Cover Page
Cover Page - shares | 6 Months Ended | |
Sep. 30, 2023 | Oct. 26, 2023 | |
Cover [Abstract] | ||
Document Transition Report | false | |
Document Quarterly Report | true | |
Title of 12(b) Security | Common Stock, $0.0001 par value | |
Entity Current Reporting Status | Yes | |
Entity Incorporation, State or Country Code | DE | |
Entity Registrant Name | Qorvo, Inc. | |
City Area Code | 336 | |
Entity Central Index Key | 0001604778 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2023 | |
Entity File Number | 001-36801 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --03-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 97,345,755 | |
Entity Address, Address Line One | 7628 Thorndike Road | |
Local Phone Number | 664-1233 | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Trading Symbol | QRVO | |
Security Exchange Name | NASDAQ | |
Entity Tax Identification Number | 46-5288992 | |
Entity Address, City or Town | Greensboro, | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 27409-9421 | |
Document Fiscal Year Focus | 2024 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Apr. 01, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 706,836 | $ 808,757 |
Accounts receivable, net of allowance of $494 and $369 as of September 30, 2023 and April 1, 2023, respectively | 592,738 | 304,519 |
Inventories | 839,855 | 796,596 |
Prepaid expenses | 49,120 | 46,684 |
Other Receivables, Net, Current | 27,888 | 26,535 |
Other current assets | 46,440 | 46,703 |
Total current assets | 2,262,877 | 2,029,794 |
Property and equipment, net of accumulated depreciation of $1,976,429 and $1,900,317 as of September 30, 2023 and April 1, 2023, respectively | 1,061,163 | 1,149,806 |
Goodwill | 2,708,310 | 2,760,813 |
Intangible assets, net | 473,164 | 537,703 |
Long-term investments | 25,649 | 20,406 |
Other non-current assets | 187,357 | 193,381 |
Total assets | 6,718,520 | 6,691,903 |
Current liabilities: | ||
Accounts payable | 275,256 | 210,701 |
Accrued liabilities | 303,810 | 222,463 |
Other current liabilities | 92,876 | 122,599 |
Total current liabilities | 671,942 | 555,763 |
Long-Term Debt, Excluding Current Maturities | 2,048,585 | 2,048,073 |
Other long-term liabilities | 180,807 | 185,273 |
Total liabilities | 2,901,334 | 2,789,109 |
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; 97,506 and 98,649 shares issued and outstanding at September 30, 2023 and April 1, 2023, respectively | 3,796,189 | 3,821,474 |
Accumulated other comprehensive loss | (13,609) | (3,175) |
Retained earnings | 34,606 | 84,495 |
Total stockholders’ equity | 3,817,186 | 3,902,794 |
Total liabilities and stockholders’ equity | $ 6,718,520 | $ 6,691,903 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Apr. 01, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, shares outstanding | 97,506,000 | 98,649,000 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 494 | $ 369 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 1,976,429 | $ 1,900,317 |
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 | 97,506,000 | 98,649,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |
Income Statement [Abstract] | ||||
Revenues | $ 1,103,493 | $ 1,158,057 | $ 1,754,657 | $ 2,193,415 |
Cost of goods sold | 613,803 | 619,130 | 1,035,897 | 1,279,238 |
Gross profit | 489,690 | 538,927 | 718,760 | 914,177 |
Operating Expenses [Abstract] | ||||
Research and Development Expense | 174,947 | 168,164 | 338,037 | 336,732 |
Selling, general and administrative | 103,696 | 97,752 | 209,119 | 199,567 |
Other operating expense | 59,619 | 11,449 | 68,312 | 14,457 |
Total operating expenses | 338,262 | 277,365 | 615,468 | 550,756 |
Operating (loss) income | 151,428 | 261,562 | 103,292 | 363,421 |
Interest expense | (17,121) | (16,904) | (34,382) | (34,156) |
Other income (expense), net | 5,211 | 2,214 | 18,927 | (2,848) |
Income before income taxes | 139,518 | 246,872 | 87,837 | 326,417 |
Income tax benefit (expense) | (42,057) | (58,257) | (33,956) | (68,918) |
Net income | $ 97,461 | $ 188,615 | $ 53,881 | $ 257,499 |
Earnings Per Share [Abstract] | ||||
Basic | $ 1 | $ 1.83 | $ 0.55 | $ 2.48 |
Diluted | $ 0.99 | $ 1.82 | $ 0.54 | $ 2.46 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||
Basic | 97,945 | 102,927 | 98,167 | 103,991 |
Diluted | 98,590 | 103,674 | 98,892 | 104,817 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 97,461 | $ 188,615 | $ 53,881 | $ 257,499 |
Other comprehensive loss, net of tax: | ||||
Foreign currency translation adjustment, including intra-entity foreign currency transactions that are of a long-term investment nature | (9,569) | (23,811) | (10,428) | (47,026) |
Reclassification adjustments, net of tax: | ||||
Amortization of pension actuarial (gain) loss | (3) | 9 | (6) | 18 |
Other comprehensive loss | (9,572) | (23,802) | (10,434) | (47,008) |
Total comprehensive income | $ 87,889 | $ 164,813 | $ 43,447 | $ 210,491 |
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 [Member] |
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 | 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 | 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 | |||
Common Stock, Shares, Outstanding | 98,649 | |||
Common stock and additional paid-in capital | $ 3,821,474 | |||
Stockholders' Equity Attributable to Parent | 3,902,794 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (3,175) | |||
Retained Earnings (Accumulated Deficit) | 84,495 | |||
Net income | 53,881 | $ 0 | 0 | 53,881 |
Other Comprehensive Income (Loss), Net of Tax | (10,434) | $ 0 | (10,434) | 0 |
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes Shares | 597 | |||
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes | (24,163) | $ (24,163) | 0 | 0 |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 262 | |||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 19,180 | $ 19,180 | 0 | 0 |
Stock Repurchased During Period, Shares | (2,000) | (2,002) | ||
Stock Repurchased During Period, Value | $ (201,166) | $ (97,396) | 0 | (103,770) |
Stock-based compensation | 77,094 | $ 77,094 | 0 | 0 |
Payments for Repurchase of Common Stock | 200,026 | |||
Common Stock, Shares, Outstanding | 98,048 | |||
Common stock and additional paid-in capital | 3,816,260 | |||
Stockholders' Equity Attributable to Parent | 3,812,223 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (4,037) | |||
Retained Earnings (Accumulated Deficit) | 0 | |||
Net income | 97,461 | $ 0 | 0 | 97,461 |
Other Comprehensive Income (Loss), Net of Tax | (9,572) | $ 0 | (9,572) | 0 |
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes Shares | 427 | |||
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes | $ (19,741) | $ (19,741) | 0 | 0 |
