Cover - USD ($)	12 Months Ended
Cover - USD ($)	Mar. 28, 2020	May 18, 2020	Sep. 28, 2019
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 28, 2020
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(g) Security	Common stock, $0.001 par value
Trading Symbol	CRUS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Smaller Reporting Company	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 2,157,695,761
Entity Common Stock, Shares Outstanding (in shares)		58,363,550
Documents Incorporated by Reference	Certain information contained in the registrant’s proxy statement for its annual meeting of stockholders to be held July 31, 2020 is incorporated by reference in Part II – Item 5 and Part III of this Annual Report on Form 10-K.
Amendment Flag	false
Entity Central Index Key	0000772406
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--03-28

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 28, 2020	Mar. 30, 2019
Current assets:
Cash and cash equivalents	$ 292,119	$ 216,172
Marketable securities	22,008	70,183
Accounts receivable, net	153,998	120,656
Inventories	146,725	164,733
Prepaid assets	23,594	30,794
Other current assets	11,752	22,445
Total current assets	650,196	624,983
Long-term marketable securities	283,573	158,968
Right-of-use lease assets	141,274
Property and equipment, net	158,244	186,185
Intangibles, net	34,430	67,847
Goodwill	287,088	286,241
Deferred tax assets	10,052	8,727
Other assets	27,820	19,689
Total assets	1,592,677	1,352,640
Current liabilities:
Accounts payable	78,412	48,398
Accrued salaries and benefits	42,439	29,289
Software license agreements	10,888	21,514
Current lease liabilities	13,580
Other accrued liabilities	13,318	16,339
Total current liabilities	158,637	115,540
Long-term liabilities:
Software license agreements	3,806	8,662
Non-current income taxes	71,143	78,309
Non-current lease liabilities	129,312
Other long-term liabilities	0	9,889
Total long-term liabilities	204,261	96,860
Stockholders’ equity:
Preferred stock, 5.0 million shares authorized but unissued	0	0
Common stock, $0.001 par value, 280,000 shares authorized, 58,242 shares and 58,954 shares issued and outstanding at March 28, 2020 and March 30, 2019, respectively	58	59
Additional paid-in capital	1,434,871	1,363,677
Accumulated deficit	(201,681)	(222,430)
Accumulated other comprehensive loss	(3,469)	(1,066)
Total stockholders’ equity	1,229,779	1,140,240
Total liabilities and stockholders’ equity	$ 1,592,677	$ 1,352,640

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 28, 2020	Mar. 30, 2019
Statement of Financial Position [Abstract]
Preferred stock, shares authorized but unissued (in shares)	5,000,000.0	5,000,000.0
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)	58,242,000	58,954,000
Common stock, shares outstanding (in shares)	58,242,000	58,954,000

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 28, 2020	Mar. 30, 2019	Mar. 31, 2018
Income Statement [Abstract]
Net sales	$ 1,281,124	$ 1,185,524	$ 1,532,186
Cost of sales	606,957	588,027	771,470
Gross profit	674,167	597,497	760,716
Operating expenses
Research and development	347,647	375,139	366,444
Selling, general and administrative	131,115	126,502	131,811
Restructuring costs	21,925	0	0
Gain on sale of assets	0	(4,913)	0
Total operating expenses	500,687	496,728	498,255
Income from operations	173,480	100,769	262,461
Interest income	10,458	8,017	4,762
Interest expense	(1,057)	(1,057)	(1,153)
U.K. pension settlement	0	(13,768)	0
Other expense	(1,615)	(217)	(971)
Income before income taxes	181,266	93,744	265,099
Provision for income taxes	21,768	3,753	103,104
Net income	$ 159,498	$ 89,991	$ 161,995
Basic earnings per share (in dollars per share)	$ 2.74	$ 1.50	$ 2.55
Diluted earnings per share (in dollars per share)	$ 2.64	$ 1.46	$ 2.46
Basic weighted average common shares outstanding (in shares)	58,317	60,116	63,407
Diluted weighted average common shares outstanding (in shares)	60,462	61,583	65,951

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Mar. 28, 2020	Mar. 30, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 159,498	$ 89,991	$ 161,995
Other comprehensive income (loss), before tax
Foreign currency translation gain (loss)	68	(3,125)	2,791
Unrealized gain (loss) on marketable securities	(2,803)	2,823	(2,380)
U.K. pension settlement	0	13,814	0
Actuarial loss on defined benefit pension plan	0	0	(14,729)
Cumulative effect of adoption of ASU 2018-02	(257)	0	0
Benefit (provision) for income taxes	589	(3,217)	3,530
Comprehensive income	$ 157,095	$ 100,286	$ 151,207

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 28, 2020	Mar. 30, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 159,498	$ 89,991	$ 161,995
Adjustments to net cash provided by operating activities:
Depreciation and amortization	68,237	79,826	81,399
Stock-based compensation expense	53,757	49,689	48,741
Deferred income taxes	(5,888)	1,717	11,646
(Gain) loss on retirement or write-off of long-lived assets	379	(2,713)	626
Charges (payments) for defined benefit pension plan	0	11,189	(10,929)
Other non-cash charges	697	429	(3,864)
MEMS restructuring charges	21,925	0	0
Net change in operating assets and liabilities:
Accounts receivable, net	(33,082)	(14,316)	19,173
Inventories	17,765	40,636	(37,865)
Other assets	1,379	965	16,824
Accounts payable	27,626	(21,965)	143
Accrued salaries and benefits	11,470	(6,432)	(4,469)
Income taxes payable	(9,809)	(7,974)	22,983
Other accrued liabilities	(18,139)	(14,348)	12,308
Net cash provided by operating activities	295,815	206,694	318,711
Cash flows from investing activities:
Maturities and sales of available-for-sale marketable securities	170,818	70,840	138,221
Purchases of available-for-sale marketable securities	(249,463)	(98,864)	(238,434)
Purchases of property, equipment and software	(15,656)	(31,615)	(55,180)
Investments in technology	(5,920)	(4,143)	(29,323)
Proceeds from the sale of assets	0	9,120	0
Net cash used in investing activities	(100,221)	(54,662)	(184,716)
Cash flows from financing activities:
Principal payments on long-term revolver	0	0	(60,000)
Issuance of common stock, net of shares withheld for taxes	18,635	1,616	4,417
Repurchase of stock to satisfy employee tax withholding obligations	(18,280)	(13,083)	(17,806)
Repurchase and retirement of common stock	(120,002)	(159,997)	(175,776)
Contingent consideration payments	0	0	(392)
Net cash used in financing activities	(119,647)	(171,464)	(249,557)
Net increase (decrease) in cash and cash equivalents	75,947	(19,432)	(115,562)
Cash and cash equivalents at beginning of period	216,172	235,604	351,166
Cash and cash equivalents at end of period	292,119	216,172	235,604
Cash payments during the year for:
Income taxes	22,321	20,617	34,385
Interest	$ 457	$ 612	$ 835

