Qorvo (QRVO) 10-Q 3 Nov 22 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Oct. 01, 2022	Oct. 27, 2022
Cover [Abstract]
Document Transition Report	false
Document Quarterly Report	true
Title of 12(b) Security	Common Stock, $0.0001 par value
Entity Current Reporting Status	Yes
Entity Incorporation, State or Country Code	DE
Entity Registrant Name	Qorvo, Inc.
City Area Code	336
Entity Central Index Key	0001604778
Document Type	10-Q
Document Period End Date	Oct. 01, 2022
Entity File Number	001-36801
Amendment Flag	false
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--04-01
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		101,389,473
Entity Address, Address Line One	7628 Thorndike Road
Local Phone Number	664-1233
Entity Interactive Data Current	Yes
Entity Shell Company	false
Trading Symbol	QRVO
Security Exchange Name	NASDAQ
Entity Tax Identification Number	46-5288992
Entity Address, City or Town	Greensboro,
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27409-9421
Document Fiscal Year Focus	2023

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Oct. 01, 2022	Apr. 02, 2022
Current assets:
Cash and cash equivalents	$ 911,570	$ 972,592
Accounts receivable, net of allowance of $437 and $402 as of October 1, 2022 and April 2, 2022, respectively	645,125	568,850
Inventories	840,850	755,748
Prepaid expenses	47,901	49,839
Other Receivables, Net, Current	23,784	32,151
Other current assets	52,054	70,685
Total current assets	2,521,284	2,449,865
Property and equipment, net of accumulated depreciation of $1,820,091 and $1,734,608 as of October 1, 2022 and April 2, 2022, respectively	1,222,924	1,253,591
Goodwill	2,757,124	2,775,634
Intangible assets, net	585,860	674,786
Long-term investments	29,452	31,086
Other non-current assets	258,088	324,110
Total assets	7,374,732	7,509,072
Current liabilities:
Accounts payable	322,247	327,915
Accrued liabilities	298,882	240,186
Other current liabilities	142,998	107,026
Total current liabilities	764,127	675,127
Long-Term Debt, Excluding Current Maturities	2,047,398	2,047,098
Other long-term liabilities	241,067	233,629
Total liabilities	3,052,592	2,955,854
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 shares authorized; 102,061 and 106,303 shares issued and outstanding at October 1, 2022 and April 2, 2022, respectively	3,915,969	4,035,849
Accumulated other comprehensive (loss) income	(41,776)	5,232
Retained earnings	447,947	512,137
Total stockholders’ equity	4,322,140	4,553,218
Total liabilities and stockholders’ equity	$ 7,374,732	$ 7,509,072

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Oct. 01, 2022	Apr. 02, 2022
Statement of Financial Position [Abstract]
Allowance for accounts receivable	$ 437	$ 402
Property and equipment, accumulated depreciation	$ 1,820,091	$ 1,734,608
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	102,061,000	106,303,000
Common stock, shares outstanding	102,061,000	106,303,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Income Statement [Abstract]
Revenues	$ 1,158,057	$ 1,255,248	$ 2,193,415	$ 2,365,599
Cost of goods sold	619,130	633,695	1,279,238	1,197,863
Gross profit	538,927	621,553	914,177	1,167,736
Operating Expenses [Abstract]
Research and Development Expense	168,164	158,377	336,732	310,456
Selling, general and administrative	97,752	93,489	199,567	183,788
Other operating expense	11,449	7,327	14,457	14,030
Total operating expenses	277,365	259,193	550,756	508,274
Operating income	261,562	362,360	363,421	659,462
Interest expense	(16,904)	(15,327)	(34,156)	(30,606)
Other income (expense), net	2,214	4,754	(2,848)	21,545
Income before income taxes	246,872	351,787	326,417	650,401
Income tax expense	(58,257)	(32,598)	(68,918)	(45,586)
Net income	$ 188,615	$ 319,189	$ 257,499	$ 604,815
Earnings Per Share [Abstract]
Basic	$ 1.83	$ 2.87	$ 2.48	$ 5.43
Diluted	$ 1.82	$ 2.84	$ 2.46	$ 5.35
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Basic	102,927	111,035	103,991	111,476
Diluted	103,674	112,411	104,817	113,088

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 188,615	$ 319,189	$ 257,499	$ 604,815
Other comprehensive loss, net of tax:
Foreign currency translation adjustment, including intra-entity foreign currency transactions that are of a long-term investment nature	(23,811)	(9,517)	(47,026)	(6,279)
Reclassification adjustments, net of tax:
Amortization of pension actuarial loss	9	30	18	61
Other comprehensive loss	(23,802)	(9,487)	(47,008)	(6,218)
Total comprehensive income	$ 164,813	$ 309,702	$ 210,491	$ 598,597

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Accumulated Other Comprehensive Loss	Retained Earnings
Common Stock, Shares, Outstanding		112,557
Common stock and additional paid-in capital	$ 4,244,740
Stockholders' Equity Attributable to Parent	4,629,425
Accumulated Other Comprehensive Income (Loss), Net of Tax	29,649
Retained Earnings (Accumulated Deficit)	355,036
Net income	604,815			$ 604,815
Other Comprehensive Income (Loss), Net of Tax	(6,218)		$ (6,218)
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes Shares		642
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes	(49,452)	$ (49,452)
Stock Issued During Period, Shares, Employee Stock Purchase Plans		165
Stock Issued During Period, Value, Employee Stock Purchase Plan	$ 17,794	$ 17,794
Stock Repurchased During Period, Shares	(2,900)	(2,903)
Stock Repurchased During Period, Value	$ (523,373)	$ (109,675)		(413,698)
Stock-based compensation	54,763	$ 54,763		0
Payments for Repurchase of Common Stock	523,373
Common Stock, Shares, Outstanding		111,210
Common stock and additional paid-in capital	4,210,914
Stockholders' Equity Attributable to Parent	4,648,394
Accumulated Other Comprehensive Income (Loss), Net of Tax	32,918
Retained Earnings (Accumulated Deficit)	404,562
Net income	319,189	$ 0	0	319,189
Other Comprehensive Income (Loss), Net of Tax	(9,487)	$ 0	(9,487)	0
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes Shares		459
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes	$ (36,104)	$ 36,104	0	0
Stock Repurchased During Period, Shares	(1,200)	(1,208)
Stock Repurchased During Period, Value	$ (223,356)	$ (45,758)	0	(177,598)
Stock-based compensation	$ 29,118	$ 29,118	0	0
Common Stock, Shares, Outstanding	110,461	110,461
Common stock and additional paid-in capital	$ 4,158,170
Stockholders' Equity Attributable to Parent	4,727,754
Accumulated Other Comprehensive Income (Loss), Net of Tax	23,431
Retained Earnings (Accumulated Deficit)	$ 546,153
Common Stock, Shares, Outstanding	106,303
Common stock and additional paid-in capital	$ 4,035,849
Stockholders' Equity Attributable to Parent	4,553,218
Accumulated Other Comprehensive Income (Loss), Net of Tax	5,232
Retained Earnings (Accumulated Deficit)	512,137
Net income	257,499	$ 0	0	257,499
Other Comprehensive Income (Loss), Net of Tax	(47,008)	$ 0	(47,008)	0
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes Shares		509
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes	(21,181)	$ (21,181)	0	0
Stock Issued During Period, Shares, Employee Stock Purchase Plans		195
Stock Issued During Period, Value, Employee Stock Purchase Plan	$ 18,893	$ 18,893	0	0
Stock Repurchased During Period, Shares	(4,900)	(4,946)
Stock Repurchased During Period, Value	$ (510,099)	$ (188,410)	0	(321,689)
Stock-based compensation	70,818	$ 70,818	0
Payments for Repurchase of Common Stock	510,099
Common Stock, Shares, Outstanding		103,340
Common stock and additional paid-in capital	3,962,499
Stockholders' Equity Attributable to Parent	4,300,605
Accumulated Other Comprehensive Income (Loss), Net of Tax	(17,974)
Retained Earnings (Accumulated Deficit)	356,080
Net income	188,615	$ 0	0	188,615
Other Comprehensive Income (Loss), Net of Tax	(23,802)	$ 0	(23,802)	0
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes Shares		372
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes	$ (16,993)	$ (16,993)	0	0
Stock Repurchased During Period, Shares	(1,700)	(1,651)
Stock Repurchased During Period, Value	$ (160,057)	$ (63,309)	0	(96,748)
Stock-based compensation	$ 33,772	$ 33,772	$ 0	$ 0
Common Stock, Shares, Outstanding	102,061
Common stock and additional paid-in capital	$ 3,915,969
Stockholders' Equity Attributable to Parent	4,322,140
Accumulated Other Comprehensive Income (Loss), Net of Tax	(41,776)
Retained Earnings (Accumulated Deficit)	$ 447,947