Stock Repurchased During Period, Shares | (1,000) | (969) | ||
Stock Repurchased During Period, Value | $ (100,554) | $ (37,699) | 0 | (62,855) |
Stock-based compensation | $ 37,369 | $ 37,369 | $ 0 | $ 0 |
Common Stock, Shares, Outstanding | 97,506 | |||
Common stock and additional paid-in capital | $ 3,796,189 | |||
Stockholders' Equity Attributable to Parent | 3,817,186 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (13,609) | |||
Retained Earnings (Accumulated Deficit) | $ 34,606 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2023 | Oct. 01, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 53,881 | $ 257,499 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 99,183 | 103,882 |
Intangible assets amortization | 61,103 | 66,539 |
Deferred income taxes | 1,629 | (16,693) |
Stock-based compensation expense | 77,498 | 67,203 |
Other, net | 64,377 | 58,804 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (288,221) | (75,728) |
Inventories | (45,694) | (81,716) |
Prepaid expenses and other assets | (2,547) | 30,503 |
Accounts payable and accrued liabilities | 148,616 | 65,012 |
Income taxes payable and receivable | (9,674) | 3,518 |
Other liabilities | (22,253) | 61,601 |
Net cash provided by operating activities | 137,898 | 540,424 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (68,076) | (90,454) |
Proceeds from Sale of Property, Plant, and Equipment | 47,301 | 331 |
Other investing activities | (3,418) | 5,841 |
Net cash used in investing activities | (24,193) | (84,282) |
Cash flows from financing activities: | ||
Repurchase of common stock, including transaction costs | (200,026) | (510,099) |
Proceeds from the issuance of common stock | 21,041 | 19,541 |
Tax withholding paid on behalf of employees for restricted stock units | (25,472) | (22,020) |
Other financing activities | (9,854) | (379) |
Net cash used in financing activities | (214,311) | (512,957) |
Net decrease in cash, cash equivalents and restricted cash | (102,107) | (61,052) |
Cash, cash equivalents and restricted cash at the beginning of the period | 808,943 | 972,805 |
Cash, cash equivalents and restricted cash at the end of the period | 706,836 | 911,753 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,501) | (4,237) |
Cash and cash equivalents | 706,836 | 911,570 |
Restricted cash included in "Other current assets" and "Other non-current assets" | 0 | 183 |
Capital expenditures included in liabilities | $ 27,610 | $ 26,658 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2023 | |
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 United States Securities and Exchange Commission (the "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 1, 2023. 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. The Company operates under three segments, High Performance Analog ("HPA"), Connectivity and Sensors Group ("CSG") and Advanced Cellular Group ("ACG"). Certain prior period amounts have been reclassified to conform to the fiscal 2024 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 2024 and 2023 are 52-week years. |
Inventories
Inventories | 6 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES The components of inventories, net of reserves, are as follows (in thousands): September 30, 2023 April 1, 2023 Raw materials $ 266,354 $ 264,367 Work in process 421,295 345,545 Finished goods 152,206 186,684 Total inventories $ 839,855 $ 796,596 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill are as follows (in thousands): HPA CSG ACG Total Balance as of April 1, 2023 (1) $ 501,602 $ 525,351 $ 1,733,860 $ 2,760,813 Goodwill impairment — (48,000) — (48,000) Effect of changes in foreign currency exchange rates — (4,503) — (4,503) Balance as of September 30, 2023 (1) $ 501,602 $ 472,848 $ 1,733,860 $ 2,708,310 (1) The Company’s goodwill balance is presented net of accumulated impairment losses and write-offs totaling $730.0 million and $682.0 million as of September 30, 2023 and April 1, 2023, respectively, which were recognized in fiscal years 2009, 2013, 2014, 2022, 2023 and 2024. During the second quarter of fiscal 2024, the Company completed an interim test for goodwill impairment as management determined, based on revisions to long-term forecasts, it was more likely than not that the fair value of a reporting unit within the CSG segment was below its carrying amount. The quantitative analysis, which considered the income approach and the market approach to estimate the reporting unit's fair value, resulted in a goodwill impairment charge of approximately $48.0 million , which was recorded in "Other operating expense" in the Condensed Consolidated Statements of Income. The following summarizes information regarding the gross carrying amounts and accumulated amortization of intangible assets (in thousands): September 30, 2023 April 1, 2023 Gross Accumulated Gross Accumulated Developed technology $ 863,836 $ 430,265 $ 872,106 $ 382,448 Customer relationships 87,040 58,551 104,616 67,485 Technology licenses 2,224 703 1,664 513 Trade names 910 901 910 789 In-process research and development 9,574 N/A 9,642 N/A Total (1) $ 963,584 $ 490,420 $ 988,938 $ 451,235 (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 | 3 Months Ended |
Sep. 30, 2023 | |
Investments and Fair Value Measurements [Abstract] | |
Investments and Fair Value Measurements [Text Block] | 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 September 30, 2023 and April 1, 2023 were $18.5 million and $20.4 million, respectively, and are classified as "Long-term investments" in the Condensed Consolidated Balance Sheets. During the three and six months ended September 30, 2023, the Company recorded a loss of $1.2 million and income of $0.9 million, respectively, based on its share of the limited partnerships' results. During the three and six months ended October 1, 2022, the Company recorded income of $1.2 million and $0.4 million, respectively, based on its share of the limited partnerships' results. These amounts are included in "Other income (expense), net" in the Condensed Consolidated Statements of Income. D uring the three and six months ended September 30, 2023, the Company received cash distributions of $2.3 million and $2.8 million, respectively, from these limited partnerships. 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. 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 following table sets forth, by level within the fair value hierarchy, financial assets and liabilities measured on a recurring basis (in thousands): Total Quoted Prices In Significant Other Significant September 30, 2023 Marketable equity securities $ 642 $ 642 $ — $ — Invested funds in deferred compensation plan (1) 42,939 42,939 — — April 1, 2023 Marketable equity securities $ 1,094 $ 1,094 $ — $ — Invested funds in deferred compensation plan (1) 40,653 40,653 — — Contingent earn-out liability (2) (31,250) — — (31,250) (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 fair value of the contingent consideration liability which related to the acquisition of United Silicon Carbide, Inc. was equal to the maximum amount payable at April 1, 2023 and was subsequently paid in the first quarter of fiscal 2024. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
