Cirrus Logic (CRUS) 10-Q 5 Feb 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 30, 2017	Feb. 01, 2018
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
Document Period End Date	Dec. 30, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--03-31
Entity Common Stock, Shares Outstanding		63,366,331

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Dec. 30, 2017	Mar. 25, 2017
Current assets:
Cash and cash equivalents	$ 226,640	$ 351,166
Marketable securities	12,822	99,813
Accounts receivable, net	217,619	119,974
Inventories	192,967	167,895
Prepaid assets	19,425	24,987
Other current assets	10,020	12,093
Total current assets	679,493	775,928
Long-term marketable securities	173,717	0
Property and equipment, net	187,143	168,139
Intangibles, net	126,183	135,188
Goodwill	288,481	286,767
Deferred tax assets	16,467	32,841
Other assets	21,841	14,607
Total assets	1,493,325	1,413,470
Current liabilities:
Accounts payable	116,274	73,811
Accrued salaries and benefits	29,543	40,190
Software license agreements	7,270	14,990
Other accrued liabilities	22,633	15,084
Total current liabilities	175,720	144,075
Long-term liabilities:
Debt	0	60,000
Software license agreements	7,357	3,146
Other long-term liabilities	98,882	54,557
Total long-term liabilities	106,239	117,703
Stockholders' equity:
Capital stock	1,301,800	1,259,279
Accumulated deficit	(92,402)	(107,014)
Accumulated other comprehensive income (loss)	1,968	(573)
Total stockholders' equity	1,211,366	1,151,692
Total liabilities and stockholders' equity	$ 1,493,325	$ 1,413,470

Consolidated Condensed Statemen

Consolidated Condensed Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 30, 2017	Dec. 24, 2016	Dec. 30, 2017	Dec. 24, 2016
Income Statement [Abstract]
Net sales	$ 482,741	$ 523,029	$ 1,229,013	$ 1,211,076
Cost of sales	247,653	267,877	620,927	617,540
Gross profit	235,088	255,152	608,086	593,536
Operating expenses
Research and development	96,978	76,079	270,888	225,686
Selling, general and administrative	34,604	32,884	95,504	95,513
Total operating expenses	131,582	108,963	366,392	321,199
Income from operations	103,506	146,189	241,694	272,337
Interest income	1,191	415	3,125	978
Interest expense	(279)	(765)	(894)	(3,020)
Other income (expense)	322	(47)	(813)	(161)
Income before income taxes	104,740	145,792	243,112	270,134
Provision for income taxes	70,961	23,751	93,121	43,983
Net income	$ 33,779	$ 122,041	$ 149,991	$ 226,151
Basic earnings per share (in dollars per share)	$ 0.53	$ 1.91	$ 2.36	$ 3.59
Diluted earnings per share (in dollars per share)	$ 0.52	$ 1.83	$ 2.26	$ 3.41
Basic weighted average common shares outstanding (in shares)	63,453	63,837	63,655	63,025
Diluted weighted average common shares outstanding (in shares)	65,557	66,748	66,377	66,378

Consolidated Condensed Stateme4

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 30, 2017	Dec. 24, 2016	Dec. 30, 2017	Dec. 24, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 33,779	$ 122,041	$ 149,991	$ 226,151
Other comprehensive income (loss), before tax
Foreign currency translation gain (loss)	(811)	(500)	2,500	(247)
Unrealized gain (loss) on marketable securities	(842)	40	(794)	31
Actuarial gain (loss) on pension plan	0	(2,646)	792	(2,646)
Reclassification of actuarial gain to net income	0	(27)	0	(80)
Benefit for income taxes	194	461	43	481
Comprehensive income	$ 32,320	$ 119,369	$ 152,532	$ 223,690

