)
$ in Thousands
Mar. 26, 2022
Mar. 27, 2021
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 76,673 $ 365,192
Gross Unrealized Gains 2 3,579
Gross Unrealized Losses (2,325) (315)
Estimated Fair Value (Net Carrying Amount) 74,350 368,456
Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 70,296 348,971
Gross Unrealized Gains 2 3,403
Gross Unrealized Losses (2,133) (313)
Estimated Fair Value (Net Carrying Amount) 68,165 352,061
Non-U.S. government securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 509 13,462
Gross Unrealized Gains 0 172
Gross Unrealized Losses (9) (1)
Estimated Fair Value (Net Carrying Amount) 500 13,633
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 5,483  
Gross Unrealized Gains 0  
Gross Unrealized Losses (169)  
Estimated Fair Value (Net Carrying Amount) 5,314  
Agency discount notes    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 385 2,759
Gross Unrealized Gains 0 4
Gross Unrealized Losses (14) (1)
Estimated Fair Value (Net Carrying Amount) $ 371 $ 2,762
v3.22.1
Marketable Securities (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Debt Securities, Available-for-sale [Line Items]    
Gross unrealized losses $ 2,325 $ 315
Amortized cost on available for sale securities held at gross unrealized loss 75,500 $ 92,000
Securities in a continuous unrealized loss position for more than 12 months, amortized cost 3,500  
Securities in a continuous unrealized loss position for more than 12 months, aggregate unrealized loss $ 100  
Minimum    
Debt Securities, Available-for-sale [Line Items]    
Maturity period for highly-rated securities 1 year  
Maximum    
Debt Securities, Available-for-sale [Line Items]    
Maturity period for highly-rated securities 3 years  
v3.22.1
Marketable Securities (Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity) (Details) - USD ($)
$ in Thousands
Mar. 26, 2022
Mar. 27, 2021
Marketable Securities [Abstract]    
Within 1 year, Amortized Cost $ 10,697 $ 54,895
After 1 year, Amortized Cost 65,976 310,297
Amortized Cost 76,673 365,192
Within 1 year, Estimated Fair Value 10,601 55,698
After 1 year, Estimated Fair Value 63,749 312,758
Estimated Fair Value (Net Carrying Amount) $ 74,350 $ 368,456
v3.22.1
Fair Value of Financial Instruments (Narrative) (Details)
Mar. 26, 2022
USD ($)
Fair Value Disclosures [Abstract]  
Long-term line of credit, noncurrent $ 0
Long-term revolving facility, fair value $ 0
v3.22.1
Fair Value of Financial Instruments (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Mar. 26, 2022
Mar. 27, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 217,400  
Available-for-sale securities 74,350 $ 368,456
Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 217,151  
Available-for-sale securities 5,314 0
Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 249  
Available-for-sale securities 69,036 368,456
Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0  
Available-for-sale securities 0 0
Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 68,165 352,061
Corporate debt securities | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Corporate debt securities | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 68,165 352,061
Corporate debt securities | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Non-U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 500 13,633
Non-U.S. government securities | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Non-U.S. government securities | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 500 13,633
Non-U.S. government securities | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Agency discount notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 371 2,762
Agency discount notes | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Agency discount notes | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 371 2,762
Agency discount notes | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
U.S. Treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 5,314  
U.S. Treasury securities | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 5,314  
U.S. Treasury securities | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0  
U.S. Treasury securities | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0  
Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 217,151 405,819
Money market funds | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 217,151 405,819
Money market funds | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Money market funds | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 $ 0
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 249  