DEBT | LONG-TERM DEBT Long-term debt is as follows (in thousands): September 30, 2023 April 1, 2023 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 1,238 1,666 Unamortized premium, discount and issuance costs, net (2,557) (3,283) Less current portion of long-term debt (96) (310) Total long-term debt $ 2,048,585 $ 2,048,073 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 that was fully repaid in fiscal 2022. The Revolving Facility is available to finance working capital, capital expenditures and other general corporate purposes. Pursuant to the Credit Agreement, the Company may request one or more additional tranches of term loans or increases to the Revolving Facility, up to an aggregate of $500.0 million and subject to, among other things, securing additional funding commitments from the existing or new lenders. 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 Revolving Facility are subject to a commitment fee ranging from 0.150% to 0.200%. On June 23, 2023, the Company entered into a second amendment to the Credit Agreement (the "Second Amendment"). The purpose of the Second Amendment was to amend certain covenants related to the Company’s ratio of Consolidated Funded Indebtedness to Consolidated EBITDA, as such terms are defined in the Credit Agreement (the "Consolidated Leverage Ratio"). The Second Amendment increased the maximum Consolidated Leverage Ratio to 4.00 to 1.00 for the fiscal quarters ended July 1, 2023 and September 30, 2023, and 3.50 to 1.00 for the fiscal quarters ending December 30, 2023 and March 30, 2024. For subsequent fiscal quarters, the maximum Consolidated Leverage Ratio will return to 3.00 to 1.00. During the three and six months ended September 30, 2023, there were no borrowings under the Revolving Facility. 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 September 30, 2023, the Company was in compliance with these covenants. 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. In connection with the offering of the 2024 Notes, the Company entered into a Registration Rights Agreement, dated as of December 14, 2021 (the "Registration Rights Agreement"), by and among the Company and the Guarantors, on the one hand, and BofA Securities, Inc., as representative of the initial purchasers of the 2024 Notes, on the other hand. On September 13, 2023, pursuant to their obligations under the Registration Rights Agreement, the Company and the Guarantors filed with the SEC a registration statement relating to the registered exchange offer (the "Exchange Offer") to exchange the 2024 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 2024 Notes. On October 16, 2023, the Company and the Guarantors commenced the Exchange Offer, which is scheduled to expire on November 17, 2023, unless extended. 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 September 30, 2023 and October 1, 2022, and paid interest of $4.4 million during both the six months ended September 30, 2023 and 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 collectively 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 September 30, 2023 and October 1, 2022, and paid interest of $18.6 million during both the six months ended September 30, 2023 and October 1, 2022. 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 substantially 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 no interest on the 2031 Notes during the three and six months ended September 30, 2023, and paid interest of $11.8 million during the three and six months ended October 1, 2022. 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 September 30, 2023 was $470.7 million, $751.1 million and $553.8 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 1, 2023 was $464.2 million, $785.9 million and $565.3 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 September 30, 2023, the Company recognized $17.9 million and $36.1 million of interest expense , respectively, primarily related to the 2024 Notes, the 2029 Notes and the 2031 Notes, partially offset by interest capitalized to property and equipment of $0.8 million and $1.7 million , respectively. During the three and six months ended October 1, 2022, the Company recognized $17.9 million and $36.1 million of interest expense, respectively, 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. |
Stock Repurchases
Stock Repurchases | 6 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
STOCK REPURCHASES | STOCK REPURCHASES On 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 included the remaining authorized dollar amount under a prior program terminated concurrent with the new authorization. Under the current 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. As of January 1, 2023, the Company's share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act. The excise tax is recognized as part of the cost basis of shares acquired in the Condensed Consolidated Statements of Stockholders' Equity. During the three and six months ended September 30, 2023, the Company repurchased approximately 1.0 million and 2.0 million shares of its common stock, respectively, for approximately $100.6 million and $201.2 million, respectively (including transaction costs and excise tax) under the current share repurchase program. As of September 30, 2023, approximately $1,505.0 million remains available for repurchases under the current share repurchase program. During the three and six months ended October 1, 2022, the Company repurchased approximately 1.7 million and 4.9 million shares, respectively, of its common stock for approximately $160.1 million and $510.1 million, respectively (including transaction costs) under the prior share repurchase program. