Cirrus Logic (CRUS) 10-Q 27 Jan 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 26, 2015	Jan. 22, 2016
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Entity Registrant Name	CIRRUS LOGIC INC
Entity Central Index Key	772,406
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	Dec. 26, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--03-26
Entity Common Stock, Shares Outstanding		63,121,642

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Dec. 26, 2015	Mar. 28, 2015
Assets
Cash and cash equivalents	$ 159,572	$ 76,401
Marketable securities	67,148	124,246
Accounts receivable, net	127,754	112,608
Inventories	137,723	84,196
Deferred tax assets	19,404	18,559
Prepaid assets	29,870	27,093
Other current assets	8,112	8,810
Total current assets	549,583	451,913
Long-term marketable securities	22,327	60,072
Property and equipment, net	159,149	144,346
Intangibles, net	171,664	175,743
Goodwill	287,518	263,115
Deferred tax assets	27,581	25,593
Other assets	18,099	27,996
Total assets	1,235,921	1,148,778
Liabilities and Stockholders' Equity
Accounts payable	114,483	112,213
Accrued salaries and benefits	22,438	24,132
Deferred income	4,162	6,105
Software license agreement	20,155	18,711
Other accrued liabilities	16,146	15,417
Total current liabilities	177,384	176,578
Debt	160,439	180,439
Software license agreement long-term	11,051	26,204
Other long-term liabilities	27,172	8,786
Total long-term liabilities	198,662	215,429
Stockholders' Equity:
Capital stock	1,198,547	1,159,494
Accumulated deficit	(336,653)	(400,613)
Accumulated other comprehensive loss	(2,019)	(2,110)
Total stockholders' equity	859,875	756,771
Total liabilities and stockholders' equity	$ 1,235,921	$ 1,148,778

Consolidated Condensed Statemen

Consolidated Condensed Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 26, 2015	Dec. 27, 2014	Dec. 26, 2015	Dec. 27, 2014
Consolidated Condensed Statements of Income [Abstract]
Net sales	$ 347,863	$ 298,606	$ 937,252	$ 661,385
Cost of sales	182,952	167,775	497,666	354,612
Gross profit	164,911	130,831	439,586	306,773
Operating expenses:
Research and development	70,290	55,474	203,383	139,808
Selling, general and administrative	30,632	27,783	89,854	69,011
Acquisition related costs		3,200		18,137
Restructuring and other, net				1,455
Patent agreement and other	78		(11,670)
Total operating expenses	101,000	86,457	281,567	228,411
Income from operations	63,911	44,374	158,019	78,362
Interest income	165	89	634	419
Interest expense	(756)	(1,131)	(2,464)	(4,598)
Other expense	(925)	(1,071)	(1,313)	(12,564)
Income before income taxes	62,395	42,261	154,876	61,619
Provision for income taxes	21,011	19,532	45,258	27,790
Net income	$ 41,384	$ 22,729	$ 109,618	$ 33,829
Basic earnings per share	$ 0.65	$ 0.36	$ 1.73	$ 0.54
Diluted earnings per share	$ 0.63	$ 0.35	$ 1.66	$ 0.52
Basic weighted average common shares outstanding	63,328	62,885	63,316	62,386
Diluted weighted average common shares outstanding	65,761	65,214	66,184	65,024

Consolidated Condensed Stateme4

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 26, 2015	Dec. 27, 2014	Dec. 26, 2015	Dec. 27, 2014
Consolidated Condensed Statements of Comprehensive Income [Abstract]
Net income	$ 41,384	$ 22,729	$ 109,618	$ 33,829
Changes to foreign currency
Foreign currency translation	(4)		174
Changes to available-for-sale securities
Unrealized gain (loss) on marketable securities	(104)	(51)	(183)	91
Change to pension liabilities
Reclassification of actuarial loss to net income	17		49
Net changes to foreign currency derivatives
Reclassification of unrealized loss to net income		29
Benefit (provision) for income taxes	37	18	51	(32)
Comprehensive income	$ 41,330	$ 22,725	$ 109,709	$ 33,888

Consolidated Condensed Stateme5

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 26, 2015	Dec. 27, 2014
Cash flows from operating activities:
Net income	$ 109,618	$ 33,829
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	43,254	21,978
Stock compensation expense	24,717	29,813
Deferred income taxes	8,021	24,931
Loss on retirement or write-off of long-lived assets	1,405	949
Excess tax benefit from employee stock awards	(9,350)	(24,508)
Other non-cash charges	14,381	16,129
Net change in operating assets and liabilities:
Accounts receivable, net	(15,066)	(73,122)
Inventories	(53,527)	26,377
Other current assets	(4,645)	2,733
Accounts payable and other accrued liabilities	861	888
Deferred income	(1,943)	(765)
Income taxes payable	(1,428)	484
Net cash provided by operating activities	116,298	59,716
Cash flows from investing activities:
Proceeds from sale of available for sale marketable securities	117,397	272,510
Purchases of available for sale marketable securities	(22,672)	(29,256)
Purchases of property, equipment and software	(33,720)	(19,927)
Investments in technology	(3,981)	(1,346)
Loss on foreign exchange hedging activities		(11,976)
Acquisition, net of cash obtained	(36,788)
Increase in deposits and other assets	(2,012)	(692)
Net cash provided by (used in) investing activities	18,224	(234,825)
Cash flows from financing activities:
Proceeds from long-term revolver		226,439
Principal payments on long-term revolver	(20,000)	(26,000)
Debt issuance costs		(2,825)
Issuance of common stock, net of shares withheld for taxes	4,958	2,454
Repurchase of stock to satisfy employee tax withholding obligations	(6,459)	(4,175)
Repurchase and retirement of common stock	(39,200)	(10,535)
Excess tax benefit from employee stock awards	9,350	24,508
Net cash (used in) provided by financing activities	(51,351)	209,866
Net (decrease) increase in cash and cash equivalents	83,171	34,757
Cash and cash equivalents at beginning of period	76,401	31,850
Cash and cash equivalents at end of period	$ 159,572	66,607
Wolfson[Member]
Cash flows from investing activities:
Acquisition, net of cash obtained		$ (444,138)