Commercial paper | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0  
Commercial paper | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 249  
Commercial paper | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 0  
v3.22.1
Derivative Financial Instruments (Details)
$ in Thousands
 12 Months Ended
Mar. 26, 2022
USD ($)
derivtive
Mar. 27, 2021
USD ($)
Mar. 28, 2020
USD ($)
Derivative Instruments, Gain (Loss) [Line Items]      
Number of foreign currency derivatives held | derivtive 1    
Notional value of foreign currency forward contract $ 3,000    
Foreign currency forward contracts | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) recognized in income, foreign currency forward contracts $ (283) $ 3,212 $ (4,226)
v3.22.1
Accounts Receivable, net (Components of Accounts Receivable, Net) (Details) - USD ($)
$ in Thousands
Mar. 26, 2022
Mar. 27, 2021
Accounts Receivable, after Allowance for Credit Loss [Abstract]    
Gross accounts receivable $ 240,264 $ 108,712
Allowance for doubtful accounts 0 0
Accounts receivable, net $ 240,264 $ 108,712
v3.22.1
Intangibles, net and Goodwill (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
Goodwill and Intangible Assets Disclosure [Abstract]      
Intangibles, net $ 158,145 $ 22,031  
Amortization expense for intangibles 29,000 14,500 $ 28,300
Goodwill $ 435,791 $ 287,518  
v3.22.1
Intangibles, net and Goodwill (Schedule of Gross Carrying Amount and Amortization of Intangible Assets) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Finite-Lived Intangible Assets [Line Items]    
Gross Amount $ 388,955 $ 228,824
Accumulated Amortization (230,810) (206,793)
Core technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Amount 1,390 1,390
Accumulated Amortization (1,390) (1,390)
License agreement    
Finite-Lived Intangible Assets [Line Items]    
Gross Amount 440 440
Accumulated Amortization $ (440) (440)
Existing technology    
Finite-Lived Intangible Assets [Line Items]    
Weighted-average amortization period 7 years 2 months 12 days  
Gross Amount $ 255,995 111,005
Accumulated Amortization $ (124,127) (105,870)
In-process research & development (“IPR&D”)    
Finite-Lived Intangible Assets [Line Items]    
Weighted-average amortization period 7 years 6 months  
Gross Amount $ 70,936 70,936
Accumulated Amortization $ (67,486) (62,885)
Trademarks and tradename    
Finite-Lived Intangible Assets [Line Items]    
Weighted-average amortization period 10 years  
Gross Amount $ 3,037 3,037
Accumulated Amortization $ (2,845) (2,717)
Customer Relationships    
Finite-Lived Intangible Assets [Line Items]    
Weighted-average amortization period 7 years 3 months 18 days  
Gross Amount $ 34,091 15,381
Accumulated Amortization (14,379) (10,346)
Backlog    
Finite-Lived Intangible Assets [Line Items]    
Gross Amount 220 220
Accumulated Amortization (220) (220)
Non-compete agreements    
Finite-Lived Intangible Assets [Line Items]    
Gross Amount 470 470
Accumulated Amortization $ (470) (470)
Technology licenses    
Finite-Lived Intangible Assets [Line Items]    
Weighted-average amortization period 3 years  
Gross Amount $ 22,376 25,945
Accumulated Amortization $ (19,453) $ (22,455)
v3.22.1
Intangibles, net and Goodwill (Schedule of Estimated Aggregate Amortization Expense for Intangibles) (Details)
$ in Thousands
Mar. 26, 2022
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2023 $ 31,619
2024 27,214
2025 25,276
2026 24,455
2027 21,964
Thereafter $ 27,617
v3.22.1
Acquisition - Narrative (Details) - Lion Semiconductor, Inc. - USD ($)
$ in Millions
 3 Months Ended 8 Months Ended
Jul. 20, 2021
Dec. 25, 2021
Mar. 26, 2022
Business Acquisition [Line Items]      
Outstanding share capital 100.00%    
Total consideration transferred $ 280.5    
Cash acquired 4.9    
Consideration paid   $ 1.2  
Additional merger consideration subject to indemnity and adjustment provisions     $ 31.0
Merger consideration - retention $ 25.4    
Pro forma revenues from the date of acquisition     $ 44.5
v3.22.1
Acquisition - Preliminary Allocation of the Purchase Price (Details) - USD ($)
$ in Thousands
Mar. 26, 2022
Jul. 20, 2021
Mar. 27, 2021
Business Acquisition [Line Items]      
Goodwill $ 435,791   $ 287,518
Lion Semiconductor, Inc.      
Business Acquisition [Line Items]      
Cash   $ 4,924  
Account receivable   6,725  
Inventory   7,675  
Manufacturing advances   8,502  
Other current assets   321  
Intangibles   163,700  
Goodwill   148,273  
Other non-current assets   453  
Current liabilities   (2,927)  
Deferred tax liabilities   (24,871)  
Total purchase price   $ 312,775  
v3.22.1
Acquisition - Schedule of Acquired Intangible Assets (Details) - Lion Semiconductor, Inc.
