Cirrus Logic (CRUS) 10-Q 23 Jul 14 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Jun. 28, 2014	Jul. 18, 2014
Document and Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Entity Registrant Name	'CIRRUS LOGIC INC	'
Entity Central Index Key	'0000772406	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Well-known Seasoned Issuer	'Yes	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Document Period End Date	28-Jun-14	'
Document Fiscal Year Focus	'2015	'
Document Fiscal Period Focus	'Q1	'
Current Fiscal Year End Date	'--03-28	'
Entity Common Stock, Shares Outstanding	'	62,133,785

Consolidated_Condensed_Balance

Consolidated Condensed Balance Sheets (USD $)	Jun. 28, 2014	Mar. 29, 2014
In Thousands, unless otherwise specified
Assets	'	'
Cash and cash equivalents	$268,544	$31,850
Marketable securities	75,198	263,417
Accounts receivable, net	77,219	63,220
Inventories	92,002	69,743
Deferred tax assets	19,921	22,024
Other current assets	40,469	25,079
Total current assets	573,353	475,333
Long-term marketable securities	39,952	89,243
Property and equipment, net	102,765	103,650
Goodwill and intangibles, net	27,708	28,366
Deferred tax assets	25,034	25,065
Other assets	1,007	3,087
Total assets	769,819	724,744
Liabilities and Stockholders' Equity	'	'
Accounts payable	75,695	51,932
Accrued salaries and benefits	11,598	13,388
Deferred income	7,398	5,631
Other accrued liabilities	14,080	11,572
Total current liabilities	108,771	82,523
Long-term liabilities	4,039	4,863
Stockholders' equity:	'	'
Capital stock	1,088,493	1,078,878
Accumulated deficit	-430,663	-440,634
Accumulated other comprehensive loss	-821	-886
Total stockholders' equity	657,009	637,358
Total liabilities and stockholders' equity	$769,819	$724,744

Consolidated_Condensed_Stateme

Consolidated Condensed Statements of Comprehensive Income (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 28, 2014	Jun. 29, 2013
Consolidated Statements of Comprehensive Income [Abstract]	'	'
Net sales	$152,565	$155,125
Cost of sales	77,190	75,627
Gross profit	75,375	79,498
Operating expenses:	'	'
Research and development	39,777	28,530
Selling, general and administrative	19,683	19,198
Patent infringement settlements, net	'	695
Restructuring and other	'	-430
Total operating expenses	59,460	47,993
Income from operations	15,915	31,505
Interest income	195	158
Interest expense	-662	'
Other income (expense)	501	-17
Income before income taxes	15,949	31,646
Provision for income taxes	5,701	11,004
Net income	10,248	20,642
Change in unrealized gain (loss) on marketable securities	100	-40
Tax effect of unrealized (gain) loss on marketable securities	-35	67
Comprehensive income	$10,313	$20,669
Basic earnings per share	$0.17	$0.33
Diluted earnings per share	$0.16	$0.31
Basic weighted average common shares outstanding	62,032	63,363
Diluted weighted average common shares outstanding	64,688	66,188

Consolidated_Condensed_Stateme1

Consolidated Condensed Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 28, 2014	Jun. 29, 2013
Cash flows from operating activities:	'	'
Net income	$10,248	$20,642
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	4,097	3,367
Stock compensation expense	5,622	5,862
Deferred income taxes	2,134	10,102
Loss on retirement or write-off of long-lived assets	325	'
Excess tax benefit related to the exercise of employee stock options	-3,119	'
Other non-cash charges	2,125	1,265
Net change in operating assets and liabilities:	'	'
Accounts receivable, net	-13,999	5,647
Inventories	-22,259	8,676
Other assets	-698	-2,054
Accounts payable and other accrued liabilities	24,010	-16,979
Deferred income	1,767	-537
Income taxes payable	2,513	721
Net cash provided by operating activities	12,766	36,712
Cash flows from investing activities:	'	'
Proceeds from sale of available for sale marketable securities	246,865	4,922
Purchases of available for sale marketable securities	-9,290	-39,698
Purchases of property, equipment and software	-3,274	-1,222
Purchase of hedge	-11,095	'
Investments in technology	-112	-650
Decrease (increase) in deposits and other assets	118	-16
Net cash provided by (used in) investing activities	223,212	-36,664
Cash flows from financing activities:	'	'
Payments for debt issuance costs	-2,978	'
Issuance of common stock, net of shares withheld for taxes	852	720
Repurchase of stock to satisfy employee tax withholding obligations	-277	'
Excess tax benefit related to the exercise of employee stock options	3,119	'
Net cash provided by financing activities	716	720
Net increase in cash and cash equivalents	236,694	768
Cash and cash equivalents at beginning of period	31,850	66,402
Cash and cash equivalents at end of period	$268,544	$67,170

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Jun. 28, 2014
Basis of Presentation [Abstract]	'
Basis of Presentation	'
	1.     Basis of Presentation
	The consolidated condensed financial statements have been prepared by Cirrus Logic, Inc. (“Cirrus Logic,” “we,” “us,” “our,” or the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “Commission”).  The accompanying unaudited consolidated condensed financial statements do not include complete footnotes and financial presentations.  As a result, these financial statements should be read along with the audited consolidated financial statements and notes thereto for the year ended March 29, 2014, included in our Annual Report on Form 10-K filed with the Commission on May 28, 2014.  In our opinion, the financial statements reflect all adjustments, including normal recurring adjustments, necessary for a fair presentation of the financial position, operating results and cash flows for those periods presented.  The preparation of financial statements in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect reported assets, liabilities, revenues and expenses, as well as disclosure of contingent assets and liabilities.  Actual results could differ from those estimates and assumptions.  Moreover, the results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the entire year.  Additionally, prior period amounts have been adjusted to conform to current year presentation.