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Cash flows from operating activities:
Net income	$ 257,499	$ 604,815
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	103,882	105,205
Intangible assets amortization	66,539	74,022
Deferred income taxes	(16,693)	(2,230)
Stock-based compensation expense	67,203	53,929
Other, net	58,804	(6,867)
Changes in operating assets and liabilities:
Accounts receivable, net	(75,728)	(203,321)
Inventories	(81,716)	(87,137)
Prepaid expenses and other assets	30,503	(157,063)
Accounts payable and accrued liabilities	65,012	242,632
Income taxes payable and receivable	3,518	(16,455)
Other liabilities	61,601	(21,132)
Net cash provided by operating activities	540,424	586,398
Cash flows from investing activities:
Purchase of property and equipment	(90,454)	(112,560)
Purchase of businesses, net of cash acquired	95	166,818
Other investing activities	6,267	11,781
Net cash used in investing activities	(84,282)	(267,597)
Cash flows from financing activities:
Repurchase of common stock, including transaction costs	(510,099)	(523,373)
Proceeds from the issuance of common stock	19,541	20,435
Tax withholding paid on behalf of employees for restricted stock units	(22,020)	(51,334)
Other financing activities	(379)	(8,490)
Net cash used in financing activities	(512,957)	(562,762)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(4,237)	(1,087)
Net decrease in cash, cash equivalents and restricted cash	(61,052)	(245,048)
Cash, cash equivalents and restricted cash at the beginning of the period	972,805	1,398,309
Cash, cash equivalents and restricted cash at the end of the period	911,753	1,153,261
Cash and cash equivalents	911,570	1,153,172
Restricted cash included in "Other current assets" and "Other non-current assets"	183	89
Capital expenditures included in liabilities	$ 26,658	$ 54,507

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Oct. 01, 2022
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 April 2, 2022. 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. During the second quarter of fiscal 2023, the Company updated its organizational structure to more closely align similar technologies and applications with customers and end markets. The Company is now managing its business and reporting its financial results in three reportable segments: High Performance Analog ("HPA"), Connectivity and Sensors Group ("CSG") and Advanced Cellular Group ("ACG"). Certain items in the fiscal 2022 financial statements (including prior period segment results) have been reclassified to conform with the fiscal 2023 presentation. The Company uses a 52- or 53-week fiscal year ending on the Saturday closest to March 31 of each year. Each fiscal year, the first quarter ends on the Saturday closest to June 30, the second quarter ends on the Saturday closest to September 30 and the third quarter ends on the Saturday closest to December 31. Fiscal years 2023 and 2022 are 52-week years.

Inventories

Inventories	6 Months Ended
	Oct. 01, 2022
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES The components of inventories, net of reserves, are as follows (in thousands): October 1, 2022 April 2, 2022 Raw materials $ 273,074 $ 236,095 Work in process 396,015 357,332 Finished goods 171,761 162,321 Total inventories $ 840,850 $ 755,748

Business Acquisition

Business Acquisition	6 Months Ended
	Oct. 01, 2022
Business Combinations [Abstract]
Business Combination Disclosure	BUSINESS ACQUISITIONS United Silicon Carbide, Inc. On October 19, 2021, the Company acquired all the outstanding equity interests of United Silicon Carbide, Inc. ("United SiC"), a leading manufacturer of silicon carbide ("SiC") power semiconductors, for a total purchase price of $236.7 million. The acquisition expands the Company's offerings to include SiC power products for a range of applications such as electric vehicles, battery charging, IT infrastructure, renewables and circuit protection. The purchase price was comprised of cash consideration of $227.2 million and contingent consideration of up to $31.3 million which is expected to be paid to the sellers (in the first quarter of fiscal 2024) if certain revenue and gross margin targets are achieved over the period beginning on the acquisition date through December 31, 2022. The estimated fair value of the contingent consideration liability was $9.5 million as of the acquisition date. At April 2, 2022, the contingent consideration liability was remeasured to a fair value of $17.6 million and is included in "Other long-term liabilities" in the Condensed Consolidated Balance Sheet. At October 1, 2022, the contingent consideration liability was remeasured to a fair value of $28.3 million and is included in "Other current liabilities" in the Condensed Consolidated Balance Sheet with the increase in fair value recognized in "Other operating expense" in the Condensed Consolidated Statement of Income. Refer to Note 5 for further information related to the fair value measurement. NextInput, Inc. On April 5, 2021, the Company acquired all the outstanding equity interests of NextInput, Inc. ("NextInput"), a leader in microelectromechanical system ("MEMS")-based sensing solutions, for a total cash purchase price of $173.3 million. The acquisition expands the Company's offerings of MEMS-based products for mobile applications and provides sensing solutions for a broad range of applications in other markets.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Oct. 01, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets Disclosure [Text Block]	GOODWILL AND INTANGIBLE ASSETS During the second quarter of fiscal 2023, the Company updated its organizational structure (see Note 1). The changes in the carrying amount of goodwill are as follows (in thousands): HPA CSG ACG Total Balance as of April 2, 2022 (1) $ 501,899 $ 539,875 $ 1,733,860 $ 2,775,634 NextInput measurement period adjustments — 572 — 572 United SiC measurement period adjustments 95 — — 95 Effect of changes in foreign currency exchange rates — (19,177) — (19,177) Balance as of October 1, 2022 (1) $ 501,994 $ 521,270 $ 1,733,860 $ 2,757,124 (1) The Company’s goodwill balance is presented net of accumulated impairment losses and write-offs totaling $669.6 million, which were recognized in fiscal years 2009, 2013, 2014 and 2022. The following summarizes information regarding the gross carrying amounts and accumulated amortization of intangible assets (in thousands): October 1, 2022 April 2, 2022 Gross Accumulated Gross Accumulated Developed technology $ 844,432 $ 315,968 $ 1,026,690 $ 420,255 Customer relationships 103,616 56,835 104,778 47,208 Technology licenses 968 304 2,641 2,169 Trade names 818 469 1,933 1,358 In-process research and development 9,602 N/A 9,734 N/A Total (1) $ 959,436 $ 373,576 $ 1,145,776 $ 470,990 (1) Amounts include the impact of foreign currency translation. At the beginning of each fiscal year, the Company removes the gross asset and accumulated amortization amounts of intangible assets that have reached the end of their useful lives and have been fully amortized. Useful lives are estimated based on the expected economic benefit to be derived from the intangible assets.

