CIRRUS LOGIC, INC., 10-K filed on 5/19/2023
Annual Report
v3.23.1
Cover - USD ($)
 12 Months Ended
Mar. 25, 2023
May 17, 2023
Sep. 24, 2022
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Mar. 25, 2023    
Current Fiscal Year End Date --03-25    
Document Transition Report false    
Entity File Number 0-17795    
Entity Registrant Name CIRRUS LOGIC, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 77-0024818    
Entity Address, Address Line One 800 W. 6th Street    
Entity Address, City or Town Austin,    
Entity Address, State or Province TX    
Entity Address, Postal Zip Code 78701    
City Area Code (512)    
Local Phone Number 851-4000    
Title of 12(b) Security Common stock, $0.001 par value    
Trading Symbol CRUS    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Smaller Reporting Company false    
Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 2,621,830,483
Entity Common Stock, Shares Outstanding (in shares)   54,814,364  
Documents Incorporated by Reference Certain information contained in the registrant’s proxy statement for its annual meeting of stockholders to be held July 28, 2023 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 2023    
Document Fiscal Period Focus FY    
v3.23.1
Audit Information
 12 Months Ended
Mar. 25, 2023
Audit Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Austin, Texas
v3.23.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 25, 2023
Mar. 26, 2022
Current assets:    
Cash and cash equivalents $ 445,784 $ 369,814
Marketable securities 34,978 10,601
Accounts receivable, net 150,473 240,264
Inventories 233,450 138,436
Prepaid assets 35,507 40,822
Prepaid wafers 60,638 0
Other current assets 57,026 40,078
Total current assets 1,017,856 840,015
Long-term marketable securities 36,509 63,749
Right-of-use lease assets 128,145 171,003
Property and equipment, net 162,972 157,077
Intangibles, net 38,876 158,145
Goodwill 435,936 435,791
Deferred tax assets 35,580 11,068
Long-term prepaid wafers 134,363 195,000
Other assets 73,729 91,552
Total assets 2,063,966 2,123,400
Current liabilities:    
Accounts payable 81,462 115,417
Accrued salaries and benefits 50,606 65,261
Software license agreements 20,948 21,736
Current lease liabilities 18,442 14,680
Acquisition-related liabilities 21,361 30,964
Other accrued liabilities 23,521 16,725
Total current liabilities 216,340 264,783
Long-term liabilities:    
Non-current lease liabilities 122,631 163,162
Non-current income taxes 59,013 73,383
Long-term acquisition-related liabilities 0 8,692
Other long-term liabilities 7,700 13,563
Total long-term liabilities 189,344 258,800
Stockholders’ equity:    
Preferred stock, 5.0 million shares authorized but unissued 0 0
Common stock, $0.001 par value, 280,000 shares authorized, 55,098 shares and 56,596 shares issued and outstanding at March 25, 2023 and March 26, 2022, respectively 55 57
Additional paid-in capital 1,670,086 1,578,370
Accumulated earnings (deficit) (9,320) 23,435
Accumulated other comprehensive loss (2,539) (2,045)
Total stockholders’ equity 1,658,282 1,599,817
Total liabilities and stockholders’ equity $ 2,063,966 $ 2,123,400
v3.23.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
shares in Thousands
Mar. 25, 2023
Mar. 26, 2022
Statement of Financial Position [Abstract]    
Preferred stock, shares authorized but unissued (in shares) 5,000 5,000
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 280,000 280,000
Common stock, shares issued (in shares) 55,098 56,596
Common stock, shares outstanding (in shares) 55,098 56,596
v3.23.1
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Mar. 27, 2021
Income Statement [Abstract]      
Net sales $ 1,897,617 $ 1,781,460 $ 1,369,230
Cost of sales 940,638 857,819 661,929
Gross profit 956,979 923,641 707,301
Operating expenses      
Research and development 458,412 406,307 342,759
Selling, general and administrative 153,144 150,996 127,008
Lease impairments and restructuring 10,632 0 352
Intangibles impairment 85,760 0 0
Total operating expenses 707,948 557,303 470,119
Income from operations 249,031 366,338 237,182
Interest income 9,985 1,563 6,281
Interest expense (898) (948) (1,057)
Other income (expense) (3,379) 1,710 2,840
Income before income taxes 254,739 368,663 245,246
Provision for income taxes 78,036 42,308 27,902
Net income $ 176,703 $ 326,355 $ 217,344
Basic earnings per share (in dollars per share) $ 3.18 $ 5.70 $ 3.74
Diluted earnings per share (in dollars per share) $ 3.09 $ 5.52 $ 3.62
Basic weighted average common shares outstanding (in shares) 55,614 57,278 58,106
Diluted weighted average common shares outstanding (in shares) 57,226 59,143 60,060
v3.23.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Mar. 27, 2021
Statement of Comprehensive Income [Abstract]      
Net income $ 176,703 $ 326,355 $ 217,344
Other comprehensive income (loss), before tax      
Foreign currency translation gain (loss) (834) (507) 1,862
Unrealized gain (loss) on marketable securities 430 (5,587) 5,673
Benefit (provision) for income taxes (90) 1,174 (1,191)
Comprehensive income $ 176,209 $ 321,435 $ 223,688
v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Mar. 27, 2021
Cash flows from operating activities:      
Net income $ 176,703 $ 326,355 $ 217,344
Adjustments to net cash provided by operating activities:      
Depreciation and amortization 71,202 62,061 47,083
Stock-based compensation expense 81,641 66,392 56,762
Deferred income taxes (34,513) (15,002) (5,581)
Loss on retirement or write-off of long-lived assets 656 642 371
Other non-cash (gains) / charges 3,102 370 (622)
Lease impairments and restructuring 10,632 0 352
Intangibles impairment 85,760 0 0
Net change in operating assets and liabilities:      
Accounts receivable, net 89,791 (124,826) 45,286
Inventories (95,014) 42,502 (26,538)
Prepaid wafers 0 (195,000) 0
Other assets 1,852 (92,584) 843
Accounts payable (34,307) 10,529 21,104
Accrued salaries and benefits (15,108) 10,049 12,410
Income taxes payable (6,019) (804) (18,185)
Acquisition-related liabilities 12,654 39,656 0
Other accrued liabilities (9,464) (5,587) (1,684)
Net cash provided by operating activities 339,568 124,753 348,945
Cash flows from investing activities:      
Maturities and sales of available-for-sale marketable securities 18,683 371,545 168,328
Purchases of available-for-sale marketable securities (15,299) (83,023) (225,528)
Purchases of property, equipment and software (35,090) (26,139) (18,253)
Investments in technology (1,624) (3,871) (2,222)
Acquisition of business, net of cash obtained 0 (276,884) 0
Net cash used in investing activities (33,330) (18,372) (77,675)
Cash flows from financing activities:      
Debt issuance costs 0 (1,718) 0
Payment of acquisition-related holdback (30,949) 0 0
Issuance of common stock, net of shares withheld for taxes 10,145 13,220 7,128
Repurchase of stock to satisfy employee tax withholding obligations (18,082) (22,732) (18,367)
Repurchase and retirement of common stock (191,382) (167,501) (109,986)
Net cash used in financing activities (230,268) (178,731) (121,225)
Net increase (decrease) in cash and cash equivalents 75,970 (72,350) 150,045
Cash and cash equivalents at beginning of period 369,814 442,164 292,119
Cash and cash equivalents at end of period 445,784 369,814 442,164
Cash payments during the year for:      
Income taxes 91,955 35,693 28,988
Interest $ 537 $ 572 $ 610
v3.23.1
Consolidated Statements of Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-In Capital
Accumulated Earnings (Deficit)
Accumulated Other Comprehensive Income / (Loss)
Beginning balance (in shares) at Mar. 28, 2020   58,242      
Balance at Mar. 28, 2020 $ 1,229,779 $ 58 $ 1,434,871 $ (201,681) $ (3,469)
Net income 217,344     217,344  
Change in unrealized gain (loss) on marketable securities, net of tax 4,482       4,482
Change in foreign currency translation adjustments 1,862       1,862
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)   862      
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (11,238) $ 1 7,128 (18,367)  
Repurchase and retirement of common stock (in shares)   (1,452)      
Repurchase and retirement of common stock (109,986) $ (1)   (109,985)  
Amortization of deferred stock compensation 56,762   56,762    
Ending balance (in shares) at Mar. 27, 2021   57,652      
Balance at Mar. 27, 2021 1,389,005 $ 58 1,498,761 (112,689) 2,875
Net income 326,355     326,355  
Change in unrealized gain (loss) on marketable securities, net of tax (4,413)       (4,413)
Change in foreign currency translation adjustments (507)       (507)
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)   1,008      
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (9,514) $ 1 13,217 (22,732)  
Repurchase and retirement of common stock (in shares)   (2,064)      
Repurchase and retirement of common stock (167,501) $ (2)   (167,499)  
Amortization of deferred stock compensation 66,392   66,392    
Ending balance (in shares) at Mar. 26, 2022   56,596      
Balance at Mar. 26, 2022 1,599,817 $ 57 1,578,370 23,435 (2,045)
Net income 176,703     176,703  
Change in unrealized gain (loss) on marketable securities, net of tax 340       340
Change in foreign currency translation adjustments (834)       (834)
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)   861      
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes $ (7,936) $ 1 10,141 (18,078)  
Repurchase and retirement of common stock (in shares) (2,400) (2,359)      
Repurchase and retirement of common stock $ (191,383) $ (3)   (191,380)  
Amortization of deferred stock compensation 81,575   81,575    
Ending balance (in shares) at Mar. 25, 2023   55,098      
Balance at Mar. 25, 2023 $ 1,658,282 $ 55 $ 1,670,086 $ (9,320) $ (2,539)
v3.23.1
Description of Business
 12 Months Ended
Mar. 25, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business Description of Business
Description of Business
Cirrus Logic, Inc. (“Cirrus Logic,” “We,” “Us,” “Our,” or the “Company”) is a leader in low-power, high-precision mixed-signal processing solutions that create innovative user experiences for the world’s top mobile and consumer applications.
We were incorporated in California in 1984, became a public company in 1989, and were reincorporated in the State of Delaware in February 1999. Our primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas. We also have offices in various other locations in the United States, United Kingdom, and Asia, including the People’s Republic of China, South Korea, Japan, Singapore, and Taiwan. Our common stock, which has been publicly traded since 1989, is listed on the NASDAQ's Global Select Market under the symbol CRUS.
Basis of Presentation
We prepare financial statements on a 52- or 53-week year that ends on the last Saturday in March. Fiscal years 2023, 2022, and 2021 were 52-week years. The next 53-week year will be fiscal year 2024.
Principles of Consolidation
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated.
Reclassifications
Certain reclassifications have been made to prior year balances in order to conform to the current year’s presentation of financial information.
Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires the use of management estimates. These estimates are subjective in nature and involve judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at fiscal year-end and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates.
v3.23.1
Summary of Significant Accounting Policies
 12 Months Ended
Mar. 25, 2023
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Cash and Cash Equivalents
Cash and cash equivalents consist primarily of money market funds, commercial paper, and U.S. Government Treasury and Agency instruments with original maturities of three months or less at the date of purchase.
Business Combinations
We account for business combinations using the acquisition method of accounting and allocate the fair value of acquisition consideration to the assets acquired and liabilities assumed based on their fair values at the acquisition date. The excess of the fair value of purchase consideration over the fair value of the assets acquired and liabilities assumed is recorded as goodwill. The results of operations of the business acquired is included in our consolidated statements of income beginning on the date of the acquisition.
Leases
We account for leases under ASC 842, Leases. 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 not included within the lease liability and right-of-use ("ROU") asset, but are recognized as an expense when incurred. As our leases typically do not provide an implicit rate, the Company determines 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.
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 ROU asset recognized for the lease term. Lease expense is recognized in the income statement over the lease term.
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 $9.9 million and $6.5 million, in fiscal year 2023 and 2022, respectively. Inventory charges in fiscal year 2023 and 2022 related to a combination of quality issues and inventory exceeding demand.

Inventories were comprised of the following (in thousands):
 
March 25, 2023March 26, 2022
Work in process$116,088 $95,188 
Finished goods117,362 43,248 
$233,450 $138,436 
Property, Plant and Equipment, net
Property, plant and equipment is recorded at cost, net of depreciation and amortization. Depreciation and amortization is calculated on a straight-line basis over estimated economic lives, ranging from 3 to 39 years. Leasehold improvements are depreciated over the shorter of the term of the lease or the estimated useful life. Furniture, fixtures, machinery, and equipment are all depreciated over a useful life of 3 to 10 years, while buildings are depreciated over a period of up to 39 years. In general, our capitalized software is amortized over a useful life of 3 years, with capitalized enterprise resource planning software being amortized over a useful life of 10 years. Gains or losses related to retirements or dispositions of fixed assets are recognized in the period incurred. Additionally, if impairment indicators exist, the Company will assess the carrying value in relation to the calculated fair value of the associated asset. The Company recorded $1.3 million of property, plant and equipment charges during fiscal year 2023, related to restructuring. See Note 12 — Lease Impairments and Restructuring for further detail. There were no additional material disposal charges for property, plant and equipment in fiscal years 2023, 2022 or 2021.
Property, plant and equipment was comprised of the following (in thousands):
March 25, 2023March 26, 2022
Land$23,853 $23,853 
Buildings64,056 63,730 
Furniture and fixtures23,909 24,122 
Leasehold improvements55,733 53,611 
Machinery and equipment188,403 175,966 
Capitalized software26,889 26,491 
Construction in progress and other14,350 5,566 
Total property, plant and equipment397,193 373,339 
Less: Accumulated depreciation and amortization(234,221)(216,262)
Property, plant and equipment, net$162,972 $157,077 
Depreciation and amortization expense on property, plant, and equipment for fiscal years 2023, 2022, and 2021 was $27.1 million, $24.8 million, and $24.9 million, respectively.
Goodwill
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. The Company tests goodwill 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 is 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 future cash flows. Significant management judgment is required in the forecasts of future operating results that are used in these evaluations. Following the quantitative test, an impairment charge would be recorded for the amount the carrying value exceeds the calculated fair value. The Company has recorded no goodwill impairment in fiscal years 2023, 2022, and 2021.
Long-Lived Assets
Intangible assets include purchased technology licenses and patents that are reported at cost and are amortized on a straight-line basis over their useful lives, generally ranging from 1 to 5 years. Acquired intangibles include existing technology, core technology or patents, license agreements, in-process research & development, trademarks, tradenames, customer relationships, and non-compete agreements. These assets are amortized on a straight-line basis over lives ranging from 1 to 15 years.
We regularly review whether facts or circumstances exist that indicate the carrying values of property, plant and equipment or other long-lived assets, including intangible assets, are impaired. We assess the recoverability of assets by comparing the projected undiscounted net cash flows associated with those assets to their respective 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. During the fourth quarter of fiscal year 2023, the Company recorded $85.8 million of acquired intangible asset impairment charges. See Note 7 — Intangibles, net and Goodwill for further detail. There were no other material intangible asset impairments recorded in fiscal years 2023, 2022, and 2021.
Foreign Currency Translation
Some of the Company's subsidiaries utilize the local currency as the functional currency. The Company’s main entities, including the entities that generate the majority of sales and employ the majority of employees, are U.S. dollar functional.
Concentration of Credit Risk
Financial instruments that potentially subject us to material concentrations of credit risk consist primarily of cash equivalents, marketable securities, long-term marketable securities, and trade accounts receivable. We are exposed to credit risk to the extent of the amounts recorded on the balance sheet. By policy, our cash equivalents, marketable securities, and long-term marketable securities are subject to certain nationally recognized credit standards, issuer concentrations, sovereign risk, and marketability or liquidity considerations.
In evaluating our trade receivables, we perform credit evaluations of our major customers’ financial condition and monitor closely all of our receivables to limit our financial exposure by limiting the length of time and amount of credit extended. In certain situations, we may require payment in advance or utilize letters of credit to reduce credit risk. By policy, we establish a reserve for trade accounts receivable based on the type of business in which a customer is engaged, the length of time a trade account receivable is outstanding, and other knowledge that we may possess relating to the probability that a trade receivable is at risk for non-payment.
We had three contract manufacturers aggregated at their parent level, Foxconn, Pegatron and Luxshare Precision, who represented 35 percent, 16 percent, 11 percent, respectively, of our consolidated gross trade accounts receivable as of the end of fiscal year 2023. We had two contract manufacturers aggregated at their parent level, Foxconn and Pegatron, who represented 49 percent and 17 percent, respectively, of our consolidated gross trade accounts receivable as of the end of fiscal year 2022. No other distributor or contract manufacturer had receivable balances that represented more than 10 percent of consolidated gross trade accounts receivable as of the end of fiscal year 2023 or 2022.
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 year 2023, our ten largest end customers represented approximately 92 percent and for each of fiscal years 2022 and 2021, our ten largest end customers represented 93 percent of our sales. For fiscal years 2023, 2022, and 2021, we had one end customer, Apple Inc., who purchased through multiple contract manufacturers and represented approximately 83 percent, 79 percent, and 83 percent, of the Company’s total sales, respectively. No other customer or distributor represented more than 10 percent of net sales in fiscal years 2023, 2022, or 2021.
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 a single type of good. This performance obligation is satisfied upon transfer of control of the promised goods to the customer, as defined per the shipping terms within the customer’s contract. The vast majority of the Company’s contracts with customers have an original expected term of one year or less. As allowed by ASC 606, the Company has not disclosed the value of any unsatisfied performance obligations related to these contracts.
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 rights of return, price protection and stock rotation. Rights of return 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.
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 $0.5 million, $0.9 million, and $0.9 million, in fiscal years 2023, 2022, and 2021, respectively.
Stock-Based Compensation
Stock-based compensation is measured at the grant date based on the grant-date fair value of the awards and is recognized as an expense, on a ratable basis, over the vesting period, which is generally between 1 and 4 years. Determining the amount of stock-based compensation to be recorded requires the Company to develop estimates used in calculating the grant-date fair value of stock options and performance awards (also called market stock units). The Company calculates the grant-date fair value for stock options and market stock units using the Black-Scholes valuation model and the Monte Carlo simulation, respectively. The use of valuation models requires the Company to make estimates of assumptions such as expected volatility, expected term, risk-free interest rate, expected dividend yield, and forfeiture rates. The grant-date fair value of restricted stock units is the market value at grant date multiplied by the number of units.
Income Taxes
We are required to calculate income taxes in each of the jurisdictions in which we operate. This process involves calculating the actual current tax liability as well as assessing temporary differences in the recognition of income or loss for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included in our consolidated balance sheet. We record a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized.  The Company evaluates the ability to realize its deferred tax assets based on all the facts and circumstances, including projections of future taxable income and expiration dates of carryover tax attributes.
The calculation of our tax liabilities involves assessing uncertainties with respect to the application of complex tax rules and the potential for future adjustment of our uncertain tax positions by the U.S. Internal Revenue Service or other taxing jurisdiction. We recognize liabilities for uncertain tax positions based on the required two-step process. The first step requires us to determine if the weight of available evidence indicates that the tax position has met the threshold for recognition; therefore, we must evaluate whether it is more likely than not that the position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step requires us to measure the tax benefit of the tax position taken, or expected to be taken, in an income tax return as the largest amount that is more than 50 percent likely of being realized upon ultimate settlement. We reevaluate the uncertain tax positions each quarter based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, expirations of statutes of limitation, effectively settled issues under audit, and new audit activity. A change in the recognition step or measurement step would result in the recognition of a tax benefit or an additional charge to the tax provision in the period.
Although we believe the measurement of our liabilities for uncertain tax positions is reasonable, we cannot assure that the final outcome of these matters will not be different than what is reflected in the historical income tax provisions and accruals. If additional taxes are assessed as a result of an audit or litigation, it could have a material effect on our income tax provision and net income in the period or periods for which that determination is made. We operate within multiple taxing jurisdictions and are subject to audit in these jurisdictions. These audits can involve complex issues which may require an extended period of time to resolve and could result in additional assessments of income tax. We believe adequate provisions for income taxes have been made for all periods. See Note 19 - Income Taxes for further detail.
Government Assistance
The Company benefits from the Research and Development Expenditure Credit (“RDEC”) program in the United Kingdom. The RDEC is recorded as an offset to research and development expenses in the consolidated statements of income, $26.2 million and $23.2 million in fiscal years 2023 and 2022, respectively. RDEC receivables are first settled against the Company's United Kingdom income taxes with the remainder paid in cash on an annual basis. RDEC receivables as of March 25, 2023, totaled $47.0 million, presented within "Other current Assets" and "Other assets" on the consolidated balance sheet. While the duration of RDEC benefits is indefinite, the program is subject to future policy changes and RDEC claims are subject to regular audits by the United Kingdom government.
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 2023, 2022, and 2021, (in thousands, except per share amounts):
 