Basis of Presentation

Basis of Presentation	9 Months Ended
	Dec. 26, 2015
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 28, 2015, included in our Annual Report on Form 10-K filed with the Commission on May 27, 2015. In our opinion, the financial statements reflect all material 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 Pron

Recently Issued Accounting Pronouncements	9 Months Ended
	Dec. 26, 2015
Recently Issued Accounting Pronouncements [Abstract]
Recently Issued Accounting Pronouncements	2. Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (ASC Topic 606) . The purpose of this 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. I n August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date after public comment respondents supported a proposal to delay the effective date of this ASU to annual reporting periods beginning after December 15, 2017 , including interim reporting periods within that reporting period . The Company is currently evaluating the impact of this ASU on its financial statements . In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern . The amendments in this ASU provide guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is currently evaluating this ASU and expects no material modifications to its financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . The amendments in this update require that debt issuance costs related to a recognized debt liability are presented in the balance sheet as a direct deduction from the carrying amount of that debt liability and that the amortization of debt issuance costs is reported as interest expense. ASU 2015-03 is to be applied retrospectively and represents a change in accounting principle. In August 2015, the FASB issued FASB ASU No. 2015-15, Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements . ASU 2015-15 clarified the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. Debt issuance costs related to a line-of-credit arrangement may be presented in the balance sheet as an asset and subsequently amortized ratably over the term of the arrangement regardless of whether there are any outstanding borrowings. Both ASU 2015-03 and ASU 2015-15 are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. Earlier adoption is permitted for financial statements that have not been previously issued. The Company is currently evaluating the effect that the adoption of these ASU s will have on its financial statements. In April 2015, the FASB issued ASU No. 2015-04, Compensation – Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets. The ASU is part of the FASB’s “Simplification Initiative” to reduce complexity in accounting standards. The FASB decided to permit entities to measure defined benefit plan assets and obligations as of the month-end that is closest to their fiscal year-end. An entity is required to disclose the accounting policy election and the date used to measure defined benefit plan assets and obligations in accordance with the amendments in this u pdate. The amendments in this u pdate are effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with earlier application permitted. The Company is currently evaluating the likelihood of adoption and the impact this ASU would have on its financial statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments . This ASU requires an acquirer in a business combination to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect on earnings of changes in depreciation, amortization or other income effects, as a result of the change in provisional amounts, are to be included in the same period’s financial statements, calculated as if the accounting had been completed at the acquisition date. The amendments in this update are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years and shall be applied prospectively to adjustments to provisional amounts that occur after the effective date of this ASU. Earlier application is permitted for financial statements that have not been issued. The Company is currently evaluating this ASU and its impact on the financial statements. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. The FASB determined that the current practice of separating deferred tax liabilities and assets into current and noncurrent amounts in the balance sheet resulted in little to no benefit to financial statement users. Effective for financial statements issued for annual periods beginning after December 15, 2016 and interim periods therein, this ASU will require that deferred tax liabilities and assets be classified as noncurrent. Earlier application is permitted as of the beginning of an interim or annual reporting period and can be applied either prospectively to all deferred tax assets and liabilities or retrospectively to all periods presented. The Company is currently evaluating this ASU and its impact on the financial statements.

Marketable Securities

Marketable Securities	9 Months Ended
	Dec. 26, 2015
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 December 26 , 201 5 (in thousands): Estimated Gross Gross Fair Value Amortized Unrealized Unrealized (Net Carrying As of December 26, 2015 Cost Gains Losses Amount) Corporate debt securities $ 89,731 $ - $ (256) $ 89,475 The Company’s specifically identified gross unrealized losses of $ 256 thousand relate to 28 different securities with total amortized cost of approximately $ 88.7 million at December 26, 2015. 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 December 26, 2015. Further, the securities with gross unrealized losses had been in a continuous unrealized loss position for less than 12 months as of December 26, 2015. The following table is a summary of available-for-sale securities at March 28, 2015 (in thousands): Estimated Gross Gross Fair Value Amortized Unrealized Unrealized (Net Carrying As of March 28, 2015 Cost Gains Losses Amount) Corporate debt securities $ 153,896 $ 8 $ (68) $ 153,836 U.S. Treasury securities 28,010 - (15) 27,995 Commercial paper 2,485 2 - 2,487 Total securities $ 184,391 $ 10 $ (83) $ 184,318 The Company’s specifically identified gross unrealized losses of $ 83 thousand relate to 34 different securities with total amortized cost of approximately $ 154.3 million at March 2 8 , 201 5 . Because the Company d id not intend to sell the investments at a loss and the Company did not expect to 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 2 8 , 201 5 . Further, the securities with gross unrealized losses had been in a continuous unrealized loss position for less than 12 months as of March 2 8 , 201 5 . The cost and estimated fair value of available-for-sale securities by contractual maturities were as follows (in thousands): December 26, 2015 March 28, 2015 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Within 1 year $ 67,235 $ 67,148 $ 124,275 $ 124,246 After 1 year 22,496 22,327 60,116 60,072 Total $ 89,731 $ 89,475 $ 184,391 $ 184,318