Consolidated Condensed Stateme5

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 30, 2017	Dec. 24, 2016
Cash flows from operating activities:
Net income	$ 149,991	$ 226,151
Adjustments to reconcile net income to net cash generated by operating activities:
Depreciation and amortization	59,175	47,989
Stock compensation expense	36,208	28,708
Deferred income taxes	13,260	5,285
Loss on retirement or write-off of long-lived assets	461	424
Other non-cash adjustments	(3,692)	(2,547)
Net change in operating assets and liabilities:
Accounts receivable, net	(97,645)	(158,098)
Inventories	(25,072)	(12,113)
Other assets	8,289	(1,215)
Accounts payable and other accrued liabilities	27,361	96,673
Income taxes payable	44,687	13,636
Net cash generated by operating activities	213,023	244,893
Cash flows from investing activities:
Maturities and sales of available-for-sale marketable securities	128,536	157,234
Purchases of available-for-sale marketable securities	(215,878)	(148,342)
Purchases of property, equipment and software	(38,606)	(26,380)
Investments in technology	(23,280)	(8,920)
Net cash used in investing activities	(149,228)	(26,408)
Cash flows from financing activities:
Principal payments on long-term revolver	(60,000)	(60,439)
Debt issuance costs	0	(2,152)
Payments on capital lease agreements	0	(699)
Issuance of common stock, net of shares withheld for taxes	6,315	14,869
Repurchase of stock to satisfy employee tax withholding obligations	(19,086)	(13,043)
Repurchase and retirement of common stock	(115,550)	(15,439)
Net cash used in financing activities	(188,321)	(76,903)
Net (decrease) increase in cash and cash equivalents	(124,526)	141,582
Cash and cash equivalents at beginning of period	351,166	168,793
Cash and cash equivalents at end of period	$ 226,640	$ 310,375

Basis of Presentation

Basis of Presentation	9 Months Ended
	Dec. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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 25, 2017 , included in our Annual Report on Form 10-K filed with the Commission on May 24, 2017. 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. 30, 2017
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (ASC Topic 606) . The purpose of this ASU is to converge revenue recognition requirements per U.S. 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. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date after public comment 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 in the process of reviewing our customers’ contracts in respect of performance obligation identification and satisfaction, pricing, warranties, and return rights, among other considerations. The process is substantially complete and the Company currently expects no material modifications to its financial statements upon adoption of this ASU. The standard may be adopted by full retrospective method, which applies retrospectively to each prior period presented, or by modified retrospective method with the cumulative effect adjustment recognized in beginning retained earnings as of the date of adoption. We anticipate using the modified retrospective adoption method. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The FASB issued this update to increase transparency and comparability by recognizing lease assets and lease liabilities on the balance sheet and disclosing key leasing arrangement details . Lessees would recognize operating leases on the balance sheet under this ASU — with the future lease payments recognized as a liability, measured at present value, and the right-of-use asset recognized for the lease term. A single lease cost would be recognized over the lease term. For terms less than twelve months, a lessee would be permitted to make an accounting policy election to recognize lease expense for such leases generally on a straight-line basis over the lease term. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on our financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This ASU requires credit losses on available-for-sale debt securities to be presented as an allowance rather than a write-down. Unlike current U.S. GAAP, the credit losses could be reversed with changes in estimates, and recognized in current year earnings. This ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. Early adoption is permitted for annual periods beginning after December 15, 2018, including interim periods. The Company is currently evaluating the impact of the adoption of this ASU on our financial statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory . This ASU relates to income tax consequences of non-inventory intercompany asset transfers. This ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted, as of the beginning of an annual reporting period. The guidance requires companies to apply a modified retrospective approach with a cumulative catch-up adjustment to beginning retained earnings in the period of adoption. The Company early adopted this ASU in the first quarter of fiscal year 2018 with a $0.7 million impact to beginning retained earnings. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . The update states that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business, and should be treated as an asset acquisition instead. This ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted under specific circumstances, including in an interim period, with prospective application. The Company adopted this ASU and applied the related guidance to an asset acquisition in the first quarter of fiscal year 2018. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This ASU eliminates step two of the goodwill impairment test. An impairment charge is to be recognized for the amount by which the current value exceeds the fair value. This ASU is effective for annual periods beginning after December 15, 2019, including interim periods. Early adoption is permitted, for interim or annual goodwill impairment tests performed after January 1, 2017. An entity is required to disclose the nature of and reason for the change in accounting principle upon transition. That disclosure should be provided in the first annual period and in the interim period within the first annual period when the entity initially adopts the amendments in this update. The Company is currently evaluating the impact of this ASU, which will be applied prospectively. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting . This ASU applies to any company that changes the terms or conditions of a share-based award, considered a modification. Modification accounting would be applied unless certain conditions were met related to the fair value of the award, the vesting conditions and the classification of the modified award. This ASU is effective for annual periods beginning after December 15, 2017, with early adoption permitted. The standard should be applied prospectively to an award modified on or after the adoption date. The Company is currently evaluating the financial statement impact of this ASU.

