Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Mar. 30, 2019	May 21, 2019	Sep. 29, 2018
Document and Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Entity Registrant Name	CIRRUS LOGIC INC
Entity Central Index Key	0000772406
Entity Filer Category	Large Accelerated Filer
Smaller Reporting Company	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Document Period End Date	Mar. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--03-30
Entity Common Stock, Shares Outstanding (in shares)		58,325,259
Entity Public Float			$ 1,498,568,379

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 30, 2019	Mar. 31, 2018
Current assets:
Cash and cash equivalents	$ 216,172	$ 235,604
Marketable securities	70,183	26,397
Accounts receivable, net	120,656	100,801
Inventories	164,733	205,760
Prepaid assets	30,794	31,235
Other current assets	22,445	13,877
Total current assets	624,983	613,674
Long-term marketable securities	158,968	172,499
Property and equipment, net	186,185	191,154
Intangibles, net	67,847	111,547
Goodwill	286,241	288,718
Deferred tax assets	8,727	14,716
Other assets	19,689	37,809
Total assets	1,352,640	1,430,117
Current liabilities:
Accounts payable	48,398	69,850
Accrued salaries and benefits	29,289	35,721
Software license agreements	21,514	21,981
Other accrued liabilities	16,339	12,657
Total current liabilities	115,540	140,209
Long-term liabilities:
Software license agreements	8,662	27,765
Non-current income taxes	78,309	92,753
Other long-term liabilities	9,889	7,662
Total long-term liabilities	96,860	128,180
Stockholders’ equity:
Preferred stock, 5.0 million shares authorized but unissued	0	0
Common stock, $0.001 par value, 280,000 shares authorized, 58,954 shares and 61,960 shares issued and outstanding at March 30, 2019 and March 31, 2018, respectively	59	62
Additional paid-in capital	1,363,677	1,312,372
Accumulated deficit	(222,430)	(139,345)
Accumulated other comprehensive loss	(1,066)	(11,361)
Total stockholders’ equity	1,140,240	1,161,728
Total liabilities and stockholders’ equity	$ 1,352,640	$ 1,430,117

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 30, 2019	Mar. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, shares authorized but unissued (in shares)	5,000,000	5,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	280,000,000	280,000,000
Common stock, shares issued (in shares)	58,954,000	61,960,000
Common stock, shares outstanding (in shares)	58,954,000	61,960,000

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Mar. 25, 2017
Income Statement [Abstract]
Net sales	$ 1,185,524	$ 1,532,186	$ 1,538,940
Cost of sales	588,027	771,470	781,125
Gross profit	597,497	760,716	757,815
Operating expenses
Research and development	375,139	366,444	303,658
Selling, general and administrative	126,502	131,811	127,265
Gain on sale of assets	(4,913)	0	0
Asset impairment	0	0	9,842
Total operating expenses	496,728	498,255	440,765
Income from operations	100,769	262,461	317,050
Interest income	8,017	4,762	1,676
Interest expense	(1,057)	(1,153)	(3,600)
U.K. pension settlement	(13,768)	0	0
Other expense	(217)	(971)	(79)
Income before income taxes	93,744	265,099	315,047
Provision for income taxes	3,753	103,104	53,838
Net income	$ 89,991	$ 161,995	$ 261,209
Basic earnings per share (in dollars per share)	$ 1.50	$ 2.55	$ 4.12
Diluted earnings per share (in dollars per share)	$ 1.46	$ 2.46	$ 3.92
Basic weighted average common shares outstanding (in shares)	60,116	63,407	63,329
Diluted weighted average common shares outstanding (in shares)	61,583	65,951	66,561

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Mar. 25, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 89,991	$ 161,995	$ 261,209
Other comprehensive income (loss), before tax
Foreign currency translation gain (loss)	(3,125)	2,791	(826)
Unrealized gain (loss) on marketable securities	2,823	(2,380)	47
U.K. pension settlement	13,814	0	0
Actuarial loss on defined benefit pension plan	0	(14,729)	(79)
Reclassification of actuarial gain to net income	0	0	(89)
Benefit (provision) for income taxes	(3,217)	3,530	42
Comprehensive income	$ 100,286	$ 151,207	$ 260,304

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Mar. 25, 2017
Cash flows from operating activities:
Net income	$ 89,991	$ 161,995	$ 261,209
Adjustments to net cash provided by operating activities:
Depreciation and amortization	79,826	81,399	63,433
Stock-based compensation expense	49,689	48,741	39,593
Deferred income taxes	1,717	11,646	10,885
(Gain) loss on retirement or write-off of long-lived assets	(2,713)	626	10,387
Charges (payments) for defined benefit pension plan	11,189	(10,929)	116
Other non-cash charges	429	(3,864)	8,980
Net change in operating assets and liabilities:
Accounts receivable, net	(14,316)	19,173	(31,442)
Inventories	40,636	(37,865)	(25,880)
Other assets	965	16,824	575
Accounts payable	(21,965)	143	1,772
Accrued salaries and benefits	(6,432)	(4,469)	18,951
Income taxes payable	(7,974)	22,983	10,969
Other accrued liabilities	(14,348)	12,308	203
Net cash provided by operating activities	206,694	318,711	369,751
Cash flows from investing activities:
Maturities and sales of available-for-sale marketable securities	70,840	138,221	212,863
Purchases of available-for-sale marketable securities	(98,864)	(238,434)	(231,432)
Purchases of property, equipment and software	(31,615)	(55,180)	(41,849)
Investments in technology	(4,143)	(29,323)	(9,447)
Proceeds from the sale of assets	9,120	0	0
Net cash used in investing activities	(54,662)	(184,716)	(69,865)
Cash flows from financing activities:
Principal payments on long-term revolver	0	(60,000)	(100,439)
Debt issuance costs	0	0	(2,152)
Payments on capital lease agreements	0	0	(699)
Issuance of common stock, net of shares withheld for taxes	1,616	4,417	16,518
Repurchase of stock to satisfy employee tax withholding obligations	(13,083)	(17,806)	(14,089)
Repurchase and retirement of common stock	(159,997)	(175,776)	(15,439)
Contingent consideration payments	0	(392)	(1,213)
Net cash used in financing activities	(171,464)	(249,557)	(117,513)
Net (decrease) increase in cash and cash equivalents	(19,432)	(115,562)	182,373
Cash and cash equivalents at beginning of period	235,604	351,166	168,793
Cash and cash equivalents at end of period	216,172	235,604	351,166
Cash payments during the year for:
Income taxes	20,617	34,385	8,001
Interest	$ 612	$ 835	$ 2,947

