Qorvo (QRVO) 10-Q 2 Aug 18 2019 FY Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2018	Jul. 26, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	Qorvo, Inc.
Entity Central Index Key	1,604,778
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--03-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		125,643,281

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018
Current assets:
Cash and cash equivalents	$ 334,039	$ 926,037
Short-term investments (Note 5)	58,010	0
Accounts receivable, less allowance of $148 and $134 as of June 30, 2018 and March 31, 2018, respectively	360,857	345,957
Inventories (Note 3)	501,578	472,292
Prepaid expenses	24,873	23,909
Other receivables	53,799	44,795
Other current assets	34,550	30,815
Total current assets	1,367,706	1,843,805
Property and equipment, net of accumulated depreciation of $950,018 at June 30, 2018 and $911,910 at March 31, 2018	1,368,588	1,374,112
Goodwill	2,173,889	2,173,889
Intangible assets, net of accumulated amortization of $1,844,821 at June 30, 2018 and $1,711,520 at March 31, 2018 (Note 4)	729,238	860,336
Long-term investments (Note 5)	79,515	63,765
Other non-current assets	63,396	65,612
Total assets	5,782,332	6,381,519
Current liabilities:
Accounts payable	219,143	213,193
Accrued liabilities	133,605	167,182
Other current liabilities	50,616	60,904
Total current liabilities	403,364	441,279
Long-term debt (Note 6)	558,280	983,290
Deferred tax liabilities (Note 10)	37,155	63,084
Other long-term liabilities (Note 10)	105,428	118,302
Total liabilities	1,104,227	1,605,955
Stockholders’ equity:
Preferred stock, $.0001 par value; 5,000 shares authorized; no shares issued and outstanding	0	0
Common stock and additional paid-in capital, $.0001 par value; 405,000,000 shares authorized; 125,598,000 and 126,322,000 shares issued and outstanding at June 30, 2018 and March 31, 2018, respectively	5,167,311	5,237,085
Accumulated other comprehensive loss, net of tax	(4,936)	(2,752)
Accumulated deficit	(484,270)	(458,769)
Total stockholders’ equity	4,678,105	4,775,564
Total liabilities and stockholders’ equity	$ 5,782,332	$ 6,381,519

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018
Statement of Financial Position [Abstract]
Allowance for accounts receivable	$ 148	$ 134
Property and equipment, accumulated depreciation	950,018	911,910
Intangible assets, accumulated amortization	$ 1,844,821	$ 1,711,520
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	405,000,000	405,000,000
Common stock, shares issued	125,598,000	126,322,000
Common stock, shares outstanding	125,598,000	126,322,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Income Statement [Abstract]
Revenue	$ 692,670	$ 640,831
Cost of goods sold	455,937	404,454
Gross profit	236,733	236,377
Operating expenses:
Research and development	110,903	116,499
Selling, general and administrative	135,930	139,431
Other operating expense	9,115	8,276
Total operating expenses	255,948	264,206
Loss from operations	(19,215)	(27,829)
Interest expense (Note 6)	(14,353)	(12,271)
Interest income	3,394	766
Other expense (Note 6)	(31,955)	(934)
Loss before income taxes	(62,129)	(40,268)
Income tax benefit (Note 10)	32,136	9,644
Net loss	$ (29,993)	$ (30,624)
Net loss per share (Note 11):
Basic	$ (0.24)	$ (0.24)
Diluted	$ (0.24)	$ (0.24)
Weighted average shares of common stock outstanding (Note 11):
Basic	126,198	126,961
Diluted	126,198	126,961

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Statement of Comprehensive Income [Abstract]
Net loss	$ (29,993)	$ (30,624)
Other comprehensive (loss) income:
Unrealized gain on marketable securities, net of tax	5	61
Foreign currency translation adjustment, including intra-entity foreign currency transactions that are of a long-term investment nature	(2,213)	616
Reclassification adjustments, net of tax:
Amortization of pension actuarial loss	24	42
Other comprehensive (loss) income	(2,184)	719
Total comprehensive loss	$ (32,177)	$ (29,905)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Cash flows from operating activities:
Net loss	$ (29,993)	$ (30,624)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	43,451	42,827
Amortization and other non-cash items (Notes 4 & 6)	166,174	134,390
Deferred income taxes	(26,684)	(4,728)
Foreign currency adjustments	(2,646)	2,477
Loss (gain) on investments and other assets, net	370	(763)
Stock-based compensation expense	19,345	21,126
Changes in operating assets and liabilities:
Accounts receivable, net	(14,849)	(15,901)
Inventories	(29,587)	(40,036)
Prepaid expenses and other current and non-current assets	(11,503)	16,748
Accounts payable and accrued liabilities	(20,625)	(7,363)
Income tax (recoverable) / payable	(16,571)	(16,028)
Other liabilities	(1,623)	1,511
Net cash provided by operating activities	75,259	103,636
Investing activities:
Purchase of property and equipment	(43,564)	(124,428)
Purchase of debt securities and other investments	132,729	0
Proceeds from maturities of other investments	75,000	0
Other investing activities	(8,667)	7,036
Net cash used in investing activities	(109,960)	(117,392)
Financing activities:
Payment of debt (Note 6)	458,172	0
Repurchase of common stock, including transaction costs (Note 7)	(100,004)	(31,925)
Proceeds from the issuance of common stock	9,889	20,526
Tax withholding paid on behalf of employees for restricted stock units	(6,802)	(8,404)
Other financing activities	(214)	0
Net cash used in financing activities	(555,303)	(19,803)
Effect of exchange rate changes on cash	(2,014)	750
Net decrease in cash, cash equivalents and restricted cash	(592,018)	(32,809)
Cash, cash equivalents and restricted cash at the end of the period	334,384	512,970
Capital expenditure adjustments included in accounts payable and accrued liabilities	$ 35,394	$ 47,206

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The accompanying Condensed Consolidated Financial Statements of Qorvo, Inc. and Subsidiaries (together, the "Company" or "Qorvo") have been prepared in conformity with accounting principles generally accepted in the United States ("U.S. GAAP"). The preparation of these financial statements requires management to make estimates and assumptions, which could differ materially from actual results. In addition, certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S GAAP have been condensed, or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, the financial statements include all adjustments (which are of a normal and recurring nature) necessary for the fair presentation of the results of the interim periods presented. These Condensed Consolidated Financial Statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in Qorvo’s Annual Report on Form 10-K for the fiscal year ended March 31, 2018 . The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain items in the fiscal 2018 financial statements have been reclassified to conform with the fiscal 2019 presentation. The Company uses a 52- or 53-week fiscal year ending on the Saturday closest to March 31 of each year. The first fiscal quarter of each year ends on the Saturday closest to June 30, the second fiscal quarter of each year ends on the Saturday closest to September 30 and the third fiscal quarter of each year ends on the Saturday closest to December 31. Fiscal years 2019 and 2018 are 52-week years.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Jun. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS The Company assesses recently issued accounting standards by the Financial Accounting Standards Board ("FASB") to determine the expected impacts on the Company's financial statements. The summary below describes impacts from newly issued standards as well as material updates to our previous assessments, if any, from Qorvo’s Annual Report on Form 10-K for the fiscal year ended March 31, 2018 . In January 2017, the FASB issued Accounting Standards Update ("ASU") 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business." The new guidance clarifies the definition of a business and provides further guidance for evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. The new standard became effective for the Company in the first quarter of fiscal 2019. There was no impact to the Company's Condensed Consolidated Financial Statements. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the FASB’s Emerging Issues Task Force)." The new guidance addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The new standard became effective for the Company in the first quarter of fiscal 2019. There was no impact to the Company's Condensed Consolidated Financial Statements. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." The new guidance will affect the accounting for equity investments, financial liabilities measured under the fair value option and presentation and disclosure requirements for financial instruments. In addition, the FASB clarified guidance related to the assessment of valuation allowances when recognizing deferred tax assets related to unrealized losses on available-for-sale debt securities. The new standard was adopted by the Company in the first quarter of fiscal 2019. There was no financial impact to the Company's Condensed Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)." The new guidance requires lessees to recognize a right-of-use asset and a lease liability for all leases with a term longer than 12 months, including those previously described as operating leases. Consistent with current U.S. GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will primarily depend on its classification as a finance or operating lease. The new guidance will become effective for the Company in the first quarter of fiscal 2020. The Company expects the valuation of the right-of-use assets and lease liabilities, for leases previously described as operating leases, to be the present value of its forecasted future lease commitments. The Company is continuing to assess the overall impacts of the new standard, including the discount rate to be applied in these valuations. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)," with several amendments subsequently issued. The new guidance provides an updated framework for revenue recognition, resulting in a single revenue model to be applied by reporting companies under U.S. GAAP. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted the standard in the first quarter of fiscal 2019 using the modified retrospective approach, under which the cumulative effect of adoption is recognized at the date of initial application. This standard did not have a material impact on the Company's Condensed Consolidated Financial Statements. The Company has implemented changes to its accounting policies, internal controls and disclosures to support the new standard; however, these changes were not material. See Note 8 for further disclosures resulting from the adoption of this new standard.

Inventories

Inventories	3 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES The components of inventories, net of reserves, are as follows (in thousands): June 30, 2018 March 31, 2018 Raw materials $ 122,226 $ 110,389 Work in process 258,168 221,137 Finished goods 121,184 140,766 Total inventories $ 501,578 $ 472,292

Intangible Assets

Intangible Assets	3 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS Total intangible assets decreased to $729.2 million as of June 30, 2018 , compared to $860.3 million as of March 31, 2018 . This decrease was due to amortization expense of $133.3 million for the three months ended June 30, 2018 , primarily related to developed technology and customer relationships (which had net book values of $450.1 million and $266.7 million respectively, as of June 30, 2018 ).

Investments and Fair Value Meas

Investments and Fair Value Measurements	3 Months Ended
	Jun. 30, 2018
Investments and Fair Value Measurements [Abstract]
INVESTMENTS AND FAIR VALUE MEASUREMENTS	INVESTMENTS AND FAIR VALUE MEASUREMENTS Debt Securities The following is a summary of available-for-sale debt securities as of June 30, 2018 and March 31, 2018 (in thousands): Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value June 30, 2018 Auction rate securities $ 1,950 $ — $ (105 ) $ 1,845 Commercial paper 58,006 4 — 58,010 $ 59,956 $ 4 $ (105 ) $ 59,855 March 31, 2018 Auction rate securities $ 1,950 $ — $ (107 ) $ 1,843 The estimated fair value of available-for-sale debt securities was based on the prevailing market values on June 30, 2018 and March 31, 2018 . The Company determines the cost of an investment sold based on the specific identification method. The expected maturity distribution of available-for-sale debt securities is as follows (in thousands): June 30, 2018 March 31, 2018 Cost Estimated Fair Value Cost Estimated Fair Value Due in less than one year $ 58,006 $ 58,010 $ — $ — Due after ten years 1,950 1,845 1,950 1,843 Total $ 59,956 $ 59,855 $ 1,950 $ 1,843 Equity Investment Without a Readily Available Fair Value As of June 30, 2018 , the Company has invested $60.0 million to acquire preferred shares of a private limited company. This investment is classified in "Long-term investments" in the Condensed Consolidated Balance Sheets. As of April 1, 2018, in accordance with the adoption of ASU 2016-01 , an equity investment without a readily available fair value is accounted for using the measurement alternative. The measurement alternative is calculated as cost minus impairment, if any, plus or minus changes resulting from observable price changes. As of June 30, 2018 , there was no impairment or observable price change for this investment. Fair Value of Financial Instruments Marketable securities are measured at fair value and recorded in "Cash and cash equivalents," "Short-term investments" and "Long-term investments" in the Condensed Consolidated Balance Sheets, and the related unrealized gains and losses are included in "Accumulated other comprehensive loss," a component of stockholders’ equity, net of tax. Recurring Fair Value Measurements The fair value of the financial assets measured at fair value on a recurring basis was determined using the following levels of inputs as of June 30, 2018 and March 31, 2018 (in thousands): Total Quoted Prices In Significant Other June 30, 2018 Assets Money market funds $ 37 $ 37 $ — Auction rate securities ("ARS") (1) 1,845 — 1,845 Commercial paper (2) 58,010 — 58,010 Invested funds in deferred compensation plan (3) 15,306 15,306 — Total assets measured at fair value $ 75,198 $ 15,343 $ 59,855 Liabilities Deferred compensation plan obligation (3) $ 15,306 $ 15,306 $ — Total liabilities measured at fair value $ 15,306 $ 15,306 $ — March 31, 2018 Assets Money market funds $ 9 $ 9 $ — Auction rate securities (1) 1,843 — 1,843 Invested funds in deferred compensation plan (3) 14,284 14,284 — Total assets measured at fair value $ 16,136 $ 14,293 $ 1,843 Liabilities Deferred compensation plan obligation (3) $ 14,284 $ 14,284 $ — Total liabilities measured at fair value $ 14,284 $ 14,284 $ — (1) ARS are debt instruments with interest rates that reset through periodic short-term auctions. The Company’s Level 2 ARS are valued based on quoted prices for identical or similar instruments in markets that are not active. (2) The Company invests in high quality, investment grade commercial paper which is valued using observable market prices for identical securities that are traded in less active markets. (3) The Company's non-qualified deferred compensation plan provides eligible employees and members of the Board of Directors with the opportunity to defer a specified percentage of their cash compensation. The Company includes the assets deferred by the participants in the “Other current assets” and “Other non-current assets” line items of its Condensed Consolidated Balance Sheets and the Company's obligation to deliver the deferred compensation in the "Other current liabilities" and “Other long-term liabilities” line items of its Condensed Consolidated Balance Sheets. As of June 30, 2018 and March 31, 2018 , the Company did not have any Level 3 assets or liabilities. Other Fair Value Disclosures The carrying values of cash and cash equivalents, accounts receivable, accounts payable and other accrued liabilities approximate fair values because of the relatively short-term maturities of these instruments. See Note 6 for the fair value of the Company's long-term debt.

