CIRRUS LOGIC, INC., 10-K filed on 5/24/2024
Annual Report
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Cover - USD ($)
 12 Months Ended
Mar. 30, 2024
May 22, 2024
Sep. 23, 2023
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Mar. 30, 2024    
Current Fiscal Year End Date --03-30    
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    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 2,229,292,731
Entity Common Stock, Shares Outstanding (in shares)   53,568,913  
Documents Incorporated by Reference
Certain information contained in the registrant’s proxy statement for its annual meeting of stockholders to be held July 26, 2024 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 2024    
Document Fiscal Period Focus FY    
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Audit Information
 12 Months Ended
Mar. 30, 2024
Audit Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Austin, Texas
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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 30, 2024
Mar. 25, 2023
Current assets:    
Cash and cash equivalents $ 502,764 $ 445,784
Marketable securities 23,778 34,978
Accounts receivable, net 162,478 150,473
Inventories 227,248 233,450
Prepaid assets 48,047 35,507
Prepaid wafers 86,679 60,638
Other current assets 55,198 57,026
Total current assets 1,106,192 1,017,856
Long-term marketable securities 173,374 36,509
Right-of-use lease assets 138,288 128,145
Property and equipment, net 170,175 162,972
Intangibles, net 29,578 38,876
Goodwill 435,936 435,936
Deferred tax assets 48,649 35,580
Long-term prepaid wafers 60,750 134,363
Other assets 68,634 73,729
Total assets 2,231,576 2,063,966
Current liabilities:    
Accounts payable 55,545 81,462
Accrued salaries and benefits 47,612 50,606
Software license agreements 31,866 20,948
Current lease liabilities 20,640 18,442
Acquisition-related liabilities 0 21,361
Other accrued liabilities 30,730 23,521
Total current liabilities 186,393 216,340
Long-term liabilities:    
Non-current lease liabilities 134,576 122,631
Non-current income taxes 52,013 59,013
Software license agreements 41,073 6,570
Other long-term liabilities 507 1,130
Total long-term liabilities 228,169 189,344
Stockholders’ equity:    
Preferred stock, 5,000 shares authorized but unissued 0 0
Common stock, $0.001 par value, 280,000 shares authorized, 53,491 shares and 55,098 shares issued and outstanding at March 30, 2024 and March 25, 2023, respectively 53 55
Additional paid-in capital 1,760,648 1,670,086
Accumulated earnings (deficit) 58,916 (9,320)
Accumulated other comprehensive loss (2,603) (2,539)
Total stockholders’ equity 1,817,014 1,658,282
Total liabilities and stockholders’ equity $ 2,231,576 $ 2,063,966
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Consolidated Balance Sheets (Parenthetical) - $ / shares
shares in Thousands
Mar. 30, 2024
Mar. 25, 2023
Statement of Financial Position [Abstract]    
Preferred stock, shares authorized (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 outstanding (in shares) 53,491 55,098
Common stock, shares issued (in shares) 53,491 55,098
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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Mar. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
Income Statement [Abstract]      
Net sales $ 1,788,890 $ 1,897,617 $ 1,781,460
Cost of sales 872,818 940,638 857,819
Gross profit 916,072 956,979 923,641
Operating expenses      
Research and development 426,475 458,412 406,307
Selling, general and administrative 144,172 153,144 150,996
Restructuring 1,959 10,632 0
Intangibles impairment 0 85,760 0
Total operating expenses 572,606 707,948 557,303
Income from operations 343,466 249,031 366,338
Interest income 21,493 9,985 1,563
Interest expense (915) (898) (948)
Other income (expense) (108) (3,379) 1,710
Income before income taxes 363,936 254,739 368,663
Provision for income taxes 89,364 78,036 42,308
Net income $ 274,572 $ 176,703 $ 326,355
Basic earnings per share (in dollars per share) $ 5.06 $ 3.18 $ 5.70
Diluted earnings per share (in dollars per share) $ 4.90 $ 3.09 $ 5.52
Basic weighted average common shares outstanding (in shares) 54,290 55,614 57,278
Diluted weighted average common shares outstanding (in shares) 56,021 57,226 59,143
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Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Mar. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 274,572 $ 176,703 $ 326,355
Other comprehensive income (loss), before tax      
Foreign currency translation loss (850) (834) (507)
Unrealized gain (loss) on marketable securities 996 430 (5,587)
Benefit (provision) for income taxes (210) (90) 1,174
Comprehensive income $ 274,508 $ 176,209 $ 321,435
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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Mar. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
Cash flows from operating activities:      
Net income $ 274,572 $ 176,703 $ 326,355
Adjustments to net cash provided by operating activities:      
Depreciation and amortization 48,292 71,202 62,061
Stock-based compensation expense 89,271 81,641 66,392
Deferred income taxes (13,304) (34,513) (15,002)
Loss on retirement or write-off of long-lived assets 76 656 642
Other non-cash charges 2,362 3,102 370
Restructuring 1,959 10,632 0
Intangibles impairment 0 85,760 0
Net change in operating assets and liabilities:      
Accounts receivable, net (12,767) 89,791 (124,826)
Inventories 6,204 (95,014) 42,502
Prepaid wafers 47,571 0 (195,000)
Other assets 18,303 1,852 (92,584)
Accounts payable (23,943) (34,307) 10,529
Accrued salaries and benefits (6,279) (15,108) 10,049
Income taxes payable 15,108 (6,019) (804)
Acquisition-related liabilities (21,361) 12,654 39,656
Other accrued liabilities (4,390) (9,464) (5,587)
Net cash provided by operating activities 421,674 339,568 124,753
Cash flows from investing activities:      
Maturities and sales of available-for-sale marketable securities 37,032 18,683 371,545
Purchases of available-for-sale marketable securities (161,699) (15,299) (83,023)
Purchases of property, equipment and software (37,650) (35,090) (26,139)
Investments in technology (695) (1,624) (3,871)
Acquisition of business, net of cash obtained 0 0 (276,884)
Net cash used in investing activities (163,012) (33,330) (18,372)
Cash flows from financing activities:      
Debt issuance costs 0 0 (1,718)
Payment of acquisition-related holdback 0 (30,949) 0
Issuance of common stock, net of shares withheld for taxes 3,329 10,145 13,220
Repurchase of stock to satisfy employee tax withholding obligations (19,016) (18,082) (22,732)
Repurchase and retirement of common stock (185,995) (191,382) (167,501)
Net cash used in financing activities (201,682) (230,268) (178,731)
Net increase (decrease) in cash and cash equivalents 56,980 75,970 (72,350)
Cash and cash equivalents at beginning of period 445,784 369,814 442,164
Cash and cash equivalents at end of period 502,764 445,784 369,814
Cash payments during the year for:      
Income taxes 43,377 91,955 35,693
Interest $ 658 $ 537 $ 572
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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. 27, 2021   57,652      
Beginning balance at Mar. 27, 2021 $ 1,389,005 $ 58 $ 1,498,761 $ (112,689) $ 2,875
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
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      
Ending balance at Mar. 26, 2022 1,599,817 $ 57 1,578,370 23,435 (2,045)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 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)   (2,359)      
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 55,098      
Ending balance at Mar. 25, 2023 $ 1,658,282 $ 55 1,670,086 (9,320) (2,539)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 274,572     274,572  
Change in unrealized gain (loss) on marketable securities, net of tax 786       786
Change in foreign currency translation adjustments (850)       (850)
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)   699      
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (15,680) $ 1 3,331 (19,012)  
Repurchase and retirement of common stock (in shares)   (2,306)      
Repurchase and retirement of common stock (187,327) $ (3)   (187,324)  
Amortization of deferred stock compensation $ 87,231   87,231    
Ending balance (in shares) at Mar. 30, 2024 53,491 53,491      
Ending balance at Mar. 30, 2024 $ 1,817,014 $ 53 $ 1,760,648 $ 58,916 $ (2,603)
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Description of Business
 12 Months Ended
Mar. 30, 2024
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 year 2024 was a 53-week year. Fiscal years 2023 and 2022 were 52-week years.
Principles of Consolidation
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated.
Reclassifications
Certain reclassifications have been made to prior year balances in order to conform to the current year’s presentation of financial information.
Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires the use of management estimates. These estimates are subjective in nature and involve judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at fiscal year-end and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates.
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Summary of Significant Accounting Policies
 12 Months Ended
Mar. 30, 2024
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. Net inventory reserve releases were $1.0 million in fiscal year 2024, primarily related to the sale of previously reserved inventory, offset by charges for excess and obsolete inventory. Inventory charges recorded for excess and obsolete inventory, including scrapped inventory, were $9.9 million in fiscal year 2023, related to a combination of quality issues and inventory exceeding demand.

Inventories were comprised of the following (in thousands):
 
March 30, 2024March 25, 2023
Work in process$130,842 $116,088 
Finished goods96,406 117,362 
$227,248 $233,450 
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 — Restructuring for further detail. There were no additional material disposal charges for property, plant and equipment in fiscal years 2024, 2023 or 2022.
Property, plant and equipment was comprised of the following (in thousands):
March 30, 2024March 25, 2023
Land$23,853 $23,853 
Buildings64,056 64,056 
Furniture and fixtures30,462 23,909 
Leasehold improvements81,118 55,733 
Machinery and equipment200,999 188,403 
Capitalized software23,092 26,889 
Construction in progress and other9 14,350 
Total property, plant and equipment423,589 397,193 
Less: Accumulated depreciation and amortization(253,414)(234,221)
Property, plant and equipment, net$170,175 $162,972 
Depreciation and amortization expense on property, plant, and equipment for fiscal years 2024, 2023, and 2022 was $28.1 million, $27.1 million, and $24.8 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 2024, 2023, and 2022.
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 2024, 2023, and 2022.
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, Luxshare Precision, and Pegatron, who represented 43 percent, 11 percent, and 10 percent, respectively, of our consolidated gross trade accounts receivable as of the end of fiscal year 2024. We had three contract manufacturers aggregated at their parent level, Foxconn, Pegatron, and Luxshare Precision, who represented 35 percent, 16 percent, and 11 percent, respectively, of our consolidated gross trade accounts receivable as of the end of fiscal year 2023. 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 2024 or 2023.
Since the components we produce are largely proprietary and generally not available from second sources, we consider our end customer to be the entity specifying the use of our component in their design. These end customers may then purchase our products directly from us, from a distributor, or through a third-party manufacturer contracted to produce their end product. For fiscal years 2024, 2023 and 2022, our ten largest end customers represented approximately 95 percent, 92 percent and 93 percent of our sales, respectively. For fiscal years 2024, 2023, and 2022, we had one end customer, Apple Inc., who purchased through multiple contract manufacturers and represented approximately 87 percent, 83 percent, and 79 percent, of the Company’s total sales, respectively. No other customer or distributor represented more than 10 percent of net sales in fiscal years 2024, 2023, or 2022.
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 $0.3 million, $0.5 million, and $0.9 million, in fiscal years 2024, 2023, and 2022, 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, $40.9 million, $26.2 million, and $23.2 million in fiscal years 2024, 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 30, 2024 and March 25, 2023 totaled $27.9 million and $47.0 million, respectively, presented within "Other current Assets" and the combination of "Other current Assets" and "Other Assets" respectively, on the consolidated balance sheets. 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 2024, 2023, and 2022, (in thousands, except per share amounts):
 
 Fiscal Years Ended
March 30, 2024March 25, 2023March 26, 2022
Numerator:
Net income$274,572 $176,703 $326,355 
Denominator:
Weighted average shares outstanding54,290 55,614 57,278 
Effect of dilutive securities1,731 1,612 1,865 
Weighted average diluted shares56,021 57,226 59,143 
Basic earnings per share$5.06 $3.18 $5.70 
Diluted earnings per share$4.90 $3.09 $5.52 
The weighted outstanding shares excluded from our diluted calculation for the years ended March 30, 2024, March 25, 2023, and March 26, 2022 were 325 thousand, 268 thousand, and 113 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 Issued Accounting Pronouncements
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU requires interim and annual disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of a segment’s profit or loss, requires interim disclosures about a reportable segment’s profit or loss and assets that are currently required annually and requires disclosure of the position and title of the CODM and how the CODM uses segment profit or loss information in assessing segment performance and deciding how to allocate resources. In the event the CODM uses more than one measure of a segment's profit or loss in assessing performance and allocation of resources, clarification of disclosure requirements is provided. Additionally, a company with a single reportable segment is required to provide all the disclosures prescribed under this ASU. The guidance is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, to be applied retrospectively to all periods presented, with early adoption permitted. The Company is currently evaluating the impact of this new guidance on the financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The guidance provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, requiring more consistent categories and greater disaggregation of information by jurisdiction. This ASU is effective for financial statements issued for annual periods beginning after December 15, 2024, with early adoption permitted, to be applied on a prospective basis, although retrospective application is also permitted. The Company is currently evaluating the impact of this guidance on the financial statements and related disclosures.
In March 2024, the SEC adopted final climate-related disclosure rules. The rules require disclosure of climate-related risks that have had or are reasonably likely to have a material impact on the business strategy, results of operations, or financial condition of the Company. Disclosure of climate-related risk management, governance, greenhouse gas emissions, climate-related targets, and severe weather events, if material, is also required. Subsequently, the SEC issued an order to stay the rules pending judicial review of challenges to the rule. If the rules are ultimately implemented, they will be phased in and the Company may be required to begin making certain disclosures beginning in fiscal year 2026. The Company is currently evaluating the impact of the final rules on our disclosures.
v3.24.1.1.u2
Marketable Securities
 12 Months Ended
Mar. 30, 2024
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 30, 2024Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair Value
(Net Carrying Amount)
Corporate debt securities$186,194 $115 $(916)$185,393 
U.S. Treasury securities9,850 — (81)9,769 
Agency discount notes1,135 — (11)1,124 
Commercial paper866 — — 866 
Total securities$198,045 $115 $(1,008)$197,152 

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 $1.0 million related to securities with total amortized costs of approximately $172.1 million at March 30, 2024. Securities in a continuous unrealized loss position for more than 12 months as of March 30, 2024 had an aggregate amortized cost of $25.0 million and an aggregate unrealized loss of $0.3 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 30, 2024, the Company does not consider any of its investments to be impaired.
 