Marketable Securities

Marketable Securities	9 Months Ended
	Dec. 30, 2017
Marketable Securities [Abstract]
Marketable Securities	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 30, 2017 (in thousands): As of December 30, 2017 Amortized Gross Gross Estimated Corporate debt securities $ 174,603 $ 5 $ (787 ) $ 173,821 Non-US government securities 11,819 — (58 ) 11,761 Certificates of deposit 500 — — 500 Agency discount notes 459 — (2 ) 457 Total securities $ 187,381 $ 5 $ (847 ) $ 186,539 The Company typically invests in highly-rated securities with original maturities generally ranging from one to three years. The Company's specifically identified gross unrealized loss of $847 thousand related to securities with total amortized cost of approximately $181.0 million at December 30, 2017 . No securities have been in a continuous unrealized loss position for more than 12 months as of December 30, 2017 . The Company may sell certain of its marketable securities prior to their stated maturities for strategic reasons including, but not limited to, anticipated or actual changes in credit rating and duration management. When evaluating an investment for other-than-temporary impairment, the Company reviews factors including the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer, changes in market interest rates and whether it is more likely than not the Company will be required to sell the investment before recovery of the investment’s cost basis. As of December 30, 2017 , the Company does not consider any of its investments to be other-than-temporarily impaired. The following table is a summary of available-for-sale securities at March 25, 2017 (in thousands): ໿ ໿ As of March 25, 2017 Amortized Gross Gross Estimated Corporate debt securities 33,350 $ — $ (20 ) $ 33,330 Commercial paper 66,518 — (35 ) 66,483 Total securities $ 99,868 $ — $ (55 ) $ 99,813 The Company’s specifically identified gross unrealized losses of $55 thousand related to securities with total amortized cost of approximately $99.9 million at March 25, 2017 . Four securities had been in a continuous loss position for more than 12 months as of March 25, 2017 . The gross unrealized loss on these securities was less than one percent of the position value. The Company may sell certain of its marketable securities prior to their stated maturities for strategic reasons including, but not limited to, anticipated or actual changes in credit rating and duration management. When evaluating an investment for other-than-temporary impairment, the Company reviews factors including the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer, changes in market interest rates and whether it is more likely than not the Company will be required to sell the investment before recovery of the investment’s cost basis. As of March 25, 2017 , the Company did not consider any of its investments to be other-than-temporarily impaired. The cost and estimated fair value of available-for-sale securities by contractual maturities were as follows (in thousands): ໿ December 30, 2017 March 25, 2017 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Within 1 year $ 12,846 $ 12,822 $ 99,868 $ 99,813 After 1 year 174,535 173,717 — — Total $ 187,381 $ 186,539 $ 99,868 $ 99,813