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Dec. 26, 2015
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, pension plan assets / liabilities and contingent consideration . 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 (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s cash equivalents and investment portfolio assets consist of corporate debt securities, money market funds, U.S. Treasury securities, and commercial paper 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. In connection with one of the Company’s second quarter fiscal year 2016 acquisitions, the Company reported contingent consideration based upon achievement of certain milestones. This liability is classified as Level 3 and initially valued using a discounted cash flow model. The assumptions used in preparing the discounted cash flow include discount rate estimates and cash flow amounts. See additional details below. The Company’s long-term revolving facility, described in Note 8, bears interest at a base rate plus applicable margin or LIBOR plus applicable margin. As of December 26 , 2015, the fair value of the Company’s long-term revolving facility approximates carrying value. As of December 26 , 2015 and March 28, 2015, the Company classified all of its investment portfolio and pension plan assets as Level 1 or Level 2 assets. The only Level 3 liabilit y is the contingent consideration described above and below . The Company has no Level 3 assets. There were no transfers between Level 1, Level 2, or Level 3 measurements for the nine month s ending December 26 , 2015. The following table summarizes the fair value of our financial instruments, exclusive of pension plan assets, at December 26 , 2015, (in thousands): Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market funds $ 7,876 $ - $ - $ 7,876 Available-for-sale securities Corporate debt securities $ - $ 89,475 $ - $ 89,475 Liabilities: Other accrued liabilities Contingent consideration $ - $ - $ 8,600 $ 8,600 The fair value of our financial assets at March 28 , 2015, 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 $ 996 $ - $ - $ 996 Available-for-sale securities Corporate debt securities $ - $ 153,836 $ - $ 153,836 U.S. Treasury securities 27,995 - - 27,995 Commercial paper - 2,487 - 2,487 $ 27,995 $ 156,323 $ - $ 184,318 Contingent consideration Maximum Value if Milestones Achieved (in thousands) Estimated Discount Rate (%) Fair Value (in thousands) Tranche A - 18 month earn out period $ 5,000 7.3 $ 4,500 Tranche B - 30 month earn out period 5,000 7.7 4,100 $ 10,000 $ 8,600 The valuation of contingent consideration was initially based on a weighted-average discounted cash flows model. The fair value is reviewed and estimated on a quarterly basis based on the probability of achieving defined milestones and current interest rates. Significant changes in any of the unobservable inputs used in the fair value measurement of contingent consideration could result in a significantly lower or higher fair value. A change in projected outcomes if milestones are achieved would be accompanied by a directionally similar change in fair value. A change in discount rate would be accompanied by a directionally opposite change in fair value. Changes to the fair value due to changes in assumptions would be reported in research and development expense in the Consolidated Condensed Statements of Income. No such changes to the observable inputs were noted in the current fiscal quarter.

Accounts Receivable, net

Accounts Receivable, net	9 Months Ended
	Dec. 26, 2015
Accounts Receivable, net [Abstract]
Accounts Receivable, net	5 . Accounts Receivable, net The following are the components of accounts receivable, net (in thousands): December 26, March 28, 2015 2015 Gross accounts receivable $ 128,109 $ 112,964 Allowance for doubtful accounts (355) (356) Accounts receivable, net $ 127,754 $ 112,608

Inventories

Inventories	9 Months Ended
	Dec. 26, 2015
Inventories [Abstract]
Inventories	6 . Inventories Inventories are comprised of the following (in thousands): December 26, March 28, 2015 2015 Work in process $ 77,378 $ 64,663 Finished goods 60,345 19,533 $ 137,723 $ 84,196 The increase in inventory balances at December 26 , 2015, as compared to March 28, 2015, is primarily related to production ramps ahead of customer demand.

Acquisition

Acquisition	9 Months Ended
	Dec. 26, 2015
Acquisition [Abstract]
Acquisition	7 . Acquisition s Cirrus Logic completed the acquisition of Wolfson Microelectronics plc (the “Acquisition”), a public limited company incorporated in Scotland (“Wolfson”) in the second quarter of fiscal year 2015 . Upon completion of the A cquisition, Wolfson was re-registered as a private limited company. The Acquisition was accounted for as a business purchase pursuant to ASC Topic 805, Business Combinations, and the operations of Wolfson have been included in the Company’s consolidated financial statements since August 21, 2014, the date of acquisition. The following table presents the final allocation of the purchase price to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition as of December 26 , 2015 (in thousands): Amount Cash and cash equivalents $ 25,342 Inventory 30,530 Other current assets 16,226 Property, plant and equipment 27,398 Intangible assets 175,987 Pension assets 1,625 Total identifiable assets acquired $ 277,108 Deferred tax liability (12,426) Deferred revenue (551) Other accrued liabilities (39,417) Other long-term liabilities (2,449) Total identifiable liabilities assumed $ (54,843) Net identifiable assets acquired $ 222,265 Goodwill 247,216 Net assets acquired $ 469,481 The goodwill of $24 7.2 million arising from the Acquisition is attributable primarily to expected synergies and the product and customer base of Wolfson. None of the goodwill is expected to be deductible for income tax purposes. The components of the acquired intangible assets and related weighted average amortization periods are detailed below (in thousands): Intangible assets Amount Weighted-average Amortization Period (years) Developed technology $ 74,247 6.2 Technology intellectual property 14,572 5.3 Trademark 1,437 1.3 IPR&D 72,750 7.3 Customer relationships 12,981 10.0 Total $ 175,987 In the second quarter of fiscal year 2016, the Company acquired two small technology companies for approximately $3 6 . 8 million, net of cash obtained, with the goal of broadening its software capabilities . The acquisitions were recorded using the acquisition method of accounting. The Company is currently finalizing the amounts recorded , including review of working capital; however we do not expect a material change to the balances presented. The Company expects to complete its purchase price allocation by fiscal year end. The consolidated condensed statements of income presented include the results of operations of each acquired company since the date of the acquisition. Pro forma information related to these acquisitions has not been presented because it would not be materially different from amounts reported. See Note 4 – Fair Value of Financial Instruments above, for additional information related to contingent consideration reported in relation to one of the acquisitions.