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 2016-16	$ (747)			$ (747)
Balance (in shares) at Mar. 25, 2017		64,295
Balance at Mar. 25, 2017	1,151,692	$ 64	$ 1,259,215	(107,014)	$ (573)
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)
Cumulative effect of adoption of ASU 2018-02	0
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)
Cumulative effect of adoption of ASU 2018-02	0
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)
Cumulative effect of adoption of new ASU \| Accounting Standards Update 2016-02	(726)			(726)
Net income	159,498			159,498
Change in unrealized gain (loss) on marketable securities, net of tax	(2,214)				(2,214)
Change in foreign currency translation adjustments	68				68
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)		1,418
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes	355	$ 1	18,634	(18,280)
Cumulative effect of adoption of ASU 2018-02	(257)			257	(257)
Repurchase and retirement of common stock (in shares)		(2,130)
Repurchase and retirement of common stock	(120,002)	$ (2)		(120,000)
Amortization of deferred stock compensation	52,560		52,560
Balance (in shares) at Mar. 28, 2020		58,242
Balance at Mar. 28, 2020	$ 1,229,779	$ 58	$ 1,434,871	$ (201,681)	$ (3,469)

Description of Business	12 Months Ended
Description of Business	Mar. 28, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Description of Business Cirrus Logic, Inc. (“Cirrus Logic,” “We,” “Us,” “Our,” or the “Company”) is a leader in low-power, high-precision mixed-signal processing solutions that create innovative user experiences for the world’s top mobile and consumer applications. We were incorporated in California in 1984, became a public company in 1989, and were reincorporated in the State of Delaware in February 1999. Our primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas. We also have offices in various other locations in the United States, United Kingdom, Spain, 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 2020 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. 28, 2020

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 $2.8 million and $6.2 million, in fiscal year 2020 and 2019, respectively. Inventory charges in fiscal year 2020 and 2019 related to a combination of quality issues and inventory exceeding demand.

Inventories were comprised of the following (in thousands):


	March 28, 2020		March 30, 2019
Work in process	$	82,494	$	80,100
Finished goods	64,231		84,633
	$	146,725	$	164,733

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 2019, the Company sold the Edinburgh, Scotland property for a $4.9 million gain presented separately in the Consolidated Statements of Income as "Gain on sale of assets". During the fourth quarter of fiscal year 2020, the Company recorded $9.6 million of equipment disposal charges, net of recovery, related to the MEMS restructuring. See Note 11 — Restructuring Costs for further detail.

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


	March 28, 2020		March 30, 2019
Land	$	23,853	$	23,853
Buildings	63,803		63,172
Furniture and fixtures	23,059		22,762
Leasehold improvements	51,525		45,286
Machinery and equipment	159,201		157,994
Capitalized software	25,942		25,763
Construction in progress and other	892		3,689
Total property, plant and equipment	348,275		342,519
Less: Accumulated depreciation and amortization	(190,031)		(156,334)
Property, plant and equipment, net	$	158,244	$	186,185

Depreciation and amortization expense on property, plant, and equipment for fiscal years 2020, 2019, and 2018 was $31.9 million, $32.0 million, and $27.7 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 2020, 2019, and 2018. During the fourth quarter of fiscal year 2020, the Company recorded $10.0 million of intangible asset

impairment charges related to the MEMS restructuring. See Note 11 — Restructuring Costs for further detail. There were no material intangible asset impairments in fiscal years 2019 or 2018.

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 two contract manufacturers, Hongfujin Precision and Pegatron, who represented 29 percent and 20 percent, respectively of our consolidated gross trade accounts receivable as of the end of fiscal year 2020. Hongfujin Precision, Pegatron, and Foxconn represented 22 percent, 19 percent, and 11 percent, respectively of our consolidated gross trade accounts receivable as of the end of fiscal year 2019. 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 2020 and 2019.

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 2020, 2019, and 2018, our ten largest end customers represented approximately 93 percent, 91 percent, and 92 percent, of our sales, respectively. For fiscal years 2020, 2019, and 2018, we had one end customer, Apple Inc., who purchased through multiple contract manufacturers and represented approximately 79 percent, 78 percent, and 81 percent, of the Company’s total sales, respectively. No other customer or distributor represented more than 10 percent of net sales in fiscal years 2020, 2019, or 2018.

Revenue Recognition

We recognize revenue upon the transfer of promised goods or services to customers, in an amount that reflects the consideration the Company expects to be entitled in exchange for those goods or services.

Performance Obligations

The Company’s single performance obligation is the delivery of promised goods to the customer. The promised goods are explicitly stated in the customer contract and are comprised of either a single type of good or a series of goods that are substantially the same, have the same pattern of transfer to the customer, and are neither capable of being distinct nor separable from the other promised goods in the contract. This performance obligation is satisfied upon transfer of control of the promised goods to the customer, as defined per the shipping terms within the customer’s contract. The vast majority of the Company’s contracts with customers have an original expected term of one year or less. As allowed by ASC 606, the Company has not disclosed 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 $0.9 million, $1.0 million, and $1.4 million, in fiscal years 2020, 2019, and 2018, 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 2020, 2019, and 2018, (in thousands, except per share amounts):


	Fiscal Years Ended
	March 28, 2020		March 30, 2019		March 31, 2018
Numerator:
Net income	$	159,498	$	89,991	$	161,995
Denominator:
Weighted average shares outstanding	58,317		60,116		63,407
Effect of dilutive securities	2,145		1,467		2,544
Weighted average diluted shares	60,462		61,583		65,951
Basic earnings per share	$	2.74	$	1.50	$	2.55
Diluted earnings per share	$	2.64	$	1.46	$	2.46

The weighted outstanding shares excluded from our diluted calculation for the years ended March 28, 2020, March 30, 2019, and March 31, 2018 were 543 thousand, 872 thousand, and 326 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 17 — Accumulated Other Comprehensive Loss for additional discussion.