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income / (Loss)
Cumulative effect of adoption of new ASU \| Accounting Standards Update 2016-09	$ 5,649			$ 5,649
Balance (in shares) at Mar. 26, 2016		62,630
Balance at Mar. 26, 2016	859,483	$ 63	$ 1,203,433	(344,345)	$ 332
Net income	261,209			261,209
Change in unrealized gain (loss) on marketable securities, net of tax	31				31
Change in defined benefit pension plan liability, net of tax	(110)				(110)
Change in foreign currency translation adjustments	(826)				(826)
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)		2,145
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes	2,429	$ 2	16,516	(14,089)
Repurchase and retirement of common stock (in shares)		(480)
Repurchase and retirement of common stock	(15,439)	$ (1)		(15,438)
Amortization of deferred stock compensation	39,593		39,593
Excess tax benefit from employee stock awards	(327)		(327)
Balance (in shares) at Mar. 25, 2017		64,295
Balance at Mar. 25, 2017	1,151,692	$ 64	1,259,215	(107,014)	(573)
Cumulative effect of adoption of new ASU \| Accounting Standards Update 2016-16	(747)			(747)
Net income	161,995			161,995
Change in unrealized gain (loss) on marketable securities, net of tax	(1,630)				(1,630)
Change in defined benefit pension plan liability, net of tax	(11,949)				(11,949)
Change in foreign currency translation adjustments	2,791				2,791
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)		1,054
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes	(13,389)	$ 1	4,416	(17,806)
Repurchase and retirement of common stock (in shares)		(3,389)
Repurchase and retirement of common stock	(175,776)	$ (3)		(175,773)
Amortization of deferred stock compensation	48,741		48,741
Balance (in shares) at Mar. 31, 2018		61,960
Balance at Mar. 31, 2018	1,161,728	$ 62	1,312,372	(139,345)	(11,361)
Net income	89,991			89,991
Change in unrealized gain (loss) on marketable securities, net of tax	2,231				2,231
Change in defined benefit pension plan liability, net of tax	11,189				11,189
Change in foreign currency translation adjustments	(3,125)				(3,125)
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)		964
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes	(11,466)	$ 1	1,616	(13,083)
Repurchase and retirement of common stock (in shares)		(3,970)
Repurchase and retirement of common stock	(159,997)	$ (4)		(159,993)
Amortization of deferred stock compensation	49,689		49,689
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)

Description of Business	12 Months Ended
Description of Business	Mar. 30, 2019
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 high-performance, low-power integrated circuits (“ICs”) for audio, voice and other signal-processing applications. Cirrus Logic’s products span the entire audio signal chain, from capture to playback, providing innovative products for the world’s top smartphones, tablets, digital headsets, wearables and emerging smart home 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, Spain, Australia and Asia, including the People’s Republic of China, Hong Kong, 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 2017 and 2019 were 52-week years. Fiscal year 2018 was a 53-week year. 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.

Summary of Significant Accounting Policies

12 Months Ended

Mar. 30, 2019

Accounting Policies [Abstract]

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.

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 $6.2 million and $9.7 million, in fiscal year 2019 and 2018, respectively. Inventory charges in fiscal year 2019 and 2018 related to a combination of quality issues and inventory exceeding demand.

Inventories were comprised of the following (in thousands):



	March 30, 2019		March 31, 2018
Work in process	$	80,100	$	97,138
Finished goods	84,633		108,622
	$	164,733	$	205,760

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 of the associated asset. In the fourth quarter of fiscal year 2017, the Company reassessed the carrying value of the property located in Edinburgh, Scotland, resulting in an asset impairment charge of $9.8 million. This property was subsequently sold in the fourth quarter of fiscal year 2019 for a $4.9 million gain presented separately in the Consolidated Statements of Income as "Gain on sale of assets".

Property, plant and equipment was comprised of the following (in thousands):



	March 30, 2019			March 31, 2018
Land	$	23,853		$	26,379
Buildings	63,172			71,354
Furniture and fixtures	22,762			22,138
Leasehold improvements	45,286			35,569
Machinery and equipment	157,994			143,509
Capitalized software	25,763			25,949
Construction in progress	3,689			6,086
Total property, plant and equipment	342,519			330,984
Less: Accumulated depreciation and amortization	(156,334		)	(139,830		)
Property, plant and equipment, net	$	186,185		$	191,154

Depreciation and amortization expense on property, plant, and equipment for fiscal years 2019, 2018, and 2017 was $32.0 million, $27.7 million, and $26.1 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 10 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. 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 2019, 2018, and 2017. There were no material intangible asset impairments in fiscal years 2019, 2018, or 2017.

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 US 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 three contract manufacturers, Hongfujin Precision, Pegatron, and Foxconn who represented 22 percent, 19 percent, and 11 percent, respectively of our consolidated gross trade accounts receivable as of the end of fiscal year 2019. Pegatron, Jabil Circuits and Hongfujin Precision represented 24 percent, 18 percent, and 11 percent, respectively of our consolidated gross trade accounts receivable as of the end of fiscal year 2018. 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 2019 and 2018.

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 fiscal years 2019, 2018, and 2017, our ten largest end customers represented approximately 91 percent, 92 percent, and 92 percent, of our sales, respectively. For fiscal years 2019, 2018, and 2017, we had one end customer, Apple Inc., who purchased through multiple contract manufacturers and represented approximately 78 percent, 81 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 2019, 2018, or 2017.

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 contracts with customers contain a single performance obligation, which 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 of 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 $1.0 million, $1.4 million, and $1.7 million, in fiscal years 2019, 2018, and 2017, 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 0 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 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.

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 2019, 2018, and 2017, (in thousands, except per share amounts):



	Fiscal Years Ended
	March 30, 2019		March 31, 2018		March 25, 2017
Numerator:
Net income	$	89,991	$	161,995	$	261,209
Denominator:
Weighted average shares outstanding	60,116		63,407		63,329
Effect of dilutive securities	1,467		2,544		3,232
Weighted average diluted shares	61,583		65,951		66,561
Basic earnings per share	$	1.50	$	2.55	$	4.12
Diluted earnings per share	$	1.46	$	2.46	$	3.92

The weighted outstanding shares excluded from our diluted calculation for the years ended March 30, 2019, March 31, 2018, and March 25, 2017 were 872 thousand, 326 thousand, and 389 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, unrealized gains and losses on investments classified as available-for-sale and actuarial gains and losses on our defined benefit pension plan assets, prior to plan settlement in fiscal year 2019. See Note 14 — Accumulated Other Comprehensive Loss for additional discussion.

Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (ASC Topic 606). The purpose of this ASU is to converge revenue recognition requirements per U.S. GAAP and International Financial Reporting Standards (“IFRS”). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date after public comment supported a proposal to delay the effective date of this ASU to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The Company completed the process of reviewing our customers’ contracts in respect of performance obligation identification and satisfaction, pricing, warranties, and return rights, among other considerations, in the first quarter of fiscal year 2019. According to the standard, the Company could adopt by full retrospective method, which applies retrospectively to each prior period presented, or by modified retrospective method with the cumulative effect adjustment recognized in beginning retained earnings as of the date of adoption. The Company adopted this standard using the modified retrospective adoption method in the first quarter of fiscal year 2019 with no income statement impact, and therefore no beginning retained earnings impact. See Summary of Significant Accounting Policies - Revenue Recognition within this footnote as well as Note 8 - Revenues for additional details.

The effects of the changes made to our balance sheet at adoption were as follows (in thousands):



	Balance at March 31, 2018			Impact from ASU 2014-09 Adoption			Balance at April 1, 2018
Financial statement line item:
Accounts receivable	$	100,801		$	5,539		$	106,340
Inventories	205,760			(391)			205,369
Other current assets	13,877			391			14,268
Other accrued liabilities	$	(12,657	)	$	(5,539	)	$	(18,196	)

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The FASB issued this update to increase transparency and comparability by recognizing lease assets and lease liabilities on the balance sheet and disclosing key leasing arrangement details. Lessees would recognize operating leases on the balance sheet under this ASU - with the future lease payments recognized as a liability, measured at present value, and the right-of-use (“ROU”) asset recognized for the lease term. A single lease cost would be recognized over the lease term. For initial terms of less than twelve months, a lessee would be permitted to make an accounting policy election to recognize lease expense for such leases generally on a straight-line basis over the lease term. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The modified retrospective approach was previously the only allowed adoption method.