Revolving Credit Facilities

Revolving Credit Facilities	9 Months Ended
	Dec. 26, 2015
Line of Credit [Abstract]
Revolving Credit Facilities	8. Revolving Credit Facilities Cirrus Logic’s credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as Administrative Agent, and the Lenders party thereto provides for a $250 million senior secured revolving credit facility (the “Credit Facility”). The Credit Facility replaced Cirrus Logic’s interim credit facility described below, and may be used for general corporate purposes. The Credit Facility matures on August 29, 2017. 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 Cirrus Logic’s 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 0 .25% per annum for Base Rate Loans and 1.50% to 2.00% per annum for LIBOR Rate Loans based on Cirrus Logic’s Leverage Ratio (discussed below). A Commitment Fee accrues at a rate per annum ranging from 0.25% to 0.35% (based on the Leverage Ratio) on the average daily unused portion of the Commitment of the Lenders. The Credit Agreement contains customary affirmative covenants, including, among others, covenants regarding the payment of taxes and other obligations, maintenance of insurance, reporting requirements and compliance with applicable laws and regulations. Further, the Credit Agreement contains customary negative covenants limiting the ability of Cirrus Logic or any s ubsidiary to, among other things, incur debt, grant liens, make investments, effect certain fundamental changes, make certain asset dispositions, and make certain restricted payments. The Credit Facility also contains certain financial covenants providing that (a) the ratio of consolidated funded indebtedness to consolidated EBITDA for the prior four consecutive quarters must not be greater than 2.00 to 1.00 (the “Leverage Ratio”) and (b) the sum of cash and Cash Equivalents of Cirrus Logic and its s ubsidiaries on a consolidated basis must not be less than $100 million. At December 26 , 2015, the Company was in compliance with all covenants under the Credit Agreement. On June 23, 2015, Cirrus Logic and Wells Fargo Bank, National Association, as Administrative Agent, entered into a first amendment of the Credit Agreement (the “First Amendment”). The First Amendment primarily provides additional flexibility to the Company for certain intercompany transactions. In particular, the First Amendment (i) amended the definition of “Permitted Acquisition” to increase the threshold whereby the Company must provide certain financial statements and certifications to the Administrative Agent; (ii) expanded the Company’s ability to make intercompany investments, including unsecured intercompany indebtedness to fund a Permitted Acquisition; and (iii) provided the Company with the ability, under certain circumstances, to transfer capital stock in a non-guarantor subsidiary to another wholly-owned subsidiary that is not a credit party. The Company had borrowed $ 1 60 . 4 million under the Credit Facility as of December 26 , 2015, which is included in long-term liabilities on the consolidated condensed balance sheets. The borrowings were primarily used for refinancing the $225 million interim credit facility described below, which was used for financing the Acquisition in the second quarter of fiscal year 2015. Cirrus Logic entered into a credit agreement (the “Interim Credit Agreement”) with Wells Fargo Bank, National Association as administrative agent and lender, on April 29, 2014, in connection with the Acquisition. The Interim Credit Agreement provided for a $225 million senior secured revolving credit facility (the “Interim Facility”). The Interim Facility was to be used for, among other things, payment of the offer consideration in connection with the Acquisition. The Interim Facility was replaced with the Credit Facility described above, with all outstanding borrowings thereunder refinanced by the Credit Facility .

Patent Agreement and Other

Patent Agreement and Other	9 Months Ended
	Dec. 26, 2015
Consolidated Condensed Statements of Income [Abstract]
Patent Agreement Net Text Block	9. Patent Agreement and Other On May 8, 2015, we entered into a patent purchase agreement for the sale of certain Company-owned patents relating to our LED lighting products. As a result of this agreement, on June 22, 2015, the Company received cash consideration of $12.5 million from the purchaser. Under the agreement, the Company undertook to no longer be engaged in LED lighting and received a license under the sold patents for all other fields of use. The proceeds were recorded during the first quarter of fiscal year 2016 as a recovery of costs previously incurred and are reflected as a separate line item on the Consolidated Condensed Statements of Income in operating expenses under the caption “ Patent agreement and other .” Additionally , in the second and third quarter of fiscal year 2016, the Company recorded $0.8 million and $0.1 million, respectively, in expense related to a negotiated adjustment to a legal settlement.

Income Taxes

Income Taxes	9 Months Ended
	Dec. 26, 2015
Income Taxes [Abstract]
Income Taxes	10 . 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. The following table presents the provision for income taxes (in thousands) and the effective tax rates: Three Months Ended Nine Months Ended December 26, December 27, December 26, December 27, 2015 2014 2015 2014 Income before income taxes $ 62,395 $ 42,261 $ 154,876 $ 61,619 Provision for income taxes $ 21,011 $ 19,532 $ 45,258 $ 27,790 Effective tax rate 33.7% 46.2% 29.2% 45.1% Our income tax expense for the third quarter and first nine months of fiscal year 2016 was below the federal statutory rate primarily due to the permanent extension of the U.S. R&D credit by the Consolidated Appropriations Act, 2016, which was enacted on December 18, 2015. Income tax expense for the first nine months of fiscal year 2016 was further reduced by a one-time tax benefit of $4.6 million associated with deferred taxes related to U.S. R&D credit carry forwards recorded in the second quarter of fiscal year 2016. Our income tax expense for the third quarter and first nine months of fiscal year 2015 was above the federal statutory rate primarily due to the inclusion of foreign losses in the period from the close of the Acquisition to the end of the period at foreign statutory rates below the U.S. federal statutory rate, which was partially offset by the extension of the U.S. R&D credit through December 31, 2014 by the Tax Increase Prevention Act of 2014, which was enacted on December 19, 2014. We record unrecognized tax benefits for the estimated risk associated with tax positions taken on tax returns. As of December 26 , 2015, the Company had unrecognized tax benefits of $13.8 million, all of which would affect the effective tax rate if recognized. The Company’s total unrecognized tax benefits are classified as “ Other long-term liabilities” in the consolidated condensed balance sheets. We recognize interest and penalties related to unrecognized tax benefits in the provision for income taxes . As of December 26 , 2015 , the balance of accrued interest and penalties was zero . No interest or penalties were incurred during the first nine months of fiscal year 201 6 or 201 5 . 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 201 3 through 201 5 remain open to examination by the major taxing jurisdictions to which we are subject , although carry forward attributes that were generated in tax years prior to fiscal year 2013 may be adjusted upon examination by the tax authorities if they have been, or will be, used in a future period. The Company is not currently under an income tax audit in any major taxing jurisdiction.