Recently Issued Accounting Pronouncements

In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases, which the Company adopted 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 permit us not to reassess 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, which are those with terms of less than twelve months, we will not recognize right-of-use ("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 ROU assets and operating lease liabilities upon adoption, which materially increased the total assets and total liabilities that we reported relative to such amounts prior to 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 accrued lease payments were recalculated assuming these extended lease terms had always applied, resulting in an adjustment of $0.7 million net of tax, to opening retained earnings on transition.

On adoption, we recognized additional operating liabilities, with corresponding ROU assets based on the present value of the lease payments over the lease term under current leasing contracts for existing operating leases. In addition, existing capitalized initial direct costs and accrued lease payments were reclassified from prepayments and accruals to the ROU asset. There was no income statement or cash flow statement impact on adoption, nor were prior periods adjusted.

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


	Balance at March 30, 2019		Impact from ASU 2016-02 Adoption		Balance at March 31, 2019
Financial statement line item:
Prepaid assets	$	30,794	$	(2,833)	$	27,961
Right-of-use lease assets	—		149,746		149,746
Lease liabilities	—		(14,899)		(14,899)
Other accrued liabilities	(16,339)		11,071		(5,268)
Non-current lease liabilities	—		(143,085)		(143,085)
Other long-term liabilities	(9,889)		(965)		(10,854)
Accumulated deficit	$	(222,430)	$	965	$	(221,465)

In June 2016, the FASB issued ASU No. 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 the first quarter of fiscal year 2021.

In January 2017, the FASB issued ASU No. 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 February 2018, the FASB issued ASU No. 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 adopted this ASU in the first quarter of fiscal year 2020 and elected to reclassify the stranded tax effects of $0.3 million from accumulated other comprehensive income to retained earnings in the period of adoption.

In June 2018, the FASB issued ASU No. 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 adopted this ASU in the first quarter of fiscal year 2020, with no material impact to the financial statements.

In August 2018, the FASB issued ASU No. 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 upon adoption.

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 Company adopted the amendments in the first quarter of fiscal year 2020.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The ASU removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year, with early adoption permitted. The Company is currently evaluating the impact of this ASU, but does not expect a material impact to the financial statements upon adoption.

In January 2020, the FASB issued ASU No. 2020-01, Investments - Equity Securities (Topic 321) - Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force). This ASU clarifies the interaction of the accounting for equity securities, investments accounted for under the equity method of accounting, and the accounting for certain forward contracts and purchased options. This ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year, with early adoption permitted. The Company is currently evaluating the impact of this ASU, but does not expect a material impact to the financial statements upon adoption.

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The ASU, effective immediately for reporting periods through December 31, 2022, provides accounting relief for contract modifications that replace an interest rate impacted by reference rate reform (e.g., LIBOR) with a new alternative reference rate. The guidance is applicable to investment securities, receivables, debt, leases, hedging relationships and other contractual arrangements. The Company is currently evaluating the impact of this ASU, but does not expect a material impact to the financial statements upon adoption.

Marketable Securities

12 Months Ended

Mar. 28, 2020

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 28, 2020	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value (Net Carrying Amount)
Corporate debt securities	$	286,668	$	1,157	$	(3,993)	$	283,832
Non-US government securities	12,483		260		—		12,743
US Treasury securities	8,839		167		—		9,006


Total securities	$	307,990	$	1,584	$	(3,993)	$	305,581

The Company typically invests in highly-rated securities with original maturities generally ranging from one to three years. The Company's specifically identified certain securities with a total gross unrealized loss of $4.0 million at March 28, 2020. The total amortized cost of these securities was approximately $172.9 million. There were no securities that have been in a continuous unrealized loss position for more than 12 months as of March 28, 2020. 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 28, 2020, the Company does not consider any of its investments to be other-than-temporarily impaired.


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’s specifically identified certain securities with a total gross unrealized losses of $0.6 million at March 30, 2019. The total amortized cost of these securities was approximately $123.1 million. 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. As of March 30, 2019, 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 28, 2020						March 30, 2019
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Within 1 year	$	22,012	$	22,008	$	70,490	$	70,183
After 1 year	285,978		283,573		158,267		158,968
Total	$	307,990	$	305,581	$	228,757	$	229,151

Fair Value of Financial Instruments

12 Months Ended

Mar. 28, 2020

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 and marketable securities portfolio. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

▪Level 1 — Quoted prices in active markets for identical assets or liabilities.

▪Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

▪Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

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

The Company’s long-term revolving facility, described in Note 8, bears interest at a base rate plus applicable margin or LIBOR plus applicable margin. As of March 28, 2020, there are no amounts drawn under the facility and the fair value is zero.

As of March 28, 2020 and March 30, 2019, the Company has no material Level 3 assets or liabilities. There were no transfers between Level 1, Level 2, or Level 3 measurements for the years ending March 28, 2020 and March 30, 2019.

The following summarizes the fair value of our financial instruments at March 28, 2020 (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	$	237,714	$	—	$	—	$	237,714
Available-for-sale securities
Corporate debt securities	$	—	$	283,832	$	—	$	283,832
Non-US government securities	—		12,743		—		12,743
US Treasury securities	9,006		—		—		9,006



	$	9,006	$	296,575	$	—	$	305,581

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	$	174,214	$	—	$	—	$	174,214
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

- 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

Derivative Financial Instruments

12 Months Ended

Mar. 28, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Foreign Currency Forward Contracts

Beginning in the first quarter of fiscal year 2020, the Company began using foreign currency forward contracts to reduce the earnings impact that exchange rate fluctuations have on non-U.S. dollar 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-U.S. dollar denominated assets and liabilities within "Other income (expense)" in the consolidated statements of income. The Company does not apply hedge accounting to these foreign currency derivative instruments.

As of March 28, 2020, the Company held one foreign currency forward contract denominated in British Pound Sterling with a notional value of $29.2 million. The fair value of this contract was not material as of March 28, 2020.