In July 2018, the FASB issued the related ASU 2018-10 - Leases (Topic 842): Targeted Improvements. This ASU offers a new transition adoption method, which will not require adjustments to comparative periods. The Company adopted using the latter method in the first quarter of fiscal year 2020. The new standard provides a number of optional practical expedients in transition. We elected the use-of-hindsight practical expedient and the ‘package of practical expedients’ which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. The new standard also provides practical expedients for an entity’s ongoing accounting. We elected the short-term lease recognition exemption for all leases that qualify. This means, for qualifying leases, typically those with terms of less than twelve months, we will not recognize ROU assets or lease liabilities. We also do not separate lease and non-lease components for all classes of assets. Most of our operating lease commitments were subject to the new standard and recognized as right-of-use assets and operating lease liabilities upon adoption, which will materially increase the total assets and total liabilities that we report relative to such amounts prior to adoption of this ASU.

On adoption, we recognized additional operating liabilities of approximately $158.0 million, with corresponding ROU assets based on the present value of the remaining minimum rental payments under current leasing contracts for existing operating leases. In addition, existing capitalized initial direct costs of $2.8 million and accrued lease payments of $11.1 million were reclassified from prepayments and accruals to the ROU asset, resulting in a ROU asset of $149.7 million. There was no income statement impact on adoption.

In applying the use-of-hindsight practical expedient, we re-assessed whether we were reasonably certain to exercise extension options within our lease agreements. This resulted in the lease term being extended on a number of leases. The previously capitalized initial direct costs and lease creditor were recalculated assuming these extended lease terms had always applied, resulting in an adjustment of $1.0 million to opening retained earnings on transition.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU requires credit losses on available-for-sale debt securities to be presented as an allowance rather than a write-down. Unlike current U.S. GAAP, the credit losses could be reversed with changes in estimates, and recognized in current year earnings. This ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. Early adoption is permitted for annual periods beginning after December 15, 2018, including interim periods. The Company is currently evaluating the impact of this ASU, but does not expect a material impact to the financial statements upon adoption.

In January 2017, the FASB issued ASU 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This ASU eliminates step two of the goodwill impairment test. An impairment charge is to be recognized for the amount by which the current value exceeds the fair value. This ASU is effective for annual periods beginning after December 15, 2019, including interim periods. Early adoption is permitted, for interim or annual goodwill impairment tests performed after January 1, 2017, and should be applied prospectively. An entity is required to disclose the nature of and reason for the change in accounting principle upon transition. That disclosure should be provided in the first annual period and in the interim period within the first annual period when the entity initially adopts the amendments in this update. The Company is currently evaluating the impact of this ASU, but does not expect a material impact to the financial statements upon adoption.

In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This ASU requires an employer to disaggregate the service cost component from the other components of net benefit cost. It also provides guidance on income statement presentation for service cost and other components of net benefit cost. This ASU is effective for annual periods beginning after December 15, 2017, including interim periods. The Company adopted this ASU in the first quarter of fiscal year 2019. The impact of adoption included the buy-out settlement of the defined benefit pension plan as discussed in Note 9.

In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. This ASU applies to any company that changes the terms or conditions of a share-based award, considered a modification. Modification accounting would be applied unless certain conditions were met related to the fair value of the award, the vesting conditions and the classification of the modified award. This ASU is effective for annual periods beginning after December 15, 2017, with early adoption permitted. The standard should be applied prospectively to an award modified on or after the adoption date. The Company adopted this ASU in the first quarter of fiscal year 2019 with no financial statement impact as no awards were modified in the current period.

In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This ASU allows for the classification of stranded tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Act”) from accumulated other comprehensive income to retained earnings. This ASU is effective for annual periods beginning after December 15, 2018, with early adoption permitted. The standard should be applied in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in tax rate is recognized. The Company is currently evaluating the impact of this ASU, but does not expect a material impact to the financial statements upon adoption.

In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. This ASU expands the scope of Topic 718 to include all share-based payment transactions for acquiring goods and services from nonemployees and will apply to all share-based payment transactions in which the grantor acquires goods and services to be used or consumed in its own operations by issuing share-based payment awards. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year, with early adoption permitted. The Company intends to adopt this guidance in the first quarter of fiscal year 2020, but does not expect a material impact to the financial statements.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. This ASU adjusts current required disclosures related to fair value measurements. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year, with early adoption permitted. The Company is currently evaluating the impact of this ASU, but does not expect a material impact to the financial statements.

In August 2018, the Commission adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification, amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders' equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders' equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of comprehensive income is required to be filed. The final rule was published in the Federal Register on October 4, 2018, effective November 5, 2018. The additional disclosure is not required until the quarterly filing covering the period beginning after the effective date of the amendments, which will be the Company's first quarter fiscal year 2020 filing. The Company is evaluating the impact of this guidance on its financial statements, but does not expect a material impact to the financial statements upon adoption.

Marketable Securities

12 Months Ended

Mar. 30, 2019

Marketable Securities [Abstract]

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 30, 2019	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value (Net Carrying Amount)
Corporate debt securities	$	215,098	$	1,027	$	(600	)	$	215,525
Non-US government securities	13,209		8		(40		)	13,177
Agency discount notes	450		—		(1		)	449
Total securities	$	228,757	$	1,035	$	(641	)	$	229,151

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 loss of $0.6 million related to securities with a total amortized cost of approximately $123.1 million at March 30, 2019. Securities in a continuous unrealized loss position for more than 12 months as of March 30, 2019 had an aggregate amortized cost of $120.3 million and an aggregate unrealized loss of $0.6 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. When evaluating an investment for other-than-temporary 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 30, 2019, the Company does not consider any of its investments to be other-than-temporarily impaired.



As of March 31, 2018	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value (Net Carrying Amount)
Corporate debt securities	$	185,636	$	4	$	(2,318	)	$	183,322
Non-US government securities	14,730		—		(111		)	14,619
Certificates of deposit	500		—		—			500
Agency discount notes	459		—		(4		)	455
Total securities	$	201,325	$	4	$	(2,433	)	$	198,896

The Company’s specifically identified gross unrealized losses of $2.4 million related to securities with a total amortized cost of approximately $198.2 million at March 31, 2018. There were no securities that have been in a continuous unrealized loss position for more than 12 months as of March 31, 2018. 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. When evaluating an investment for other-than-temporary 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 31, 2018, the Company did not consider any of its investments to be other-than-temporarily impaired.

The cost and estimated fair value of available-for-sale investments by contractual maturity were as follows:



	March 30, 2019				March 31, 2018
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Within 1 year	$	70,490	$	70,183	$	26,560	$	26,397
After 1 year	158,267		158,968		174,765		172,499
Total	$	228,757	$	229,151	$	201,325	$	198,896

Fair Value of Financial Instruments

12 Months Ended

Mar. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The Company has determined that the only 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, investment portfolio, pension plan assets/liabilities (through the second quarter of fiscal year 2019) and contingent consideration (through the third quarter of fiscal year 2018). 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 investment portfolio assets consist of corporate debt securities, money market funds, non-U.S government securities, securities of U.S. government-sponsored enterprises, and certificates of deposit 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 investment portfolio assets 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.

In connection with one of the Company’s second quarter fiscal year 2016 acquisitions, the Company reported contingent consideration based upon achievement of certain milestones. This liability was classified as Level 3 prior to payout in the fourth quarter of fiscal year 2018 and was valued using a discounted cash flow model. The assumptions used in preparing the discounted cash flow included discount rate estimates and cash flow amounts. The final payment related to the contingent consideration was made in the fourth quarter of fiscal year 2018 and no further liability remains at March 30, 2019.

The Company’s long-term revolving facility, described in Note 7, bears interest at a base rate plus applicable margin or LIBOR plus applicable margin. As of March 30, 2019, there are no amounts drawn under the facility and the fair value is zero.

As of March 30, 2019 and March 31, 2018, the Company has no Level 3 assets or liabilities. There were no transfers between Level 1, Level 2, or Level 3 measurements for the years ending March 30, 2019 and March 31, 2018.