As of March 25, 2023Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair Value
(Net Carrying Amount)
Corporate debt securities$66,753 $91 $(1,825)$65,019 
Non-U.S. government securities510 — (3)507 
U.S. Treasury securities5,728 17 (151)5,594 
Agency discount notes385 — (18)367 
Total securities$73,376 $108 $(1,997)$71,487 
The Company’s specifically identified gross unrealized losses of $2.0 million related to securities with total amortized costs of approximately $64.0 million at March 25, 2023. Securities in a continuous unrealized loss position for more than 12 months as of March 25, 2023 had an aggregate amortized cost of $56.3 million and an aggregate unrealized loss of $1.9 million as of March 25, 2023. As of March 25, 2023, the Company did not consider any of its investments to be impaired.
The cost and estimated fair value of available-for-sale investments by contractual maturity were as follows:
 
 March 30, 2024March 25, 2023
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Within 1 year$24,071 $23,778 $35,824 $34,978 
After 1 year173,974 173,374 37,552 36,509 
Total$198,045 $197,152 $73,376 $71,487 
v3.24.1.1.u2
Fair Value of Financial Instruments
 12 Months Ended
Mar. 30, 2024
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, certificates of deposit, 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 30, 2024, there are no amounts drawn under the facility and the fair value is zero.
As of March 30, 2024 and March 25, 2023, 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 30, 2024 and March 25, 2023.
The following summarizes the fair value of our financial instruments at March 30, 2024 (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$439,065 $— $— $439,065 
Certificates of deposit— 400 — 400 
$439,065 $400 $— $439,465 
Available-for-sale securities
Corporate debt securities$— $185,393 $— $185,393 
U.S. Treasury securities9,769 — — 9,769 
Agency discount notes— 1,124 — 1,124 
Commercial paper— 866 — 866 
$9,769 $187,383 $— $197,152 

The following summarizes the fair value of our financial instruments at March 25, 2023 (in thousands):
Quoted Prices
in Active
Markets for
Identical
Assets
Level 1		Significant
Other
Observable
Inputs
Level 2		Significant
Unobservable
Inputs
Level 3		Total
Assets:
Cash equivalents
Money market funds$406,265 $— $— $406,265 
Available-for-sale securities
Corporate debt securities$— $65,019 $— $65,019 
Non-U.S. government securities— 507 — 507 
U.S. Treasury securities5,594 — — 5,594 
Agency discount notes— 367 — 367 
$5,594 $65,893 $— $71,487 
v3.24.1.1.u2
Derivative Financial Instruments
 12 Months Ended
Mar. 30, 2024
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 30, 2024, the Company held one foreign currency forward contract denominated in British Pound Sterling with a notional value of $4.3 million. The fair value of this contract was not material as of March 30, 2024.
The before-tax effect of derivative instruments not designated as hedging instruments was as follows (in thousands):
Fiscal Years Ended
March 30, 2024March 25, 2023March 26, 2022Location
Loss recognized in income
Foreign currency forward contracts$(431)$(564)$(283)Other income (expense)
v3.24.1.1.u2
Accounts Receivable, net
 12 Months Ended
Mar. 30, 2024
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 30, 2024March 25, 2023
Gross accounts receivable$162,478 $150,473 
Allowance for doubtful accounts— — 
Accounts receivable, net$162,478 $150,473 
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 2024, 2023, and 2022.
v3.24.1.1.u2
Intangibles, net and Goodwill
 12 Months Ended
Mar. 30, 2024
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 30, 2024March 25, 2023
Intangible Category /
Weighted-Average Remaining Amortization
Period (in years)		Gross
Amount		Accumulated
Amortization		Net Carrying ValueGross
Amount		Accumulated
Amortization		Net Carrying Value
Existing technology (4.4)
146,146 (117,595)28,551 146,146 (110,792)35,354 
Trademarks and tradename (a)
3,037 (3,037)— 3,037 (2,973)64 
Customer relationships (0.4)
15,381 (14,840)541 15,381 (13,422)1,959 
Technology licenses (2.9)
10,692 (10,206)486 15,841 (14,342)1,499 
Total$175,256 $(145,678)$29,578 $180,405 $(141,529)$38,876 
 
(a)Intangible assets are fully amortized as of March 30, 2024.
Amortization expense for intangibles in fiscal years 2024, 2023, and 2022 was $9.0 million, $33.7 million, and $29.0 million, respectively. The following table details the estimated aggregate amortization expense for all intangibles owned as of March 30, 2024, for each of the five succeeding fiscal years and in the aggregate thereafter (in thousands):
 
Fiscal Year
2025$7,478 
2026$6,725 
2027$6,590 
2028$6,589 
2029$2,196 
Thereafter$— 
The goodwill balance included on the consolidated balance sheet was $435.9 million and $435.9 million at March 30, 2024 and March 25, 2023, respectively.
v3.24.1.1.u2
Acquisition
 12 Months Ended
Mar. 30, 2024
Business Combination and Asset Acquisition [Abstract]  
Acquisition Acquisition
There were no acquisitions completed during fiscal year 2024. 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 related to retention agreements with certain key employees subject to continued employment with the Company. The merger consideration subject to retention agreements was treated as compensation expense and recognized over the retention period in "Research and development" expense in the consolidated statements of income. The merger consideration was paid in fiscal year 2024.
The excess of the purchase price over the net assets acquired was recorded as goodwill during fiscal year 2022.
v3.24.1.1.u2
Revolving Credit Facility
 12 Months Ended
Mar. 30, 2024
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 30, 2024, 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 30, 2024, future interest payment obligations based on forecasted commitment fees under the Revolving Credit Facility were as follows (in thousands):  

Fiscal Year
2025$404 
2026532 
2027277 
2028— 
2029— 
Thereafter— 
Total$1,213 
v3.24.1.1.u2
Revenues
 12 Months Ended
Mar. 30, 2024
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 30, 2024March 25, 2023March 26, 2022
Audio Products$1,083,939 $1,172,007 $1,187,126 
HPMS Products704,951 725,610 594,334 
Total$1,788,890 $1,897,617 $1,781,460 

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 30,March 25,March 26,
202420232022
China$1,114,310 $1,230,602 $1,197,812 
United States17,971 52,688 29,513 
Rest of World656,609 614,327 554,135 
Total$1,788,890 $1,897,617 $1,781,460 
See Note 2 - Summary of Significant Accounting Policies for additional discussion surrounding revenue recognition considerations.
v3.24.1.1.u2
Leases
 12 Months Ended
Mar. 30, 2024
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 25 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 30, 2024March 25, 2023
Operating lease - in excess of 12 months$17,498 $18,071 
Variable lease5,259 6,226 
Short-term lease853 86 
Operating lease income(164)(464)
Total net operating lease expense$23,446 $23,919 

Supplemental operating lease information:
Fiscal Years Ended
March 30, 2024March 25, 2023
Balance Sheet Information (in thousands)
Operating lease right-of-use assets$138,288 $128,145 
Operating lease liabilities$155,216 $141,073 
Cash Flow Information (in thousands)
Operating cash flows from operating leases$19,189 $14,531 
Non-Cash Information
Right-of-use assets obtained in exchange for new operating lease liabilities24,784 4,381 
Lease remeasurements(1,606)(28,965)
Lease impairments and other related charges(563)(5,579)
Operating Lease Information
Weighted-average remaining lease term - operating leases (in years)1213
Weighted-average discount rate - operating leases4 %4 %
Subsequent to March 30, 2024, the Company entered into additional operating leases, with a total estimated lease liability of approximately $5 million, with lease terms ranging from 1 to 10 years.
Future lease commitments under non-cancellable leases, including extension options reasonably anticipated to be exercised as of March 30, 2024, are as follows (in thousands):

Fiscal YearOperating Lease Commitments
2025$21,006 
202620,823 
202718,705 
202819,121 
202917,922 
Thereafter102,968 
Total$200,545 
Less imputed interest and other(45,329)
Total$155,216 

Operating lease liabilities consisted of the following (in thousands):
March 30, 2024March 25, 2023
Current lease liabilities$20,640 $18,442 
Non-current lease liabilities134,576 122,631 
Total operating lease liabilities$155,216 $141,073 
v3.24.1.1.u2
Restructuring
 12 Months Ended
Mar. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
On July 12, 2023, during the second quarter of fiscal year 2024, the Company announced a workforce reduction of approximately 5% of its global employees. This action was taken in response to overall market conditions and the impact of a new product previously scheduled for introduction in fall 2023 that did not come to market as anticipated. The Company incurred severance and other related charges of $2.3 million related to this restructuring event. In the third quarter of fiscal year 2024, a recovery of restructuring costs of $0.4 million was recorded for the settlement of certain lease obligations related to abandoned office space associated with the fiscal year 2023 restructuring event discussed below. The net costs are presented within "Restructuring" on the consolidated statements of income. As of March 30, 2024, there were no remaining liabilities related to this restructuring event.
In fiscal year 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. 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 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 fiscal year 2023. These costs are presented within "Restructuring" on the consolidated statements of income. As of March 30, 2024, restructuring-related liabilities of $1.6 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 2025.
v3.24.1.1.u2
Postretirement Benefit Plans
 12 Months Ended
Mar. 30, 2024
Retirement Benefits [Abstract]  
Postretirement Benefit Plans Postretirement Benefit Plans
We have Defined Contribution Plans (“the Plans”) covering all of our qualifying employees. Under the Plans, employees may elect to contribute any percentage of their annual compensation up to the annual regulatory limits. The Company made matching employee contributions of $11.0 million, $10.2 million, and $9.6 million during fiscal years 2024, 2023, and 2022, respectively.
v3.24.1.1.u2
Equity Compensation
 12 Months Ended
Mar. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Equity Compensation Equity Compensation
The Company is currently granting equity awards from the 2018 Long Term Incentive Plan (the “Plan”), which was approved by stockholders in August 2018 and subsequently amended on July 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 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 
Shares added— 
Granted(1,813)
Forfeited317 
Balance, March 30, 2024978 

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
 202420232022
Cost of sales$1,403 $1,270 $1,024 
Research and development63,678 57,312 44,154 
Sales, general and administrative24,190 23,059 21,214 
Effect on pre-tax income89,271 81,641 66,392 
Income Tax Benefit(20,646)(15,184)(11,521)
Total stock-based compensation expense (net of taxes)68,625 66,457 54,871 
Stock-based compensation effects on basic earnings per share$1.26 $1.19 $0.96 
Stock-based compensation effects on diluted earnings per share1.22 1.16 0.93 

The total stock-based compensation expense included in the table above and which is attributable to restricted stock units and market stock units was $85.1 million, $78.0 million, $63.2 million, for fiscal years 2024, 2023, and 2022, respectively. Stock-based compensation expense is presented within operating activities in the consolidated statement of cash flows.
As of March 30, 2024, there was $140.6 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 1.78 years for stock options, 1.53 years for restricted stock units, and 1.91 years for market stock units.
In addition to the income tax benefit of stock-based compensation expense shown in the table above, the Company recognized excess tax benefits of $0.2 million, $1.4 million and $3.9 million in fiscal years 2024, 2023, and 2022 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 30, 2024March 25, 2023March 26, 2022
Expected stock price volatility
34.53% - 39.92%
35.18% - 46.50%
36.85% - 41.66%
Risk-free interest rate
3.99% - 4.11%
2.47% - 3.96%
0.82% - 1.62%
Expected term (in years)
3.85 - 4.07
4.04 - 4.33
4.22 - 4.39
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 stock options granted in fiscal years 2024, 2023, and 2022, were $39.61, $42.37, and $37.31, respectively.
During fiscal years 2024, 2023, and 2022, we received a net $3.3 million, $10.1 million, and $13.2 million, respectively, from the exercise of 0.1 million, 0.2 million, and 0.3 million, respectively, stock options granted under the Company’s Stock Plan.
The total intrinsic value of stock options exercised during fiscal year 2024, 2023, and 2022, was $2.8 million, $11.4 million, and $15.8 million, respectively. Intrinsic value represents the difference between the market value of the Company’s common stock at the time of exercise and the strike price of the stock option.

