CIRRUS LOGIC, INC., 10-Q filed on 2/6/2024
Quarterly Report
v3.24.0.1
Cover - shares
 9 Months Ended
Dec. 30, 2023
Feb. 02, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 30, 2023  
Document Transition Report false  
Entity File Number 0-17795  
Entity Registrant Name CIRRUS LOGIC, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 77-0024818  
Entity Address, Address Line One 800 W. 6th Street  
Entity Address, City or Town Austin,  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 78701  
City Area Code (512)  
Local Phone Number 851-4000  
Title of 12(b) Security Common stock, $0.001 par value  
Trading Symbol CRUS  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   53,934,984
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --03-30  
Entity Central Index Key 0000772406  
v3.24.0.1
Consolidated Condensed Balance Sheets - USD ($)
$ in Thousands
Dec. 30, 2023
Mar. 25, 2023
Current assets:    
Cash and cash equivalents $ 483,931 $ 445,784
Marketable securities 32,842 34,978
Accounts receivable, net 217,269 150,473
Inventories 256,675 233,450
Prepaid assets 48,804 35,507
Prepaid wafers 84,854 60,638
Other current assets 61,010 57,026
Total current assets 1,185,385 1,017,856
Long-term marketable securities 70,260 36,509
Right-of-use lease assets 140,993 128,145
Property and equipment, net 167,579 162,972
Intangibles, net 31,677 38,876
Goodwill 435,936 435,936
Deferred tax assets 34,116 35,580
Long-term prepaid wafers 73,492 134,363
Other assets 77,675 73,729
Total assets 2,217,113 2,063,966
Current liabilities:    
Accounts payable 56,231 81,462
Accrued salaries and benefits 44,352 50,606
Software license agreements 31,678 20,948
Current lease liabilities 19,906 18,442
Acquisition-related liabilities 0 21,361
Other accrued liabilities 26,427 23,521
Total current liabilities 178,594 216,340
Long-term liabilities:    
Non-current lease liabilities 138,415 122,631
Non-current income taxes 52,247 59,013
Other long-term liabilities 47,097 7,700
Total long-term liabilities 237,759 189,344
Stockholders' equity:    
Capital stock 1,735,824 1,670,141
Accumulated earnings (deficit) 66,633 (9,320)
Accumulated other comprehensive loss (1,697) (2,539)
Total stockholders' equity 1,800,760 1,658,282
Total liabilities and stockholders' equity $ 2,217,113 $ 2,063,966
v3.24.0.1
Consolidated Condensed Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Dec. 30, 2023
Dec. 24, 2022
Dec. 30, 2023
Dec. 24, 2022
Income Statement [Abstract]        
Net sales $ 618,984 $ 590,582 $ 1,417,063 $ 1,524,795
Cost of sales 301,520 293,877 693,616 754,170
Gross profit 317,464 296,705 723,447 770,625
Operating expenses        
Research and development 112,672 118,063 323,092 343,250
Selling, general and administrative 37,604 37,262 107,306 115,502
Restructuring costs (360) 0 1,959 0
Total operating expenses 149,916 155,325 432,357 458,752
Income from operations 167,548 141,380 291,090 311,873
Interest income 5,124 2,995 13,914 5,047
Interest expense (235) (218) (696) (680)
Other expense (337) (3,716) (30) (2,915)
Income before income taxes 172,100 140,441 304,278 313,325
Provision for income taxes 33,377 36,964 74,548 82,953
Net income $ 138,723 $ 103,477 $ 229,730 $ 230,372
Basic earnings per share (in dollars per share) $ 2.57 $ 1.87 $ 4.22 $ 4.13
Diluted earnings per share (in dollars per share) $ 2.50 $ 1.83 $ 4.09 $ 4.02
Basic weighted average common shares outstanding (in shares) 54,016 55,239 54,449 55,748
Diluted weighted average common shares outstanding (in shares) 55,592 56,583 56,160 57,280
v3.24.0.1
Consolidated Condensed Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 30, 2023
Dec. 24, 2022
Dec. 30, 2023
Dec. 24, 2022
Statement of Comprehensive Income [Abstract]        
Net income $ 138,723 $ 103,477 $ 229,730 $ 230,372
Other comprehensive income (loss), before tax        
Foreign currency translation gain (loss) 445 468 (347) (1,235)
Unrealized gain (loss) on marketable securities 1,266 533 1,505 (407)
(Provision) benefit for income taxes (266) (112) (316) 86
Comprehensive income $ 140,168 $ 104,366 $ 230,572 $ 228,816
v3.24.0.1
Consolidated Condensed Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Dec. 30, 2023
Dec. 24, 2022
Cash flows from operating activities:    
Net income $ 229,730 $ 230,372
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 36,283 52,358
Stock-based compensation expense 67,113 59,108
Deferred income taxes 1,122 6,430
Loss on retirement or write-off of long-lived assets 74 306
Other non-cash adjustments 2,276 3,017
Restructuring costs 1,959 0
Net change in operating assets and liabilities:    
Accounts receivable (67,558) (30,229)
Inventories (23,223) (13,990)
Prepaid wafers 36,654 0
Other assets 11,682 4,516
Accounts payable and other accrued liabilities (32,201) (26,619)
Income taxes payable 8,598 (3,455)
Acquisition-related liabilities (21,361) 9,488
Net cash provided by operating activities 251,148 291,302
Cash flows from investing activities:    
Maturities and sales of available-for-sale marketable securities 23,418 10,346
Purchases of available-for-sale marketable securities (53,525) (9,469)
Purchases of property, equipment and software (30,593) (23,764)
Investments in technology (57) (1,315)
Net cash used in investing activities (60,757) (24,202)
Cash flows from financing activities:    
Payment of acquisition-related holdback 0 (30,949)
Issuance of common stock, net of shares withheld for taxes 610 1,524
Repurchase of stock to satisfy employee tax withholding obligations (16,851) (16,563)
Repurchase and retirement of common stock (136,003) (156,382)
Net cash used in financing activities (152,244) (202,370)
Net increase in cash and cash equivalents 38,147 64,730
Cash and cash equivalents at beginning of period 445,784 369,814
Cash and cash equivalents at end of period $ 483,931 $ 434,544
v3.24.0.1
Consolidated Condensed Statements of Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-In Capital
Accumulated Earnings (Deficit)
Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Mar. 26, 2022   56,596      
Beginning balance at Mar. 26, 2022 $ 1,599,817 $ 57 $ 1,578,370 $ 23,435 $ (2,045)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 230,372     230,372  
Change in unrealized gain (loss) on marketable securities, net of tax (321)       (321)
Change in foreign currency translation adjustments (1,235)       (1,235)
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)   637      
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (15,039) $ 1 1,523 (16,563)  
Repurchase and retirement of common stock (in shares)   (2,021)      
Repurchase and retirement of common stock (156,382) $ (3)   (156,379)  
Stock-based compensation 59,108   59,108    
Ending balance (in shares) at Dec. 24, 2022   55,212      
Ending balance at Dec. 24, 2022 1,716,320 $ 55 1,639,001 80,865 (3,601)
Beginning balance (in shares) at Sep. 24, 2022   55,426      
Beginning balance at Sep. 24, 2022 1,654,614 $ 55 1,618,122 40,927 (4,490)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 103,477     103,477  
Change in unrealized gain (loss) on marketable securities, net of tax 421       421
Change in foreign currency translation adjustments 468       468
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)   499      
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (13,148) $ 1 392 (13,541)  
Repurchase and retirement of common stock (in shares)   (713)      
Repurchase and retirement of common stock (49,999) $ (1)   (49,998)  
Stock-based compensation 20,487   20,487    
Ending balance (in shares) at Dec. 24, 2022   55,212      
Ending balance at Dec. 24, 2022 1,716,320 $ 55 1,639,001 80,865 (3,601)
Beginning balance (in shares) at Mar. 25, 2023   55,098      
Beginning balance at Mar. 25, 2023 1,658,282 $ 55 1,670,086 (9,320) (2,539)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 229,730     229,730  
Change in unrealized gain (loss) on marketable securities, net of tax 1,189       1,189
Change in foreign currency translation adjustments (347)       (347)
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)   589      
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (16,233) $ 1 611 (16,845)  
Repurchase and retirement of common stock (in shares)   (1,758)      
Repurchase and retirement of common stock (136,934) $ (2)   (136,932)  
Stock-based compensation 65,073   65,073    
Ending balance (in shares) at Dec. 30, 2023   53,929      
Ending balance at Dec. 30, 2023 1,800,760 $ 54 1,735,770 66,633 (1,697)
Beginning balance (in shares) at Sep. 23, 2023   54,237      
Beginning balance at Sep. 23, 2023 1,708,355 $ 54 1,712,656 (1,213) (3,142)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 138,723     138,723  
Change in unrealized gain (loss) on marketable securities, net of tax 1,000       1,000
Change in foreign currency translation adjustments 445       445
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)   473      
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (13,671) $ 1 47 (13,719)  
Repurchase and retirement of common stock (in shares)   (781)      
Repurchase and retirement of common stock (57,159) $ (1)   (57,158)  
Stock-based compensation 23,067   23,067    
Ending balance (in shares) at Dec. 30, 2023   53,929      
Ending balance at Dec. 30, 2023 $ 1,800,760 $ 54 $ 1,735,770 $ 66,633 $ (1,697)
v3.24.0.1
Basis of Presentation
 9 Months Ended
Dec. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of PresentationThe unaudited consolidated condensed financial statements have been prepared by Cirrus Logic, Inc. (“Cirrus Logic,” “we,” “us,” “our,” or the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “Commission”).  The accompanying unaudited consolidated condensed financial statements do not include complete footnotes and financial presentations.  As a result, these financial statements should be read along with the audited consolidated financial statements and notes thereto for the year ended March 25, 2023, included in our Annual Report on Form 10-K filed with the Commission on May 19, 2023.  In our opinion, the financial statements reflect all material adjustments, including normal recurring adjustments, necessary for a fair presentation of the financial position, operating results and cash flows for those periods presented.  The preparation of financial statements in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect reported assets, liabilities, revenues and expenses.  Actual results could differ from those estimates and assumptions.  Moreover, the results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the entire year.
v3.24.0.1
Recently Issued Accounting Pronouncements
 9 Months Ended
Dec. 30, 2023
Accounting Policies [Abstract]  
Recently Issued Accounting Pronouncements Recently Issued Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The guidance provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, requiring more consistent categories and greater disaggregation of information by jurisdiction. This ASU is effective for financial statements issued for annual periods beginning after December 15, 2024, with early adoption permitted, to be applied on a prospective basis, although retrospective application is also permitted. The Company is currently evaluating the impact of this guidance on the financial statements and related disclosures.
v3.24.0.1
Marketable Securities
 9 Months Ended
Dec. 30, 2023
Marketable Securities [Abstract]  
Marketable Securities Marketable Securities
The Company’s investments have been classified as available-for-sale securities in accordance with U.S. GAAP.  Marketable securities are categorized on the Consolidated Condensed Balance Sheet as "Marketable securities", within the short-term or long-term classification, as appropriate, based on the original maturity.