The following summarizes the fair value of our financial instruments at March 30, 2019 (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	$	216,172	$	—	$	—	$	216,172
Available-for-sale securities
Corporate debt securities	$	—	$	215,525	$	—	$	215,525
Non-US government securities	—		13,177		—		13,177
Agency discount notes	—		449		—		449
	$	—	$	229,151	$	—	$	229,151

The following summarizes the fair value of our financial instruments, exclusive of pension plan assets detailed in Note 9, at March 31, 2018 (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	$	211,891	$	—	$	—	$	211,891
Available-for-sale securities
Corporate debt securities	$	—	$	183,322	$	—	$	183,322
Non-US government securities	—		14,619		—		14,619
Certificates of deposit	—		500		—		500
Agency discount notes	—		455		—		455
	$	—	$	198,896	$	—	$	198,896

Contingent consideration

The following summarizes the fair value of the contingent consideration at March 31, 2018:



	Maximum Value if Milestones Achieved (in thousands)	Estimated Discount Rate (%)	Fair Value (in thousands)
Tranche B — 30 month earn out period	5,000	7.7	—



	Fiscal Year Ended
	March 31, 2018
	(in thousands)
Beginning balance	$	4,695
Adjustment to estimates (research and development expense)	(4,328		)
Payout of Tranche B contingent consideration	(392		)
Fair value charge recognized in earnings (research and development expense)	25
Ending balance	$	—

The valuation of contingent consideration was based on a weighted-average discounted cash flows model. The fair value was reviewed and estimated on a quarterly basis based on the probability of achieving defined milestones and interest rates. Changes in any of the unobservable inputs used in the fair value measurement of contingent consideration resulted in a lower or higher fair value. A change in projected outcomes if milestones were achieved was accompanied by a directionally similar change in fair value. A change in discount rate was accompanied by a directionally opposite change in fair value. Changes to the fair value due to changes in assumptions were reported in research and development expense in the Consolidated Statements of Income. In the first quarter of the fiscal year 2018, changes in the probability of achieving certain milestones associated with Tranche B of the earn-out were determined following a review of product shipment forecasts within the earn-out period. The revised estimates reduced the fair value of the liability prior to the pay out in the fourth quarter of fiscal year 2018.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Accounts Receivable, Net

12 Months Ended

Mar. 30, 2019

Accounts Receivable, Net [Abstract]

Accounts Receivable, Net

Accounts Receivable, net

The following are the components of accounts receivable, net (in thousands):



	March 30, 2019			March 31, 2018
Gross accounts receivable	$	120,926		$	101,004
Allowance for doubtful accounts	(270		)	(203		)
Accounts receivable, net	$	120,656		$	100,801

The Company regularly evaluates the collectability of accounts receivable based on age, historical customer payment trends and ongoing customer relations. The following table summarizes the changes in the allowance for doubtful accounts (in thousands):



Balance, March 26, 2016	$	(475	)
Bad debt expense, net of recoveries	41
Balance, March 25, 2017	(434		)
Bad debt expense, net of recoveries	231
Balance, March 31, 2018	(203		)
Bad debt expense, net or recoveries	(67		)
Balance, March 30, 2019	$	(270	)

Recoveries on bad debt were immaterial for the three years presented above.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Intangibles, net and Goodwill

12 Months Ended

Mar. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles, net and Goodwill

The intangibles, net balance included on the Consolidated Balance Sheet was $67.8 million and $111.5 million at March 30, 2019 and March 31, 2018, respectively.

The following information details the gross carrying amount and accumulated amortization of our intangible assets (in thousands):



	March 30, 2019					March 31, 2018
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 (6.3)	117,976		(94,136		)	117,976		(75,048		)
In-process research & development (“IPR&D”) (7.3)	97,972		(69,794		)	97,972		(49,556		)
Trademarks and tradename (10.0)	3,037		(2,461		)	3,037		(2,333		)
Customer relationships (10.0)	15,381		(7,270		)	15,381		(5,732		)
Backlog (a)	220		(220		)	220		(220		)
Non-compete agreements (a)	470		(470		)	470		(470		)
Technology licenses (3.0)	28,336		(21,194		)	28,063		(18,213		)
Total	$	265,222	$	(197,375	)	$	264,949	$	(153,402	)


(a)	Intangible assets are fully amortized.

Amortization expense for intangibles in fiscal years 2019, 2018, and 2017 was $47.8 million, $53.7 million, and $37.4 million, respectively. The following table details the estimated aggregate amortization expense for all intangibles owned as of March 30, 2019, for each of the five succeeding fiscal years and in the aggregate thereafter (in thousands):



For the year ended March 28, 2020	$	28,443
For the year ended March 27, 2021	$	17,750
For the year ended March 26, 2022	$	12,755
For the year ended March 25, 2023	$	6,663
For the year ended March 30, 2024	$	1,695
Thereafter	$	541

The goodwill balance included on the Consolidated Balance Sheet is $286.2 million and $288.7 million at March 30, 2019 and March 31, 2018, respectively.

Revolving Credit Facility	12 Months Ended
Revolving Credit Facility	Mar. 30, 2019
Line of Credit Facility [Abstract]
Revolving Credit Facility	Revolving Credit Facility On July 12, 2016, Cirrus Logic entered into an amended and restated credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as Administrative Agent, and the Lenders party thereto, for the purpose of refinancing an existing credit facility and providing ongoing working capital. The Credit Agreement provides for a $300 million senior secured revolving credit facility (the “Credit Facility”). The Credit Facility matures on July 12, 2021. The Credit Facility is required to be guaranteed by all of Cirrus Logic’s material domestic subsidiaries (the “Subsidiary Guarantors”). The Credit Facility is secured by substantially all of the assets of Cirrus Logic and any Subsidiary Guarantors, except for certain excluded assets. Borrowings under the 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 0.50% per annum for Base Rate Loans and 1.25% to 2.00% per annum for LIBOR Rate Loans based on the Leverage Ratio (as defined below). A commitment fee accrues at a rate per annum ranging from 0.20% to 0.30% (based on the Leverage Ratio) on the average daily unused portion of the commitment of the lenders. The Credit Agreement contains certain financial covenants providing that (a) the ratio of consolidated funded indebtedness to consolidated EBITDA for the prior four consecutive quarters must not be greater than 3.00 to 1.00 (the “Leverage Ratio”) and (b) the ratio of consolidated EBITDA for the prior four consecutive fiscal quarters to consolidated fixed charges (including amounts paid in cash for consolidated interest expenses, capital expenditures, scheduled principal payments of indebtedness, and income taxes) for the prior four consecutive fiscal quarters must not be less than 1.25 to 1.00 as of the end of each fiscal quarter. The 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. As of March 30, 2019, the Company had no amounts outstanding under the Credit Facility and was in compliance with all covenants under the Credit Facility.

Revenues

12 Months Ended

Mar. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenues

Disaggregation of revenue

We disaggregate revenue from contracts with customers based on the ship to location of the customer. The geographic regions that are reviewed are the United States and countries outside of the United States (primarily located in Asia).

Total net sales based on the disaggregation criteria described above are as follows:



	Year Ended
	March 30,		March 31,		March 25,
	2019		2018		2017
Non-United States	$	1,159,342	$	1,498,454	$	1,502,916
United States	26,182		33,732		36,024
	$	1,185,524	$	1,532,186	$	1,538,940

See Note 2 - Summary of Significant Accounting Policies for additional discussion surrounding revenue recognition considerations.