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Dec. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	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 debt securities, money market funds, 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 pricing providers 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 prior acquisitions accounted for as a business combination, the Company reported contingent consideration based upon achievement of certain milestones. This liability is classified as Level 3 and 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. Prior to paying off the Company’s long-term revolving facility in the first quarter of the current fiscal year, interest was applied at a base rate plus applicable margin or LIBOR plus applicable margin and the fair value of the revolving facility approximated carrying value. As of December 30, 2017 and March 25, 2017 , the Company classified all investment portfolio and pension plan assets and liabilities as Level 1 or Level 2 assets and liabilities. The only Level 3 liability 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 three months ending December 30, 2017 . The following summarizes the fair value of our financial instruments at December 30, 2017 , exclusive of pension plan assets and liabilities (in thousands):  Quoted Prices Significant Significant Total Assets: Cash equivalents Money market funds $ 186,393 $ — $ — $ 186,393 Available-for-sale securities Corporate debt securities $ — $ 173,821 $ — $ 173,821 Non-US government securities — 11,761 — 11,761 Certificates of deposit — 500 — 500 Agency discount notes — 457 — 457  $ — $ 186,539 $ — $ 186,539 Liabilities: Other accrued liabilities Contingent consideration $ — $ — $ 671 $ 671 ໿ The following summarizes the fair value of our financial instruments at March 25, 2017 , exclusive of pension plan assets and liabilities (in thousands):  Quoted Prices Significant Significant Total Assets: Cash equivalents Money market funds $ 313,982 $ — $ — $ 313,982 Available-for-sale securities Corporate debt securities $ — $ 33,330 $ — $ 33,330 Commercial paper 66,483 — 66,483 $ — $ 99,813 $ — $ 99,813 Liabilities: Other accrued liabilities Contingent consideration $ — $ — $ 4,695 $ 4,695 Contingent consideration The following summarizes the fair value of the liability for contingent consideration at December 30, 2017 :  Maximum Value if Milestones Achieved Estimated Discount Rate (%) Fair Value Tranche B - 30 month earn out period $ 5,000 7.7 % $ 671 The valuation of contingent consideration was initially based on a weighted-average discounted cash flow 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. An increase or decrease in the probability of achieving certain milestones within the earn out period would be accompanied by a directionally similar change in the fair value of the recorded liability. A change in discount rate would be accompanied by a directionally opposite change in fair value. Changes in the fair value of the recorded liability are reported in research and development expense in the consolidated condensed statements of income. In the first quarter of the current fiscal year, changes in the probability of achieving certain milestones associated with Tranche B of the earn out were determined following a review of product shipment forecasts within the earn out period. The revised estimates reduced the fair value of the liability as of December 30, 2017 as shown in the table below. The final amount of the liability will be determined at the end of the earn-out period early in the fourth quarter of the current fiscal year and necessary adjustments will be made at that time. ໿  Nine Months Ended  December 30,  2017  (in thousands) Beginning balance $ 4,695 Adjustment to estimates (research and development expense) (4,049 ) Fair value charge recognized in earnings (research and development expense) 25 Ending balance $ 671

Accounts Receivable, net

Accounts Receivable, net	9 Months Ended
	Dec. 30, 2017
Accounts Receivable, Net [Abstract]
Accounts Receivable, net	Accounts Receivable, net The following are the components of accounts receivable, net (in thousands):  December 30, March 25,  2017 2017 Gross accounts receivable $ 218,063 $ 120,408 Allowance for doubtful accounts (444 ) (434 ) Accounts receivable, net $ 217,619 $ 119,974 The increase in accounts receivable in the third quarter of the current fiscal year is due to the timing of sales and seasonality compared to the fourth quarter of fiscal year 2017.

Inventories

Inventories	9 Months Ended
	Dec. 30, 2017
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are comprised of the following (in thousands):  December 30, March 25,  2017 2017 Work in process $ 102,670 $ 83,332 Finished goods 90,297 84,563  $ 192,967 $ 167,895

Revolving Credit Facilities

Revolving Credit Facilities	9 Months Ended
	Dec. 30, 2017
Line of Credit Facility [Abstract]
Revolving Credit Facilities	Revolving Credit Facilities On July 12, 2016, Cirrus Logic entered into an amended and restated credit agreement (the “Amended Credit Agreement”) with Wells Fargo Bank, National Association, as Administrative Agent, and the Lenders party thereto, for the purpose of refinancing an existing credit facility and providing ongoing working capital. The Amended Credit Agreement provides for a $300 million senior secured revolving credit facility (the “Amended Facility”). The Amended Facility matures on July 12, 2021. The Amended Facility is required to be guaranteed by all of Cirrus Logic’s material domestic subsidiaries (the “Subsidiary Guarantors”). The Amended Facility is secured by substantially all of the assets of Cirrus Logic and any Subsidiary Guarantors, except for certain excluded assets. Borrowings under the Amended 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 0.50% per annum for Base Rate Loans and 1.25% to 2.00% 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 0.20% to 0.30% (based on the Leverage Ratio) on the average daily unused portion of the commitment of the lenders. The Amended Credit Agreement contains certain financial covenants providing that (a) the ratio of consolidated funded indebtedness to consolidated EBITDA for the prior four fiscal quarters must not be greater than 3.00 to 1.00 (the “Leverage Ratio”) and (b) the ratio of consolidated EBITDA for the prior four consecutive fiscal quarters to consolidated fixed charges (including amounts paid in cash for consolidated interest expenses, capital expenditures, scheduled principal payments of indebtedness, and income taxes) for the prior four consecutive fiscal quarters must not be less than 1.25 to 1.00 as of the end of each fiscal quarter. The Amended Credit Agreement also contains negative covenants limiting the Company’s or any Subsidiary’s ability to, among other things, incur debt, grant liens, make investments, effect certain fundamental changes, make certain asset dispositions, and make certain restricted payments. As of December 30, 2017 , the Company had no amounts outstanding under the Amended Facility and was in compliance with all covenants under the Amended Credit Agreement.