Investments and Fair Value of F

Investments and Fair Value of Financial Instruments	6 Months Ended
	Oct. 01, 2022
Investments and Fair Value Measurements [Abstract]
INVESTMENTS AND FAIR VALUE MEASUREMENTS	INVESTMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS Equity Method Investments The Company invests in limited partnerships and accounts for these investments using the equity method. The carrying amounts of these investments, as of October 1, 2022 and April 2, 2022, were $25.5 million and $27.1 million, respectively, and are classified as "Long-term investments" in the Condensed Consolidated Balance Sheets. During the three and six months ended October 1, 2022, the Company recorded a gain of $1.2 million and $0.4 million, respectively, based on its share of the limited partnerships' earnings. During the three and six months ended October 2, 2021, the Company recorded income of $1.5 million and $16.0 million, respectively, based on its share of the limited partnerships' earnings. These amounts are included in "Other income (expense), net" in the Condensed Consolidated Statements of Income. No cash distributions were received during the three months ended October 1, 2022 and $2.0 million of cash distributions were received during the six months ended October 1, 2022. During the three and six months ended October 2, 2021, the Company received cash distributions of $9.6 million and $13.5 million, respectively, from these equity method investments. The cash distributions were recognized as reductions to the carrying value of the investments and included in the cash flows from investing activities in the Condensed Consolidated Statements of Cash Flows. Fair Value of Financial Instruments The fair value of the financial assets and liabilities measured on a recurring basis was determined using the following levels of inputs (in thousands): Total Quoted Prices In Significant Other Significant October 1, 2022 Marketable equity securities $ 2,116 $ 2,116 $ — $ — Invested funds in deferred compensation plan (1) 34,068 34,068 — — Contingent earn-out liability (2) (28,325) — — (28,325) April 2, 2022 Marketable equity securities $ 2,906 $ 2,906 $ — $ — Invested funds in deferred compensation plan (1) 39,356 39,356 — — Contingent earn-out liability (2) (17,600) — — (17,600) (1) Invested funds under the Company's non-qualified deferred compensation plan are held in a rabbi trust and consist of mutual funds. The fair value of the mutual funds is calculated using the net asset value per share determined by quoted active market prices of the underlying investments. (2) The Company recorded a contingent earn-out liability in conjunction with the acquisition of United SiC (refer to Note 3). The fair value of this liability is estimated using an option pricing model.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Oct. 01, 2022
Debt Disclosure [Abstract]
DEBT	LONG-TERM DEBT Long-term debt is as follows (in thousands): October 1, 2022 April 2, 2022 1.750% senior notes due 2024 $ 500,000 $ 500,000 4.375% senior notes due 2029 850,000 850,000 3.375% senior notes due 2031 700,000 700,000 Finance leases and other 1,975 2,581 Unamortized premium, discount and issuance costs, net (4,006) (4,692) Less current portion of long-term debt (571) (791) Total long-term debt $ 2,047,398 $ 2,047,098 Credit Agreement On September 29, 2020, 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 (as amended, restated, modified or otherwise supplemented from time to time, the "Credit Agreement") with Bank of America, N.A., acting as administrative agent, and a syndicate of lenders. The Credit Agreement amended and restated the previous credit agreement dated as of December 5, 2017. The Credit Agreement includes a senior revolving line of credit (the "Revolving Facility") of up to $300.0 million and included a senior term loan of $200.0 million (collectively the "Credit Facility") which was fully repaid in fiscal 2022. On April 6, 2022, the Company and the administrative agent entered into an amendment to the Credit Agreement (the "LIBOR Transition Amendment") to replace the London Interbank Offered Rate as a reference rate available for use in the computation of interest under the Credit Agreement. As a result of the LIBOR Transition Amendment, at the Company’s option, loans under the Credit Agreement will bear interest at (i) the Applicable Rate (as defined in the Credit Agreement) plus the Term SOFR (as defined in the Credit Agreement) or (ii) the Applicable Rate plus a rate equal to the highest of (a) the federal funds rate plus 0.50%, (b) the prime rate as set by the administrative agent, and (c) the Term SOFR plus 1.0% (the "Base Rate"). All swing line loans will bear interest at a rate equal to the Applicable Rate plus the Base Rate. The Term SOFR is the rate per annum equal to the forward-looking Secured Overnight Financing Rate term rate for interest periods of one, three or six months (as selected by the Company) plus an adjustment (as defined in the Credit Agreement). The Applicable Rate for Term SOFR loans ranges from 1.000% per annum to 1.250% per annum, and the Applicable Rate for Base Rate loans ranges from 0.000% per annum to 0.250% per annum. Undrawn amounts under the Credit Facility are subject to a commitment fee ranging from 0.150% to 0.200%. During the three and six months ended October 1, 2022, there were no borrowings under the Revolving Facility. Senior Notes due 2024 On December 14, 2021 , the Company issued $500.0 million aggregate principal amount of its 1.750% senior notes due 2024 (the "2024 Notes"). The 2024 Notes will mature on December 15, 2024, unless earlier redeemed in accordance with their terms. The 2024 Notes are senior unsecured obligations of the Company and are guaranteed, jointly and severally, by the Guarantors. The 2024 Notes were issued pursuant to an indenture, dated as of December 14, 2021 (the "2021 Indenture"), by and among the Company, the Guarantors and Computershare Trust Company, N.A., as trustee. The 2021 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 2021 Indenture also contains customary negative covenants. Interest is payable on the 2024 Notes on June 15 and December 15 of each year. The Company paid no interest on the 2024 Notes during the three months ended October 1, 2022, and paid interest of $4.4 million during the six months ended October 1, 2022. Senior Notes due 2029 On September 30, 2019, the Company issued $350.0 million aggregate principal amount of its 4.375% senior notes due 2029 (the "Initial 2029 Notes"). On December 20, 2019, and June 11, 2020, the Company issued an additional $200.0 million and $300.0 million, respectively, aggregate principal amount of such note s (together, the "Additional 2029 Notes" and together with the Initial 2029 Notes, the "2029 Notes"). The 2029 Notes will mature on October 15, 2029, unless earlier redeemed in accordance with their terms. The 2029 Notes are senior unsecured obligations of the Company and are guaranteed, jointly and severally, by the Guarantors. The Initial 2029 Notes were issued pursuant to an indenture, dated as of September 30, 2019, by and among the Company, the Guarantors and MUFG Union Bank, N.A., as trustee, and the Additional 2029 Notes were issued pursuant to supplemental indentures, dated as of December 20, 2019, and June 11, 2020 (such indenture and supplemental indentures, collectively, the "2019 Indenture"). The 2019 Indenture contains substantially the same customary events of default and negative covenants as the 2021 Indenture. Interest is payable on the 2029 Notes on April 15 and October 15 of each year. The Company paid no interest on the 2029 Notes during the three months ended October 1, 2022 and October 2, 2021, and paid interest of $18.6 million during both the six months ended October 1, 2022 and October 2, 2021. Senior Notes due 2031 On September 29, 2020, the Company issued $700.0 million aggregate principal amount of its 3.375% senior notes due 2031 (the "2031 Notes"). The 2031 Notes will mature on April 1, 2031, unless earlier redeemed in accordance with their terms. The 2031 Notes are senior unsecured obligations of the Company and are guaranteed, jointly and severally, by the Guarantors. The 2031 Notes were issued pursuant to an indenture, dated as of September 29, 2020, by and among the Company, the Guarantors and MUFG Union Bank, N.A., as trustee (the "2020 Indenture"). The 2020 Indenture contains the same customary events of default and negative covenants as the 2021 I ndenture. Interest is payable on the 2031 Notes on April 1 and October 1 of each year. The Company paid interest of $11.8 million on the 2031 Notes during the three and six months ended October 1, 2022 and October 2, 2021. Fair Value of Long-Term Debt The Company's debt is carried at amortized cost and is measured at fair value quarterly for disclosure purposes. The estimated fair value of the 2024 Notes, the 2029 Notes and the 2031 Notes as of October 1, 2022 was $458.1 million, $738.8 million and $524.6 million, respectively (compared to the outstanding principal amount of $500.0 million, $850.0 million and $700.0 million, respectively). The estimated fair value of the 2024 Notes, the 2029 Notes and the 2031 Notes as of April 2, 2022 was $476.9 million, $852.6 million and $638.6 million, respectively (compared to the outstanding principal amount of $500.0 million, $850.0 million and $700.0 million, respectively). The Company considers its debt to be Level 2 in the fair value hierarchy. Fair values are estimated based on quoted market prices for identical or similar instruments. The 2024 Notes, the 2029 Notes and the 2031 Notes currently trade over-the-counter, and the fair values were estimated based upon the value of the last trade at the end of the period. Interest Expense During the three and six months ended October 1, 2022, the Company recognized total interest expense of $17.9 million and $36.1 million, re spectively, primarily related to the 2024 Notes, the 2029 Notes and the 2031 Notes, partially offset by interest capitalized to property and equipment of $1.0 million and $2.0 million, respectively. During the three and six months ended October 2, 2021, the Company recognized total interest expense of $16.2 million and $32.5 million, respectively, primarily related to the 2029 Notes and the 2031 Notes, partially offset by interest capitalized to property and equipment of $0.9 million and $1.9 million, respectively.