Additional information with respect to stock option activity is as follows (in thousands, except per share amounts):
 
 Outstanding Options
NumberWeighted
Average
Exercise Price
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 
Options granted132 92.69 
Options exercised(66)50.39 
Options forfeited— — 
Options expired— — 
Balance, March 30, 2024786 $74.56 
Additional information with regards to outstanding options that are vesting, expected to vest, or exercisable as of March 30, 2024 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 vest774 $74.26 6.60$15,226 
Exercisable494 $63.84 5.25$14,443 
In accordance with U.S. GAAP, stock options outstanding that are expected to vest are presented net of estimated future option forfeitures, which are estimated as compensation costs are recognized. Options with a fair value of $4.2 million, $3.0 million, and $4.6 million, became vested during fiscal years 2024, 2023, and 2022, respectively.
The following table summarizes information regarding outstanding and exercisable options as of March 30, 2024 (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
$31.25 - $54.65
135 3.55$42.67 135 $42.67 
$55.72 - $68.56
215 4.6862.54 215 62.54 
$78.00 - $82.81
127 7.4479.36 78 78.94 
$88.00 - $88.00
81 7.9288.00 40 88.00 
$93.24 - $93.24
125 9.8693.24 — — 
$102.37 - $102.37
103 8.86102.37 26 102.37 
786 6.64$74.56 494 $63.84 
As of March 30, 2024, March 25, 2023, and March 26, 2022, the number of options exercisable was 0.5 million, 0.5 million, and 0.6 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 2024, 2023, and 2022 is presented below (in thousands, except per share amounts):
 
SharesWeighted
Average
Fair Value
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 
Granted1,099 71.12 
Vested(879)73.54 
Forfeited(211)75.70 
March 30, 20243,099 $75.41 
The aggregate intrinsic value of RSUs outstanding as of March 30, 2024, March 25, 2023, and March 26, 2022 was $286.9 million, $326.3 million, and $225.9 million, respectively. Additional information with regards to outstanding RSUs that are expected to vest as of March 30, 2024, is as follows (in thousands, except year and per share amounts):
 
SharesWeighted
Average
Fair Value		Weighted Average
Remaining Contractual
Term (years)
Expected to vest2,923 $75.55 1.50
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 $64.6 million, $61.4 million, and $41.1 million became vested during fiscal years 2024, 2023, and 2022, respectively. The majority of RSUs that vested in 2024, 2023 and 2022 were net settled such that the Company withheld a portion of the shares to satisfy tax withholding requirements. In fiscal years 2024, 2023, and 2022 the vesting of RSUs reduced the authorized and unissued share balance by approximately 0.9 million, 0.9 million, and 0.9 million, respectively. Total shares withheld and subsequently retired out of the Plan were approximately 0.3 million, 0.2 million, and 0.3 million and total payments for the employees’ tax obligations to taxing authorities were $18.9 million, $18.0 million, and $22.0 million for fiscal years 2024, 2023, and 2022, respectively.
Market Stock Units
Market stock units (“MSUs”) granted prior to February 2024 vest based upon the relative total shareholder return (“TSR”) of the Company as compared to that of the Philadelphia Semiconductor Index, while MSUs granted after February 2024 vest based on the TSR of the Company as compared to that of the Russell 3000 Index (collectively referred to as the "Indexes". 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 Indexes over the requisite service period. The fair value is based on the risk-free rate of return, the volatility of the stock price of the Company and the Indexes, the correlation of the stock price of the Company with the Indexes, 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 30,
2024		March 25,
2023		March 26,
2022
Expected stock price volatility
34.53%
35.18% - 46.50%
41.66 %
Risk-free interest rate
4.12%
2.67% - 3.92%
1.46 %
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 2024 was $141.48. A summary of the activity for MSUs in fiscal year 2024, 2023, and 2022 is presented below (in thousands, except per share amounts):
 
SharesWeighted
Average
Fair Value
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 
Granted35 141.48 
Vested(9)83.96 
Forfeited(14)83.96 
March 30, 2024101 $130.46 
The aggregate intrinsic value of MSUs outstanding as of March 30, 2024, March 25, 2023, and March 26, 2022 was $9.4 million, $9.3 million, and $7.5 million, respectively. Additional information with regard to outstanding MSUs that are expected to vest as of March 30, 2024 is as follows (in thousands, except year and per share amounts):

 
SharesWeighted
Average
Fair Value		Weighted Average
Remaining Contractual
Term (years)
Expected to vest94 $130.04 1.89
MSUs with a fair value of $0.8 million, $0.8 million, and $1.5 million became vested during fiscal year 2024, 2023, and 2022 respectively.
v3.24.1.1.u2
Commitments and Contingencies
 12 Months Ended
Mar. 30, 2024
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 30, 2024, our principal facilities are located in Austin, Texas and Edinburgh, Scotland, United Kingdom.
Total rent expense under operating leases was approximately $23.6 million, $24.4 million, and $19.9 million, for fiscal years 2024, 2023, and 2022, respectively. Rental income was $0.2 million, $0.5 million, and $1.5 million, for fiscal years 2024, 2023, and 2022, respectively.
See Note 11 - Leases for minimum future rental commitments and income under all operating leases as of March 30, 2024.
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. The balance of this reservation fee is $31 million as of March 30, 2024, and 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 are credited back to the Company as a portion of the price of wafers purchased, which began in the Company's second fiscal quarter of 2024. The balance of the prepayment is $147 million at March 30, 2024, and is currently recorded in "Prepaid wafers" and "Long-term prepaid wafers" on the consolidated balance sheets. As of March 30, 2024, the Company estimates its remaining purchase obligation to be approximately $840 million 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 30, 2024 were as follows (in thousands):
Fiscal Year
2025$599,529 
2026279,441 
2027173,071 
20281,993 
2029— 
Thereafter— 
Total$1,054,034 
v3.24.1.1.u2
Legal Matters
 12 Months Ended
Mar. 30, 2024
Loss Contingency, Information about Litigation Matters [Abstract]  
Legal Matters Legal Matters
From time to time, we are involved in legal proceedings concerning matters arising in connection with the conduct of our business activities. We regularly evaluate the status of legal proceedings in which we are involved to assess whether a loss is probable or there is a reasonable possibility that a loss or additional loss may have been incurred and to determine if accruals are appropriate. We further evaluate each legal proceeding to assess whether an estimate of possible loss or range of loss can be made. Based on current knowledge, management does not believe that there are any pending matters that could potentially have a material adverse effect on our business, financial condition, results of operations or cash flows.
v3.24.1.1.u2
Stockholders' Equity
 12 Months Ended
Mar. 30, 2024
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders' Equity
Share Repurchase Program
In fiscal year 2024, the Company's net stock repurchases are subject to a 1 percent excise tax under the Inflation Reduction Act, included as a reduction to accumulated earnings (deficit) in the Consolidated Condensed Statements of Stockholders' Equity. As of March 30, 2024, the Company has accrued approximately $1.3 million related to this excise tax. Disclosure of repurchased amounts and related average costs below exclude the impact of excise taxes.
In January 2021, the Board of Directors authorized the repurchase of up to an additional $350 million of the Company’s common stock. The Company completed share repurchases under the 2021 authorization in the first quarter of fiscal year 2024. In July 2022, the Company announced that the Board of Directors authorized the repurchase of up to an additional $500 million of the Company's common stock. During the fiscal year ended March 30, 2024, the Company repurchased 2.3 million shares of its common stock under the combined 2021 and 2022 authorizations for $186.0 million, at an average cost of $80.68 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 30, 2024. As of March 30, 2024, $315.1 million remains available for repurchase under the 2022 authorization.
Preferred Stock
We have 5.0 million shares of Preferred Stock authorized. As of March 30, 2024, we have not issued any of the authorized shares.
v3.24.1.1.u2
Accumulated Other Comprehensive Loss
 12 Months Ended
Mar. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss
Our accumulated other comprehensive loss is comprised of foreign currency translation adjustments, unrealized gains and losses on investments classified as available-for-sale, and cumulative effects of adopting new accounting standards.
The following table summarizes the changes in the components of accumulated other comprehensive loss, net of tax (in thousands):
Foreign
Currency		Unrealized Gains
(Losses) on Securities
Cumulative Effect of Adoption of ASU 2018-02
Total
Balance, March 26, 2022$(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)$(2,539)
Current period foreign exchange translation(850)— — (850)
Current period marketable securities activity— 996 — 996 
Tax effect— (210)— (210)
Balance, March 30, 2024$(1,897)$(449)$(257)$(2,603)
v3.24.1.1.u2
Income Taxes
 12 Months Ended
Mar. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income (loss) before income taxes consisted of (in thousands):
 Fiscal Years Ended
March 30,
2024		March 25,
2023		March 26,
2022
U.S.$(10,343)$(141,670)$(17,674)
Non-U.S.374,279 396,409 386,337 
$363,936 $254,739 $368,663 