Postretirement Benefit Plans

12 Months Ended

Mar. 30, 2019

Retirement Benefits [Abstract]

Pension Benefit Plans

Postretirement Benefit Plans

Defined Benefit Pension Plan

As a result of our acquisition of Wolfson in fiscal year 2015, the Company had a defined benefit pension scheme (“the Scheme”), for some individuals in the United Kingdom. Following the acquisition, the participants in the Scheme no longer accrued benefits and therefore the Company was not required to make contributions in respect of future accruals.

During fiscal year 2018, the Company authorized the termination of the Scheme under which 60 participants had accrued benefits. On March 16, 2018, the Scheme completed a buy-in transaction whereby the assets of the Scheme, together with a final contribution from the Company of $11.0 million, were invested in a bulk purchase annuity contract that fully insures the benefits payable to the members of the Scheme at that time.

The bulk purchase annuity contract was structured to enable the Scheme to move to full buy-out (following which the insurance company became directly responsible for the pension payments). On November 30, 2018, the insurance company confirmed that the buy-out was completed and individual policies had been established for each member. Completion of the buy-out confirms full and final settlement of the Scheme, and the unamortized loss previously recorded within Accumulated Other Comprehensive Income ("AOCI") of $13.8 million was recognized within other non-operating expense as "U.K. pension settlement" in the third quarter of fiscal year 2019, with the corresponding tax benefit of $2.6 million being recognized within "Provision for income taxes" in the Consolidated Statements of Income. As the buy-out transaction has fully settled, there will be no further contributions to the Scheme.

The following tables set forth the benefit obligation, the fair value of plan assets, and the funded status of the Scheme (in thousands):



	March 30, 2019			March 31, 2018
Change in benefit obligation:
Beginning balance	$	40,601		$	21,123
Interest cost	—			651
Plan settlements	(40,601		)	—
Benefits paid and expenses	—			(312		)
Change in foreign currency exchange rate	—			2,869
Actuarial loss	—			16,270
Total benefit obligation ending balance	—			40,601
Change in plan assets:
Beginning balance	40,601			22,143
Actual return on plan assets	—			2,700
Employer contributions	—			12,877
Plan settlements	(40,601		)	—
Change in foreign currency exchange rate	—			3,193
Benefits paid and expenses	—			(312		)
Fair value of plan assets ending balance	—			40,601
Funded status of Scheme at end of year	$	—		$	—

The assets and obligations of the Scheme are denominated in British Pound Sterling. Following the purchase of the bulk purchase annuity contract as of March 31, 2018, the Scheme was fully insured and the net funded status is zero as reflected in the Company’s Consolidated Balance Sheet under the caption “Other assets”. The Company’s plan assets and obligations are measured as of the fiscal year-end. As of March 31, 2018, the plan assets and obligations were measured with reference to the price of the bulk purchase annuity contract.

The components of the Company’s net periodic pension expense (income) presented within “Research and development” expenses in the Consolidated Statements of Income are as follows (in thousands):



	Fiscal Years Ended
	March 30, 2019		March 31, 2018			March 25, 2017
Expenses	$	—	$	—		$	—
Interest cost	—		651			759
Expected return on plan assets	—		(1,159		)	(1,126		)
Settlement loss	—		—			1,063
Amortization of actuarial gain	—		—			(89		)
	$	—	$	(508	)	$	607

The following weighted-average assumptions were used to determine net periodic benefit costs for the year ended March 30, 2019, March 31, 2018 and March 25, 2017:



	2019	2018		2017
Discount rate	n/a	2.70	%	3.60	%
Expected long-term return on plan assets	n/a	4.23	%	4.93	%

The table below sets forth the fair value of our plan assets as of March 31, 2018, using the same three-level hierarchy of fair-value inputs described in Note 4 (in thousands):



	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
Plan Assets:
Insurance contracts	$	—	$	40,601	$	—	$	40,601

The Company contributed $12.9 million to the pension plan in fiscal year 2018. As the buy-out transaction has fully settled, there will be no further contributions to the Scheme as discussed above.

Defined Contribution Plans

We 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 $7.7 million, $6.7 million, and $5.5 million during fiscal years 2019, 2018, and 2017, respectively.

Equity Compensation

12 Months Ended

Mar. 30, 2019

Share-based Compensation [Abstract]

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. 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 zero 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 zero 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 26, 2016	6,287
Shares added	—
Granted	(1,719	)
Forfeited	124
Balance, March 25, 2017	4,692
Shares added	—
Granted	(1,755	)
Forfeited	128
Balance, March 31, 2018	3,065
Shares added	2,509
Granted	(2,371	)
Forfeited	120
Balance, March 30, 2019	3,323

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
	2019			2018			2017
Cost of sales	$	877		$	1,474		$	1,071
Research and development	29,115			26,137			21,186
Sales, general and administrative	19,697			21,130			17,336
Effect on pre-tax income	49,689			48,741			39,593
Income Tax Benefit	(5,748		)	(5,953		)	(12,482		)
Total stock-based compensation expense (net of taxes)	43,941			42,788			27,111
Stock-based compensation effects on basic earnings per share	$	0.73		$	0.67		$	0.43
Stock-based compensation effects on diluted earnings per share	0.71			0.65			0.41

The total stock-based compensation expense included in the table above and which is attributable to restricted stock units and market stock units was $45.5 million, $44.2 million, $35.5 million, for fiscal years 2019, 2018, and 2017, respectively. Stock-based compensation expense is presented within operating activities in the Consolidated Statement of Cash Flows.

As of March 30, 2019, there was $88.7 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 1.3 years for stock options, 1.64 years for restricted stock units, and 1.66 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 $0.9 million, $11.7 million and $22.9 million in fiscal years 2019, 2018, and 2017 respectively, as a result of the Company’s early adoption of ASU 2016-09.

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 30, 2019	March 31, 2018		March 25, 2017
Expected stock price volatility	38.00-38.14 %	37.36	%	47.66	%
Risk-free interest rate	2.57-2.94 %	1.67	%	1.13	%
Expected term (in years)	3.12-3.73	3.03		2.79

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 2019, 2018, and 2017, were $16.27, $19.87, and $22.84, respectively.

During fiscal years 2019, 2018, and 2017, we received a net $1.6 million, $4.4 million, and $16.4 million, respectively, from the exercise of 0.1 million, 0.2 million, and 1.4 million, respectively, stock options granted under the Company’s Stock Plan.

The total intrinsic value of stock options exercised during fiscal year 2019, 2018, and 2017, was $2.6 million, $9.8 million, and $52.2 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
	Number		Weighted Average Exercise Price
Balance, March 26, 2016	2,925		$	17.96
Options granted	215		54.65
Options exercised	(1,382	)	11.87
Options forfeited	—		—
Options expired	—		—
Balance, March 25, 2017	1,758		$	27.25
Options granted	216		55.72
Options exercised	(234	)	18.84
Options forfeited	—		—
Options expired	—		—
Balance, March 31, 2018	1,740		$	31.91
Options granted	280		40.41
Options exercised	(108	)	15.03
Options forfeited	(38	)	49.62
Options expired	(9	)	55.01
Balance, March 30, 2019	1,865		$	33.68

Additional information with regards to outstanding options that are vesting, expected to vest, or exercisable as of March 30, 2019 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 vest	1,858	$	33.64	5.64	$	20,786
Exercisable	1,322	$	28.97	4.49	$	19,733

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 $4.1 million, $3.8 million, and $3.8 million, became vested during fiscal years 2019, 2018, and 2017, respectively.