 Fiscal Years Ended
March 25, 2023March 26, 2022March 27, 2021
Numerator:
Net income$176,703 $326,355 $217,344 
Denominator:
Weighted average shares outstanding55,614 57,278 58,106 
Effect of dilutive securities1,612 1,865 1,954 
Weighted average diluted shares57,226 59,143 60,060 
Basic earnings per share$3.18 $5.70 $3.74 
Diluted earnings per share$3.09 $5.52 $3.62 
The weighted outstanding shares excluded from our diluted calculation for the years ended March 25, 2023, March 26, 2022, and March 27, 2021 were 268 thousand, 113 thousand, and 187 thousand, respectively, as the exercise price of certain outstanding stock options exceeded the average market price during the period.
Accumulated Other Comprehensive Loss
Our accumulated other comprehensive loss is comprised of foreign currency translation adjustments and unrealized gains and losses on investments classified as available-for-sale. See Note 18 — Accumulated Other Comprehensive Income (Loss) for additional discussion.
Recently Adopted Accounting Pronouncements
In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832) – Disclosures by Business Entities about Government Assistance, which requires annual disclosures about transactions with a government that are accounted for by applying a grant or contribution type accounting model. The disclosures requires information about the nature and related policy used for the transactions, the line items on the balance sheet and income statement that are affected and the amounts applicable to each financial statement line item, and significant terms and conditions of the transactions. This ASU is effective for financial statements issued for annual periods beginning after December 15, 2021. The Company adopted this ASU in the fourth quarter of fiscal year 2023 on a prospective basis. See related policy discussion above.
In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured at the acquisition date in accordance with Revenue from Contracts with Customers (Topic 606) as if the acquirer had originated the contracts. Prior to the issuance of this ASU, contract assets and liabilities were recognized at fair value on the acquisition date. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within that fiscal year, with early adoption permitted, and should be applied on a prospective basis. The Company early adopted this ASU in the fourth quarter of fiscal year 2023 with no material impact to the financial statements.
v3.23.1
Marketable Securities
 12 Months Ended
Mar. 25, 2023
Marketable Securities [Abstract]  
Marketable Securities Marketable Securities
The Company’s investments have been classified as available-for-sale securities in accordance with U.S. GAAP. Marketable securities are categorized on the consolidated 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 25, 2023Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair Value
(Net Carrying Amount)
Corporate debt securities$66,753 $91 $(1,825)$65,019 
Non-U.S. government securities510 — (3)507 
U.S. Treasury securities5,728 17 (151)5,594 
Agency discount notes385 — (18)367 
Total securities$73,376 $108 $(1,997)$71,487 

The Company typically invests in highly-rated securities with original maturities generally ranging from one to three years. The Company's specifically identified gross unrealized losses of $2.0 million related to securities with total amortized costs of approximately $64.0 million at March 25, 2023. Securities in a continuous unrealized loss position for more than 12 months as of March 25, 2023 had an aggregate amortized cost of $56.3 million and an aggregate unrealized loss of $1.9 million. The Company may sell certain of its marketable securities prior to their stated maturities for strategic reasons including, but not limited to, anticipated or actual changes in credit rating and duration management.  The Company records an allowance for credit loss when a decline in investment market value is due to credit-related factors. When evaluating an investment for impairment, the Company reviews factors including the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer, changes in market interest rates and whether it is more likely than not the Company will be required to sell the investment before recovery of the investment’s cost basis. As of March 25, 2023, the Company does not consider any of its investments to be impaired.
 
As of March 26, 2022Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair Value
(Net Carrying Amount)
Corporate debt securities$70,296 $2 $(2,133)$68,165 
Non-U.S. government securities509 — (9)500 
U.S. Treasury securities5,483 — (169)5,314 
Agency discount notes385 — (14)371 
Total securities$76,673 $2 $(2,325)$74,350 
The Company’s specifically identified gross unrealized losses of $2.3 million related to securities with total amortized costs of approximately $75.5 million at March 26, 2022. Securities in a continuous unrealized loss position for more than 12 months as of March 26, 2022 had an aggregate amortized cost of $3.5 million and an aggregate unrealized loss of $0.1 million as of March 26, 2022. As of March 26, 2022, the Company did not consider any of its investments to be impaired.
The cost and estimated fair value of available-for-sale investments by contractual maturity were as follows:
 
 March 25, 2023March 26, 2022
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Within 1 year$35,824 $34,978 $10,697 $10,601 
After 1 year37,552 36,509 65,976 63,749 
Total$73,376 $71,487 $76,673 $74,350 
v3.23.1
Fair Value of Financial Instruments
 12 Months Ended
Mar. 25, 2023
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The Company has determined that the assets and liabilities in the Company’s financial statements that are required to be measured at fair value on a recurring basis are the Company’s cash equivalents and marketable securities portfolio. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
▪Level 1 — Quoted prices in active markets for identical assets or liabilities.
▪Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
▪Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
The Company’s cash equivalents and marketable securities portfolio consist of money market funds, commercial paper, debt securities, non-U.S government securities, U.S Treasury securities, and securities of U.S. government-sponsored enterprises, and are reflected on our consolidated balance sheet under the headings cash and cash equivalents, marketable securities, and long-term marketable securities. The Company determines the fair value of its marketable securities portfolio by obtaining non-binding market prices from its third-party pricing providers on the last day of the quarter, whose sources may use quoted prices in active markets for identical assets (Level 1 inputs) or inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs) in determining fair value.
The Company’s long-term revolving facility, described in Note 9 - Revolving Credit Facility, bears interest at a base rate plus applicable margin or forward-looking secured overnight financing rate ("Term SOFR") plus 10 basis points plus applicable margin.  As of March 25, 2023, there are no amounts drawn under the facility and the fair value is zero.
As of March 25, 2023 and March 26, 2022, 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 25, 2023 and March 26, 2022.
The following summarizes the fair value of our financial instruments at March 25, 2023 (in thousands):
 
Quoted Prices
in Active
Markets for
Identical
Assets
Level 1		Significant
Other
Observable
Inputs
Level 2		Significant
Unobservable
Inputs
Level 3		Total
Assets:
Cash equivalents
Money market funds$406,265 $— $— $406,265 
Available-for-sale securities
Corporate debt securities$— $65,019 $— $65,019 
Non-U.S. government securities— 507 — 507 
U.S. Treasury securities5,594 — — 5,594 
Agency discount notes— 367 — 367 
$5,594 $65,893 $— $71,487 

The following summarizes the fair value of our financial instruments at March 26, 2022 (in thousands):
Quoted Prices
in Active
Markets for
Identical
Assets
Level 1		Significant
Other
Observable
Inputs
Level 2		Significant
Unobservable
Inputs
Level 3		Total
Assets:
Cash equivalents
Money market funds$217,151 $— $— $217,151 
Commercial paper— 249 — 249 
$217,151 $249 $— $217,400 
Available-for-sale securities
Corporate debt securities$— $68,165 $— $68,165 
Non-U.S. government securities— 500 — 500 
U.S. Treasury securities5,314 — — 5,314 
Agency discount notes— 371 — 371 
$5,314 $69,036 $— $74,350 
v3.23.1
Derivative Financial Instruments
 12 Months Ended
Mar. 25, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Foreign Currency Forward Contracts
The Company uses foreign currency forward contracts to reduce the earnings impact that exchange rate fluctuations have on non-functional currency balance sheet exposures. The Company recognizes both the gains and losses on foreign currency forward contracts and the gains and losses on the remeasurement of non-functional currency assets and liabilities within "Other income (expense)" in the consolidated statements of income. The Company does not apply hedge accounting to these foreign currency derivative instruments.
As of March 25, 2023, the Company held one foreign currency forward contract denominated in British Pound Sterling with a notional value of $7.6 million. The fair value of this contract was not material as of March 25, 2023.
The before-tax effect of derivative instruments not designated as hedging instruments was as follows (in thousands):
Fiscal Years Ended
March 25, 2023March 26, 2022March 27, 2021Location
Gain (loss) recognized in income
Foreign currency forward contracts$(564)$(283)$3,212 Other income (expense)
v3.23.1
Accounts Receivable, net
 12 Months Ended
Mar. 25, 2023
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Accounts Receivable, net Accounts Receivable, net
The following are the components of accounts receivable, net (in thousands):
 
March 25, 2023March 26, 2022
Gross accounts receivable$150,473 $240,264 
Allowance for doubtful accounts— — 
Accounts receivable, net$150,473 $240,264 
The Company regularly evaluates the collectability of accounts receivable based on age, historical customer payment trends and ongoing customer relations. The allowance for doubtful accounts and recoveries on bad debt were immaterial for fiscal years 2023, 2022, and 2021.
The significant decrease in accounts receivable is due primarily to the volume and timing of shipments in the current fiscal quarter versus the fourth quarter of fiscal year 2022.
v3.23.1
Intangibles, net and Goodwill
 12 Months Ended
Mar. 25, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangibles, net and Goodwill Intangibles, net and Goodwill
In the fourth quarter of fiscal 2023, due to the prolonged weakness in the China smartphone market, which has had an adverse effect on sales of our general market battery and power products associated with the acquisition of Lion Semiconductor, Inc. ("Lion") (the "Acquisition"), the Company was prompted to assess the recoverability and fair value of the acquired intangible assets recorded in purchase accounting. The Company determined that a replacement cost approach was the most appropriate method to evaluate remaining fair value of the technology. As a result, the Company recorded an intangibles impairment charge of $85.8 million in fiscal year 2023.
The following information details the gross carrying amount, accumulated amortization, and net carrying value of our intangible assets subject to amortization (in thousands): 
 March 25, 2023March 26, 2022
Intangible Category /
Weighted-Average Remaining Amortization
Period (in years)		Gross
Amount		Accumulated
Amortization		Net Carrying ValueGross
Amount		Accumulated
Amortization		Net Carrying Value
Existing technology (5.3)
146,146 (110,792)35,354 255,995 (124,127)131,868 
In-process research & development (a)70,936 (70,936)— 70,936 (67,486)3,450 
Trademarks and tradename (0.5)
3,037 (2,973)64 3,037 (2,845)192 
Customer relationships (1.4)
15,381 (13,422)1,959 34,091 (14,379)19,712 
Technology licenses (1.7)
23,490 (21,991)1,499 22,376 (19,453)2,923 
Total$258,990 $(220,114)$38,876 $386,435 $(228,290)$158,145 
 
(a)Intangible assets are fully amortized as of March 25, 2023.

Amortization expense for intangibles in fiscal years 2023, 2022, and 2021 was $33.7 million, $29.0 million, and $14.5 million, respectively. The following table details the estimated aggregate amortization expense for all intangibles owned as of March 25, 2023, for each of the five succeeding fiscal years and in the aggregate thereafter (in thousands):
 
Fiscal Year
2024$9,221 
2025$7,600 
2026$6,681 
2027$6,589 
2028$6,589 
Thereafter$2,196 
The goodwill balance included on the consolidated balance sheet was $435.9 million and $435.8 million at March 25, 2023 and March 26, 2022, respectively.
v3.23.1
Acquisition
 12 Months Ended
Mar. 25, 2023
Business Combination and Asset Acquisition [Abstract]  
Acquisition Acquisition
There were no acquisitions completed during fiscal year 2023. During fiscal year 2022, the Company completed the acquisition of Lion. As a result of acquiring 100 percent of the outstanding share capital of Lion, Lion became a wholly-owned subsidiary of the Company. This transaction was accounted for as a business combination using the acquisition method of accounting. All of the acquired assets and liabilities of Lion have been recorded at their respective fair values as of the acquisition date.
At the acquisition date, total consideration transferred was approximately $280.5 million, inclusive of $4.9 million in cash acquired. During the third quarter of fiscal year 2022, an additional $1.2 million of consideration was paid related to contractual post-closing adjustment provisions. The remaining merger consideration of $31.0 million was subject to indemnity provisions as outlined in the merger agreement and paid during fiscal year 2023.
In addition, $25.4 million of the merger consideration relates to retention agreements with certain key employees that are subject to continued employment with the Company. The merger consideration subject to retention agreements is treated as compensation expense and is recognized over the retention period in "Research and development" expense in the consolidated statements of income.
The excess of the purchase price over the net assets acquired was recorded as goodwill during fiscal year 2022.
v3.23.1
Revolving Credit Facility
 12 Months Ended
Mar. 25, 2023
Debt Disclosure [Abstract]  
Revolving Credit Facility Revolving Credit Facility
On July 8, 2021, the Company entered into a second amended and restated credit agreement (the “Second Amended Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto. The Second Amended Credit Agreement provides for a $300 million senior secured revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility matures on July 8, 2026 (the “Maturity Date”). The Revolving Credit Facility is required to be guaranteed by all of Cirrus Logic’s material domestic subsidiaries (the "Subsidiary Guarantors"). The Revolving Credit Facility is secured by substantially all the assets of Cirrus Logic and any Subsidiary Guarantors, except for certain excluded assets.
On March 20, 2023, the Company, entered into the First Amendment (the "Amendment") to its Second Amended Credit Agreement, with the lending institutions party thereto and Wells Fargo Bank, National Association, as administrative agent. The Amendment updates the benchmark interest rate provisions to replace the London interbank offered rate ("LIBOR") with the forward-looking secured overnight financing rate ("Term SOFR"), for the purposes of calculating interest under the terms of the Second Amended Credit Agreement.
Borrowings under the Revolving Credit Facility may, at Cirrus Logic’s election, bear interest at either (a) a base rate plus the applicable margin ("Base Rate Loans") or (b) a Term SOFR rate plus a 10 basis point credit spread adjustment plus the applicable margin. The applicable margin ranges from 0% to 0.75% per annum for Base Rate Loans and 1.00% to 1.75% per annum for SOFR Loans based on the ratio of consolidated funded indebtedness to consolidated EBITDA for the most recently ended period of four consecutive fiscal quarters (the “Consolidated Leverage Ratio”). A Commitment Fee accrues at a rate per annum ranging from 0.175% to 0.275% (based on the Consolidated Leverage Ratio) on the average daily unused portion of the commitment of the lenders.
The Revolving Credit Facility contains certain financial covenants providing that (a) the ratio of consolidated funded indebtedness (minus up to $200 million of unrestricted cash and cash equivalents available on such date) to consolidated EBITDA for the prior four consecutive quarters must not be greater than 3.00 to 1.00 (the “Consolidated Net Leverage Ratio”) and (b) the ratio of consolidated EBITDA for the prior four consecutive quarters to consolidated interest expense paid or
payable in cash for the prior four consecutive quarters must not be less than 3.00 to 1.00 (the “Consolidated Interest Coverage Ratio”). The Second Amended Credit Agreement also contains negative covenants limiting the Company's or any Subsidiary's ability to, among other things, incur debt, grant liens, make investments, effect certain fundamental changes, make certain asset dispositions, and make certain restricted payments. Further, the Second Amended Credit Agreement contains customary affirmative covenants, including, among others, covenants regarding the payment of taxes and other obligations, maintenance of insurance, reporting requirements, and compliance with applicable laws and regulations.
As of March 25, 2023, the Company had no amounts outstanding under the Revolving Credit Facility and was in compliance with all covenants under the Second Amended Credit Agreement. 
As of March 25, 2023, future interest payment obligations based on forecasted commitment fees under the Revolving Credit Facility were as follows (in thousands):  