Stock Repurchases

Stock Repurchases	6 Months Ended
	Oct. 01, 2022
Equity [Abstract]
STOCK REPURCHASES	STOCK REPURCHASES On May 5, 2021, the Company announced that its Board of Directors authorized a new share repurchase program to repurchase up to $2.0 billion of the Company's outstanding common stock, which included approximately $236.9 million authorized under a 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 and six months ended October 1, 2022, the Company repurchased approximately 1.7 million and 4.9 million shares of its common stock for approximately $160.1 million and $510.1 million, respectively (including transaction costs) under the share repurchase program. As of October 1, 2022, approximately $351.6 million remains available for repurchases under the share repurchase program. During the three and six months ended October 2, 2021, the Company repurchased approximately 1.2 million and 2.9 million shares, respectively, of its common stock for approximately $223.4 million and $523.4 million, respectively (including transaction costs).

Commitments and Contingent Liab

Commitments and Contingent Liabilities	6 Months Ended
	Oct. 01, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	COMMITMENTS AND CONTINGENT LIABILITIES Purchase Obligations Amidst ongoing industry-wide supply constraints, the Company entered into a long-term capacity reservation agreement with a foundry supplier during the second quarter of fiscal 2022. Under this agreement, the Company was required to purchase, and the foundry supplier was required to supply, a certain number of wafers (at predetermined sales prices) for calendar years 2022 through 2025. In connection with this agreement, the Company paid a refundable deposit (which was recorded in "Other non-current assets" in the Condensed Consolidated Balance Sheets), and if the purchase commitments per the agreement were not met, under certain circumstances the supplier could deduct the amount of the purchase shortfall from the prepaid refundable deposit at the end of each calendar year. During fiscal 2023, the Company has experienced unexpectedly weakened demand for 5G handsets in China and EMEA due to unprecedented disruption resulting from measures taken in China to control the COVID-19 pandemic and the conflict in Ukraine. As a result, the Company did not meet the minimum purchase commitments under this long-term capacity reservation agreement. In the first quarter of fiscal 2023, the purchase shortfall resulted in an impairment to the prepaid refundable deposit of approximately $13.0 million and additional reserves of approximately $11.0 million for inventory in excess of demand forecasts were recorded. Additionally, the Company assessed the future minimum purchase commitments over the remaining term of the agreement and recorded an estimated shortfall of $86.0 million, of which $8.0 million was recorded in "Other current liabilities" and $78.0 million was recorded in "Other long-term liabilities" in accordance with Accounting Standards Codification ("ASC") 330, " Inventory. " These transactions resulted in a total increase to cost of goods sold of $110.0 million in the first quarter of fiscal 2023. In October 2022, the Company renegotiated the terms of the agreement with the foundry supplier, which included extending the duration of the agreement through calendar year 2026. The Company believes that the amended agreement more closely aligns the contractual purchase commitments with forecasted demand. As a result of the amended agreement, in the second quarter of fiscal 2023, the Company recorded an impairment to the prepaid refundable deposit of approximately $38.0 million and additional reserves of approximately $5.0 million for inventory in excess of demand forecasts, which reduced the estimated shortfall liability that was previously recorded, by $43.0 million. Therefore, the amended agreement did not impact the income statement in the second quarter of fiscal 2023. In performing this assessment, the Company considered Company-specific forecasts, legal obligations, macroeconomic and geopolitical factors as well as market and industry trends. These factors include significant management judgment and estimates and, to the extent that these assumptions are incorrect or there are further declines in management's demand forecasts, additional charges may be recorded in future periods. Legal Matters The Company is involved in various legal proceedings and claims that have arisen in the ordinary course of business that have not been fully adjudicated. The Company accrues a liability for legal contingencies when it believes that it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company regularly evaluates developments in its legal matters that could affect the amount of the previously accrued liability and records adjustments as appropriate. Although it is not possible to predict with certainty the outcome of the unresolved legal matters, it is the opinion of management that these matters will not, individually or in the aggregate, have a material adverse effect on the Company’s consolidated financial position or results of operations. The aggregate range of reasonably possible losses in excess of accrued liabilities, if any, associated with these unresolved legal matters is not material.

Revenue

Revenue	6 Months Ended
	Oct. 01, 2022
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE The following table presents the Company's revenue disaggregated by geography, based on the location of the customers' headquarters (in thousands): Three Months Ended Six Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 United States $ 615,007 $ 560,992 $ 1,011,038 $ 880,173 China 221,737 418,263 505,213 954,200 Other Asia 126,360 119,488 318,688 228,766 Taiwan 130,463 92,067 221,635 177,281 Europe 64,490 64,438 136,841 125,179 Total revenue $ 1,158,057 $ 1,255,248 $ 2,193,415 $ 2,365,599 The Company also disaggregates revenue by operating segments (refer to Note 10).