Pension Plan

Pension Plan	9 Months Ended
	Dec. 26, 2015
Pension and Other Postretirement and Postemployment Benefit Plans, Liabilities [Abstract]
Pension Plan	1 1 . Pension Plan The components of the Company’s net periodic pension expense for the three and nine months ended December 26 , 2015 and December 27 , 2014 are as follows (in thousands): Three Months Ended Nine Months Ended December 26, December 27, December 26, December 27, 2015 2014 2015 2014 Expenses $ - $ - $ - $ - Interest cost - - - 254 Expected return on plan assets - - - (370) Amortization of actuarial loss 17 - 49 - $ 17 $ - $ 49 $ (116) Based on an actuarial study performed as of March 28, 2015, the defined benefit pension plan is und erfunded and a long-term liability is reflected in the Company’s consolidated condensed balance sheet under the caption “ Other long-term liabilities ”.

Net Income Per Share

Net Income Per Share	9 Months Ended
	Dec. 26, 2015
Net Income Per Share [Abstract]
Net Income Per Share	1 2 . 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 the tax affected outstanding stock options and restricted stock awards. The following table details the calculation of basic and diluted earnings per share for the three and nine months ended December 26 , 201 5 and December 27 , 201 4 (in thousands, except per share amounts): Three Months Ended Nine Months Ended December 26, December 27, December 26, December 27, 2015 2014 2015 2014 Numerator: Net income $ 41,384 $ 22,729 $ 109,618 $ 33,829 Denominator: Weighted average shares outstanding 63,328 62,885 63,316 62,386 Effect of dilutive securities 2,433 2,329 2,868 2,638 Weighted average diluted shares 65,761 65,214 66,184 65,024 Basic earnings per share $ 0.65 $ 0.36 $ 1.73 $ 0.54 Diluted earnings per share $ 0.63 $ 0.35 $ 1.66 $ 0.52 The weighted outstanding shares excluded from our diluted calculation for the three and nine months ended December 26 , 2015 were 563 thousand and 374 thousand , res pectively, as the shares were anti-dilutive. The weighted outstanding shares excluded from our diluted calculation for the three and nine months ended December 27, 2014 were 911 thousand and 715 thousand, respectively, as the shares were anti-dilutive.

Legal Matters

Legal Matters	9 Months Ended
	Dec. 26, 2015
Legal Matters [Abstract]
Legal Matters	1 3 . 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. Based on current knowledge, management does not believe that there are any pending matters that could potentially have a material adverse effect on our business, financial condition, results of operations or cash flows. However, we are engaged in various legal actions in the normal course of business. While there can be no assurances in light of the inherent uncertainties involved in any potential legal proceedings, some of which are beyond our control, an adverse outcome in any legal proceeding could be material to our results of operations or cash flows for any particular reporting period.

Stockholders' Equtiy

Stockholders' Equtiy	9 Months Ended
	Dec. 26, 2015
Stockholder's Equity [Abstract]
Stockholders Equity Note Disclosure Text Block	14. Stockholders’ Equity Common Stock The Company issued a net 0. 6 million and 1.4 million shares of common stock during the three and nine month periods ending December 26, 2015, respectively , in connection with stock issuances primarily pursuant to the Company’s 2006 Stock Incentive Plan. The Company issued a net 0. 7 million and 1.3 million shares of common stock during the three and nine month periods ending December 27, 2014, respectively, in connection with stock issuances primarily pursuant to the Company’s 2006 Stock Incentive Plan. Share Repurchase Program Since inception, $187.5 million of the Company’s common stock has been repurchased under the Company’s 2012 $200 million share repurchase program, leaving $12.5 million available for repurchase under this plan as of December 26, 2015. During the three months ended December 26, 2015, the Company repurchased 0.7 million shares of its common stock for $20.0 million, at an average cost of $29.08 . During the nine months ended December 26, 2015, the Company repurchased 1.3 million shares of its common stock for $39.2 million, at an average cost of $29.26 . All of these shares were repurchased in the open market and were funded from existing cash. All shares of our common stock that were repurchased were retired as of December 26, 2015. In October 2015, the Board of Directors authorized the repurchase of up to an additional $200 milli on of the C ompany’s common stock , in addition to the remaining available above. Accumulated Other Comprehensive Loss In the first quarter of fiscal year 2016, t he Company updated the functional currencies of its smaller foreign entities (from the U.S. dollar to certain local currencies ). As a result, the Company is now presenting the effect of foreign currency translation , which resulted in a n insignificant amount and $0.2 million gain for the quarter and nine months ended December 26, 2015, respectively. Additionally, in the current fiscal year, the Company is amortizing the pension actuarial losses out of accumulated other comprehensive income / (loss) to selling, general and administrative expenses. See Note 11 - Pension Plan above. The gain s and losses are presented within other comprehensive income in the Consolidated Condensed Statements of Comprehensive Income.