Fiscal Year
2024$528 
2025534 
2026532 
2027277 
2028— 
Thereafter— 
Total$1,871 
v3.23.1
Revenues
 12 Months Ended
Mar. 25, 2023
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Disaggregation of revenue
We disaggregate revenue from contracts with customers by product line and ship to location of the customer. Sales are designated in the product line categories of Audio and High-Performance Mixed-Signal ("HPMS").
Total net sales based on the product line disaggregation criteria described above are shown in the table below (in thousands).
Fiscal Years Ended
March 25, 2023March 26, 2022March 27, 2021
Audio Products$1,172,007 $1,187,126 $1,104,060 
HPMS Products725,610 594,334 265,170 
Total$1,897,617 $1,781,460 $1,369,230 

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

Fiscal Years Ended
March 25,March 26,March 27,
202320222021
China$1,230,602 $1,197,812 $1,024,178 
United States52,688 29,513 21,708 
Rest of World614,327 554,135 323,344 
Total$1,897,617 $1,781,460 $1,369,230 

See Note 2 - Summary of Significant Accounting Policies for additional discussion surrounding revenue recognition considerations.
v3.23.1
Leases
 12 Months Ended
Mar. 25, 2023
Leases [Abstract]  
Leases Leases
The Company has operating leases for corporate offices and certain office equipment. Our leases have remaining lease terms of 1 year to 26 years, some of which include options to extend the leases that are considered reasonably certain to be exercised. 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. All of the Company’s leases have been classified as operating leases.

The components of net operating lease expense were as follows (in thousands):
Fiscal Years Ended
March 25, 2023March 26, 2022
Operating lease - in excess of 12 months$18,071 $14,901 
Variable lease6,226 4,954 
Short-term lease86 22 
Operating lease income(464)(1,518)
Total net operating lease expense$23,919 $18,359 

Supplemental operating lease information:
Fiscal Years Ended
March 25, 2023March 26, 2022
Balance Sheet Information (in thousands)
Operating lease right-of-use assets$128,145 $171,003 
Operating lease liabilities$141,073 $177,842 
Cash Flow Information (in thousands)
Operating cash flows from operating leases$14,531 $14,634 
Non-Cash Information
Right-of-use assets obtained in exchange for new operating lease liabilities4,381 46,123 
Lease remeasurements(28,965)— 
Lease impairments(5,579)— 
Operating Lease Information
Weighted-average remaining lease term - operating leases (in years)1316
Weighted-average discount rate - operating leases4 %4 %
As of March 25, 2023, we have an additional operating lease, that has not yet commenced, with estimated lease obligations of approximately $24 million. This operating lease will commence in fiscal year 2024 with a lease term of approximately 10 years.
Future lease commitments under non-cancellable leases, including extension options reasonably anticipated to be exercised as of March 25, 2023, are as follows (in thousands):

Fiscal YearOperating Lease Expense
2024$18,631 
202519,598 
202618,043 
202716,489 
202816,882 
Thereafter106,651 
Total$196,294 
Less imputed interest and other(55,221)
Total$141,073 

Operating lease liabilities consisted of the following (in thousands):
March 25, 2023March 26, 2022
Current lease liabilities$18,442 $14,680 
Non-current lease liabilities122,631 163,162 
Total operating lease liabilities$141,073 $177,842 
v3.23.1
Lease Impairments and Restructuring
 12 Months Ended
Mar. 25, 2023
Restructuring and Related Activities [Abstract]  
Lease Impairments and Restructuring Lease Impairments and Restructuring
During the year ended March 25, 2023, the Company was focused on improving operational efficiency and accordingly took a number of steps, including reducing our global real estate footprint, product prioritization, and some restructuring actions.
In the fourth quarter of fiscal year 2023, as part of this strategy, the Company decided to abandon or sublease office space at various properties worldwide to align our real property lease arrangements with our anticipated operating needs. As a result, the Company recorded $10.6 million of lease impairments and restructuring charges which consisted of $6.9 million of impairment of right-of-use lease assets and leasehold improvements, and $3.7 million of other related charges in the fourth quarter of fiscal 2023.
Restructuring-related liabilities of $3.3 million are primarily presented within the "Other accrued liabilities" on the consolidated balance sheet. We expect the restructuring related liabilities to be substantially paid out in cash during fiscal year 2024. There were no restructuring-related liabilities as of March 26, 2022.
v3.23.1
Postretirement Benefit Plans
 12 Months Ended
Mar. 25, 2023
Retirement Benefits [Abstract]  
Postretirement Benefit Plans Postretirement Benefit PlansWe have Defined Contribution Plans (“the Plans”) covering all of our qualifying employees. Under the Plans, employees may elect to contribute any percentage of their annual compensation up to the annual regulatory limits. The Company made matching employee contributions of $10.2 million, $9.6 million, and $7.9 million during fiscal years 2023, 2022, and 2021, respectively.
v3.23.1
Equity Compensation
 12 Months Ended
Mar. 25, 2023
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 and subsequently amended on July 29, 2022. The Plan provides for granting of stock options, restricted stock awards, performance awards, phantom stock awards, and bonus stock awards, or any combination of the foregoing.  To date, the Company has granted stock options, restricted stock awards, phantom stock awards (also called restricted stock units), and performance awards (also called market stock units). Each stock option granted reduces the total shares available for grant under the Plan by one share. Each full value award granted (including restricted stock awards, restricted stock units and market stock units) reduces the total shares available for grant under the Plan by 1.5 shares. Stock options generally vest between one and four years, and are exercisable for a period of ten years from the date of grant. 
Restricted stock units are generally subject to vesting from one to three years, depending upon the terms of the grant. Market stock units are subject to a vesting schedule of three years.
The following table summarizes the activity in total shares available for grant (in thousands):
 
 Shares
 Available for
 Grant
Balance, March 28, 20202,095 
Shares added3,223 
Granted(1,491)
Forfeited198 
Balance, March 27, 20214,025 
Shares added— 
Granted(1,679)
Forfeited271 
Balance, March 26, 20222,617 
Shares added2,090 
Granted(2,536)
Forfeited303 
Balance, March 25, 20232,474 

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
 202320222021
Cost of sales$1,270 $1,024 $900 
Research and development57,312 44,154 37,483 
Sales, general and administrative23,059 21,214 18,379 
Effect on pre-tax income81,641 66,392 56,762 
Income Tax Benefit(15,184)(11,521)(9,558)
Total stock-based compensation expense (net of taxes)66,457 54,871 47,204 
Stock-based compensation effects on basic earnings per share$1.19 $0.96 $0.81 
Stock-based compensation effects on diluted earnings per share1.16 0.93 0.79 

The total stock-based compensation expense included in the table above and which is attributable to restricted stock units and market stock units was $78.0 million, $63.2 million, $53.6 million, for fiscal years 2023, 2022, and 2021, respectively. Stock-based compensation expense is presented within operating activities in the consolidated statement of cash flows.
As of March 25, 2023, there was $155.3 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 1.61 years for stock options, 1.62 years for restricted stock units, and 2.02 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 $1.4 million, $3.9 million and $2.2 million in fiscal years 2023, 2022, and 2021 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 25, 2023March 26, 2022March 27, 2021
Expected stock price volatility
35.18% - 46.50%
36.85% - 41.66%
43.85% - 43.99%
Risk-free interest rate
2.47% - 3.96%
0.82% - 1.62%
0.35% - 0.72%
Expected term (in years)
4.04 - 4.33
4.22 - 4.39
4.32 - 4.43
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 2023, 2022, and 2021, were $42.37, $37.31, and $33.81, respectively.
During fiscal years 2023, 2022, and 2021, we received a net $10.1 million, $13.2 million, and $7.1 million, respectively, from the exercise of 0.2 million, 0.3 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 2023, 2022, and 2021, was $11.4 million, $15.8 million, and $10.2 million, respectively. Intrinsic value represents the difference between the market value of the Company’s common stock at the time of exercise and the strike price of the stock option.

Additional information with respect to stock option activity is as follows (in thousands, except per share amounts):
 
 Outstanding Options
NumberWeighted
Average
Exercise Price
Balance, March 28, 20201,216 $44.01 
Options granted96 77.23 
Options exercised(236)30.26 
Options forfeited(17)56.27 
Options expired— — 
Balance, March 27, 20211,059 $49.87 
Options granted88 87.52 
Options exercised(327)40.31 
Options forfeited— — 
Options expired— — 
Balance, March 26, 2022820 $57.75 
Options granted143 96.33 
Options exercised(225)45.10 
Options forfeited(18)71.14 
Options expired— — 
Balance, March 25, 2023720 $69.03 
Additional information with regards to outstanding options that are vesting, expected to vest, or exercisable as of March 25, 2023 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 vest709 $68.63 6.67$26,208 
Exercisable452 $57.01 5.37$21,955 
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 $3.0 million, $4.6 million, and $4.8 million, became vested during fiscal years 2023, 2022, and 2021, respectively.
The following table summarizes information regarding outstanding and exercisable options as of March 25, 2023 (in thousands, except per share amounts):
 
 Options OutstandingOptions Exercisable
Weighted Average
Remaining
Contractual Life		Weighted
Average Exercise		NumberWeighted
Average
Range of Exercise PricesNumber(years)PriceExercisableExercise Price
$20.37 - $54.65
200 4.30$45.06 200 $45.06 
$55.72 - $68.56
215 5.7062.55 193 61.83 
$78 - $82.14
100 8.2078.53 39 78.27 
$82.81 - $82.81
21 9.1182.81 — — 
$88 - $88
81 8.9488.00 20 88.00 
$102.37 - $102.37
103 9.87102.37 — — 
720 6.71$69.03 452 $57.01 
As of March 25, 2023, March 26, 2022, and March 27, 2021, the number of options exercisable was 0.5 million, 0.6 million, and 0.7 million respectively.
Restricted Stock Units
Restricted stock units (“RSUs”) are valued as of the grant date and amortized over the requisite vesting period. Generally, RSUs vest 100 percent on the first to third anniversary of the grant date depending on the vesting specifications. A summary of the activity for RSUs in fiscal year 2023, 2022, and 2021 is presented below (in thousands, except per share amounts):
 
SharesWeighted
Average
Fair Value
March 28, 20202,680 $53.74 
Granted945 71.44 
Vested(881)52.97 
Forfeited(131)55.36 
March 27, 20212,613 $60.31 
Granted1,079 81.61 
Vested(935)43.96 
Forfeited(181)70.60 
March 26, 20222,576 $74.45 
Granted1,574 75.97 
Vested(877)70.02 
Forfeited(183)75.58 
March 25, 20233,090 $76.42 
The aggregate intrinsic value of RSUs outstanding as of March 25, 2023, March 26, 2022, and March 27, 2021 was $326.3 million, $225.9 million, and $216.9 million, respectively. Additional information with regards to outstanding RSUs that are expected to vest as of March 25, 2023, is as follows (in thousands, except year and per share amounts):
 
SharesWeighted
Average
Fair Value		Weighted Average
Remaining Contractual
Term (years)
Expected to vest2,896 $76.42 1.60
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 $61.4 million, $41.1 million, and $46.7 million became vested during fiscal years 2023, 2022, and 2021, respectively. The majority of RSUs that vested in 2023, 2022 and 2021 were net settled such that the Company withheld a portion of the shares to satisfy tax withholding requirements. In fiscal years 2023, 2022, and 2021 the vesting of RSUs reduced the authorized and unissued share balance by approximately 0.9 million, 0.9 million, and 0.9 million, respectively. Total shares withheld and subsequently retired out of the Plan were approximately 0.2 million, 0.3 million, and 0.3 million and total payments for the employees’ tax obligations to taxing authorities were $18.0 million, $22.0 million, and $18.4 million for fiscal years 2023, 2022, and 2021, respectively.
Market Stock Units
Market stock units (“MSUs”) vest based upon the relative total shareholder return (“TSR”) of the Company as compared to that of the Philadelphia Semiconductor Index (“the Index”). The requisite service period for these MSUs is also the vesting period, which is three years. The fair value of each MSU granted was determined on the date of grant using the Monte Carlo simulation, which calculates the present value of the potential outcomes of future stock prices of the Company and the Index over the requisite service period. The fair value is based on the risk-free rate of return, the volatilities of the stock price of the Company and the Index, the correlation of the stock price of the Company with the Index, and the dividend yield.
The fair values estimated from the Monte Carlo simulation were calculated using a dividend yield of zero and the following additional assumptions:
 
 Fiscal Years Ended
March 25,
2023		March 26,
2022		March 27,
2021
Expected stock price volatility
35.18% - 46.50%
41.66 %43.85 %
Risk-free interest rate
2.67% - 3.92%
1.46 %0.29 %
Expected term (in years)3.003.003.00
Using the Monte Carlo simulation, the weighted average estimated fair value of the MSUs granted in fiscal year 2023 was $135.87. A summary of the activity for MSUs in fiscal year 2023, 2022, and 2021 is presented below (in thousands, except per share amounts):
 
SharesWeighted
Average
Fair Value
March 28, 2020153 $68.71 
Granted28 83.96 
Vested— — 
Forfeited(48)64.92 
March 27, 2021133 $73.29 
Granted28 109.18 
Vested(30)50.11 
Forfeited(46)38.70 
March 26, 202285 $95.75 
Granted38 135.87 
Vested(10)87.43 
Forfeited(24)94.80 
March 25, 202389 $113.83 
The aggregate intrinsic value of MSUs outstanding as of March 25, 2023, March 26, 2022, and March 27, 2021 was $9.3 million, $7.5 million, and $11.0 million, respectively. Additional information with regard to outstanding MSUs that are expected to vest as of March 25, 2023 is as follows (in thousands, except year and per share amounts):