Pension Plan

Pension Plan	9 Months Ended
	Dec. 30, 2017
Retirement Benefits [Abstract]
Pension Plan	Pension Plan As a result of the fiscal year 2015 acquisition of Wolfson Microelectronics, the Company now fully funds a defined benefit pension scheme (the “Scheme”), formerly maintained by Wolfson, for some of the employees in the United Kingdom. The participants in the Scheme no longer accrue benefits and therefore the Company will not be required to make contributions in respect of future accruals. The Company elected to make a contribution of £1.5 million based on the latest triennial actuarial valuation in the first quarter of the current fiscal year. As of December 30, 2017 , the Scheme is in a net funded position (included within “ Other assets ” in the consolidated condensed balance sheet).

Income Taxes

Income Taxes	9 Months Ended
	Dec. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	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 30, December 24, December 30, December 24,  2017 2016 2017 2016 Income before income taxes $ 104,740 $ 145,792 $ 243,112 $ 270,134 Provision for income taxes $ 70,961 $ 23,751 $ 93,121 $ 43,983 Effective tax rate 67.7 % 16.3 % 38.3 % 16.3 % Our income tax expense was $71.0 million and $23.8 million for the third quarter of fiscal year 2018 and 2017 , respectively, resulting in effective tax rates of 67.7% and 16.3% for the third quarter of fiscal year 2018 and 2017 , respectively. Our income tax expense was $93.1 million and $44.0 million for the first nine months of fiscal year 2018 and 2017 , respectively, resulting in effective tax rates of 38.3% and 16.3% for the first nine months of fiscal year 2018 and 2017 , respectively. Our effective tax rate for the third quarter and first nine months of fiscal year 2018 was higher than the federal statutory rate primarily due to the impact of the legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act") enacted in the current quarter and described below, partially offset by income earned in certain foreign jurisdictions that is taxed below the federal statutory rate and excess tax benefits from stock-based compensation. Our effective tax rate for the third quarter and first nine months of fiscal year 2017 was below the federal statutory rate primarily due to income earned in certain foreign jurisdictions taxed below the federal statutory rate, excess tax benefits from stock-based compensation, and the U.S. R&D tax credit. The Tax Act was enacted on December 22, 2017. The Tax Act reduces the U.S. federal corporate income tax rate from 35.0% to 21.0% , restricts the deductibility of certain business expenses, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax-deferred and creates new taxes on certain foreign sourced earnings, among other provisions. The reduction in the U.S. federal corporate income tax rate is effective January 1, 2018. The rate change is administratively effective at the beginning of our fiscal year 2018 , resulting in a blended U.S. federal corporate income tax rate of 31.6% for the annual period. This reduction in the statutory U.S. tax rate, when coupled with changes in the deductibility of certain business expenses that are also effective in fiscal year 2018 , resulted in an immaterial change to the estimated annual effective tax rate as of the third quarter of fiscal year 2018 . The discrete tax effects of the enactment of the Tax Act are described below. As of the end of the third quarter of fiscal year 2018 , we have not completed our accounting for, and have made a reasonable estimate of, the income tax effects of the Tax Act. We remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21.0% . We are still analyzing certain aspects of the Tax Act and refining our calculations, which could potentially affect the measurement of these balances or give rise to new deferred tax amounts. The provisional amount recorded as a discrete component of income tax expense in the current quarter related to the remeasurement of our deferred tax balances was $6.1 million of tax expense. In addition, we recorded a provisional amount of $51.8 million for our one-time transition tax liability as a discrete component of income tax expense. The one-time transition tax is based on our total post-1986 earnings and profits (E&P) that were previously deferred from U.S. income taxes, and is based in part on the amount of those earnings held in cash and other specified assets. The amount may change when we finalize the calculation of E&P and finalize the amounts held in cash or other specified assets on the applicable measurement date. The Company records unrecognized tax benefits for the estimated risk associated with tax positions taken on tax returns. At December 30, 2017 , the Company had unrecognized tax benefits of $36.2 million , all of which would impact the effective tax rate if recognized. The Company recorded a gross decrease of $2.3 million due to the lapse of the statute of limitations in the first quarter of fiscal year 2018 applicable to a tax deduction claimed on a prior year tax return, as well as gross increases to its current year unrecognized tax benefits of $2.2 million , $2.8 million , and $2.6 million for the first, second and third quarters of fiscal year 2018 , respectively. The Company believes it is reasonably possible that the gross unrecognized tax benefits could decrease by approximately $1.1 million in the next 12 months due to the lapse of the statute of limitations applicable to a tax position taken on a prior year tax return. The Company’s total unrecognized tax benefits are classified as “ Other long-term liabilities” in the consolidated condensed balance sheets. The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes. As of December 30, 2017 , the balance of accrued interest and penalties, net of tax, was $0.8 million . 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 2014 through 2017 remain open to examination by the major taxing jurisdictions to which the Company is subject, although carry forward attributes that were generated in tax years prior to fiscal year 2014 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.