The provision (benefit) for income taxes consists of (in thousands):
 Fiscal Years Ended
March 30,
2024		March 25,
2023		March 26,
2022
Current:
U.S.$42,184 $60,603 $4,483 
Non-U.S.60,615 52,023 52,920 
Total current tax provision$102,799 $112,626 $57,403 
Deferred:
U.S.(5,178)(28,529)(6,256)
Non-U.S.(8,257)(6,061)(8,839)
Total deferred tax provision(13,435)(34,590)(15,095)
Total tax provision$89,364 $78,036 $42,308 
The effective income tax rates differ from the rates computed by applying the statutory federal rate to pretax income as follows (in percentages):
 Fiscal Years Ended
March 30,
2024		March 25,
2023		March 26,
2022
U.S. federal statutory rate21.0 21.0 21.0 
Foreign income taxed at different rates(7.1)(14.4)(9.6)
Stock-based compensation(0.1)(0.3)(0.9)
Foreign-derived intangible income deduction(0.2)— (0.1)
GILTI and Subpart F income14.6 30.6 10.0 
Foreign tax credits(4.1)(7.7)(9.4)
Change in valuation allowance— 0.2 (0.2)
Release of prior year unrecognized tax benefits(0.2)— — 
Interest related to unrecognized tax benefits0.7 0.7 0.2 
U.S. research and development credit(0.7)— — 
Other0.7 0.5 0.5 
Effective tax rate24.6 30.6 11.5 
Under the legislation commonly referred to as the Tax Cuts and Jobs Act ("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. Because the Company elected to treat global intangible low-taxed income ("GILTI") as a period cost, the capitalization of research and development costs in the computation of GILTI resulted in an increase in the Company's provision for income taxes in fiscal years 2023 and 2024.
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 30, 2024, the remaining balance of our transition tax obligation was $19.3 million, which will be paid over the next two years.
Significant components of our deferred tax assets and liabilities as of March 30, 2024 and March 25, 2023 are (in thousands): 
March 30,
2024		March 25,
2023
Deferred tax assets:
Accrued expenses and allowances$3,559 $7,913 
Net operating loss carryforwards932 1,132 
Research and development tax credit carryforwards12,547 13,283 
Stock-based compensation28,437 24,842 
Lease liabilities25,564 21,602 
Capitalized research and development11,307 9,183 
Depreciation and amortization994 — 
Other938 1,119 
Total deferred tax assets$84,278 $79,074 
Valuation allowance for deferred tax assets(12,508)(13,076)
Net deferred tax assets$71,770 $65,998 
Deferred tax liabilities:
Depreciation and amortization$— $3,395 
Right of use asset22,279 19,226 
Acquisition intangibles845 7,782 
Other— 37 
Total deferred tax liabilities$23,124 $30,440 
Total net deferred tax assets$48,646 $35,558 
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 decreased by $0.6 million in fiscal year 2024.  Management believes that the Company’s results from future operations will generate sufficient taxable income in the appropriate jurisdictions and of the appropriate character such that it is more likely than not that the remaining deferred tax assets will be realized.
At March 30, 2024, the Company had gross federal net operating loss carryforwards of $2.2 million, all of which are subject to certain limitations under Section 382 of the Internal Revenue Code and expire in fiscal years 2025 through 2031. At March 30, 2024 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 $5.4 million that expire in fiscal years 2025 through 2030. In addition, the Company had $12.7 million of state business tax, minimum tax, and research and development tax credit carryforwards. Certain of these state tax credits will expire in fiscal years 2025 through 2034, and others do not expire.
At March 30, 2024, 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 30,
2024		March 25,
2023
Beginning balance$32,879 $32,879 
Additions based on tax positions related to the current year— — 
Reduction for the lapse of applicable statute of limitations(802)— 
Ending balance$32,077 $32,879 
At March 30, 2024, the Company had gross unrecognized tax benefits of $32.1 million, all of which would impact the effective tax rate if recognized. During fiscal year 2024, the Company recorded a decrease of $0.8 million due to the expiration of the statute of limitations for a prior year unrecognized tax position. 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 2024 and 2023 we recognized interest expense, net of tax, of approximately $2.4 million and $1.7 million, respectively. The total amount of interest accrued as of March 30, 2024 was $9.2 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 including the United Kingdom. Fiscal years 2017 through 2019 and 2021 through 2024 remain open to examination by the major taxing jurisdictions in which the Company operates. 
The Company's fiscal year 2017, 2018, and 2019 federal income tax returns are under examination by the U.S. Internal Revenue Service ("IRS").  The IRS has proposed adjustments that would increase U.S. taxable income related to transfer pricing matters with respect to our U.S. and U.K. affiliated companies. The final Revenue Agent’s Report asserted additional tax of approximately $168.3 million, excluding interest, and imposed penalties of approximately $63.7 million. We do not agree with the IRS's positions and have not accrued an additional liability. We intend to vigorously dispute the proposed adjustments. We are pursuing 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.
v3.24.1.1.u2
Segment Information
 12 Months Ended
Mar. 30, 2024
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 CODM 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. Our product lines have similar characteristics and customers and 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 30,
2024		March 25,
2023		March 26,
2022
China$1,114,310 $1,230,602 $1,197,812 
Hong Kong219,053 223,405 325,433 
India125,138 69,343 18,257 
South Korea119,532 93,177 51,606 
Vietnam96,080 93,760 72,162 
United States17,971 52,688 29,513 
Rest of World96,806 134,642 86,677 
Total consolidated sales$1,788,890 $1,897,617 $1,781,460 

The following illustrates property, plant and equipment, net, by geographic locations, based on physical location (in thousands):
 Fiscal Years Ended
March 30,
2024		March 25,
2023
United States$140,300 $132,633 
United Kingdom16,822 20,675 
Rest of World13,053 9,664 
Total consolidated property, plant and equipment, net$170,175 $162,972 
v3.24.1.1.u2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Mar. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
Pay vs Performance Disclosure      
Net income $ 274,572 $ 176,703 $ 326,355
v3.24.1.1.u2
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Mar. 30, 2024
shares
Mar. 30, 2024
shares
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
The following table details contracts, instructions and written plans for the purchase or sale of securities, which were entered into during the fourth quarter of fiscal year 2024. None of our directors or Section 16 officers entered into or terminated a non-Rule 10b5-1 trading arrangement during the fourth quarter of fiscal year 2024.

Name and TitleAction
Trading Arrangement (1)
Date of AdoptionExpiration Date
Aggregate Number of Securities to be Purchased or Sold Pursuant to the Trading Arrangement (2)
David Tupman - Director
AdoptionRule 10b5-1(c)February 12, 2024July 30, 2025
up to 15,346 to be sold
(1) Except as indicated by footnote, each trading arrangement marked as "Rule 10b5-1(c)" is intended to satisfy the affirmative defense of Rule 10b5-1(c), as amended.
(2) Includes shares to be acquired upon the exercise of employee stock options.
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
David Tupman [Member]    
Trading Arrangements, by Individual    
Name David Tupman  
Title Director  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date February 12, 2024  
Arrangement Duration 534 days  
Aggregate Available 15,346 15,346
v3.24.1.1.u2
Insider Trading Policies and Procedures
 12 Months Ended
Mar. 30, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.24.1.1.u2
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Mar. 30, 2024
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 year 2024 was a 53-week year. Fiscal years 2023 and 2022 were 52-week years.
Principles of Consolidation
Principles of Consolidation
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated.
Reclassifications
Reclassifications
Certain reclassifications have been made to prior year balances in order to conform to the current year’s presentation of financial information.
Use of Estimates
Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires the use of management estimates. These estimates are subjective in nature and involve judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at fiscal year-end and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents consist primarily of money market funds, commercial paper, and U.S. Government Treasury and Agency instruments with original maturities of three months or less at the date of purchase.
Business Combinations
Business Combinations
We account for business combinations using the acquisition method of accounting and allocate the fair value of acquisition consideration to the assets acquired and liabilities assumed based on their fair values at the acquisition date. The excess of the fair value of purchase consideration over the fair value of the assets acquired and liabilities assumed is recorded as goodwill. The results of operations of the business acquired is included in our consolidated statements of income beginning on the date of the acquisition.
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. Net inventory reserve releases were $1.0 million in fiscal year 2024, primarily related to the sale of previously reserved inventory, offset by charges for excess and obsolete inventory. Inventory charges recorded for excess and obsolete inventory, including scrapped inventory, were $9.9 million in fiscal year 2023, related to a combination of quality issues and inventory exceeding demand.
Property, Plant and Equipment, net
Property, Plant and Equipment, net
Property, plant and equipment is recorded at cost, net of depreciation and amortization. Depreciation and amortization is calculated on a straight-line basis over estimated economic lives, ranging from 3 to 39 years. Leasehold improvements are depreciated over the shorter of the term of the lease or the estimated useful life. Furniture, fixtures, machinery, and equipment are all depreciated over a useful life of 3 to 10 years, while buildings are depreciated over a period of up to 39 years. In general, our capitalized software is amortized over a useful life of 3 years, with capitalized enterprise resource planning software being amortized over a useful life of 10 years. Gains or losses related to retirements or dispositions of fixed assets are recognized in the period incurred. Additionally, if impairment indicators exist, the Company will assess the carrying value 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 2024, 2023, and 2022.
Foreign Currency Translation
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
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, Luxshare Precision, and Pegatron, who represented 43 percent, 11 percent, and 10 percent, respectively, of our consolidated gross trade accounts receivable as of the end of fiscal year 2024. We had three contract manufacturers aggregated at their parent level, Foxconn, Pegatron, and Luxshare Precision, who represented 35 percent, 16 percent, and 11 percent, respectively, of our consolidated gross trade accounts receivable as of the end of fiscal year 2023. 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 2024 or 2023.
Since the components we produce are largely proprietary and generally not available from second sources, we consider our end customer to be the entity specifying the use of our component in their design. These end customers may then purchase our products directly from us, from a distributor, or through a third-party manufacturer contracted to produce their end product. For fiscal years 2024, 2023 and 2022, our ten largest end customers represented approximately 95 percent, 92 percent and 93 percent of our sales, respectively. For fiscal years 2024, 2023, and 2022, we had one end customer, Apple Inc., who purchased through multiple contract manufacturers and represented approximately 87 percent, 83 percent, and 79 percent, of the Company’s total sales, respectively. No other customer or distributor represented more than 10 percent of net sales in fiscal years 2024, 2023, or 2022.
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").
Advertising Costs
Advertising Costs
Advertising 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, $40.9 million, $26.2 million, and $23.2 million in fiscal years 2024, 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 30, 2024 and March 25, 2023 totaled $27.9 million and $47.0 million, respectively, presented within "Other current Assets" and the combination of "Other current Assets" and "Other Assets" respectively, on the consolidated balance sheets. 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 Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU requires interim and annual disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of a segment’s profit or loss, requires interim disclosures about a reportable segment’s profit or loss and assets that are currently required annually and requires disclosure of the position and title of the CODM and how the CODM uses segment profit or loss information in assessing segment performance and deciding how to allocate resources. In the event the CODM uses more than one measure of a segment's profit or loss in assessing performance and allocation of resources, clarification of disclosure requirements is provided. Additionally, a company with a single reportable segment is required to provide all the disclosures prescribed under this ASU. The guidance is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, to be applied retrospectively to all periods presented, with early adoption permitted. The Company is currently evaluating the impact of this new guidance on the financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The guidance provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, requiring more consistent categories and greater disaggregation of information by jurisdiction. This ASU is effective for financial statements issued for annual periods beginning after December 15, 2024, with early adoption permitted, to be applied on a prospective basis, although retrospective application is also permitted. The Company is currently evaluating the impact of this guidance on the financial statements and related disclosures.
In March 2024, the SEC adopted final climate-related disclosure rules. The rules require disclosure of climate-related risks that have had or are reasonably likely to have a material impact on the business strategy, results of operations, or financial condition of the Company. Disclosure of climate-related risk management, governance, greenhouse gas emissions, climate-related targets, and severe weather events, if material, is also required. Subsequently, the SEC issued an order to stay the rules pending judicial review of challenges to the rule. If the rules are ultimately implemented, they will be phased in and the Company may be required to begin making certain disclosures beginning in fiscal year 2026. The Company is currently evaluating the impact of the final rules on our disclosures.
Marketable Securities
The Company’s investments have been classified as available-for-sale securities in accordance with U.S. GAAP. Marketable securities are categorized on the consolidated balance sheet as “Marketable securities” within the short-term or long-term classification, as appropriate.
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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Mar. 30, 2024
Accounting Policies [Abstract]  
Schedule of Inventories
Inventories were comprised of the following (in thousands):
 
March 30, 2024March 25, 2023
Work in process$130,842 $116,088 
Finished goods96,406 117,362 
$227,248 $233,450 
Components of Property, Plant and Equipment
Property, plant and equipment was comprised of the following (in thousands):
March 30, 2024March 25, 2023
Land$23,853 $23,853 
Buildings64,056 64,056 
Furniture and fixtures30,462 23,909 
Leasehold improvements81,118 55,733 
Machinery and equipment200,999 188,403 
Capitalized software23,092 26,889 
Construction in progress and other9 14,350 
Total property, plant and equipment423,589 397,193 
Less: Accumulated depreciation and amortization(253,414)(234,221)
Property, plant and equipment, net$170,175 $162,972 
Schedule of Earnings Per Share, Basic and Diluted
The following table details the calculation of basic and diluted earnings per share for fiscal years 2024, 2023, and 2022, (in thousands, except per share amounts):
 
 Fiscal Years Ended
March 30, 2024March 25, 2023March 26, 2022
Numerator:
Net income$274,572 $176,703 $326,355 
Denominator:
Weighted average shares outstanding54,290 55,614 57,278 
Effect of dilutive securities1,731 1,612 1,865 
Weighted average diluted shares56,021 57,226 59,143 
Basic earnings per share$5.06 $3.18 $5.70 
Diluted earnings per share$4.90 $3.09 $5.52 
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Marketable Securities (Tables)
 12 Months Ended
Mar. 30, 2024
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 30, 2024Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair Value
(Net Carrying Amount)
Corporate debt securities$186,194 $115 $(916)$185,393 
U.S. Treasury securities9,850 — (81)9,769 
Agency discount notes1,135 — (11)1,124 
Commercial paper866 — — 866 
Total securities$198,045 $115 $(1,008)$197,152 
As of March 25, 2023Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair Value
(Net Carrying Amount)
Corporate debt securities$66,753 $91 $(1,825)$65,019 
Non-U.S. government securities510 — (3)507 
U.S. Treasury securities5,728 17 (151)5,594 
Agency discount notes385 — (18)367 
Total securities$73,376 $108 $(1,997)$71,487 
Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity
The cost and estimated fair value of available-for-sale investments by contractual maturity were as follows:
 