Operating Segment Information

Operating Segment Information	6 Months Ended
	Oct. 01, 2022
Segment Reporting [Abstract]
OPERATING SEGMENT INFORMATION	OPERATING SEGMENT INFORMATION In the second quarter of fiscal 2023, the Company updated its organizational structure from two operating segments (Mobile Products and Infrastructure and Defense Products) to three operating segments (High Performance Analog ("HPA"), Connectivity and Sensors Group ("CSG") and Advanced Cellular Group ("ACG")), in order to more closely align similar technologies and applications with customers and end markets. The Company manages its three operating segments, which are also its reportable segments, based on the end markets and applications they support. The Company's Chief Executive Officer, who is also the Company's chief operating decision maker ("CODM"), allocates resources and evaluates the performance of each of the three operating segments primarily based on operating income. All prior-period segment data has been retrospectively adjusted to reflect these three operating segments. HPA is a leading global supplier of RF and power management solutions for infrastructure, defense and aerospace, automotive power and other markets. HPA leverages a diverse portfolio of differentiated technologies and products to support multiyear drivers, including electrification, renewable energy, the increasing semiconductor spend in defense and 5G deployments outside of China. CSG is a leading global supplier of connectivity and sensor components and systems featuring multiple technologies including UWB, Matter ® , Bluetooth ® Low Energy, Zigbee ® , Thread ® , Wi-Fi ® , cellular IoT and MEMS-/BAW-based sensors. CSG combines the connectivity and sensors businesses formerly split between Mobile Products and Infrastructure and Defense Products. CSG’s markets include smart home, automotive connectivity, industrial automation, smartphones, wearables, gaming and other high-growth IoT connectivity and healthcare markets. ACG is a leading global supplier of cellular RF solutions for a variety of devices, primarily smartphones, wearables, laptops and tablets. ACG leverages world-class technology, systems-level expertise and product portfolio breadth to deliver high performance cellular products to the world's leading smartphone and consumer electronics companies. It is a highly diversified supplier of custom and open market cellular solutions, with broad reach across iOS and Android original equipment manufacturers. The "All other" category includes operating expenses such as stock-based compensation expense, amortization of intangible assets, acquisition and integration related costs, charges associated with a long-term capacity reservation agreement, restructuring related charges, gain (loss) on sale of fixed assets, start-up costs 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 expense, other (expense) 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 operating and reportable segments and a reconciliation of the "All other" category (in thousands): Three Months Ended Six Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Revenue: HPA $ 228,132 $ 155,206 $ 439,083 $ 314,966 CSG 143,329 177,529 295,644 367,612 ACG 786,596 922,513 1,458,688 1,683,021 Total revenue $ 1,158,057 $ 1,255,248 $ 2,193,415 $ 2,365,599 Operating income (loss): HPA $ 80,512 $ 36,681 $ 151,266 $ 84,002 CSG (10,019) 22,950 1,219 56,178 ACG 267,204 375,787 469,577 662,267 All other (76,135) (73,058) (258,641) (142,985) Operating income 261,562 362,360 363,421 659,462 Interest expense (16,904) (15,327) (34,156) (30,606) Other income (expense), net 2,214 4,754 (2,848) 21,545 Income before income taxes $ 246,872 $ 351,787 $ 326,417 $ 650,401 Three Months Ended Six Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Reconciliation of "All other" category: Stock-based compensation expense $ (31,789) $ (28,691) $ (67,203) $ (53,929) Amortization of intangible assets (32,787) (36,577) (66,439) (73,800) Acquisition and integration related costs (8,642) (6,040) (14,950) (10,033) Charges associated with a long-term capacity reservation agreement (1) — — (110,000) — Other (2,917) (1,750) (49) (5,223) Loss from operations for "All other" $ (76,135) $ (73,058) $ (258,641) $ (142,985) (1) Refer to Note 8 for additional information.

Income Taxes

Income Taxes	6 Months Ended
	Oct. 01, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s income tax expense was $58.3 million and $68.9 million for the three and six months ended October 1, 2022, respectively, and $32.6 million and $45.6 million, for the three and six months ended October 2, 2021, respectively. The Company’s effective tax rate was 23.6% and 21.1% for the three and six months ended October 1, 2022, respectively, and 9.3% and 7.0% for the three and six months ended October 2, 2021, respectively. The Company's effective tax rate for the three and six months ended October 1, 2022 differed from the statutory rate primarily due to tax rate differences in foreign jurisdictions, global intangible low tax income ("GILTI"), domestic tax credits generated and discrete tax items recorded during the period. A discrete tax expense of $6.7 million and a discrete tax benefit of $12.6 million was recorded for the three and six months ended October 1, 2022. The discrete tax expense for the three months ended October 1, 2022 primarily resulted from foreign currency gains recognized for tax purposes. The discrete tax benefit for the six months ended October 1, 2022 primarily resulted from certain charges associated with a long-term capacity reservation agreement (refer to Note 8 for further information).

Net Income Per Share

Net Income Per Share	6 Months Ended
	Oct. 01, 2022
Earnings Per Share [Abstract]
NET INCOME PER SHARE	NET INCOME PER SHARE The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share data): Three Months Ended Six Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Numerator: Numerator for basic and diluted net income per share — net income available to common stockholders $ 188,615 $ 319,189 $ 257,499 $ 604,815 Denominator: Denominator for basic net income per share — weighted average shares 102,927 111,035 103,991 111,476 Effect of dilutive securities: Stock-based awards 747 1,376 826 1,612 Denominator for diluted net income per share — adjusted weighted average shares and assumed conversions 103,674 112,411 104,817 113,088 Basic net income per share $ 1.83 $ 2.87 $ 2.48 $ 5.43 Diluted net income per share $ 1.82 $ 2.84 $ 2.46 $ 5.35 In the computation of diluted net income per share for the three and six months ended October 1, 2022, approximately 1.0 million and 0.7 million shares of outstanding stock-based awards were excluded because the effect of their inclusion would have been anti-dilutive. An immaterial number of the Company's outstanding stock-based awards was excluded from the computation of diluted net income per share for the three and six months ended October 2, 2021.

Subsequent Events

Subsequent Events	6 Months Ended
	Oct. 01, 2022
Subsequent Events [Abstract]
Subsequent Event [Text Block]	SUBSEQUENT EVENTOn November 2, 2022, the Company announced that its Board of Directors authorized a new share repurchase program to repurchase up to $2.0 billion of the Company's outstanding common stock, which includes the remaining authorized dollar amount under the prior program which was terminated concurrent with the new authorization. Under this new program, share repurchases will be 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 will depend 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.

Long-Term Debt Fair Value of De

Long-Term Debt Fair Value of Debt (Policies)	6 Months Ended
	Oct. 01, 2022
Debt Disclosure [Abstract]
Fair value of debt [Policy Text Block]	The Company's debt is carried at amortized cost and is measured at fair value quarterly for disclosure purposes. The estimated fair value of the 2024 Notes, the 2029 Notes and the 2031 Notes as of October 1, 2022 was $458.1 million, $738.8 million and $524.6 million, respectively (compared to the outstanding principal amount of $500.0 million, $850.0 million and $700.0 million, respectively). The estimated fair value of the 2024 Notes, the 2029 Notes and the 2031 Notes as of April 2, 2022 was $476.9 million, $852.6 million and $638.6 million, respectively (compared to the outstanding principal amount of $500.0 million, $850.0 million and $700.0 million, respectively). The Company considers its debt to be Level 2 in the fair value hierarchy. Fair values are estimated based on quoted market prices for identical or similar instruments. The 2024 Notes, the 2029 Notes and the 2031 Notes currently trade over-the-counter, and the fair values were estimated based upon the value of the last trade at the end of the period.