Net Income Per Share

Net Income Per Share	9 Months Ended
	Dec. 30, 2017
Earnings Per Share [Abstract]
Net Income Per Share	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 awards (including restricted stock units and market stock units). The following table details the calculation of basic and diluted earnings per share for the three and nine months ended December 30, 2017 and December 24, 2016 (in thousands, except per share amounts): ໿  Three Months Ended Nine Months Ended  December 30, December 24, December 30, December 24,  2017 2016 2017 2016 Numerator: Net income $ 33,779 $ 122,041 $ 149,991 $ 226,151 Denominator: Weighted average shares outstanding 63,453 63,837 63,655 63,025 Effect of dilutive securities 2,104 2,911 2,722 3,353 Weighted average diluted shares 65,557 66,748 66,377 66,378 Basic earnings per share $ 0.53 $ 1.91 $ 2.36 $ 3.59 Diluted earnings per share $ 0.52 $ 1.83 $ 2.26 $ 3.41 The weighted outstanding shares excluded from our diluted calculation for the three and nine months ended December 30, 2017 were 824 thousand and 273 thousand , respectively, as the shares were anti-dilutive. The weighted outstanding shares excluded from our diluted calculation for the three and nine months ended December 24, 2016 were 157 thousand and 208 thousand , respectively, as the shares were anti-dilutive.

Legal Matters

Legal Matters	9 Months Ended
	Dec. 30, 2017
Loss Contingency, Information about Litigation Matters [Abstract]
Legal Matters	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 to 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. There can be no assurances in light of the inherent uncertainties involved in any potential legal proceedings, some of which are beyond our control, and an adverse outcome in any legal proceeding could be material to our results of operations or cash flows for any particular reporting period.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Dec. 30, 2017
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock The Company issued a net 0.6 million and 1.0 million shares of common stock during the three and nine month periods ending December 30, 2017 , respectively, primarily pursuant to the Company's 2006 Stock Incentive Plan. The Company issued a net 0.9 million and 2.0 million shares of common stock during the three and nine month periods ending December 24, 2016 , respectively, primarily pursuant to the Company’s 2006 Stock Incentive Plan. Share Repurchase Program Since inception, $139.8 million of the Company’s common stock has been repurchased under the Company’s 2015 $200 million share repurchase program, leaving $60.2 million available for repurchase under this plan as of December 30, 2017 . During the three and nine months ended December 30, 2017 , respectively, the Company repurchased 0.4 million shares of its common stock, for $20.0 million , at an average cost of $55.01 per share and 2.0 million shares of its common stock, for $115.6 million , at an average cost of $58.89 per share. 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 30, 2017 .

Segment Information

Segment Information	9 Months Ended
	Dec. 30, 2017
Segment Reporting [Abstract]
Segment Information	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, 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 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 Nine Months Ended  December 30, December 24, December 30, December 24,  2017 2016 2017 2016 Portable Audio Products $ 438,650 $ 483,712 $ 1,101,099 $ 1,083,190 Non-Portable Audio and Other Products 44,091 39,317 127,914 127,886  $ 482,741 $ 523,029 $ 1,229,013 $ 1,211,076

Subsequent Event

Subsequent Event	9 Months Ended
	Dec. 30, 2017
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event In January 2018, the Board of Directors authorized the repurchase of up to an additional $200 million of the Company’s common stock, in addition to the $60.2 million remaining from the Board’s previous share repurchase authorization in October 2015, described above in Note 12.