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 6 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENT LIABILITIES In fiscal 2022, the Company entered into a long-term capacity reservation agreement with a foundry supplier to purchase a certain number of wafers through calendar year 2025. In fiscal 2023, the agreement was amended and the term was extended through calendar year 2026. In the first quarter of fiscal 2023, the Company recorded charges of $110.0 million to "Cost of goods sold" based on the actual and estimated purchase shortfalls. No charges have been recorded to the Condensed Consolidated Statements of Income in the first quarter or second quarter of fiscal 2024 as a result of this agreement. In October 2023, the long-term capacity reservation agreement with the foundry supplier was further amended. Pursuant to the amendment, the Company is no longer obligated to order silicon wafers from the foundry supplier and the agreement will be terminated effective December 31, 2023. A contract termination fee of $65.0 million will be recorded to “Cost of goods sold” in the third quarter of fiscal 2024 and is expected to be paid by the Company during the fourth quarter of fiscal 2024. 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 |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE Revenue to customers by geographic region (based on the location of the customers' headquarters) is summarized as follows (in thousands): Three Months Ended Six Months Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 United States $ 699,288 $ 615,007 $ 1,014,571 $ 1,011,038 China 189,900 221,737 340,706 505,213 Other Asia 119,395 126,360 210,729 318,688 Taiwan 66,162 130,463 132,018 221,635 Europe 28,748 64,490 56,633 136,841 Total revenue $ 1,103,493 $ 1,158,057 $ 1,754,657 $ 2,193,415 The Company also disaggregates revenue by operating segments (refer to Note 10). |
Restructuring and Related Activ
Restructuring and Related Activities | 6 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING | RESTRUCTURING During fiscal 2023, the Company initiated actions to improve efficiencies in its operations and further align the organization with its strategic objectives. These initiatives included seeking strategic alternatives related to its non-core biotechnology business. In the second quarter of fiscal 2024, it was determined that this business met the held for sale criteria under ASC 360, " Property, Plant and Equipment, " and the sale of this business was subsequently completed in October 2023. The Company will continue to evaluate its operating footprint, cost structure and strategic opportunities, but does not expect to incur additional material charges related to its 2023 restructuring initiatives. The restructuring charges recorded by the Company are not allocated to its reportable segments. The following table summarizes the charges resulting from restructuring initiatives (in thousands): Three Months Ended September 30, 2023 Six Months Ended September 30, 2023 Cost of Goods Sold Other Operating Expense Total Cost of Goods Sold Other Operating Expense Total Contract termination and other costs $ 2,482 $ 1,328 $ 3,810 $ 19,278 $ 2,757 $ 22,035 Asset impairment costs — 3,646 3,646 2,159 4,286 6,445 One-time employee termination benefits — 962 962 — 2,674 2,674 Total $ 2,482 $ 5,936 $ 8,418 $ 21,437 $ 9,717 $ 31,154 The following table summarizes the activity related to the Company's restructuring liabilities for the six months ended September 30, 2023 (in thousands): One-Time Employee Termination Benefits Contract Termination and Other Costs Total Accrued restructuring balance as of April 1, 2023 $ — $ 5,248 $ 5,248 Costs incurred and charged to expense 2,674 22,035 24,709 Cash payments (2,255) (9,228) (11,483) Accrued restructuring balance as of September 30, 2023 $ 419 $ 18,055 $ 18,474 The accrued restructuring balances as of September 30, 2023 represent estimated future cash payments required to satisfy the Company's remaining obligations, the majority of which are expected to be paid in the next twelve months. |
Operating Segment Information
Operating Segment Information | 6 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENT INFORMATION | OPERATING SEGMENT INFORMATION The Company's three operating and reportable segments, HPA, CSG, and ACG, are based on the organizational structure and information reviewed by the Company's Chief Executive Officer, who is also the Company's chief operating decision maker ("CODM"). The CODM allocates resources and evaluates the performance of each of the three operating segments primarily based on operating income. HPA is a leading global supplier of radio frequency ("RF") and power solutions for automotive, defense and aerospace, cellular infrastructure, broadband, industrial, enterprise and consumer markets. HPA leverages a diverse portfolio of differentiated technologies and products to support multiyear growth trends, including electrification, renewable energy, the increasing semiconductor spend in defense and 5G and 6G network infrastructure. CSG is a leading global supplier of connectivity and sensor solutions, with broad expertise spanning ultra-wideband, Matter ® , Bluetooth ® Low Energy, Zigbee ® , Thread ® , Wi-Fi ® , cellular Internet of Things, microelectromechanical system-based sensors and bulk acoustic wave-based sensors. CSG’s markets include home and consumer electronics, industrial automation, automotive, smartphones, wearables, and industrial and enterprise access points. ACG is a leading global supplier of cellular RF solutions for smartphones, wearables, laptops, tablets and other devices. ACG leverages world-class technology and systems-level expertise to deliver a broad portfolio of high performance cellular products to the world's leading smartphone and consumer electronics companies. The "All other" category includes operating expenses such as stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill impairment, charges associated with a long-term capacity reservation agreement, fixed asset impairments, (loss) gain on sale of fixed assets and other miscellaneous corporate overhead expenses that the Company does not allocate to its operating 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 investments, interest expense, other income (expense), 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 September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Revenue: HPA $ 149,804 $ 228,132 $ 289,496 $ 439,083 CSG 103,622 143,329 202,885 295,644 ACG 850,067 786,596 1,262,276 1,458,688 Total revenue $ 1,103,493 $ 1,158,057 $ 1,754,657 $ 2,193,415 Operating income (loss): HPA $ 25,446 $ 80,512 $ 49,410 $ 151,266 CSG (27,725) (10,019) (47,886) 1,219 ACG 284,805 267,204 329,803 469,577 All other (131,098) (76,135) (228,035) (258,641) Operating income 151,428 261,562 103,292 363,421 Interest expense (17,121) (16,904) (34,382) (34,156) Other income (expense), net 5,211 2,214 18,927 (2,848) Income before income taxes $ 139,518 $ 246,872 $ 87,837 $ 326,417 Three Months Ended Six Months Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Reconciliation of "All other" category: Stock-based compensation expense $ (39,053) $ (31,789) $ (77,498) $ (67,203) Amortization of intangible assets (29,963) (32,787) (60,835) (66,439) Restructuring-related charges (1) (8,418) (4,544) (31,154) (5,094) Acquisition and integration-related costs (852) (8,642) (2,047) (14,950) Goodwill impairment (2) (48,000) — (48,000) — Charges associated with a long-term capacity reservation agreement — — — (110,000) Other (4,812) 1,627 (8,501) 5,045 Loss from operations for "All other" $ (131,098) $ (76,135) $ (228,035) $ (258,641) (1) Refer to Note 9 for additional information. (2) Refer to Note 3 for additional information. |