Segment Information

Segment Information	9 Months Ended
	Dec. 26, 2015
Segment Information [Abstract]
Segment Information	15. Segment Information We determine our operating segments in accordance with FASB 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, beginning in the second quarter of fiscal year 2015, are Portable Audio and Non-Portable Audio and Other. 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, no complete, discrete financial information is maintained for these product lines. Revenues from our product lines are as follows (in thousands): Three Months Ended Nine Months Ended December 26, December 27, December 26, December 27, 2015 2014 2015 2014 Portable Audio Products $ 308,803 $ 253,355 $ 801,821 $ 529,487 Non-Portable Audio and Other Products 39,060 45,251 135,431 131,898 $ 347,863 $ 298,606 $ 937,252 $ 661,385

Marketable Securities (Tables)

Marketable Securities (Tables)	9 Months Ended
	Dec. 26, 2015
Marketable Securities [Abstract]
Schedule of Available-for-sale Securities	Estimated Gross Gross Fair Value Amortized Unrealized Unrealized (Net Carrying As of December 26, 2015 Cost Gains Losses Amount) Corporate debt securities $ 89,731 $ - $ (256) $ 89,475 The Company’s specifically identified gross unrealized losses of $ 256 thousand relate to 28 different securities with total amortized cost of approximately $ 88.7 million at December 26, 2015. 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 December 26, 2015. Further, the securities with gross unrealized losses had been in a continuous unrealized loss position for less than 12 months as of December 26, 2015. The following table is a summary of available-for-sale securities at March 28, 2015 (in thousands): Estimated Gross Gross Fair Value Amortized Unrealized Unrealized (Net Carrying As of March 28, 2015 Cost Gains Losses Amount) Corporate debt securities $ 153,896 $ 8 $ (68) $ 153,836 U.S. Treasury securities 28,010 - (15) 27,995 Commercial paper 2,485 2 - 2,487 Total securities $ 184,391 $ 10 $ (83) $ 184,318
Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity	December 26, 2015 March 28, 2015 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Within 1 year $ 67,235 $ 67,148 $ 124,275 $ 124,246 After 1 year 22,496 22,327 60,116 60,072 Total $ 89,731 $ 89,475 $ 184,391 $ 184,318

Fair Value of Financial Instr22

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Dec. 26, 2015
Fair Value of Financial Instruments [Abstract]
Schedule of Fair Value of Financial Assets and Liabilities	Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market funds $ 7,876 $ - $ - $ 7,876 Available-for-sale securities Corporate debt securities $ - $ 89,475 $ - $ 89,475 Liabilities: Other accrued liabilities Contingent consideration $ - $ - $ 8,600 $ 8,600 The fair value of our financial assets at March 28 , 2015, 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 $ 996 $ - $ - $ 996 Available-for-sale securities Corporate debt securities $ - $ 153,836 $ - $ 153,836 U.S. Treasury securities 27,995 - - 27,995 Commercial paper - 2,487 - 2,487 $ 27,995 $ 156,323 $ - $ 184,318

Fair Value of Financial Instr23

Fair Value of Financial Instruments Contingent Consideration (Tables)	9 Months Ended
	Dec. 26, 2015
Fair Value Inputs, Quantitative Information [Abstract]
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block]	Maximum Value if Milestones Achieved (in thousands) Estimated Discount Rate (%) Fair Value (in thousands) Tranche A - 18 month earn out period $ 5,000 7.3 $ 4,500 Tranche B - 30 month earn out period 5,000 7.7 4,100 $ 10,000 $ 8,600

Accounts Receivable, net (Table

Accounts Receivable, net (Tables)	9 Months Ended
	Dec. 26, 2015
Accounts Receivable, net [Abstract]
Components of Accounts Receivable, net	December 26, March 28, 2015 2015 Gross accounts receivable $ 128,109 $ 112,964 Allowance for doubtful accounts (355) (356) Accounts receivable, net $ 127,754 $ 112,608

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Dec. 26, 2015
Inventories [Abstract]
Schedule of Inventories	December 26, March 28, 2015 2015 Work in process $ 77,378 $ 64,663 Finished goods 60,345 19,533 $ 137,723 $ 84,196

Acquisition (Tables)

Acquisition (Tables)	9 Months Ended
	Dec. 26, 2015
Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Amount Cash and cash equivalents $ 25,342 Inventory 30,530 Other current assets 16,226 Property, plant and equipment 27,398 Intangible assets 175,987 Pension assets 1,625 Total identifiable assets acquired $ 277,108 Deferred tax liability (12,426) Deferred revenue (551) Other accrued liabilities (39,417) Other long-term liabilities (2,449) Total identifiable liabilities assumed $ (54,843) Net identifiable assets acquired $ 222,265 Goodwill 247,216 Net assets acquired $ 469,481

Acquisition Acquired Intangible

Acquisition Acquired Intangibles (Tables)	9 Months Ended
	Dec. 26, 2015
Acquisition [Abstract]
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]	Intangible assets Amount Weighted-average Amortization Period (years) Developed technology $ 74,247 6.2 Technology intellectual property 14,572 5.3 Trademark 1,437 1.3 IPR&D 72,750 7.3 Customer relationships 12,981 10.0 Total $ 175,987

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Dec. 26, 2015
Income Taxes [Abstract]
Schedule of Provision for Income Taxes and Effective Tax Rates	Three Months Ended Nine Months Ended December 26, December 27, December 26, December 27, 2015 2014 2015 2014 Income before income taxes $ 62,395 $ 42,261 $ 154,876 $ 61,619 Provision for income taxes $ 21,011 $ 19,532 $ 45,258 $ 27,790 Effective tax rate 33.7% 46.2% 29.2% 45.1%

Pension Plan (Periodic Pension

Pension Plan (Periodic Pension Costs) (Tables)	9 Months Ended
	Dec. 26, 2015
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Schedule of Net Benefit Costs [Table Text Block]	Three Months Ended Nine Months Ended December 26, December 27, December 26, December 27, 2015 2014 2015 2014 Expenses $ - $ - $ - $ - Interest cost - - - 254 Expected return on plan assets - - - (370) Amortization of actuarial loss 17 - 49 - $ 17 $ - $ 49 $ (116)