 March 30, 2024March 25, 2023
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Within 1 year$24,071 $23,778 $35,824 $34,978 
After 1 year173,974 173,374 37,552 36,509 
Total$198,045 $197,152 $73,376 $71,487 
v3.24.1.1.u2
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Mar. 30, 2024
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 30, 2024 (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$439,065 $— $— $439,065 
Certificates of deposit— 400 — 400 
$439,065 $400 $— $439,465 
Available-for-sale securities
Corporate debt securities$— $185,393 $— $185,393 
U.S. Treasury securities9,769 — — 9,769 
Agency discount notes— 1,124 — 1,124 
Commercial paper— 866 — 866 
$9,769 $187,383 $— $197,152 

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 $— $71,487 
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Derivative Financial Instruments (Tables)
 12 Months Ended
Mar. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Before-Tax Effect of Derivative Instruments Not Designated as Hedging Instruments
The before-tax effect of derivative instruments not designated as hedging instruments was as follows (in thousands):
Fiscal Years Ended
March 30, 2024March 25, 2023March 26, 2022Location
Loss recognized in income
Foreign currency forward contracts$(431)$(564)$(283)Other income (expense)
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Accounts Receivable, net (Tables)
 12 Months Ended
Mar. 30, 2024
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 30, 2024March 25, 2023
Gross accounts receivable$162,478 $150,473 
Allowance for doubtful accounts— — 
Accounts receivable, net$162,478 $150,473 
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Intangibles, net and Goodwill (Tables)
 12 Months Ended
Mar. 30, 2024
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 30, 2024March 25, 2023
Intangible Category /
Weighted-Average Remaining Amortization
Period (in years)		Gross
Amount		Accumulated
Amortization		Net Carrying ValueGross
Amount		Accumulated
Amortization		Net Carrying Value
Existing technology (4.4)
146,146 (117,595)28,551 146,146 (110,792)35,354 
Trademarks and tradename (a)
3,037 (3,037)— 3,037 (2,973)64 
Customer relationships (0.4)
15,381 (14,840)541 15,381 (13,422)1,959 
Technology licenses (2.9)
10,692 (10,206)486 15,841 (14,342)1,499 
Total$175,256 $(145,678)$29,578 $180,405 $(141,529)$38,876 
 
(a)Intangible assets are fully amortized as of March 30, 2024.
Schedule of Estimated Aggregate Amortization Expense for Intangibles The following table details the estimated aggregate amortization expense for all intangibles owned as of March 30, 2024, for each of the five succeeding fiscal years and in the aggregate thereafter (in thousands):
 
Fiscal Year
2025$7,478 
2026$6,725 
2027$6,590 
2028$6,589 
2029$2,196 
Thereafter$— 
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Revolving Credit Facility (Tables)
 12 Months Ended
Mar. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Future Interest Payment Obligations
As of March 30, 2024, future interest payment obligations based on forecasted commitment fees under the Revolving Credit Facility were as follows (in thousands):  

Fiscal Year
2025$404 
2026532 
2027277 
2028— 
2029— 
Thereafter— 
Total$1,213 
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Revenues (Tables)
 12 Months Ended
Mar. 30, 2024
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 30, 2024March 25, 2023March 26, 2022
Audio Products$1,083,939 $1,172,007 $1,187,126 
HPMS Products704,951 725,610 594,334 
Total$1,788,890 $1,897,617 $1,781,460 
Total net sales based on the geographic disaggregation criteria described are as follows (in thousands):

Fiscal Years Ended
March 30,March 25,March 26,
202420232022
China$1,114,310 $1,230,602 $1,197,812 
United States17,971 52,688 29,513 
Rest of World656,609 614,327 554,135 
Total$1,788,890 $1,897,617 $1,781,460 
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Leases (Tables)
 12 Months Ended
Mar. 30, 2024
Leases [Abstract]  
Schedule of Operating Lease Expense
The components of net operating lease expense were as follows (in thousands):
Fiscal Years Ended
March 30, 2024March 25, 2023
Operating lease - in excess of 12 months$17,498 $18,071 
Variable lease5,259 6,226 
Short-term lease853 86 
Operating lease income(164)(464)
Total net operating lease expense$23,446 $23,919 
Schedule of Lease Expense and Other Information
Supplemental operating lease information:
Fiscal Years Ended
March 30, 2024March 25, 2023
Balance Sheet Information (in thousands)
Operating lease right-of-use assets$138,288 $128,145 
Operating lease liabilities$155,216 $141,073 
Cash Flow Information (in thousands)
Operating cash flows from operating leases$19,189 $14,531 
Non-Cash Information
Right-of-use assets obtained in exchange for new operating lease liabilities24,784 4,381 
Lease remeasurements(1,606)(28,965)
Lease impairments and other related charges(563)(5,579)
Operating Lease Information
Weighted-average remaining lease term - operating leases (in years)1213
Weighted-average discount rate - operating leases4 %4 %
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 30, 2024, are as follows (in thousands):

Fiscal YearOperating Lease Commitments
2025$21,006 
202620,823 
202718,705 
202819,121 
202917,922 
Thereafter102,968 
Total$200,545 
Less imputed interest and other(45,329)
Total$155,216 
Schedule of Lease Liabilities
Operating lease liabilities consisted of the following (in thousands):
March 30, 2024March 25, 2023
Current lease liabilities$20,640 $18,442 
Non-current lease liabilities134,576 122,631 
Total operating lease liabilities$155,216 $141,073 
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Equity Compensation (Tables)
 12 Months Ended
Mar. 30, 2024
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 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 
Shares added— 
Granted(1,813)
Forfeited317 
Balance, March 30, 2024978 
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
 202420232022
Cost of sales$1,403 $1,270 $1,024 
Research and development63,678 57,312 44,154 
Sales, general and administrative24,190 23,059 21,214 
Effect on pre-tax income89,271 81,641 66,392 
Income Tax Benefit(20,646)(15,184)(11,521)
Total stock-based compensation expense (net of taxes)68,625 66,457 54,871 
Stock-based compensation effects on basic earnings per share$1.26 $1.19 $0.96 
Stock-based compensation effects on diluted earnings per share1.22 1.16 0.93 
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 30, 2024March 25, 2023March 26, 2022
Expected stock price volatility
34.53% - 39.92%
35.18% - 46.50%
36.85% - 41.66%
Risk-free interest rate
3.99% - 4.11%
2.47% - 3.96%
0.82% - 1.62%
Expected term (in years)
3.85 - 4.07
4.04 - 4.33
4.22 - 4.39
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 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 
Options granted132 92.69 
Options exercised(66)50.39 
Options forfeited— — 
Options expired— — 
Balance, March 30, 2024786 $74.56 
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 30, 2024 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 vest774 $74.26 6.60$15,226 
Exercisable494 $63.84 5.25$14,443 
Summary of Outstanding and Exercisable Options
The following table summarizes information regarding outstanding and exercisable options as of March 30, 2024 (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
$31.25 - $54.65
135 3.55$42.67 135 $42.67 
$55.72 - $68.56
215 4.6862.54 215 62.54 
$78.00 - $82.81
127 7.4479.36 78 78.94 
$88.00 - $88.00
81 7.9288.00 40 88.00 
$93.24 - $93.24
125 9.8693.24 — — 
$102.37 - $102.37
103 8.86102.37 26 102.37 
786 6.64$74.56 494 $63.84 
Summary of Restricted Stock and Restricted Stock Units Activity A summary of the activity for RSUs in fiscal year 2024, 2023, and 2022 is presented below (in thousands, except per share amounts):
 
SharesWeighted
Average
Fair Value
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 
Granted1,099 71.12 
Vested(879)73.54 
Forfeited(211)75.70 
March 30, 20243,099 $75.41 
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 30, 2024, is as follows (in thousands, except year and per share amounts):
 
SharesWeighted
Average
Fair Value		Weighted Average
Remaining Contractual
Term (years)
Expected to vest2,923 $75.55 1.50
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 30,
2024		March 25,
2023		March 26,
2022
Expected stock price volatility
34.53%
35.18% - 46.50%
41.66 %
Risk-free interest rate
4.12%
2.67% - 3.92%
1.46 %
Expected term (in years)3.003.003.00
Schedule of Market Stock Units Activity A summary of the activity for MSUs in fiscal year 2024, 2023, and 2022 is presented below (in thousands, except per share amounts):
 
SharesWeighted
Average
Fair Value
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 
Granted35 141.48 
Vested(9)83.96 
Forfeited(14)83.96 
March 30, 2024101 $130.46 
Summary of Outstanding MSUs Expected to Vest Additional information with regard to outstanding MSUs that are expected to vest as of March 30, 2024 is as follows (in thousands, except year and per share amounts):
 