Recently_Issued_Accounting_Pro

Recently Issued Accounting Pronouncements	3 Months Ended
	Jun. 28, 2014
Recently Issued Accounting Pronouncements [Abstract]	'
Recently Issued Accounting Pronouncements	'
	2.     Recently Issued Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-09, Revenue from Contracts with Customers (ASC Topic 606).  The purpose of the ASU is to converge revenue recognition requirements per GAAP and International Financial Reporting Standards (IFRS).  “The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.”  The amendments in this ASU are effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption not permitted by the FASB.  The Company is currently evaluating the impact of this ASU on its consolidated financial position, results of operations and cash flows.

Marketable_Securities

Marketable Securities	3 Months Ended
	Jun. 28, 2014
Marketable Securities [Abstract]	'
Marketable Securities	'
	3.     Marketable Securities
	The Company’s investments that have original maturities greater than 90 days have been classified as available-for-sale securities in accordance with U.S. GAAP.  Marketable securities are categorized on the consolidated condensed balance sheet as short- and long-term marketable securities, as appropriate.
	The following table is a summary of available-for-sale securities at June 28, 2014 (in thousands):
											Estimated
					Gross			Gross			Fair Value
		Amortized			Unrealized			Unrealized			(Net Carrying
	As of June 28, 2014	Cost			Gains			Losses			Amount)
	Corporate debt securities	$	93,759		$	9		$	-98		$	93,670
	Commercial paper		16,472			7			-5			16,474
	Certificates of deposit		5,005			1			-			5,006
	Total securities	$	115,236		$	17		$	-103		$	115,150
	The Company’s specifically identified gross unrealized losses of $103 thousand relates to 23 different securities with total amortized cost of approximately $86.6 million at June 28, 2014.  Because the Company does not intend to sell the investments at a loss and the Company will not be required to sell the investments before recovery of its amortized cost basis, it did not consider the investment in these securities to be other-than-temporarily impaired at June 28, 2014.  Further, the securities with gross unrealized losses had been in a continuous unrealized loss position for less than 12 months as of June 28, 2014.
	The following table is a summary of available-for-sale securities at March 29, 2014 (in thousands):
											Estimated
					Gross			Gross			Fair Value
		Amortized			Unrealized			Unrealized			(Net Carrying
	As of March 29, 2014	Cost			Gains			Losses			Amount)
	Corporate debt securities	$	246,878		$	52		$	-245		$	246,685
	U.S. Treasury securities		56,986			10			-2			56,994
	Agency discount notes		2,008			1			-			2,009
	Commercial paper		41,962			10			-2			41,970
	Certificates of deposit		5,006			-			-4			5,002
	Total securities	$	352,840		$	73		$	-253		$	352,660
	The Company’s specifically identified gross unrealized losses of $253 thousand relates to 74 different securities with total amortized cost of approximately $207.8 million at March 29, 2014.  Because the Company does not intend to sell the investments at a loss and the Company will not be required to sell the investments before recovery of its amortized cost basis, it did not consider the investment in these securities to be other-than-temporarily impaired at March 29, 2014.  Further, the securities with gross unrealized losses had been in a continuous unrealized loss position for less than 12 months as of March 29, 2014.
	The cost and estimated fair value of available-for-sale securities by contractual maturities were as follows (in thousands):
			28-Jun-14						29-Mar-14
			Amortized			Estimated			Amortized			Estimated
			Cost			Fair Value			Cost			Fair Value
	Within 1 year		$	75,261		$	75,198		$	263,418		$	263,417
	After 1 year			39,975			39,952			89,422			89,243
	Total		$	115,236		$	115,150		$	352,840		$	352,660