Income Taxes
Income Taxes | 6 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company’s income tax expense was $42.1 million and $34.0 million for the three and six months ended September 30, 2023, respectively, and income tax expense was $58.3 million and $68.9 million for the three and six months ended October 1, 2022, respectively. The Company’s effective tax rate was 30.1% and 38.7% for the three and six months ended September 30, 2023, respectively, and 23.6% and 21.1% for the three and six months ended October 1, 2022, respectively. The Company's effective tax rate for the three and six months ended September 30, 2023 differed from the statutory rate primarily due to tax rate differences in foreign jurisdictions, global intangible low tax income ("GILTI"), domestic tax credits generated, discrete tax items recorded during the period and the effects of a non-deductible goodwill impairment charge within the CSG segment. A discrete tax expense of $5.6 million and $5.5 million was recorded during the three and six months ended September 30, 2023 and primarily resulted from foreign currency gains recognized for tax purposes. |
Net Income Per Share
Net Income Per Share | 6 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Numerator: Numerator for basic and diluted net income per share — net income available to common stockholders $ 97,461 $ 188,615 $ 53,881 $ 257,499 Denominator: Denominator for basic net income per share — weighted-average shares 97,945 102,927 98,167 103,991 Effect of dilutive securities: Stock-based awards 645 747 725 826 Denominator for diluted net income per share — adjusted weighted-average shares and assumed conversions 98,590 103,674 98,892 104,817 Basic net income per share $ 1.00 $ 1.83 $ 0.55 $ 2.48 Diluted net income per share $ 0.99 $ 1.82 $ 0.54 $ 2.46 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |
Pay vs Performance Disclosure | ||||
Numerator for basic and diluted net income (loss) per share — net income (loss) available to common stockholders | $ 97,461 | $ 188,615 | $ 53,881 | $ 257,499 |
Trading Arrangements, by Individual [Table Text Block] | The following table describes actions by our directors and Section 16 officers with respect to plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) during the second quarter of fiscal 2024. None of our directors or Section 16 officers took actions with respect to a "non-Rule 10b5-1 trading arrangement," as such term is defined in Item 408(c) of Regulation S-K, during the second quarter of fiscal 2024. Name and Title Action Date Expiration of Plan Number of Shares to be Sold (1) Philip J. Chesley Adoption 8/25/2023 8/30/2024 27,898 |
Insider Trading Arrangements
Insider Trading Arrangements - shares | 3 Months Ended | ||
Aug. 30, 2024 | Aug. 25, 2023 | Sep. 30, 2023 | |
Trading Arrangements, by Individual | |||
Material Terms of Trading Arrangement | OTHER INFORMATION. Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements The following table describes actions by our directors and Section 16 officers with respect to plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) during the second quarter of fiscal 2024. None of our directors or Section 16 officers took actions with respect to a "non-Rule 10b5-1 trading arrangement," as such term is defined in Item 408(c) of Regulation S-K, during the second quarter of fiscal 2024. Name and Title Action Date Expiration of Plan Number of Shares to be Sold (1) Philip J. Chesley Adoption 8/25/2023 8/30/2024 27,898 | ||
PHILIP CHESLEY [Member] | |||
Trading Arrangements, by Individual | |||
Name | Philip J. Chesley | ||
Title | Senior Vice President and President of High Performance Analog | ||
Rule 10b5-1 Arrangement Adopted | true | ||
Adoption Date | 8/25/2023 | ||
Termination Date | 8/30/2024 | ||
Aggregate Available | 27,898 |
Long-Term Debt Fair Value of De
Long-Term Debt Fair Value of Debt (Policies) | 6 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 was $470.7 million, $751.1 million and $553.8 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 1, 2023 was $464.2 million, $785.9 million and $565.3 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 |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | The Company's three operating and reportable segments, HPA, CSG, and ACG, are based on the organizational structure and information reviewed by the Company's Chief Executive Officer, who is also the Company's chief operating decision maker ("CODM"). The CODM allocates resources and evaluates the performance of each of the three operating segments primarily based on operating income. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Components of inventories | The components of inventories, net of reserves, are as follows (in thousands): September 30, 2023 April 1, 2023 Raw materials $ 266,354 $ 264,367 Work in process 421,295 345,545 Finished goods 152,206 186,684 Total inventories $ 839,855 $ 796,596 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
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 1, 2023 (1) $ 501,602 $ 525,351 $ 1,733,860 $ 2,760,813 Goodwill impairment — (48,000) — (48,000) Effect of changes in foreign currency exchange rates — (4,503) — (4,503) Balance as of September 30, 2023 (1) $ 501,602 $ 472,848 $ 1,733,860 $ 2,708,310 (1) The Company’s goodwill balance is presented net of accumulated impairment losses and write-offs totaling $730.0 million and $682.0 million as of September 30, 2023 and April 1, 2023, respectively, which were recognized in fiscal years 2009, 2013, 2014, 2022, 2023 and 2024. |
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): September 30, 2023 April 1, 2023 Gross Accumulated Gross Accumulated Developed technology $ 863,836 $ 430,265 $ 872,106 $ 382,448 Customer relationships 87,040 58,551 104,616 67,485 Technology licenses 2,224 703 1,664 513 Trade names 910 901 910 789 In-process research and development 9,574 N/A 9,642 N/A Total (1) $ 963,584 $ 490,420 $ 988,938 $ 451,235 (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 |
Sep. 30, 2023 | |
Investments and Fair Value Measurements [Abstract] | |