The following table summarizes information regarding outstanding and exercisable options as of March 30, 2019 (in thousands, except per share amounts):



	Options Outstanding				Options Exercisable
		Weighted Average Remaining Contractual Life	Weighted Average Exercise		Number	Weighted Average
Range of Exercise Prices	Number	(years)	Price		Exercisable	Exercise Price
$5.00 - $16.25	345	1.83	$	14.32	345	$	14.32
$16.28 - $23.34	326	4.85	21.78		326	21.78
$23.80 - $32.29	309	6.28	31.23		255	31.22
$33.38 - $38.99	303	5.45	38.27		210	38.37
$41.49 - $54.65	387	8.23	48.21		118	54.65
$55.72 - $55.72	195	7.93	55.72		68	55.72
	1,865	5.65	$	33.68	1,322	$	28.97

As of March 30, 2019 and March 31, 2018, the number of options exercisable was 1.3 million and 1.2 million, respectively.

Restricted Stock Units

Commencing in fiscal year 2011, the Company began granting restricted stock units (“RSU’s”) to select employees. These awards are valued as of the grant date and amortized over the requisite vesting period. Generally, RSU’s vest 100 percent on the first to third anniversary of the grant date depending on the vesting specifications. A summary of the activity for RSU’s in fiscal year 2019, 2018, and 2017 is presented below (in thousands, except year and per share amounts):



	Shares		Weighted Average Fair Value
March 26, 2016	3,163		$	26.14
Granted	947		52.40
Vested	(1,032	)	24.67
Forfeited	(83	)	28.40
March 25, 2017	2,995		34.91
Granted	936		55.79
Vested	(1,077	)	24.79
Forfeited	(85	)	41.09
March 31, 2018	2,769		45.70
Granted	1,416		40.57
Vested	(1,176	)	33.65
Forfeited	(175	)	48.15
March 30, 2019	2,834		$	47.99

The aggregate intrinsic value of RSU’s outstanding as of March 30, 2019 was $119.2 million. Additional information with regards to outstanding restricted stock units that are expected to vest as of March 30, 2019, is as follows (in thousands, except year and per share amounts):



	Shares	Weighted Average Fair Value		Weighted Average Remaining Contractual Term (years)
Expected to vest	2,738	$	48.07	1.63

RSU’s outstanding that are expected to vest are presented net of estimated future forfeitures, which are estimated as compensation costs are recognized. RSU’s with a fair value of $39.6 million and $26.7 million became vested during fiscal years 2019 and 2018, respectively. The majority of RSUs that vested in 2019 and 2018 were net settled such that the Company withheld a portion of the shares to satisfy tax withholding requirements. In fiscal years 2019 and 2018, the vesting of RSU’s reduced the authorized and unissued share balance by approximately 1.2 million and 1.1 million, respectively. Total shares withheld and subsequently retired out of the Plan were approximately 0.3 million and 0.3 million, and total payments for the employees’ tax obligations to taxing authorities were $13.1 million and $17.8 million for fiscal years 2019 and 2018, respectively.

Market Stock Units

In fiscal year 2015, the Company began granting market stock units (“MSU’s”) to select employees. MSU’s 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 MSU’s 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:



	Year Ended
	March 30, 2019	March 31, 2018
Expected stock price volatility	38.00-38.14 %	37.36	%
Risk-free interest rate	2.62-3.01 %	1.74	%
Expected term (in years)	3.00	3.00

Using the Monte Carlo simulation, the weighted average estimated fair value of the MSU’s granted in fiscal year 2019 was $53.13. A summary of the activity for MSU’s in fiscal year 2019, 2018, and 2017 is presented below (in thousands, except year and per share amounts):



	Shares		Weighted Average Fair Value
March 26, 2016	125		$	34.85
Granted	55		75.58
Vested	—		—
Forfeited	—		—
March 25, 2017	180		$	47.30
Granted	89		47.26
Vested	(70	)	22.00
Forfeited	—		—
March 31, 2018	199		$	56.16
Granted	68		53.13
Vested	—		—
Forfeited	(101	)	43.41
March 30, 2019	166		$	62.77

The aggregate intrinsic value of MSU’s outstanding as of March 30, 2019 was $7.0 million. Additional information with regard to outstanding MSU’s that are expected to vest as of March 30, 2019 is as follows (in thousands, except year and per share amounts):



	Shares	Weighted Average Fair Value		Weighted Average Remaining Contractual Term (years)
Expected to vest	160	$	62.91	1.64

MSU's with a fair value of $1.5 million became vested during fiscal year 2018. No MSU’s became vested in fiscal year 2019 and 2017.

Commitments and Contingencies

12 Months Ended

Mar. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Facilities and Equipment Under Operating and Capital 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 30, 2019, our principal facilities are located in Austin, Texas and Edinburgh, Scotland, United Kingdom.

Total rent expense under operating leases was approximately $12.7 million, $11.5 million, and $8.2 million, for fiscal years 2019, 2018, and 2017, respectively. Rental income was $0.2 million, $0.3 million, and $0.4 million, for fiscal years 2019, 2018, and 2017, respectively.

As of March 30, 2019, the aggregate minimum future rental commitments under all operating leases, net of lease income for the following fiscal years are (in thousands):



	Facilities Expense		Facilities Income		Net Facilities Commitments		Equipment and Other Commitments		Total Commitments
2020	$	14,583	$	240	$	14,343	$	144	$	14,487
2021	13,856		245		13,611		143		13,754
2022	13,288		252		13,036		135		13,171
2023	12,456		258		12,198		125		12,323
2024	12,092		265		11,827		114		11,941
Thereafter	35,704		316		35,388		222		35,610
Total minimum lease payment	$	101,979	$	1,576	$	100,403	$	883	$	101,286

Wafer, Assembly, Test and Other Purchase Commitments

We rely primarily on third-party foundries for our wafer manufacturing needs. 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. As of March 30, 2019, we had foundry commitments of $62.6 million.

In addition to our wafer supply arrangements, we contract with third-party assembly vendors to package the wafer die into finished products. Assembly vendors provide fixed-cost-per-unit pricing, as is common in the semiconductor industry. We had non-cancelable assembly purchase orders with numerous vendors totaling $1.4 million at March 30, 2019.

Test vendors provide fixed-cost-per-unit pricing, as is common in the semiconductor industry. Our total non-cancelable commitment for outside test services as of March 30, 2019 was $10.1 million.

Other purchase commitments primarily relate to multi-year tool commitments, and were $45.7 million at March 30, 2019.

Legal Matters	12 Months Ended
Legal Matters	Mar. 30, 2019
Loss Contingency, Information about Litigation Matters [Abstract]
Legal Matters	Legal Matters From 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.

Stockholder's Equity	12 Months Ended
Stockholder's Equity	Mar. 30, 2019
Stockholders' Equity Note [Abstract]
Stockholder's Equity	Stockholders' Equity Share Repurchase Program In January 2018, the Company announced that the Board of Directors authorized a share repurchase program of up to $200 million of the Company's common stock. As of March 30, 2019, the Company had repurchased 4.0 million shares under this plan at a cost of approximately $160.0 million, or an average cost of $40.30 per share. Approximately $40.0 million remains available for repurchase under this 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 30, 2019. In January 2019, the Board of Directors authorized the repurchase of up to an additional $200 million of the Company’s common stock. No shares have been repurchased under the new plan as of March 30, 2019. Preferred Stock We have 5.0 million shares of Preferred Stock authorized. As of March 30, 2019, we have not issued any of the authorized shares.

Accumulated Other Comprehensive Loss

12 Months Ended

Mar. 30, 2019

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Loss

Our accumulated other comprehensive loss is comprised of foreign currency translation adjustments, unrealized gains and losses on investments classified as available-for-sale, and actuarial gains and losses on our defined benefit pension plan assets.