Debt

Debt	3 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
DEBT	DEBT Long-term debt as of June 30, 2018 and March 31, 2018 is as follows (in thousands): June 30, 2018 March 31, 2018 6.75% Senior Notes due 2023 $ 15,263 $ 444,464 7.00% Senior Notes due 2025 548,500 548,500 Less unamortized issuance costs (5,483 ) (9,674 ) Total long-term debt $ 558,280 $ 983,290 Credit Agreement On December 5, 2017, the Company and certain of its U.S. subsidiaries (the "Guarantors") entered into a five-year unsecured senior credit facility pursuant to a credit agreement with Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”), swing line lender and L/C issuer, and a syndicate of lenders (the “Credit Agreement”). On June 5, 2018, the Company and the Guarantors entered into the First Amendment (the "Amendment") to the Credit Agreement. The Credit Agreement includes a senior delayed draw term loan of up to $400.0 million (the "Term Loan") and a $300.0 million senior revolving line of credit (the "Revolving Facility", together with the Term Loan, the "Credit Facility"). On the closing date, $100.0 million of the Term Loan was funded (and subsequently repaid in March 2018), with the remainder available, at the discretion of the Company, in up to two draws. The Amendment, among other things, extended the delayed draw availability period from June 5, 2018 to January 3, 2019. The Revolving Facility includes a $25.0 million sublimit for the issuance of standby letters of credit and a $10.0 million sublimit for swing line loans. The Company may request that the Credit Facility be increased up to $300.0 million , subject to securing additional funding commitments from the existing or new lenders. The Credit Facility is available to finance working capital, capital expenditures and other corporate purposes. Outstanding amounts are due in full on the maturity date of December 5, 2022 (with amounts borrowed under the swingline option due in full no later than ten business days after such loan is made), subject to scheduled amortization of the Term Loan principal as set forth in the Credit Agreement prior to the maturity date. During the three months ended June 30, 2018 , there were no borrowings under the Revolving Facility and the Company had no outstanding amounts under the Credit Facility as of June 30, 2018 . The Credit Agreement contains various conditions, covenants and representations with which the Company must be in compliance in order to borrow funds and to avoid an event of default. As of June 30, 2018 , the Company was in compliance with these covenants. Senior Notes On November 19, 2015, the Company issued $450.0 million aggregate principal amount of its 6.75% senior notes due December 1, 2023 (the “2023 Notes”) and $550.0 million aggregate principal amount of its 7.00% senior notes due December 1, 2025 (the “2025 Notes”). The 2023 Notes were, and the 2025 Notes are, senior unsecured obligations of the Company and guaranteed, jointly and severally, by the Guarantors. The 2023 Notes and the 2025 Notes were issued pursuant to an indenture dated as of November 19, 2015 (the "2015 Indenture"), by and among the Company, the Guarantors and MUFG Union Bank, N.A., as trustee. The 2015 Indenture contains customary events of default, including payment default, failure to provide certain notices and certain provisions related to bankruptcy events. The 2015 Indenture also contains customary negative covenants. In March 2018, the Company repurchased $5.5 million and $1.5 million of the 2023 Notes and the 2025 Notes, respectively, at prices equal to 107.50% of the principal amount of the 2023 Notes purchased, plus accrued and unpaid interest, and 109.50% of the principal amount of the 2025 Notes purchased, plus accrued and unpaid interest. On June 15, 2018, the Company commenced cash tender offers for any and all of the 2023 Notes (the “2023 Tender Offer”) and up to $150.0 million (the “Tender Cap”) of the 2025 Notes (the “2025 Tender Offer,” and together with the 2023 Tender Offer, the “Tender Offers”). On June 29, 2018, the Company completed the purchase of $429.2 million aggregate principal amount of the 2023 Notes in the 2023 Tender Offer at a price equal to 106.75% of the principal amount of the 2023 Notes purchased, plus accrued and unpaid interest. On July 19, 2018, the Company redeemed the remaining $15.3 million principal amount of the 2023 Notes at a redemption price equal to 100.0% of the principal amount of the 2023 Notes redeemed, plus a make-whole premium and accrued and unpaid interest. On July 10, 2018, the Company increased the Tender Cap to $300.0 million , and on July 16, 2018, the Company completed the purchase of $300.0 million aggregate principal amount of the 2025 Notes at a price equal to 109.63% of the principal amount of the 2025 Notes purchased, plus accrued and unpaid interest. In connection with the 2023 Notes purchased on June 29, 2018 in the 2023 Tender Offer, the Company recognized a loss of $33.4 million as "Other expense" in the Company’s Condensed Consolidated Statement of Operations for the three months ended June 30, 2018 . At any time prior to December 1, 2020, the Company may redeem all or part of the 2025 Notes, at a redemption price equal to their principal amount, plus a “make whole” premium as of the redemption date, and accrued and unpaid interest. In addition, at any time prior to December 1, 2018, the Company may redeem up to 35% of the original aggregate principal amount of the 2025 Notes with the proceeds of one or more equity offerings, at a redemption price equal to 107.00% , plus accrued and unpaid interest. Furthermore, at any time on or after December 1, 2020, the Company may redeem the 2025 Notes, in whole or in part, at the redemption prices specified in the 2015 Indenture, plus accrued and unpaid interest. With respect to the 2023 Notes, interest was payable on June 1 and December 1 of each year at a rate of 6.75% per annum, and with respect to the 2025 Notes, interest is payable on June 1 and December 1 of each year at a rate of 7.00% per annum. Interest paid on the 2023 Notes and the 2025 Notes during the three months ended June 30, 2018 and July 1, 2017 was $34.2 million and $34.4 million , respectively. The 2023 Notes traded, and the 2025 Notes currently trade, over the counter and their fair values as of June 30, 2018 of $16.3 million and $594.9 million , respectively (compared to carrying values of $15.3 million and $548.5 million , respectively), were estimated based upon the values of their last trade at the end of the period. The fair values of the 2023 Notes and the 2025 Notes were $474.5 million and $596.5 million , respectively (compared to carrying values of $444.5 million and $548.5 million , respectively), as of March 31, 2018 , based upon the values of their last trade at the end of the period. Interest Expense During the three months ended June 30, 2018 , the Company recognized $17.1 million of interest expense related to the 2023 Notes and the 2025 Notes, which was partially offset by $3.5 million of interest capitalized to property and equipment. During the three months ended July 1, 2017 , the Company recognized $17.3 million of interest expense related to the 2023 Notes and the 2025 Notes, which was partially offset by $5.6 million of interest capitalized to property and equipment.

Stock Repurchases

Stock Repurchases	3 Months Ended
	Jun. 30, 2018
Equity [Abstract]
STOCK REPURCHASES	STOCK REPURCHASES On November 3, 2016, the Company announced that its Board of Directors authorized a share repurchase program to repurchase up to $500.0 million of the Company's outstanding stock. As of March 31, 2018, $162.1 million was available for future repurchases, and during the first quarter of fiscal 2019, the Company repurchased 0.4 million shares of its common stock for approximately $35.9 million under this program. On May 23, 2018, the Company announced that its Board of Directors authorized a share repurchase program to repurchase up to $1.0 billion of the Company's outstanding stock, which included approximately $126.3 million authorized under the prior program terminated concurrent with the new authorization. Under this program, share repurchases are made in accordance with applicable securities laws on the open market or in privately negotiated transactions. The extent to which the Company repurchases its shares, the number of shares and the timing of any repurchases depends on general market conditions, regulatory requirements, alternative investment opportunities and other considerations. The program does not require the Company to repurchase a minimum number of shares, does not have a fixed term, and may be modified, suspended or terminated at any time without prior notice. During the three months ended June 30, 2018 , the Company repurchased approximately 0.8 million shares of its common stock for approximately $64.1 million under the current program. As of June 30, 2018 , $935.9 million remains available for repurchases under the current share repurchase program.

Revenue

Revenue	3 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Change in Accounting Policy The Company adopted ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)," in the first quarter of fiscal 2019 for open contracts using the modified retrospective approach through a cumulative adjustment to "Accumulated deficit" in the Condensed Consolidated Balance Sheet for the fiscal year beginning April 1, 2018. The impact from the cumulative-effect adjustment was immaterial (less than 1% of revenue for the three months ended June 30, 2018), related to over-time revenue recognition for customer-controlled inventory and point in time revenue recognition for intellectual property with a right to use. As the adoption of ASU 2014-09 did not have a material impact, comparative financial information for prior periods has not been restated and continues to be presented under the accounting standards in effect for the respective periods. Revenue Recognition Policy The Company generates revenue primarily from the sale of semiconductor products, either directly to a customer or to a distributor, or at completion of a consignment process. Revenue is recognized when control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration it expects to be entitled in exchange for those goods or services. A majority of the Company's revenue is recognized at a point in time, either on shipment or delivery of the product, depending on individual customer terms and conditions. Revenue from sales to the Company’s distributors is recognized upon shipment of the product to the distributors (sell-in). Revenue is recognized from the Company’s consignment programs at a point in time when the products are pulled from consignment inventory by the customer. Revenue recognized for product and services over-time is immaterial (less than 2% of overall revenue). The Company applies a five-step approach as defined in the new standard in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the corresponding performance obligation is satisfied. Sales agreements are in place with certain customers and contain terms and conditions with respect to payment, delivery, warranty and supply, but typically do not require minimum purchase commitments. In the absence of a sales agreement, the Company’s standard terms and conditions apply. The Company considers a customer's purchase order, which is governed by a sales agreement or the Company’s standard terms and conditions, to be the contract with the customer. The Company’s pricing terms are negotiated independently, on a stand-alone basis. In determining the transaction price, the Company evaluates whether the price is subject to refund or adjustment to determine the net consideration to which the Company expects to be entitled. Variable consideration in the form of rebate programs is offered to certain customers, including distributors. These rebates represent less than 3% of net revenue and are classified as a contra accounts receivable. The Company determines variable consideration by estimating the most likely amount of consideration it expects to receive from the customer. The Company's terms and conditions do not give its customers a right of return associated with the original sale of its products. However, the Company may authorize sales returns under certain circumstances, which include courtesy returns and like-kind exchanges. Sales returns are classified as a refund liability. The Company reduces revenue and records reserves for product returns and allowances, rebate programs and scrap allowance based on historical experience or specific identification depending on the contractual terms of the arrangement. The Company’s accounts receivable balance is from contracts with customers and represents the Company’s unconditional right to receive consideration from its customers. Payments are due within one year of completion of the performance obligation and subsequent invoicing and, therefore, do not include significant financing components. To date, there have been no material impairment losses on accounts receivable. Contract assets and contract liabilities recorded on the Condensed Consolidated Balance Sheets were immaterial in the periods presented. The Company invoices customers for each delivery upon shipment and recognizes revenues in accordance with delivery terms. As of June 30, 2018, the Company had $37.3 million in remaining unsatisfied performance obligations with an original duration greater than one year, substantially all of which are expected to be recognized as income over the next twelve months. The Company includes shipping charges billed to customers in "Revenue" and includes the related shipping costs in "Cost of goods sold" in the Condensed Consolidated Statements of Operations. Taxes assessed by government authorities on revenue-producing transactions, including value-added and excise taxes, are presented on a net basis (excluded from revenue) in the Condensed Consolidated Statements of Operations. The Company incurs commission expense that is incremental to obtaining contracts with customers. Sales commissions (which are recorded in the "Selling, general and administrative" expense line item in the Condensed Consolidated Statements of Operations) are expensed when incurred because such commissions are not owed until the performance obligation is satisfied, which coincides with the end of the contract term, and therefore no remaining period exists over which to amortize the commissions. The following table presents the Company's revenue disaggregated by geography, based on the billing addresses of its customers (in thousands): Three Months Ended June 30, 2018 July 1, 2017 Revenue: China $ 366,534 $ 349,631 Taiwan 155,171 90,158 United States 108,466 138,360 Other Asia 34,569 36,175 Europe 22,636 21,236 Other 5,294 5,271 Total Revenue $ 692,670 $ 640,831