Fair value of the financial assets measured at fair value on a recurring basis | The following table sets forth, by level within the fair value hierarchy, financial assets and liabilities measured on a recurring basis (in thousands): Total Quoted Prices In Significant Other Significant September 30, 2023 Marketable equity securities $ 642 $ 642 $ — $ — Invested funds in deferred compensation plan (1) 42,939 42,939 — — April 1, 2023 Marketable equity securities $ 1,094 $ 1,094 $ — $ — Invested funds in deferred compensation plan (1) 40,653 40,653 — — Contingent earn-out liability (2) (31,250) — — (31,250) (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 fair value of the contingent consideration liability which related to the acquisition of United Silicon Carbide, Inc. was equal to the maximum amount payable at April 1, 2023 and was subsequently paid in the first quarter of fiscal 2024. |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt is as follows (in thousands): September 30, 2023 April 1, 2023 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 1,238 1,666 Unamortized premium, discount and issuance costs, net (2,557) (3,283) Less current portion of long-term debt (96) (310) Total long-term debt $ 2,048,585 $ 2,048,073 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Revenue to customers by geographic region (based on the location of the customers' headquarters) is summarized as follows (in thousands): Three Months Ended Six Months Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 United States $ 699,288 $ 615,007 $ 1,014,571 $ 1,011,038 China 189,900 221,737 340,706 505,213 Other Asia 119,395 126,360 210,729 318,688 Taiwan 66,162 130,463 132,018 221,635 Europe 28,748 64,490 56,633 136,841 Total revenue $ 1,103,493 $ 1,158,057 $ 1,754,657 $ 2,193,415 |
Restructuring and Related Act_2
Restructuring and Related Activities (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of restructuring activity | The following table summarizes the charges resulting from restructuring initiatives (in thousands): Three Months Ended September 30, 2023 Six Months Ended September 30, 2023 Cost of Goods Sold Other Operating Expense Total Cost of Goods Sold Other Operating Expense Total Contract termination and other costs $ 2,482 $ 1,328 $ 3,810 $ 19,278 $ 2,757 $ 22,035 Asset impairment costs — 3,646 3,646 2,159 4,286 6,445 One-time employee termination benefits — 962 962 — 2,674 2,674 Total $ 2,482 $ 5,936 $ 8,418 $ 21,437 $ 9,717 $ 31,154 |
Restructuring Liabilities Rollforward | The following table summarizes the activity related to the Company's restructuring liabilities for the six months ended September 30, 2023 (in thousands): One-Time Employee Termination Benefits Contract Termination and Other Costs Total Accrued restructuring balance as of April 1, 2023 $ — $ 5,248 $ 5,248 Costs incurred and charged to expense 2,674 22,035 24,709 Cash payments (2,255) (9,228) (11,483) Accrued restructuring balance as of September 30, 2023 $ 419 $ 18,055 $ 18,474 The accrued restructuring balances as of September 30, 2023 represent estimated future cash payments required to satisfy the Company's remaining obligations, the majority of which are expected to be paid in the next twelve months. |
Operating Segment Information (
Operating Segment Information (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Revenue: HPA $ 149,804 $ 228,132 $ 289,496 $ 439,083 CSG 103,622 143,329 202,885 295,644 ACG 850,067 786,596 1,262,276 1,458,688 Total revenue $ 1,103,493 $ 1,158,057 $ 1,754,657 $ 2,193,415 Operating income (loss): HPA $ 25,446 $ 80,512 $ 49,410 $ 151,266 CSG (27,725) (10,019) (47,886) 1,219 ACG 284,805 267,204 329,803 469,577 All other (131,098) (76,135) (228,035) (258,641) Operating income 151,428 261,562 103,292 363,421 Interest expense (17,121) (16,904) (34,382) (34,156) Other income (expense), net 5,211 2,214 18,927 (2,848) Income before income taxes $ 139,518 $ 246,872 $ 87,837 $ 326,417 |
Summary of reconciliation of "All other" category | Three Months Ended Six Months Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Reconciliation of "All other" category: Stock-based compensation expense $ (39,053) $ (31,789) $ (77,498) $ (67,203) Amortization of intangible assets (29,963) (32,787) (60,835) (66,439) Restructuring-related charges (1) (8,418) (4,544) (31,154) (5,094) Acquisition and integration-related costs (852) (8,642) (2,047) (14,950) Goodwill impairment (2) (48,000) — (48,000) — Charges associated with a long-term capacity reservation agreement — — — (110,000) Other (4,812) 1,627 (8,501) 5,045 Loss from operations for "All other" $ (131,098) $ (76,135) $ (228,035) $ (258,641) (1) Refer to Note 9 for additional information. (2) Refer to Note 3 for additional information. |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Numerator: Numerator for basic and diluted net income per share — net income available to common stockholders $ 97,461 $ 188,615 $ 53,881 $ 257,499 Denominator: Denominator for basic net income per share — weighted-average shares 97,945 102,927 98,167 103,991 Effect of dilutive securities: Stock-based awards 645 747 725 826 Denominator for diluted net income per share — adjusted weighted-average shares and assumed conversions 98,590 103,674 98,892 104,817 Basic net income per share $ 1.00 $ 1.83 $ 0.55 $ 2.48 Diluted net income per share $ 0.99 $ 1.82 $ 0.54 $ 2.46 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Apr. 01, 2023 |
Components of inventories | ||
Raw materials | $ 266,354 | $ 264,367 |
Work in process | 421,295 | 345,545 |
Finished goods | 152,206 | 186,684 |
Total inventories | $ 839,855 | $ 796,596 |
Business Acquisition Narrative
Business Acquisition Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Apr. 01, 2023 |
Business Acquisition [Line Items] | ||
Goodwill | $ 2,708,310 | $ 2,760,813 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | Apr. 01, 2023 | |
Goodwill and Intangible Assets [Line Items] | |||||
Intangible assets amortization | $ 61,103 | $ 66,539 | |||
Goodwill | $ 2,708,310 | 2,708,310 | $ 2,760,813 | ||
Goodwill, Impairment Loss | 48,000 | $ 0 | 48,000 | $ 0 | |
Goodwill, Accumulated impairment losses and write-offs | 730,000 | 730,000 | 682,000 | ||
Accumulated Amortization | 490,420 | 490,420 | 451,235 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | (4,503) | ||||
Gross Carrying Amount | 963,584 | 963,584 | 988,938 | ||
Technology licenses | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 2,224 | 2,224 | 1,664 | ||
Accumulated Amortization | 703 | 703 | 513 | ||
Trade Names | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 910 | 910 | 910 | ||
Accumulated Amortization | 901 | 901 | 789 | ||
Developed Technology | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 863,836 | 863,836 | 872,106 | ||