$ in Thousands
Jul. 20, 2021
USD ($)
Business Acquisition [Line Items]  
Acquired intangible assets $ 163,700
Developed Technology  
Business Acquisition [Line Items]  
Acquired intangible assets $ 144,990
Weighted Average Amortization Period (years) 7 years
Customer Relationships  
Business Acquisition [Line Items]  
Acquired intangible assets $ 18,710
Weighted Average Amortization Period (years) 5 years
v3.22.1
Revolving Credit Facility (Details) - USD ($)
Jul. 08, 2021
Mar. 26, 2022
Line of Credit Facility [Line Items]    
Long-term line of credit, noncurrent   $ 0
Second Amended Credit Agreement Revolving Credit Facility    
Line of Credit Facility [Line Items]    
Line of credit facility maximum borrowing capacity $ 300,000,000  
Debt covenant, exclusion of unrestricted cash and cash equivalents for ratio of consolidated funded indebtedness $ 200,000,000  
Debt covenant, maximum consolidated net leverage ratio 3.00  
Debt covenant, minimum consolidated interest coverage ratio 3.00  
Long-term line of credit, noncurrent   $ 0
Second Amended Credit Agreement Revolving Credit Facility | Minimum    
Line of Credit Facility [Line Items]    
Line of credit facility, unused capacity, commitment fee percentage 0.175%  
Second Amended Credit Agreement Revolving Credit Facility | Maximum    
Line of Credit Facility [Line Items]    
Line of credit facility, unused capacity, commitment fee percentage 0.275%  
Second Amended Credit Agreement Revolving Credit Facility | Base Rate | Minimum    
Line of Credit Facility [Line Items]    
Basis spread on variable interest rate 0.00%  
Second Amended Credit Agreement Revolving Credit Facility | Base Rate | Maximum    
Line of Credit Facility [Line Items]    
Basis spread on variable interest rate 0.75%  
Second Amended Credit Agreement Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum    
Line of Credit Facility [Line Items]    
Basis spread on variable interest rate 1.00%  
Second Amended Credit Agreement Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum    
Line of Credit Facility [Line Items]    
Basis spread on variable interest rate 1.75%  
v3.22.1
Revolving Credit Facility - Future Interest Payment Obligations (Details)
$ in Thousands
Mar. 26, 2022
USD ($)
Future Interest Payment Obligations [Roll Forward]  
2023 $ 532
2024 532
2025 534
2026 532
2027 277
Thereafter 0
Total $ 2,407
v3.22.1
Revenues - Product Line Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
Disaggregation of Revenue [Line Items]      
Net sales $ 1,781,460 $ 1,369,230 $ 1,281,124
Audio Products      
Disaggregation of Revenue [Line Items]      
Net sales 1,187,126 1,104,060 1,109,958
High-Performance Mixed-Signal Products      
Disaggregation of Revenue [Line Items]      
Net sales $ 594,334 $ 265,170 $ 171,166
v3.22.1
Revenues - Geographic Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
Disaggregation of Revenue [Line Items]      
Net sales $ 1,781,460 $ 1,369,230 $ 1,281,124
China      
Disaggregation of Revenue [Line Items]      
Net sales 1,197,812 1,024,178 975,090
United States      
Disaggregation of Revenue [Line Items]      
Net sales 29,513 21,708 17,099
Rest of World      
Disaggregation of Revenue [Line Items]      
Net sales $ 554,135 $ 323,344 $ 288,935
v3.22.1
Leases (Narrative) (Details)
$ in Thousands
Mar. 26, 2022
USD ($)
Lessee, Lease, Description [Line Items]  
Payment to be received $ 278
Minimum  
Lessee, Lease, Description [Line Items]  
Lease term 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Lease term 27 years
v3.22.1
Leases (Schedule of Lease Expense, Lease Income, and Other Information) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Leases [Abstract]    
Operating lease - in excess of 12 months $ 14,901 $ 14,050
Variable lease 4,954 4,981
Short-term lease 22 151
Operating lease income (1,518) (1,416)
Total net operating lease expense 18,359 17,766
Balance Sheet Related Disclosures [Abstract]    
Operating lease right-of-use assets 171,003 133,548
Operating lease liabilities 177,842 142,456
Cash Flow Information (in thousands)    
Operating cash flows from operating leases 14,634 14,954
Right-of-use assets obtained in exchange for new operating lease liabilities $ 46,123 $ 805
Leases, Operating [Abstract]    
Weighted-average remaining lease term - operating leases (in years) 16 years 19 years
Weighted-average discount rate - operating leases 4.00% 4.00%
v3.22.1
Leases (Schedule of Future Lease Commitments) (Details) - USD ($)
$ in Thousands
Mar. 26, 2022
Mar. 27, 2021
Operating Lease Expense    
2023 $ 14,913  
2024 18,750  
2025 19,450  
2026 17,852  
2027 16,365  
Thereafter 172,170  
Total 259,500  
Less imputed interest (81,658)  
Total $ 177,842 $ 142,456
v3.22.1
Leases (Schedule of Lease Liabilities) (Details) - USD ($)