Operating Segment Information

Operating Segment Information	3 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
OPERATING SEGMENT INFORMATION	OPERATING SEGMENT INFORMATION The Company's operating segments as of June 30, 2018 are Mobile Products (MP) and Infrastructure and Defense Products (IDP) based on the organizational structure and information reviewed by the Company's Chief Executive Officer, who is the Company's chief operating decision maker ("CODM"), and these segments are managed separately based on the end markets and applications they support. The CODM allocates resources and assesses the performance of each operating segment primarily based on non-GAAP operating income (loss) and non-GAAP operating income (loss) as a percentage of revenue. MP is a leading global supplier of cellular radio frequency ("RF") and Wi-Fi solutions for a variety of mobile devices, including smartphones, notebook computers, wearables, tablets, and cellular-based applications for the Internet of Things ("IoT"). Mobile device manufacturers and mobile network operators are adopting new technologies to address the growing demand for data-intensive, increasingly cloud-based distributed applications and for mobile devices with smaller form factors, improved signal quality, less heat and longer talk and standby times. New wireless communications standards are being deployed to utilize available spectrum more efficiently. Carrier aggregation is being implemented to support wider bandwidths, increase data rates and improve network performance. These trends increase the complexity of smartphones, require more RF content and place a premium on performance, integration, systems-level expertise, and product and technology portfolio breadth, all of which are MP strengths. MP offers a comprehensive product portfolio of bulk acoustic wave ("BAW") and surface acoustic wave ("SAW") filters, power amplifiers ("PAs"), low noise amplifiers ("LNAs"), switches, multimode multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers and modules incorporating switches, PAs and duplexers. IDP is a leading global supplier of RF solutions with a diverse portfolio of solutions that "connect and protect," spanning communications and defense applications. These applications include high performance defense systems such as radar, electronic warfare and communication systems, Wi-Fi customer premises equipment for home and work, high speed connectivity in Long-Term Evolution ("LTE") and 5G base stations, cloud connectivity via data center communications and telecom transport, automotive connectivity and other IoT, including smart home solutions. IDP products include high power gallium arsenide ("GaAs") and gallium nitride ("GaN") PAs, LNAs, switches, Complementary Metal Oxide Semiconductor ("CMOS") system-on-a-chip solutions, premium BAW and SAW filter solutions and various multi-chip and hybrid assemblies. The “All other” category includes operating expenses such as stock-based compensation, amortization of intangible assets, acquisition and integration related costs, restructuring charges, start-up costs, (loss) gain on assets and other miscellaneous corporate overhead expenses that the Company does not allocate to its reportable segments because these expenses are not included in the segment operating performance measures evaluated by the Company’s CODM. The CODM does not evaluate operating segments using discrete asset information. The Company’s operating segments do not record intercompany revenue. The Company does not allocate gains and losses from equity investments, interest and other income, or taxes to operating segments. Except as discussed above regarding the “All other” category, the Company’s accounting policies for segment reporting are the same as for the Company as a whole. The following tables present details of the Company’s reportable segments and a reconciliation of the “All other” category (in thousands): Three Months Ended June 30, July 1, Revenue: MP $ 486,079 $ 456,223 IDP 206,591 183,638 All other (1) — 970 Total revenue $ 692,670 $ 640,831 Income (loss) from operations MP $ 89,171 $ 87,807 IDP 55,204 49,586 All other (163,590 ) (165,222 ) Loss from operations (19,215 ) (27,829 ) Interest expense (14,353 ) (12,271 ) Interest income 3,394 766 Other expense (31,955 ) (934 ) Loss before income taxes $ (62,129 ) $ (40,268 ) (1) "All other" revenue relates to royalty income that is not allocated to MP or IDP for the three months ended July 1, 2017. As a result of the adoption of ASU 2014-09, income related to a right-to-use license of intellectual property was recognized at a point-in-time and, therefore, is included as a transition adjustment impacting retained earnings. Three Months Ended June 30, July 1, Reconciliation of “All other” category: Stock-based compensation expense $ (19,345 ) $ (21,126 ) Amortization of intangible assets (133,175 ) (134,686 ) Acquisition and integration related costs (1,082 ) (2,777 ) Restructuring charges (2,802 ) (531 ) Start-up costs (5,361 ) (6,624 ) Other (expense) income (including (loss) gain on assets and other miscellaneous corporate overhead) (1,825 ) 522 Loss from operations for “All other” $ (163,590 ) $ (165,222 )

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES U.S. Tax Reform On December 22, 2017 , the Tax Cuts and Jobs Act (the “Tax Act”) was enacted into law. This new law includes significant changes to the U.S. corporate income tax system, including a permanent reduction in the corporate income tax rate from 35% to 21% , full expensing for investments in new and used qualified property, limitations on the deductibility of interest expense and executive compensation, and the transition of U.S. international taxation from a worldwide tax system to a territorial tax system. In December 2017, the SEC staff issued Staff Accounting Bulletin 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC Topic 740 - Income Taxes (“ASC 740”). The provisional tax effects recorded to date will be revised during the measurement period, possibly materially, due to further refinement of the calculations, changes in interpretations and assumptions made, and additional guidance that may be issued by the Department of the U.S. Treasury, the Internal Revenue Service, and other regulatory and standard setting bodies. The Company will complete its analysis within fiscal 2019 consistent with the guidance provided in SAB 118, and any adjustments during this measurement period will be included in net earnings from continuing operations as an adjustment to income tax expense. As described in Note 12 Income Taxes in our 2018 Annual Report on Form 10-K, we were able to reasonably estimate certain effects of the Tax Act provisions that became effective during fiscal 2018 and, therefore, recorded provisional amounts, including a $116.4 million expense related to the one-time transition tax on certain unrepatriated earnings of foreign subsidiaries (the “Transitional Repatriation Tax”) and a $39.1 million benefit from the remeasurement of U.S. deferred tax assets and liabilities. While the Company has not finalized the accounting for the tax effects of the Tax Act, for the three months ended June 30, 2018, we have made a $15.2 million measurement period adjustment to reduce the tax expense related to the previously recorded provisional amounts. This was comprised of a $11.4 million reduction in the Transitional Repatriation Tax liability and a $3.8 million increase in U.S deferred tax assets. The new Global Intangible Low-Taxed Income (“GILTI”) provisions create a new requirement that certain income earned by foreign subsidiaries must be currently included in the gross income of the U.S. shareholder. No provisional adjustments related to the potential GILTI impact on deferred taxes has been made as the Company has not made its accounting policy choice of either: (1) treating taxes due on future U.S. inclusions in taxable income related to GILTI as a current-period expense when incurred (the “period cost method”) or (2) factoring such amounts into the Company's measurement of its deferred taxes (the “deferred method”). The GILTI and executive compensation limitation provisions in the Tax Act became effective for the Company in fiscal 2019 . Provisional estimates for the current year impact of these new provisions are included in the calculation of the fiscal 2019 annual effective tax rate applied to year-to-date income (loss). Income Tax Expense The Company’s provision for income taxes for the three months ended June 30, 2018 and July 1, 2017 has been calculated by applying an estimate of the annual effective tax rate for the full fiscal year to “ordinary” income or loss (pre-tax income or loss excluding unusual or infrequently occurring discrete items) for the three months ended June 30, 2018 and July 1, 2017 . The Company’s income tax benefit was $32.1 million and $9.6 million for the three months ended June 30, 2018 and July 1, 2017 , respectively. The Company’s effective tax rate was 51.7% for the three months ended June 30, 2018 and 23.9% for the three months ended July 1, 2017 . The Company's effective tax rate for the first quarter of fiscal 2019 differed from the statutory rate primarily due to tax rate differences in foreign jurisdictions, foreign permanent differences, state income taxes, domestic tax credits generated, changes in unrecognized tax benefits, GILTI, and a discrete tax benefit for changes in provisional estimates related to the Transitional Repatriation Tax. The Company's effective tax rate for the first quarter of fiscal 2018 differed from the statutory rate primarily due to tax rate differences in foreign jurisdictions, state income taxes, domestic tax credits generated, changes in unrecognized tax benefits, a discrete tax benefit for excess stock compensation deductions in accordance with the new guidance for accounting for employee share-based payments (ASU 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" ), and a discrete tax expense associated with intra-entity transfers in accordance with the new guidance for the intra-entity transfer of assets other than inventory (ASU 2016-16, "Income Taxes (Topic 740), Intra-Entity Transfers of Assets Other Than Inventory" ). Deferred Taxes A valuation allowance remained against certain domestic and foreign net deferred tax assets as it is more likely than not that the related deferred tax assets will not be realized. The Company has increased the deferred tax assets by $3.8 million for adjustments related to the provisional Transitional Repatriation Tax estimates. The Company has domestic federal and state tax NOL and credit carry-forwards that expire in fiscal years 2019 to 2038 if unused. The use of the NOLs that were acquired in prior year acquisitions is subject to certain annual limitations under Internal Revenue Code Section 382 and similar state income tax provisions. Uncertain Tax Positions The Company’s gross unrecognized tax benefits increased from $122.8 million as of the end of fiscal 2018 to $125.6 million as of the end of the first quarter of fiscal 2019 , due primarily to an increase related to tax positions taken with respect to the current fiscal year.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NET LOSS PER SHARE The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended June 30, 2018 July 1, 2017 Numerator: Numerator for basic and diluted net loss per share — net loss available to common stockholders $ (29,993 ) $ (30,624 ) Denominator: Denominator for basic net loss per share — weighted average shares 126,198 126,961 Effect of dilutive securities: Stock-based awards — — Denominator for diluted net loss per share — adjusted weighted average shares and assumed conversions 126,198 126,961 Basic net loss per share $ (0.24 ) $ (0.24 ) Diluted net loss per share $ (0.24 ) $ (0.24 ) In the computation of diluted net loss per share for the three months ended June 30, 2018 and July 1, 2017 , approximately 3.3 million and 4.4 million outstanding shares, respectively, were excluded because the effect of their inclusion would have been anti-dilutive.