The following table is a summary of available-for-sale securities at December 30, 2023 (in thousands):
As of December 30, 2023Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
(Net Carrying
Amount)
Corporate debt securities$97,244 $314 $(604)$96,954 
U.S. Treasury securities5,107 1 (82)5,026 
Agency discount notes1,135 — (13)1,122 
Total securities$103,486 $315 $(699)$103,102 

The Company typically invests in highly-rated securities with original maturities generally ranging from one to three years. The Company's specifically identified gross unrealized losses of $0.7 million related to securities with total amortized costs of approximately $50.2 million at December 30, 2023. Securities in a continuous unrealized loss position for more than 12 months as of December 30, 2023 had an aggregate amortized cost of $37.6 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.  The Company records an allowance for credit loss when a decline in investment market value is due to credit-related factors. When evaluating an investment for impairment, the Company reviews factors including the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer, changes in market interest rates and whether it is more likely than not the Company will be required to sell the investment before recovery of the investment’s cost basis. As of December 30, 2023, the Company does not consider any of its investments to be impaired.
The following table is a summary of available-for-sale securities at March 25, 2023 (in thousands):
As of March 25, 2023Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
(Net Carrying
Amount)
Corporate debt securities$66,753 $91 $(1,825)$65,019 
Non-U.S. government securities510 — (3)507 
U.S. Treasury securities5,728 17 (151)5,594 
Agency discount notes385 — (18)367 
Total securities$73,376 $108 $(1,997)$71,487 

The Company's specifically identified gross unrealized losses of $2.0 million related to securities with total amortized costs of approximately $64.0 million at March 25, 2023. Securities in a continuous unrealized loss position for more than 12 months as of March 25, 2023 had an aggregate amortized cost of $56.3 million and an aggregate unrealized loss of $1.9 million. As of March 25, 2023, the Company did not consider any of its investments to be impaired.

The cost and estimated fair value of available-for-sale securities by contractual maturities were as follows (in thousands):
December 30, 2023March 25, 2023
AmortizedEstimatedAmortizedEstimated
CostFair ValueCostFair Value
Within 1 year$33,370 $32,842 $35,824 $34,978 
After 1 year70,116 70,260 37,552 36,509 
Total$103,486 $103,102 $73,376 $71,487 
v3.24.0.1
Fair Value of Financial Instruments
 9 Months Ended
Dec. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The Company has determined that the only material assets and liabilities in the Company’s financial statements that are required to be measured at fair value on a recurring basis are the Company’s cash equivalents and marketable securities portfolio.  The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement.  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

•Level 1 - Quoted prices in active markets for identical assets or liabilities.
•Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
•Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company’s cash equivalents and marketable securities portfolio consist of money market funds, debt securities, non-U.S. government securities, U.S Treasury securities and securities of U.S. government-sponsored enterprises and are reflected on our Consolidated Condensed Balance Sheets under the headings cash and cash equivalents, marketable securities, and long-term marketable securities.  The Company determines the fair value of its marketable securities portfolio by obtaining non-binding market prices from third-party pricing providers on the last day of the quarter, whose sources may use quoted prices in active markets for identical assets (Level 1 inputs) or inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs) in determining fair value.