The following table summarizes the changes in the components of accumulated other comprehensive loss, net of tax (in thousands):



	Foreign Currency			Unrealized Gains (Losses) on Securities			Actuarial Gains (Losses) on Defined Benefit Pension Plan			Total
Balance, March 25, 2017	$	(1,302	)	$	(31	)	$	760		$	(573	)
Current period foreign exchange translation	2,791			—			—			2,791
Current period marketable securities activity	—			(2,380		)	—			(2,380		)
Current period actuarial gain/loss activity	—			—			(14,729		)	(14,729		)
Tax effect	—			750			2,780			3,530
Balance, March 31, 2018	1,489			(1,661		)	(11,189		)	(11,361		)
Current period foreign exchange translation	(3,125		)	—			—			(3,125		)
Current period marketable securities activity	—			2,823			—			2,823
Current period actuarial gain/loss activity	—			—			13,814			13,814
Tax effect	—			(592		)	(2,625		)	(3,217		)
Balance, March 30, 2019	$	(1,636	)	$	570		$	—		$	(1,066	)

Income Taxes

12 Months Ended

Mar. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Income before income taxes consisted of (in thousands):



	Fiscal Years Ended
	March 30, 2019		March 31, 2018		March 25, 2017
U.S.	$	41,980	$	91,220	$	137,654
Non-U.S.	51,764		173,879		177,393
	$	93,744	$	265,099	$	315,047

The provision (benefit) for income taxes consists of (in thousands):



	Fiscal Years Ended
	March 30, 2019			March 31, 2018			March 25, 2017
Current:
U.S.	$	(7,109	)	$	66,082		$	28,940
Non-U.S.	12,428			21,812			7,234
Total current tax provision	$	5,319		$	87,894		$	36,174
Deferred:
U.S.	5,441			19,309			2,576
Non-U.S.	(7,007		)	(4,099		)	15,088
Total deferred tax provision	(1,566		)	15,210			17,664
Total tax provision	$	3,753		$	103,104		$	53,838

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 30, 2019		March 31, 2018		March 25, 2017
U.S. federal statutory rate	21.0		31.6		35.0
Foreign income taxed at different rates	(2.9	)	(9.6	)	(8.7	)
Transition tax on deferred foreign income	(11.8	)	20.3		—
Remeasurement of U.S. deferred tax balance	(0.1	)	2.3		—
Research and development tax credits	(6.7	)	(2.5	)	(1.8	)
Stock-based compensation	(1.0	)	(4.5	)	(7.3	)
Foreign-derived intangible income deduction	(2.8	)	—		—
Current U.S. tax on foreign earnings	2.2		0.7		0.1
Change in valuation allowance	4.4		—		—
Interest related to unrecognized tax benefits	1.6		—		—
Other	0.1		0.6		(0.2	)
Effective tax rate	4.0		38.9		17.1

The Tax Cuts and Jobs Act (the "Tax Act") was enacted on December 22, 2017. The Tax Act reduced the U.S. federal corporate tax rate from 35% to 21%, restricted the deductibility of certain business expenses, required companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax-deferred, and created new taxes on certain foreign sourced earnings, among other provisions. In fiscal year 2018 and the first six months of fiscal year 2019, we recorded provisional amounts for certain enactment-date effects of the Tax Act by applying the guidance in SEC Staff Accounting Bulletin No. 118 ("SAB 118") because we had not yet completed our enactment-date accounting for these effects. In fiscal year 2018, the Company recorded provisional amounts related to the enactment-date effects of the Tax Act that included recording the one-time transition tax liability related to undistributed earnings of certain foreign subsidiaries that were not previously taxed and the revaluation of certain deferred tax assets and liabilities. In fiscal year 2019, certain discrete adjustments to the provisional amounts were recorded. Our accounting for the enactment-date effects of the Tax Act was completed during the quarter ended December 29, 2018. The changes to the fiscal year 2018 enactment-date provisional amounts decreased the effective tax rate in fiscal year 2019 by 11.9%.

We applied the guidance in SAB 118 when accounting for the enactment-date effects of the Tax Act under ASC 740, Income Taxes, for the following aspects: remeasurement of deferred tax assets and liabilities, one-time transition tax, and tax on global intangible low taxed income ("GILTI"). As further discussed below, during the first nine months of fiscal year 2019 we recognized adjustments of $11.1 million that decreased the enactment-date provisional amounts recorded at March 31, 2018.

The one-time transition tax represents the tax on our total post-1986 earnings and profits, which was previously deferred from U.S. income taxes under prior U.S. law. We recorded a provisional amount for our one-time transition tax liability for each of our foreign subsidiaries, resulting in a transition tax liability of $53.9 million at March 31, 2018. Upon further analysis of the Tax Act, subsequent Internal Revenue Service ("IRS") guidance, and regulations proposed by the U.S. Department of the Treasury and the IRS, we finalized our calculations of the transition tax liability during the third quarter of fiscal year 2019. We recognized a decrease of $11.0 million to the transition tax provisional amount in fiscal year 2019, which is included as a component of income tax expense from continuing operations. We have elected to pay our transition tax over the eight-year period provided in the Tax Act. As of March 30, 2019, the remaining balance of our transition tax obligation is $27.0 million, which will be paid over the next seven years.

We remeasured certain deferred tax assets and liabilities based on the rates at which they were expected to reverse in the future, which was generally 21%, by recording a provisional amount of $6.1 million at March 31, 2018. We finalized our calculations and recognized a decrease of $0.1 million to our provisional amount in fiscal year 2019, which is included as a component of income tax expense from continuing operations.

The Tax Act subjects a U.S. shareholder to current tax on certain earnings of foreign subsidiaries under a provision commonly known as GILTI. Under U.S. GAAP, an accounting policy election can be made to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years, or to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense only. We have elected to account for GILTI in the year the tax is incurred.

The transition to a territorial tax system under the Tax Act means that the taxation of future dividend distributions by foreign subsidiaries is expected to be limited to withholding taxes that may apply based on the jurisdiction of the subsidiary. As of March 30, 2019, unremitted earnings from our foreign subsidiaries 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 any other outside basis differences inherent in these 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.

Significant components of our deferred tax assets and liabilities as of March 30, 2019 and March 31, 2018 are (in thousands):



	March 30, 2019			March 31, 2018
Deferred tax assets:
Accrued expenses and allowances	$	4,024		$	5,793
Net operating loss carryforwards	2,940			3,646
Research and development tax credit carryforwards	13,111			12,701
Stock-based compensation	14,667			14,156
Other	1,261			2,402
Total deferred tax assets	$	36,003		$	38,698
Valuation allowance for deferred tax assets	(18,588		)	(14,671		)
Net deferred tax assets	$	17,415		$	24,027
Deferred tax liabilities:
Depreciation and amortization	$	8,913		$	9,184
Acquisition intangibles	8,803			13,427
Total deferred tax liabilities	$	17,716		$	22,611
Total net deferred tax assets (liabilities)	$	(301	)	$	1,416

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 $3.9 million in fiscal year 2019, which included a decrease of $0.2 million with no effect on tax expense and a net increase of $4.1 million which affected tax expense. The Company maintains a valuation allowance for certain deferred tax assets primarily relating to certain U.S. federal tax deductions, state net operating loss carryforwards, 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 30, 2019, the Company had gross federal net operating loss carryforwards of $9.2 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 2020 through 2031. At March 30, 2019, the Company had gross state net operating loss carryforwards of $22.2 million. The state net operating loss carryforwards expire in fiscal years 2020 through 2029. In addition, the Company had $13.4 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 2021 through 2034. The remaining state tax credit carryforwards do not expire.