SharesWeighted
Average
Fair Value		Weighted Average
Remaining Contractual
Term (years)
Expected to vest94 $130.04 1.89
v3.24.1.1.u2
Commitment and Contingencies (Tables)
 12 Months Ended
Mar. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Long-term Purchase Commitment
Total future unconditional purchase commitments as of March 30, 2024 were as follows (in thousands):
Fiscal Year
2025$599,529 
2026279,441 
2027173,071 
20281,993 
2029— 
Thereafter— 
Total$1,054,034 
v3.24.1.1.u2
Accumulated Other Comprehensive Loss (Tables)
 12 Months Ended
Mar. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Summary of Changes in the Components of Accumulated Other Comprehensive Income (Loss)
The following table summarizes the changes in the components of accumulated other comprehensive loss, net of tax (in thousands):
Foreign
Currency		Unrealized Gains
(Losses) on Securities
Cumulative Effect of Adoption of ASU 2018-02
Total
Balance, March 26, 2022$(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)$(2,539)
Current period foreign exchange translation(850)— — (850)
Current period marketable securities activity— 996 — 996 
Tax effect— (210)— (210)
Balance, March 30, 2024$(1,897)$(449)$(257)$(2,603)
v3.24.1.1.u2
Income Taxes (Tables)
 12 Months Ended
Mar. 30, 2024
Income Tax Disclosure [Abstract]  
Summary of Income Before Income Taxes
Income (loss) before income taxes consisted of (in thousands):
 Fiscal Years Ended
March 30,
2024		March 25,
2023		March 26,
2022
U.S.$(10,343)$(141,670)$(17,674)
Non-U.S.374,279 396,409 386,337 
$363,936 $254,739 $368,663 
Summary of Provision (Benefit) for Income Taxes
The provision (benefit) for income taxes consists of (in thousands):
 Fiscal Years Ended
March 30,
2024		March 25,
2023		March 26,
2022
Current:
U.S.$42,184 $60,603 $4,483 
Non-U.S.60,615 52,023 52,920 
Total current tax provision$102,799 $112,626 $57,403 
Deferred:
U.S.(5,178)(28,529)(6,256)
Non-U.S.(8,257)(6,061)(8,839)
Total deferred tax provision(13,435)(34,590)(15,095)
Total tax provision$89,364 $78,036 $42,308 
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 30,
2024		March 25,
2023		March 26,
2022
U.S. federal statutory rate21.0 21.0 21.0 
Foreign income taxed at different rates(7.1)(14.4)(9.6)
Stock-based compensation(0.1)(0.3)(0.9)
Foreign-derived intangible income deduction(0.2)— (0.1)
GILTI and Subpart F income14.6 30.6 10.0 
Foreign tax credits(4.1)(7.7)(9.4)
Change in valuation allowance— 0.2 (0.2)
Release of prior year unrecognized tax benefits(0.2)— — 
Interest related to unrecognized tax benefits0.7 0.7 0.2 
U.S. research and development credit(0.7)— — 
Other0.7 0.5 0.5 
Effective tax rate24.6 30.6 11.5 
Significant Components of Deferred Tax Assets and Liabilities
Significant components of our deferred tax assets and liabilities as of March 30, 2024 and March 25, 2023 are (in thousands): 
March 30,
2024		March 25,
2023
Deferred tax assets:
Accrued expenses and allowances$3,559 $7,913 
Net operating loss carryforwards932 1,132 
Research and development tax credit carryforwards12,547 13,283 
Stock-based compensation28,437 24,842 
Lease liabilities25,564 21,602 
Capitalized research and development11,307 9,183 
Depreciation and amortization994 — 
Other938 1,119 
Total deferred tax assets$84,278 $79,074 
Valuation allowance for deferred tax assets(12,508)(13,076)
Net deferred tax assets$71,770 $65,998 
Deferred tax liabilities:
Depreciation and amortization$— $3,395 
Right of use asset22,279 19,226 
Acquisition intangibles845 7,782 
Other— 37 
Total deferred tax liabilities$23,124 $30,440 
Total net deferred tax assets$48,646 $35,558 
Reconciliation of Unrecognized Tax Benefits
The following table summarizes the changes in the unrecognized tax benefits (in thousands): 
March 30,
2024		March 25,
2023
Beginning balance$32,879 $32,879 
Additions based on tax positions related to the current year— — 
Reduction for the lapse of applicable statute of limitations(802)— 
Ending balance$32,077 $32,879 
v3.24.1.1.u2
Segment Information (Tables)
 12 Months Ended
Mar. 30, 2024
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 30,
2024		March 25,
2023		March 26,
2022
China$1,114,310 $1,230,602 $1,197,812 
Hong Kong219,053 223,405 325,433 
India125,138 69,343 18,257 
South Korea119,532 93,177 51,606 
Vietnam96,080 93,760 72,162 
United States17,971 52,688 29,513 
Rest of World96,806 134,642 86,677 
Total consolidated sales$1,788,890 $1,897,617 $1,781,460 
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 30,
2024		March 25,
2023
United States$140,300 $132,633 
United Kingdom16,822 20,675 
Rest of World13,053 9,664 
Total consolidated property, plant and equipment, net$170,175 $162,972 
v3.24.1.1.u2
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Mar. 25, 2023
Dec. 24, 2022
Mar. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
Inventory Disclosure [Abstract]          
Inventory reserve releases     $ 1,000    
Inventory write-down       $ 9,900  
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     28,100 27,100 24,800
Intangible Assets, Net (Including Goodwill) [Abstract]          
Impairment of goodwill     0 0 0
Intangibles impairment $ 85,800 $ 0 0 85,760 0
Marketing and Advertising Expense [Abstract]          
Advertising costs     $ 300 $ 500 $ 900
Government Assistance [Abstract]          
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration]     Research and development Research and development Research and development
Earnings Per Share [Abstract]          
Weighted outstanding options excluded from diluted calculation (in shares)     325 268 113
Research and Development Expenditure Credit (“RDEC”)          
Government Assistance [Abstract]          
Government assistance, amount     $ 40,900 $ 26,200 $ 23,200
Government assistance, amount, cumulative $ 47,000   $ 27,900 $ 47,000  
Foxconn | Accounts Receivable | Customer Concentration Risk          
Concentration Of Credit Risk [Abstract]          
Concentration risk, percentage     43.00% 35.00%  
Pegatron | Accounts Receivable | Customer Concentration Risk          
Concentration Of Credit Risk [Abstract]          
Concentration risk, percentage     10.00% 16.00%  
Luxshare Precision | Accounts Receivable | Customer Concentration Risk          
Concentration Of Credit Risk [Abstract]          
Concentration risk, percentage     11.00% 11.00%  
Ten Largest Customers | Sales Revenue, Net | Customer Concentration Risk          
Concentration Of Credit Risk [Abstract]          
Concentration risk, percentage     95.00% 92.00% 93.00%
Apple, Inc. | Sales Revenue, Net | Customer Concentration Risk          
Concentration Of Credit Risk [Abstract]          
Concentration risk, percentage     87.00% 83.00% 79.00%
Capitalized Software          
Property, Plant and Equipment, Net [Abstract]          
Estimated useful life     3 years    
Capitalized Enterprise Resource Planning Software          
Property, Plant and Equipment, Net [Abstract]          
Estimated useful life     10 years    
Minimum          
Intangible Assets, Net (Including Goodwill) [Abstract]          
Intangible assets, useful life     1 year    
Acquired intangible assets, useful life     1 year    
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    
v3.24.1.1.u2
Summary of Significant Accounting Policies (Schedule of Inventories) (Details) - USD ($)
$ in Thousands
Mar. 30, 2024
Mar. 25, 2023
Accounting Policies [Abstract]    
Work in process $ 130,842 $ 116,088
Finished goods 96,406 117,362
Inventories $ 227,248 $ 233,450
v3.24.1.1.u2
Summary of Significant Accounting Policies (Components of Property, Plant and Equipment) (Details) - USD ($)
$ in Thousands
Mar. 30, 2024
Mar. 25, 2023
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment $ 423,589 $ 397,193
Less: Accumulated depreciation and amortization (253,414) (234,221)
Property, plant and equipment, net 170,175 162,972
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 64,056
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 30,462 23,909
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 81,118 55,733
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 200,999 188,403
Capitalized software    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 23,092 26,889
Construction in progress and other    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment $ 9 $ 14,350
v3.24.1.1.u2
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. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
Numerator:      
Net income $ 274,572 $ 176,703 $ 326,355
Denominator:      
Weighted average shares outstanding (in shares) 54,290 55,614 57,278
Effect of dilutive securities (in shares) 1,731 1,612 1,865
Weighted average diluted shares (in shares) 56,021 57,226 59,143
Basic earnings per share (in dollars per share) $ 5.06 $ 3.18 $ 5.70
Diluted earnings per share (in dollars per share) $ 4.90 $ 3.09 $ 5.52
v3.24.1.1.u2
Marketable Securities (Schedule of Available-for-sale Securities) (Details) - USD ($)
$ in Thousands
Mar. 30, 2024
Mar. 25, 2023
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 198,045 $ 73,376
Gross Unrealized Gains 115 108
Gross Unrealized Losses (1,008) (1,997)
Estimated Fair Value (Net Carrying Amount) 197,152 71,487
Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 186,194 66,753
Gross Unrealized Gains 115 91
Gross Unrealized Losses (916) (1,825)
Estimated Fair Value (Net Carrying Amount) 185,393 65,019
Non-U.S. government securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost   510
Gross Unrealized Gains   0
Gross Unrealized Losses   (3)
Estimated Fair Value (Net Carrying Amount)   507
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 9,850 5,728
Gross Unrealized Gains 0 17
Gross Unrealized Losses (81) (151)
Estimated Fair Value (Net Carrying Amount) 9,769 5,594
Agency discount notes    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,135 385
Gross Unrealized Gains 0 0
Gross Unrealized Losses (11) (18)
Estimated Fair Value (Net Carrying Amount) 1,124 $ 367
Commercial paper    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 866  
Gross Unrealized Gains 0  
Gross Unrealized Losses 0  
Estimated Fair Value (Net Carrying Amount) $ 866  
v3.24.1.1.u2
Marketable Securities (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 30, 2024
Mar. 25, 2023
Debt Securities, Available-for-sale [Line Items]    
Gross unrealized losses $ 1,008 $ 1,997
Amortized cost on available for sale securities held at gross unrealized loss 172,100 64,000
Securities in a continuous unrealized loss position for more than 12 months, amortized cost 25,000 56,300
Securities in a continuous unrealized loss position for more than 12 months, aggregate unrealized loss $ 300 $ 1,900
Minimum    
Debt Securities, Available-for-sale [Line Items]    
Maturity period for highly-rated securities 1 year  
Maximum    
Debt Securities, Available-for-sale [Line Items]    
Maturity period for highly-rated securities 3 years  
v3.24.1.1.u2
Marketable Securities (Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity) (Details) - USD ($)
$ in Thousands
Mar. 30, 2024
Mar. 25, 2023
Marketable Securities [Abstract]    
Within 1 year, Amortized Cost $ 24,071 $ 35,824
After 1 year, Amortized Cost 173,974 37,552
Amortized Cost 198,045 73,376
Within 1 year, Estimated Fair Value 23,778 34,978
After 1 year, Estimated Fair Value 173,374 36,509
Estimated Fair Value (Net Carrying Amount) $ 197,152 $ 71,487
v3.24.1.1.u2
Fair Value of Financial Instruments (Narrative) (Details) - USD ($)
Mar. 20, 2023
Mar. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term line of credit   $ 0
Long-term revolving facility, fair value   $ 0
Second Amended Credit Agreement Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Basis spread on variable interest rate 0.10%  
v3.24.1.1.u2
Fair Value of Financial Instruments (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Mar. 30, 2024
Mar. 25, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 439,465  
Available-for-sale securities 197,152 $ 71,487
Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 439,065  
Available-for-sale securities 9,769 5,594
Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 400  
Available-for-sale securities 187,383 65,893
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 185,393 65,019
Corporate debt securities | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Corporate debt securities | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 185,393 65,019
Corporate debt securities | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Non-U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities   507
Non-U.S. government securities | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities   0
Non-U.S. government securities | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities   507
Non-U.S. government securities | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities   0
U.S. Treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 9,769 5,594
U.S. Treasury securities | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 9,769 5,594
U.S. Treasury securities | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
U.S. Treasury securities | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Agency discount notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 1,124 367
Agency discount notes | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Agency discount notes | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 1,124 367
Agency discount notes | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 866  
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]    
Available-for-sale securities 0  
Commercial paper | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 866  
Commercial paper | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0  
Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 439,065 406,265
Money market funds | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 439,065 406,265
Money market funds | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Money market funds | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 $ 0
Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 400  
Certificates of deposit | 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  
Certificates of deposit | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 400  
Certificates of deposit | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 0  
v3.24.1.1.u2