The Company's long-term revolving credit facility, described in Note 8 - Revolving Credit Facility, bears interest at a base rate plus applicable margin or forward-looking secured overnight financing rate ("Term SOFR") plus 10 basis points plus applicable margin. As of December 30, 2023, there are no amounts drawn under the facility and the fair value is zero.
As of December 30, 2023 and March 25, 2023, the Company has no Level 3 assets or liabilities.  There were no transfers between Level 1, Level 2, or Level 3 measurements for the three months ended December 30, 2023. 

The following summarizes the fair value of our financial instruments at December 30, 2023 (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$437,248 $— $— $437,248 
Available-for-sale securities    
Corporate debt securities$— $96,954 $— $96,954 
U.S. Treasury securities5,026 — — 5,026 
Agency discount notes— 1,122 — 1,122 
$5,026 $98,076 $— $103,102 

The following summarizes the fair value of our financial instruments at March 25, 2023 (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$406,265 $— $— $406,265 
Available-for-sale securities    
Corporate debt securities$— $65,019 $— $65,019 
Non-U.S. government securities— 507 — 507 
U.S. Treasury securities5,594 — — 5,594 
Agency discount notes— 367 — 367 
$5,594 $65,893 $— $71,487 
v3.24.0.1
Derivative Financial Instruments
 9 Months Ended
Dec. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Foreign Currency Forward Contracts

The Company uses foreign currency forward contracts to reduce the earnings impact that exchange rate fluctuations have on non-functional currency balance sheet exposures. The Company recognizes both the gains and losses on foreign currency forward contracts and the gains and losses on the remeasurement of non-functional currency assets and liabilities within "Other expense" in the Consolidated Condensed Statements of Income. The Company does not apply hedge accounting to these foreign currency derivative instruments.

As of December 30, 2023, the Company held one foreign currency forward contract denominated in British Pound Sterling with a notional value of $4.9 million. The fair value of this contract was not material as of December 30, 2023.

The before-tax effect of derivative instruments not designated as hedging instruments was as follows (in thousands):
Three Months EndedNine Months Ended
December 30,December 24,December 30,December 24,
2023202220232022Location
Gain (loss) recognized in income:
Foreign currency forward contracts$88 $348 $(384)$(447)Other expense
v3.24.0.1
Accounts Receivable, net
 9 Months Ended
Dec. 30, 2023
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Accounts Receivable, net Accounts Receivable, net
The following are the components of accounts receivable, net (in thousands):
December 30,March 25,
20232023
Gross accounts receivable$217,269 $150,473 
Allowance for doubtful accounts— — 
Accounts receivable, net$217,269 $150,473 

The increase in accounts receivable is due to normal variations in the timing of collections and billings.
v3.24.0.1
Inventories
 9 Months Ended
Dec. 30, 2023
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories are comprised of the following (in thousands):
December 30,March 25,
20232023
Work in process$153,080 $116,088 
Finished goods103,595 117,362 
$256,675 $233,450 

The increase in inventory balance from fiscal year-end is due to inventory build associated with fulfilling our wafer purchase commitments per our long-term capacity agreement with GLOBALFOUNDRIES Singapore Pte. Ltd. (“GlobalFoundries”). See further details in Note 13 - Commitments and Contingencies.
v3.24.0.1
Revolving Credit Facility
 9 Months Ended
Dec. 30, 2023
Line of Credit Facility [Abstract]  
Revolving Credit Facility Revolving Credit Facility
On July 8, 2021, the Company entered into a second amended and restated credit agreement (the “Second Amended Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto. The Second Amended Credit Agreement provides for a $300 million senior secured revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility matures on July 8, 2026 (the “Maturity Date”). The Revolving Credit Facility is required to be guaranteed by all of Cirrus Logic’s material domestic subsidiaries (the "Subsidiary Guarantors"). The Revolving
Credit Facility is secured by substantially all the assets of Cirrus Logic and any Subsidiary Guarantors, except for certain excluded assets.

On March 20, 2023, the Company, entered into the First Amendment (the "Amendment") to its Second Amended Credit Agreement, with the lending institutions party thereto and Wells Fargo Bank, National Association, as administrative agent. The Amendment updates the benchmark interest rate provisions to replace the London interbank offered rate ("LIBOR") with the Term SOFR, for the purposes of calculating interest under the terms of the Second Amended Credit Agreement.

Borrowings under the Revolving Credit Facility may, at Cirrus Logic’s election, bear interest at either (a) a base rate plus the applicable margin ("Base Rate Loans") or (b) a Term SOFR rate plus a 10 basis point credit spread adjustment plus the applicable margin. The applicable margin ranges from 0% to 0.75% per annum for Base Rate Loans and 1.00% to 1.75% per annum for SOFR Loans based on the ratio of consolidated funded indebtedness to consolidated EBITDA for the most recently ended period of four consecutive fiscal quarters (the “Consolidated Leverage Ratio”). A Commitment Fee accrues at a rate per annum ranging from 0.175% to 0.275% (based on the Consolidated Leverage Ratio) on the average daily unused portion of the commitment of the lenders.

The Revolving Credit Facility contains certain financial covenants providing that (a) the ratio of consolidated funded indebtedness (minus up to $200 million of unrestricted cash and cash equivalents available on such date) to consolidated EBITDA for the prior four consecutive quarters must not be greater than 3.00 to 1.00 (the “Consolidated Net Leverage Ratio”) and (b) the ratio of consolidated EBITDA for the prior four consecutive quarters to consolidated interest expense paid or payable in cash for the prior four consecutive quarters must not be less than 3.00 to 1.00 (the “Consolidated Interest Coverage Ratio”). The Second Amended Credit Agreement also contains customary negative covenants limiting the ability of Cirrus Logic or any Subsidiary to, among other things, incur debt, grant liens, make investments, effect certain fundamental changes, make certain asset dispositions, and make certain restricted payments. Further, the Second Amended Credit Agreement contains customary affirmative covenants, including, among others, covenants regarding the payment of taxes and other obligations, maintenance of insurance, reporting requirements, and compliance with applicable laws and regulations.
As of December 30, 2023, the Company had no amounts outstanding under the Revolving Credit Facility and was in compliance with all covenants under the Second Amended Credit Agreement.
v3.24.0.1
Revenues
 9 Months Ended
Dec. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Disaggregation of revenue

We disaggregate revenue from contracts with customers by product line and ship to location of the customer. Sales are designated in the respective product line categories of Audio and High-Performance Mixed-Signal ("HPMS").