 
SharesWeighted
Average
Fair Value		Weighted Average
Remaining Contractual
Term (years)
Expected to vest82 $113.13 2.00
MSUs with a fair value of $0.8 million and $1.5 million became vested during fiscal year 2023 and 2022, respectively. No MSUs became vested in fiscal year 2021.
v3.23.1
Commitments and Contingencies
 12 Months Ended
Mar. 25, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Facilities and Equipment Under Operating Lease Agreements
We currently own our corporate headquarters and select surrounding properties. We lease certain of our other facilities and certain equipment under operating lease agreements, some of which have renewal options. Certain of these arrangements provide for lease payment increases based upon future fair market rates. As of March 25, 2023, our principal facilities are located in Austin, Texas and Edinburgh, Scotland, United Kingdom.
Total rent expense under operating leases was approximately $24.4 million, $19.9 million, and $19.2 million, for fiscal years 2023, 2022, and 2021, respectively. Rental income was $0.5 million, $1.5 million, and $1.4 million, for fiscal years 2023, 2022, and 2021, respectively.
See Note 11 - Leases for minimum future rental commitments and income under all operating leases as of March 25, 2023.
Capacity Reservation Agreement
On July 28, 2021, the Company entered into a Capacity Reservation and Wafer Supply Commitment Agreement (the “Capacity Reservation Agreement”) with GLOBALFOUNDRIES Singapore Pte. Ltd. (“GlobalFoundries”) to provide the Company a wafer capacity commitment and wafer pricing for Company products for calendar years 2022-2026 (the “Commitment Period”).
The Capacity Reservation Agreement requires GlobalFoundries to provide, and the Company to purchase, a defined number of wafers on a quarterly basis for the Commitment Period, subject to shortfall payments. In exchange for GlobalFoundries’ capacity commitment, the Company paid a $60 million non-refundable capacity reservation fee, which is amortized over the Commitment Period. This reservation fee is recorded in "Other current assets" and "Other assets" on the
consolidated balance sheets within the short-term or long-term classification, as appropriate. In addition, the Company pre-paid GlobalFoundries $195 million for future wafer purchases, which will be credited back to the Company as a portion of the price of wafers purchased beginning in the third quarter of calendar year 2023. This prepayment is currently recorded in "Prepaid wafers" and "Long-term prepaid wafers" on the consolidated balance sheets. As of March 25, 2023, the Company estimates its remaining purchase obligation to be approximately $1.2 billion of wafers from GlobalFoundries under the Capacity Reservation Agreement.
Purchase Commitments
We rely primarily on third-party foundries for our wafer manufacturing needs. With the exception of the terms of the Capacity Reservation Agreement described above, generally, our foundry agreements do not have volume purchase commitments and primarily provide for purchase commitments based on purchase orders. Cancellation fees or other charges may apply and are generally dependent upon whether wafers have been started or the stage of the manufacturing process at which the notice of cancellation is given.
In addition to our wafer supply arrangements, we contract with third-party assembly vendors to package the wafer die into finished products. Assembly and test vendors provide fixed-cost-per-unit pricing, as is common in the semiconductor industry.
The Company's purchase commitments primarily include the Company's obligations to purchase wafers and related assembly and testing services described above, in addition to future payments related to multi-year tool commitments.
Total future unconditional purchase commitments as of March 25, 2023 were as follows (in thousands):
Fiscal Year
2024$563,177 
2025379,973 
2026255,222 
2027164,425 
20282,658 
Thereafter— 
Total$1,365,455 
v3.23.1
Legal Matters
 12 Months Ended
Mar. 25, 2023
Loss Contingency, Information about Litigation Matters [Abstract]  
Legal Matters Legal MattersFrom time to time, we are involved in legal proceedings concerning matters arising in connection with the conduct of our business activities. We regularly evaluate the status of legal proceedings in which we are involved to assess whether a loss is probable or there is a reasonable possibility that a loss or additional loss may have been incurred and to determine if accruals are appropriate. We further evaluate each legal proceeding to assess whether an estimate of possible loss or range of loss can be made. Based on current knowledge, management does not believe that there are any pending matters that could potentially have a material adverse effect on our business, financial condition, results of operations or cash flows.
v3.23.1
Stockholders' Equity
 12 Months Ended
Mar. 25, 2023
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders' Equity
Share Repurchase Program
In January 2021, the Board of Directors authorized the repurchase of up to an additional $350 million of the Company’s common stock. Since inception, approximately $348.9 million of the Company’s common stock has been repurchased under the 2021 share repurchase authorization, leaving approximately $1.1 million available for repurchase under this authorization as of March 25, 2023. During the fiscal year ended March 25, 2023, the Company repurchased 2.4 million shares of its common stock for $191.4 million, at an average cost of $81.16 per share. 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 25, 2023. Additionally, in July 2022, the Company announced that the Board of Directors authorized the repurchase of up to an additional $500 million of the Company's common stock. No shares have been repurchased under the 2022 authorization as of March 25, 2023.
On August 16, 2022, the U.S. government enacted the Inflation Reduction Act, which, among other things, implemented a 1 percent excise tax on net stock repurchases. Based on our analysis of this provision, we do not believe that this legislation will have a material impact on our financial statements.
Preferred Stock
We have 5.0 million shares of Preferred Stock authorized. As of March 25, 2023, we have not issued any of the authorized shares.
v3.23.1
Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Mar. 25, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
Our accumulated other comprehensive income (loss) is comprised of foreign currency translation adjustments, unrealized gains and losses on investments classified as available-for-sale, and cumulative effects of adopting new accounting standards.
The following table summarizes the changes in the components of accumulated other comprehensive income (loss), net of tax (in thousands):
Foreign
Currency		Unrealized Gains
(Losses) on Securities		Cumulative Effect of Adoption of ASU 2018-02Total
Balance, March 27, 2021$294 $2,838 $(257)$2,875 
Current period foreign exchange translation(507)— — (507)
Current period marketable securities activity— (5,587)— (5,587)
Tax effect— 1,174 — 1,174 
Balance, March 26, 2022$(213)$(1,575)$(257)$(2,045)
Current period foreign exchange translation(834)— — (834)
Current period marketable securities activity— 430 — 430 
Tax effect— (90)— (90)
Balance, March 25, 2023$(1,047)$(1,235)$(257)$(2,539)
v3.23.1
Income Taxes
 12 Months Ended
Mar. 25, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income (loss) before income taxes consisted of (in thousands):
 Fiscal Years Ended
March 25,
2023		March 26,
2022		March 27,
2021
U.S.$(141,670)$(17,674)$19,189 
Non-U.S.396,409 386,337 226,057 
$254,739 $368,663 $245,246 

The provision (benefit) for income taxes consists of (in thousands):
 Fiscal Years Ended
March 25,
2023		March 26,
2022		March 27,
2021
Current:
U.S.$60,603 $4,483 $981 
Non-U.S.52,023 52,920 32,428 
Total current tax provision$112,626 $57,403 $33,409 
Deferred:
U.S.(28,529)(6,256)(192)
Non-U.S.(6,061)(8,839)(5,315)
Total deferred tax provision(34,590)(15,095)(5,507)
Total tax provision$78,036 $42,308 $27,902 
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 25,
2023		March 26,
2022		March 27,
2021
U.S. federal statutory rate21.0 21.0 21.0 
Foreign income taxed at different rates(14.4)(9.6)(8.4)
Stock-based compensation(0.3)(0.9)(0.8)
Foreign-derived intangible income deduction— (0.1)(0.3)
GILTI and Subpart F income30.6 10.0 7.8 
Foreign tax credits(7.7)(9.4)(7.4)
Change in valuation allowance0.2 (0.2)— 
Release of prior year unrecognized tax benefits— — (1.4)
Interest related to unrecognized tax benefits0.7 0.2 0.3 
Other0.5 0.5 0.6 
Effective tax rate30.6 11.5 11.4 
The legislation commonly referred to as the Tax Cuts and Jobs Act ("Tax Act") was enacted on December 22, 2017. Under the Tax Act, research and development expenses incurred for tax years beginning after December 31, 2021 must be capitalized and amortized over five or fifteen years for tax purposes, depending on where the research activities are conducted. The Company has elected to treat global intangible low-taxed income ("GILTI") as a period cost, so the capitalization of research and development costs in GILTI increased the Company's provision for income taxes beginning in fiscal year 2023.
The Tax Act also required companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax-deferred. We elected to pay the transition tax over the eight-year period provided in the Tax Act. As of March 25, 2023, the remaining balance of our transition tax obligation was $25.7 million, which will be paid over the next three years.
On August 16, 2022, the U.S. enacted the Inflation Reduction Act, which, among other things, implemented a 15 percent minimum tax on book income of certain large corporations and several tax incentives to promote clean energy. Based on our current analysis of these provisions, this legislation will not have a material impact on our financial statements.
Significant components of our deferred tax assets and liabilities as of March 25, 2023 and March 26, 2022 are (in thousands): 
March 25,
2023		March 26,
2022
Deferred tax assets:
Accrued expenses and allowances$7,913 $6,517 
Net operating loss carryforwards1,132 1,713 
Research and development tax credit carryforwards13,283 15,230 
Stock-based compensation24,842 18,952 
Lease liabilities21,602 26,653 
Capitalized research and development9,183 6,372 
Other1,119 651 
Total deferred tax assets$79,074 $76,088 
Valuation allowance for deferred tax assets(13,076)(13,088)
Net deferred tax assets$65,998 $63,000 
Deferred tax liabilities:
Depreciation and amortization$3,395 $3,574 
Right of use asset19,226 25,744 
Acquisition intangibles7,782 32,315 
Other37 — 
Total deferred tax liabilities$30,440 $61,633 
Total net deferred tax assets$35,558 $1,367 
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. The Company maintains a valuation allowance for certain deferred tax assets primarily relating to certain state net operating loss and state tax credit carryforwards due to the likelihood that they will expire or go unutilized. Our valuation allowance increased by $0.1 million in fiscal year 2023.  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 25, 2023, the Company had gross federal net operating loss carryforwards of $3.0 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 2024 through 2031. At March 25, 2023 the Company had gross foreign net operating loss carryforwards of $0.1 million that do not expire and gross state net operating loss carryforwards of $7.5 million that expire in fiscal years 2024 through 2030. In addition, the Company had $13.4 million of state business tax, minimum tax, and research and development tax credit carryforwards. Certain of these state tax credits will expire in fiscal years 2024 through 2034, and others do not expire.
At March 25, 2023, unremitted earnings of our foreign subsidiaries that can be distributed without tax consequence, other than withholding taxes that may apply based on the jurisdiction of the subsidiary, are not expected to be indefinitely reinvested. No taxes have been accrued for foreign withholding taxes on these earnings as these amounts are not material. We have not provided additional income taxes for other outside basis differences inherent in our foreign entities, as these amounts continue to be indefinitely reinvested in foreign operations. Determining the amount of unrecognized deferred tax liability related to all other outside basis differences in these entities is not practicable at this time.
On July 27, 2015, the U.S. Tax Court issued an opinion in Altera Corp. et al. v. Commissioner which concluded that the regulations relating to the treatment of stock-based compensation expense in intercompany cost-sharing arrangements were invalid. In 2016 the U.S. Internal Revenue Service appealed the decision to the U.S. Court of Appeals for the Ninth Circuit (the “Ninth Circuit”). On July 24, 2018, the Ninth Circuit issued a decision that was subsequently withdrawn and a reconstituted panel conferred on the appeal. On June 7, 2019, the Ninth Circuit reversed the decision of the U.S. Tax Court and upheld the cost-sharing regulations. On February 10, 2020, Altera Corp. filed a Petition for a Writ of Certiorari with the Supreme Court of the United States, which was denied by the Supreme Court on June 22, 2020. Although the issue is now resolved within the Ninth Circuit, the Ninth Circuit's opinion is not binding in other circuits. The potential impact of this issue on the Company, which is not located within the jurisdiction of the Ninth Circuit, is unclear at this time. We will continue to monitor developments related to this issue and the potential impact of those developments on the Company's current and prior fiscal years.
The following table summarizes the changes in the unrecognized tax benefits (in thousands): 
March 25,
2023		March 26,
2022
Beginning balance$32,879 $32,879 
Additions based on tax positions related to the current year— — 
Reductions based on tax positions related to the prior years— — 
Ending balance$32,879 $32,879 
At March 25, 2023, the Company had gross unrecognized tax benefits of $32.9 million, all of which would impact the effective tax rate if recognized. The Company’s unrecognized tax benefits are classified as “Non-current income taxes” in the consolidated balance sheet. The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes. During fiscal years 2023 and 2022 we recognized interest expense, net of tax, of approximately $1.7 million and $0.9 million, respectively. The total amount of interest accrued as of March 25, 2023 was $6.8 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 2023 remain open to examination by the major taxing jurisdictions to which the Company is subject, although carry forward attributes that were generated in tax years prior to fiscal year 2017 may be adjusted upon examination by the tax authorities if they have been, or will be, used in a future period. 
The Company's fiscal year 2017, 2018, and 2019 federal income tax returns are under examination by the U.S. Internal Revenue Service ("IRS").  The IRS has proposed adjustments that would increase U.S. taxable income related to transfer pricing matters with respect to our U.S. and U.K. affiliated companies and on May 17, 2022, the IRS issued a Revenue Agent’s Report asserting additional tax of approximately $170.5 million plus interest and imposing penalties of approximately $63.7 million. We do not agree with the IRS's positions and we intend to vigorously dispute the proposed adjustments. We intend to pursue resolution through the administrative process with the IRS Independent Office of Appeals and, if necessary, through judicial remedies. We expect it could take a number of years to reach resolution on these matters. Although the final resolution
of these matters is uncertain, the Company believes adequate amounts have been reserved for any adjustments to the provision for income taxes that may ultimately result. However, if the IRS prevails in these matters, the assessed tax, interest, and penalties, if any, could have an adverse impact on our financial position, results of operations, and cash flows in future periods. The Company is not under an income tax audit in any other major taxing jurisdiction.
v3.23.1
Segment Information
 12 Months Ended
Mar. 25, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
We determine our operating segments in accordance with Financial Accounting Standards Board (“FASB”) guidelines. Our Chief Executive Officer (“CEO”) has been identified as the chief operating decision maker under these guidelines.
The Company operates and tracks its results in one reportable segment, but reports revenue performance in two product lines: Audio and HPMS. Our CEO receives and uses enterprise-wide financial information to assess financial performance and allocate resources, rather than detailed information at a product line level. Additionally, our product lines have similar characteristics and customers. They share operations support functions such as sales, public relations, supply chain management, various research and development and engineering support, in addition to the general and administrative functions of human resources, legal, finance and information technology. Therefore, there is no complete, discrete financial information maintained for these product lines. Revenue by product line is disclosed in Note 10 - Revenues. Geographic details of revenue and property, plant and equipment are included below. 

Geographic Area
The following illustrates sales by ship to location of the customer (in thousands):
 Fiscal Years Ended
March 25,
2023		March 26,
2022		March 27,
2021
China$1,230,602 $1,197,812 $1,024,178 
Hong Kong223,405 325,433 170,605 
Vietnam93,760 72,162 10,115 
South Korea93,177 51,606 42,403 
India69,343 18,257 14,481 
United States52,688 29,513 21,708 
Rest of World134,642 86,677 85,740 
Total consolidated sales$1,897,617 $1,781,460 $1,369,230 