Derivative Financial Instruments (Details)
$ in Thousands
 12 Months Ended
Mar. 30, 2024
USD ($)
derivativeContract
Mar. 25, 2023
USD ($)
Mar. 26, 2022
USD ($)
Derivative Instruments, Gain (Loss) [Line Items]      
Number of foreign currency derivatives held | derivativeContract 1    
Notional value of foreign currency forward contract $ 4,300    
Foreign currency forward contracts | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) recognized in income, foreign currency forward contracts $ (431) $ (564) $ (283)
v3.24.1.1.u2
Accounts Receivable, net (Components of Accounts Receivable, Net) (Details) - USD ($)
$ in Thousands
Mar. 30, 2024
Mar. 25, 2023
Accounts Receivable, after Allowance for Credit Loss [Abstract]    
Gross accounts receivable $ 162,478 $ 150,473
Allowance for doubtful accounts 0 0
Accounts receivable, net $ 162,478 $ 150,473
v3.24.1.1.u2
Intangibles, net and Goodwill (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Mar. 25, 2023
Dec. 24, 2022
Mar. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
Goodwill and Intangible Assets Disclosure [Abstract]          
Intangibles impairment $ 85,800 $ 0 $ 0 $ 85,760 $ 0
Amortization expense for intangibles     9,000 33,700 $ 29,000
Goodwill $ 435,936   $ 435,936 $ 435,936  
v3.24.1.1.u2
Intangibles, net and Goodwill (Schedule of Gross Carrying Amount and Amortization of Intangible Assets) (Details) - USD ($)
$ in Thousands
Mar. 30, 2024
Mar. 25, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross Amount $ 175,256 $ 180,405
Accumulated Amortization (145,678) (141,529)
Net Carrying Value $ 29,578 38,876
Existing technology    
Finite-Lived Intangible Assets [Line Items]    
Weighted-average amortization period 4 years 4 months 24 days  
Gross Amount $ 146,146 146,146
Accumulated Amortization (117,595) (110,792)
Net Carrying Value 28,551 35,354
Trademarks and tradename    
Finite-Lived Intangible Assets [Line Items]    
Gross Amount 3,037 3,037
Accumulated Amortization (3,037) (2,973)
Net Carrying Value $ 0 64
Customer Relationships    
Finite-Lived Intangible Assets [Line Items]    
Weighted-average amortization period 4 months 24 days  
Gross Amount $ 15,381 15,381
Accumulated Amortization (14,840) (13,422)
Net Carrying Value $ 541 1,959
Technology licenses    
Finite-Lived Intangible Assets [Line Items]    
Weighted-average amortization period 2 years 10 months 24 days  
Gross Amount $ 10,692 15,841
Accumulated Amortization (10,206) (14,342)
Net Carrying Value $ 486 $ 1,499
v3.24.1.1.u2
Intangibles, net and Goodwill (Schedule of Estimated Aggregate Amortization Expense for Intangibles) (Details)
$ in Thousands
Mar. 30, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2025 $ 7,478
2026 6,725
2027 6,590
2028 6,589
2029 2,196
Thereafter $ 0
v3.24.1.1.u2
Acquisition (Details) - Lion Semiconductor, Inc. - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 25, 2021
Mar. 25, 2023
Mar. 26, 2022
Business Acquisition [Line Items]      
Outstanding share capital     100.00%
Total consideration transferred     $ 280.5
Cash acquired     4.9
Consideration paid $ 1.2 $ 31.0  
Merger consideration - retention     $ 25.4
v3.24.1.1.u2
Revolving Credit Facility (Details) - Second Amended Credit Agreement Revolving Credit Facility - USD ($)
Mar. 20, 2023
Jul. 08, 2021
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  
Minimum    
Line of Credit Facility [Line Items]    
Line of credit facility, unused capacity, commitment fee percentage   0.175%
Maximum    
Line of Credit Facility [Line Items]    
Line of credit facility, unused capacity, commitment fee percentage   0.275%
Base Rate | Minimum    
Line of Credit Facility [Line Items]    
Basis spread on variable interest rate   0.00%
Base Rate | Maximum    
Line of Credit Facility [Line Items]    
Basis spread on variable interest rate   0.75%
Secured Overnight Financing Rate (SOFR)    
Line of Credit Facility [Line Items]    
Basis spread on variable interest rate 0.10%  
Secured Overnight Financing Rate (SOFR) | Minimum    
Line of Credit Facility [Line Items]    
Basis spread on variable interest rate 1.00%  
Secured Overnight Financing Rate (SOFR) | Maximum    
Line of Credit Facility [Line Items]    
Basis spread on variable interest rate 1.75%  
v3.24.1.1.u2
Revolving Credit Facility (Future Interest Payment Obligations) (Details)
$ in Thousands
Mar. 30, 2024
USD ($)
Future Interest Payment Obligations [Roll Forward]  
2025 $ 404
2026 532
2027 277
2028 0
2029 0
Thereafter 0
Total $ 1,213
v3.24.1.1.u2
Revenues (Product Line Disaggregation of Revenue) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
Disaggregation of Revenue [Line Items]      
Net sales $ 1,788,890 $ 1,897,617 $ 1,781,460
Audio Products      
Disaggregation of Revenue [Line Items]      
Net sales 1,083,939 1,172,007 1,187,126
HPMS Products      
Disaggregation of Revenue [Line Items]      
Net sales $ 704,951 $ 725,610 $ 594,334
v3.24.1.1.u2
Revenues (Geographic Disaggregation of Revenue) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
Disaggregation of Revenue [Line Items]      
Net sales $ 1,788,890 $ 1,897,617 $ 1,781,460
China      
Disaggregation of Revenue [Line Items]      
Net sales 1,114,310 1,230,602 1,197,812
United States      
Disaggregation of Revenue [Line Items]      
Net sales 17,971 52,688 29,513
Rest of World      
Disaggregation of Revenue [Line Items]      
Net sales $ 656,609 $ 614,327 $ 554,135
v3.24.1.1.u2
Leases (Narrative) (Details)
$ in Millions
Mar. 30, 2024
USD ($)
Lessee, Lease, Description [Line Items]  
Operating lease undiscounted amount $ 5
Minimum  
Lessee, Lease, Description [Line Items]  
Lease term 1 year
Operating lease term of contract 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Lease term 25 years
Operating lease term of contract 10 years
v3.24.1.1.u2
Leases (Schedule of Lease Expense, Lease Income, and Other Information) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 30, 2024
Mar. 25, 2023
Leases [Abstract]    
Operating lease - in excess of 12 months $ 17,498 $ 18,071
Variable lease 5,259 6,226
Short-term lease 853 86
Operating lease income (164) (464)
Total net operating lease expense $ 23,446 $ 23,919
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 $ 138,288 $ 128,145
Operating lease liabilities 155,216 141,073
Cash Flow Information (in thousands)    
Operating cash flows from operating leases 19,189 14,531
Non-Cash Information    
Right-of-use assets obtained in exchange for new operating lease liabilities 24,784 4,381
Lease remeasurements (1,606) (28,965)
Lease impairments and other related charges $ (563) $ (5,579)
Operating Lease Information    
Weighted-average remaining lease term - operating leases (in years) 12 years 13 years
Weighted-average discount rate - operating leases 4.00% 4.00%
v3.24.1.1.u2
Leases (Schedule of Future Lease Commitments) (Details) - USD ($)
$ in Thousands
Mar. 30, 2024
Mar. 25, 2023
Operating Lease Commitments    
2025 $ 21,006  
2026 20,823  
2027 18,705  
2028 19,121  
2029 17,922  
Thereafter 102,968  
Total 200,545  
Less imputed interest and other (45,329)  
Total $ 155,216 $ 141,073
v3.24.1.1.u2
Leases (Schedule of Lease Liabilities) (Details) - USD ($)
$ in Thousands
Mar. 30, 2024
Mar. 25, 2023
Leases [Abstract]    
Current lease liabilities $ 20,640 $ 18,442
Non-current lease liabilities 134,576 122,631
Total operating lease liabilities $ 155,216 $ 141,073
v3.24.1.1.u2
Restructuring (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jul. 12, 2023
Dec. 30, 2023
Mar. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
Restructuring Cost and Reserve [Line Items]          
Restructuring $ 2,300   $ 1,959 $ 10,632 $ 0
Recovery of restructuring cost   $ 400      
Impairment of right-of-use assets and leasehold improvements       6,900  
Other related charges       $ 3,700  
Accrued restructuring charges     $ 1,600    
Employee Severance          
Restructuring Cost and Reserve [Line Items]          
Percentage of reduction in workforce 5.00%        
v3.24.1.1.u2
Postretirement Benefit Plans (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
Retirement Benefits [Abstract]      
Employee matching contribution $ 11.0 $ 10.2 $ 9.6
v3.24.1.1.u2
Equity Compensation (Narrative) (Details)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Mar. 30, 2024
USD ($)
$ / shares
shares
Mar. 25, 2023
USD ($)
$ / shares
shares
Mar. 26, 2022
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 $ 89,271 $ 81,641 $ 66,392
Excess tax benefits, amount 200 1,400 3,900
Net amount received from exercise of stock options granted $ 3,300 $ 10,100 $ 13,200
Options exercised (in shares) | shares 66 225 327
Total intrinsic value of stock options exercised $ 2,800 $ 11,400 $ 15,800
Fair value of options that became vested during the period $ 4,200 $ 3,000 $ 4,600
Number of options exercisable (in shares) | shares 494 500 600
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 $ 39.61 $ 42.37 $ 37.31
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 9 months 10 days    
Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation costs related to equity incentive plans, weighted average recognition period 1 year 6 months 10 days    
Vesting percentage 100.00%    
Intrinsic value of awards outstanding $ 286,900 $ 326,300 $ 225,900
Fair value of awards vested $ 64,600 $ 61,400 $ 41,100
Shares vested (in shares) | shares 879 877 935
Shares withheld to satisfy tax withholding requirements (in shares) | shares 300 200 300
Payment to taxing authorities $ 18,900 $ 18,000 $ 22,000
Weighted averaged estimated fair value of awards granted (in dollars per share) | $ / shares $ 71.12 $ 75.97 $ 81.61
Market Stock Unit (MSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, vesting period 3 years    
Compensation costs related to equity incentive plans, weighted average recognition period 1 year 10 months 28 days    
Intrinsic value of awards outstanding $ 9,400 $ 9,300 $ 7,500
Fair value of awards vested $ 800 $ 800 $ 1,500
Shares vested (in shares) | shares 9 10 30
Weighted averaged estimated fair value of awards granted (in dollars per share) | $ / shares $ 141.48 $ 135.87 $ 109.18
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 $ 141.48    
RSUs and MSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense $ 85,100 $ 78,000 $ 63,200
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 $ 140,600    
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    
v3.24.1.1.u2
Equity Compensation (Summary of Activity in Total Stock Available for Grant) (Details) - shares
shares in Thousands
 12 Months Ended
Mar. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]      
Shares available for grant, beginning balance (in shares) 2,474 2,617 4,025
Shares available for grant, shares added (in shares) 0 2,090 0
Shares available for grant, granted (in shares) (1,813) (2,536) (1,679)
Shares available for grant, forfeited (in shares) 317 303 271
Shares available for grant, ending balance (in shares) 978 2,474 2,617
v3.24.1.1.u2
Equity Compensation (Summary of Effect of Stock-Based Compensation) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Mar. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Effect on pre-tax income $ 89,271 $ 81,641 $ 66,392
Income Tax Benefit (20,646) (15,184) (11,521)
Total stock-based compensation expense (net of taxes) $ 68,625 $ 66,457 $ 54,871
Share based compensation effects on basic earnings per share (in dollars per share) $ 1.26 $ 1.19 $ 0.96
Share based compensation effects on diluted earnings per share (in dollars per share) $ 1.22 $ 1.16 $ 0.93
Cost of sales      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Effect on pre-tax income $ 1,403 $ 1,270 $ 1,024
Research and development      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Effect on pre-tax income 63,678 57,312 44,154
Sales, general and administrative      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Effect on pre-tax income $ 24,190 $ 23,059 $ 21,214
v3.24.1.1.u2
Equity Compensation (Schedule of Fair Value of Stock Option Grants) (Details) - Employee Stock Option
 12 Months Ended
Mar. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
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 34.53% 35.18% 36.85%
Risk-free interest rate 3.99% 2.47% 0.82%
Expected term (in years) 3 years 10 months 6 days 4 years 14 days 4 years 2 months 19 days
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected stock price volatility 39.92% 46.50% 41.66%
Risk-free interest rate 4.11% 3.96% 1.62%
Expected term (in years) 4 years 25 days 4 years 3 months 29 days 4 years 4 months 20 days
v3.24.1.1.u2
Equity Compensation (Schedule of Stock Option Activity) (Details) - $ / shares
shares in Thousands
 12 Months Ended
Mar. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
Number      
Beginning balance (in shares) 720 820 1,059
Options granted (in shares) 132 143 88
Options exercised (in shares) (66) (225) (327)
Options forfeited (in shares) 0 (18) 0
Options expired (in shares) 0 0 0
Ending balance (in shares) 786 720 820
Weighted Average Exercise Price      
Beginning balance (in dollars per share) $ 69.03 $ 57.75 $ 49.87
Options granted (in dollars per share) 92.69 96.33 87.52
Options exercised (in dollars per share) 50.39 45.10 40.31
Options forfeited (in dollars per share) 0 71.14 0
Options expired (in dollars per share) 0 0 0
Ending balance (in dollars per share) $ 74.56 $ 69.03 $ 57.75
v3.24.1.1.u2
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. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]      
Number of Options, Vested and expected to vest (in shares) 774    
Weighted Average Exercise Price, Vested and expected to vest (in dollars per share) $ 74.26    
Weighted Average Remaining Contractual Term, Vested and expected to vest 6 years 7 months 6 days    
Aggregate Intrinsic Value, Vested and expected to vest $ 15,226    
Number of Options, Exercisable (in shares) 494 500 600
Weighted Average Exercise Price, Exercisable (in dollars per share) $ 63.84    
Weighted Average Remaining Contractual Term, Exercisable 5 years 3 months    
Aggregate Intrinsic Value, Exercisable $ 14,443    
v3.24.1.1.u2
Equity Compensation (Summary of Outstanding and Exercisable Options) (Details)
shares in Thousands
 12 Months Ended
Mar. 30, 2024
$ / shares
shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Options Outstanding, Number (in shares) | shares 786
Options Outstanding, Weighted Average Remaining Contractual Life 6 years 7 months 20 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 74.56