Total net sales based on the product line disaggregation criteria described above are shown in the table below (in thousands).
Three Months EndedNine Months Ended
December 30,December 24,December 30,December 24,
2023202220232022
Audio Products$378,597 $347,297 $857,258 $939,604 
HPMS Products240,387 243,285 559,805 585,191 
$618,984 $590,582 $1,417,063 $1,524,795 
The geographic regions that are reviewed are China, the United States, and the rest of the world. Total net sales based on the geographic disaggregation criteria described are as follows (in thousands):
Three Months EndedNine Months Ended
December 30,December 24,December 30,December 24,
2023202220232022
China$429,240 $397,222 $899,168 $1,008,967 
United States9,115 22,140 16,157 42,439 
Rest of World180,629 171,220 501,738 473,389 
$618,984 $590,582 $1,417,063 $1,524,795 
v3.24.0.1
Restructuring Costs
 9 Months Ended
Dec. 30, 2023
Restructuring and Related Activities [Abstract]  
Restructuring Costs Restructuring Costs
In the fourth quarter of fiscal year 2023, the Company decided to abandon or sublease office space at various properties worldwide to align our real property lease arrangements with our anticipated operating needs. In addition, on July 12, 2023, the Company announced a workforce reduction of approximately 5% of its global employees. This action was taken in response to overall market conditions and the impact of a new product previously scheduled for introduction in fall 2023 that did not come to market as anticipated. In the second quarter of fiscal year 2024, the Company incurred severance and other related charges of $2.3 million related to the July restructuring event. In the third quarter of fiscal year 2024, a recovery of restructuring costs of $0.4 million was recorded for the settlement of certain lease obligations related to abandoned office space associated with the fourth quarter fiscal year 2023 restructuring event. Restructuring costs are presented separately on the Consolidated Condensed Statement of Income. As of December 30, 2023, restructuring liabilities totaled approximately $2.0 million. We expect the remaining restructuring-related liabilities to be paid out in cash during fiscal years 2024 and 2025. Restructuring liabilities are presented within "Other accrued liabilities" and "Other long-term liabilities" on the Consolidated Condensed Balance Sheet.
v3.24.0.1
Income Taxes
 9 Months Ended
Dec. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Our provision for income taxes is based on estimated effective tax rates derived from an estimate of annual consolidated earnings before taxes, adjusted for nondeductible expenses, other permanent items, and any applicable income tax credits.

The following table presents the provision for income taxes (in thousands) and the effective tax rates:
Three Months EndedNine Months Ended
December 30,December 24,December 30,December 24,
2023202220232022
Income before income taxes$172,100 $140,441 $304,278 $313,325 
Provision for income taxes$33,377 $36,964 $74,548 $82,953 
Effective tax rate19.4 %26.3 %24.5 %26.5 %

Our income tax expense was $33.4 million and $37.0 million for the third quarters of fiscal years 2024 and 2023, respectively, resulting in effective tax rates of 19.4 percent and 26.3 percent, respectively.  Our income tax expense was $74.5 million and $83.0 million for the first nine months of fiscal years 2024 and 2023, respectively, resulting in effective tax rates of 24.5 percent and 26.5 percent, respectively.

Effective tax rates for all periods presented were unfavorably impacted by a provision in the Tax Cuts and Jobs Act of 2017 that requires research and development ("R&D") expenditures incurred in tax years beginning after December 31, 2021 to be capitalized and amortized ratably over five or fifteen years depending on the location in which the research activities are conducted, resulting in higher global intangible low-taxed income ("GILTI"), which is treated as a period cost. In addition, our effective tax rates for all periods presented were unfavorably impacted by U.S. tax rules related to refundable tax credits, including R&D expenditure credits available to us in the United Kingdom, that reduce the amount of foreign tax credits available to offset GILTI. Our effective tax rates for the third quarter of fiscal year 2023 and the first nine months of fiscal years 2024 and 2023 were higher than the federal statutory rate primarily due to these two items, partially offset by the effect of income earned in certain foreign jurisdictions that is taxed below the federal statutory rate. Our effective tax rate for the third quarter of fiscal year 2024 was lower than the federal statutory rate due to tax benefits recognized for decreased GILTI inclusions in our fiscal year 2023 U.S. tax return and fiscal year 2024 estimated effective tax rate resulting from a change in capitalized R&D expenditures.
The Company records unrecognized tax benefits for the estimated risk associated with tax positions taken on tax returns.  At December 30, 2023, the Company had unrecognized tax benefits of $32.9 million, all of which would impact the effective tax rate if recognized.  It is reasonably possible that unrecognized tax benefits will decrease by $0.8 million due to the expiration of a statute of limitations within the next twelve months. The Company’s total unrecognized tax benefits are classified as “Non-current income taxes" in the Consolidated Condensed Balance Sheets. The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes.  As of December 30, 2023, the balance of accrued interest and penalties, net of tax, was $8.6 million. 

On July 27, 2015, the U.S. Tax Court issued an opinion in Altera Corp. et al. v. Commissioner which concluded that the regulations relating to the treatment of stock-based compensation expense in intercompany cost-sharing arrangements were invalid. In 2016 the U.S. Internal Revenue Service appealed the decision to the U.S. Court of Appeals for the Ninth Circuit (the “Ninth Circuit”). On July 24, 2018, the Ninth Circuit issued a decision that was subsequently withdrawn and a reconstituted panel conferred on the appeal. On June 7, 2019, the Ninth Circuit reversed the decision of the U.S. Tax Court and upheld the cost-sharing regulations. On February 10, 2020, Altera Corp. filed a Petition for a Writ of Certiorari with the Supreme Court of the United States, which was denied by the Supreme Court on June 22, 2020. Although the issue is now resolved in the Ninth Circuit, the Ninth Circuit's opinion is not binding in other circuits. The potential impact of this issue on the Company, which is not located within the jurisdiction of the Ninth Circuit, is unclear at this time. We will continue to monitor developments related to this issue and the potential impact of those developments on the Company's current and prior fiscal years.

The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax in multiple state and foreign jurisdictions. Fiscal years 2017 through 2023 remain open to examination by the major taxing jurisdictions to which the Company is subject, although carry forward attributes that were generated in tax years prior to fiscal year 2017 may be adjusted upon examination by the tax authorities if they have been, or will be, used in a future period. 