Consolidating Financial Informa

Consolidating Financial Information	3 Months Ended
	Jun. 30, 2018
Consolidating Financial Information [Abstract]
CONSOLIDATING FINANCIAL INFORMATION	CONDENSED CONSOLIDATING FINANCIAL INFORMATION In accordance with the 2015 Indenture governing the 2023 Notes and the 2025 Notes, the Guarantors guaranteed the Company's obligations under the 2023 Notes and the 2025 Notes. The 2023 Notes were, and the 2025 Notes are, fully and unconditionally guaranteed on a joint and several basis by each Guarantor, each of which is 100% owned, directly or indirectly, by Qorvo, Inc. (the "Parent Company"). A Guarantor can be released in certain customary circumstances. The following presents the condensed consolidating financial information separately for: (i) Parent Company, the issuer of the guaranteed obligations; (ii) Guarantor subsidiaries, on a combined basis, as specified in the 2015 Indenture; (iii) Non-guarantor subsidiaries, on a combined basis; (iv) Consolidating entries, eliminations and reclassifications representing adjustments to (a) eliminate intercompany transactions between or among the Parent Company, the guarantor subsidiaries and the non-guarantor subsidiaries, (b) eliminate intercompany profit in inventory, (c) eliminate the investments in the Company’s subsidiaries and (d) record consolidating entries; and (v) The Company, on a consolidated basis. Each entity in the condensed consolidating financial information follows the same accounting policies as described in the consolidated financial statements, except for the use by the Parent Company and Guarantors of the equity method of accounting to reflect ownership interests in subsidiaries that are eliminated upon consolidation. The financial information may not necessarily be indicative of the financial position, results of operations, comprehensive (loss) income, and cash flows, had the Parent Company, Guarantors or non-guarantor subsidiaries operated as independent entities. Condensed Consolidating Balance Sheet June 30, 2018 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 78,851 $ 255,188 $ — $ 334,039 Short-term investments — 58,010 — — 58,010 Accounts receivable, less allowance — 54,894 305,963 — 360,857 Intercompany accounts and notes receivable — 296,498 39,146 (335,644 ) — Inventories — 186,645 335,819 (20,886 ) 501,578 Prepaid expenses — 17,282 7,591 — 24,873 Other receivables — 4,272 49,527 — 53,799 Other current assets — 33,460 1,090 — 34,550 Total current assets — 729,912 994,324 (356,530 ) 1,367,706 Property and equipment, net — 1,086,252 282,536 (200 ) 1,368,588 Goodwill — 1,121,941 1,051,948 — 2,173,889 Intangible assets, net — 345,109 384,129 — 729,238 Long-term investments — 1,854 77,661 — 79,515 Long-term intercompany accounts and notes receivable — 1,078,040 107,181 (1,185,221 ) — Investment in subsidiaries 6,212,724 2,310,787 — (8,523,511 ) — Other non-current assets 83,679 30,721 30,487 (81,491 ) 63,396 Total assets $ 6,296,403 $ 6,704,616 $ 2,928,266 $ (10,146,953 ) $ 5,782,332 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 74,096 $ 145,047 $ — $ 219,143 Intercompany accounts and notes payable — 39,146 296,498 (335,644 ) — Accrued liabilities 3,482 90,971 38,943 209 133,605 Other current liabilities — 1,461 49,155 — 50,616 Total current liabilities 3,482 205,674 529,643 (335,435 ) 403,364 Long-term debt 558,280 — — — 558,280 Deferred tax liabilities — 58,676 13,286 (34,807 ) 37,155 Long-term intercompany accounts and notes payable 1,056,536 107,181 21,504 (1,185,221 ) — Other long-term liabilities — 52,382 53,046 — 105,428 Total liabilities 1,618,298 423,913 617,479 (1,555,463 ) 1,104,227 Total stockholders’ equity 4,678,105 6,280,703 2,310,787 (8,591,490 ) 4,678,105 Total liabilities and stockholders’ equity $ 6,296,403 $ 6,704,616 $ 2,928,266 $ (10,146,953 ) $ 5,782,332 Condensed Consolidating Balance Sheet March 31, 2018 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 629,314 $ 296,723 $ — $ 926,037 Accounts receivable, less allowance — 76,863 269,094 — 345,957 Intercompany accounts and notes receivable — 272,409 53,363 (325,772 ) — Inventories — 154,651 339,434 (21,793 ) 472,292 Prepaid expenses — 17,530 6,379 — 23,909 Other receivables — 5,959 38,836 — 44,795 Other current assets — 29,627 1,188 — 30,815 Total current assets — 1,186,353 1,005,017 (347,565 ) 1,843,805 Property and equipment, net — 1,085,255 289,146 (289 ) 1,374,112 Goodwill — 1,121,941 1,051,948 — 2,173,889 Intangible assets, net — 395,317 465,019 — 860,336 Long-term investments — 1,847 61,918 — 63,765 Long-term intercompany accounts and notes receivable — 543,127 116,494 (659,621 ) — Investment in Subsidiaries 6,198,885 2,388,222 — (8,587,107 ) — Other non-current assets 72,122 31,011 32,516 (70,037 ) 65,612 Total assets $ 6,271,007 $ 6,753,073 $ 3,022,058 $ (9,664,619 ) $ 6,381,519 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 78,278 $ 134,915 $ — $ 213,193 Intercompany accounts and notes payable — 53,363 272,409 (325,772 ) — Accrued liabilities 23,102 101,286 43,163 (369 ) 167,182 Other current liabilities — 3,882 57,022 — 60,904 Total current liabilities 23,102 236,809 507,509 (326,141 ) 441,279 Long-term debt 983,290 — — — 983,290 Deferred tax liabilities — 83,449 16,366 (36,731 ) 63,084 Long-term intercompany accounts and notes payable 489,051 116,494 54,076 (659,621 ) — Other long-term liabilities — 62,417 55,885 — 118,302 Total liabilities 1,495,443 499,169 633,836 (1,022,493 ) 1,605,955 Total stockholders’ equity 4,775,564 6,253,904 2,388,222 (8,642,126 ) 4,775,564 Total liabilities and stockholders’ equity $ 6,271,007 $ 6,753,073 $ 3,022,058 $ (9,664,619 ) $ 6,381,519 Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income Three Months Ended June 30, 2018 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Revenue $ — $ 231,939 $ 625,961 $ (165,230 ) $ 692,670 Cost of goods sold — 190,311 409,697 (144,071 ) 455,937 Gross profit — 41,628 216,264 (21,159 ) 236,733 Operating expenses: Research and development 6,401 3,279 102,448 (1,225 ) 110,903 Selling, general and administrative 12,795 57,956 86,379 (21,200 ) 135,930 Other operating expense 150 7,940 1,054 (29 ) 9,115 Total operating expenses 19,346 69,175 189,881 (22,454 ) 255,948 (Loss) income from operations (19,346 ) (27,547 ) 26,383 1,295 (19,215 ) Interest expense (14,042 ) (537 ) (161 ) 387 (14,353 ) Interest income — 2,406 1,375 (387 ) 3,394 Other (expense) income (33,373 ) 328 1,090 — (31,955 ) (Loss) income before income taxes (66,761 ) (25,350 ) 28,687 1,295 (62,129 ) Income tax benefit 11,454 16,804 3,878 — 32,136 Income in subsidiaries 25,314 32,565 — (57,879 ) — Net (loss) income $ (29,993 ) $ 24,019 $ 32,565 $ (56,584 ) $ (29,993 ) Comprehensive (loss) income $ (32,177 ) $ 24,024 $ 30,255 $ (54,279 ) $ (32,177 ) Condensed Consolidating Statement of Operations and Comprehensive Loss Three Months Ended July 1, 2017 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Revenue $ — $ 271,953 $ 580,554 $ (211,676 ) $ 640,831 Cost of goods sold — 184,004 392,736 (172,286 ) 404,454 Gross profit — 87,949 187,818 (39,390 ) 236,377 Operating expenses: Research and development 6,796 16,738 97,284 (4,319 ) 116,499 Selling, general and administrative 14,245 66,212 94,052 (35,078 ) 139,431 Other operating expense 85 7,060 1,010 121 8,276 Total operating expenses 21,126 90,010 192,346 (39,276 ) 264,206 Loss from operations (21,126 ) (2,061 ) (4,528 ) (114 ) (27,829 ) Interest expense (11,924 ) (575 ) (334 ) 562 (12,271 ) Interest income — 494 834 (562 ) 766 Other (expense) income — (214 ) 1,998 (2,718 ) (934 ) Loss before income taxes (33,050 ) (2,356 ) (2,030 ) (2,832 ) (40,268 ) Income tax benefit (expense) 16,246 (7,524 ) 922 — 9,644 Loss in subsidiaries (13,820 ) (1,108 ) — 14,928 — Net loss $ (30,624 ) $ (10,988 ) $ (1,108 ) $ 12,096 $ (30,624 ) Comprehensive loss $ (29,905 ) $ (10,927 ) $ (450 ) $ 11,377 $ (29,905 ) Condensed Consolidating Statement of Cash Flows Three Months Ended June 30, 2018 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Net cash provided by (used in) operating activities $ 555,303 $ (566,340 ) $ 86,296 $ — $ 75,259 Investing activities: Purchase of property and equipment — (37,020 ) (6,544 ) — (43,564 ) Purchase of debt securities and other investments — (132,729 ) — — (132,729 ) Proceeds from maturities of other investments — 75,000 — — 75,000 Other investing activities — 234 (8,901 ) — (8,667 ) Net transactions with related parties — 110,047 — (110,047 ) — Net cash (used in) provided by investing activities — 15,532 (15,445 ) (110,047 ) (109,960 ) Financing activities: Payment of debt (458,172 ) — — — (458,172 ) Repurchase of common stock, including transaction costs (100,004 ) — — — (100,004 ) Proceeds from the issuance of common stock 9,889 — — — 9,889 Tax withholding paid on behalf of employees for restricted stock units (6,802 ) — — — (6,802 ) Other financing activities (214 ) — — — (214 ) Net transactions with related parties — 345 (110,392 ) 110,047 — Net cash (used in) provided by financing activities (555,303 ) 345 (110,392 ) 110,047 (555,303 ) Effect of exchange rate changes on cash — — (2,014 ) — (2,014 ) Net decrease in cash, cash equivalents and restricted cash — (550,463 ) (41,555 ) — (592,018 ) Cash, cash equivalents and restricted cash at the beginning of the period — 629,314 297,088 — 926,402 Cash, cash equivalents and restricted cash at the end of the period $ — $ 78,851 $ 255,533 $ — $ 334,384 Condensed Consolidating Statement of Cash Flows Three Months Ended July 1, 2017 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Net cash provided by (used in) operating activities $ 19,803 $ (21,261 ) $ 105,094 $ — $ 103,636 Investing activities: Purchase of property and equipment — (104,016 ) (20,412 ) — (124,428 ) Other investing activities — 7,011 25 — 7,036 Net cash used in investing activities — (97,005 ) (20,387 ) — (117,392 ) Financing activities: Repurchase of common stock, including transaction costs (31,925 ) — — — (31,925 ) Proceeds from the issuance of common stock 20,526 — — — 20,526 Tax withholding paid on behalf of employees for restricted stock units (8,404 ) — — — (8,404 ) Net transactions with related parties — 345 (345 ) — — Net cash (used in) provided by financing activities (19,803 ) 345 (345 ) — (19,803 ) Effect of exchange rate changes on cash — — 750 — 750 Net (decrease) increase in cash, cash equivalents and restricted cash — (117,921 ) 85,112 — (32,809 ) Cash, cash equivalents and restricted cash at the beginning of the period — 226,186 319,593 — 545,779 Cash, cash equivalents and restricted cash at the end of the period $ — $ 108,265 $ 404,705 $ — $ 512,970

Subsequent Event

Subsequent Event	3 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENTS The following table summarizes the Company's long-term debt as of June 30, 2018 on an actual basis and as adjusted for subsequent events: Actual As Adjusted 6.75% Senior Notes due 2023 $ 15,263 $ — 7.00% Senior Notes due 2025 548,500 248,500 5.50% Senior Notes due 2026 — 500,000 Less unamortized issuance costs (5,483 ) (8,286 ) Total long-term debt $ 558,280 $ 740,214 Tender Offers On July 10, 2018, the Company increased the Tender Cap with respect to the 2025 Tender Offer from $150.0 million to $300.0 million , and on July 16, 2018, the Company completed the purchase of $300.0 million aggregate principal amount of the 2025 Notes in the 2025 Tender Offer at a price equal to 109.63% of the principal amount of the 2025 Notes purchased, plus accrued and unpaid interest. On July 19, 2018, the Company redeemed all of the remaining $15.3 million outstanding principal amount of the 2023 Notes at a redemption price equal to 100.0% of the principal amount of the 2023 Notes redeemed, plus a make-whole premium and accrued and unpaid interest. Senior Notes due 2026 On July 16, 2018, the Company completed an offering of $500.0 million aggregate principal amount of its 5.50% Senior Notes due 2026 (the “2026 Notes”). The 2026 Notes pay interest semi-annually on January 15 and July 15 at a rate of 5.50% per annum. The 2026 Notes will mature on July 15, 2026, unless earlier redeemed in accordance with their terms. The 2026 Notes were sold in a private offering to certain institutions that then resold the 2026 Notes in the United States to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The Company used a portion of the net proceeds of the offering to fund the 2025 Tender Offer and to pay related fees and expenses of the offering and the Tender Offers, and will use the remaining net proceeds for general corporate purposes. The 2026 Notes are senior unsecured obligations of the Company and are initially guaranteed, jointly and severally, by each of the Guarantors. The 2026 Notes were issued pursuant to an indenture, dated as of July 16, 2018 (the “2018 Indenture”), by and among the Company, the Guarantors and MUFG Union Bank, N.A., as trustee. The 2018 Indenture contains customary events of default, including payment default, exchange default, failure to provide certain notices thereunder and certain provisions related to bankruptcy events. The 2018 Indenture also contains customary negative covenants. At any time prior to July 15, 2021, the Company may redeem all or part of the 2026 Notes, at a redemption price equal to their principal amount, plus a “make-whole” premium as of the redemption date, and accrued and unpaid interest. In addition, at any time prior to July 15, 2021, the Company may redeem up to 35% of the original aggregate principal amount of the 2026 Notes with the proceeds of one or more equity offerings, at a redemption price equal to 105.50% , plus accrued and unpaid interest. Furthermore, at any time on or after July 15, 2021, the Company may redeem the 2026 Notes, in whole or in part, at the redemption prices specified in the 2018 Indenture, plus accrued and unpaid interest. The 2026 Notes have not been registered under the Securities Act, or any state securities laws, and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. In connection with the offering of the 2026 Notes, the Company entered into a Registration Rights Agreement, dated as of July 16, 2018 (the “Registration Rights Agreement”), by and among the Company and the Guarantors, on the one hand, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative of the initial purchasers of the 2026 Notes, on the other hand. Under the Registration Rights Agreement, the Company and the Guarantors have agreed to use their commercially reasonable efforts to (i) file with the SEC a registration statement (the “Exchange Offer Registration Statement”) relating to the registered exchange offer (the “Exchange Offer”) to exchange the 2026 Notes for a new series of the Company’s exchange notes having terms substantially identical in all material respects to, and in the same aggregate principal amount as, the 2026 Notes; (ii) cause the Exchange Offer Registration Statement to be declared effective by the SEC; and (iii) cause the Exchange Offer to be consummated no later than the 360th day after July 16, 2018 (or if such 360th day is not a business day, the next succeeding business day). The Company and the Guarantors have also agreed to use their commercially reasonable efforts to cause the Exchange Offer Registration Statement to be effective continuously and keep the Exchange Offer open for a period of not less than the minimum period required under applicable federal and state securities laws to consummate the Exchange Offer. Under certain circumstances, the Company and the Guarantors have agreed to use their commercially reasonable efforts to (i) file a shelf registration statement relating to the resale of the 2026 Notes as promptly as practicable, and (ii) cause the shelf registration statement to be declared effective by the SEC as promptly as practicable. The Company and the Guarantors have also agreed to use their commercially reasonable efforts to keep the shelf registration statement continuously effective until one year after its effective date (or such shorter period that will terminate when all the 2026 Notes covered thereby have been sold pursuant thereto). If the Company fails to meet any of these targets, the annual interest rate on the 2026 Notes will increase by 0.25% during the 90-day period following the default, and will increase by an additional 0.25% for each subsequent 90-day period during which the default continues, up to a maximum additional interest rate of 1.00% per year. If the Company cures the default, the interest rate on the 2026 Notes will revert to the original level.