Accumulated Amortization | 430,265 | 430,265 | 382,448 | ||
Customer Relationships | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 87,040 | 87,040 | 104,616 | ||
Accumulated Amortization | 58,551 | 58,551 | 67,485 | ||
In-process research and development | |||||
Goodwill and Intangible Assets [Line Items] | |||||
IPRD | 9,574 | 9,574 | 9,642 | ||
HPA | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Goodwill | 501,602 | 501,602 | 501,602 | ||
Goodwill, Impairment Loss | 0 | ||||
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | ||||
CSG | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Goodwill | 472,848 | 472,848 | 525,351 | ||
Goodwill, Impairment Loss | 48,000 | ||||
Goodwill, Foreign Currency Translation Gain (Loss) | (4,503) | ||||
ACG | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Goodwill | $ 1,733,860 | 1,733,860 | $ 1,733,860 | ||
Goodwill, Impairment Loss | 0 | ||||
Goodwill, Foreign Currency Translation Gain (Loss) | $ 0 |
Investments and Fair Value of_3
Investments and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | Apr. 01, 2023 | |
Investments and Fair Value of Financial Instruments | |||||
Document Period End Date | Sep. 30, 2023 | ||||
Equity Method Investments | $ 18,500 | $ 18,500 | $ 20,400 | ||
Proceeds from Limited Partnership Investments | 2,300 | $ 0 | 2,800 | $ 2,000 | |
Gain (Loss) on Investments | 1,200 | $ 1,200 | 900 | $ 400 | |
Fair Value, Recurring [Member] | United Silicon Carbide | |||||
Investments and Fair Value of Financial Instruments | |||||
Business Combination, Contingent Consideration, Liability, Noncurrent | (31,250) | ||||
Fair Value, Recurring [Member] | Equity Securities | |||||
Investments and Fair Value of Financial Instruments | |||||
Marketable Securities | 642 | 642 | 1,094 | ||
Fair Value, Recurring [Member] | Mutual Fund | |||||
Investments and Fair Value of Financial Instruments | |||||
Deferred Compensation Plan Assets | 42,939 | 42,939 | 40,653 | ||
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 | ||||
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 | 642 | 642 | 1,094 | ||
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 | 42,939 | 42,939 | 40,653 | ||
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 | ||||
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 | (31,250) | ||||
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 | Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | Jun. 29, 2024 | Dec. 30, 2023 | Apr. 01, 2023 | Dec. 14, 2021 | Sep. 29, 2020 | Jun. 11, 2020 | Dec. 20, 2019 | Sep. 30, 2019 | |
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 2,048,585,000 | $ 2,048,585,000 | $ 2,048,073,000 | ||||||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (2,557,000) | (2,557,000) | (3,283,000) | ||||||||||
Long-term Debt, Current Maturities | (96,000) | (96,000) | (310,000) | ||||||||||
Interest Expense, Borrowings | 17,900,000 | $ 17,900,000 | 36,100,000 | $ 36,100,000 | |||||||||
Interest Costs Capitalized | 800,000 | 1,000,000 | 1,700,000 | 2,000,000 | |||||||||
Interest expense | 17,121,000 | $ 16,904,000 | 34,382,000 | $ 34,156,000 | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 500,000,000 | ||||||||||||
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 | 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 | 751,100,000 | 751,100,000 | 785,900,000 | ||||||||||
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 | |||||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 0 | 11,800,000 | |||||||||||
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 | 553,800,000 | 553,800,000 | 565,300,000 | ||||||||||
Senior Notes Due 2024 1.750% | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | 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 | $ 470,700,000 | $ 470,700,000 | 464,200,000 | ||||||||||
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] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Consolidated Leverage Ratio | 400% | 400% | |||||||||||
Credit Agreement | Maximum [Member] | Subsequent Event [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Consolidated Leverage Ratio | 300% | 350% | |||||||||||
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 | Maximum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | ||||||||||||
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% | ||||||||||||
Credit Agreement | Minimum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1% | ||||||||||||
Capital Lease Obligations | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 1,238,000 | $ 1,238,000 | $ 1,666,000 | ||||||||||
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 | |||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | Nov. 02, 2022 | |
Class of Stock [Line Items] | |||||
Stock Repurchased During Period, Shares | 1 | 1.7 | 2 | 4.9 | |
Stock Repurchased During Period, Value | $ 100,554 | $ 160,057 | $ 201,166 | $ 510,099 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 1,505,000 | $ 1,505,000 | |||
Document Period End Date | Sep. 30, 2023 | ||||
November 2, 2022 Program | |||||
Class of Stock [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 2,000,000 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Dec. 30, 2023 | Jul. 02, 2022 | Sep. 30, 2023 | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Charges associated with a long-term capacity reservation agreement | $ 110 | $ 0 | |
Subsequent Event [Member] | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Charges associated with a long-term capacity reservation agreement | $ 65 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |
Disaggregation of Revenue | ||||
Revenues | $ 1,103,493 | $ 1,158,057 | $ 1,754,657 | $ 2,193,415 |
China | ||||
Disaggregation of Revenue | ||||
Revenues | 189,900 | 221,737 | 340,706 | 505,213 |
Taiwan | ||||
Disaggregation of Revenue | ||||
Revenues | 66,162 | 130,463 | 132,018 | 221,635 |
United States | ||||
Disaggregation of Revenue | ||||
Revenues | 699,288 | 615,007 | 1,014,571 | 1,011,038 |
Europe | ||||
Disaggregation of Revenue | ||||
Revenues | 28,748 | 64,490 | 56,633 | 136,841 |
Other Asia | ||||
Disaggregation of Revenue | ||||
Revenues | $ 119,395 | $ 126,360 | $ 210,729 | $ 318,688 |
Restructuring and Related Act_3
Restructuring and Related Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Apr. 01, 2023 | |
Restructuring and Related Activities [Abstract] | |||
Restructuring Charges | $ 24,709 | ||
Restructuring | |||
Restructuring Charges | 24,709 | ||
Payments for Restructuring | (11,483) | ||
Restructuring Reserve | $ 18,474 | 18,474 | $ 5,248 |
One-time Employee Termination Benefits | |||
Restructuring and Related Activities [Abstract] | |||
Restructuring Charges | 2,674 | ||
Restructuring | |||
Restructuring Charges | 2,674 | ||