The following illustrates property, plant and equipment, net, by geographic locations, based on physical location (in thousands):
 Fiscal Years Ended
March 25,
2023		March 26,
2022
United States$132,633 $118,847 
United Kingdom20,675 28,612 
Rest of World9,664 9,618 
Total consolidated property, plant and equipment, net$162,972 $157,077 
v3.23.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Mar. 25, 2023
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
We prepare financial statements on a 52- or 53-week year that ends on the last Saturday in March. Fiscal years 2023, 2022, and 2021 were 52-week years. The next 53-week year will be fiscal year 2024.
Principles of Consolidation
Principles of Consolidation
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated.
Reclassifications
Reclassifications
Certain reclassifications have been made to prior year balances in order to conform to the current year’s presentation of financial information.
Use of Estimates
Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires the use of management estimates. These estimates are subjective in nature and involve judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at fiscal year-end and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents consist primarily of money market funds, commercial paper, and U.S. Government Treasury and Agency instruments with original maturities of three months or less at the date of purchase.
Business Combinations
Business Combinations
We account for business combinations using the acquisition method of accounting and allocate the fair value of acquisition consideration to the assets acquired and liabilities assumed based on their fair values at the acquisition date. The excess of the fair value of purchase consideration over the fair value of the assets acquired and liabilities assumed is recorded as goodwill. The results of operations of the business acquired is included in our consolidated statements of income beginning on the date of the acquisition.
Leases
Leases
We account for leases under ASC 842, Leases. 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 not included within the lease liability and right-of-use ("ROU") asset, but are recognized as an expense when incurred. As our leases typically do not provide an implicit rate, the Company determines 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.
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 ROU asset recognized for the lease term. Lease expense is recognized in the income statement over the lease term.
Inventories
Inventories
We use the lower of cost or net realizable value to value our inventories, with cost being determined on a first-in, first-out basis. One of the factors we consistently evaluate in the application of this method is the extent to which products are accepted into the marketplace. By policy, we evaluate market acceptance based on known business factors and conditions by comparing forecasted customer unit demand for our products over a specific future period, or demand horizon, to quantities on hand at the end of each accounting period.
On a quarterly and annual basis, we analyze inventories on a part-by-part basis. Product life cycles and the competitive nature of the industry are factors considered in the evaluation of customer unit demand at the end of each quarterly accounting period. Inventory on-hand in excess of forecasted demand is considered to have reduced market value and, therefore, the cost basis is adjusted to the lower of cost or net realizable value. Typically, market values for excess or obsolete inventories are considered to be zero. Inventory charges recorded for excess and obsolete inventory, including scrapped inventory, were $9.9 million and $6.5 million, in fiscal year 2023 and 2022, respectively. Inventory charges in fiscal year 2023 and 2022 related to a combination of quality issues and inventory exceeding demand.
Property, Plant and Equipment, net Property, Plant and Equipment, netProperty, plant and equipment is recorded at cost, net of depreciation and amortization. Depreciation and amortization is calculated on a straight-line basis over estimated economic lives, ranging from 3 to 39 years. Leasehold improvements are depreciated over the shorter of the term of the lease or the estimated useful life. Furniture, fixtures, machinery, and equipment are all depreciated over a useful life of 3 to 10 years, while buildings are depreciated over a period of up to 39 years. In general, our capitalized software is amortized over a useful life of 3 years, with capitalized enterprise resource planning software being amortized over a useful life of 10 years. Gains or losses related to retirements or dispositions of fixed assets are recognized in the period incurred. Additionally, if impairment indicators exist, the Company will assess the carrying value in relation to the calculated fair value of the associated asset.
Goodwill Goodwill 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. The Company tests goodwill 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 is 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 future cash flows. Significant management judgment is required in the forecasts of future operating results that are used in these evaluations. Following the quantitative test, an impairment charge would be recorded for the amount the carrying value exceeds the calculated fair value.
Long-Lived Assets
Long-Lived Assets
Intangible assets include purchased technology licenses and patents that are reported at cost and are amortized on a straight-line basis over their useful lives, generally ranging from 1 to 5 years. Acquired intangibles include existing technology, core technology or patents, license agreements, in-process research & development, trademarks, tradenames, customer relationships, and non-compete agreements. These assets are amortized on a straight-line basis over lives ranging from 1 to 15 years.
We regularly review whether facts or circumstances exist that indicate the carrying values of property, plant and equipment or other long-lived assets, including intangible assets, are impaired. We assess the recoverability of assets by comparing the projected undiscounted net cash flows associated with those assets to their respective 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. During the fourth quarter of fiscal year 2023, the Company recorded $85.8 million of acquired intangible asset impairment charges. See Note 7 — Intangibles, net and Goodwill for further detail. There were no other material intangible asset impairments recorded in fiscal years 2023, 2022, and 2021.
Foreign Currency Translation Foreign Currency TranslationSome of the Company's subsidiaries utilize the local currency as the functional currency. The Company’s main entities, including the entities that generate the majority of sales and employ the majority of employees, are U.S. dollar functional.
Concentration of Credit Risk
Concentration of Credit Risk
Financial instruments that potentially subject us to material concentrations of credit risk consist primarily of cash equivalents, marketable securities, long-term marketable securities, and trade accounts receivable. We are exposed to credit risk to the extent of the amounts recorded on the balance sheet. By policy, our cash equivalents, marketable securities, and long-term marketable securities are subject to certain nationally recognized credit standards, issuer concentrations, sovereign risk, and marketability or liquidity considerations.
In evaluating our trade receivables, we perform credit evaluations of our major customers’ financial condition and monitor closely all of our receivables to limit our financial exposure by limiting the length of time and amount of credit extended. In certain situations, we may require payment in advance or utilize letters of credit to reduce credit risk. By policy, we establish a reserve for trade accounts receivable based on the type of business in which a customer is engaged, the length of time a trade account receivable is outstanding, and other knowledge that we may possess relating to the probability that a trade receivable is at risk for non-payment.
We had three contract manufacturers aggregated at their parent level, Foxconn, Pegatron and Luxshare Precision, who represented 35 percent, 16 percent, 11 percent, respectively, of our consolidated gross trade accounts receivable as of the end of fiscal year 2023. We had two contract manufacturers aggregated at their parent level, Foxconn and Pegatron, who represented 49 percent and 17 percent, respectively, of our consolidated gross trade accounts receivable as of the end of fiscal year 2022. No other distributor or contract manufacturer had receivable balances that represented more than 10 percent of consolidated gross trade accounts receivable as of the end of fiscal year 2023 or 2022.
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 year 2023, our ten largest end customers represented approximately 92 percent and for each of fiscal years 2022 and 2021, our ten largest end customers represented 93 percent of our sales. For fiscal years 2023, 2022, and 2021, we had one end customer, Apple Inc., who purchased through multiple contract manufacturers and represented approximately 83 percent, 79 percent, and 83 percent, of the Company’s total sales, respectively. No other customer or distributor represented more than 10 percent of net sales in fiscal years 2023, 2022, or 2021.
Revenue Recognition, 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 a single type of good. This performance obligation is satisfied upon transfer of control of the promised goods to the customer, as defined per the shipping terms within the customer’s contract. The vast majority of the Company’s contracts with customers have an original expected term of one year or less. As allowed by ASC 606, the Company has not disclosed the value of any unsatisfied performance obligations related to these contracts.
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 rights of return, price protection and stock rotation. Rights of return 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.
Shipping Costs
Our shipping and handling costs are included in cost of sales for all periods presented in the consolidated statements of income.
Disaggregation of revenue
We disaggregate revenue from contracts with customers by product line and ship to location of the customer. Sales are designated in the product line categories of Audio and High-Performance Mixed-Signal ("HPMS").
Total net sales based on the product line disaggregation criteria described above are shown in the table below (in thousands).
Fiscal Years Ended
March 25, 2023March 26, 2022March 27, 2021
Audio Products$1,172,007 $1,187,126 $1,104,060 
HPMS Products725,610 594,334 265,170 
Total$1,897,617 $1,781,460 $1,369,230 
The geographic regions that are reviewed are China, the United States, and the rest of the world.
Advertising Costs Advertising CostsAdvertising costs are expensed as incurred.
Stock-Based Compensation
Stock-Based Compensation
Stock-based compensation is measured at the grant date based on the grant-date fair value of the awards and is recognized as an expense, on a ratable basis, over the vesting period, which is generally between 1 and 4 years. Determining the amount of stock-based compensation to be recorded requires the Company to develop estimates used in calculating the grant-date fair value of stock options and performance awards (also called market stock units). The Company calculates the grant-date fair value for stock options and market stock units using the Black-Scholes valuation model and the Monte Carlo simulation, respectively. The use of valuation models requires the Company to make estimates of assumptions such as expected volatility, expected term, risk-free interest rate, expected dividend yield, and forfeiture rates. The grant-date fair value of restricted stock units is the market value at grant date multiplied by the number of units.
Income Taxes
Income Taxes
We are required to calculate income taxes in each of the jurisdictions in which we operate. This process involves calculating the actual current tax liability as well as assessing temporary differences in the recognition of income or loss for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included in our consolidated balance sheet. We record a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized.  The Company evaluates the ability to realize its deferred tax assets based on all the facts and circumstances, including projections of future taxable income and expiration dates of carryover tax attributes.
The calculation of our tax liabilities involves assessing uncertainties with respect to the application of complex tax rules and the potential for future adjustment of our uncertain tax positions by the U.S. Internal Revenue Service or other taxing jurisdiction. We recognize liabilities for uncertain tax positions based on the required two-step process. The first step requires us to determine if the weight of available evidence indicates that the tax position has met the threshold for recognition; therefore, we must evaluate whether it is more likely than not that the position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step requires us to measure the tax benefit of the tax position taken, or expected to be taken, in an income tax return as the largest amount that is more than 50 percent likely of being realized upon ultimate settlement. We reevaluate the uncertain tax positions each quarter based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, expirations of statutes of limitation, effectively settled issues under audit, and new audit activity. A change in the recognition step or measurement step would result in the recognition of a tax benefit or an additional charge to the tax provision in the period.
Although we believe the measurement of our liabilities for uncertain tax positions is reasonable, we cannot assure that the final outcome of these matters will not be different than what is reflected in the historical income tax provisions and accruals. If additional taxes are assessed as a result of an audit or litigation, it could have a material effect on our income tax provision and net income in the period or periods for which that determination is made. We operate within multiple taxing jurisdictions and are subject to audit in these jurisdictions. These audits can involve complex issues which may require an extended period of time to resolve and could result in additional assessments of income tax. We believe adequate provisions for income taxes have been made for all periods. See Note 19 - Income Taxes for further detail.
Government Assistance
The Company benefits from the Research and Development Expenditure Credit (“RDEC”) program in the United Kingdom. The RDEC is recorded as an offset to research and development expenses in the consolidated statements of income, $26.2 million and $23.2 million in fiscal years 2023 and 2022, respectively. RDEC receivables are first settled against the Company's United Kingdom income taxes with the remainder paid in cash on an annual basis. RDEC receivables as of March 25, 2023, totaled $47.0 million, presented within "Other current Assets" and "Other assets" on the consolidated balance sheet. While the duration of RDEC benefits is indefinite, the program is subject to future policy changes and RDEC claims are subject to regular audits by the United Kingdom government.
Net Income Per Share
Net Income Per Share
Basic net income per share is based on the weighted effect of common shares issued and outstanding and is calculated by dividing net income by the basic weighted average shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average number of common shares used in the basic net income per share calculation, plus the equivalent number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares outstanding. These potentially dilutive items consist primarily of outstanding stock options and restricted stock grants.
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss
Our accumulated other comprehensive loss is comprised of foreign currency translation adjustments and unrealized gains and losses on investments classified as available-for-sale. See Note 18 — Accumulated Other Comprehensive Income (Loss) for additional discussion.
Recently Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832) – Disclosures by Business Entities about Government Assistance, which requires annual disclosures about transactions with a government that are accounted for by applying a grant or contribution type accounting model. The disclosures requires information about the nature and related policy used for the transactions, the line items on the balance sheet and income statement that are affected and the amounts applicable to each financial statement line item, and significant terms and conditions of the transactions. This ASU is effective for financial statements issued for annual periods beginning after December 15, 2021. The Company adopted this ASU in the fourth quarter of fiscal year 2023 on a prospective basis. See related policy discussion above.
In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured at the acquisition date in accordance with Revenue from Contracts with Customers (Topic 606) as if the acquirer had originated the contracts. Prior to the issuance of this ASU, contract assets and liabilities were recognized at fair value on the acquisition date. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within that fiscal year, with early adoption permitted, and should be applied on a prospective basis. The Company early adopted this ASU in the fourth quarter of fiscal year 2023 with no material impact to the financial statements.
Marketable Securities The Company’s investments have been classified as available-for-sale securities in accordance with U.S. GAAP. Marketable securities are categorized on the consolidated balance sheet as “Marketable securities” within the short-term or long-term classification, as appropriate.
v3.23.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Mar. 25, 2023
Accounting Policies [Abstract]  
Schedule of Inventories
Inventories were comprised of the following (in thousands):
 
March 25, 2023March 26, 2022
Work in process$116,088 $95,188 
Finished goods117,362 43,248 
$233,450 $138,436 
Components of Property, Plant and Equipment
Property, plant and equipment was comprised of the following (in thousands):
March 25, 2023March 26, 2022
Land$23,853 $23,853 
Buildings64,056 63,730 
Furniture and fixtures23,909 24,122 
Leasehold improvements55,733 53,611 
Machinery and equipment188,403 175,966 
Capitalized software26,889 26,491 
Construction in progress and other14,350 5,566 
Total property, plant and equipment397,193 373,339 
Less: Accumulated depreciation and amortization(234,221)(216,262)
Property, plant and equipment, net$162,972 $157,077 
Schedule of Earnings Per Share, Basic and Diluted
The following table details the calculation of basic and diluted earnings per share for fiscal years 2023, 2022, and 2021, (in thousands, except per share amounts):
 
 Fiscal Years Ended
March 25, 2023March 26, 2022March 27, 2021
Numerator:
Net income$176,703 $326,355 $217,344 
Denominator:
Weighted average shares outstanding55,614 57,278 58,106 
Effect of dilutive securities1,612 1,865 1,954 
Weighted average diluted shares57,226 59,143 60,060 
Basic earnings per share$3.18 $5.70 $3.74 
Diluted earnings per share$3.09 $5.52 $3.62 
v3.23.1
Marketable Securities (Tables)
 12 Months Ended
Mar. 25, 2023
Marketable Securities [Abstract]  
Schedule of Available-for-sale Securities
The following table is a summary of available-for-sale securities (in thousands):
 
As of March 25, 2023Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair Value
(Net Carrying Amount)
Corporate debt securities$66,753 $91 $(1,825)$65,019 
Non-U.S. government securities510 — (3)507 
U.S. Treasury securities5,728 17 (151)5,594 
Agency discount notes385 — (18)367 
Total securities$73,376 $108 $(1,997)$71,487 
As of March 26, 2022Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair Value
(Net Carrying Amount)
Corporate debt securities$70,296 $2 $(2,133)$68,165 
Non-U.S. government securities509 — (9)500 
U.S. Treasury securities5,483 — (169)5,314 
Agency discount notes385 — (14)371 
Total securities$76,673 $2 $(2,325)$74,350 
Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity
The cost and estimated fair value of available-for-sale investments by contractual maturity were as follows:
 
 March 25, 2023March 26, 2022
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Within 1 year$35,824 $34,978 $10,697 $10,601 
After 1 year37,552 36,509 65,976 63,749 
Total$73,376 $71,487 $76,673 $74,350 
v3.23.1
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Mar. 25, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Assets and Liabilities
The following summarizes the fair value of our financial instruments at March 25, 2023 (in thousands):
 
Quoted Prices
in Active
Markets for
Identical
Assets
Level 1		Significant
Other
Observable
Inputs
Level 2		Significant
Unobservable
Inputs
Level 3		Total
Assets:
Cash equivalents
Money market funds$406,265 $— $— $406,265 
Available-for-sale securities
Corporate debt securities$— $65,019 $— $65,019 
Non-U.S. government securities— 507 — 507 
U.S. Treasury securities5,594 — — 5,594 
Agency discount notes— 367 — 367 
$5,594 $65,893 $— $71,487 

The following summarizes the fair value of our financial instruments at March 26, 2022 (in thousands):
Quoted Prices
in Active
Markets for
Identical
Assets
Level 1		Significant
Other
Observable
Inputs
Level 2		Significant
Unobservable
Inputs
Level 3		Total
Assets:
Cash equivalents
Money market funds$217,151 $— $— $217,151 
Commercial paper— 249 — 249 
$217,151 $249 $— $217,400 
Available-for-sale securities
Corporate debt securities$— $68,165 $— $68,165 
Non-U.S. government securities— 500 — 500 
U.S. Treasury securities5,314 — — 5,314 
Agency discount notes— 371 — 371 
$5,314 $69,036 $— $74,350 
v3.23.1
Derivative Financial Instruments (Tables)
 12 Months Ended
Mar. 25, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Before-Tax Effect of Derivative Instruments Not Designated as Hedging Instruments The before-tax effect of derivative instruments not designated as hedging instruments was as follows (in thousands):
Fiscal Years Ended
March 25, 2023March 26, 2022March 27, 2021Location
Gain (loss) recognized in income
Foreign currency forward contracts$(564)$(283)$3,212 Other income (expense)
v3.23.1
Accounts Receivable, net (Tables)
 12 Months Ended
Mar. 25, 2023
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Components of Accounts Receivable, Net
The following are the components of accounts receivable, net (in thousands):
 
March 25, 2023March 26, 2022
Gross accounts receivable$150,473 $240,264 
Allowance for doubtful accounts— — 
Accounts receivable, net$150,473 $240,264 
v3.23.1
Intangibles, net and Goodwill (Tables)
 12 Months Ended
Mar. 25, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Gross Carrying Amount and Amortization of Intangible Assets
The following information details the gross carrying amount, accumulated amortization, and net carrying value of our intangible assets subject to amortization (in thousands): 
 March 25, 2023March 26, 2022
Intangible Category /
Weighted-Average Remaining Amortization
Period (in years)		Gross
Amount		Accumulated
Amortization		Net Carrying ValueGross
Amount		Accumulated
Amortization		Net Carrying Value
Existing technology (5.3)
146,146 (110,792)35,354 255,995 (124,127)131,868 
In-process research & development (a)70,936 (70,936)— 70,936 (67,486)3,450 
Trademarks and tradename (0.5)
3,037 (2,973)64 3,037 (2,845)192 
Customer relationships (1.4)
15,381 (13,422)1,959 34,091 (14,379)19,712 
Technology licenses (1.7)
23,490 (21,991)1,499 22,376 (19,453)2,923 
Total$258,990 $(220,114)$38,876 $386,435 $(228,290)$158,145 
 
(a)Intangible assets are fully amortized as of March 25, 2023.
Schedule of Estimated Aggregate Amortization Expense for Intangibles The following table details the estimated aggregate amortization expense for all intangibles owned as of March 25, 2023, for each of the five succeeding fiscal years and in the aggregate thereafter (in thousands): 
Fiscal Year
2024$9,221 
2025$7,600 
2026$6,681 
2027$6,589 
2028$6,589 
Thereafter$2,196 
v3.23.1
Revolving Credit Facility (Tables)
 12 Months Ended
Mar. 25, 2023
Debt Disclosure [Abstract]  
Schedule of Future Interest Payment Obligations
As of March 25, 2023, future interest payment obligations based on forecasted commitment fees under the Revolving Credit Facility were as follows (in thousands):  

Fiscal Year
2024$528 
2025534 
2026532 
2027277 
2028— 
Thereafter— 
Total$1,871 
v3.23.1
Revenues (Tables)
 12 Months Ended
Mar. 25, 2023
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
Total net sales based on the product line disaggregation criteria described above are shown in the table below (in thousands).
Fiscal Years Ended
March 25, 2023March 26, 2022March 27, 2021
Audio Products$1,172,007 $1,187,126 $1,104,060 
HPMS Products725,610 594,334 265,170 
Total$1,897,617 $1,781,460 $1,369,230 
Total net sales based on the geographic disaggregation criteria described are as follows (in thousands):

Fiscal Years Ended
March 25,March 26,March 27,
202320222021
China$1,230,602 $1,197,812 $1,024,178 
United States52,688 29,513 21,708 
Rest of World614,327 554,135 323,344 
Total$1,897,617 $1,781,460 $1,369,230 
v3.23.1
Leases (Tables)
 12 Months Ended
Mar. 25, 2023
Leases [Abstract]  
Schedule of Lease Expense and Other Information
The components of net operating lease expense were as follows (in thousands):
Fiscal Years Ended
March 25, 2023March 26, 2022
Operating lease - in excess of 12 months$18,071 $14,901 
Variable lease6,226 4,954 
Short-term lease86 22 
Operating lease income(464)(1,518)
Total net operating lease expense$23,919 $18,359 