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Dec. 26, 2015
Net Income Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Three Months Ended Nine Months Ended December 26, December 27, December 26, December 27, 2015 2014 2015 2014 Numerator: Net income $ 41,384 $ 22,729 $ 109,618 $ 33,829 Denominator: Weighted average shares outstanding 63,328 62,885 63,316 62,386 Effect of dilutive securities 2,433 2,329 2,868 2,638 Weighted average diluted shares 65,761 65,214 66,184 65,024 Basic earnings per share $ 0.65 $ 0.36 $ 1.73 $ 0.54 Diluted earnings per share $ 0.63 $ 0.35 $ 1.66 $ 0.52

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Dec. 26, 2015
Segment Information [Abstract]
Schedule of Segment Revenue from Product Lines	Three Months Ended Nine Months Ended December 26, December 27, December 26, December 27, 2015 2014 2015 2014 Portable Audio Products $ 308,803 $ 253,355 $ 801,821 $ 529,487 Non-Portable Audio and Other Products 39,060 45,251 135,431 131,898 $ 347,863 $ 298,606 $ 937,252 $ 661,385

Marketable Securities (Narrativ

Marketable Securities (Narrative) (Details) $ in Thousands	Dec. 26, 2015USD ($)security	Mar. 28, 2015USD ($)security
Marketable Securities [Abstract]
Gross Unrealized Losses	$ (256)	$ (83)
Amortized cost on available for sale securities held at gross unrealized loss	$ 88,700	$ 154,300
Number of securities | security	28	34

Marketable Securities (Schedule

Marketable Securities (Schedule of Available-for-sale Securities) (Details) - USD ($) $ in Thousands	Dec. 26, 2015	Mar. 28, 2015
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	$ 89,475	$ 184,318
Gross Unrealized Gains		10
Gross Unrealized Losses	(256)	(83)
Amortized Cost	89,731	184,391
Corporate Debt Securities - U.S. [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	89,475	153,836
Gross Unrealized Gains		8
Gross Unrealized Losses	(256)	(68)
Amortized Cost	$ 89,731	153,896
U.S. Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value		27,995
Gross Unrealized Losses		(15)
Amortized Cost		28,010
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value		2,487
Gross Unrealized Gains		2
Amortized Cost		$ 2,485

Marketable Securities (Schedu34

Marketable Securities (Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands	Dec. 26, 2015	Mar. 28, 2015
Marketable Securities [Abstract]
Within 1 year, Amortized Cost	$ 67,235	$ 124,275
After 1 year, Amortized Cost	22,496	60,116
Amortized Cost	89,731	184,391
Within 1 year, Estimated Fair Value	67,148	124,246
After 1 year, Estimated Fair Value	22,327	60,072
Estimated Fair Value	$ 89,475	$ 184,318

Fair Value of Financial Instr35

Fair Value of Financial Instruments (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 26, 2015	Mar. 28, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of financial liabilitites	$ 8,600
Other Accrued Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of financial liabilitites	8,600
Other Accrued Liabilities [Member] | Significant Unobservable Inputs Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of financial liabilitites	8,600
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	7,876	$ 996
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	7,876	996
Available-for-sale Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of financial assets		184,318
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		27,995
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		156,323
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	89,475	153,836
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	$ 89,475	153,836
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		27,995
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		27,995
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		2,487
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		$ 2,487

Fair Value of Financial Instr36

Fair Value of Financial Instruments (Schedule of Contingent Consideration) (Details) $ in Thousands	9 Months Ended
	Dec. 26, 2015USD ($)
Fair Value, Net Asset (Liability)	$ 8,600
Tranche A [Member]
Fair Value Inputs, Discount Rate	7.30%
Fair Value, Net Asset (Liability)	$ 4,500
Tranche B [Member]
Fair Value Inputs, Discount Rate	7.70%
Fair Value, Net Asset (Liability)	$ 4,100
Weighted Average [Member]
Fair Value, Net Asset (Liability)	10,000
Weighted Average [Member] | Tranche A [Member]
Fair Value, Net Asset (Liability)	5,000
Weighted Average [Member] | Tranche B [Member]
Fair Value, Net Asset (Liability)	$ 5,000

Accounts Receivable, net (Compo

Accounts Receivable, net (Components of Accounts Receivable, net) (Details) - USD ($) $ in Thousands	Dec. 26, 2015	Mar. 28, 2015
Accounts Receivable, net [Abstract]
Gross accounts receivable	$ 128,109	$ 112,964
Allowance for doubtful accounts	(355)	(356)
Accounts receivable, net	$ 127,754	$ 112,608

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Dec. 26, 2015	Mar. 28, 2015
Inventories [Abstract]
Work in process	$ 77,378	$ 64,663
Finished goods	60,345	19,533
Total inventories	$ 137,723	$ 84,196

Acquisition (Narrative) (Detail

Acquisition (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 26, 2015	Mar. 28, 2015
Business Acquisition [Line Items]
Goodwill	$ 287,518	$ 263,115
Payments to Acquire Businesses, Net of Cash Acquired	36,788
Wolfson [Member]
Business Acquisition [Line Items]
Goodwill	$ 247,216

Acquisition (Schedule of Recogn

Acquisition (Schedule of Recognized Identified Assets Acquired, Goodwill, and Liabilities Assumed) (Details) - USD ($) $ in Thousands	Dec. 26, 2015	Mar. 28, 2015
Goodwill	$ 287,518	$ 263,115
Wolfson [Member]
Cash and cash equivalents	25,342
Inventory	30,530
Other current assets	16,226
Property, plant and equipment	27,398
Intangible assets	175,987
Pension assets	1,625
Total identifiable assets acquired	277,108
Deferred tax liability - current	(12,426)
Deferred revenue	(551)
Other accrued liabilities	(39,417)
Other long-term liabilities	(2,449)
Total identifiable liabilities assumed	(54,843)
Net identifiable assets acquired	222,265
Goodwill	247,216
Net assets acquired	$ 469,481