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	3 Months Ended
	Jun. 28, 2014
Fair Value of Financial Instruments [Abstract]	'
Fair Value of Financial Instruments	'
	4.     Fair Value of Financial Instruments
	The Company has determined that the only assets and liabilities in the Company’s financial statements that are required to be measured at fair value on a recurring basis are the Company’s cash equivalents, investment portfolio and foreign currency hedge assets.  The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement.  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
		•	Level 1 - Quoted prices in active markets for identical assets or liabilities.
		•	Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
		•	Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
	The Company’s investment portfolio assets consist of corporate debt securities, money market funds, U.S. Treasury securities, obligations of certain U.S. government-sponsored enterprises, commercial paper, and certificates of deposit and are reflected on our consolidated condensed balance sheets under the headings cash and cash equivalents, marketable securities, and long-term marketable securities.  The Company determines the fair value of its investment portfolio assets by obtaining non-binding market prices from its third-party portfolio managers on the last day of the quarter, whose sources may use quoted prices in active markets for identical assets (Level 1 inputs) or inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs) in determining fair value.
	The fair value of the foreign currency hedge is included in “Other current assets” on the consolidated condensed balance sheet.  Realized gains (losses) related to the hedge are reported under the caption “Other income (expense)” in the consolidated condensed statements of comprehensive income.
	As of  June 28, 2014, the Company classified its investment portfolio and foreign currency hedge assets as Level 1 or Level 2 inputs.  The Company has no Level 3 assets.  There were no transfers between Level 1, Level 2, or Level 3 measurements for the three month period ending June 28, 2014.
	The fair value of our financial assets at  June 28, 2014, was determined using the following inputs (in thousands):
		Quoted Prices
		in Active		Significant
		Markets for		Other		Significant
		Identical		Observable		Unobservable
		Assets		Inputs		Inputs
		Level 1		Level 2		Level 3		Total
	Cash equivalents
	Money market funds	$	100,662	$	-	$	-	$	100,662
	Commercial paper		-		149,987		-		149,987
		$	100,662	$	149,987	$	-	$	250,649
	Available-for-sale securities
	Corporate debt securities	$	-	$	93,670	$	-	$	93,670
	Commercial paper		-		16,474		-		16,474
	Certificates of deposit		-		5,006		-		5,006
		$	-	$	115,150	$	-	$	115,150
	Foreign currency hedge	$	-	$	11,645	$	-	$	11,645
	The fair value of our financial assets at March 29, 2014, was determined using the following inputs (in thousands):
		Quoted Prices
		in Active		Significant
		Markets for		Other		Significant
		Identical		Observable		Unobservable
		Assets		Inputs		Inputs
		Level 1		Level 2		Level 3		Total
	Cash equivalents
	Money market funds	$	20,456	$	-	$	-	$	20,456
	Commercial paper		-		1,878		-		1,878
		$	20,456	$	1,878	$	-	$	22,334
	Available-for-sale securities
	Corporate debt securities	$	-	$	246,685	$	-	$	246,685
	U.S. Treasury securities		56,994		-		-		56,994
	Agency discount notes		-		2,009		-		2,009
	Commercial paper		-		41,970		-		41,970
	Certificates of deposit		-		5,002		-		5,002
		$	56,994	$	295,666	$	-	$	352,660

Accounts_Receivable_net

Accounts Receivable, net	3 Months Ended
	Jun. 28, 2014
Accounts Receivable, net [Abstract]	'
Accounts Receivable, net	'
	5.     Accounts Receivable, net
	The following are the components of accounts receivable, net (in thousands):
		June 28,		March 29,
		2014		2014
	Gross accounts receivable	$	77,448	$	63,449
	Allowance for doubtful accounts		-229		-229
	Accounts receivable, net	$	77,219	$	63,220

Inventories

Inventories	3 Months Ended
	Jun. 28, 2014
Inventories [Abstract]	'
Inventories	'
	6.     Inventories
	Inventories are comprised of the following (in thousands):
		June 28,		March 29,
		2014		2014
	Work in process	$	53,849	$	37,967
	Finished goods		38,153		31,776
		$	92,002	$	69,743

Acquisition

Acquisition	3 Months Ended
	Jun. 28, 2014
Acquisition [Abstract]	'
Acquisition	'
	7.    Acquisition
	On April 29, 2014, Cirrus Logic announced that Cirrus Logic and the board of directors of Wolfson Microelectronics plc, a public limited company incorporated in Scotland (“Wolfson”), agreed on the terms of a recommended cash offer of £2.35 per share (the “Offer”) to be made by Cirrus Logic for the acquisition of the entire issued and to be issued share capital of Wolfson (the “Acquisition”). The Offer values the entire issued and to be issued share capital of Wolfson at approximately £291 million (approximately $488 million based on a U.S. dollar to pound sterling exchange rate of 1.68) (the “Offer Consideration”), and implies an enterprise value of Wolfson of approximately £278 million (approximately $467 million based on a U.S. dollar to pound sterling exchange rate of 1.68).  The Acquisition will be effected by means of a court-sanctioned scheme of arrangement under the laws of the United Kingdom (the “Scheme”).  On June 23, 2014, Wolfson announced that Wolfson shareholders approved the Acquisition.  Completion of the Acquisition remains subject to the satisfaction or waiver of certain conditions, including the sanction of the Scheme by the Court of Session in Edinburgh, Scotland.  In connection with the Acquisition, we entered into a nine-month foreign currency hedging contract, which is expected to mitigate the risks of foreign currency fluctuation related to this transaction.  The Acquisition, if completed, is expected to strengthen Cirrus Logic’s ability to expand its customer base with highly differentiated, end-to-end audio solutions for portable audio applications.  The Acquisition will be financed by a combination of existing cash on Cirrus Logic’s balance sheet and $225 million in debt funding from Wells Fargo Bank, National Association, as discussed below.  The Acquisition is expected to close in the second quarter of fiscal year 2015.