The Company's fiscal year 2017, 2018, and 2019 federal income tax returns are under examination by the U.S. Internal Revenue Service ("IRS").  The IRS has proposed adjustments that would increase U.S. taxable income related to transfer pricing matters with respect to our U.S. and U.K. affiliated companies. The final Revenue Agent’s Report asserts additional tax of approximately $168.3 million, excluding interest, and imposes penalties of approximately $63.7 million. The Company does not agree with the IRS's positions and intends to vigorously dispute the proposed adjustments. The Company intends to pursue resolution through the administrative process with the IRS Independent Office of Appeals and is awaiting the scheduling of an opening conference. If necessary, the Company will seek resolution through judicial remedies. The Company expects it could take a number of years to reach resolution on these matters. Although the final resolution of these matters is uncertain, the Company believes adequate amounts have been reserved for any adjustments to the provision for income taxes that may ultimately result. However, if the IRS prevails in these matters, the amount of assessed tax, interest, and penalties, if any, could be material and may have an adverse impact on our financial position, results of operations, and cash flows in future periods. The Company is not under an income tax audit in any other major taxing jurisdiction.
v3.24.0.1
Net Income Per Share
 9 Months Ended
Dec. 30, 2023
Earnings Per Share [Abstract]  
Net Income Per Share Net Income Per Share
Basic net income per share is based on the weighted effect of common shares issued and outstanding and is calculated by dividing net income by the basic weighted average shares outstanding during the period.  Diluted net income per share is calculated by dividing net income by the weighted average number of common shares used in the basic net income per share calculation, plus the equivalent number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares outstanding.  These potentially dilutive items consist primarily of outstanding stock options and restricted stock grants.
The following table details the calculation of basic and diluted earnings per share for the three and nine months ended December 30, 2023 and December 24, 2022 (in thousands, except per share amounts):
Three Months EndedNine Months Ended
December 30,December 24,December 30,December 24,
2023202220232022
Numerator:    
Net income$138,723 $103,477 $229,730 $230,372 
Denominator:    
Weighted average shares outstanding54,016 55,239 54,449 55,748 
Effect of dilutive securities1,576 1,344 1,711 1,532 
Weighted average diluted shares55,592 56,583 56,160 57,280 
Basic earnings per share$2.57 $1.87 $4.22 $4.13 
Diluted earnings per share$2.50 $1.83 $4.09 $4.02 
The weighted outstanding shares excluded from our diluted calculation for the three and nine months ended December 30, 2023 were 388 thousand and 394 thousand, respectively, as the shares were anti-dilutive. The weighted outstanding shares excluded from our diluted calculation for the three and nine months ended December 24, 2022 were 273 thousand and 253 thousand, respectively, as the shares were anti-dilutive.
v3.24.0.1
Commitment and Contingencies
 9 Months Ended
Dec. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Capacity Reservation Agreement

On July 28, 2021, the Company entered into a Capacity Reservation and Wafer Supply Commitment Agreement (the “Capacity Reservation Agreement”) with GlobalFoundries to provide the Company a wafer capacity commitment and wafer pricing for Company products for calendar years 2022-2026 (the “Commitment Period”).

The Capacity Reservation Agreement requires GlobalFoundries to provide, and the Company to purchase, a defined number of wafers on a quarterly basis for the Commitment Period, subject to shortfall payments. In exchange for GlobalFoundries’ capacity commitment, the Company paid a $60 million non-refundable capacity reservation fee, which is amortized over the Commitment Period. The balance of this reservation fee is $33 million as of December 30, 2023, and is recorded in "Other current assets" and "Other assets" on the Consolidated Condensed Balance Sheets within the short-term or long-term classification, as appropriate. In addition, the Company pre-paid GlobalFoundries $195 million for future wafer purchases, which are credited back to the Company as a portion of the price of wafers purchased, which began in the Company's second fiscal quarter of 2024. The balance of the prepayment is $158 million at December 30, 2023, and is currently recorded in "Long-term prepaid wafers" and "Prepaid wafers" on the Consolidated Condensed Balance Sheets.

Lease Agreement

In the second quarter of fiscal year 2024, the Company commenced an 11-year operating lease for corporate office space in Chandler, Arizona, and recognized a liability of $17 million for future lease payments and a corresponding right-of-use lease asset. Lease liabilities and right-of-use lease assets are presented separately on the Consolidated Condensed Balance Sheets as of December 30, 2023.
v3.24.0.1
Legal Matters
 9 Months Ended
Dec. 30, 2023
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 in order 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.  However, we are engaged in various legal actions in the normal course of business.  There can be no assurances in light of the inherent
uncertainties involved in any potential legal proceedings, some of which are beyond our control, and an adverse outcome in any legal proceeding could be material to our results of operations or cash flows for any particular reporting period.
v3.24.0.1
Stockholders' Equity
 9 Months Ended
Dec. 30, 2023
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders' Equity
Common Stock 

The Company issued a net 0.5 million and 0.6 million shares of common stock for the three and nine months ended December 30, 2023, respectively, and 0.5 million and 0.6 million for the three and nine months ended December 24, 2022, respectively, pursuant to the Company's equity incentive plans.

Share Repurchase Program 

In fiscal year 2024, the Company's net stock repurchases are subject to a 1 percent excise tax under the Inflation Reduction Act, included as a reduction to accumulated earnings (deficit) in the Consolidated Condensed Statements of Stockholders' Equity. Disclosure of repurchased amounts and related average costs exclude the impact of excise taxes.
In January 2021, the Board of Directors authorized the repurchase of $350 million of the Company’s common stock. The Company completed share repurchases under the 2021 authorization in the first quarter of fiscal year 2024. In July 2022, the Board of Directors authorized the repurchase of up to an additional $500 million of the Company's common stock. As of December 30, 2023, approximately $134.9 million of the Company's common stock has been repurchased under the 2022 share repurchase authorization, leaving approximately $365.1 million available for repurchase. During the three months ended December 30, 2023, the Company repurchased 0.8 million shares of the Company's common stock under the 2022 authorization for $56.9 million, at an average cost of $72.93 per share. During the nine months ended December 30, 2023, the Company repurchased 1.8 million shares of the Company's common stock under the combined 2021 and 2022 authorizations for $136.0 million, at an average cost of $77.39 per share.
v3.24.0.1
Segment Information
 9 Months Ended
Dec. 30, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
We determine our operating segments in accordance with 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 in two product lines, Audio and HPMS.  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 support functions such as sales, public relations, supply chain management, various research and development and engineering support, in addition to the general and administrative functions of human resources, legal, finance and information technology.  Therefore, there is no complete, discrete financial information maintained for these product lines. Revenue by product line is disclosed in Note 9 - Revenues.
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 30, 2023
Dec. 24, 2022
Dec. 30, 2023
Dec. 24, 2022
Pay vs Performance Disclosure        
Net income $ 138,723 $ 103,477 $ 229,730 $ 230,372
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended 9 Months Ended
Dec. 30, 2023
shares
Dec. 30, 2023
shares
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
The following table details contracts, instructions and written plans for the purchase or sale of securities, which were entered into during the third quarter of fiscal year 2024. None of our directors or Section 16 officers entered into or terminated a non-Rule 10b5-1 trading arrangement during the third quarter of fiscal year 2024.