Basis of Presentation and Sig20

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Equity Securities without Readily Determinable Fair Value [Policy Text Block]	As of April 1, 2018, in accordance with the adoption of ASU 2016-01 , an equity investment without a readily available fair value is accounted for using the measurement alternative. The measurement alternative is calculated as cost minus impairment, if any, plus or minus changes resulting from observable price changes.
Revenue Recognition Policy	Revenue Recognition Policy The Company generates revenue primarily from the sale of semiconductor products, either directly to a customer or to a distributor, or at completion of a consignment process. Revenue is recognized when control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration it expects to be entitled in exchange for those goods or services. A majority of the Company's revenue is recognized at a point in time, either on shipment or delivery of the product, depending on individual customer terms and conditions. Revenue from sales to the Company’s distributors is recognized upon shipment of the product to the distributors (sell-in). Revenue is recognized from the Company’s consignment programs at a point in time when the products are pulled from consignment inventory by the customer. Revenue recognized for product and services over-time is immaterial (less than 2% of overall revenue). The Company applies a five-step approach as defined in the new standard in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the corresponding performance obligation is satisfied. Sales agreements are in place with certain customers and contain terms and conditions with respect to payment, delivery, warranty and supply, but typically do not require minimum purchase commitments. In the absence of a sales agreement, the Company’s standard terms and conditions apply. The Company considers a customer's purchase order, which is governed by a sales agreement or the Company’s standard terms and conditions, to be the contract with the customer. The Company’s pricing terms are negotiated independently, on a stand-alone basis. In determining the transaction price, the Company evaluates whether the price is subject to refund or adjustment to determine the net consideration to which the Company expects to be entitled. Variable consideration in the form of rebate programs is offered to certain customers, including distributors. These rebates represent less than 3% of net revenue and are classified as a contra accounts receivable. The Company determines variable consideration by estimating the most likely amount of consideration it expects to receive from the customer. The Company's terms and conditions do not give its customers a right of return associated with the original sale of its products. However, the Company may authorize sales returns under certain circumstances, which include courtesy returns and like-kind exchanges. Sales returns are classified as a refund liability. The Company reduces revenue and records reserves for product returns and allowances, rebate programs and scrap allowance based on historical experience or specific identification depending on the contractual terms of the arrangement. The Company’s accounts receivable balance is from contracts with customers and represents the Company’s unconditional right to receive consideration from its customers. Payments are due within one year of completion of the performance obligation and subsequent invoicing and, therefore, do not include significant financing components. To date, there have been no material impairment losses on accounts receivable. Contract assets and contract liabilities recorded on the Condensed Consolidated Balance Sheets were immaterial in the periods presented. The Company invoices customers for each delivery upon shipment and recognizes revenues in accordance with delivery terms. As of June 30, 2018, the Company had $37.3 million in remaining unsatisfied performance obligations with an original duration greater than one year, substantially all of which are expected to be recognized as income over the next twelve months. The Company includes shipping charges billed to customers in "Revenue" and includes the related shipping costs in "Cost of goods sold" in the Condensed Consolidated Statements of Operations. Taxes assessed by government authorities on revenue-producing transactions, including value-added and excise taxes, are presented on a net basis (excluded from revenue) in the Condensed Consolidated Statements of Operations. The Company incurs commission expense that is incremental to obtaining contracts with customers. Sales commissions (which are recorded in the "Selling, general and administrative" expense line item in the Condensed Consolidated Statements of Operations) are expensed when incurred because such commissions are not owed until the performance obligation is satisfied, which coincides with the end of the contract term, and therefore no remaining period exists over which to amortize the commissions.
Income Tax Policy	The Company’s provision for income taxes for the three months ended June 30, 2018 and July 1, 2017 has been calculated by applying an estimate of the annual effective tax rate for the full fiscal year to “ordinary” income or loss (pre-tax income or loss excluding unusual or infrequently occurring discrete items) for the three months ended June 30, 2018 and July 1, 2017 .
Fair Value Measurements Policy	The carrying values of cash and cash equivalents, accounts receivable, accounts payable and other accrued liabilities approximate fair values because of the relatively short-term maturities of these instruments.
Operating Segment Policy	The Company's operating segments as of June 30, 2018 are Mobile Products (MP) and Infrastructure and Defense Products (IDP) based on the organizational structure and information reviewed by the Company's Chief Executive Officer, who is the Company's chief operating decision maker ("CODM"), and these segments are managed separately based on the end markets and applications they support. The CODM allocates resources and assesses the performance of each operating segment primarily based on non-GAAP operating income (loss) and non-GAAP operating income (loss) as a percentage of revenue.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Marketable securities are measured at fair value and recorded in "Cash and cash equivalents," "Short-term investments" and "Long-term investments" in the Condensed Consolidated Balance Sheets, and the related unrealized gains and losses are included in "Accumulated other comprehensive loss," a component of stockholders’ equity, net of tax.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
Components of inventories	The components of inventories, net of reserves, are as follows (in thousands): June 30, 2018 March 31, 2018 Raw materials $ 122,226 $ 110,389 Work in process 258,168 221,137 Finished goods 121,184 140,766 Total inventories $ 501,578 $ 472,292

Investments and Fair Value Me22

Investments and Fair Value Measurements (Tables)	3 Months Ended
	Jun. 30, 2018
Investments and Fair Value Measurements [Abstract]
Available-for-sale debt securities	The following is a summary of available-for-sale debt securities as of June 30, 2018 and March 31, 2018 (in thousands): Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value June 30, 2018 Auction rate securities $ 1,950 $ — $ (105 ) $ 1,845 Commercial paper 58,006 4 — 58,010 $ 59,956 $ 4 $ (105 ) $ 59,855 March 31, 2018 Auction rate securities $ 1,950 $ — $ (107 ) $ 1,843
Expected distribution of available-for-sale debt securities	The expected maturity distribution of available-for-sale debt securities is as follows (in thousands): June 30, 2018 March 31, 2018 Cost Estimated Fair Value Cost Estimated Fair Value Due in less than one year $ 58,006 $ 58,010 $ — $ — Due after ten years 1,950 1,845 1,950 1,843 Total $ 59,956 $ 59,855 $ 1,950 $ 1,843
Fair value of the financial assets measured at fair value on a recurring basis	The fair value of the financial assets measured at fair value on a recurring basis was determined using the following levels of inputs as of June 30, 2018 and March 31, 2018 (in thousands): Total Quoted Prices In Significant Other June 30, 2018 Assets Money market funds $ 37 $ 37 $ — Auction rate securities ("ARS") (1) 1,845 — 1,845 Commercial paper (2) 58,010 — 58,010 Invested funds in deferred compensation plan (3) 15,306 15,306 — Total assets measured at fair value $ 75,198 $ 15,343 $ 59,855 Liabilities Deferred compensation plan obligation (3) $ 15,306 $ 15,306 $ — Total liabilities measured at fair value $ 15,306 $ 15,306 $ — March 31, 2018 Assets Money market funds $ 9 $ 9 $ — Auction rate securities (1) 1,843 — 1,843 Invested funds in deferred compensation plan (3) 14,284 14,284 — Total assets measured at fair value $ 16,136 $ 14,293 $ 1,843 Liabilities Deferred compensation plan obligation (3) $ 14,284 $ 14,284 $ — Total liabilities measured at fair value $ 14,284 $ 14,284 $ — (1) ARS are debt instruments with interest rates that reset through periodic short-term auctions. The Company’s Level 2 ARS are valued based on quoted prices for identical or similar instruments in markets that are not active. (2) The Company invests in high quality, investment grade commercial paper which is valued using observable market prices for identical securities that are traded in less active markets. (3) The Company's non-qualified deferred compensation plan provides eligible employees and members of the Board of Directors with the opportunity to defer a specified percentage of their cash compensation. The Company includes the assets deferred by the participants in the “Other current assets” and “Other non-current assets” line items of its Condensed Consolidated Balance Sheets and the Company's obligation to deliver the deferred compensation in the "Other current liabilities" and “Other long-term liabilities” line items of its Condensed Consolidated Balance Sheets.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	ebt as of June 30, 2018 and March 31, 2018 is as follows (in thousands): June 30, 2018 March 31, 2018 6.75% Senior Notes due 2023 $ 15,263 $ 444,464 7.00% Senior Notes due 2025 548,500 548,500 Less unamortized issuance costs (5,483 ) (9,674 ) Total long-term debt $ 558,280 $ 983,290

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents the Company's revenue disaggregated by geography, based on the billing addresses of its customers (in thousands): Three Months Ended June 30, 2018 July 1, 2017 Revenue: China $ 366,534 $ 349,631 Taiwan 155,171 90,158 United States 108,466 138,360 Other Asia 34,569 36,175 Europe 22,636 21,236 Other 5,294 5,271 Total Revenue $ 692,670 $ 640,831

Operating Segment Information (

Operating Segment Information (Tables)	3 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Summary of details of reportable segments	The following tables present details of the Company’s reportable segments and a reconciliation of the “All other” category (in thousands): Three Months Ended June 30, July 1, Revenue: MP $ 486,079 $ 456,223 IDP 206,591 183,638 All other (1) — 970 Total revenue $ 692,670 $ 640,831 Income (loss) from operations MP $ 89,171 $ 87,807 IDP 55,204 49,586 All other (163,590 ) (165,222 ) Loss from operations (19,215 ) (27,829 ) Interest expense (14,353 ) (12,271 ) Interest income 3,394 766 Other expense (31,955 ) (934 ) Loss before income taxes $ (62,129 ) $ (40,268 ) (1) "All other" revenue relates to royalty income that is not allocated to MP or IDP for the three months ended July 1, 2017. As a result of the adoption of ASU 2014-09, income related to a right-to-use license of intellectual property was recognized at a point-in-time and, therefore, is included as a transition adjustment impacting retained earnings
Summary of reconciliation of "All other" category	Three Months Ended June 30, July 1, Reconciliation of “All other” category: Stock-based compensation expense $ (19,345 ) $ (21,126 ) Amortization of intangible assets (133,175 ) (134,686 ) Acquisition and integration related costs (1,082 ) (2,777 ) Restructuring charges (2,802 ) (531 ) Start-up costs (5,361 ) (6,624 ) Other (expense) income (including (loss) gain on assets and other miscellaneous corporate overhead) (1,825 ) 522 Loss from operations for “All other” $ (163,590 ) $ (165,222 )

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Reconciliation of the numerators and denominators in the computation of basic and diluted net loss per share	The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended June 30, 2018 July 1, 2017 Numerator: Numerator for basic and diluted net loss per share — net loss available to common stockholders $ (29,993 ) $ (30,624 ) Denominator: Denominator for basic net loss per share — weighted average shares 126,198 126,961 Effect of dilutive securities: Stock-based awards — — Denominator for diluted net loss per share — adjusted weighted average shares and assumed conversions 126,198 126,961 Basic net loss per share $ (0.24 ) $ (0.24 ) Diluted net loss per share $ (0.24 ) $ (0.24 )