The before-tax effect of derivative instruments not designated as hedging instruments was as follows (in thousands):


	Fiscal Years Ended
	March 28, 2020		March 30, 2019		March 31, 2018		Location
Gain (loss) recognized in income
Foreign currency forward contracts	$	(4,226)	$	—	$	—	Other income (expense)

Accounts Receivable, net

12 Months Ended

Mar. 28, 2020

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Accounts Receivable, net

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


	March 28, 2020		March 30, 2019
Gross accounts receivable	$	153,998	$	120,926
Allowance for doubtful accounts	—		(270)
Accounts receivable, net	$	153,998	$	120,656

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 25, 2017	$	(434)
Bad debt expense, net of recoveries	231
Balance, March 31, 2018	(203)
Bad debt expense, net of recoveries	(67)
Balance, March 30, 2019	(270)
Bad debt expense, net or recoveries	270
Balance, March 28, 2020	$	—

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

Intangibles, net and Goodwill

12 Months Ended

Mar. 28, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles, net and Goodwill

The intangibles, net balance included on the Consolidated Balance Sheet was $34.4 million and $67.8 million at March 28, 2020 and March 30, 2019, respectively.

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


	March 28, 2020						March 30, 2019
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 (6.7)	111,005		(100,145)		117,976		(94,136)
In-process research & development (“IPR&D”) (7.5)	70,936		(58,284)		97,972		(69,794)
Trademarks and tradename (10.0)	3,037		(2,589)		3,037		(2,461)
Customer relationships (10.0)	15,381		(8,808)		15,381		(7,270)
Backlog (a)	220		(220)		220		(220)
Non-compete agreements (a)	470		(470)		470		(470)
Technology licenses (3.0)	23,820		(19,923)		28,336		(21,194)
Total	$	226,699	$	(192,269)	$	265,222	$	(197,375)

(a)Intangible assets are fully amortized.

Amortization expense for intangibles in fiscal years 2020, 2019, and 2018 was $28.3 million, $47.8 million, and $53.7 million, respectively. The following table details the estimated aggregate amortization expense for all intangibles owned as of March 28, 2020, for each of the five succeeding fiscal years and in the aggregate thereafter (in thousands):


For the year ended March 27, 2021	$	14,368
For the year ended March 26, 2022	$	11,817
For the year ended March 25, 2023	$	6,009
For the year ended March 30, 2024	$	1,695
For the year ended March 29, 2025	$	541
Thereafter	$	—

The goodwill balance included on the Consolidated Balance Sheet is $287.1 million and $286.2 million at March 28, 2020 and March 30, 2019, respectively.

Revolving Credit Facility	12 Months Ended
Revolving Credit Facility	Mar. 28, 2020
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 28, 2020, the Company had no amounts outstanding under the Credit Facility and was in compliance with all covenants under the Credit Agreement.

Revenues

12 Months Ended

Mar. 28, 2020

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:


	Fiscal Years Ended
	March 28,		March 30,		March 31,
	2020		2019		2018
Non-United States	$	1,264,025	$	1,159,342	$	1,498,454
United States	17,099		26,182		33,732
	$	1,281,124	$	1,185,524	$	1,532,186

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

Leases

12 Months Ended

Mar. 28, 2020

Leases [Abstract]

Leases

The Company has operating leases for corporate offices and certain office equipment. Our leases have remaining lease terms of 1 year to 29 years, some of which include options to extend the leases that are considered reasonably certain to be exercised. Our leases generally contain fixed rental payments, with additional variable payments linked to actual common area maintenance costs incurred by the landlord. These variable payments are therefore not included within the lease liability and ROU asset, but are recognized as an expense when incurred. As our leases typically do not provide an implicit rate, the Company determined the Incremental Borrowing Rate ("IBR") for each lease based on the information available at the commencement date, taking into consideration necessary adjustments for collateral, currency, and lease term. There are no residual value guarantees in any of our leases. No restrictions or covenants have been imposed on the Company as a result of the lease agreements in place.

The Company also leases a small portion of our office space to tenants under operating leases, receiving monthly rental payments. Payments are generally fixed, with variable payments linked to actual common area maintenance costs incurred. Total fixed lease payments to be received over the life of the lease are recognized on a straight-line basis over the lease term.

All of the Company’s leases have been classified as operating leases. Operating leases in excess of 12 months are recognized on the balance sheet, with future lease payments recognized as a liability, measured at present value, and the right-of-use asset recognized for the lease term. A single lease cost is recognized in the income statement over the lease term.

The components of net operating lease expense were as follows (in thousands):


	Fiscal Year Ended
	March 28, 2020
Operating lease - in excess of 12 months	$	13,518
Variable lease	4,721
Short-term lease	119
Operating lease income	(1,296)
Total net operating lease expense	$	17,062

Other information related to operating leases was as follows:


	Fiscal Year Ended
	March 28, 2020
Cash paid for amounts included in the measurement of lease liabilities (in thousands)
Operating cash flows from operating leases	$	13,955
Right-of-use assets obtained in exchange for new operating lease liabilities (in thousands)	1,107
Weighted-average remaining lease term - operating leases (in years)	20
Weighted-average discount rate - operating leases	4		%

As of March 28, 2020, there are no leases that have not yet commenced that would create significant rights and obligations on the Company.

Future lease commitments under non-cancellable leases, including extension options reasonably anticipated to be exercised as of March 28, 2020, are as follows (in thousands):


Fiscal Year	Operating Lease Expense		Operating Lease Income
2021	$	13,823	$	1,322
2022	13,459		1,356
2023	13,174		535
2024	12,850		264
2025	12,507		270
Thereafter	147,661		68
Total	$	213,474	$	3,815
Less imputed interest	(70,582)		—
Total	$	142,892	$	3,815

Operating lease liabilities consisted of the following (in thousands):


	March 28, 2020
Current lease liabilities	$	13,580
Non-current lease liabilities	129,312
Total operating lease liabilities	$	142,892

Leases

The Company has operating leases for corporate offices and certain office equipment. Our leases have remaining lease terms of 1 year to 29 years, some of which include options to extend the leases that are considered reasonably certain to be exercised. Our leases generally contain fixed rental payments, with additional variable payments linked to actual common area maintenance costs incurred by the landlord. These variable payments are therefore not included within the lease liability and ROU asset, but are recognized as an expense when incurred. As our leases typically do not provide an implicit rate, the Company determined the Incremental Borrowing Rate ("IBR") for each lease based on the information available at the commencement date, taking into consideration necessary adjustments for collateral, currency, and lease term. There are no residual value guarantees in any of our leases. No restrictions or covenants have been imposed on the Company as a result of the lease agreements in place.

The Company also leases a small portion of our office space to tenants under operating leases, receiving monthly rental payments. Payments are generally fixed, with variable payments linked to actual common area maintenance costs incurred. Total fixed lease payments to be received over the life of the lease are recognized on a straight-line basis over the lease term.