Recently Issued Accounting Pr20

Recently Issued Accounting Pronouncements (Policies)	9 Months Ended
	Dec. 30, 2017
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (ASC Topic 606) . The purpose of this ASU is to converge revenue recognition requirements per U.S. 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. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date after public comment 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 in the process of reviewing our customers’ contracts in respect of performance obligation identification and satisfaction, pricing, warranties, and return rights, among other considerations. The process is substantially complete and the Company currently expects no material modifications to its financial statements upon adoption of this ASU. The standard may be adopted by full retrospective method, which applies retrospectively to each prior period presented, or by modified retrospective method with the cumulative effect adjustment recognized in beginning retained earnings as of the date of adoption. We anticipate using the modified retrospective adoption method. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The FASB issued this update to increase transparency and comparability by recognizing lease assets and lease liabilities on the balance sheet and disclosing key leasing arrangement details . Lessees would recognize operating leases on the balance sheet under this ASU — with the future lease payments recognized as a liability, measured at present value, and the right-of-use asset recognized for the lease term. A single lease cost would be recognized over the lease term. For terms less than twelve months, a lessee would be permitted to make an accounting policy election to recognize lease expense for such leases generally on a straight-line basis over the lease term. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on our financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This ASU requires credit losses on available-for-sale debt securities to be presented as an allowance rather than a write-down. Unlike current U.S. GAAP, the credit losses could be reversed with changes in estimates, and recognized in current year earnings. This ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. Early adoption is permitted for annual periods beginning after December 15, 2018, including interim periods. The Company is currently evaluating the impact of the adoption of this ASU on our financial statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory . This ASU relates to income tax consequences of non-inventory intercompany asset transfers. This ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted, as of the beginning of an annual reporting period. The guidance requires companies to apply a modified retrospective approach with a cumulative catch-up adjustment to beginning retained earnings in the period of adoption. The Company early adopted this ASU in the first quarter of fiscal year 2018 with a $0.7 million impact to beginning retained earnings. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . The update states that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business, and should be treated as an asset acquisition instead. This ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted under specific circumstances, including in an interim period, with prospective application. The Company adopted this ASU and applied the related guidance to an asset acquisition in the first quarter of fiscal year 2018. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This ASU eliminates step two of the goodwill impairment test. An impairment charge is to be recognized for the amount by which the current value exceeds the fair value. This ASU is effective for annual periods beginning after December 15, 2019, including interim periods. Early adoption is permitted, for interim or annual goodwill impairment tests performed after January 1, 2017. An entity is required to disclose the nature of and reason for the change in accounting principle upon transition. That disclosure should be provided in the first annual period and in the interim period within the first annual period when the entity initially adopts the amendments in this update. The Company is currently evaluating the impact of this ASU, which will be applied prospectively. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting . This ASU applies to any company that changes the terms or conditions of a share-based award, considered a modification. Modification accounting would be applied unless certain conditions were met related to the fair value of the award, the vesting conditions and the classification of the modified award. This ASU is effective for annual periods beginning after December 15, 2017, with early adoption permitted. The standard should be applied prospectively to an award modified on or after the adoption date. The Company is currently evaluating the financial statement impact of this ASU.
Segment Reporting, Policy	The Company operates and tracks its results in one reportable segment, but reports revenue performance in two product lines, 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 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.

Marketable Securities (Tables)

Marketable Securities (Tables)	9 Months Ended
	Dec. 30, 2017
Marketable Securities [Abstract]
Schedule of Available-for-sale Securities	The following table is a summary of available-for-sale securities at December 30, 2017 (in thousands): As of December 30, 2017 Amortized Gross Gross Estimated Corporate debt securities $ 174,603 $ 5 $ (787 ) $ 173,821 Non-US government securities 11,819 — (58 ) 11,761 Certificates of deposit 500 — — 500 Agency discount notes 459 — (2 ) 457 Total securities $ 187,381 $ 5 $ (847 ) $ 186,539 The following table is a summary of available-for-sale securities at March 25, 2017 (in thousands): ໿ ໿ As of March 25, 2017 Amortized Gross Gross Estimated Corporate debt securities 33,350 $ — $ (20 ) $ 33,330 Commercial paper 66,518 — (35 ) 66,483 Total securities $ 99,868 $ — $ (55 ) $ 99,813
Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity	The cost and estimated fair value of available-for-sale securities by contractual maturities were as follows (in thousands): ໿ December 30, 2017 March 25, 2017 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Within 1 year $ 12,846 $ 12,822 $ 99,868 $ 99,813 After 1 year 174,535 173,717 — — Total $ 187,381 $ 186,539 $ 99,868 $ 99,813