Supplemental operating lease information:
Fiscal Years Ended
March 25, 2023March 26, 2022
Balance Sheet Information (in thousands)
Operating lease right-of-use assets$128,145 $171,003 
Operating lease liabilities$141,073 $177,842 
Cash Flow Information (in thousands)
Operating cash flows from operating leases$14,531 $14,634 
Non-Cash Information
Right-of-use assets obtained in exchange for new operating lease liabilities4,381 46,123 
Lease remeasurements(28,965)— 
Lease impairments(5,579)— 
Operating Lease Information
Weighted-average remaining lease term - operating leases (in years)1316
Weighted-average discount rate - operating leases4 %4 %
Schedule of Operating Lease Expense The components of net operating lease expense were as follows (in thousands):
Fiscal Years Ended
March 25, 2023March 26, 2022
Operating lease - in excess of 12 months$18,071 $14,901 
Variable lease6,226 4,954 
Short-term lease86 22 
Operating lease income(464)(1,518)
Total net operating lease expense$23,919 $18,359 
Schedule of Future Lease Commitments, Operating Lease Expense
Future lease commitments under non-cancellable leases, including extension options reasonably anticipated to be exercised as of March 25, 2023, are as follows (in thousands):

Fiscal YearOperating Lease Expense
2024$18,631 
202519,598 
202618,043 
202716,489 
202816,882 
Thereafter106,651 
Total$196,294 
Less imputed interest and other(55,221)
Total$141,073 
Schedule of Lease Liabilities
Operating lease liabilities consisted of the following (in thousands):
March 25, 2023March 26, 2022
Current lease liabilities$18,442 $14,680 
Non-current lease liabilities122,631 163,162 
Total operating lease liabilities$141,073 $177,842 
v3.23.1
Equity Compensation (Tables)
 12 Months Ended
Mar. 25, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Summary of Activity in Total Stock Available for Grant
The following table summarizes the activity in total shares available for grant (in thousands):
 
 Shares
 Available for
 Grant
Balance, March 28, 20202,095 
Shares added3,223 
Granted(1,491)
Forfeited198 
Balance, March 27, 20214,025 
Shares added— 
Granted(1,679)
Forfeited271 
Balance, March 26, 20222,617 
Shares added2,090 
Granted(2,536)
Forfeited303 
Balance, March 25, 20232,474 
Summary of Effect of Stock-Based Compensation
The following table summarizes the effects of stock-based compensation on cost of goods sold, research and development, sales, general and administrative, pre-tax income, and net income after taxes for shares granted under the Plan (in thousands, except per share amounts):
 
 Fiscal Year
 202320222021
Cost of sales$1,270 $1,024 $900 
Research and development57,312 44,154 37,483 
Sales, general and administrative23,059 21,214 18,379 
Effect on pre-tax income81,641 66,392 56,762 
Income Tax Benefit(15,184)(11,521)(9,558)
Total stock-based compensation expense (net of taxes)66,457 54,871 47,204 
Stock-based compensation effects on basic earnings per share$1.19 $0.96 $0.81 
Stock-based compensation effects on diluted earnings per share1.16 0.93 0.79 
Schedule of Fair Value of Stock Option Grants
We estimate the fair value of each stock option on the date of grant using the Black-Scholes option-pricing model using a dividend yield of zero and the following additional assumptions:

 
March 25, 2023March 26, 2022March 27, 2021
Expected stock price volatility
35.18% - 46.50%
36.85% - 41.66%
43.85% - 43.99%
Risk-free interest rate
2.47% - 3.96%
0.82% - 1.62%
0.35% - 0.72%
Expected term (in years)
4.04 - 4.33
4.22 - 4.39
4.32 - 4.43
Schedule of Stock Option Activity
Additional information with respect to stock option activity is as follows (in thousands, except per share amounts):
 
 Outstanding Options
NumberWeighted
Average
Exercise Price
Balance, March 28, 20201,216 $44.01 
Options granted96 77.23 
Options exercised(236)30.26 
Options forfeited(17)56.27 
Options expired— — 
Balance, March 27, 20211,059 $49.87 
Options granted88 87.52 
Options exercised(327)40.31 
Options forfeited— — 
Options expired— — 
Balance, March 26, 2022820 $57.75 
Options granted143 96.33 
Options exercised(225)45.10 
Options forfeited(18)71.14 
Options expired— — 
Balance, March 25, 2023720 $69.03 
Summary of Outstanding Options Vesting, Expected to Vest, or Exercisable
Additional information with regards to outstanding options that are vesting, expected to vest, or exercisable as of March 25, 2023 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 vest709 $68.63 6.67$26,208 
Exercisable452 $57.01 5.37$21,955 
Summary of Outstanding and Exercisable Options
The following table summarizes information regarding outstanding and exercisable options as of March 25, 2023 (in thousands, except per share amounts):
 
 Options OutstandingOptions Exercisable
Weighted Average
Remaining
Contractual Life		Weighted
Average Exercise		NumberWeighted
Average
Range of Exercise PricesNumber(years)PriceExercisableExercise Price
$20.37 - $54.65
200 4.30$45.06 200 $45.06 
$55.72 - $68.56
215 5.7062.55 193 61.83 
$78 - $82.14
100 8.2078.53 39 78.27 
$82.81 - $82.81
21 9.1182.81 — — 
$88 - $88
81 8.9488.00 20 88.00 
$102.37 - $102.37
103 9.87102.37 — — 
720 6.71$69.03 452 $57.01 
Summary of Restricted Stock and Restricted Stock Units Activity A summary of the activity for RSUs in fiscal year 2023, 2022, and 2021 is presented below (in thousands, except per share amounts): 
SharesWeighted
Average
Fair Value
March 28, 20202,680 $53.74 
Granted945 71.44 
Vested(881)52.97 
Forfeited(131)55.36 
March 27, 20212,613 $60.31 
Granted1,079 81.61 
Vested(935)43.96 
Forfeited(181)70.60 
March 26, 20222,576 $74.45 
Granted1,574 75.97 
Vested(877)70.02 
Forfeited(183)75.58 
March 25, 20233,090 $76.42 
Summary of Restricted Stock Units Vesting or Expected to Vest Additional information with regards to outstanding RSUs that are expected to vest as of March 25, 2023, is as follows (in thousands, except year and per share amounts): 
SharesWeighted
Average
Fair Value		Weighted Average
Remaining Contractual
Term (years)
Expected to vest2,896 $76.42 1.60
Summary of Monte Carlo Simulation Assumptions for Market Stock Units
The fair values estimated from the Monte Carlo simulation were calculated using a dividend yield of zero and the following additional assumptions:
 