All of the Company’s leases have been classified as operating leases. Operating leases in excess of 12 months are recognized on the balance sheet, with future lease payments recognized as a liability, measured at present value, and the right-of-use asset recognized for the lease term. A single lease cost is recognized in the income statement over the lease term.

The components of net operating lease expense were as follows (in thousands):


	Fiscal Year Ended
	March 28, 2020
Operating lease - in excess of 12 months	$	13,518
Variable lease	4,721
Short-term lease	119
Operating lease income	(1,296)
Total net operating lease expense	$	17,062

Other information related to operating leases was as follows:


	Fiscal Year Ended
	March 28, 2020
Cash paid for amounts included in the measurement of lease liabilities (in thousands)
Operating cash flows from operating leases	$	13,955
Right-of-use assets obtained in exchange for new operating lease liabilities (in thousands)	1,107
Weighted-average remaining lease term - operating leases (in years)	20
Weighted-average discount rate - operating leases	4		%

As of March 28, 2020, there are no leases that have not yet commenced that would create significant rights and obligations on the Company.

Future lease commitments under non-cancellable leases, including extension options reasonably anticipated to be exercised as of March 28, 2020, are as follows (in thousands):


Fiscal Year	Operating Lease Expense		Operating Lease Income
2021	$	13,823	$	1,322
2022	13,459		1,356
2023	13,174		535
2024	12,850		264
2025	12,507		270
Thereafter	147,661		68
Total	$	213,474	$	3,815
Less imputed interest	(70,582)		—
Total	$	142,892	$	3,815

Operating lease liabilities consisted of the following (in thousands):


	March 28, 2020
Current lease liabilities	$	13,580
Non-current lease liabilities	129,312
Total operating lease liabilities	$	142,892

Restructuring Costs

12 Months Ended

Mar. 28, 2020

Restructuring and Related Activities [Abstract]

Restructuring Costs

During the fourth quarter of fiscal year 2020, the Company approved a restructuring plan (the “MEMS Restructuring”), including discontinuing efforts relating to the microelectromechanical systems ("MEMS") microphone product line. The MEMS Restructuring allows the Company to concentrate our resources on projects that we anticipate will have a larger return on investment. The Company recorded charges of $21.9 million as part of the MEMS Restructuring, which is expected to be substantially complete by the first quarter of fiscal year 2021.

The following table details the total restructuring charges presented in the Consolidated Statements of Income within the "Restructuring Costs" line item (in thousands):


	Fiscal Year Ended
	March 28, 2020
Disposal of equipment, net of recovery from sales (a)	$	9,578
Impairment and write-off of intangible assets	9,961
Other exit costs (b)	1,903
Personnel-related charges, net of equity cancellations (c)	483
Total	$	21,925

a.Includes accelerated depreciation of equipment of $11.5 million, net of $1.9 million of recovery from equipment sold during the fourth quarter of fiscal 2020.

b.Includes $0.6 million of accrued exit costs as of March 28, 2020 which are presented in the “Other accrued liabilities” line item of our Consolidated Balance Sheet.

c.Personnel-related charges consists of severance costs of $1.7 million, net of $1.2 million of equity cancellation benefits. Includes $0.4 million of accrued severance as of March 28, 2020 which is presented in the “Other accrued liabilities” line item of our Consolidated Balance Sheet.

Postretirement Benefit Plans	12 Months Ended
Postretirement Benefit Plans	Mar. 28, 2020
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 insured 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 confirmed 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 fully settled, there were no further contributions to the Scheme. 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 $7.5 million, $7.7 million, and $6.7 million during fiscal years 2020, 2019, and 2018, respectively.

Equity Compensation

12 Months Ended

Mar. 28, 2020

Share-based Payment Arrangement, Noncash Expense [Abstract]

Equity Compensation

Equity CompensationThe 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 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
Shares added			248
Granted			(1,686)
Forfeited			210
Balance, March 28, 2020			2,095

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
	2020		2019		2018
Cost of sales	$	908	$	877	$	1,474
Research and development	33,859		29,115		26,137
Sales, general and administrative	18,990		19,697		21,130
Effect on pre-tax income	53,757		49,689		48,741
Income Tax Benefit	(9,336)		(5,748)		(5,953)
Total stock-based compensation expense (net of taxes)	44,421		43,941		42,788
Stock-based compensation effects on basic earnings per share	$	0.76	$	0.73	$	0.67
Stock-based compensation effects on diluted earnings per share	0.73		0.71		0.65

The total stock-based compensation expense included in the table above and which is attributable to restricted stock units and market stock units was $50.0 million, $45.5 million, $44.2 million, for fiscal years 2020, 2019, and 2018, respectively. Stock-based compensation expense is presented within operating activities in the Consolidated Statement of Cash Flows.

As of March 28, 2020, there was $97.1 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 1.31 years for stock options, 1.61 years for restricted stock units, and 1.55 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 $4.9 million, $0.9 million and $11.7 million in fiscal years 2020, 2019, and 2018 respectively.

Stock Options

We estimate the fair value of each stock option on the date of grant using the Black-Scholes option-pricing model using a dividend yield of zero and the following additional assumptions:


	March 28, 2020	March 30, 2019	March 31, 2018
Expected stock price volatility	37.17% - 41.61%	38.00% - 38.14%	37.36	%
Risk-free interest rate	1.54% - 2.29%	2.57% - 2.94%	1.67	%
Expected term (in years)	3.81 - 4.55	3.12 - 3.73	3.03

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 2020, 2019, and 2018, were $29.25, $16.27, and $19.87, respectively.

During fiscal years 2020, 2019, and 2018, we received a net $18.6 million, $1.6 million, and $4.4 million, respectively, from the exercise of 0.8 million, 0.1 million, and 0.2 million, respectively, stock options granted under the Company’s Stock Plan.

The total intrinsic value of stock options exercised during fiscal year 2020, 2019, and 2018, was $34.0 million, $2.6 million, and $9.8 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 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
Options granted	169	66.93
Options exercised	(780)	23.90
Options forfeited	(27)	50.75
Options expired	(11)	55.03
Balance, March 28, 2020	1,216	$	44.01

Additional information with regards to outstanding options that are vesting, expected to vest, or exercisable as of March 28, 2020 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	1,205	$	43.90	6.49	$	22,733
Exercisable	781	$	38.41	5.31	$	18,360

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 $4.7 million, $4.1 million, and $3.8 million, became vested during fiscal years 2020, 2019, and 2018, respectively.