Name and TitleAction
Trading Arrangement (1)
Date of AdoptionExpiration Date
Aggregate Number of Securities to be Purchased or Sold Pursuant to the Trading Arrangement (2)
Scott Thomas - Senior Vice President, General Counsel
AdoptionRule 10b5-1(c)November 15, 2023November 1, 2024
up to 16,760 to be sold
(1) Except as indicated by footnote, each trading arrangement marked as "Rule 10b5-1(c)" is intended to satisfy the affirmative defense of Rule 10b5-1(c), as amended.
(2) Includes shares to be acquired upon the exercise of employee stock options.
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Scott Thomas [Member]    
Trading Arrangements, by Individual    
Name Scott Thomas  
Title Senior Vice President, General Counsel  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date November 15, 2023  
Arrangement Duration 352 days  
Aggregate Available 16,760 16,760
v3.24.0.1
Recently Issued Accounting Pronouncements (Policies)
 9 Months Ended
Dec. 30, 2023
Accounting Policies [Abstract]  
Recently Issued Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The guidance provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, requiring more consistent categories and greater disaggregation of information by jurisdiction. This ASU is effective for financial statements issued for annual periods beginning after December 15, 2024, with early adoption permitted, to be applied on a prospective basis, although retrospective application is also permitted. The Company is currently evaluating the impact of this guidance on the financial statements and related disclosures.
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 Condensed Balance Sheet as "Marketable securities", within the short-term or long-term classification, as appropriate, based on the original maturity.
Fair Value of Financial Instruments
The Company has determined that the only material assets and liabilities in the Company’s financial statements that are required to be measured at fair value on a recurring basis are the Company’s cash equivalents and marketable securities portfolio.  The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement.  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

•Level 1 - Quoted prices in active markets for identical assets or liabilities.
•Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
•Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company’s cash equivalents and marketable securities portfolio consist of money market funds, debt securities, non-U.S. government securities, U.S Treasury securities and securities of U.S. government-sponsored enterprises and are reflected on our Consolidated Condensed Balance Sheets under the headings cash and cash equivalents, marketable securities, and long-term marketable securities.  The Company determines the fair value of its marketable securities portfolio by obtaining non-binding market prices from 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.
Revenues
Disaggregation of revenue

We disaggregate revenue from contracts with customers by product line and ship to location of the customer. Sales are designated in the respective product line categories of Audio and High-Performance Mixed-Signal ("HPMS").
Segment Information
We determine our operating segments in accordance with 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 in two product lines, Audio and HPMS.  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 support functions such as sales, public relations, supply chain management, various research and development and engineering support, in addition to the general and administrative functions of human resources, legal, finance and information technology.  Therefore, there is no complete, discrete financial information maintained for these product lines. Revenue by product line is disclosed in Note 9 - Revenues.
v3.24.0.1
Marketable Securities (Tables)
 9 Months Ended
Dec. 30, 2023
Marketable Securities [Abstract]  
Schedule of Available-for-sale Securities
The following table is a summary of available-for-sale securities at December 30, 2023 (in thousands):
As of December 30, 2023Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
(Net Carrying
Amount)
Corporate debt securities$97,244 $314 $(604)$96,954 
U.S. Treasury securities5,107 1 (82)5,026 
Agency discount notes1,135 — (13)1,122 
Total securities$103,486 $315 $(699)$103,102 
The following table is a summary of available-for-sale securities at March 25, 2023 (in thousands):
As of March 25, 2023Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
(Net Carrying
Amount)
Corporate debt securities$66,753 $91 $(1,825)$65,019 
Non-U.S. government securities510 — (3)507 
U.S. Treasury securities5,728 17 (151)5,594 
Agency discount notes385 — (18)367 
Total securities$73,376 $108 $(1,997)$71,487 
Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity
The cost and estimated fair value of available-for-sale securities by contractual maturities were as follows (in thousands):
December 30, 2023March 25, 2023
AmortizedEstimatedAmortizedEstimated
CostFair ValueCostFair Value
Within 1 year$33,370 $32,842 $35,824 $34,978 
After 1 year70,116 70,260 37,552 36,509 
Total$103,486 $103,102 $73,376 $71,487 
v3.24.0.1
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Dec. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Assets and Liabilities
The following summarizes the fair value of our financial instruments at December 30, 2023 (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$437,248 $— $— $437,248 
Available-for-sale securities    
Corporate debt securities$— $96,954 $— $96,954 
U.S. Treasury securities5,026 — — 5,026 
Agency discount notes— 1,122 — 1,122 
$5,026 $98,076 $— $103,102 