 Fiscal Years Ended
March 25,
2023		March 26,
2022		March 27,
2021
Expected stock price volatility
35.18% - 46.50%
41.66 %43.85 %
Risk-free interest rate
2.67% - 3.92%
1.46 %0.29 %
Expected term (in years)3.003.003.00
Schedule of Market Stock Units Activity A summary of the activity for MSUs in fiscal year 2023, 2022, and 2021 is presented below (in thousands, except per share amounts): 
SharesWeighted
Average
Fair Value
March 28, 2020153 $68.71 
Granted28 83.96 
Vested— — 
Forfeited(48)64.92 
March 27, 2021133 $73.29 
Granted28 109.18 
Vested(30)50.11 
Forfeited(46)38.70 
March 26, 202285 $95.75 
Granted38 135.87 
Vested(10)87.43 
Forfeited(24)94.80 
March 25, 202389 $113.83 
Summary of Outstanding MSUs Expected to Vest Additional information with regard to outstanding MSUs that are expected to vest as of March 25, 2023 is as follows (in thousands, except year and per share amounts): 
SharesWeighted
Average
Fair Value		Weighted Average
Remaining Contractual
Term (years)
Expected to vest82 $113.13 2.00
v3.23.1
Commitment and Contingencies (Tables)
 12 Months Ended
Mar. 25, 2023
Commitments and Contingencies Disclosure [Abstract]  
Long-term Purchase Commitment
Total future unconditional purchase commitments as of March 25, 2023 were as follows (in thousands):
Fiscal Year
2024$563,177 
2025379,973 
2026255,222 
2027164,425 
20282,658 
Thereafter— 
Total$1,365,455 
v3.23.1
Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Mar. 25, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Summary of Changes in the Components of Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in the components of accumulated other comprehensive income (loss), net of tax (in thousands):
Foreign
Currency		Unrealized Gains
(Losses) on Securities		Cumulative Effect of Adoption of ASU 2018-02Total
Balance, March 27, 2021$294 $2,838 $(257)$2,875 
Current period foreign exchange translation(507)— — (507)
Current period marketable securities activity— (5,587)— (5,587)
Tax effect— 1,174 — 1,174 
Balance, March 26, 2022$(213)$(1,575)$(257)$(2,045)
Current period foreign exchange translation(834)— — (834)
Current period marketable securities activity— 430 — 430 
Tax effect— (90)— (90)
Balance, March 25, 2023$(1,047)$(1,235)$(257)$(2,539)
v3.23.1
Income Taxes (Tables)
 12 Months Ended
Mar. 25, 2023
Income Tax Disclosure [Abstract]  
Summary of Income Before Income Taxes Income (loss) before income taxes consisted of (in thousands):
 Fiscal Years Ended
March 25,
2023		March 26,
2022		March 27,
2021
U.S.$(141,670)$(17,674)$19,189 
Non-U.S.396,409 386,337 226,057 
$254,739 $368,663 $245,246 
Summary of Provision (Benefit) for Income Taxes The provision (benefit) for income taxes consists of (in thousands):
 Fiscal Years Ended
March 25,
2023		March 26,
2022		March 27,
2021
Current:
U.S.$60,603 $4,483 $981 
Non-U.S.52,023 52,920 32,428 
Total current tax provision$112,626 $57,403 $33,409 
Deferred:
U.S.(28,529)(6,256)(192)
Non-U.S.(6,061)(8,839)(5,315)
Total deferred tax provision(34,590)(15,095)(5,507)
Total tax provision$78,036 $42,308 $27,902 
Summary of Provision (Benefit) for Income Taxes, Statutory Federal Rate Pretax Income Reconciliation The effective income tax rates differ from the rates computed by applying the statutory federal rate to pretax income as follows (in percentages):
 Fiscal Years Ended
March 25,
2023		March 26,
2022		March 27,
2021
U.S. federal statutory rate21.0 21.0 21.0 
Foreign income taxed at different rates(14.4)(9.6)(8.4)
Stock-based compensation(0.3)(0.9)(0.8)
Foreign-derived intangible income deduction— (0.1)(0.3)
GILTI and Subpart F income30.6 10.0 7.8 
Foreign tax credits(7.7)(9.4)(7.4)
Change in valuation allowance0.2 (0.2)— 
Release of prior year unrecognized tax benefits— — (1.4)
Interest related to unrecognized tax benefits0.7 0.2 0.3 
Other0.5 0.5 0.6 
Effective tax rate30.6 11.5 11.4 
Significant Components of Deferred Tax Assets and Liabilities Significant components of our deferred tax assets and liabilities as of March 25, 2023 and March 26, 2022 are (in thousands): 
March 25,
2023		March 26,
2022
Deferred tax assets:
Accrued expenses and allowances$7,913 $6,517 
Net operating loss carryforwards1,132 1,713 
Research and development tax credit carryforwards13,283 15,230 
Stock-based compensation24,842 18,952 
Lease liabilities21,602 26,653 
Capitalized research and development9,183 6,372 
Other1,119 651 
Total deferred tax assets$79,074 $76,088 
Valuation allowance for deferred tax assets(13,076)(13,088)
Net deferred tax assets$65,998 $63,000 
Deferred tax liabilities:
Depreciation and amortization$3,395 $3,574 
Right of use asset19,226 25,744 
Acquisition intangibles7,782 32,315 
Other37 — 
Total deferred tax liabilities$30,440 $61,633 
Total net deferred tax assets$35,558 $1,367 
Reconciliation of Unrecognized Tax Benefits
The following table summarizes the changes in the unrecognized tax benefits (in thousands): 
March 25,
2023		March 26,
2022
Beginning balance$32,879 $32,879 
Additions based on tax positions related to the current year— — 
Reductions based on tax positions related to the prior years— — 
Ending balance$32,879 $32,879 
v3.23.1
Segment Information (Tables)
 12 Months Ended
Mar. 25, 2023
Segment Reporting [Abstract]  
Schedule of Sales by Geographic Location Based on Customer Ship To Location The following illustrates sales by ship to location of the customer (in thousands):
 Fiscal Years Ended
March 25,
2023		March 26,
2022		March 27,
2021
China$1,230,602 $1,197,812 $1,024,178 
Hong Kong223,405 325,433 170,605 
Vietnam93,760 72,162 10,115 
South Korea93,177 51,606 42,403 
India69,343 18,257 14,481 
United States52,688 29,513 21,708 
Rest of World134,642 86,677 85,740 
Total consolidated sales$1,897,617 $1,781,460 $1,369,230 
Schedule of Property, Plant, and Equipment, Net, by Geographic Location The following illustrates property, plant and equipment, net, by geographic locations, based on physical location (in thousands):
 Fiscal Years Ended
March 25,
2023		March 26,
2022
United States$132,633 $118,847 
United Kingdom20,675 28,612 
Rest of World9,664 9,618 
Total consolidated property, plant and equipment, net$162,972 $157,077 
v3.23.1
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Mar. 27, 2021
Inventory Disclosure [Abstract]      
Inventory write-down $ 9,900 $ 6,500  
Property, Plant and Equipment, Net [Abstract]      
Equipment disposal charges, net of recovery 1,300    
Gain on sale of assets 0 0 $ 0
Depreciation and amortization expense on property, plant and equipment 27,100 24,800 24,900
Intangible Assets, Net (Including Goodwill) [Abstract]      
Impairment of goodwill 0 0 0
Intangibles impairment 85,760 0 0
Marketing and Advertising Expense [Abstract]      
Advertising costs $ 500 $ 900 $ 900
Government Assistance [Abstract]      
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration] Research and development Research and development  
Earnings Per Share [Abstract]      
Weighted outstanding options excluded from diluted calculation (in shares) 268 113 187
Research and Development Expenditure Credit (“RDEC”)      
Government Assistance [Abstract]      
Government assistance, amount $ 26,200 $ 23,200  
Government assistance, amount, cumulative $ 47,000    
Foxconn | Accounts Receivable | Customer Concentration Risk      
Concentration Of Credit Risk [Abstract]      
Concentration risk, percentage 35.00% 49.00%  
Pegatron | Accounts Receivable | Customer Concentration Risk      
Concentration Of Credit Risk [Abstract]      
Concentration risk, percentage 16.00% 17.00%  
Luxshare Precision | Accounts Receivable | Customer Concentration Risk      
Concentration Of Credit Risk [Abstract]      
Concentration risk, percentage 11.00%    
Ten Largest Customers | Sales Revenue, Net | Customer Concentration Risk      
Concentration Of Credit Risk [Abstract]      
Concentration risk, percentage 92.00% 93.00% 93.00%
Apple, Inc. | Sales Revenue, Net | Customer Concentration Risk      
Concentration Of Credit Risk [Abstract]      
Concentration risk, percentage 83.00% 79.00% 83.00%
Capitalized Software      
Property, Plant and Equipment, Net [Abstract]      
Estimated useful life 3 years    
Capitalized Enterprise Resource Planning Software      
Property, Plant and Equipment, Net [Abstract]      
Estimated useful life 10 years    
Minimum      
Intangible Assets, Net (Including Goodwill) [Abstract]      
Intangible assets, useful life 1 year    
Acquired intangible assets, useful life 1 year    
Contract Balance Payment Terms [Abstract]      
Contract balance, payment term 30 days    
Share-based Compensation [Abstract]      
Share-based compensation, vesting period 1 year    
Minimum | Property, Plant and Equipment      
Property, Plant and Equipment, Net [Abstract]      
Estimated useful life 3 years    
Minimum | Furniture, Fixtures, Machinery and Equipment      
Property, Plant and Equipment, Net [Abstract]      
Estimated useful life 3 years    
Maximum      
Intangible Assets, Net (Including Goodwill) [Abstract]      
Intangible assets, useful life 5 years    
Acquired intangible assets, useful life 15 years    
Contract Balance Payment Terms [Abstract]      
Contract balance, payment term 60 days    
Share-based Compensation [Abstract]      
Share-based compensation, vesting period 4 years    
Maximum | Property, Plant and Equipment      
Property, Plant and Equipment, Net [Abstract]      
Estimated useful life 39 years    
Maximum | Furniture, Fixtures, Machinery and Equipment      
Property, Plant and Equipment, Net [Abstract]      
Estimated useful life 10 years    
Maximum | Buildings      
Property, Plant and Equipment, Net [Abstract]      
Estimated useful life 39 years    
v3.23.1
Summary of Significant Accounting Policies (Schedule of Inventories) (Details) - USD ($)
$ in Thousands
Mar. 25, 2023
Mar. 26, 2022
Accounting Policies [Abstract]    
Work in process $ 116,088 $ 95,188
Finished goods 117,362 43,248
Inventories $ 233,450 $ 138,436
v3.23.1
Summary of Significant Accounting Policies (Components of Property, Plant and Equipment) (Details) - USD ($)
$ in Thousands
Mar. 25, 2023
Mar. 26, 2022
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment $ 397,193 $ 373,339
Less: Accumulated depreciation and amortization (234,221) (216,262)
Property, plant and equipment, net 162,972 157,077
Land    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 23,853 23,853
Buildings    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 64,056 63,730
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 23,909 24,122
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 55,733 53,611
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 188,403 175,966
Capitalized software    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 26,889 26,491
Construction in progress and other    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment $ 14,350 $ 5,566
v3.23.1
Summary of Significant Accounting Policies (Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Mar. 27, 2021
Numerator:      
Net income $ 176,703 $ 326,355 $ 217,344
Denominator:      
Weighted average shares outstanding (in shares) 55,614 57,278 58,106
Effect of dilutive securities (in shares) 1,612 1,865 1,954
Weighted average diluted shares (in shares) 57,226 59,143 60,060
Basic earnings per share (in dollars per share) $ 3.18 $ 5.70 $ 3.74
Diluted earnings per share (in dollars per share) $ 3.09 $ 5.52 $ 3.62
v3.23.1
Marketable Securities (Schedule of Available-for-sale Securities) (Details) - USD ($)
$ in Thousands
Mar. 25, 2023
Mar. 26, 2022
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 73,376 $ 76,673
Gross Unrealized Gains 108 2
Gross Unrealized Losses (1,997) (2,325)
Estimated Fair Value (Net Carrying Amount) 71,487 74,350
Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 66,753 70,296
Gross Unrealized Gains 91 2
Gross Unrealized Losses (1,825) (2,133)
Estimated Fair Value (Net Carrying Amount) 65,019 68,165
Non-U.S. government securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 510 509
Gross Unrealized Gains 0 0
Gross Unrealized Losses (3) (9)
Estimated Fair Value (Net Carrying Amount) 507 500
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 5,728 5,483
Gross Unrealized Gains 17 0
Gross Unrealized Losses (151) (169)
Estimated Fair Value (Net Carrying Amount) 5,594 5,314
Agency discount notes    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 385 385
Gross Unrealized Gains 0 0
Gross Unrealized Losses (18) (14)
Estimated Fair Value (Net Carrying Amount) $ 367 $ 371
v3.23.1
Marketable Securities (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Debt Securities, Available-for-sale [Line Items]    
Gross unrealized losses $ 1,997 $ 2,325
Amortized cost on available for sale securities held at gross unrealized loss 64,000 75,500
Securities in a continuous unrealized loss position for more than 12 months, amortized cost 56,300 3,500
Securities in a continuous unrealized loss position for more than 12 months, aggregate unrealized loss $ 1,900 $ 100
Minimum    
Debt Securities, Available-for-sale [Line Items]    
Maturity period for highly-rated securities 1 year  
Maximum    
Debt Securities, Available-for-sale [Line Items]    
Maturity period for highly-rated securities 3 years  
v3.23.1
Marketable Securities (Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity) (Details) - USD ($)
$ in Thousands
Mar. 25, 2023
Mar. 26, 2022
Marketable Securities [Abstract]    
Within 1 year, Amortized Cost $ 35,824 $ 10,697
After 1 year, Amortized Cost 37,552 65,976
Amortized Cost 73,376 76,673
Within 1 year, Estimated Fair Value 34,978 10,601
After 1 year, Estimated Fair Value 36,509 63,749
Estimated Fair Value (Net Carrying Amount) $ 71,487 $ 74,350
v3.23.1
Fair Value of Financial Instruments (Narrative) (Details) - USD ($)
Mar. 20, 2023
Mar. 25, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term line of credit, noncurrent   $ 0
Long-term revolving facility, fair value   0
Second Amended Credit Agreement Revolving Credit Facility    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term line of credit, noncurrent   $ 0
Second Amended Credit Agreement Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Basis spread on variable interest rate 0.10%  
v3.23.1
Fair Value of Financial Instruments (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Mar. 25, 2023
Mar. 26, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   $ 217,400
Available-for-sale securities $ 71,487 74,350
Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   217,151
Available-for-sale securities 5,594 5,314
Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   249
Available-for-sale securities 65,893 69,036
Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   0
Available-for-sale securities 0 0
Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 65,019 68,165
Corporate debt securities | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Corporate debt securities | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 65,019 68,165
Corporate debt securities | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Non-U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 507 500
Non-U.S. government securities | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Non-U.S. government securities | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 507 500
Non-U.S. government securities | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
U.S. Treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 5,594 5,314
U.S. Treasury securities | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 5,594 5,314
U.S. Treasury securities | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
U.S. Treasury securities | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Agency discount notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 367 371
Agency discount notes | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Agency discount notes | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 367 371
Agency discount notes | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 406,265 217,151
Money market funds | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 406,265 217,151
Money market funds | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Money market funds | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 0 0
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   249
Commercial paper | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   0
Commercial paper | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   249
Commercial paper | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   $ 0
v3.23.1
Derivative Financial Instruments (Details)
$ in Thousands
 12 Months Ended
Mar. 25, 2023
USD ($)
derivtive
Mar. 26, 2022
USD ($)
Mar. 27, 2021
USD ($)
Derivative Instruments, Gain (Loss) [Line Items]      
Number of foreign currency derivatives held | derivtive 1    
Notional value of foreign currency forward contract $ 7,600    
Foreign currency forward contracts | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) recognized in income, foreign currency forward contracts $ (564) $ (283) $ 3,212
v3.23.1
Accounts Receivable, net (Components of Accounts Receivable, Net) (Details) - USD ($)
$ in Thousands
Mar. 25, 2023
Mar. 26, 2022
Accounts Receivable, after Allowance for Credit Loss [Abstract]    
Gross accounts receivable $ 150,473 $ 240,264
Allowance for doubtful accounts 0 0
Accounts receivable, net $ 150,473 $ 240,264
v3.23.1
Intangibles, net and Goodwill (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Mar. 27, 2021
Goodwill and Intangible Assets Disclosure [Abstract]      
Intangibles impairment $ 85,760 $ 0 $ 0
Amortization expense for intangibles 33,700 29,000 $ 14,500
Goodwill $ 435,936 $ 435,791  
v3.23.1
Intangibles, net and Goodwill (Schedule of Gross Carrying Amount and Amortization of Intangible Assets) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Finite-Lived Intangible Assets [Line Items]    
Gross Amount $ 258,990 $ 386,435
Accumulated Amortization (220,114) (228,290)
Net Carrying Value $ 38,876 158,145
Existing technology    
Finite-Lived Intangible Assets [Line Items]    
Weighted-average amortization period 5 years 3 months 18 days  
Gross Amount $ 146,146 255,995
Accumulated Amortization (110,792) (124,127)
Net Carrying Value 35,354 131,868
In-process research & development (“IPR&D”)    
Finite-Lived Intangible Assets [Line Items]    
Gross Amount 70,936 70,936
Accumulated Amortization (70,936) (67,486)
Net Carrying Value $ 0 3,450
Trademarks and tradename    
Finite-Lived Intangible Assets [Line Items]    
Weighted-average amortization period 6 months  
Gross Amount $ 3,037 3,037
Accumulated Amortization (2,973) (2,845)
Net Carrying Value $ 64 192
Customer Relationships    
Finite-Lived Intangible Assets [Line Items]    
Weighted-average amortization period 1 year 4 months 24 days  
Gross Amount $ 15,381 34,091
Accumulated Amortization (13,422) (14,379)
Net Carrying Value $ 1,959 19,712
Technology licenses    
Finite-Lived Intangible Assets [Line Items]    
Weighted-average amortization period 1 year 8 months 12 days  
Gross Amount $ 23,490 22,376
Accumulated Amortization (21,991) (19,453)
Net Carrying Value $ 1,499 $ 2,923
v3.23.1
Intangibles, net and Goodwill (Schedule of Estimated Aggregate Amortization Expense for Intangibles) (Details)
$ in Thousands
Mar. 25, 2023
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2024 $ 9,221
2025 7,600
2026 6,681
2027 6,589
2028 6,589
Thereafter $ 2,196
v3.23.1
Acquisition - Narrative (Details) - Lion Semiconductor, Inc. - USD ($)
$ in Millions
 3 Months Ended
Jul. 20, 2021
Dec. 25, 2021
Mar. 25, 2023
Business Acquisition [Line Items]      
Outstanding share capital 100.00%    
Total consideration transferred $ 280.5    
Cash acquired 4.9    
Consideration paid   $ 1.2  
Additional merger consideration subject to indemnity and adjustment provisions     $ 31.0
Merger consideration - retention $ 25.4    
v3.23.1
Revolving Credit Facility (Details) - USD ($)
Mar. 20, 2023
Jul. 08, 2021
Mar. 25, 2023
Line of Credit Facility [Line Items]      
Long-term line of credit, noncurrent     $ 0
Second Amended Credit Agreement Revolving Credit Facility      
Line of Credit Facility [Line Items]      
Line of credit facility maximum borrowing capacity   $ 300,000,000  
Debt covenant, exclusion of unrestricted cash and cash equivalents for ratio of consolidated funded indebtedness $ 200,000,000    
Debt covenant, maximum consolidated net leverage ratio 3.00    
Debt covenant, minimum consolidated interest coverage ratio 3.00    
Long-term line of credit, noncurrent     $ 0
Second Amended Credit Agreement Revolving Credit Facility | Minimum      
Line of Credit Facility [Line Items]      
Line of credit facility, unused capacity, commitment fee percentage   0.175%  
Second Amended Credit Agreement Revolving Credit Facility | Maximum      
Line of Credit Facility [Line Items]      
Line of credit facility, unused capacity, commitment fee percentage   0.275%  
Second Amended Credit Agreement Revolving Credit Facility | Base Rate | Minimum      
Line of Credit Facility [Line Items]      
Basis spread on variable interest rate   0.00%  
Second Amended Credit Agreement Revolving Credit Facility | Base Rate | Maximum      
Line of Credit Facility [Line Items]      
Basis spread on variable interest rate   0.75%  
Second Amended Credit Agreement Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)      
Line of Credit Facility [Line Items]      
Basis spread on variable interest rate 0.10%    
Second Amended Credit Agreement Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum      
Line of Credit Facility [Line Items]      
Basis spread on variable interest rate 1.00%    
Second Amended Credit Agreement Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum      
Line of Credit Facility [Line Items]      
Basis spread on variable interest rate 1.75%    
v3.23.1
Revolving Credit Facility - Future Interest Payment Obligations (Details)
$ in Thousands
Mar. 25, 2023
USD ($)
Future Interest Payment Obligations [Roll Forward]  
2024 $ 528
2025 534
2026 532
2027 277
2028 0
Thereafter 0
Total $ 1,871
v3.23.1
Revenues - Product Line Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Mar. 27, 2021
Disaggregation of Revenue [Line Items]      
Net sales $ 1,897,617 $ 1,781,460 $ 1,369,230
Audio Products      
Disaggregation of Revenue [Line Items]      
Net sales 1,172,007 1,187,126 1,104,060
HPMS Products      
Disaggregation of Revenue [Line Items]      
Net sales $ 725,610 $ 594,334 $ 265,170
v3.23.1
Revenues - Geographic Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Mar. 27, 2021
Disaggregation of Revenue [Line Items]      
Net sales $ 1,897,617 $ 1,781,460 $ 1,369,230
China      
Disaggregation of Revenue [Line Items]      
Net sales 1,230,602 1,197,812 1,024,178
United States      
Disaggregation of Revenue [Line Items]      
Net sales 52,688 29,513 21,708
Rest of World      
Disaggregation of Revenue [Line Items]      
Net sales $ 614,327 $ 554,135 $ 323,344
v3.23.1
Leases (Narrative) (Details)
$ in Millions
Mar. 25, 2023
USD ($)
Lessee, Lease, Description [Line Items]  
Operating lease undiscounted amount $ 24
Operating lease term of contract 10 years
Minimum  
Lessee, Lease, Description [Line Items]  
Lease term 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Lease term 26 years
v3.23.1
Leases (Schedule of Lease Expense, Lease Income, and Other Information) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Leases [Abstract]    
Operating lease - in excess of 12 months $ 18,071 $ 14,901
Variable lease 6,226 4,954
Short-term lease 86 22
Operating lease income (464) (1,518)
Total net operating lease expense $ 23,919 $ 18,359
Operating Lease Income Comprehensive Income Extensible List Not Disclosed Flag Operating lease income Operating lease income
Balance Sheet Information (in thousands)    
Operating lease right-of-use assets $ 128,145 $ 171,003
Operating lease liabilities 141,073 177,842
Cash Flow Information (in thousands)    
Operating cash flows from operating leases 14,531 14,634
Non-Cash Information    
Right-of-use assets obtained in exchange for new operating lease liabilities 4,381 46,123
Lease remeasurements (28,965) 0