Operating Segment Information S

Operating Segment Information Segment Policy (Policies)	6 Months Ended
	Oct. 01, 2022
Segment Reporting [Abstract]
Segment Reporting, Policy [Policy Text Block]	In the second quarter of fiscal 2023, the Company updated its organizational structure from two operating segments (Mobile Products and Infrastructure and Defense Products) to three operating segments (High Performance Analog ("HPA"), Connectivity and Sensors Group ("CSG") and Advanced Cellular Group ("ACG")), in order to more closely align similar technologies and applications with customers and end markets. The Company manages its three operating segments, which are also its reportable segments, based on the end markets and applications they support. The Company's Chief Executive Officer, who is also the Company's chief operating decision maker ("CODM"), allocates resources and evaluates the performance of each of the three operating segments primarily based on operating income. All prior-period segment data has been retrospectively adjusted to reflect these three operating segments.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Oct. 01, 2022
Inventory Disclosure [Abstract]
Components of inventories	The components of inventories, net of reserves, are as follows (in thousands): October 1, 2022 April 2, 2022 Raw materials $ 273,074 $ 236,095 Work in process 396,015 357,332 Finished goods 171,761 162,321 Total inventories $ 840,850 $ 755,748

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Oct. 01, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill [Table Text Block]	The changes in the carrying amount of goodwill are as follows (in thousands): HPA CSG ACG Total Balance as of April 2, 2022 (1) $ 501,899 $ 539,875 $ 1,733,860 $ 2,775,634 NextInput measurement period adjustments — 572 — 572 United SiC measurement period adjustments 95 — — 95 Effect of changes in foreign currency exchange rates — (19,177) — (19,177) Balance as of October 1, 2022 (1) $ 501,994 $ 521,270 $ 1,733,860 $ 2,757,124 (1) The Company’s goodwill balance is presented net of accumulated impairment losses and write-offs totaling $669.6 million, which were recognized in fiscal years 2009, 2013, 2014 and 2022.
Schedule of finite-lived and indefinite-lived intangible assets [Table Text Block]	The following summarizes information regarding the gross carrying amounts and accumulated amortization of intangible assets (in thousands): October 1, 2022 April 2, 2022 Gross Accumulated Gross Accumulated Developed technology $ 844,432 $ 315,968 $ 1,026,690 $ 420,255 Customer relationships 103,616 56,835 104,778 47,208 Technology licenses 968 304 2,641 2,169 Trade names 818 469 1,933 1,358 In-process research and development 9,602 N/A 9,734 N/A Total (1) $ 959,436 $ 373,576 $ 1,145,776 $ 470,990 (1) Amounts include the impact of foreign currency translation.

Investments and Fair Value of_2

Investments and Fair Value of Financial Instruments (Tables)	6 Months Ended
	Oct. 01, 2022
Investments and Fair Value Measurements [Abstract]
Fair value of the financial assets measured at fair value on a recurring basis	The fair value of the financial assets and liabilities measured on a recurring basis was determined using the following levels of inputs (in thousands): Total Quoted Prices In Significant Other Significant October 1, 2022 Marketable equity securities $ 2,116 $ 2,116 $ — $ — Invested funds in deferred compensation plan (1) 34,068 34,068 — — Contingent earn-out liability (2) (28,325) — — (28,325) April 2, 2022 Marketable equity securities $ 2,906 $ 2,906 $ — $ — Invested funds in deferred compensation plan (1) 39,356 39,356 — — Contingent earn-out liability (2) (17,600) — — (17,600) (1) Invested funds under the Company's non-qualified deferred compensation plan are held in a rabbi trust and consist of mutual funds. The fair value of the mutual funds is calculated using the net asset value per share determined by quoted active market prices of the underlying investments. (2) The Company recorded a contingent earn-out liability in conjunction with the acquisition of United SiC (refer to Note 3). The fair value of this liability is estimated using an option pricing model.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Oct. 01, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt is as follows (in thousands): October 1, 2022 April 2, 2022 1.750% senior notes due 2024 $ 500,000 $ 500,000 4.375% senior notes due 2029 850,000 850,000 3.375% senior notes due 2031 700,000 700,000 Finance leases and other 1,975 2,581 Unamortized premium, discount and issuance costs, net (4,006) (4,692) Less current portion of long-term debt (571) (791) Total long-term debt $ 2,047,398 $ 2,047,098

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Oct. 01, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents the Company's revenue disaggregated by geography, based on the location of the customers' headquarters (in thousands): Three Months Ended Six Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 United States $ 615,007 $ 560,992 $ 1,011,038 $ 880,173 China 221,737 418,263 505,213 954,200 Other Asia 126,360 119,488 318,688 228,766 Taiwan 130,463 92,067 221,635 177,281 Europe 64,490 64,438 136,841 125,179 Total revenue $ 1,158,057 $ 1,255,248 $ 2,193,415 $ 2,365,599

Operating Segment Information (

Operating Segment Information (Tables)	6 Months Ended
	Oct. 01, 2022
Segment Reporting [Abstract]
Summary of details of reportable segments	The following tables present details of the Company’s operating and reportable segments and a reconciliation of the "All other" category (in thousands): Three Months Ended Six Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Revenue: HPA $ 228,132 $ 155,206 $ 439,083 $ 314,966 CSG 143,329 177,529 295,644 367,612 ACG 786,596 922,513 1,458,688 1,683,021 Total revenue $ 1,158,057 $ 1,255,248 $ 2,193,415 $ 2,365,599 Operating income (loss): HPA $ 80,512 $ 36,681 $ 151,266 $ 84,002 CSG (10,019) 22,950 1,219 56,178 ACG 267,204 375,787 469,577 662,267 All other (76,135) (73,058) (258,641) (142,985) Operating income 261,562 362,360 363,421 659,462 Interest expense (16,904) (15,327) (34,156) (30,606) Other income (expense), net 2,214 4,754 (2,848) 21,545 Income before income taxes $ 246,872 $ 351,787 $ 326,417 $ 650,401
Summary of reconciliation of "All other" category	Three Months Ended Six Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Reconciliation of "All other" category: Stock-based compensation expense $ (31,789) $ (28,691) $ (67,203) $ (53,929) Amortization of intangible assets (32,787) (36,577) (66,439) (73,800) Acquisition and integration related costs (8,642) (6,040) (14,950) (10,033) Charges associated with a long-term capacity reservation agreement (1) — — (110,000) — Other (2,917) (1,750) (49) (5,223) Loss from operations for "All other" $ (76,135) $ (73,058) $ (258,641) $ (142,985)

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Oct. 01, 2022
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 income per share (in thousands, except per share data): Three Months Ended Six Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Numerator: Numerator for basic and diluted net income per share — net income available to common stockholders $ 188,615 $ 319,189 $ 257,499 $ 604,815 Denominator: Denominator for basic net income per share — weighted average shares 102,927 111,035 103,991 111,476 Effect of dilutive securities: Stock-based awards 747 1,376 826 1,612 Denominator for diluted net income per share — adjusted weighted average shares and assumed conversions 103,674 112,411 104,817 113,088 Basic net income per share $ 1.83 $ 2.87 $ 2.48 $ 5.43 Diluted net income per share $ 1.82 $ 2.84 $ 2.46 $ 5.35