Payments for Restructuring | (2,255) | ||
Restructuring Reserve | 419 | 419 | 0 |
Lease and other contract terminations | |||
Restructuring and Related Activities [Abstract] | |||
Restructuring Charges | 22,035 | ||
Restructuring | |||
Restructuring Charges | 22,035 | ||
Payments for Restructuring | (9,228) | ||
Restructuring Reserve | 18,055 | 18,055 | $ 5,248 |
fiscal year 2023 | |||
Restructuring and Related Activities [Abstract] | |||
Restructuring Charges | 8,418 | 31,154 | |
Restructuring | |||
Restructuring Charges | 8,418 | 31,154 | |
fiscal year 2023 | One-time Employee Termination Benefits | |||
Restructuring and Related Activities [Abstract] | |||
Restructuring Charges | 962 | 2,674 | |
Restructuring | |||
Restructuring Charges | 962 | 2,674 | |
fiscal year 2023 | impairment charges | |||
Restructuring and Related Activities [Abstract] | |||
Restructuring Charges | 3,646 | 6,445 | |
Restructuring | |||
Restructuring Charges | 3,646 | 6,445 | |
fiscal year 2023 | Lease and other contract terminations | |||
Restructuring and Related Activities [Abstract] | |||
Restructuring Charges | 3,810 | 22,035 | |
Restructuring | |||
Restructuring Charges | 3,810 | 22,035 | |
Other operating expense | fiscal year 2023 | |||
Restructuring and Related Activities [Abstract] | |||
Restructuring Charges | 5,936 | 9,717 | |
Restructuring | |||
Restructuring Charges | 5,936 | 9,717 | |
Other operating expense | fiscal year 2023 | One-time Employee Termination Benefits | |||
Restructuring and Related Activities [Abstract] | |||
Restructuring Charges | 962 | 2,674 | |
Restructuring | |||
Restructuring Charges | 962 | 2,674 | |
Other operating expense | fiscal year 2023 | impairment charges | |||
Restructuring and Related Activities [Abstract] | |||
Restructuring Charges | 3,646 | 4,286 | |
Restructuring | |||
Restructuring Charges | 3,646 | 4,286 | |
Other operating expense | fiscal year 2023 | Lease and other contract terminations | |||
Restructuring and Related Activities [Abstract] | |||
Restructuring Charges | 1,328 | 2,757 | |
Restructuring | |||
Restructuring Charges | 1,328 | 2,757 | |
Cost of goods sold | fiscal year 2023 | |||
Restructuring and Related Activities [Abstract] | |||
Restructuring Charges | 2,482 | 21,437 | |
Restructuring | |||
Restructuring Charges | 2,482 | 21,437 | |
Cost of goods sold | fiscal year 2023 | One-time Employee Termination Benefits | |||
Restructuring and Related Activities [Abstract] | |||
Restructuring Charges | 0 | 0 | |
Restructuring | |||
Restructuring Charges | 0 | 0 | |
Cost of goods sold | fiscal year 2023 | impairment charges | |||
Restructuring and Related Activities [Abstract] | |||
Restructuring Charges | 0 | 2,159 | |
Restructuring | |||
Restructuring Charges | 0 | 2,159 | |
Cost of goods sold | fiscal year 2023 | Lease and other contract terminations | |||
Restructuring and Related Activities [Abstract] | |||
Restructuring Charges | 2,482 | 19,278 | |
Restructuring | |||
Restructuring Charges | $ 2,482 | $ 19,278 |
Operating Segment Information_2
Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Oct. 01, 2022 | Jul. 02, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Document Period End Date | Sep. 30, 2023 | ||||
Summary of details of reportable segments | |||||
Revenues | $ 1,103,493 | $ 1,158,057 | $ 1,754,657 | $ 2,193,415 | |
Income from operations: | |||||
Operating income | 151,428 | 261,562 | 103,292 | 363,421 | |
Interest expense | 17,121 | 16,904 | 34,382 | 34,156 | |
Other income (expense), net | 5,211 | 2,214 | 18,927 | (2,848) | |
Income before income taxes | 139,518 | 246,872 | 87,837 | 326,417 | |
Stock-based compensation expense | (77,498) | (67,203) | |||
Amortization of intangible assets | (61,103) | (66,539) | |||
Restructuring Charges | (24,709) | ||||
Charges associated with a long-term capacity reservation agreement | $ 110,000 | 0 | |||
Goodwill, Impairment Loss | (48,000) | 0 | (48,000) | 0 | |
HPA | |||||
Income from operations: | |||||
Goodwill, Impairment Loss | 0 | ||||
CSG | |||||
Income from operations: | |||||
Goodwill, Impairment Loss | (48,000) | ||||
ACG | |||||
Income from operations: | |||||
Goodwill, Impairment Loss | 0 | ||||
Operating Segments | HPA | |||||
Summary of details of reportable segments | |||||
Revenues | 149,804 | 228,132 | 289,496 | 439,083 | |
Income from operations: | |||||
Operating income | 25,446 | 80,512 | 49,410 | 151,266 | |
Operating Segments | CSG | |||||
Summary of details of reportable segments | |||||
Revenues | 103,622 | 143,329 | 202,885 | 295,644 | |
Income from operations: | |||||
Operating income | (27,725) | (10,019) | (47,886) | 1,219 | |
Operating Segments | ACG | |||||
Summary of details of reportable segments | |||||
Revenues | 850,067 | 786,596 | 1,262,276 | 1,458,688 | |
Income from operations: | |||||
Operating income | 284,805 | 267,204 | 329,803 | 469,577 | |
All other | |||||
Income from operations: | |||||
Operating income | (131,098) | (76,135) | (228,035) | (258,641) | |
Stock-based compensation expense | (39,053) | (31,789) | (77,498) | (67,203) | |
Amortization of intangible assets | (29,963) | (32,787) | (60,835) | (66,439) | |
Restructuring Charges | (8,418) | (4,544) | (31,154) | (5,094) | |
Acquisition and integration-related costs | (852) | (8,642) | (2,047) | (14,950) | |
Charges associated with a long-term capacity reservation agreement | 0 | 0 | 0 | 110,000 | |
Other | $ (4,812) | $ 1,627 | $ (8,501) | $ 5,045 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income tax benefit (expense) | $ 42,057 | $ 58,257 | $ 33,956 | $ 68,918 |
Effective tax rate | 30.10% | 23.60% | 38.70% | 21.10% |
Discrete tax expense (benefit) | $ (5,600) | $ (6,700) | $ (5,500) | $ 12,600 |
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 | ||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |
Earnings Per Share [Abstract] | ||||
Document Period End Date | Sep. 30, 2023 | |||
Numerator: | ||||
Numerator for basic and diluted net income (loss) per share — net income (loss) available to common stockholders | $ 97,461 | $ 188,615 | $ 53,881 | $ 257,499 |
EPS Line Items | ||||
Denominator for basic net income (loss) per share — weighted average shares | 97,945 | 102,927 | 98,167 | 103,991 |
Stock-based awards | 645 | 747 | 725 | 826 |
Denominator for diluted net income (loss) per share — adjusted weighted average shares and assumed conversions | 98,590 | 103,674 | 98,892 | 104,817 |
Basic net income (loss) per share (in dollars per share) | $ 1 | $ 1.83 | $ 0.55 | $ 2.48 |
Diluted net income (loss) per share (in dollars per share) | $ 0.99 | $ 1.82 | $ 0.54 | $ 2.46 |
Antidilutive shares excluded from the computation of diluted shares outstanding | 800 | 1,000 | 600 | 700 |