Consolidating Financial Infor27

Consolidating Financial Information Consolidating Financial Information (Tables)	3 Months Ended
	Jun. 30, 2018
Consolidating Financial Information [Abstract]
Condensed Balance Sheet	Condensed Consolidating Balance Sheet June 30, 2018 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 78,851 $ 255,188 $ — $ 334,039 Short-term investments — 58,010 — — 58,010 Accounts receivable, less allowance — 54,894 305,963 — 360,857 Intercompany accounts and notes receivable — 296,498 39,146 (335,644 ) — Inventories — 186,645 335,819 (20,886 ) 501,578 Prepaid expenses — 17,282 7,591 — 24,873 Other receivables — 4,272 49,527 — 53,799 Other current assets — 33,460 1,090 — 34,550 Total current assets — 729,912 994,324 (356,530 ) 1,367,706 Property and equipment, net — 1,086,252 282,536 (200 ) 1,368,588 Goodwill — 1,121,941 1,051,948 — 2,173,889 Intangible assets, net — 345,109 384,129 — 729,238 Long-term investments — 1,854 77,661 — 79,515 Long-term intercompany accounts and notes receivable — 1,078,040 107,181 (1,185,221 ) — Investment in subsidiaries 6,212,724 2,310,787 — (8,523,511 ) — Other non-current assets 83,679 30,721 30,487 (81,491 ) 63,396 Total assets $ 6,296,403 $ 6,704,616 $ 2,928,266 $ (10,146,953 ) $ 5,782,332 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 74,096 $ 145,047 $ — $ 219,143 Intercompany accounts and notes payable — 39,146 296,498 (335,644 ) — Accrued liabilities 3,482 90,971 38,943 209 133,605 Other current liabilities — 1,461 49,155 — 50,616 Total current liabilities 3,482 205,674 529,643 (335,435 ) 403,364 Long-term debt 558,280 — — — 558,280 Deferred tax liabilities — 58,676 13,286 (34,807 ) 37,155 Long-term intercompany accounts and notes payable 1,056,536 107,181 21,504 (1,185,221 ) — Other long-term liabilities — 52,382 53,046 — 105,428 Total liabilities 1,618,298 423,913 617,479 (1,555,463 ) 1,104,227 Total stockholders’ equity 4,678,105 6,280,703 2,310,787 (8,591,490 ) 4,678,105 Total liabilities and stockholders’ equity $ 6,296,403 $ 6,704,616 $ 2,928,266 $ (10,146,953 ) $ 5,782,332 Condensed Consolidating Balance Sheet March 31, 2018 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 629,314 $ 296,723 $ — $ 926,037 Accounts receivable, less allowance — 76,863 269,094 — 345,957 Intercompany accounts and notes receivable — 272,409 53,363 (325,772 ) — Inventories — 154,651 339,434 (21,793 ) 472,292 Prepaid expenses — 17,530 6,379 — 23,909 Other receivables — 5,959 38,836 — 44,795 Other current assets — 29,627 1,188 — 30,815 Total current assets — 1,186,353 1,005,017 (347,565 ) 1,843,805 Property and equipment, net — 1,085,255 289,146 (289 ) 1,374,112 Goodwill — 1,121,941 1,051,948 — 2,173,889 Intangible assets, net — 395,317 465,019 — 860,336 Long-term investments — 1,847 61,918 — 63,765 Long-term intercompany accounts and notes receivable — 543,127 116,494 (659,621 ) — Investment in Subsidiaries 6,198,885 2,388,222 — (8,587,107 ) — Other non-current assets 72,122 31,011 32,516 (70,037 ) 65,612 Total assets $ 6,271,007 $ 6,753,073 $ 3,022,058 $ (9,664,619 ) $ 6,381,519 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 78,278 $ 134,915 $ — $ 213,193 Intercompany accounts and notes payable — 53,363 272,409 (325,772 ) — Accrued liabilities 23,102 101,286 43,163 (369 ) 167,182 Other current liabilities — 3,882 57,022 — 60,904 Total current liabilities 23,102 236,809 507,509 (326,141 ) 441,279 Long-term debt 983,290 — — — 983,290 Deferred tax liabilities — 83,449 16,366 (36,731 ) 63,084 Long-term intercompany accounts and notes payable 489,051 116,494 54,076 (659,621 ) — Other long-term liabilities — 62,417 55,885 — 118,302 Total liabilities 1,495,443 499,169 633,836 (1,022,493 ) 1,605,955 Total stockholders’ equity 4,775,564 6,253,904 2,388,222 (8,642,126 ) 4,775,564 Total liabilities and stockholders’ equity $ 6,271,007 $ 6,753,073 $ 3,022,058 $ (9,664,619 ) $ 6,381,519
Condensed Statement of Comprehensive Income	Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income Three Months Ended June 30, 2018 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Revenue $ — $ 231,939 $ 625,961 $ (165,230 ) $ 692,670 Cost of goods sold — 190,311 409,697 (144,071 ) 455,937 Gross profit — 41,628 216,264 (21,159 ) 236,733 Operating expenses: Research and development 6,401 3,279 102,448 (1,225 ) 110,903 Selling, general and administrative 12,795 57,956 86,379 (21,200 ) 135,930 Other operating expense 150 7,940 1,054 (29 ) 9,115 Total operating expenses 19,346 69,175 189,881 (22,454 ) 255,948 (Loss) income from operations (19,346 ) (27,547 ) 26,383 1,295 (19,215 ) Interest expense (14,042 ) (537 ) (161 ) 387 (14,353 ) Interest income — 2,406 1,375 (387 ) 3,394 Other (expense) income (33,373 ) 328 1,090 — (31,955 ) (Loss) income before income taxes (66,761 ) (25,350 ) 28,687 1,295 (62,129 ) Income tax benefit 11,454 16,804 3,878 — 32,136 Income in subsidiaries 25,314 32,565 — (57,879 ) — Net (loss) income $ (29,993 ) $ 24,019 $ 32,565 $ (56,584 ) $ (29,993 ) Comprehensive (loss) income $ (32,177 ) $ 24,024 $ 30,255 $ (54,279 ) $ (32,177 ) Condensed Consolidating Statement of Operations and Comprehensive Loss Three Months Ended July 1, 2017 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Revenue $ — $ 271,953 $ 580,554 $ (211,676 ) $ 640,831 Cost of goods sold — 184,004 392,736 (172,286 ) 404,454 Gross profit — 87,949 187,818 (39,390 ) 236,377 Operating expenses: Research and development 6,796 16,738 97,284 (4,319 ) 116,499 Selling, general and administrative 14,245 66,212 94,052 (35,078 ) 139,431 Other operating expense 85 7,060 1,010 121 8,276 Total operating expenses 21,126 90,010 192,346 (39,276 ) 264,206 Loss from operations (21,126 ) (2,061 ) (4,528 ) (114 ) (27,829 ) Interest expense (11,924 ) (575 ) (334 ) 562 (12,271 ) Interest income — 494 834 (562 ) 766 Other (expense) income — (214 ) 1,998 (2,718 ) (934 ) Loss before income taxes (33,050 ) (2,356 ) (2,030 ) (2,832 ) (40,268 ) Income tax benefit (expense) 16,246 (7,524 ) 922 — 9,644 Loss in subsidiaries (13,820 ) (1,108 ) — 14,928 — Net loss $ (30,624 ) $ (10,988 ) $ (1,108 ) $ 12,096 $ (30,624 ) Comprehensive loss $ (29,905 ) $ (10,927 ) $ (450 ) $ 11,377 $ (29,905 )
Condensed Cash Flow Statement	Condensed Consolidating Statement of Cash Flows Three Months Ended June 30, 2018 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Net cash provided by (used in) operating activities $ 555,303 $ (566,340 ) $ 86,296 $ — $ 75,259 Investing activities: Purchase of property and equipment — (37,020 ) (6,544 ) — (43,564 ) Purchase of debt securities and other investments — (132,729 ) — — (132,729 ) Proceeds from maturities of other investments — 75,000 — — 75,000 Other investing activities — 234 (8,901 ) — (8,667 ) Net transactions with related parties — 110,047 — (110,047 ) — Net cash (used in) provided by investing activities — 15,532 (15,445 ) (110,047 ) (109,960 ) Financing activities: Payment of debt (458,172 ) — — — (458,172 ) Repurchase of common stock, including transaction costs (100,004 ) — — — (100,004 ) Proceeds from the issuance of common stock 9,889 — — — 9,889 Tax withholding paid on behalf of employees for restricted stock units (6,802 ) — — — (6,802 ) Other financing activities (214 ) — — — (214 ) Net transactions with related parties — 345 (110,392 ) 110,047 — Net cash (used in) provided by financing activities (555,303 ) 345 (110,392 ) 110,047 (555,303 ) Effect of exchange rate changes on cash — — (2,014 ) — (2,014 ) Net decrease in cash, cash equivalents and restricted cash — (550,463 ) (41,555 ) — (592,018 ) Cash, cash equivalents and restricted cash at the beginning of the period — 629,314 297,088 — 926,402 Cash, cash equivalents and restricted cash at the end of the period $ — $ 78,851 $ 255,533 $ — $ 334,384 Condensed Consolidating Statement of Cash Flows Three Months Ended July 1, 2017 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Net cash provided by (used in) operating activities $ 19,803 $ (21,261 ) $ 105,094 $ — $ 103,636 Investing activities: Purchase of property and equipment — (104,016 ) (20,412 ) — (124,428 ) Other investing activities — 7,011 25 — 7,036 Net cash used in investing activities — (97,005 ) (20,387 ) — (117,392 ) Financing activities: Repurchase of common stock, including transaction costs (31,925 ) — — — (31,925 ) Proceeds from the issuance of common stock 20,526 — — — 20,526 Tax withholding paid on behalf of employees for restricted stock units (8,404 ) — — — (8,404 ) Net transactions with related parties — 345 (345 ) — — Net cash (used in) provided by financing activities (19,803 ) 345 (345 ) — (19,803 ) Effect of exchange rate changes on cash — — 750 — 750 Net (decrease) increase in cash, cash equivalents and restricted cash — (117,921 ) 85,112 — (32,809 ) Cash, cash equivalents and restricted cash at the beginning of the period — 226,186 319,593 — 545,779 Cash, cash equivalents and restricted cash at the end of the period $ — $ 108,265 $ 404,705 $ — $ 512,970

Subsequent Event (Tables)

Subsequent Event (Tables)	3 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Schedule of long-term debt as adjusted for subsequent event	The following table summarizes the Company's long-term debt as of June 30, 2018 on an actual basis and as adjusted for subsequent events: Actual As Adjusted 6.75% Senior Notes due 2023 $ 15,263 $ — 7.00% Senior Notes due 2025 548,500 248,500 5.50% Senior Notes due 2026 — 500,000 Less unamortized issuance costs (5,483 ) (8,286 ) Total long-term debt $ 558,280 $ 740,214

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018
Components of inventories
Raw materials	$ 122,226	$ 110,389
Work in process	258,168	221,137
Finished goods	121,184	140,766
Total inventories	$ 501,578	$ 472,292

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Mar. 31, 2018
Business Acquisition [Line Items]
Intangible assets, net	$ 729,238	$ 860,336
Amortization expense	133,300
Developed Technology
Business Acquisition [Line Items]
Finite-Lived Intangible Assets, Net	450,100
Customer Relationships
Business Acquisition [Line Items]
Finite-Lived Intangible Assets, Net	$ 266,700

Investments and Fair Value Me31

Investments and Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018
Available-for-sale debt securities
Cost basis	$ 59,956
Gross unrealized gains	4
Gross unrealized losses	(105)
Estimated fair value	59,855
Commercial Paper [Member]
Available-for-sale debt securities
Cost basis	58,006
Gross unrealized gains	4
Gross unrealized losses	0
Estimated fair value	58,010
Auction Rate Securities [Member]
Available-for-sale debt securities
Cost basis	1,950	$ 1,950
Gross unrealized losses	(105)	(107)
Estimated fair value	$ 1,845	$ 1,843

Investments and Fair Value Me32

Investments and Fair Value Measurements (Details 1) - Debt Securities [Member] - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018
Schedule of Expected Maturities of Available-for-Sale Debt Securities[Line Items]
Cost of investments in debt securities due in less than one year	$ 58,006	$ 0
Cost of investments in debt securities due after ten years	1,950	1,950
Cost	59,956	1,950
Estimated fair value of investments in debt securities due in less than one year	58,010	0
Estimated fair value of investments in debt securities due after ten years	1,845	1,843
Estimated fair value	$ 59,855	$ 1,843

Investments and Fair Value Me33

Investments and Fair Value Measurements (Details 2) - Recurring [Member] - USD ($) $ in Thousands		Jun. 30, 2018	Mar. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Commercial Paper	[1]	$ 58,010
Invested funds in deferred compensation plan	[2]	15,306	$ 14,284
Total assets measured at fair value		75,198	16,136
Deferred compensation plan obligation	[2]	15,306	14,284
Total liabilities measured at fair value		15,306	14,284
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Commercial Paper	[1]	0
Invested funds in deferred compensation plan	[2]	15,306	14,284
Total assets measured at fair value		15,343	14,293
Deferred compensation plan obligation	[2]	15,306	14,284
Total liabilities measured at fair value		15,306	14,284
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Commercial Paper	[1]	58,010
Invested funds in deferred compensation plan	[2]	0	0
Total assets measured at fair value		59,855	1,843
Auction Rate Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Available-for-sale securities	[3]	1,845	1,843
Auction Rate Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Available-for-sale securities	[3]	1,845	1,843
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Money Market Funds		37	9
Money Market Funds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Money Market Funds		$ 37	$ 9
[1]	The Company invests in high quality, investment grade commercial paper which is valued using observable market prices for identical securities that are traded in less active markets.
[2]	The Company's non-qualified deferred compensation plan provides eligible employees and members of the Board of Directors with the opportunity to defer a specified percentage of their cash compensation. The Company includes the assets deferred by the participants in the “Other current assets” and “Other non-current assets” line items of its Condensed Consolidated Balance Sheets and the Company's obligation to deliver the deferred compensation in the "Other current liabilities" and “Other long-term liabilities” line items of its Condensed Consolidated Balance Sheets.
[3]	ARS are debt instruments with interest rates that reset through periodic short-term auctions. The Company’s Level 2 ARS are valued based on quoted prices for identical or similar instruments in markets that are not active.