Revolving_Line_of_Credit

Revolving Line of Credit	3 Months Ended
	Jun. 28, 2014
Line of Credit [Abstract]	'
Revolving Line of Credit	'
	8.     Revolving Line of Credit
	Cirrus Logic entered into a credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association as administrative agent and lender, on April 29, 2014, in connection with the Acquisition.  The Credit Agreement provides for a $225 million senior secured revolving credit facility (the “Credit Facility”).  The Credit Facility may be used for, among other things, payment of the Offer Consideration in connection with the Acquisition.  The Credit Facility matures on the earliest to occur of (a) January 23, 2015, (b) the date of termination of the Commitments as a result of a permanent reduction of all of the Commitments (as defined in the Credit Agreement) by Cirrus Logic or (c) the date of termination of the Commitments as a result of an event of default (such date, the “Maturity Date”).  Cirrus Logic must repay the outstanding principal amount of all borrowings, together with all accrued but unpaid interest thereon, on the Maturity Date.  The Credit Facility is required to be guaranteed by all of Cirrus Logic’s material domestic subsidiaries (the “Subsidiary Guarantors”).  The Credit Facility is secured by substantially all of the assets of Cirrus Logic and any Subsidiary Guarantors, except for certain excluded assets.
	Borrowings under the Credit Facility may, at our election, bear interest at either (a) a base rate plus the applicable margin (“Base Rate Loans”) or (b) a LIBOR rate plus the applicable margin (“LIBOR Rate Loans”). The applicable margin ranges from 0% to .25% per annum for Base Rate Loans and 1.75% to 2.25% per annum for LIBOR Rate Loans based on the Leverage Ratio (as defined below).  A commitment fee accrues at a rate per annum ranging from 0.30% to 0.40% (based on the Leverage Ratio) on the average daily unused portion of the Commitments.  Certain representations and warranties are required under the Credit Agreement, and the Company must be in compliance with specified financial covenants, including (a) the ratio of consolidated funded indebtedness to consolidated EBITDA for the prior four consecutive quarters must not be greater than 1.75 to 1.00 (the “Leverage Ratio”) and (b) the sum of cash and cash equivalents of Cirrus Logic and its subsidiaries on a consolidated basis must not be less than $75 million.  At June 28, 2014, the Company was in compliance with all covenants under the Credit Facility.  There were no borrowings under this facility as of June 28, 2014.
	The Company maintained an unsecured revolving credit facility (the “Expired Credit Facility”) until early fiscal year 2014.  The aggregate borrowing limit under the Expired Credit Facility was $100 million, with a $15 million letter of credit sublimit and was intended to provide the Company with short-term borrowings for working capital and other general corporate purposes.  The Company had no outstanding amounts under the facility prior to its expiration on April 19, 2013.

Income_Taxes

Income Taxes	3 Months Ended
	Jun. 28, 2014
Income Taxes [Abstract]	'
Income Taxes	'
	9.   Income Taxes
	Our provision for income taxes is based on estimated effective tax rates derived from an estimate of annual consolidated earnings before taxes, adjusted for nondeductible expenses, other permanent items and any applicable credits. Our income tax expense is primarily a non-cash charge due to the utilization of U.S. net operating losses.
	The following table presents the provision for income taxes and the effective tax rates (in thousands):
		Three Months Ended
		June 28,		June 29,
		2014		2013
	Income before income taxes	$	15,949	$	31,646
	Provision for income taxes	$	5,701	$	11,004
	Effective tax rate		35.7%		34.8%
	Our income tax expense for the first quarter of fiscal year 2015 was slightly above the federal statutory rate primarily due to the effect of permanent differences that are nondeductible for tax purposes.  Our income tax expense for the first quarter of fiscal year 2014 was slightly below the federal statutory rate primarily due to the effect of the federal research and development credit which was extended through December 31, 2013 by the American Taxpayer Relief Act of 2012, which was enacted on January 2, 2013.
	We had no unrecognized tax benefits as of June 28, 2014.  The Company does not believe that its unrecognized tax benefits will significantly increase or decrease during the next 12 months.
	We accrue interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes.  As of June 28, 2014, the balance of accrued interest and penalties was zero.  No interest or penalties were incurred during the first three months of fiscal year 2015 or 2014.
	The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax in multiple state and foreign jurisdictions.  Fiscal years 2011 through 2014 remain open to examination by the major taxing jurisdictions to which we are subject.

Net_Income_Per_Share

Net Income Per Share	3 Months Ended
	Jun. 28, 2014
Net Income Per Share [Abstract]	'
Net Income Per Share	'
	10.   Net Income Per Share
	Basic net income per share is based on the weighted effect of common shares issued and outstanding and is calculated by dividing net income by the basic weighted average shares outstanding during the period.  Diluted net income per share is calculated by dividing net income by the weighted average number of common shares used in the basic net income per share calculation, plus the equivalent number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares outstanding.  These potentially dilutive items consist primarily of outstanding stock options and restricted stock awards.
	The following table details the calculation of basic and diluted earnings per share for the three months ended June 28, 2014 and June 29, 2013 (in thousands, except per share amounts):
		Three Months Ended
		June 28,		June 29,
		2014		2013
	Numerator:
	Net income	$	10,248	$	20,642
	Denominator:
	Weighted average shares outstanding		62,032		63,363
	Effect of dilutive securities		2,656		2,825
	Weighted average diluted shares		64,688		66,188
	Basic earnings per share	$	0.17	$	0.33
	Diluted earnings per share	$	0.16	$	0.31
	The weighted outstanding shares excluded from our diluted calculation for the three months ended June 28, 2014 and June 29, 2013 were 640 thousand and 1,068 thousand, respectively, as the shares were  anti-dilutive.