The following summarizes the fair value of our financial instruments at March 25, 2023 (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$406,265 $— $— $406,265 
Available-for-sale securities    
Corporate debt securities$— $65,019 $— $65,019 
Non-U.S. government securities— 507 — 507 
U.S. Treasury securities5,594 — — 5,594 
Agency discount notes— 367 — 367 
$5,594 $65,893 $— $71,487 
v3.24.0.1
Derivative Financial Instruments (Tables)
 9 Months Ended
Dec. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Before-Tax Effect of Derivative Instruments Not Designated as Hedging Instruments
The before-tax effect of derivative instruments not designated as hedging instruments was as follows (in thousands):
Three Months EndedNine Months Ended
December 30,December 24,December 30,December 24,
2023202220232022Location
Gain (loss) recognized in income:
Foreign currency forward contracts$88 $348 $(384)$(447)Other expense
v3.24.0.1
Accounts Receivable, net (Tables)
 9 Months Ended
Dec. 30, 2023
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Components of Accounts Receivable, net
The following are the components of accounts receivable, net (in thousands):
December 30,March 25,
20232023
Gross accounts receivable$217,269 $150,473 
Allowance for doubtful accounts— — 
Accounts receivable, net$217,269 $150,473 
v3.24.0.1
Inventories (Tables)
 9 Months Ended
Dec. 30, 2023
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories are comprised of the following (in thousands):
December 30,March 25,
20232023
Work in process$153,080 $116,088 
Finished goods103,595 117,362 
$256,675 $233,450 
v3.24.0.1
Revenues (Tables)
 9 Months Ended
Dec. 30, 2023
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
Total net sales based on the product line disaggregation criteria described above are shown in the table below (in thousands).
Three Months EndedNine Months Ended
December 30,December 24,December 30,December 24,
2023202220232022
Audio Products$378,597 $347,297 $857,258 $939,604 
HPMS Products240,387 243,285 559,805 585,191 
$618,984 $590,582 $1,417,063 $1,524,795 
The geographic regions that are reviewed are China, the United States, and the rest of the world. Total net sales based on the geographic disaggregation criteria described are as follows (in thousands):
Three Months EndedNine Months Ended
December 30,December 24,December 30,December 24,
2023202220232022
China$429,240 $397,222 $899,168 $1,008,967 
United States9,115 22,140 16,157 42,439 
Rest of World180,629 171,220 501,738 473,389 
$618,984 $590,582 $1,417,063 $1,524,795 
v3.24.0.1
Income Taxes (Tables)
 9 Months Ended
Dec. 30, 2023
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes and Effective Tax Rates
The following table presents the provision for income taxes (in thousands) and the effective tax rates:
Three Months EndedNine Months Ended
December 30,December 24,December 30,December 24,
2023202220232022
Income before income taxes$172,100 $140,441 $304,278 $313,325 
Provision for income taxes$33,377 $36,964 $74,548 $82,953 
Effective tax rate19.4 %26.3 %24.5 %26.5 %
v3.24.0.1
Net Income Per Share (Tables)
 9 Months Ended
Dec. 30, 2023
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table details the calculation of basic and diluted earnings per share for the three and nine months ended December 30, 2023 and December 24, 2022 (in thousands, except per share amounts):
Three Months EndedNine Months Ended
December 30,December 24,December 30,December 24,
2023202220232022
Numerator:    
Net income$138,723 $103,477 $229,730 $230,372 
Denominator:    
Weighted average shares outstanding54,016 55,239 54,449 55,748 
Effect of dilutive securities1,576 1,344 1,711 1,532 
Weighted average diluted shares55,592 56,583 56,160 57,280 
Basic earnings per share$2.57 $1.87 $4.22 $4.13 
Diluted earnings per share$2.50 $1.83 $4.09 $4.02 
v3.24.0.1
Marketable Securities (Schedule of Available-for-sale Securities) (Details) - USD ($)
$ in Thousands
Dec. 30, 2023
Mar. 25, 2023
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 103,486 $ 73,376
Gross Unrealized Gains 315 108
Gross Unrealized Losses (699) (1,997)
Estimated Fair Value (Net Carrying Amount) 103,102 71,487
Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 97,244 66,753
Gross Unrealized Gains 314 91
Gross Unrealized Losses (604) (1,825)
Estimated Fair Value (Net Carrying Amount) 96,954 65,019
Non-U.S. government securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost   510
Gross Unrealized Gains   0
Gross Unrealized Losses   (3)
Estimated Fair Value (Net Carrying Amount)   507
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 5,107 5,728
Gross Unrealized Gains 1 17
Gross Unrealized Losses (82) (151)
Estimated Fair Value (Net Carrying Amount) 5,026 5,594
Agency discount notes    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,135 385
Gross Unrealized Gains 0 0
Gross Unrealized Losses (13) (18)
Estimated Fair Value (Net Carrying Amount) $ 1,122 $ 367
v3.24.0.1
Marketable Securities (Narrative) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Dec. 30, 2023
Mar. 25, 2023
Debt Securities, Available-for-sale [Line Items]    
Gross unrealized losses $ 699 $ 1,997
Amortized cost on available for sale securities held at gross unrealized loss 50,200 64,000
Securities in a continuous unrealized loss position for more than 12 months, amortized cost 37,600 56,300
Securities in a continuous unrealized loss position for more than 12 months, aggregate unrealized loss $ 600 $ 1,900
Minimum    
Debt Securities, Available-for-sale [Line Items]    
Maturity period for highly-rated securities 1 year  
Maximum    
Debt Securities, Available-for-sale [Line Items]    
Maturity period for highly-rated securities 3 years  
v3.24.0.1
Marketable Securities (Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity) (Details) - USD ($)
$ in Thousands
Dec. 30, 2023
Mar. 25, 2023
Amortized Cost    
Within 1 year $ 33,370 $ 35,824
After 1 year 70,116 37,552
Amortized Cost 103,486 73,376
Estimated Fair Value    
Within 1 year 32,842 34,978
After 1 year 70,260 36,509
Estimated Fair Value (Net Carrying Amount) $ 103,102 $ 71,487
v3.24.0.1
Fair Value of Financial Instruments (Narrative) (Details) - USD ($)
Mar. 20, 2023
Dec. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Amounts drawn under the credit facility   $ 0
Credit facility, fair value   $ 0
Second Amended Credit Agreement Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Basis spread on variable rate 0.10%  
v3.24.0.1
Fair Value of Financial Instruments (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 30, 2023
Mar. 25, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities $ 103,102 $ 71,487
Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 5,026 5,594
Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 98,076 65,893
Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 96,954 65,019
Corporate debt securities | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Corporate debt securities | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 96,954 65,019
Corporate debt securities | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Non-U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities   507
Non-U.S. government securities | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities   0
Non-U.S. government securities | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities   507
Non-U.S. government securities | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities   0
U.S. Treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 5,026 5,594
U.S. Treasury securities | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 5,026 5,594
U.S. Treasury securities | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
U.S. Treasury securities | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Agency discount notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 1,122 367
Agency discount notes | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Agency discount notes | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 1,122 367
Agency discount notes | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 437,248 406,265
Money market funds | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 437,248 406,265