The following table summarizes information regarding outstanding and exercisable options as of March 28, 2020 (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
$14.58 - $31.25	324	4.51	$	26.98	324	$	26.98
$33.38 - $38.99	240	4.76	38.11		188	38.11
$41.49 - $42.64	183	8.63	41.56		54	41.49
$54.65 - $54.65	154	6.60	54.65		127	54.65
$55.72 - $55.72	157	7.60	55.72		88	55.72
$68.56 - $68.56	158	9.61	68.56		—	—
	1,216	6.51	$	44.01	781	$	38.41

As of March 28, 2020 and March 30, 2019, the number of options exercisable was 0.8 million and 1.3 million, respectively.

Restricted Stock Units

Commencing in fiscal year 2011, the Company began granting restricted stock units (“RSUs”) to select employees. These awards are valued as of the grant date and amortized over the requisite vesting period. Generally, RSUs vest 100 percent on the first to third anniversary of the grant date depending on the vesting specifications. A summary of the activity for RSUs in fiscal year 2020, 2019, and 2018 is presented below (in thousands, except year and per share amounts):


	Shares	Weighted Average Fair Value
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
Granted	1,014	66.76
Vested	(897)	51.20
Forfeited	(271)	50.82
March 28, 2020	2,680	$	53.74

The aggregate intrinsic value of RSUs outstanding as of March 28, 2020 was $165.9 million. Additional information with regards to outstanding RSUs that are expected to vest as of March 28, 2020, 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	2,558	$	53.60	1.59

RSUs outstanding that are expected to vest are presented net of estimated future forfeitures, which are estimated as compensation costs are recognized. RSUs with a fair value of $45.9 million and $39.6 million became vested during fiscal years 2020 and 2019, respectively. The majority of RSUs that vested in 2020 and 2019 were net settled such that the Company withheld a portion of the shares to satisfy tax withholding requirements. In fiscal years 2020 and 2019, the vesting of RSUs reduced the authorized and unissued share balance by approximately 0.9 million and 1.2 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 $18.3 million and $13.1 million for fiscal years 2020 and 2019, respectively.

Market Stock Units

In fiscal year 2015, the Company began granting market stock units (“MSUs”) to select employees. MSUs vest based upon the relative total shareholder return (“TSR”) of the Company as compared to that of the Philadelphia Semiconductor Index (“the Index”). The requisite service period for these MSUs is also the vesting period, which is three years. The fair value of each MSU granted was determined on the date of grant using the Monte Carlo simulation, which calculates the present value of the potential outcomes of future stock prices of the Company and the Index over the requisite service period. The fair value is based on the risk-free rate of return, the volatilities of the stock price of the Company and the Index, the correlation of the stock price of the Company with the Index, and the dividend yield.

The fair values estimated from the Monte Carlo simulation were calculated using a dividend yield of zero and the following additional assumptions:


	Fiscal Years Ended
	March 28, 2020	March 30, 2019
Expected stock price volatility	37.17% - 41.61%	38.00% - 38.14%
Risk-free interest rate	1.59% - 2.28%	2.62% - 3.01%
Expected term (in years)	3.00	3.00

Using the Monte Carlo simulation, the weighted average estimated fair value of the MSUs granted in fiscal year 2020 was $95.89. A summary of the activity for MSUs in fiscal year 2020, 2019, and 2018 is presented below (in thousands, except year and per share amounts):


	Shares	Weighted Average Fair Value
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
Granted	45	95.89
Vested	—	—
Forfeited	(58)	73.25
March 28, 2020	153	$	68.71

The aggregate intrinsic value of MSUs outstanding as of March 28, 2020 was $9.5 million. Additional information with regard to outstanding MSUs that are expected to vest as of March 28, 2020 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	147	$	68.38	1.53

MSUs with a fair value of $1.5 million became vested during fiscal year 2018. No MSUs became vested in fiscal years 2020 and 2019.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Mar. 28, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 28, 2020, our principal facilities are located in Austin, Texas and Edinburgh, Scotland, United Kingdom. Total rent expense under operating leases was approximately $18.4 million, $12.7 million, and $11.5 million, for fiscal years 2020, 2019, and 2018, respectively. Rental income was $1.3 million, $0.2 million, and $0.3 million, for fiscal years 2020, 2019, and 2018, respectively. See Note 10 - Leases for minimum future rental commitments and income under all operating leases as of March 28, 2020. 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 28, 2020, we had foundry commitments of $131.9 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 $4.0 million at March 28, 2020. 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 28, 2020 was $15.0 million. Other purchase commitments primarily relate to multi-year tool commitments, and were $21.6 million at March 28, 2020.

Legal Matters	12 Months Ended
Legal Matters	Mar. 28, 2020
Loss Contingency, Information about Litigation Matters [Abstract]
Legal Matters	Legal MattersFrom time to time, we are involved in legal proceedings concerning matters arising in connection with the conduct of our business activities. We regularly evaluate the status of legal proceedings in which we are involved to assess whether a loss is probable or there is a reasonable possibility that a loss or additional loss may have been incurred and to determine if accruals are appropriate. We further evaluate each legal proceeding to assess whether an estimate of possible loss or range of loss can be made. Based on current knowledge, management does not believe that there are any pending matters that could potentially have a material adverse effect on our business, financial condition, results of operations or cash flows.

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Mar. 28, 2020
Stockholders' Equity Note [Abstract]
Stockholders' 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 28, 2020, the Company had repurchased 4.9 million shares at a cost of $200.0 million, or an average cost of $41.17 per share. No balances remain available for repurchase under this plan. In January 2019, the Board of Directors authorized the repurchase of up to an additional $200 million of the Company’s common stock. As of March 28, 2020, 1.2 million shares have been repurchased under the new plan at a cost of $80.0 million, or an average cost of $64.39 per share. Approximately $120.0 million remain 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 28, 2020. Preferred Stock We have 5.0 million shares of Preferred Stock authorized. As of March 28, 2020, we have not issued any of the authorized shares.

Accumulated Other Comprehensive Loss

12 Months Ended

Mar. 28, 2020

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, actuarial gains and losses on our defined benefit pension plan assets prior to fiscal year 2020, and cumulative effects of adopting new accounting standards.