$ in Thousands
Mar. 26, 2022
Mar. 27, 2021
Leases [Abstract]    
Current lease liabilities $ 14,680 $ 14,573
Non-current lease liabilities 163,162 127,883
Total operating lease liabilities $ 177,842 $ 142,456
v3.22.1
Restructuring Costs (Narrative) (Details) - USD ($)
 3 Months Ended 12 Months Ended
Jun. 27, 2020
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
Restructuring Cost and Reserve [Line Items]        
Restructuring costs   $ 0 $ 352,000 $ 21,925,000
Accrued restructuring charges   $ 0 $ 0  
MEMS Restructuring        
Restructuring Cost and Reserve [Line Items]        
Restructuring costs $ 400,000     $ 21,900,000
v3.22.1
Restructuring Costs (Summary of Total Restructuring Charges) (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 28, 2020
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
Restructuring and Related Activities [Abstract]        
Disposal of equipment, net of recovery from sales $ 9,600,000   $ 130,000 $ 9,578,000
Impairment and write-off of intangible assets $ 10,000,000 $ 0 0 9,961,000
Other exit costs     222,000 1,903,000
Personnel-related charges, net of equity cancellations     0 483,000
Restructuring costs   $ 0 $ 352,000 21,925,000
Accelerated depreciation       11,500,000
Recovery from equipment sold       1,900,000
Severance costs       1,700,000
Equity cancellation benefits       $ 1,200,000
v3.22.1
Postretirement Benefit Plans (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
Retirement Benefits [Abstract]      
Employee matching contribution $ 9.6 $ 7.9 $ 7.5
v3.22.1
Equity Compensation (Narrative) (Details)
$ / shares in Units, shares in Thousands
 12 Months Ended
Mar. 26, 2022
USD ($)
$ / shares
shares
Mar. 27, 2021
USD ($)
$ / shares
shares
Mar. 28, 2020
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares available for grant reduction ratio 1.5    
Stock-based compensation expense $ 66,392,000 $ 56,762,000 $ 53,757,000
Excess tax benefits, amount 3,900,000 2,200,000 4,900,000
Net amount received from exercise of stock options granted $ 13,200,000 $ 7,100,000 $ 18,600,000
Options exercised (in shares) | shares 327 236 780
Total intrinsic value of stock options exercised $ 15,800,000 $ 10,200,000 $ 34,000,000
Fair value of options that became vested during the period $ 4,600,000 $ 4,800,000 $ 4,700,000
Number of options exercisable (in shares) | shares 585 700 800
Weighted Average Estimated Fair Value Using Black-Scholes Option Valuation Model      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Fair value of stock options granted under the Black-Scholes valuation model (in dollars per share) | $ / shares $ 37.31 $ 33.81 $ 29.25
Employee Stock Option      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation costs related to equity incentive plans, weighted average recognition period 1 year 5 months 8 days    
Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation costs related to equity incentive plans, weighted average recognition period 1 year 6 months 14 days    
Vesting percentage 100.00%    
Intrinsic value of awards outstanding $ 225,900,000 $ 216,900,000 $ 165,900,000
Fair value of awards vested $ 41,100,000 $ 46,700,000 $ 45,900,000
Shares vested (in shares) | shares 935 881 897
Shares withheld to satisfy tax withholding requirements (in shares) | shares 300 300 300
Payment to taxing authorities $ 22,000,000 $ 18,400,000 $ 18,300,000
Weighted averaged estimated fair value of awards granted (in dollars per share) | $ / shares $ 81.61 $ 71.44 $ 66.76
Market Stock Unit (MSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, vesting period 3 years    
Compensation costs related to equity incentive plans, weighted average recognition period 1 year 9 months 14 days    
Intrinsic value of awards outstanding $ 7,500,000 $ 11,000,000 $ 9,500,000
Fair value of awards vested $ 1,500,000 $ 0 $ 0
Shares vested (in shares) | shares 30 0 0
Weighted averaged estimated fair value of awards granted (in dollars per share) | $ / shares $ 109.18 $ 83.96 $ 95.89
Market Stock Unit (MSUs) | Weighted Average Estimated Fair Value Using Monte Carlo Simulation Model      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted averaged estimated fair value of awards granted (in dollars per share) | $ / shares $ 109.18    
RSUs and MSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense $ 63,200,000 $ 53,600,000 $ 50,000,000
Options RSUs and MSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation costs related to equity incentive plans not yet recognized $ 120,000,000    
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, vesting period 1 year    
Minimum | Employee Stock Option      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, vesting period 1 year    