Money market funds | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Money market funds | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 0 $ 0
v3.24.0.1
Derivative Financial Instruments (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 30, 2023
USD ($)
derivativeContract
Dec. 24, 2022
USD ($)
Dec. 30, 2023
USD ($)
derivativeContract
Dec. 24, 2022
USD ($)
Derivative Instruments, Gain (Loss) [Line Items]        
Number of foreign currency derivatives held | derivativeContract 1   1  
Notional value of foreign currency forward contract $ 4,900   $ 4,900  
Foreign currency forward contracts | Not Designated as Hedging Instrument        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) recognized in income $ 88 $ 348 $ (384) $ (447)
v3.24.0.1
Accounts Receivable, net (Components of Accounts Receivable, net) (Details) - USD ($)
$ in Thousands
Dec. 30, 2023
Mar. 25, 2023
Accounts Receivable, after Allowance for Credit Loss [Abstract]    
Gross accounts receivable $ 217,269 $ 150,473
Allowance for doubtful accounts 0 0
Accounts receivable, net $ 217,269 $ 150,473
v3.24.0.1
Inventories (Schedule of Inventories) (Details) - USD ($)
$ in Thousands
Dec. 30, 2023
Mar. 25, 2023
Inventory Disclosure [Abstract]    
Work in process $ 153,080 $ 116,088
Finished goods 103,595 117,362
Total inventories $ 256,675 $ 233,450
v3.24.0.1
Revolving Credit Facility (Details) - Second Amended Credit Agreement Revolving Credit Facility - USD ($)
Mar. 20, 2023
Jul. 08, 2021
Dec. 30, 2023
Line of Credit Facility [Line Items]      
Line of credit facility maximum borrowing capacity   $ 300,000,000  
Debt covenant, exclusion of unrestricted cash and cash equivalents for ratio of consolidated funded indebtedness   $ 200,000,000  
Debt covenant, maximum consolidated net leverage ratio   3.00  
Debt covenant, minimum consolidated interest coverage ratio   3.00  
Amount outstanding     $ 0
Minimum      
Line of Credit Facility [Line Items]      
Line of credit facility, unused capacity, commitment fee percentage   0.175%  
Maximum      
Line of Credit Facility [Line Items]      
Line of credit facility, unused capacity, commitment fee percentage   0.275%  
Base Rate | Minimum      
Line of Credit Facility [Line Items]      
Basis spread on variable rate   0.00%  
Base Rate | Maximum      
Line of Credit Facility [Line Items]      
Basis spread on variable rate   0.75%  
Secured Overnight Financing Rate (SOFR)      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 0.10%    
Secured Overnight Financing Rate (SOFR) | Minimum      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 1.00%    
Secured Overnight Financing Rate (SOFR) | Maximum      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 1.75%    
v3.24.0.1
Revenues (Summary of Product Lines) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 30, 2023
Dec. 24, 2022
Dec. 30, 2023
Dec. 24, 2022
Disaggregation of Revenue [Line Items]        
Net sales $ 618,984 $ 590,582 $ 1,417,063 $ 1,524,795
Audio Products        
Disaggregation of Revenue [Line Items]        
Net sales 378,597 347,297 857,258 939,604
HPMS Products        
Disaggregation of Revenue [Line Items]        
Net sales $ 240,387 $ 243,285 $ 559,805 $ 585,191
v3.24.0.1
Revenues (Summary of Geographic Disaggregation) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 30, 2023
Dec. 24, 2022
Dec. 30, 2023
Dec. 24, 2022
Disaggregation of Revenue [Line Items]        
Net sales $ 618,984 $ 590,582 $ 1,417,063 $ 1,524,795
China        
Disaggregation of Revenue [Line Items]        
Net sales 429,240 397,222 899,168 1,008,967
United States        
Disaggregation of Revenue [Line Items]        
Net sales 9,115 22,140 16,157 42,439
Rest of World        
Disaggregation of Revenue [Line Items]        
Net sales $ 180,629 $ 171,220 $ 501,738 $ 473,389
v3.24.0.1
Restructuring Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jul. 12, 2023
Dec. 30, 2023
Sep. 23, 2023
Dec. 24, 2022
Dec. 30, 2023
Dec. 24, 2022
Restructuring Cost and Reserve [Line Items]            
Restructuring costs   $ (360) $ 2,300 $ 0 $ 1,959 $ 0
Restructuring liabilities   $ 2,000     $ 2,000  
Employee Severance            
Restructuring Cost and Reserve [Line Items]            
Percentage of reduction in workforce 5.00%          
v3.24.0.1
Income Taxes (Provision for Income Taxes) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 30, 2023
Dec. 24, 2022
Dec. 30, 2023
Dec. 24, 2022
Income Tax Disclosure [Abstract]        
Income before income taxes $ 172,100 $ 140,441 $ 304,278 $ 313,325
Provision for income taxes $ 33,377 $ 36,964 $ 74,548 $ 82,953
Effective tax rate 19.40% 26.30% 24.50% 26.50%
v3.24.0.1
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 30, 2023
Dec. 24, 2022
Dec. 30, 2023
Dec. 24, 2022
Income Tax Disclosure [Abstract]        
Provision for income taxes $ 33,377 $ 36,964 $ 74,548 $ 82,953
Effective tax rate 19.40% 26.30% 24.50% 26.50%
Unrecognized tax benefits $ 32,900   $ 32,900  
Gross unrecognized tax benefits, reasonably possible to decrease in the next 12 months 800   800  
Balance of accrued interest and penalties, net of tax $ 8,600   8,600  
Estimate of possible loss     168,300  
Estimate of possible loss, penalties expense     $ 63,700  
v3.24.0.1
Net Income Per Share (Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Dec. 30, 2023
Dec. 24, 2022
Dec. 30, 2023
Dec. 24, 2022
Numerator:        
Net income $ 138,723 $ 103,477 $ 229,730 $ 230,372
Denominator:        
Weighted average shares outstanding (in shares) 54,016 55,239 54,449 55,748
Effect of dilutive securities (in shares) 1,576 1,344 1,711 1,532
Weighted average diluted shares (in shares) 55,592 56,583 56,160 57,280
Basic earnings per share (in dollars per share) $ 2.57 $ 1.87 $ 4.22 $ 4.13
Diluted earnings per share (in dollars per share) $ 2.50 $ 1.83 $ 4.09 $ 4.02
v3.24.0.1
Net Income Per Share (Narrative) (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Dec. 30, 2023
Dec. 24, 2022
Dec. 30, 2023
Dec. 24, 2022
Earnings Per Share [Abstract]        
Weighted average shares outstanding excluded from diluted calculation (in shares) 388 273 394 253
v3.24.0.1
Commitment and Contingencies (Details) - USD ($)
$ in Millions
Jul. 28, 2021
Dec. 30, 2023
Sep. 23, 2023
Commitments and Contingencies Disclosure [Abstract]      
Payments for capacity reservation fee $ 60    
Capacity reservation fee remaining   $ 33  
Amount agreed to pre-pay $ 195    
Remaining commitment on future purchases   $ 158  
Lease term     11 years
Liability for future lease payments     $ 17
v3.24.0.1
Stockholders' Equity (Common Stock) (Details) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Dec. 30, 2023
Dec. 24, 2022
Dec. 30, 2023
Dec. 24, 2022
Equity [Abstract]        
Common stock issued as part of stock incentive plan (in shares) 0.5 0.5 0.6 0.6
v3.24.0.1
Stockholders' Equity (Share Repurchase Program) (Details) - USD ($)
$ / shares in Units, $ in Thousands, shares in Millions
 3 Months Ended 9 Months Ended
Dec. 30, 2023
Dec. 24, 2022
Dec. 30, 2023
Dec. 24, 2022
Jul. 31, 2022
Jan. 31, 2021
Equity, Class of Treasury Stock [Line Items]            
Common stock repurchased $ 57,159 $ 49,999 $ 136,934 $ 156,382    
January 2021 Repurchase Program            
Equity, Class of Treasury Stock [Line Items]            
Common stock approved under the share repurchase program           $ 350,000
July 2022 Repurchase Program            
Equity, Class of Treasury Stock [Line Items]            
Common stock approved under the share repurchase program         $ 500,000  
Common stock repurchased 56,900   134,900      
Common stock available for repurchase $ 365,100   365,100      
Common stock repurchased (in shares) 0.8          
Average cost per share repurchased (in dollars per share) $ 72.93          
January 2021 and July 2022 Repurchase Program            
Equity, Class of Treasury Stock [Line Items]            
Common stock repurchased     $ 136,000      
Common stock repurchased (in shares)     1.8      
Average cost per share repurchased (in dollars per share)     $ 77.39      
v3.24.0.1
Segment Information (Details)
 9 Months Ended
Dec. 30, 2023
segment
product_line
Segment Reporting [Abstract]  
Number of reportable segments | segment 1
Number of product lines | product_line 2