Legal_Matters

Legal Matters	3 Months Ended
	Jun. 28, 2014
Legal Matters [Abstract]	'
Legal Matters	'
	11.   Legal Matters
	From time to time, we are involved in legal proceedings concerning matters arising in connection with the conduct of our business activities.  We regularly evaluate the status of legal proceedings in which we are involved in order to assess whether a loss is probable or there is a reasonable possibility that a loss or additional loss may have been incurred and determine if accruals are appropriate.  We further evaluate each legal proceeding to assess whether an estimate of possible loss or range of loss can be made.
	On June 4, 2012, U.S. Ethernet Innovations, LLC (the “Plaintiff”) filed suit against Cirrus Logic and two other defendants in the U.S. District Court, Eastern District of Texas.  The Plaintiff alleges that Cirrus Logic infringed four U.S. patents relating to Ethernet technology.  In its complaint, the Plaintiff indicated that it is seeking unspecified monetary damages, including up to treble damages for willful infringement.  We answered the complaint on June 29, 2012, denying the allegations of infringement and seeking a declaratory judgment that the patents in suit were invalid and not infringed.  The parties entered into a settlement agreement on May 30, 2013.  In exchange for a full release of claims as it relates to the asserted patent, we paid the Plaintiff $0.7 million.  This amount is recorded as a separate line item on the consolidated condensed statements of comprehensive income under the caption “Patent infringement settlements, net.”
	For the case described below, management is unable to provide a meaningful estimate of the possible loss or range of possible loss because, among other reasons, (i) the proceedings are in various stages; (ii) damages have not been sought or specified; (iii) damages are unsupported and/or exaggerated; (iv) there is uncertainty as to the outcome of pending appeals or motions; (v) there are significant factual issues to be resolved; and/or (vi) there are novel legal issues or unsettled legal theories to be presented or a large number of parties.  For this case, however, management does not believe, based on currently available information, that the outcome of this proceeding will have a material adverse effect on our financial condition.  However, the ultimate resolutions of this proceeding and matters are inherently difficult to predict; as such, our operating results could be materially affected  by the unfavorable resolution of this proceeding or matters for any particular period, depending, in part, upon the operating results for such period.  We intend to vigorously defend ourselves against the allegations made in the legal case described below.
	On June 17, 2014, Enterprise Systems Technologies S.a.r.l. (the “Plaintiff”) filed suit against Cirrus Logic, Inc. in the U.S. District Court, District of Delaware.  The Plaintiff alleges that Cirrus Logic indirectly infringes two U.S. patents through the manufacture and sale of digital signal processors, audio codecs, audio processors, and other components included in communications and consumer electronic devices such as smartphones and computers.  The Plaintiff is seeking unspecified monetary damages.

Stockholders_Equity

Stockholder's Equity	3 Months Ended
	Jun. 28, 2014
Stockholder's Equity [Abstract]	'
Stockholder's Equity	'
	12.   Stockholders’ Equity
	Common Stock
	The Company issued a net 0.2 million and 0.1 million shares of common stock during the three month periods ending June 28, 2014,  and June 29, 2013, respectively, in connection with stock issuances pursuant to the Company’s 2006 Stock Incentive Plan.

Segment_Information

Segment Information	3 Months Ended
	Jun. 28, 2014
Segment Information [Abstract]	'
Segment Information	'
	13.   Segment Information
	We determine our operating segments in accordance with Financial Accounting Standards Board guidelines.  Our Chief Executive Officer (“CEO”) has been identified as the chief operating decision maker under these guidelines.
	The Company operates and tracks its results in one reportable segment, but reports revenue performance in two product lines, which currently are audio and energy.   Our CEO receives and uses enterprise-wide financial information to assess financial performance and allocate resources, rather than detailed information at a product line level.  Additionally, our product lines have similar characteristics and customers.  They share operations support functions such as sales, public relations, supply chain management, various research and development and engineering support, in addition to the general and administrative functions of human resources, legal, finance and information technology.  Therefore, there is no complete, discrete financial information maintained for these product lines.
	Revenues from our product lines are as follows (in thousands):
		Three Months Ended
		June 28,		June 29,
		2014		2013
	Audio Products	$	141,161	$	143,666
	Energy Products		11,404		11,459
		$	152,565	$	155,125