Minimum | Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, vesting period 1 year    
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, vesting period 4 years    
Maximum | Employee Stock Option      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, vesting period 4 years    
Share based compensation, period from grant date options are exercisable 10 years    
Maximum | Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, vesting period 3 years    
v3.22.1
Equity Compensation (Summary of Activity in Total Stock Available for Grant) (Details) - shares
shares in Thousands
 12 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]      
Shares available for grant, beginning balance (in shares) 4,025 2,095 3,323
Shares available for grant, shares added (in shares) 0 3,223 248
Shares available for grant, granted (in shares) (1,679) (1,491) (1,686)
Shares available for grant, forfeited (in shares) 271 198 210
Shares available for grant, ending balance (in shares) 2,617 4,025 2,095
v3.22.1
Equity Compensation (Summary of Effect of Stock-Based Compensation) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Effect on pre-tax income $ 66,392 $ 56,762 $ 53,757
Income Tax Benefit (11,521) (9,558) (9,336)
Total stock-based compensation expense (net of taxes) $ 54,871 $ 47,204 $ 44,421
Share based compensation effects on basic earnings per share (in dollars per share) $ 0.96 $ 0.81 $ 0.76
Share based compensation effects on diluted earnings per share (in dollars per share) $ 0.93 $ 0.79 $ 0.73
Cost of sales      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Effect on pre-tax income $ 1,024 $ 900 $ 908
Research and development      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Effect on pre-tax income 44,153 37,483 33,859
Sales, general and administrative      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Effect on pre-tax income $ 21,215 $ 18,379 $ 18,990
v3.22.1
Equity Compensation (Schedule of Fair Value of Stock Option Grants) (Details) - Employee Stock Option
 12 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Dividend yield 0.00%    
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected stock price volatility 36.85% 43.85% 37.17%
Risk-free interest rate 0.82% 0.35% 1.54%
Expected term (in years) 4 years 2 months 19 days 4 years 3 months 25 days 3 years 9 months 21 days
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected stock price volatility 41.66% 43.99% 41.61%
Risk-free interest rate 1.62% 0.72% 2.29%
Expected term (in years) 4 years 4 months 20 days 4 years 5 months 4 days 4 years 6 months 18 days
v3.22.1
Equity Compensation (Schedule of Stock Option Activity) (Details) - $ / shares
shares in Thousands
 12 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
Number      
Beginning balance (in shares) 1,059 1,216 1,865
Options granted (in shares) 88 96 169
Options exercised (in shares) (327) (236) (780)
Options forfeited (in shares) 0 (17) (27)
Options expired (in shares) 0 0 (11)
Ending balance (in shares) 820 1,059 1,216
Weighted Average Exercise Price      
Beginning balance (in dollars per share) $ 49.87 $ 44.01 $ 33.68
Options granted (in dollars per share) 87.52 77.23 66.93
Options exercised (in dollars per share) 40.31 30.26 23.90
Options forfeited (in dollars per share) 0 56.27 50.75
Options expired (in dollars per share) 0 0 55.03
Ending balance (in dollars per share) $ 57.75 $ 49.87 $ 44.01
v3.22.1
Equity Compensation (Summary of Outstanding Options Vesting, Expected to Vest, or Exercisable) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]      
Number of Options, Vested and expected to vest (in shares) 809    
Weighted Average Exercise Price, Vested and expected to vest (in dollars per share) $ 57.42    
Weighted Average Remaining Contractual Term, Vested and expected to vest 6 years 7 months 17 days    
Aggregate Intrinsic Value, Vested and expected to vest $ 24,499    
Number of Options, Exercisable (in shares) 585 700 800
Weighted Average Exercise Price, Exercisable (in dollars per share) $ 50.65    
Weighted Average Remaining Contractual Term, Exercisable 5 years 9 months 25 days    
Aggregate Intrinsic Value, Exercisable $ 21,676    
v3.22.1
Equity Compensation (Summary of Outstanding and Exercisable Options) (Details)
shares in Thousands
 12 Months Ended
Mar. 26, 2022
$ / shares
shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Options Outstanding, Number (in shares) | shares 820
Options Outstanding, Weighted Average Remaining Contractual Life 6 years 7 months 28 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 57.75
Options Exercisable, Number Exercisable (in shares) | shares 585
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 50.65