Acquisition (Schedule of Finite

Acquisition (Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination) (Details) $ in Thousands	9 Months Ended
	Dec. 26, 2015USD ($)
Wolfson [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 175,987
Developed technology [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	6 years 2 months 12 days
Developed technology [Member] | Wolfson [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 74,247
Technology intellectual property [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	5 years 3 months 18 days
Technology intellectual property [Member] | Wolfson [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 14,572
Trademark [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	1 year 3 months 18 days
Trademark [Member] | Wolfson [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 1,437
In-process research & development [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years 3 months 18 days
In-process research & development [Member] | Wolfson [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 72,750
Customer relationships [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	10 years
Customer relationships [Member] | Wolfson [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 12,981

Revolving Credit Facilities (Na

Revolving Credit Facilities (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 26, 2015	Mar. 28, 2015	Apr. 29, 2014
Line of credit facility maximum borrowing capacity	$ 250,000
Covenant terms, leverage ratio requirement	200.00%
Covenant terms, cash and cash equivalents	$ 100,000
Long-term Line of Credit, Noncurrent	$ 160,439	$ 180,439
Maximum [Member]
Line of credit facility, unused capacity, commitment fee percentage	0.35%
Maximum [Member] | Base Rate [Member]
Basis spread on variable interest rate	0.25%
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of credit facility, interest rate description	2.00%
Minimum [Member]
Line of credit facility, unused capacity, commitment fee percentage	0.25%
Minimum [Member] | Base Rate [Member]
Basis spread on variable interest rate	0.00%
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of credit facility, interest rate description	1.50%
Wells Fargo interim credit facility [Member]
Line of credit facility maximum borrowing capacity			$ 225,000

Patent Agreement and Other (Nar

Patent Agreement and Other (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 26, 2015	Dec. 26, 2015
Consolidated Condensed Statements of Income [Abstract]
Patent agreement and other	$ (78)	$ 11,670

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	9 Months Ended
	Dec. 26, 2015USD ($)
Income Taxes [Abstract]
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount	$ 4,600,000
Unrecognized tax benefit	13,800,000
Accrued interest and penalties	0
Interest and penalties incurred during period	$ 0

Income Taxes (Table) (Details)

Income Taxes (Table) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 26, 2015	Dec. 27, 2014	Dec. 26, 2015	Dec. 27, 2014
Income Taxes [Abstract]
Income before income taxes	$ 62,395	$ 42,261	$ 154,876	$ 61,619
Provision for income taxes	$ 21,011	$ 19,532	$ 45,258	$ 27,790
Effective tax rate	33.70%	46.20%	29.20%	45.10%

Pension Plan (Net Periodic Pens

Pension Plan (Net Periodic Pension Expense) (Table) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 26, 2015	Dec. 26, 2015	Dec. 27, 2014
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Interest cost			$ 254
Expected return on plan assets			(370)
Amortization of actuarial loss	$ 17	$ 49
Total net periodic benefit expense (income)	$ 17	$ 49	$ (116)

Net Income Per Share (Narrative

Net Income Per Share (Narrative) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Dec. 26, 2015	Dec. 27, 2014	Dec. 26, 2015	Dec. 27, 2014
Net Income Per Share [Abstract]
Weighted average outstanding options excluded from diluted calculation	563	911	374	715

Net Income Per Share (Calculati

Net Income Per Share (Calculation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 26, 2015	Dec. 27, 2014	Dec. 26, 2015	Dec. 27, 2014
Net Income Per Share [Abstract]
Net income	$ 41,384	$ 22,729	$ 109,618	$ 33,829
Basic weighted average common shares outstanding	63,328	62,885	63,316	62,386
Effect of dilutive securities	2,433	2,329	2,868	2,638
Diluted weighted average common shares outstanding	65,761	65,214	66,184	65,024
Basic earnings per share	$ 0.65	$ 0.36	$ 1.73	$ 0.54
Diluted earnings per share	$ 0.63	$ 0.35	$ 1.66	$ 0.52

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
	Dec. 26, 2015	Dec. 27, 2014	Dec. 26, 2015	Dec. 27, 2014
Stockholder's Equity [Abstract]
Stock Issued During Period, Shares, Share-based Compensation, Gross	600,000	700,000	1,400,000	1,300,000

Stockholder's Equity (Details)

Stockholder's Equity (Details) shares in Thousands	3 Months Ended	9 Months Ended	36 Months Ended
	Dec. 26, 2015USD ($)shares	Dec. 26, 2015USD ($)shares	Dec. 26, 2015USD ($)
Repurchase and retirement of common stock, value			$ 187,500,000
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax	$ (4,000)	$ 174,000
November 2012 Repurchase Program [Member]
Share repurchase program, amount approved	$ 200,000,000	$ 200,000,000	200,000,000
Repurchase and retirement of common stock, shares | shares	700	1,300
Repurchase and retirement of common stock, value	$ 20,000,000	$ 39,200,000
Average cost per share repurchased	29.08	29.26
Remaining amount available for share repurchases under stock repurchase program	12,500,000	12,500,000	12,500,000
October 2015 Repurchase Program [Member]
Share repurchase program, amount approved	$ 200,000,000	$ 200,000,000	$ 200,000,000

Segment Information (Narrative)

Segment Information (Narrative) (Details)	9 Months Ended
	Dec. 26, 2015segmentitem
Segment Information [Abstract]
Number of reportable segments | segment	1
Number of product lines | item	2

Segment Information (Schedule o

Segment Information (Schedule of Segment Revenue from Product Lines) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 26, 2015	Dec. 27, 2014	Dec. 26, 2015	Dec. 27, 2014
Segment Reporting Information [Line Items]
Net sales	$ 347,863	$ 298,606	$ 937,252	$ 661,385
Portable Audio Products [Member]
Segment Reporting Information [Line Items]
Net sales	308,803	253,355	801,821	529,487
Non-Portable Audio and Other Products [Member]
Segment Reporting Information [Line Items]
Net sales	$ 39,060	$ 45,251	$ 135,431	$ 131,898