Marketable_Securities_Tables

Marketable Securities (Tables)	3 Months Ended
	Jun. 28, 2014
Marketable Securities [Abstract]	'
Schedule of Available-for-sale Securities	'
											Estimated
					Gross			Gross			Fair Value
		Amortized			Unrealized			Unrealized			(Net Carrying
	As of June 28, 2014	Cost			Gains			Losses			Amount)
	Corporate debt securities	$	93,759		$	9		$	-98		$	93,670
	Commercial paper		16,472			7			-5			16,474
	Certificates of deposit		5,005			1			-			5,006
	Total securities	$	115,236		$	17		$	-103		$	115,150
	The Company’s specifically identified gross unrealized losses of $103 thousand relates to 23 different securities with total amortized cost of approximately $86.6 million at June 28, 2014.  Because the Company does not intend to sell the investments at a loss and the Company will not be required to sell the investments before recovery of its amortized cost basis, it did not consider the investment in these securities to be other-than-temporarily impaired at June 28, 2014.  Further, the securities with gross unrealized losses had been in a continuous unrealized loss position for less than 12 months as of June 28, 2014.
	The following table is a summary of available-for-sale securities at March 29, 2014 (in thousands):
											Estimated
					Gross			Gross			Fair Value
		Amortized			Unrealized			Unrealized			(Net Carrying
	As of March 29, 2014	Cost			Gains			Losses			Amount)
	Corporate debt securities	$	246,878		$	52		$	-245		$	246,685
	U.S. Treasury securities		56,986			10			-2			56,994
	Agency discount notes		2,008			1			-			2,009
	Commercial paper		41,962			10			-2			41,970
	Certificates of deposit		5,006			-			-4			5,002
	Total securities	$	352,840		$	73		$	-253		$	352,660
Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity	'
			28-Jun-14						29-Mar-14
			Amortized			Estimated			Amortized			Estimated
			Cost			Fair Value			Cost			Fair Value
	Within 1 year		$	75,261		$	75,198		$	263,418		$	263,417
	After 1 year			39,975			39,952			89,422			89,243
	Total		$	115,236		$	115,150		$	352,840		$	352,660

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Jun. 28, 2014
Fair Value of Financial Instruments [Abstract]	'
Schedule of Fair Value of Financial Assets	'
		Quoted Prices
		in Active		Significant
		Markets for		Other		Significant
		Identical		Observable		Unobservable
		Assets		Inputs		Inputs
		Level 1		Level 2		Level 3		Total
	Cash equivalents
	Money market funds	$	100,662	$	-	$	-	$	100,662
	Commercial paper		-		149,987		-		149,987
		$	100,662	$	149,987	$	-	$	250,649
	Available-for-sale securities
	Corporate debt securities	$	-	$	93,670	$	-	$	93,670
	Commercial paper		-		16,474		-		16,474
	Certificates of deposit		-		5,006		-		5,006
		$	-	$	115,150	$	-	$	115,150
	Foreign currency hedge	$	-	$	11,645	$	-	$	11,645
	The fair value of our financial assets at March 29, 2014, was determined using the following inputs (in thousands):
		Quoted Prices
		in Active		Significant
		Markets for		Other		Significant
		Identical		Observable		Unobservable
		Assets		Inputs		Inputs
		Level 1		Level 2		Level 3		Total
	Cash equivalents
	Money market funds	$	20,456	$	-	$	-	$	20,456
	Commercial paper		-		1,878		-		1,878
		$	20,456	$	1,878	$	-	$	22,334
	Available-for-sale securities
	Corporate debt securities	$	-	$	246,685	$	-	$	246,685
	U.S. Treasury securities		56,994		-		-		56,994
	Agency discount notes		-		2,009		-		2,009
	Commercial paper		-		41,970		-		41,970
	Certificates of deposit		-		5,002		-		5,002
		$	56,994	$	295,666	$	-	$	352,660

Accounts_Receivable_net_Tables

Accounts Receivable, net (Tables)	3 Months Ended
	Jun. 28, 2014
Accounts Receivable, net [Abstract]	'
Components of Accounts Receivable, net	'
		June 28,		March 29,
		2014		2014
	Gross accounts receivable	$	77,448	$	63,449
	Allowance for doubtful accounts		-229		-229
	Accounts receivable, net	$	77,219	$	63,220

Inventories_Tables

Inventories (Tables)	3 Months Ended
	Jun. 28, 2014
Inventories [Abstract]	'
Schedule of Inventories	'
		June 28,		March 29,
		2014		2014
	Work in process	$	53,849	$	37,967
	Finished goods		38,153		31,776
		$	92,002	$	69,743

Income_Taxes_Tables

Income Taxes (Tables)	3 Months Ended
	Jun. 28, 2014
Income Taxes [Abstract]	'
Schedule of Provision for Income Taxes and Effective Tax Rates	'
		Three Months Ended
		June 28,		June 29,
		2014		2013
	Income before income taxes	$	15,949	$	31,646
	Provision for income taxes	$	5,701	$	11,004
	Effective tax rate		35.7%		34.8%

Net_Income_Per_Share_Tables

Net Income Per Share (Tables)	3 Months Ended
	Jun. 28, 2014
Net Income Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted	'
		Three Months Ended
		June 28,		June 29,
		2014		2013
	Numerator:
	Net income	$	10,248	$	20,642
	Denominator:
	Weighted average shares outstanding		62,032		63,363
	Effect of dilutive securities		2,656		2,825
	Weighted average diluted shares		64,688		66,188
	Basic earnings per share	$	0.17	$	0.33
	Diluted earnings per share	$	0.16	$	0.31