$20.37 - $38.34 (in dollars per share)  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Range of Exercise Prices, lower limit 20.37
Range of Exercise Prices, upper limit $ 38.34
Options Outstanding, Number (in shares) | shares 133
Options Outstanding, Weighted Average Remaining Contractual Life 4 years 7 months 13 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 33.60
Options Exercisable, Number Exercisable (in shares) | shares 126
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 33.37
$41.49 - $42.64 (in dollars per share)  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Range of Exercise Prices, lower limit 41.49
Range of Exercise Prices, upper limit $ 42.64
Options Outstanding, Number (in shares) | shares 135
Options Outstanding, Weighted Average Remaining Contractual Life 6 years 7 months 24 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 41.56
Options Exercisable, Number Exercisable (in shares) | shares 117
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 41.55
$54.65 - $55.72 (in dollars per share)  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Range of Exercise Prices, lower limit 54.65
Range of Exercise Prices, upper limit $ 55.72
Options Outstanding, Number (in shares) | shares 231
Options Outstanding, Weighted Average Remaining Contractual Life 5 years 1 month 17 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 55.21
Options Exercisable, Number Exercisable (in shares) | shares 231
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 55.21
$68.43 - $68.43 (in dollars per share)  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Range of Exercise Prices, lower limit 68.43
Range of Exercise Prices, upper limit $ 68.43
Options Outstanding, Number (in shares) | shares 8
Options Outstanding, Weighted Average Remaining Contractual Life 8 years 29 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 68.43
Options Exercisable, Number Exercisable (in shares) | shares 4
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 68.43
$68.56 - $68.56 (in dollars per share)  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Range of Exercise Prices, lower limit 68.56
Range of Exercise Prices, upper limit $ 68.56
Options Outstanding, Number (in shares) | shares 137
Options Outstanding, Weighted Average Remaining Contractual Life 7 years 7 months 13 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 68.56
Options Exercisable, Number Exercisable (in shares) | shares 85
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 68.56
$78.00- $88.00 (in dollars per share)  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Range of Exercise Prices, lower limit 78.00
Range of Exercise Prices, upper limit $ 88.00
Options Outstanding, Number (in shares) | shares 176
Options Outstanding, Weighted Average Remaining Contractual Life 9 years 5 months 1 day
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 82.76
Options Exercisable, Number Exercisable (in shares) | shares 22
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 78.00
v3.22.1
Equity Compensation (Summary of Restricted Stock Unit Activity) (Details) - Restricted Stock Units (RSUs) - $ / shares
shares in Thousands
 12 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
Shares      
Beginning balance (in shares) 2,613 2,680 2,834
Granted (in shares) 1,079 945 1,014
Vested (in shares) (935) (881) (897)
Forfeited (in shares) (181) (131) (271)
Ending balance (in shares) 2,576 2,613 2,680
Weighted Average Fair Value      
Beginning balance (in dollars per share) $ 60.31 $ 53.74 $ 47.99
Granted (in dollars per share) 81.61 71.44 66.76
Vested (in dollars per share) 43.96 52.97 51.20
Forfeited (in dollars per share) 70.60 55.36 50.82
Ending balance (in dollars per share) $ 74.45 $ 60.31 $ 53.74
v3.22.1
Equity Compensation (Summary of Restricted Stock Units Expected to Vest) (Details) - Restricted Stock Units (RSUs)
shares in Thousands
 12 Months Ended
Mar. 26, 2022
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares, expected to vest (in shares) | shares 2,426
Weighted Average Fair Value, expected to vest (in dollars per share) | $ / shares $ 74.30
Weighted Average Remaining Contractual Term, expected to vest 1 year 6 months 3 days
v3.22.1
Equity Compensation (Schedule of Fair Value Market Stock Units Assumptions) (Details) - Market Stock Unit (MSUs)
 12 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Dividend yield 0.00%    
Expected stock price volatility 41.66% 43.85%  
Risk-free interest rate 1.46% 0.29%  
Expected term (in years) 3 years 3 years 3 years
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected stock price volatility     37.17%
Risk-free interest rate     1.59%
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected stock price volatility     41.61%
Risk-free interest rate     2.28%
v3.22.1