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Apr. 02, 2022
Components of inventories
Raw materials	$ 273,074	$ 236,095
Work in process	396,015	357,332
Finished goods	171,761	162,321
Total inventories	$ 840,850	$ 755,748

Business Acquisition Narrative

Business Acquisition Narrative (Details) - USD ($) $ in Thousands			6 Months Ended
	Oct. 19, 2021	Apr. 05, 2021	Oct. 01, 2022	Oct. 02, 2021	Apr. 02, 2022
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired			$ 95	$ 166,818
Goodwill			2,757,124		$ 2,775,634
NextInput
Business Acquisition [Line Items]
Business Combination, Consideration Transferred		$ 173,300
Goodwill, Purchase Accounting Adjustments			572
United Silicon Carbide
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross	$ 227,200
Business Combination, Consideration Transferred	236,700
Goodwill, Purchase Accounting Adjustments			95
Business Combination, Contingent Consideration, Liability, Noncurrent	9,500		$ 28,300		$ 17,600
United Silicon Carbide | Maximum [Member]
Business Acquisition [Line Items]
Business Combination, Contingent Consideration, Liability	$ 31,300

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Apr. 02, 2022
Goodwill and Intangible Assets [Line Items]
Intangible assets amortization	$ 66,539	$ 74,022
Goodwill	2,757,124		$ 2,775,634
Goodwill, Accumulated impairment losses and write-offs	669,600		669,600
Accumulated Amortization	373,576		470,990
Goodwill, Foreign Currency Translation Gain (Loss)	(19,177)
Gross Carrying Amount	959,436		1,145,776
Technology licenses
Goodwill and Intangible Assets [Line Items]
Gross Carrying Amount	968		2,641
Accumulated Amortization	304		2,169
Trade Names
Goodwill and Intangible Assets [Line Items]
Gross Carrying Amount	818		1,933
Accumulated Amortization	469		1,358
Developed Technology
Goodwill and Intangible Assets [Line Items]
Gross Carrying Amount	844,432		1,026,690
Accumulated Amortization	315,968		420,255
Customer Relationships
Goodwill and Intangible Assets [Line Items]
Gross Carrying Amount	103,616		104,778
Accumulated Amortization	56,835		47,208
In-process research and development
Goodwill and Intangible Assets [Line Items]
IPRD	9,602		9,734
HPA
Goodwill and Intangible Assets [Line Items]
Goodwill	501,994		501,899
Goodwill, Foreign Currency Translation Gain (Loss)	0
CSG
Goodwill and Intangible Assets [Line Items]
Goodwill	521,270		539,875
Goodwill, Foreign Currency Translation Gain (Loss)	(19,177)
ACG
Goodwill and Intangible Assets [Line Items]
Goodwill	1,733,860		$ 1,733,860
Goodwill, Foreign Currency Translation Gain (Loss)	0
NextInput
Goodwill and Intangible Assets [Line Items]
Goodwill, Purchase Accounting Adjustments	572
NextInput | HPA
Goodwill and Intangible Assets [Line Items]
Goodwill, Purchase Accounting Adjustments	0
NextInput | CSG
Goodwill and Intangible Assets [Line Items]
Goodwill, Purchase Accounting Adjustments	572
NextInput | ACG
Goodwill and Intangible Assets [Line Items]
Goodwill, Purchase Accounting Adjustments	0
United Silicon Carbide
Goodwill and Intangible Assets [Line Items]
Goodwill, Purchase Accounting Adjustments	95
United Silicon Carbide | HPA
Goodwill and Intangible Assets [Line Items]
Goodwill, Purchase Accounting Adjustments	95
United Silicon Carbide | CSG
Goodwill and Intangible Assets [Line Items]
Goodwill, Purchase Accounting Adjustments	0
United Silicon Carbide | ACG
Goodwill and Intangible Assets [Line Items]
Goodwill, Purchase Accounting Adjustments	$ 0

Investments and Fair Value of_3

Investments and Fair Value of Financial Instruments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021	Apr. 02, 2022	Oct. 19, 2021
Investments and Fair Value of Financial Instruments
Document Period End Date			Oct. 01, 2022
Equity Method Investments	$ 25,500,000		$ 25,500,000		$ 27,100,000
Proceeds from Limited Partnership Investments	0	$ 9,600,000	2,000,000	$ 13,500,000
Gain (Loss) on Investments	1,200,000	$ 1,500,000	400,000	$ 16,000,000
United Silicon Carbide
Investments and Fair Value of Financial Instruments
Business Combination, Contingent Consideration, Liability, Noncurrent	(28,300,000)		(28,300,000)		(17,600,000)	$ (9,500,000)
Fair Value, Recurring [Member] | United Silicon Carbide
Investments and Fair Value of Financial Instruments
Business Combination, Contingent Consideration, Liability, Noncurrent	(28,325,000)		(28,325,000)		(17,600,000)
Fair Value, Recurring [Member] | Equity Securities
Investments and Fair Value of Financial Instruments
Marketable Securities	2,116,000		2,116,000		2,906,000
Fair Value, Recurring [Member] | Mutual Fund
Investments and Fair Value of Financial Instruments
Deferred Compensation Plan Assets	34,068,000		34,068,000		39,356,000
Quoted Prices In Active Markets For Identical Assets (Level 1) | Fair Value, Recurring [Member] | United Silicon Carbide
Investments and Fair Value of Financial Instruments
Business Combination, Contingent Consideration, Liability, Noncurrent	0		0		0
Quoted Prices In Active Markets For Identical Assets (Level 1) | Fair Value, Recurring [Member] | Equity Securities
Investments and Fair Value of Financial Instruments
Marketable Securities	2,116,000		2,116,000		2,906,000
Quoted Prices In Active Markets For Identical Assets (Level 1) | Fair Value, Recurring [Member] | Mutual Fund
Investments and Fair Value of Financial Instruments
Deferred Compensation Plan Assets	34,068,000		34,068,000		39,356,000
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring [Member] | United Silicon Carbide
Investments and Fair Value of Financial Instruments
Business Combination, Contingent Consideration, Liability, Noncurrent	0		0		0
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring [Member] | Equity Securities
Investments and Fair Value of Financial Instruments
Marketable Securities	0		0		0
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring [Member] | Mutual Fund
Investments and Fair Value of Financial Instruments
Deferred Compensation Plan Assets	0		0		0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | United Silicon Carbide
Investments and Fair Value of Financial Instruments
Business Combination, Contingent Consideration, Liability, Noncurrent	(28,325,000)		(28,325,000)		(17,600,000)
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Equity Securities
Investments and Fair Value of Financial Instruments
Marketable Securities	0		0		0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Mutual Fund
Investments and Fair Value of Financial Instruments
Deferred Compensation Plan Assets	$ 0		$ 0		$ 0

Debt (Details)