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		Cumulative Effect of Adoption of ASU 2018-02		Total
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)
Current period foreign exchange translation	68		—		—		—		68
Current period marketable securities activity	—		(2,803)		—		—		(2,803)
Current period actuarial gain/loss activity	—		—		—		—		—

Cumulative effect of adoption of ASU 2018-02	—		—		—		(257)		(257)
Tax effect	—		589		—		—		589
Balance, March 28, 2020	$	(1,568)	$	(1,644)	$	—	$	(257)	$	(3,469)

Income Taxes

12 Months Ended

Mar. 28, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Income before income taxes consisted of (in thousands):


	Fiscal Years Ended
	March 28, 2020		March 30, 2019		March 31, 2018
U.S.	$	44,154	$	41,980	$	91,220
Non-U.S.	137,112		51,764		173,879
	$	181,266	$	93,744	$	265,099

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


	Fiscal Years Ended
	March 28, 2020		March 30, 2019		March 31, 2018
Current:
U.S.	$	5,241	$	(7,109)	$	66,082
Non-U.S.	21,634		12,428		21,812
Total current tax provision	$	26,875	$	5,319	$	87,894
Deferred:
U.S.	(561)		5,441		19,309
Non-U.S.	(4,546)		(7,007)		(4,099)
Total deferred tax provision	(5,107)		(1,566)		15,210
Total tax provision	$	21,768	$	3,753	$	103,104

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 28, 2020	March 30, 2019	March 31, 2018
U.S. federal statutory rate	21.0	21.0	31.6
Foreign income taxed at different rates	(5.5)	(2.9)	(9.6)
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)
Stock-based compensation	(2.7)	(1.0)	(4.5)
Foreign-derived intangible income deduction	(0.8)	(2.8)	—
Current U.S. tax on foreign earnings	1.1	2.2	0.7
Change in valuation allowance	(0.1)	4.4	—
Release of prior year unrecognized tax benefits	(2.3)	—	—
Interest related to unrecognized tax benefits	0.5	1.6	—
Other	0.8	0.1	0.6
Effective tax rate	12.0	4.0	38.9

The Tax Act was enacted on December 22, 2017. The Tax Act reduced the U.S. federal corporate income 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. We recognized a provisional amount of $60.1 million during fiscal year 2018, which was included as a component of income tax expense from continuing operations. Our accounting for the enactment-date effects of the Tax Act was completed during the quarter ended December 29, 2018 and we recognized an $11.1 million reduction to the provisional amounts, which was included as a component of income tax expense from continuing operations during fiscal year 2019. We elected to pay our transition tax over the eight-year period provided in the Tax Act. As of March 28, 2020, the remaining balance of our transition tax obligation is $27.0 million, which will be paid over the next six years.

On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), a relief package comprising a combination of income and payroll tax provisions and other stimulus measures. The CARES Act broadly provides entities tax payment relief and significant business incentives and makes certain technical corrections to the Tax Act. The income tax relief measures for entities include an expanded net operating loss carryback, increased interest expense deduction limits, acceleration of alternative minimum tax credit refunds and a technical correction to allow accelerated deductions for qualified improvement property. Similar legislation is being enacted in other jurisdictions in which the Company operates. ASC 740, Income Taxes, requires the effect of changes in tax rates and laws on deferred tax balances to be recognized in the period in which new legislation is enacted. The enactment of the CARES Act and similar legislation in other jurisdictions did not have a material impact on the provision for income taxes in the period ended March 28, 2020.

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 has 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. The final resolution with respect to cost-sharing of stock-based compensation and the potential impact on the Company is unclear at this time. We will continue to monitor developments related to this decision and the potential impact of those developments on the Company's current and prior fiscal years.

As of March 28, 2020, unremitted earnings of our foreign subsidiaries that can be distributed without tax consequence, other than withholding taxes that may apply based on the jurisdiction of the subsidiary, are not expected to be indefinitely reinvested. No taxes have been accrued for foreign withholding taxes on these earnings as these amounts are not material. We have not provided additional income taxes for other outside basis differences inherent in our foreign entities, as these amounts continue to be indefinitely reinvested in foreign operations. Determining the amount of unrecognized deferred tax liability related to all other outside basis differences in these entities is not practicable at this time.

Significant components of our deferred tax assets and liabilities as of March 28, 2020 and March 30, 2019 are (in thousands):


	March 28, 2020		March 30, 2019
Deferred tax assets:
Accrued expenses and allowances	$	2,750	$	4,024
Net operating loss carryforwards	2,093		2,940
Research and development tax credit carryforwards	13,066		13,111
Stock-based compensation	8,380		14,667
Lease liabilities	18,095		—
Other	1,260		1,261
Total deferred tax assets	$	45,644	$	36,003
Valuation allowance for deferred tax assets	(12,596)		(18,588)
Net deferred tax assets	$	33,048	$	17,415
Deferred tax liabilities:
Depreciation and amortization	$	5,425	$	8,913
Right of use asset	17,391		—
Acquisition intangibles	4,645		8,803
Total deferred tax liabilities	$	27,461	$	17,716
Total net deferred tax assets (liabilities)	$	5,587	$	(301)

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 decreased by $6.0 million in fiscal year 2020, which included a decrease of $5.8 million with no effect on tax expense and a decrease of $0.2 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 28, 2020, the Company had gross federal net operating loss carryforwards of $6.3 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 2021 through 2031. At March 28, 2020, the Company had gross state net operating loss carryforwards of $12.4 million. The state net operating loss carryforwards expire in fiscal years 2021 through 2029. In addition, the Company had $13.3 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 28, 2020		March 30, 2019
Beginning balance	$	39,746	$	55,164
Additions based on tax positions related to the current year	615		2,204

Reductions based on tax positions related to the prior years	(4,153)		(17,622)
Ending balance	$	36,208	$	39,746

At March 28, 2020, the Company had gross unrecognized tax benefits of $36.2 million, all of which would impact the effective tax rate if recognized. During fiscal year 2020, the Company had gross increases of $0.6 million related to current year unrecognized tax positions, as well as gross decreases of $4.2 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 2020 and 2019 we recognized interest expense, net of tax, of approximately $0.9 million and $1.5 million, respectively. The total amount of interest accrued as of March 28, 2020 was $3.5 million.