Investments and Fair Value Me34

Investments and Fair Value Measurements (Details Textual) $ in Millions	Jun. 30, 2018USD ($)
Investments and Fair Value Measurements [Abstract]
Equity Securities without Readily Determinable Fair Value, Amount	$ 60

Debt Debt (Details)

Debt Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018
Debt Instrument [Line Items]
Long-term debt	$ 558,280	$ 983,290
Unamortized Debt Issuance Expense	5,483	9,674
6.75% Senior Notes due 2023
Debt Instrument [Line Items]
Long-term debt	15,263	444,464
7.00% Senior Notes due 2025
Debt Instrument [Line Items]
Long-term debt	$ 548,500	$ 548,500

Debt (Details Textual)

Debt (Details Textual) - USD ($) $ in Thousands	Jul. 19, 2018	Jul. 16, 2018	Jun. 29, 2018	Dec. 05, 2017	Mar. 31, 2018	Jun. 30, 2018	Jul. 01, 2017	Jul. 10, 2018	Jun. 15, 2018	Nov. 19, 2015
Debt Instrument [Line Items]
Gain (Loss) on Extinguishment of Debt						$ 33,400
Document Period End Date						Jun. 30, 2018
Long-term debt					$ 983,290	$ 558,280
6.75% Senior Notes due 2023
Debt Instrument [Line Items]
Debt Instrument, Face Amount										$ 450,000
Stated Interest Rate						6.75%
Repayments of Senior Debt			$ 429,200		$ 5,500
Senior notes, redemption percentage, actual			106.75%		107.50%
Long-term Debt, Fair Value					$ 474,500	$ 16,300
Long-term debt					444,464	$ 15,263
7.00% Senior Notes due 2025
Debt Instrument [Line Items]
Debt Instrument, Face Amount										$ 550,000
Stated Interest Rate						7.00%
Repayments of Senior Debt					$ 1,500
Senior notes, redemption percentage, actual					109.50%
Tender Offer Cap									$ 150,000
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed						35.00%
Debt Instrument, Redemption Price, Percentage						107.00%
Long-term Debt, Fair Value					$ 596,500	$ 594,900
Long-term debt					$ 548,500	548,500
Senior notes
Debt Instrument [Line Items]
Interest Expense, Borrowings						17,100	$ 17,300
Interest Costs Capitalized						3,500	5,600
Interest Paid, Including Capitalized Interest, Operating and Investing Activities						34,200	$ 34,400
Bank of America Syndicate [Member] | Senior Delayed Draw Term Loan [Member] | Credit Agreement [Member]
Debt Instrument [Line Items]
Senior Delayed Draw Term Loan, Maximum Amount				$ 400,000
Proceeds from debt issuances				100,000
Bank of America Syndicate [Member] | Revolving Credit Facility [Member] | Credit Agreement [Member]
Debt Instrument [Line Items]
Proceeds from Lines of Credit						0
Line of Credit Facility, Maximum Borrowing Capacity				300,000
Line of Credit Facility, Maximum amount of increase that may be requested				300,000
Long-term debt						$ 0
Bank of America Syndicate [Member] | Standby Letters of Credit [Member] | Credit Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				25,000
Bank of America Syndicate [Member] | Swingline Loan [Member] | Credit Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 10,000
Subsequent Event [Member] | 6.75% Senior Notes due 2023
Debt Instrument [Line Items]
Repayments of Senior Debt	$ 15,300
Senior notes, redemption percentage, actual	100.00%
Subsequent Event [Member] | 7.00% Senior Notes due 2025
Debt Instrument [Line Items]
Repayments of Senior Debt		$ 300,000
Senior notes, redemption percentage, actual		109.63%
Tender Offer Cap								$ 300,000

Stock Repurchases (Details)

Stock Repurchases (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2018	May 23, 2018	Nov. 03, 2016
November 2016 Program
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount			$ 500
Stock Repurchased During Period, Shares	0.4
Stock Repurchased During Period, Value	$ 35.9
Stock Repurchase Program, Remaining Authorized Repurchase Amount	162.1	$ 126.3
May 2018 Program
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount	$ 935.9	$ 1,000
Stock Repurchased During Period, Shares	0.8
Stock Repurchased During Period, Value	$ 64.1

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Disaggregation of Revenue
Revenue	$ 692,670	$ 640,831
China
Disaggregation of Revenue
Revenue	366,534	349,631
Taiwan
Disaggregation of Revenue
Revenue	155,171	90,158
United States
Disaggregation of Revenue
Revenue	108,466	138,360
Other Asia
Disaggregation of Revenue
Revenue	34,569	36,175
Europe
Disaggregation of Revenue
Revenue	22,636	21,236
Other Countries
Disaggregation of Revenue
Revenue	$ 5,294	$ 5,271

Revenue (Details textual)

Revenue (Details textual) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Revenue from Contract with Customer [Abstract]
Revenue for product and services over time as a percent of total revenue (less than)	2.00%
Cumulative effect of adoption as a percentage of revenue (less than)	1.00%
Rebates as percentage of sales (less than)	3.00%
Remaining unsatisfied performance obligations with an original duration of greater than one year		$ 37.3

Operating Segment Information40

Operating Segment Information (Details) - USD ($) $ in Thousands		3 Months Ended
		Jun. 30, 2018	Jul. 01, 2017
Revenue:
Revenue		$ 692,670	$ 640,831
Income from operations:
Income (loss) from operations		(19,215)	(27,829)
Interest expense (Note 6)		(14,353)	(12,271)
Interest income		3,394	766
Other expense (Note 6)		(31,955)	(934)
Loss before income taxes		(62,129)	(40,268)
Operating Segments | MP
Revenue:
Revenue		486,079	456,223
Income from operations:
Income (loss) from operations		89,171	87,807
Operating Segments | IDP
Revenue:
Revenue		206,591	183,638
Income from operations:
Income (loss) from operations		55,204	49,586
All other
Revenue:
Revenue	[1]	0	970
Income from operations:
Income (loss) from operations		$ (163,590)	$ (165,222)
[1]	"All other" revenue relates to royalty income that is not allocated to MP or IDP for the three months ended July 1, 2017. As a result of the adoption of ASU 2014-09, income related to a right-to-use license of intellectual property was recognized at a point-in-time and, therefore, is included as a transition adjustment impacting retained earnings

Operating Segment Information41

Operating Segment Information (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Reconciliation of "All other" category:
Stock-based compensation expense	$ (19,345)	$ (21,126)
Amortization of intangible assets	(133,300)
Loss from operations for “All other”	(19,215)	(27,829)
All other
Reconciliation of "All other" category:
Stock-based compensation expense	(19,345)	(21,126)
Amortization of intangible assets	(133,175)	(134,686)
Acquisition and integration related costs	(1,082)	(2,777)
Restructuring charges	(2,802)	(531)
Start-up costs	(5,361)	(6,624)
Other (expense) income (including (loss) gain on assets and other miscellaneous corporate overhead)	(1,825)	522
Loss from operations for “All other”	$ (163,590)	$ (165,222)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income tax expense	$ 32,136	$ 9,644
Effective tax rate	51.70%	23.90%
Gross unrecognized tax benefits	$ 125,600		$ 122,800

Income Taxes Income Taxes (US T

Income Taxes Income Taxes (US Tax Reform Details) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Mar. 31, 2018
U.S. Tax Cuts and Jobs Act [Line Items]
Income tax expense	$ (32,136)	$ (9,644)
Estimated deferred tax benefit	26,684	$ 4,728
U.S. Tax Cuts and Jobs Act, Effective 2018 [Member]
U.S. Tax Cuts and Jobs Act [Line Items]
Estimated repatriation tax expense			$ 116,400
Estimated deferred tax benefit			$ 39,100
Measurement period adjustment, income tax expense (benefit)	(15,200)
Increase (decrease) in Transitional Repatriation Tax liability	(11,400)
Increase (decrease) in deferred tax assets	$ 3,800

Net Loss Per Share (Details)

Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Numerator:
Numerator for basic and diluted net loss per share — net loss available to common stockholders	$ (29,993)	$ (30,624)
Denominator:
Denominator for basic net loss per share — weighted average shares	126,198	126,961
Effect of dilutive securities:
Stock-based awards	0	0
Denominator for diluted net loss per share — adjusted weighted average shares and assumed conversions	126,198	126,961
Basic net loss per share (in dollars per share)	$ (0.24)	$ (0.24)
Diluted net loss per share (in dollars per share)	$ (0.24)	$ (0.24)

Net Loss Per Share (Details Tex

Net Loss Per Share (Details Textual) - shares shares in Millions	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Debt Instrument [Line Items]
Antidilutive shares excluded from the computation of diluted shares outstanding	3.3	4.4
Document Period End Date	Jun. 30, 2018

Consolidating Financial Infor46

Consolidating Financial Information Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018
Cash and cash equivalents	$ 334,039	$ 926,037
Short-term investments (Note 5)	58,010	0
Accounts receivable, less allowance	360,857	345,957
Intercompany accounts and notes receivable	0	0
Inventories	501,578	472,292
Prepaid expenses	24,873	23,909
Other receivables	53,799	44,795
Other current assets	34,550	30,815
Total current assets	1,367,706	1,843,805
Property and equipment, net	1,368,588	1,374,112
Goodwill	2,173,889	2,173,889
Intangible assets, net	729,238	860,336
Investment in Subsidiaries	0	0
Long-term Investments	79,515	63,765
Investment in subsidiaries	0	0
Other non-current assets	63,396	65,612
Total assets	5,782,332	6,381,519
Accounts payable	219,143	213,193
Intercompany accounts and notes payable	0	0
Accrued liabilities	133,605	167,182
Other current liabilities	50,616	60,904
Total current liabilities	403,364	441,279
Long-term debt	558,280	983,290
Deferred tax liabilities	37,155	63,084
Intercompany accounts and notes payable, long-term	0	0
Other long-term liabilities (Note 10)	105,428	118,302
Total liabilities	1,104,227	1,605,955
Total stockholders’ equity	4,678,105	4,775,564
Total liabilities and stockholders’ equity	5,782,332	6,381,519
Guarantor Subsidiaries
Cash and cash equivalents	78,851	629,314
Short-term investments (Note 5)	58,010
Accounts receivable, less allowance	54,894	76,863
Intercompany accounts and notes receivable	296,498	272,409
Inventories	186,645	154,651
Prepaid expenses	17,282	17,530
Other receivables	4,272	5,959
Other current assets	33,460	29,627
Total current assets	729,912	1,186,353
Property and equipment, net	1,086,252	1,085,255
Goodwill	1,121,941	1,121,941
Intangible assets, net	345,109	395,317
Investment in Subsidiaries	1,078,040	543,127
Long-term Investments	1,854	1,847
Investment in subsidiaries	2,310,787	2,388,222
Other non-current assets	30,721	31,011
Total assets	6,704,616	6,753,073
Accounts payable	74,096	78,278
Intercompany accounts and notes payable	39,146	53,363
Accrued liabilities	90,971	101,286
Other current liabilities	1,461	3,882
Total current liabilities	205,674	236,809
Long-term debt	0	0
Deferred tax liabilities	58,676	83,449
Intercompany accounts and notes payable, long-term	107,181	116,494
Other long-term liabilities (Note 10)	52,382	62,417
Total liabilities	423,913	499,169
Total stockholders’ equity	6,280,703	6,253,904
Total liabilities and stockholders’ equity	6,704,616	6,753,073
Non-Guarantor Subsidiaries
Cash and cash equivalents	255,188	296,723
Short-term investments (Note 5)	0
Accounts receivable, less allowance	305,963	269,094
Intercompany accounts and notes receivable	39,146	53,363
Inventories	335,819	339,434
Prepaid expenses	7,591	6,379
Other receivables	49,527	38,836
Other current assets	1,090	1,188
Total current assets	994,324	1,005,017
Property and equipment, net	282,536	289,146
Goodwill	1,051,948	1,051,948
Intangible assets, net	384,129	465,019
Investment in Subsidiaries	107,181	116,494
Long-term Investments	77,661	61,918
Investment in subsidiaries	0	0
Other non-current assets	30,487	32,516
Total assets	2,928,266	3,022,058
Accounts payable	145,047	134,915
Intercompany accounts and notes payable	296,498	272,409
Accrued liabilities	38,943	43,163
Other current liabilities	49,155	57,022
Total current liabilities	529,643	507,509
Long-term debt	0	0
Deferred tax liabilities	13,286	16,366
Intercompany accounts and notes payable, long-term	21,504	54,076
Other long-term liabilities (Note 10)	53,046	55,885
Total liabilities	617,479	633,836
Total stockholders’ equity	2,310,787	2,388,222
Total liabilities and stockholders’ equity	2,928,266	3,022,058
Parent Company
Cash and cash equivalents	0	0
Short-term investments (Note 5)	0
Accounts receivable, less allowance	0	0
Intercompany accounts and notes receivable	0	0
Inventories	0	0
Prepaid expenses	0	0
Other receivables	0	0
Other current assets	0	0
Total current assets	0	0
Property and equipment, net	0	0
Goodwill	0	0
Intangible assets, net	0	0
Investment in Subsidiaries	0	0
Long-term Investments	0	0
Investment in subsidiaries	6,212,724	6,198,885
Other non-current assets	83,679	72,122
Total assets	6,296,403	6,271,007
Accounts payable	0	0
Intercompany accounts and notes payable	0	0
Accrued liabilities	3,482	23,102
Other current liabilities	0	0
Total current liabilities	3,482	23,102
Long-term debt	558,280	983,290
Deferred tax liabilities	0	0
Intercompany accounts and notes payable, long-term	1,056,536	489,051
Other long-term liabilities (Note 10)	0	0
Total liabilities	1,618,298	1,495,443
Total stockholders’ equity	4,678,105	4,775,564
Total liabilities and stockholders’ equity	6,296,403	6,271,007
Eliminations and Reclassifications
Cash and cash equivalents	0	0
Short-term investments (Note 5)	0
Accounts receivable, less allowance	0	0
Intercompany accounts and notes receivable	(335,644)	(325,772)
Inventories	(20,886)	(21,793)
Prepaid expenses	0	0
Other receivables	0	0
Other current assets	0	0
Total current assets	(356,530)	(347,565)
Property and equipment, net	(200)	(289)
Goodwill	0	0
Intangible assets, net	0	0
Investment in Subsidiaries	(1,185,221)	(659,621)
Long-term Investments	0	0
Investment in subsidiaries	(8,523,511)	(8,587,107)
Other non-current assets	(81,491)	(70,037)
Total assets	(10,146,953)	(9,664,619)
Accounts payable	0	0
Intercompany accounts and notes payable	(335,644)	(325,772)
Accrued liabilities	209	(369)
Other current liabilities	0	0
Total current liabilities	(335,435)	(326,141)
Long-term debt	0	0
Deferred tax liabilities	(34,807)	(36,731)
Intercompany accounts and notes payable, long-term	(1,185,221)	(659,621)
Other long-term liabilities (Note 10)	0	0
Total liabilities	(1,555,463)	(1,022,493)
Total stockholders’ equity	(8,591,490)	(8,642,126)
Total liabilities and stockholders’ equity	$ (10,146,953)	$ (9,664,619)