Options Exercisable, Number Exercisable (in shares) | shares 494
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 63.84
$31.25 - $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) 31.25
Range of Exercise Prices, upper limit (in dollars per share) $ 54.65
Options Outstanding, Number (in shares) | shares 135
Options Outstanding, Weighted Average Remaining Contractual Life 3 years 6 months 18 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 42.67
Options Exercisable, Number Exercisable (in shares) | shares 135
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 42.67
$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 4 years 8 months 4 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 62.54
Options Exercisable, Number Exercisable (in shares) | shares 215
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 62.54
$78.00 - $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) 78.00
Range of Exercise Prices, upper limit (in dollars per share) $ 82.81
Options Outstanding, Number (in shares) | shares 127
Options Outstanding, Weighted Average Remaining Contractual Life 7 years 5 months 8 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 79.36
Options Exercisable, Number Exercisable (in shares) | shares 78
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 78.94
$88.00 - $88.00 (in dollars per share)  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Range of Exercise Prices, lower limit (in dollars per share) 88.00
Range of Exercise Prices, upper limit (in dollars per share) $ 88.00
Options Outstanding, Number (in shares) | shares 81
Options Outstanding, Weighted Average Remaining Contractual Life 7 years 11 months 1 day
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 88.00
Options Exercisable, Number Exercisable (in shares) | shares 40
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 88.00
$93.24- $93.24 (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) 93.24
Range of Exercise Prices, upper limit (in dollars per share) $ 93.24
Options Outstanding, Number (in shares) | shares 125
Options Outstanding, Weighted Average Remaining Contractual Life 9 years 10 months 9 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 93.24
Options Exercisable, Number Exercisable (in shares) | shares 0
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 0
$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 8 years 10 months 9 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 102.37
Options Exercisable, Number Exercisable (in shares) | shares 26
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 102.37
v3.24.1.1.u2
Equity Compensation (Summary of Restricted Stock Unit Activity) (Details) - Restricted Stock Units (RSUs) - $ / shares
shares in Thousands
 12 Months Ended
Mar. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
Shares      
Beginning balance (in shares) 3,090 2,576 2,613
Granted (in shares) 1,099 1,574 1,079
Vested (in shares) (879) (877) (935)
Forfeited (in shares) (211) (183) (181)
Ending balance (in shares) 3,099 3,090 2,576
Weighted Average Fair Value      
Beginning balance (in dollars per share) $ 76.42 $ 74.45 $ 60.31
Granted (in dollars per share) 71.12 75.97 81.61
Vested (in dollars per share) 73.54 70.02 43.96
Forfeited (in dollars per share) 75.70 75.58 70.60
Ending balance (in dollars per share) $ 75.41 $ 76.42 $ 74.45
v3.24.1.1.u2
Equity Compensation (Summary of Restricted Stock Units Expected to Vest) (Details) - Restricted Stock Units (RSUs)
shares in Thousands
 12 Months Ended
Mar. 30, 2024
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares, expected to vest (in shares) | shares 2,923
Weighted Average Fair Value, expected to vest (in dollars per share) | $ / shares $ 75.55
Weighted Average Remaining Contractual Term, expected to vest 1 year 6 months
v3.24.1.1.u2
Equity Compensation (Schedule of Fair Value Market Stock Units Assumptions) (Details) - Market Stock Unit (MSUs)
 12 Months Ended
Mar. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Dividend yield 0.00%    
Expected stock price volatility 34.53%   41.66%
Expected stock price, minimum   35.18%  
Expected stock price, maximum   46.50%  
Risk-free interest rate 4.12%   1.46%
Risk free interest rate, minimum   2.67%  
Risk free interest rate, maximum   3.92%  
Expected term (in years) 3 years 3 years 3 years
v3.24.1.1.u2
Equity Compensation (Summary of Market Stock Unit Activity) (Details) - Market Stock Unit (MSUs) - $ / shares
shares in Thousands
 12 Months Ended
Mar. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
Shares      
Beginning balance (in shares) 89 85 133
Granted (in shares) 35 38 28
Vested (in shares) (9) (10) (30)
Forfeited (in shares) (14) (24) (46)
Ending balance (in shares) 101 89 85
Weighted Average Fair Value      
Beginning balance (in dollars per share) $ 113.83 $ 95.75 $ 73.29
Granted (in dollars per share) 141.48 135.87 109.18
Vested (in dollars per share) 83.96 87.43 50.11
Forfeited (in dollars per share) 83.96 94.80 38.70
Ending balance (in dollars per share) $ 130.46 $ 113.83 $ 95.75
v3.24.1.1.u2
Equity Compensation (Summary of Market Stock Units Expected to Vest) (Details) - Market Stock Unit (MSUs)
shares in Thousands
 12 Months Ended
Mar. 30, 2024
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares, expected to vest (in shares) | shares 94
Weighted Average Fair Value, expected to vest (in dollars per share) | $ / shares $ 130.04
Weighted Average Remaining Contractual Term, expected to vest 1 year 10 months 20 days
v3.24.1.1.u2
Commitments and Contingencies (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jul. 28, 2021
Mar. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
Commitments [Line Items]        
Rent expense   $ 23,600 $ 24,400 $ 19,900
Rental income   200 $ 500 $ 1,500
Capacity reservation fee $ 60,000      
Reservation fees   31,000    
Prepaid wafers $ 195,000      
Prepaid balance   147,000    
Purchase obligation   1,054,034    
Minimum        
Commitments [Line Items]        
Purchase obligation   $ 840,000    
v3.24.1.1.u2
Commitments and Contingencies (Purchase Commitments) (Details)
$ in Thousands
Mar. 30, 2024
USD ($)
Purchase Obligation, Fiscal Year Maturity [Abstract]  
2025 $ 599,529
2026 279,441
2027 173,071
2028 1,993
2029 0
Thereafter 0
Total $ 1,054,034
v3.24.1.1.u2
Stockholders' Equity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Mar. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
Jul. 31, 2022
Jan. 31, 2021
Equity, Class of Treasury Stock [Line Items]          
Accrued excise tax $ 1,300        
Repurchase and retirement of common stock, value $ 187,327 $ 191,383 $ 167,501    
Preferred stock, shares authorized (in shares) 5,000,000 5,000,000      
Preferred stock, shares issued (in shares) 0        
January 2021 Repurchase Authorization          
Equity, Class of Treasury Stock [Line Items]          
Share repurchase authorization, amount approved         $ 350,000
July 2022 Repurchase Authorization          
Equity, Class of Treasury Stock [Line Items]          
Share repurchase authorization, amount approved       $ 500,000  
Share repurchase authorization, remaining authorized repurchase amount $ 315,100        
January 2021 and July 2022 Repurchase Program          
Equity, Class of Treasury Stock [Line Items]          
Repurchase and retirement of common stock (in shares) 2,300,000        
Repurchase and retirement of common stock, value $ 186,000        
Average cost per share repurchased (in dollars per share) $ 80.68        
v3.24.1.1.u2
Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 1,658,282 $ 1,599,817 $ 1,389,005
Current period foreign exchange translation (850) (834) (507)
Ending balance 1,817,014 1,658,282 1,599,817
Foreign Currency      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (1,047) (213)  
Current period foreign exchange translation (850) (834)  
Current period marketable securities activity 0 0  
Tax effect 0 0  
Ending balance (1,897) (1,047) (213)
Unrealized Gains (Losses) on Securities      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (1,235) (1,575)  
Current period foreign exchange translation 0 0  
Current period marketable securities activity 996 430  
Tax effect (210) (90)  
Ending balance (449) (1,235) (1,575)
Accumulated Other Comprehensive Income / (Loss)      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (2,539) (2,045) 2,875
Current period foreign exchange translation (850) (834)  
Current period marketable securities activity 996 430  
Tax effect (210) (90)  
Ending balance (2,603) (2,539) (2,045)
Accumulated Other Comprehensive Income / (Loss) | Revision of Prior Period, Accounting Standards Update, Adjustment      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (257) (257)  
Current period foreign exchange translation 0 0  
Current period marketable securities activity 0 0  
Tax effect 0 0  
Ending balance $ (257) $ (257) $ (257)
v3.24.1.1.u2
Income Taxes (Summary of Income Before Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
Income Tax Disclosure [Abstract]      
U.S. $ (10,343) $ (141,670) $ (17,674)
Non-U.S. 374,279 396,409 386,337
Income before income taxes $ 363,936 $ 254,739 $ 368,663
v3.24.1.1.u2
Income Taxes (Summary of Provision (Benefit) for Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
Income Taxes [Line Items]      
Total current tax provision $ 102,799 $ 112,626 $ 57,403
Total deferred tax provision (13,435) (34,590) (15,095)
Total tax provision 89,364 78,036 42,308
U.S.      
Income Taxes [Line Items]      
Total current tax provision 42,184 60,603 4,483
Total deferred tax provision (5,178) (28,529) (6,256)
Non-U.S.      
Income Taxes [Line Items]      
Total current tax provision 60,615 52,023 52,920
Total deferred tax provision $ (8,257) $ (6,061) $ (8,839)
v3.24.1.1.u2
Income Taxes (Summary of Provision (Benefit) for Income Taxes, Statutory Federal Rate Pretax Income Reconciliation) (Details)
 12 Months Ended
Mar. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
Income Tax Disclosure [Abstract]      
U.S. federal statutory rate 21.00% 21.00% 21.00%
Foreign income taxed at different rates (7.10%) (14.40%) (9.60%)
Stock-based compensation (0.10%) (0.30%) (0.90%)
Foreign-derived intangible income deduction (0.20%) 0.00% (0.10%)
GILTI and Subpart F income 14.60% 30.60% 10.00%
Foreign tax credits (4.10%) (7.70%) (9.40%)
Change in valuation allowance 0.00% 0.20% (0.20%)
Release of prior year unrecognized tax benefits (0.20%) 0.00% 0.00%
Interest related to unrecognized tax benefits 0.70% 0.70% 0.20%
U.S. research and development credit (0.70%) 0.00% 0.00%
Other 0.70% 0.50% 0.50%
Effective tax rate 24.60% 30.60% 11.50%
v3.24.1.1.u2
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
Income Taxes [Line Items]      
Provision for one-time transition tax liability $ 19,300    
Decrease in valuation allowance 600    
Gross unrecognized tax benefits 32,077 $ 32,879 $ 32,879
Reduction for the lapse of applicable statute of limitations 802 0  
Interest expense incurred during period 2,400 $ 1,700  
Interest Accrued 9,200    
Estimate of possible loss 168,300    
Income tax examination, estimate of possible loss, penalties expense 63,700    
Federal      
Income Taxes [Line Items]      
Net operating loss carryforwards 2,200    
Non-U.S.      
Income Taxes [Line Items]      
Net operating loss carryforwards 100    
State      
Income Taxes [Line Items]      
Net operating loss carryforwards 5,400    
Research Tax Credit Carryforward | State      
Income Taxes [Line Items]      
Tax credit carryforward $ 12,700    
v3.24.1.1.u2
Income Taxes (Significant Components of Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Mar. 30, 2024
Mar. 25, 2023
Deferred tax assets:    
Accrued expenses and allowances $ 3,559 $ 7,913
Net operating loss carryforwards 932 1,132
Research and development tax credit carryforwards 12,547 13,283
Stock-based compensation 28,437 24,842
Lease liabilities 25,564 21,602
Capitalized research and development 11,307 9,183
Depreciation and amortization 994 0
Other 938 1,119
Total deferred tax assets 84,278 79,074
Valuation allowance for deferred tax assets (12,508) (13,076)
Net deferred tax assets 71,770 65,998
Deferred tax liabilities:    
Depreciation and amortization 0 3,395
Right of use asset 22,279 19,226
Acquisition intangibles 845 7,782
Other 0 37
Total deferred tax liabilities 23,124 30,440
Total net deferred tax assets $ 48,646 $ 35,558
v3.24.1.1.u2
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 30, 2024
Mar. 25, 2023
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
Reduction for the lapse of applicable statute of limitations (802) 0
Ending balance $ 32,077 $ 32,879
v3.24.1.1.u2
Segment Information (Narrative) (Details)
 12 Months Ended
Mar. 30, 2024
segment
product_line
Segment Reporting [Abstract]  
Number of reportable segments | segment 1
Number of product lines | product_line 2
v3.24.1.1.u2
Segment Information (Schedule of Sales by Geographic Location Based on the Sales Office Location) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 30, 2024
Mar. 25, 2023
Mar. 26, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 1,788,890 $ 1,897,617 $ 1,781,460
China      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 1,114,310 1,230,602 1,197,812
Hong Kong      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 219,053 223,405 325,433
India      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 125,138 69,343 18,257
South Korea      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 119,532 93,177 51,606
Vietnam      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 96,080 93,760 72,162
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 17,971 52,688 29,513
Rest of World      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 96,806 $ 134,642 $ 86,677
v3.24.1.1.u2
Segment Information (Schedule of Property, Plant, and Equipment, Net, by Geographic Location) (Details) - USD ($)
$ in Thousands
Mar. 30, 2024
Mar. 25, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property and equipment, net $ 170,175 $ 162,972
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property and equipment, net 140,300 132,633
United Kingdom    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property and equipment, net 16,822 20,675
Rest of World    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property and equipment, net $ 13,053 $ 9,664