The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax in multiple state and foreign jurisdictions. Fiscal years 2017 through 2020 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. 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. 28, 2020

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 28, 2020		March 30, 2019		March 31, 2018
Portable Products	$	1,146,918	$	1,032,049	$	1,363,876
Non-Portable and Other Products	134,206		153,475		168,310
	$	1,281,124	$	1,185,524	$	1,532,186

Geographic Area

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


	Fiscal Years Ended
	March 28, 2020		March 30, 2019		March 31, 2018
United States	$	17,099	$	26,182	$	33,732
EMEA	12,676		14,406		15,458

China	975,090		922,202		1,264,000
Hong Kong	205,314		166,460		162,652
Japan	8,149		9,210		12,131

Taiwan	12,407		17,106		13,224
Other Asia	27,429		18,439		20,044
Other non-U.S. countries	22,960		11,519		10,945
Total consolidated sales	$	1,281,124	$	1,185,524	$	1,532,186

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


	Fiscal Years Ended
	March 28, 2020		March 30, 2019
United States	$	103,866	$	126,292
EMEA	49,873		39,426

China	1,268		1,682

Japan	35		73
South Korea	269		870
Taiwan	2,421		15,349
Other Asia	512		1,999
Other non-U.S. countries	—		494
Total consolidated property, plant and equipment, net	$	158,244	$	186,185

Quarterly Results (Unaudited)

12 Months Ended

Mar. 28, 2020

Quarterly Financial Data [Abstract]

Quarterly Results (Unaudited)

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 2020 and 2019 were as follows (in thousands, except per share data):


	Fiscal Year 2020
	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
Net sales	$	238,253	$	388,912	$	374,668	$	279,291
Gross profit	122,494		207,933		197,505		146,235
Net income	4,618		76,210		68,512		10,158
Basic income per share	$	0.08	$	1.31	$	1.18	$	0.17
Diluted income per share	0.08		1.27		1.13		0.17


	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

Summary of Significant Accounting Policies (Policy)

12 Months Ended

Mar. 28, 2020

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 2020 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 $2.8 million and $6.2 million, in fiscal year 2020 and 2019, respectively. Inventory charges in fiscal year 2020 and 2019 related to a combination of quality issues and inventory exceeding demand.

Property, Plant and Equipment, Net

Property, Plant and Equipment, netProperty, plant and equipment is recorded at cost, net of depreciation and amortization. Depreciation and amortization is calculated on a straight-line basis over estimated economic lives, ranging from 3 to 39 years. Leasehold improvements are depreciated over the shorter of the term of the lease or the estimated useful life. Furniture, fixtures, machinery, and equipment are all depreciated over a useful life of 3 to 10 years, while buildings are depreciated over a period of up to 39 years. In general, our capitalized software is amortized over a useful life of 3 years, with capitalized enterprise resource planning software being amortized over a useful life of 10 years. Gains or losses related to retirements or dispositions of fixed assets are recognized in the period incurred. Additionally, if impairment indicators exist, the Company will assess the carrying value 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

Long-Lived AssetsWe test for impairment losses on long-lived assets and definite-lived intangibles used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. We measure any impairment loss by comparing the fair value of the asset to its carrying amount. We estimate fair value based on discounted future cash flows, quoted market prices, or independent appraisals.

Foreign Currency Translation

Foreign Currency TranslationSome of the Company's subsidiaries utilize the local currency as the functional currency. The Company’s main entities, including the entities that generate the majority of sales and employ the majority of employees, are 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 two contract manufacturers, Hongfujin Precision and Pegatron, who represented 29 percent and 20 percent, respectively of our consolidated gross trade accounts receivable as of the end of fiscal year 2020. Hongfujin Precision, Pegatron, and Foxconn represented 22 percent, 19 percent, and 11 percent, respectively of our consolidated gross trade accounts receivable as of the end of fiscal year 2019. 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 2020 and 2019.

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 2020, 2019, and 2018, our ten largest end customers represented approximately 93 percent, 91 percent, and 92 percent, of our sales, respectively. For fiscal years 2020, 2019, and 2018, we had one end customer, Apple Inc., who purchased through multiple contract manufacturers and represented approximately 79 percent, 78 percent, and 81 percent, of the Company’s total sales, respectively. No other customer or distributor represented more than 10 percent of net sales in fiscal years 2020, 2019, or 2018.

Revenue Recognition, Warranty Expense Shipping Costs

Revenue Recognition

We recognize revenue upon the transfer of promised goods or services to customers, in an amount that reflects the consideration the Company expects to be entitled in exchange for those goods or services.

Performance Obligations

The Company’s single performance obligation is the delivery of promised goods to the customer. The promised goods are explicitly stated in the customer contract and are comprised of either a single type of good or a series of goods that are substantially the same, have the same pattern of transfer to the customer, and are neither capable of being distinct nor separable from the other promised goods in the contract. This performance obligation is satisfied upon transfer of control of the promised goods to the customer, as defined per the shipping terms within the customer’s contract. The vast majority of the Company’s contracts with customers have an original expected term of one year or less. As allowed by ASC 606, the Company has not disclosed 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 CostsAdvertising 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 17 — Accumulated Other Comprehensive Loss for additional discussion.

Recently Issued Accounting Pronouncements

In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases, which the Company adopted 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 permit us not to reassess 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, which are those with terms of less than twelve months, we will not recognize right-of-use ("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 ROU assets and operating lease liabilities upon adoption, which materially increased the total assets and total liabilities that we reported relative to such amounts prior to 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 accrued lease payments were recalculated assuming these extended lease terms had always applied, resulting in an adjustment of $0.7 million net of tax, to opening retained earnings on transition.

On adoption, we recognized additional operating liabilities, with corresponding ROU assets based on the present value of the lease payments over the lease term under current leasing contracts for existing operating leases. In addition, existing capitalized initial direct costs and accrued lease payments were reclassified from prepayments and accruals to the ROU asset. There was no income statement or cash flow statement impact on adoption, nor were prior periods adjusted.

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


	Balance at March 30, 2019		Impact from ASU 2016-02 Adoption		Balance at March 31, 2019
Financial statement line item:
Prepaid assets	$	30,794	$	(2,833)	$	27,961
Right-of-use lease assets	—		149,746		149,746
Lease liabilities	—		(14,899)		(14,899)
Other accrued liabilities	(16,339)		11,071		(5,268)
Non-current lease liabilities	—		(143,085)		(143,085)
Other long-term liabilities	(9,889)		(965)		(10,854)
Accumulated deficit	$	(222,430)	$	965	$	(221,465)