Segment_Information_Tables

Segment Information (Tables)	3 Months Ended
	Jun. 28, 2014
Segment Information [Abstract]	'
Schedule of Segment Revenue from Product Lines	'
		Three Months Ended
		June 28,		June 29,
		2014		2013
	Audio Products	$	141,161	$	143,666
	Energy Products		11,404		11,459
		$	152,565	$	155,125

Marketable_Securities_Narrativ

Marketable Securities (Narrative) (Details) (USD $)	Jun. 28, 2014	Mar. 29, 2014
	security	security
Marketable Securities [Abstract]	'	'
Gross Unrealized Losses	($103,000)	($253,000)
Amortized cost on available for sale securities held at gross unrealized loss	$86,600,000	$207,800,000
Number of securities	23	74

Marketable_Securities_Schedule

Marketable Securities (Schedule of Available-for-sale Securities) (Details) (USD $)	Jun. 28, 2014	Mar. 29, 2014
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]	'	'
Estimated Fair Value	$115,150	$352,660
Gross Unrealized Gains	17	73
Gross Unrealized Losses	-103	-253
Amortized Cost	115,236	352,840
Corporate Debt Securities - U.S. [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Estimated Fair Value	93,670	246,685
Gross Unrealized Gains	9	52
Gross Unrealized Losses	-98	-245
Amortized Cost	93,759	246,878
U.S. Treasury Securities [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Estimated Fair Value	'	56,994
Gross Unrealized Gains	'	10
Gross Unrealized Losses	'	-2
Amortized Cost	'	56,986
Agency Discount Notes [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Estimated Fair Value	'	2,009
Gross Unrealized Gains	'	1
Amortized Cost	'	2,008
Commercial Paper [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Estimated Fair Value	16,474	41,970
Gross Unrealized Gains	7	10
Gross Unrealized Losses	-5	-2
Amortized Cost	16,472	41,962
Certificates of Deposit [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Estimated Fair Value	5,006	5,002
Gross Unrealized Gains	1	'
Gross Unrealized Losses	'	-4
Amortized Cost	$5,005	$5,006

Marketable_Securities_Schedule1

Marketable Securities (Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity) (Details) (USD $)	Jun. 28, 2014	Mar. 29, 2014
In Thousands, unless otherwise specified
Marketable Securities [Abstract]	'	'
Within 1 year, Amortized Cost	$75,261	$263,418
After 1 year, Amortized Cost	39,975	89,422
Within 1 year, Estimated Fair Value	75,198	263,417
After 1 year, Estimated Fair Value	39,952	89,243
Amortized Cost	115,236	352,840
Estimated Fair Value	$115,150	$352,660

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments (Schedule of Fair Value of Financial Assets) (Details) (USD $)	Jun. 28, 2014	Mar. 29, 2014
In Thousands, unless otherwise specified
Cash Equivalents [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of financial assets	$250,649	$22,334
Cash Equivalents [Member] | Quoted Prices In Active Markets For Identical Assets Level 1 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of financial assets	100,662	20,456
Cash Equivalents [Member] | Significant Other Observable Inputs Level 2 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of financial assets	149,987	1,878
Cash Equivalents [Member] | Money-Market Funds [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of financial assets	100,662	20,456
Cash Equivalents [Member] | Money-Market Funds [Member] | Quoted Prices In Active Markets For Identical Assets Level 1 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of financial assets	100,662	20,456
Cash Equivalents [Member] | Commercial Paper [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of financial assets	149,987	1,878
Cash Equivalents [Member] | Commercial Paper [Member] | Significant Other Observable Inputs Level 2 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of financial assets	149,987	1,878
Available-for-sale Securities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of financial assets	115,150	352,660
Available-for-sale Securities [Member] | Quoted Prices In Active Markets For Identical Assets Level 1 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of financial assets	'	56,994
Available-for-sale Securities [Member] | Significant Other Observable Inputs Level 2 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of financial assets	115,150	295,666
Available-for-sale Securities [Member] | Corporate Debt Securities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of financial assets	93,670	246,685
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | Significant Other Observable Inputs Level 2 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of financial assets	93,670	246,685
Available-for-sale Securities [Member] | U.S. Treasury Securities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of financial assets	'	56,994
Available-for-sale Securities [Member] | U.S. Treasury Securities [Member] | Quoted Prices In Active Markets For Identical Assets Level 1 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of financial assets	'	56,994
Available-for-sale Securities [Member] | Agency Discount Notes [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of financial assets	'	2,009
Available-for-sale Securities [Member] | Agency Discount Notes [Member] | Significant Other Observable Inputs Level 2 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of financial assets	'	2,009
Available-for-sale Securities [Member] | Commercial Paper [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of financial assets	16,474	41,970
Available-for-sale Securities [Member] | Commercial Paper [Member] | Significant Other Observable Inputs Level 2 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of financial assets	16,474	41,970
Available-for-sale Securities [Member] | Certificates of Deposit [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of financial assets	5,006	5,002
Available-for-sale Securities [Member] | Certificates of Deposit [Member] | Significant Other Observable Inputs Level 2 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of financial assets	5,006	5,002
Foreign currency hedge [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of financial assets	11,645	'
Foreign currency hedge [Member] | Significant Other Observable Inputs Level 2 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of financial assets	$11,645	'