Debt (Details) - USD ($)		3 Months Ended		6 Months Ended
	Apr. 06, 2022	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021	Apr. 02, 2022	Dec. 14, 2021	Sep. 29, 2020	Jun. 11, 2020	Dec. 20, 2019	Sep. 30, 2019
Debt Instrument [Line Items]
Long-term debt		$ 2,047,398,000		$ 2,047,398,000		$ 2,047,098,000
Unamortized premium and issuance costs, net		(4,006,000)		(4,006,000)		(4,692,000)
Long-term Debt, Current Maturities		(571,000)		(571,000)		(791,000)
Interest Expense, Borrowings		17,900,000	$ 16,200,000		$ 32,500,000
Interest Costs Capitalized		1,000,000	900,000		1,900,000
Interest expense		16,904,000	$ 15,327,000	34,156,000	30,606,000
4.375% senior notes due 2029
Debt Instrument [Line Items]
Debt Instrument, Face Amount		850,000,000		850,000,000		850,000,000			$ 300,000,000	$ 200,000,000	$ 350,000,000
Interest Paid, Including Capitalized Interest, Operating and Investing Activities		0		11,800,000	$ 18,600,000
Debt Instrument, Interest Rate, Stated Percentage											4.375%
4.375% senior notes due 2029 | Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Long-term Debt, Fair Value		738,800,000		738,800,000		852,600,000
3.375% Senior Notes due 2031 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		700,000,000		700,000,000		700,000,000		$ 700,000,000
Debt Instrument, Interest Rate, Stated Percentage								3.375%
3.375% Senior Notes due 2031 [Member] | Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Long-term Debt, Fair Value		524,600,000		524,600,000		638,600,000
Finance leases [Member]
Debt Instrument [Line Items]
Long-term debt		1,975,000		1,975,000		2,581,000
Senior Notes Due 2024 1.750%
Debt Instrument [Line Items]
Debt Instrument, Face Amount		500,000,000		500,000,000		500,000,000	$ 500,000,000
Interest Paid, Including Capitalized Interest, Operating and Investing Activities		0		4,400,000
Debt Instrument, Interest Rate, Stated Percentage							1.75%
Senior Notes Due 2024 1.750% | Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Long-term Debt, Fair Value		$ 458,100,000		458,100,000		$ 476,900,000
Credit Agreement | Federal Funds Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Credit Agreement | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1%
Credit Agreement | Maximum [Member] | Secured Overnight Financing Rate
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.25%
Credit Agreement | Maximum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	0.25%
Credit Agreement | Maximum [Member] | Loan Lending Commitment Arrangement Fees [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	0.20%
Credit Agreement | Minimum [Member] | Secured Overnight Financing Rate
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1%
Credit Agreement | Minimum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	0%
Credit Agreement | Minimum [Member] | Loan Lending Commitment Arrangement Fees [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	0.15%
Term Loan [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity								$ 200,000,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity								$ 300,000,000
Proceeds from Lines of Credit				$ 0

Stock Repurchases (Details)

Stock Repurchases (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021	May 05, 2021
Class of Stock [Line Items]
Stock Repurchased During Period, Shares	1.7	1.2	4.9	2.9
Stock Repurchased During Period, Value	$ 160,057	$ 223,356	$ 510,099	$ 523,373
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 351,600		$ 351,600
Document Period End Date			Oct. 01, 2022
May 2021 Program
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount					$ 2,000,000
October 2019 Program
Class of Stock [Line Items]
Stock Repurchase Program, Remaining Authorized Repurchase Amount					$ 236,900

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021	Apr. 02, 2022
Unrecorded Unconditional Purchase Obligation [Line Items]
Asset Impairment Charges	$ 13,000
Charges associated with a long-term capacity reservation agreement (1)			$ 110,000
Inventory Write-down	11,000
Other Liabilities, Current	142,998		142,998		$ 107,026
Other Liabilities, Noncurrent	241,067		241,067		$ 233,629
Cost of goods sold	619,130	$ 633,695	1,279,238	$ 1,197,863
Inventory, Firm Purchase Commitment, Loss			86,000
Loss on Long-Term Purchase Commitment
Unrecorded Unconditional Purchase Obligation [Line Items]
Other Liabilities, Current	8,000		8,000
Other Liabilities, Noncurrent	78,000		78,000
Capacity reservation agreement with foundry supplier
Unrecorded Unconditional Purchase Obligation [Line Items]
Purchase Obligation	$ 800,000		$ 800,000

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Disaggregation of Revenue
Revenues	$ 1,158,057	$ 1,255,248	$ 2,193,415	$ 2,365,599
China
Disaggregation of Revenue
Revenues	221,737	418,263	505,213	954,200
Taiwan
Disaggregation of Revenue
Revenues	130,463	92,067	221,635	177,281
United States
Disaggregation of Revenue
Revenues	615,007	560,992	1,011,038	880,173
Europe
Disaggregation of Revenue
Revenues	64,490	64,438	136,841	125,179
Other Asia
Disaggregation of Revenue
Revenues	$ 126,360	$ 119,488	$ 318,688	$ 228,766

Operating Segment Information_2

Operating Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Document Period End Date			Oct. 01, 2022
Summary of details of reportable segments
Revenues	$ 1,158,057	$ 1,255,248	$ 2,193,415	$ 2,365,599
Income from operations:
Operating income	261,562	362,360	363,421	659,462
Interest expense	16,904	15,327	34,156	30,606
Other income (expense), net	2,214	4,754	(2,848)	21,545
Income before income taxes	246,872	351,787	326,417	650,401
Stock-based compensation expense			(67,203)	(53,929)
Amortization of intangible assets			(66,539)	(74,022)
Charges associated with a long-term capacity reservation agreement (1)			110,000
Operating Segments | HPA
Summary of details of reportable segments
Revenues	228,132	155,206	439,083	314,966
Income from operations:
Operating income	80,512	36,681	151,266	84,002
Operating Segments | CSG
Summary of details of reportable segments
Revenues	143,329	177,529	295,644	367,612
Income from operations:
Operating income	(10,019)	22,950	1,219	56,178
Operating Segments | ACG
Summary of details of reportable segments
Revenues	786,596	922,513	1,458,688	1,683,021
Income from operations:
Operating income	267,204	375,787	469,577	662,267
All other
Income from operations:
Operating income	(76,135)	(73,058)	(258,641)	(142,985)
Stock-based compensation expense	(31,789)	(28,691)	(67,203)	(53,929)
Amortization of intangible assets	(32,787)	(36,577)	(66,439)	(73,800)
Acquisition and integration related costs	(8,642)	(6,040)	(14,950)	(10,033)
Charges associated with a long-term capacity reservation agreement (1)	0		110,000
Other	$ (2,917)	$ (1,750)	$ (49)	$ (5,223)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ 58,257	$ 32,598	$ 68,918	$ 45,586
Effective tax rate	23.60%	9.30%	21.10%	7%
Discrete tax expense (benefit)	$ 6,700	$ 10,300	$ 12,600	$ 30,500

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Earnings Per Share [Abstract]
Document Period End Date			Oct. 01, 2022
Numerator:
Numerator for basic and diluted net income (loss) per share — net income (loss) available to common stockholders	$ 188,615	$ 319,189	$ 257,499	$ 604,815
EPS Line Items
Denominator for basic net income (loss) per share — weighted average shares	102,927	111,035	103,991	111,476
Stock-based awards	747	1,376	826	1,612
Denominator for diluted net income (loss) per share — adjusted weighted average shares and assumed conversions	103,674	112,411	104,817	113,088
Basic net income (loss) per share (in dollars per share)	$ 1.83	$ 2.87	$ 2.48	$ 5.43
Diluted net income (loss) per share (in dollars per share)	$ 1.82	$ 2.84	$ 2.46	$ 5.35
Antidilutive shares excluded from the computation of diluted shares outstanding	1,000		700

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Nov. 03, 2022 USD ($)
Subsequent Event [Member] | November 2022
Subsequent Event [Line Items]
Stock Repurchase Program, Authorized Amount	$ 2,000