Lease impairments $ (5,579) $ 0
Operating Lease Information    
Weighted-average remaining lease term - operating leases (in years) 13 years 16 years
Weighted-average discount rate - operating leases 4.00% 4.00%
v3.23.1
Leases (Schedule of Future Lease Commitments) (Details) - USD ($)
$ in Thousands
Mar. 25, 2023
Mar. 26, 2022
Operating Lease Expense    
2024 $ 18,631  
2025 19,598  
2026 18,043  
2027 16,489  
2028 16,882  
Thereafter 106,651  
Total 196,294  
Less imputed interest and other (55,221)  
Total $ 141,073 $ 177,842
v3.23.1
Leases (Schedule of Lease Liabilities) (Details) - USD ($)
$ in Thousands
Mar. 25, 2023
Mar. 26, 2022
Leases [Abstract]    
Current lease liabilities $ 18,442 $ 14,680
Non-current lease liabilities 122,631 163,162
Total operating lease liabilities $ 141,073 $ 177,842
v3.23.1
Lease Impairments and Restructuring (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 25, 2023
Mar. 25, 2023
Mar. 26, 2022
Mar. 27, 2021
Restructuring and Related Activities [Abstract]        
Lease impairments and restructuring   $ 10,632 $ 0 $ 352
Impairment of right-of-use assets and leasehold improvements $ 6,900      
Other related charges 3,700      
Accrued restructuring charges $ 3,300 $ 3,300 $ 0  
v3.23.1
Postretirement Benefit Plans (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Mar. 27, 2021
Retirement Benefits [Abstract]      
Employee matching contribution $ 10.2 $ 9.6 $ 7.9
v3.23.1
Equity Compensation (Narrative) (Details)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Mar. 25, 2023
USD ($)
$ / shares
shares
Mar. 26, 2022
USD ($)
$ / shares
shares
Mar. 27, 2021
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares available for grant reduction ratio 1.5    
Stock-based compensation expense $ 81,641 $ 66,392 $ 56,762
Excess tax benefits, amount 1,400 3,900 2,200
Net amount received from exercise of stock options granted $ 10,100 $ 13,200 $ 7,100
Options exercised (in shares) | shares 225 327 236
Total intrinsic value of stock options exercised $ 11,400 $ 15,800 $ 10,200
Fair value of options that became vested during the period $ 3,000 $ 4,600 $ 4,800
Number of options exercisable (in shares) | shares 452 600 700
Weighted Average Estimated Fair Value Using Black-Scholes Option Valuation Model      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Fair value of stock options granted under the Black-Scholes valuation model (in dollars per share) | $ / shares $ 42.37 $ 37.31 $ 33.81
Employee Stock Option      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation costs related to equity incentive plans, weighted average recognition period 1 year 7 months 9 days    
Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation costs related to equity incentive plans, weighted average recognition period 1 year 7 months 13 days    
Vesting percentage 100.00%    
Intrinsic value of awards outstanding $ 326,300 $ 225,900 $ 216,900
Fair value of awards vested $ 61,400 $ 41,100 $ 46,700
Shares vested (in shares) | shares 877 935 881
Shares withheld to satisfy tax withholding requirements (in shares) | shares 200 300 300
Payment to taxing authorities $ 18,000 $ 22,000 $ 18,400
Weighted averaged estimated fair value of awards granted (in dollars per share) | $ / shares $ 75.97 $ 81.61 $ 71.44
Market Stock Unit (MSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, vesting period 3 years    
Compensation costs related to equity incentive plans, weighted average recognition period 2 years 7 days    
Intrinsic value of awards outstanding $ 9,300 $ 7,500 $ 11,000
Fair value of awards vested $ 800 $ 1,500 $ 0
Shares vested (in shares) | shares 10 30 0
Weighted averaged estimated fair value of awards granted (in dollars per share) | $ / shares $ 135.87 $ 109.18 $ 83.96
Market Stock Unit (MSUs) | Weighted Average Estimated Fair Value Using Monte Carlo Simulation Model      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted averaged estimated fair value of awards granted (in dollars per share) | $ / shares $ 135.87    
RSUs and MSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense $ 78,000 $ 63,200 $ 53,600
Options RSUs and MSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation costs related to equity incentive plans not yet recognized $ 155,300    
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, vesting period 1 year    
Minimum | Employee Stock Option      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, vesting period 1 year    
Minimum | Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, vesting period 1 year    
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, vesting period 4 years    
Maximum | Employee Stock Option      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, vesting period 4 years    
Share based compensation, period from grant date options are exercisable 10 years    
Maximum | Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, vesting period 3 years    
v3.23.1
Equity Compensation (Summary of Activity in Total Stock Available for Grant) (Details) - shares
shares in Thousands
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Mar. 27, 2021
Share-Based Payment Arrangement, Noncash Expense [Abstract]      
Shares available for grant, beginning balance (in shares) 2,617 4,025 2,095
Shares available for grant, shares added (in shares) 2,090 0 3,223
Shares available for grant, granted (in shares) (2,536) (1,679) (1,491)
Shares available for grant, forfeited (in shares) 303 271 198
Shares available for grant, ending balance (in shares) 2,474 2,617 4,025
v3.23.1
Equity Compensation (Summary of Effect of Stock-Based Compensation) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Mar. 27, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Effect on pre-tax income $ 81,641 $ 66,392 $ 56,762
Income Tax Benefit (15,184) (11,521) (9,558)
Total stock-based compensation expense (net of taxes) $ 66,457 $ 54,871 $ 47,204
Share based compensation effects on basic earnings per share (in dollars per share) $ 1.19 $ 0.96 $ 0.81
Share based compensation effects on diluted earnings per share (in dollars per share) $ 1.16 $ 0.93 $ 0.79
Cost of sales      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Effect on pre-tax income $ 1,270 $ 1,024 $ 900
Research and development      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Effect on pre-tax income 57,312 44,154 37,483
Sales, general and administrative      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Effect on pre-tax income $ 23,059 $ 21,214 $ 18,379
v3.23.1
Equity Compensation (Schedule of Fair Value of Stock Option Grants) (Details) - Employee Stock Option
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Mar. 27, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Dividend yield 0.00%    
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected stock price volatility 35.18% 36.85% 43.85%
Risk-free interest rate 2.47% 0.82% 0.35%
Expected term (in years) 4 years 14 days 4 years 2 months 19 days 4 years 3 months 25 days
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected stock price volatility 46.50% 41.66% 43.99%
Risk-free interest rate 3.96% 1.62% 0.72%
Expected term (in years) 4 years 3 months 29 days 4 years 4 months 20 days 4 years 5 months 4 days
v3.23.1
Equity Compensation (Schedule of Stock Option Activity) (Details) - $ / shares
shares in Thousands
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Mar. 27, 2021
Number      
Beginning balance (in shares) 820 1,059 1,216
Options granted (in shares) 143 88 96
Options exercised (in shares) (225) (327) (236)
Options forfeited (in shares) (18) 0 (17)
Options expired (in shares) 0 0 0
Ending balance (in shares) 720 820 1,059
Weighted Average Exercise Price      
Beginning balance (in dollars per share) $ 57.75 $ 49.87 $ 44.01
Options granted (in dollars per share) 96.33 87.52 77.23
Options exercised (in dollars per share) 45.10 40.31 30.26
Options forfeited (in dollars per share) 71.14 0 56.27
Options expired (in dollars per share) 0 0 0
Ending balance (in dollars per share) $ 69.03 $ 57.75 $ 49.87
v3.23.1
Equity Compensation (Summary of Outstanding Options Vesting, Expected to Vest, or Exercisable) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Mar. 27, 2021
Share-Based Payment Arrangement, Noncash Expense [Abstract]      
Number of Options, Vested and expected to vest (in shares) 709    
Weighted Average Exercise Price, Vested and expected to vest (in dollars per share) $ 68.63    
Weighted Average Remaining Contractual Term, Vested and expected to vest 6 years 8 months 1 day    
Aggregate Intrinsic Value, Vested and expected to vest $ 26,208    
Number of Options, Exercisable (in shares) 452 600 700
Weighted Average Exercise Price, Exercisable (in dollars per share) $ 57.01    
Weighted Average Remaining Contractual Term, Exercisable 5 years 4 months 13 days    
Aggregate Intrinsic Value, Exercisable $ 21,955    
v3.23.1
Equity Compensation (Summary of Outstanding and Exercisable Options) (Details)
shares in Thousands
 12 Months Ended
Mar. 25, 2023
$ / shares
shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Options Outstanding, Number (in shares) | shares 720
Options Outstanding, Weighted Average Remaining Contractual Life 6 years 8 months 15 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 69.03
Options Exercisable, Number Exercisable (in shares) | shares 452
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 57.01
$20.37 - $54.65 (in dollars per share)  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Range of Exercise Prices, lower limit (in dollars per share) 20.37
Range of Exercise Prices, upper limit (in dollars per share) $ 54.65
Options Outstanding, Number (in shares) | shares 200
Options Outstanding, Weighted Average Remaining Contractual Life 4 years 3 months 18 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 45.06
Options Exercisable, Number Exercisable (in shares) | shares 200
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 45.06
$55.72 - $68.56 (in dollars per share)  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Range of Exercise Prices, lower limit (in dollars per share) 55.72
Range of Exercise Prices, upper limit (in dollars per share) $ 68.56
Options Outstanding, Number (in shares) | shares 215
Options Outstanding, Weighted Average Remaining Contractual Life 5 years 8 months 12 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 62.55
Options Exercisable, Number Exercisable (in shares) | shares 193
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 61.83
$78 - $82.14 (in dollars per share)  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Range of Exercise Prices, lower limit (in dollars per share) 78
Range of Exercise Prices, upper limit (in dollars per share) $ 82.14
Options Outstanding, Number (in shares) | shares 100
Options Outstanding, Weighted Average Remaining Contractual Life 8 years 2 months 12 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 78.53
Options Exercisable, Number Exercisable (in shares) | shares 39
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 78.27
$82.81 - $82.81 (in dollars per share)  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Range of Exercise Prices, lower limit (in dollars per share) 82.81
Range of Exercise Prices, upper limit (in dollars per share) $ 82.81
Options Outstanding, Number (in shares) | shares 21
Options Outstanding, Weighted Average Remaining Contractual Life 9 years 1 month 9 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 82.81
Options Exercisable, Number Exercisable (in shares) | shares 0
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 0
$88 - $88 (in dollars per share)  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Range of Exercise Prices, lower limit (in dollars per share) 88
Range of Exercise Prices, upper limit (in dollars per share) $ 88
Options Outstanding, Number (in shares) | shares 81
Options Outstanding, Weighted Average Remaining Contractual Life 8 years 11 months 8 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 88.00
Options Exercisable, Number Exercisable (in shares) | shares 20
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 88.00
$102.37- $102.37 (in dollars per share)  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Range of Exercise Prices, lower limit (in dollars per share) 102.37
Range of Exercise Prices, upper limit (in dollars per share) $ 102.37
Options Outstanding, Number (in shares) | shares 103
Options Outstanding, Weighted Average Remaining Contractual Life 9 years 10 months 13 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 102.37
Options Exercisable, Number Exercisable (in shares) | shares 0
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 0
v3.23.1
Equity Compensation (Summary of Restricted Stock Unit Activity) (Details) - Restricted Stock Units (RSUs) - $ / shares
shares in Thousands
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Mar. 27, 2021
Shares      
Beginning balance (in shares) 2,576 2,613 2,680
Granted (in shares) 1,574 1,079 945
Vested (in shares) (877) (935) (881)
Forfeited (in shares) (183) (181) (131)
Ending balance (in shares) 3,090 2,576 2,613
Weighted Average Fair Value      
Beginning balance (in dollars per share) $ 74.45 $ 60.31 $ 53.74
Granted (in dollars per share) 75.97 81.61 71.44
Vested (in dollars per share) 70.02 43.96 52.97
Forfeited (in dollars per share) 75.58 70.60 55.36
Ending balance (in dollars per share) $ 76.42 $ 74.45 $ 60.31
v3.23.1
Equity Compensation (Summary of Restricted Stock Units Expected to Vest) (Details) - Restricted Stock Units (RSUs)
shares in Thousands
 12 Months Ended
Mar. 25, 2023
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares, expected to vest (in shares) | shares 2,896
Weighted Average Fair Value, expected to vest (in dollars per share) | $ / shares $ 76.42
Weighted Average Remaining Contractual Term, expected to vest 1 year 7 months 6 days
v3.23.1
Equity Compensation (Schedule of Fair Value Market Stock Units Assumptions) (Details)
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Mar. 27, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected stock price, minimum 35.18%    
Expected stock price, maximum 46.50%    
Risk free interest rate, minimum 2.67%    
Risk free interest rate, maximum 3.92%    
Market Stock Unit (MSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Dividend yield 0.00%    
Expected stock price volatility   41.66%  
Risk-free interest rate   1.46%  
Expected term (in years) 3 years 3 years 3 years
Maximum | Market Stock Unit (MSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected stock price volatility     43.85%
Risk-free interest rate     0.29%
v3.23.1
Equity Compensation (Summary of Market Stock Unit Activity) (Details) - Market Stock Unit (MSUs) - $ / shares
shares in Thousands
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Mar. 27, 2021
Shares      
Beginning balance (in shares) 85 133 153
Granted (in shares) 38 28 28
Vested (in shares) (10) (30) 0
Forfeited (in shares) (24) (46) (48)
Ending balance (in shares) 89 85 133
Weighted Average Fair Value      
Beginning balance (in dollars per share) $ 95.75 $ 73.29 $ 68.71
Granted (in dollars per share) 135.87 109.18 83.96
Vested (in dollars per share) 87.43 50.11 0
Forfeited (in dollars per share) 94.80 38.70 64.92
Ending balance (in dollars per share) $ 113.83 $ 95.75 $ 73.29
v3.23.1
Equity Compensation (Summary of Market Stock Units Expected to Vest) (Details) - Market Stock Unit (MSUs)
shares in Thousands
 12 Months Ended
Mar. 25, 2023
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares, expected to vest (in shares) | shares 82
Weighted Average Fair Value, expected to vest (in dollars per share) | $ / shares $ 113.13
Weighted Average Remaining Contractual Term, expected to vest 2 years
v3.23.1
Commitments and Contingencies - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Mar. 27, 2021
Commitments [Line Items]      
Rent expense $ 24,400 $ 19,900 $ 19,200
Rental income 500 $ 1,500 $ 1,400
Capacity reservation fee 60,000    
Amount agreed to pre-pay 195,000    
Purchase obligation 1,365,455    
Minimum      
Commitments [Line Items]      
Purchase obligation $ 1,200,000    
v3.23.1
Commitments and Contingencies - Purchase Commitments (Details)
$ in Thousands
Mar. 25, 2023
USD ($)
Purchase Obligation, Fiscal Year Maturity [Abstract]  
2024 $ 563,177
2025 379,973
2026 255,222
2027 164,425
2028 2,658
Thereafter 0
Total $ 1,365,455
v3.23.1
Stockholders' Equity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended 27 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Mar. 27, 2021
Mar. 25, 2023
Jul. 31, 2022
Jan. 31, 2021
Equity, Class of Treasury Stock [Line Items]            
Repurchase and retirement of common stock, value $ 191,383 $ 167,501 $ 109,986      
Repurchase and retirement of common stock (in shares) 2,400,000          
Average cost per share repurchased (in dollars per share) $ 81.16          
Preferred stock, shares authorized (in shares) 5,000,000 5,000,000   5,000,000    
Preferred stock, shares issued (in shares) 0     0    
January 2021 Repurchase Authorization            
Equity, Class of Treasury Stock [Line Items]            
Share repurchase authorization, amount approved           $ 350,000
Repurchase and retirement of common stock, value       $ 348,900    
Share repurchase authorization, remaining authorized repurchase amount $ 1,100     $ 1,100    
July 2022 Repurchase Authorization            
Equity, Class of Treasury Stock [Line Items]            
Share repurchase authorization, amount approved         $ 500,000  
Repurchase and retirement of common stock (in shares) 0          
v3.23.1
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Mar. 27, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance $ 1,599,817 $ 1,389,005 $ 1,229,779
Current period foreign exchange translation (834) (507) 1,862
Current period marketable securities activity 430 (5,587) 5,673
Balance 1,658,282 1,599,817 1,389,005
Foreign Currency      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance (213) 294  
Current period foreign exchange translation (834) (507)  
Current period marketable securities activity 0 0  
Tax effect 0 0  
Balance (1,047) (213) 294
Unrealized Gains (Losses) on Securities      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance (1,575) 2,838  
Current period foreign exchange translation 0 0  
Current period marketable securities activity 430 (5,587)  
Tax effect (90) 1,174  
Balance (1,235) (1,575) 2,838
Accumulated Other Comprehensive Income / (Loss)      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance (2,045) 2,875 (3,469)
Current period foreign exchange translation (834) (507)  
Current period marketable securities activity 430 (5,587)  
Tax effect (90) 1,174  
Cumulative effect of adoption of ASU 2018-02 (257) (257) (257)
Balance $ (2,539) $ (2,045) $ 2,875
v3.23.1
Income Taxes (Summary of Income Before Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Mar. 27, 2021
Income Tax Disclosure [Abstract]      
U.S. $ (141,670) $ (17,674) $ 19,189
Non-U.S. 396,409 386,337 226,057
Income before income taxes $ 254,739 $ 368,663 $ 245,246
v3.23.1
Income Taxes (Summary of Provision (Benefit) for Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Mar. 27, 2021
Income Taxes [Line Items]      
Total current tax provision $ 112,626 $ 57,403 $ 33,409
Total deferred tax provision (34,590) (15,095) (5,507)
Total tax provision 78,036 42,308 27,902
U.S.      
Income Taxes [Line Items]      
Total current tax provision 60,603 4,483 981
Total deferred tax provision (28,529) (6,256) (192)
Non-U.S.      
Income Taxes [Line Items]      
Total current tax provision 52,023 52,920 32,428
Total deferred tax provision $ (6,061) $ (8,839) $ (5,315)
v3.23.1
Income Taxes (Summary of Provision (Benefit) for Income Taxes, Statutory Federal Rate Pretax Income Reconciliation) (Details)
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Mar. 27, 2021
Income Tax Disclosure [Abstract]      
U.S. federal statutory rate 21.00% 21.00% 21.00%
Foreign income taxed at different rates (14.40%) (9.60%) (8.40%)
Stock-based compensation (0.30%) (0.90%) (0.80%)
Foreign-derived intangible income deduction 0.00% (0.10%) (0.30%)
GILTI and Subpart F income 30.60% 10.00% 7.80%
Foreign tax credits (7.70%) (9.40%) (7.40%)
Change in valuation allowance 0.20% (0.20%) 0.00%
Release of prior year unrecognized tax benefits 0.00% 0.00% (1.40%)
Interest related to unrecognized tax benefits 0.70% 0.20% 0.30%
Other 0.50% 0.50% 0.60%
Effective tax rate 30.60% 11.50% 11.40%
v3.23.1
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
May 17, 2022
Mar. 25, 2023
Mar. 26, 2022
Mar. 27, 2021
Income Taxes [Line Items]        
Provision for one-time transition tax liability   $ 25,700    
Increase in valuation allowance   100    
Gross unrecognized tax benefits   32,879 $ 32,879 $ 32,879
Interest and penalties incurred during period   1,700 $ 900  
Interest accrued   6,800    
Estimate of possible loss $ 170,500      
Income tax examination, estimate of possible loss, penalties expense $ 63,700      
Federal        
Income Taxes [Line Items]        
Net operating loss carryforwards   3,000    
Non-U.S.        
Income Taxes [Line Items]        
Net operating loss carryforwards   100    
State        
Income Taxes [Line Items]        
Net operating loss carryforwards   7,500    
Research Tax Credit Carryforward | State        
Income Taxes [Line Items]        
Tax credit carryforward   $ 13,400    
v3.23.1
Income Taxes (Significant Components of Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Mar. 25, 2023
Mar. 26, 2022
Deferred tax assets:    
Accrued expenses and allowances $ 7,913 $ 6,517
Net operating loss carryforwards 1,132 1,713
Research and development tax credit carryforwards 13,283 15,230
Stock-based compensation 24,842 18,952
Lease liabilities 21,602 26,653
Capitalized research and development 9,183 6,372
Other 1,119 651
Total deferred tax assets 79,074 76,088
Valuation allowance for deferred tax assets (13,076) (13,088)
Net deferred tax assets 65,998 63,000
Deferred tax liabilities:    
Depreciation and amortization 3,395 3,574
Right of use asset 19,226 25,744
Acquisition intangibles 7,782 32,315
Other 37 0
Total deferred tax liabilities 30,440 61,633
Total net deferred tax assets $ 35,558 $ 1,367
v3.23.1
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]    
Beginning balance $ 32,879 $ 32,879
Additions based on tax positions related to the current year 0 0
Reductions based on tax positions related to the prior years 0 0
Ending balance $ 32,879 $ 32,879
v3.23.1
Segment Information (Narrative) (Details)
 12 Months Ended
Mar. 25, 2023
segment
product_line
Segment Reporting [Abstract]  
Number of reportable segments | segment 1
Number of product lines | product_line 2
v3.23.1
Segment Information (Schedule of Sales by Geographic Location Based on the Sales Office Location) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 25, 2023
Mar. 26, 2022
Mar. 27, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 1,897,617 $ 1,781,460 $ 1,369,230
China      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 1,230,602 1,197,812 1,024,178
Hong Kong      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 223,405 325,433 170,605
Vietnam      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 93,760 72,162 10,115
South Korea      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 93,177 51,606 42,403
India      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 69,343 18,257 14,481
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 52,688 29,513 21,708
Rest of World      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 134,642 $ 86,677 $ 85,740
v3.23.1
Segment Information (Schedule of Property, Plant, and Equipment, Net, by Geographic Location) (Details) - USD ($)
$ in Thousands
Mar. 25, 2023
Mar. 26, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property and equipment, net $ 162,972 $ 157,077
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property and equipment, net 132,633 118,847
United Kingdom    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property and equipment, net 20,675 28,612
Rest of World    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property and equipment, net $ 9,664 $ 9,618