Accounts_Receivable_net_Compon

Accounts Receivable, net (Components of Accounts Receivable, net) (Details) (USD $)	Jun. 28, 2014	Mar. 29, 2014
In Thousands, unless otherwise specified
Accounts Receivable, net [Abstract]	'	'
Gross accounts receivable	$77,448	$63,449
Allowance for doubtful accounts	-229	-229
Accounts receivable, net	$77,219	$63,220

Inventories_Schedule_of_Invent

Inventories (Schedule of Inventories) (Details) (USD $)	Jun. 28, 2014	Mar. 29, 2014
In Thousands, unless otherwise specified
Inventories [Abstract]	'	'
Work in process	$53,849	$37,967
Finished goods	38,153	31,776
Total inventories	$92,002	$69,743

Acquisition_Narrative_Details

Acquisition (Narrative) (Details)	0 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Apr. 29, 2014	Apr. 29, 2014	Jun. 28, 2014
	USD ($)	GBP (£)	USD ($)
Payments to Acquire Businesses, Net of Cash Acquired [Abstract]	'	'	'
Business acquisition, share price	'	£ 2.35	'
Offer consideration	$488,000	£ 291,000	'
Enterprise value	467,000	278,000	'
Foreign currency exchange rate, translation	1.68	'	'
Line of credit facility maximum borrowing capacity	'	'	$225,000

Revolving_Line_of_Credit_Narra

Revolving Line of Credit (Narrative) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 28, 2014
Line of credit facility maximum borrowing capacity	225,000
Wolfson Wells Fargo Line of Credit [Member]	'
Line of credit facility maximum borrowing capacity	225,000
Covenant terms, leverage ratio requirement	175.00%
Covenant terms, sum of cash and cash equiv requirement	75,000
Wolfson Wells Fargo Line of Credit [Member] | Maximum [Member]	'
Line of credit facility, unused capacity, commitment fee percentage	0.40%
Wolfson Wells Fargo Line of Credit [Member] | Maximum [Member] | Base Rate [Member]	'
Line of credit facility, interest rate description	'.25%
Wolfson Wells Fargo Line of Credit [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]	'
Line of credit facility, interest rate description	'2.25%
Wolfson Wells Fargo Line of Credit [Member] | Minimum [Member]	'
Line of credit facility, unused capacity, commitment fee percentage	0.30%
Wolfson Wells Fargo Line of Credit [Member] | Minimum [Member] | Base Rate [Member]	'
Line of credit facility, interest rate description	'0%
Wolfson Wells Fargo Line of Credit [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]	'
Line of credit facility, interest rate description	'1.75%
Expired Wells Fargo Line of Credit [Member]	'
Line of credit facility maximum borrowing capacity	100,000
Revolving credit sublimit	15,000

Income_Taxes_Narrative_Details

Income Taxes (Narrative) (Details) (USD $)	3 Months Ended
	Jun. 28, 2014
Income Taxes [Abstract]	'
Unrecognized tax benefit	$0
Accrued interest and penalties	0
Interest and penalties incurred during period	$0

Income_Taxes_Table_Details

Income Taxes (Table) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 28, 2014	Jun. 29, 2013
Income Taxes [Abstract]	'	'
Pre-tax income	$15,949	$31,646
Provision for income taxes	$5,701	$11,004
Effective tax rate	35.70%	34.80%

Net_Income_Per_Share_Narrative

Net Income Per Share (Narrative) (Details)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 28, 2014	Jun. 29, 2013
Net Income Per Share [Abstract]	'	'
Weighted average outstanding options excluded from diluted calculation	640	1,068

Net_Income_Per_Share_Calculati

Net Income Per Share (Calculation Of Basic And Diluted Earnings Per Share) (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 28, 2014	Jun. 29, 2013
Net Income Per Share [Abstract]	'	'
Net income	$10,248	$20,642
Basic weighted average common shares outstanding	62,032	63,363
Effect of dilutive securities	2,656	2,825
Diluted weighted average common shares outstanding	64,688	66,188
Basic earnings per share	$0.17	$0.33
Diluted earnings per share	$0.16	$0.31

Legal_Matters_Details

Legal Matters (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 29, 2013
Legal Matters [Abstract]	'
Patent infringement settlements, net	($695)

Stockholders_Equity_Details

Stockholder's Equity (Details)	3 Months Ended
In Millions, unless otherwise specified	Jun. 28, 2014	Jun. 29, 2013
Stockholder's Equity [Abstract]	'	'
Stock issued during period, shares, stock options exercised	0.2	0.1

Segment_Information_Schedule_o

Segment Information (Schedule of Segment Revenue from Product Lines) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 28, 2014	Jun. 29, 2013
Segment Reporting Information [Line Items]	'	'
Net sales	$152,565	$155,125
Audio Products [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Net sales	141,161	143,666
Energy Products [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Net sales	$11,404	$11,459