Equity Compensation (Summary of Market Stock Unit Activity) (Details) - Market Stock Unit (MSUs) - $ / shares
shares in Thousands
 12 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
Shares      
Beginning balance (in shares) 133 153 166
Granted (in shares) 28 28 45
Vested (in shares) (30) 0 0
Forfeited (in shares) (46) (48) (58)
Ending balance (in shares) 85 133 153
Weighted Average Fair Value      
Beginning balance (in dollars per share) $ 73.29 $ 68.71 $ 62.77
Granted (in dollars per share) 109.18 83.96 95.89
Vested (in dollars per share) 50.11 0 0
Forfeited (in dollars per share) 38.70 64.92 73.25
Ending balance (in dollars per share) $ 95.75 $ 73.29 $ 68.71
v3.22.1
Equity Compensation (Summary of Market Stock Units Expected to Vest) (Details) - Market Stock Unit (MSUs)
shares in Thousands
 12 Months Ended
Mar. 26, 2022
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares, expected to vest (in shares) | shares 80
Weighted Average Fair Value, expected to vest (in dollars per share) | $ / shares $ 95.52
Weighted Average Remaining Contractual Term, expected to vest 1 year 9 months
v3.22.1
Commitments and Contingencies - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
Commitments [Line Items]      
Rent expense $ 19,900 $ 19,200 $ 18,400
Rental income 1,500 $ 1,400 $ 1,300
Capacity reservation fee 50,000    
Amount agreed to pre-pay 175,000    
Purchase obligation 1,712,296    
Additional non-refundable fee 10,000    
Additional amount agreed to pre-pay 20,000    
Minimum      
Commitments [Line Items]      
Purchase obligation $ 1,600,000    
v3.22.1
Commitments and Contingencies - Purchase Commitments (Details)
$ in Thousands
Mar. 26, 2022
USD ($)
Purchase Obligation, Fiscal Year Maturity [Abstract]  
2023 $ 511,472
2024 418,299
2025 370,501
2026 251,170
2027 160,854
Thereafter 0
Total $ 1,712,296
v3.22.1
Stockholders' Equity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended 15 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
Mar. 26, 2022
Jan. 31, 2021
Jan. 31, 2019
Equity, Class of Treasury Stock [Line Items]            
Repurchase and retirement of common stock, value $ 167,501 $ 109,986 $ 120,002      
Repurchase and retirement of common stock (in shares) 2,100,000          
Average cost per share repurchased (in dollars per share) $ 81.18          
Preferred stock, shares authorized (in shares) 5,000,000 5,000,000   5,000,000    
Preferred stock, shares issued (in shares) 0     0    
January 2021 Repurchase Program            
Equity, Class of Treasury Stock [Line Items]            
Share repurchase program, amount approved         $ 350,000  
Repurchase and retirement of common stock, value       $ 157,500    
Share repurchase program, remaining authorized repurchase amount $ 192,500     $ 192,500    
January 2019 Repurchase Program            
Equity, Class of Treasury Stock [Line Items]            
Share repurchase program, amount approved           $ 200,000
v3.22.1
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance $ 1,389,005 $ 1,229,779 $ 1,140,240
Current period foreign exchange translation (507) 1,862 68
Current period marketable securities activity (5,587) 5,673 (2,803)
Cumulative effect of adoption of ASU 2018-02 0 0 (257)
Balance 1,599,817 1,389,005 1,229,779
Foreign Currency      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance 294 (1,568)  
Current period foreign exchange translation (507) 1,862  
Current period marketable securities activity 0 0  
Tax effect 0 0  
Balance (213) 294 (1,568)
Unrealized Gains (Losses) on Securities      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance 2,838 (1,644)  
Current period foreign exchange translation 0 0  
Current period marketable securities activity (5,587) 5,673  
Tax effect 1,174 (1,191)  
Balance (1,575) 2,838 (1,644)
Accumulated Other Comprehensive Income / (Loss)      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance 2,875 (3,469) (1,066)
Current period foreign exchange translation (507) 1,862  
Current period marketable securities activity (5,587) 5,673  
Tax effect 1,174 (1,191)  
Cumulative effect of adoption of ASU 2018-02 (257) (257) (257)
Balance $ (2,045) $ 2,875 $ (3,469)
v3.22.1
Income Taxes (Summary of Income Before Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
Income Tax Disclosure [Abstract]      
U.S. $ (17,674) $ 19,189 $ 44,154
Non-U.S. 386,337 226,057 137,112
Income before income taxes $ 368,663 $ 245,246 $ 181,266
v3.22.1
Income Taxes (Summary of Provision (Benefit) for Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
Income Taxes [Line Items]      
Total current tax provision $ 57,403 $ 33,409 $ 26,875
Total deferred tax provision (15,095) (5,507) (5,107)
Total tax provision 42,308 27,902 21,768
U.S.      