The following table summarizes the changes in the unrecognized tax benefits (in thousands):



	March 30, 2019			March 31, 2018
Beginning balance	$	55,164		$	30,858
Additions based on tax positions related to the current year	2,204			26,602
Reductions based on tax positions related to the prior years	(17,622		)	(2,296		)
Ending balance	$	39,746		$	55,164

The Company records unrecognized tax benefits for the estimated risk associated with tax positions taken on tax returns. At March 30, 2019, the Company had gross unrecognized tax benefits of $39.7 million, all of which would impact the effective tax rate if recognized. During fiscal year 2019, the Company had gross increases of $2.2 million related to current year unrecognized tax positions, as well as gross decreases of $17.6 million related to prior year unrecognized tax positions. 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 2019 and 2018 we recognized interest expense, net of tax, of approximately $1.5 million and $0.8 million, respectively.

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 2016 through 2019 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 2016 may be adjusted upon examination by the tax authorities if they have been, or will be, used in a future period. The Company's United Kingdom subsidiaries are currently under a limited scope tax audit for certain income tax matters related to fiscal years 2016 and 2017. The Company's fiscal year 2017 federal income tax return is under examination by the U.S. Internal Revenue Service. The Company believes it has accrued adequate reserves related to the matters under examination. The Company is not under an income tax audit in any other major taxing jurisdiction.

Segment Information

12 Months Ended

Mar. 30, 2019

Segment Reporting [Abstract]

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, which currently are portable and non-portable and other. 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 from our product lines are as follows (in thousands):



	Fiscal Years Ended
	March 30, 2019		March 31, 2018		March 25, 2017
Portable Products	$	1,032,049	$	1,363,876	$	1,373,848
Non-Portable and Other Products	153,475		168,310		165,092
	$	1,185,524	$	1,532,186	$	1,538,940

Geographic Area

The following illustrates sales by ship to location of the customer (in thousands):



	Fiscal Years Ended
	March 30, 2019		March 31, 2018		March 25, 2017
United States	$	26,182	$	33,732	$	36,024
EMEA	14,406		15,458		14,791
China	922,202		1,264,000		1,249,325
Hong Kong	166,460		162,652		181,283
Japan	9,210		12,131		11,819
Taiwan	17,106		13,224		14,426
Other Asia	18,439		20,044		19,747
Other non-U.S. countries	11,519		10,945		11,525
Total consolidated sales	$	1,185,524	$	1,532,186	$	1,538,940

The following illustrates property, plant and equipment, net, by geographic locations, based on physical location (in thousands):



	Fiscal Years Ended
	March 30, 2019		March 31, 2018
United States	$	126,292	$	130,202
EMEA	39,426		44,339
China	1,682		1,489
Japan	73		115
South Korea	870		1,217
Taiwan	15,349		7,743
Other Asia	1,999		5,444
Other non-U.S. countries	494		605
Total consolidated property, plant and equipment, net	$	186,185	$	191,154

Quarterly Results (Unaudited)

12 Months Ended

Mar. 30, 2019

Quarterly Financial Data [Abstract]

Quarterly Results (Unaudited)

The following quarterly results have been derived from our audited annual consolidated financial statements. In the opinion of management, this unaudited quarterly information has been prepared on the same basis as the annual consolidated financial statements and includes all adjustments, including normal recurring adjustments, necessary for a fair presentation of this quarterly information. This information should be read along with the financial statements and related notes. The operating results for any quarter are not necessarily indicative of results to be expected for any future period.

The unaudited quarterly statement of operations data for each quarter of fiscal years 2019 and 2018 were as follows (in thousands, except per share data):



	Fiscal Year 2019
	1st Quarter			2nd Quarter		3rd Quarter		4th Quarter
Net sales	$	254,483		$	366,305	$	324,295	$	240,441
Gross profit	124,559			185,119		163,180		124,639
Net income (loss)	(4,272		)	58,173		29,933		6,157
Basic income (loss) per share	$	(0.07	)	$	0.96	$	0.50	$	0.10
Diluted income (loss) per share	(0.07		)	0.93		0.49		0.10



	Fiscal Year 2018
	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
Net sales	$	320,735	$	425,537	$	482,741	$	303,173
Gross profit	161,716		211,282		235,088		152,630
Net income	42,912		73,300		33,779		12,004
Basic income per share	$	0.67	$	1.16	$	0.53	$	0.19
Diluted income per share	0.64		1.10		0.52		0.19

Summary of Significant Accounting Policies (Policy)

12 Months Ended

Mar. 30, 2019

Accounting Policies [Abstract]

Basis of Presentation

We prepare financial statements on a 52- or 53-week year that ends on the last Saturday in March. Fiscal years 2017 and 2019 were 52-week years. Fiscal year 2018 was a 53-week year.

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.

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.

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 $6.2 million and $9.7 million, in fiscal year 2019 and 2018, respectively. Inventory charges in fiscal year 2019 and 2018 related to a combination of quality issues and inventory exceeding demand.

Property, Plant and Equipment, Net

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 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 10 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. 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

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 US 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 three contract manufacturers, Hongfujin Precision, Pegatron, and Foxconn who represented 22 percent, 19 percent, and 11 percent, respectively of our consolidated gross trade accounts receivable as of the end of fiscal year 2019. Pegatron, Jabil Circuits and Hongfujin Precision represented 24 percent, 18 percent, and 11 percent, respectively of our consolidated gross trade accounts receivable as of the end of fiscal year 2018. 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 2019 and 2018.

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 fiscal years 2019, 2018, and 2017, our ten largest end customers represented approximately 91 percent, 92 percent, and 92 percent, of our sales, respectively. For fiscal years 2019, 2018, and 2017, we had one end customer, Apple Inc., who purchased through multiple contract manufacturers and represented approximately 78 percent, 81 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 2019, 2018, or 2017.

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 contracts with customers contain a single performance obligation, which 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 of 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 based on the ship to location of the customer. The geographic regions that are reviewed are the United States and countries outside of the United States (primarily located in Asia).

Advertising Costs

Advertising costs are expensed as incurred.

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 0 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 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.

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

Our accumulated other comprehensive loss is comprised of foreign currency translation adjustments, unrealized gains and losses on investments classified as available-for-sale and actuarial gains and losses on our defined benefit pension plan assets, prior to plan settlement in fiscal year 2019. See Note 14 — Accumulated Other Comprehensive Loss for additional discussion.

Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (ASC Topic 606). The purpose of this ASU is to converge revenue recognition requirements per U.S. GAAP and International Financial Reporting Standards (“IFRS”). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date after public comment supported a proposal to delay the effective date of this ASU to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The Company completed the process of reviewing our customers’ contracts in respect of performance obligation identification and satisfaction, pricing, warranties, and return rights, among other considerations, in the first quarter of fiscal year 2019. According to the standard, the Company could adopt by full retrospective method, which applies retrospectively to each prior period presented, or by modified retrospective method with the cumulative effect adjustment recognized in beginning retained earnings as of the date of adoption. The Company adopted this standard using the modified retrospective adoption method in the first quarter of fiscal year 2019 with no income statement impact, and therefore no beginning retained earnings impact. See Summary of Significant Accounting Policies - Revenue Recognition within this footnote as well as Note 8 - Revenues for additional details.

The effects of the changes made to our balance sheet at adoption were as follows (in thousands):



	Balance at March 31, 2018			Impact from ASU 2014-09 Adoption			Balance at April 1, 2018
Financial statement line item:
Accounts receivable	$	100,801		$	5,539		$	106,340
Inventories	205,760			(391)			205,369
Other current assets	13,877			391			14,268
Other accrued liabilities	$	(12,657	)	$	(5,539	)	$	(18,196	)