Consolidating Financial Infor47

Consolidating Financial Information Condensed Consolidating Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Document Period End Date	Jun. 30, 2018
Revenue	$ 692,670	$ 640,831
Cost of goods sold	455,937	404,454
Gross profit	236,733	236,377
Research and development	110,903	116,499
Selling, general and administrative	135,930	139,431
Other operating expense	9,115	8,276
Total operating expenses	255,948	264,206
Loss from operations	(19,215)	(27,829)
Interest expense	(14,353)	(12,271)
Interest income	3,394	766
Other expense (income)	(31,955)	(934)
Loss before income taxes	(62,129)	(40,268)
Income tax benefit (Note 10)	32,136	9,644
Income in subsidiaries	0	0
Net loss	(29,993)	(30,624)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(32,177)	(29,905)
Parent Company
Revenue	0	0
Cost of goods sold	0	0
Gross profit	0	0
Research and development	6,401	6,796
Selling, general and administrative	12,795	14,245
Other operating expense	150	85
Total operating expenses	19,346	21,126
Loss from operations	(19,346)	(21,126)
Interest expense	(14,042)	(11,924)
Interest income	0	0
Other expense (income)	(33,373)	0
Loss before income taxes	(66,761)	(33,050)
Income tax benefit (Note 10)	11,454	16,246
Income in subsidiaries	25,314	(13,820)
Net loss	(29,993)	(30,624)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(32,177)	(29,905)
Guarantor Subsidiaries
Revenue	231,939	271,953
Cost of goods sold	190,311	184,004
Gross profit	41,628	87,949
Research and development	3,279	16,738
Selling, general and administrative	57,956	66,212
Other operating expense	7,940	7,060
Total operating expenses	69,175	90,010
Loss from operations	(27,547)	(2,061)
Interest expense	(537)	(575)
Interest income	2,406	494
Other expense (income)	328	(214)
Loss before income taxes	(25,350)	(2,356)
Income tax benefit (Note 10)	16,804	(7,524)
Income in subsidiaries	32,565	(1,108)
Net loss	24,019	(10,988)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	24,024	(10,927)
Non-Guarantor Subsidiaries
Revenue	625,961	580,554
Cost of goods sold	409,697	392,736
Gross profit	216,264	187,818
Research and development	102,448	97,284
Selling, general and administrative	86,379	94,052
Other operating expense	1,054	1,010
Total operating expenses	189,881	192,346
Loss from operations	26,383	(4,528)
Interest expense	(161)	(334)
Interest income	1,375	834
Other expense (income)	1,090	1,998
Loss before income taxes	28,687	(2,030)
Income tax benefit (Note 10)	3,878	922
Income in subsidiaries	0	0
Net loss	32,565	(1,108)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	30,255	(450)
Eliminations and Reclassifications
Revenue	(165,230)	(211,676)
Cost of goods sold	(144,071)	(172,286)
Gross profit	(21,159)	(39,390)
Research and development	(1,225)	(4,319)
Selling, general and administrative	(21,200)	(35,078)
Other operating expense	(29)	121
Total operating expenses	(22,454)	(39,276)
Loss from operations	1,295	(114)
Interest expense	387	562
Interest income	(387)	(562)
Other expense (income)	0	(2,718)
Loss before income taxes	1,295	(2,832)
Income tax benefit (Note 10)	0	0
Income in subsidiaries	(57,879)	14,928
Net loss	(56,584)	12,096
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ (54,279)	$ 11,377

Consolidating Financial Infor48

Consolidating Financial Information Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Mar. 31, 2018	Apr. 01, 2017
Net Cash Provided by (Used in) Operating Activities	$ 75,259	$ 103,636
Payments to Acquire Property, Plant, and Equipment	(43,564)	(124,428)
Purchase of debt securities and other investments	132,729	0
Proceeds from maturities of other investments	75,000	0
Other investing activities	(8,667)	7,036
Net transactions with related parties, investing	0
Net cash used in investing activities	(109,960)	(117,392)
Payment of debt (Note 6)	458,172	0
Repurchase of common stock, including transaction costs (Note 7)	(100,004)	(31,925)
Proceeds from the issuance of common stock	9,889	20,526
Tax withholding paid on behalf of employees for restricted stock units	(6,802)	(8,404)
Other financing activities	(214)	0
Net transactions with related parties	0	0
Net cash used in financing activities	(555,303)	(19,803)
Effect of Exchange Rate on Cash and Cash Equivalents	(2,014)	750
Net decrease in cash, cash equivalents and restricted cash	(592,018)	(32,809)
Cash, cash equivalents and restricted cash	334,384	512,970	$ 926,402	$ 545,779
Parent Company
Net Cash Provided by (Used in) Operating Activities	555,303	19,803
Payments to Acquire Property, Plant, and Equipment	0	0
Purchase of debt securities and other investments	0
Proceeds from maturities of other investments	0	0
Other investing activities	0	0
Net transactions with related parties, investing	0
Net cash used in investing activities	0	0
Payment of debt (Note 6)	458,172
Repurchase of common stock, including transaction costs (Note 7)	(100,004)	(31,925)
Proceeds from the issuance of common stock	9,889	20,526
Tax withholding paid on behalf of employees for restricted stock units	(6,802)	(8,404)
Other financing activities	(214)
Net transactions with related parties	0	0
Net cash used in financing activities	(555,303)	(19,803)
Effect of Exchange Rate on Cash and Cash Equivalents	0	0
Net decrease in cash, cash equivalents and restricted cash	0	0
Cash, cash equivalents and restricted cash	0	0	0	0
Guarantor Subsidiaries
Net Cash Provided by (Used in) Operating Activities	(566,340)	(21,261)
Payments to Acquire Property, Plant, and Equipment	(37,020)	(104,016)
Purchase of debt securities and other investments	132,729
Proceeds from maturities of other investments	75,000	0
Other investing activities	234	7,011
Net transactions with related parties, investing	110,047
Net cash used in investing activities	15,532	(97,005)
Payment of debt (Note 6)	0
Repurchase of common stock, including transaction costs (Note 7)	0	0
Proceeds from the issuance of common stock	0	0
Tax withholding paid on behalf of employees for restricted stock units	0	0
Other financing activities	0
Net transactions with related parties	345	345
Net cash used in financing activities	345	345
Effect of Exchange Rate on Cash and Cash Equivalents	0	0
Net decrease in cash, cash equivalents and restricted cash	(550,463)	(117,921)
Cash, cash equivalents and restricted cash	78,851	108,265	629,314	226,186
Non-Guarantor Subsidiaries
Net Cash Provided by (Used in) Operating Activities	86,296	105,094
Payments to Acquire Property, Plant, and Equipment	(6,544)	(20,412)
Purchase of debt securities and other investments	0
Proceeds from maturities of other investments	0	0
Other investing activities	(8,901)	25
Net transactions with related parties, investing	0
Net cash used in investing activities	(15,445)	(20,387)
Payment of debt (Note 6)	0
Repurchase of common stock, including transaction costs (Note 7)	0	0
Proceeds from the issuance of common stock	0	0
Tax withholding paid on behalf of employees for restricted stock units	0	0
Other financing activities	0
Net transactions with related parties	(110,392)	(345)
Net cash used in financing activities	(110,392)	(345)
Effect of Exchange Rate on Cash and Cash Equivalents	(2,014)	750
Net decrease in cash, cash equivalents and restricted cash	(41,555)	85,112
Cash, cash equivalents and restricted cash	255,533	404,705	297,088	319,593
Eliminations and Reclassifications
Net Cash Provided by (Used in) Operating Activities	0	0
Payments to Acquire Property, Plant, and Equipment	0	0
Purchase of debt securities and other investments	0
Proceeds from maturities of other investments	0	0
Other investing activities	0	0
Net transactions with related parties, investing	(110,047)
Net cash used in investing activities	(110,047)	0
Payment of debt (Note 6)	0
Repurchase of common stock, including transaction costs (Note 7)	0	0
Proceeds from the issuance of common stock	0	0
Tax withholding paid on behalf of employees for restricted stock units	0	0
Other financing activities	0
Net transactions with related parties	110,047	0
Net cash used in financing activities	110,047	0
Effect of Exchange Rate on Cash and Cash Equivalents	0	0
Net decrease in cash, cash equivalents and restricted cash	0	0
Cash, cash equivalents and restricted cash	$ 0	$ 0	$ 0	$ 0

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018
Subsequent Event
Long-term debt	$ 558,280	$ 983,290
Unamortized Debt Issuance Expense	5,483	9,674
6.75% Senior Notes due 2023
Subsequent Event
Long-term debt	15,263	444,464
7.00% Senior Notes due 2025
Subsequent Event
Long-term debt	548,500	$ 548,500
5.5% Senior Notes due 2026
Subsequent Event
Long-term debt	0
As adjusted for subsequent event
Subsequent Event
Long-term debt	740,214
Unamortized Debt Issuance Expense	8,286
As adjusted for subsequent event | 6.75% Senior Notes due 2023
Subsequent Event
Long-term debt	0
As adjusted for subsequent event | 7.00% Senior Notes due 2025
Subsequent Event
Long-term debt	248,500
As adjusted for subsequent event | 5.5% Senior Notes due 2026
Subsequent Event
Long-term debt	$ 500,000

Subsequent Event (Details Textu

Subsequent Event (Details Textual) - USD ($) $ in Millions	Jul. 19, 2018	Jul. 16, 2018	Jun. 29, 2018	Mar. 31, 2018	Jun. 30, 2018	Jul. 10, 2018	Jun. 15, 2018	Nov. 19, 2015
6.75% Senior Notes due 2023
Subsequent Event
Repayments of Senior Debt			$ 429.2	$ 5.5
Senior notes, redemption percentage, actual			106.75%	107.50%
Debt Instrument, Face Amount								$ 450
Stated Interest Rate					6.75%
6.75% Senior Notes due 2023 | Subsequent Event [Member]
Subsequent Event
Repayments of Senior Debt	$ 15.3
Senior notes, redemption percentage, actual	100.00%
7.00% Senior Notes due 2025
Subsequent Event
Tender Offer Cap							$ 150
Repayments of Senior Debt				$ 1.5
Senior notes, redemption percentage, actual				109.50%
Debt Instrument, Face Amount								$ 550
Stated Interest Rate					7.00%
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed					35.00%
Debt Instrument, Redemption Price, Percentage					107.00%
7.00% Senior Notes due 2025 | Subsequent Event [Member]
Subsequent Event
Tender Offer Cap						$ 300
Repayments of Senior Debt		$ 300
Senior notes, redemption percentage, actual		109.63%
5.5% Senior Notes due 2026 | Subsequent Event [Member]
Subsequent Event
Debt Instrument, Face Amount		$ 500
Stated Interest Rate		5.50%
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed		35.00%
Debt Instrument, Redemption Price, Percentage		105.50%
First 90-day period | 5.5% Senior Notes due 2026 | Subsequent Event [Member]
Subsequent Event
Debt, Interest Rate, Default Increase, Percentage		0.25%
Each additional 90-day period | 5.5% Senior Notes due 2026 | Subsequent Event [Member]
Subsequent Event
Debt, Interest Rate, Default Increase, Percentage		0.25%
Maximum default interest rate increase | 5.5% Senior Notes due 2026 | Subsequent Event [Member]
Subsequent Event
Debt, Interest Rate, Default Increase, Percentage		1.00%