Income Taxes [Line Items]      
Total current tax provision 4,483 981 5,241
Total deferred tax provision (6,256) (192) (561)
Non-U.S.      
Income Taxes [Line Items]      
Total current tax provision 52,920 32,428 21,634
Total deferred tax provision $ (8,839) $ (5,315) $ (4,546)
v3.22.1
Income Taxes (Summary of Provision (Benefit) for Income Taxes, Statutory Federal Rate Pretax Income Reconciliation) (Details)
 12 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
Income Tax Disclosure [Abstract]      
U.S. federal statutory rate 21.00% 21.00% 21.00%
Foreign income taxed at different rates (9.60%) (8.40%) (5.50%)
Stock-based compensation (0.90%) (0.80%) (2.70%)
Foreign-derived intangible income deduction (0.10%) (0.30%) (0.80%)
Current U.S. tax on foreign earnings 0.60% 0.40% 1.10%
Change in valuation allowance (0.20%) 0.00% (0.10%)
Release of prior year unrecognized tax benefits 0.00% (1.40%) (2.30%)
Interest related to unrecognized tax benefits 0.20% 0.30% 0.50%
Other 0.50% 0.60% 0.80%
Effective tax rate 11.50% 11.40% 12.00%
v3.22.1
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
May 17, 2022
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
Income Taxes [Line Items]        
Provision for one-time transition tax liability   $ 27,000    
Increase in valuation allowance   300    
Gross unrecognized tax benefits   32,879 $ 32,879 $ 36,208
Interest and penalties incurred during period   900 $ 700  
Interest accrued   5,100    
Subsequent Event        
Income Taxes [Line Items]        
Estimate of possible loss $ 170,500      
Income tax examination, estimate of possible loss, penalties expense $ 63,700      
Federal        
Income Taxes [Line Items]        
Net operating loss carryforwards   3,700    
Non-U.S.        
Income Taxes [Line Items]        
Net operating loss carryforwards   300    
State        
Income Taxes [Line Items]        
Net operating loss carryforwards   10,100    
Research Tax Credit Carryforward | State        
Income Taxes [Line Items]        
Tax credit carryforward   $ 13,700    
v3.22.1
Income Taxes (Significant Components of Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Mar. 26, 2022
Mar. 27, 2021
Deferred tax assets:    
Accrued expenses and allowances $ 6,517 $ 4,354
Net operating loss carryforwards 1,713 1,781
Research and development tax credit carryforwards 15,230 12,753
Stock-based compensation 18,952 10,995
Lease liabilities 26,653 17,672
Capitalized research and development 6,372 0
Other 651 0
Total deferred tax assets 76,088 47,555
Valuation allowance for deferred tax assets (13,088) (12,782)
Net deferred tax assets 63,000 34,773
Deferred tax liabilities:    
Depreciation and amortization 3,574 4,059
Right of use asset 25,744 16,987
Acquisition intangibles 32,315 3,100
Other 0 650
Total deferred tax liabilities 61,633 24,796
Total net deferred tax assets $ 1,367 $ 9,977
v3.22.1
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]    
Beginning balance $ 32,879 $ 36,208
Additions based on tax positions related to the current year 0 0
Reductions based on tax positions related to the prior years 0 (3,329)
Ending balance $ 32,879 $ 32,879
v3.22.1
Segment Information (Narrative) (Details)
 12 Months Ended
Mar. 26, 2022
product_line
segment
Segment Reporting [Abstract]  
Number of reportable segments | segment 1
Number of product lines | product_line 2
v3.22.1
Segment Information (Schedule of Sales by Geographic Location Based on the Sales Office Location) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 28, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 1,781,460 $ 1,369,230 $ 1,281,124
China      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 1,197,812 1,024,178 975,090
Hong Kong      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 325,433 170,605 205,314
Vietnam      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 72,162 10,115 0
South Korea      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 51,606 42,403 12,218
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 29,513 21,708 17,099
Rest of World      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 104,934 $ 100,221 $ 71,403
v3.22.1
Segment Information (Schedule of Property, Plant, and Equipment, Net, by Geographic Location) (Details) - USD ($)
$ in Thousands
Mar. 26, 2022
Mar. 27, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property and equipment, net $ 157,077 $ 154,942
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property and equipment, net 118,847 116,649
United Kingdom    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property and equipment, net 28,612 29,895
Rest of World    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property and equipment, net $ 9,618 $ 8,398