Fair Value of Financial Instr22

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Dec. 30, 2017
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Assets and Liabilities	The following summarizes the fair value of our financial instruments at December 30, 2017 , exclusive of pension plan assets and liabilities (in thousands):  Quoted Prices Significant Significant Total Assets: Cash equivalents Money market funds $ 186,393 $ — $ — $ 186,393 Available-for-sale securities Corporate debt securities $ — $ 173,821 $ — $ 173,821 Non-US government securities — 11,761 — 11,761 Certificates of deposit — 500 — 500 Agency discount notes — 457 — 457  $ — $ 186,539 $ — $ 186,539 Liabilities: Other accrued liabilities Contingent consideration $ — $ — $ 671 $ 671 ໿ The following summarizes the fair value of our financial instruments at March 25, 2017 , exclusive of pension plan assets and liabilities (in thousands):  Quoted Prices Significant Significant Total Assets: Cash equivalents Money market funds $ 313,982 $ — $ — $ 313,982 Available-for-sale securities Corporate debt securities $ — $ 33,330 $ — $ 33,330 Commercial paper 66,483 — 66,483 $ — $ 99,813 $ — $ 99,813 Liabilities: Other accrued liabilities Contingent consideration $ — $ — $ 4,695 $ 4,695
Schedule of Fair Value of Financial Instruments - Contingent Consideration	The following summarizes the fair value of the liability for contingent consideration at December 30, 2017 :  Maximum Value if Milestones Achieved Estimated Discount Rate (%) Fair Value Tranche B - 30 month earn out period $ 5,000 7.7 % $ 671
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The revised estimates reduced the fair value of the liability as of December 30, 2017 as shown in the table below. The final amount of the liability will be determined at the end of the earn-out period early in the fourth quarter of the current fiscal year and necessary adjustments will be made at that time. ໿  Nine Months Ended  December 30,  2017  (in thousands) Beginning balance $ 4,695 Adjustment to estimates (research and development expense) (4,049 ) Fair value charge recognized in earnings (research and development expense) 25 Ending balance $ 671

Accounts Receivable, net (Table

Accounts Receivable, net (Tables)	9 Months Ended
	Dec. 30, 2017
Accounts Receivable, Net [Abstract]
Components of Accounts Receivable, net	The following are the components of accounts receivable, net (in thousands):  December 30, March 25,  2017 2017 Gross accounts receivable $ 218,063 $ 120,408 Allowance for doubtful accounts (444 ) (434 ) Accounts receivable, net $ 217,619 $ 119,974

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Dec. 30, 2017
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are comprised of the following (in thousands):  December 30, March 25,  2017 2017 Work in process $ 102,670 $ 83,332 Finished goods 90,297 84,563  $ 192,967 $ 167,895

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Dec. 30, 2017
Income Tax Disclosure [Abstract]
Schedule of Provision for Income Taxes and Effective Tax Rates	The following table presents the provision for income taxes (in thousands) and the effective tax rates:  Three Months Ended Nine Months Ended  December 30, December 24, December 30, December 24,  2017 2016 2017 2016 Income before income taxes $ 104,740 $ 145,792 $ 243,112 $ 270,134 Provision for income taxes $ 70,961 $ 23,751 $ 93,121 $ 43,983 Effective tax rate 67.7 % 16.3 % 38.3 % 16.3 %

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Dec. 30, 2017
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table details the calculation of basic and diluted earnings per share for the three and nine months ended December 30, 2017 and December 24, 2016 (in thousands, except per share amounts): ໿  Three Months Ended Nine Months Ended  December 30, December 24, December 30, December 24,  2017 2016 2017 2016 Numerator: Net income $ 33,779 $ 122,041 $ 149,991 $ 226,151 Denominator: Weighted average shares outstanding 63,453 63,837 63,655 63,025 Effect of dilutive securities 2,104 2,911 2,722 3,353 Weighted average diluted shares 65,557 66,748 66,377 66,378 Basic earnings per share $ 0.53 $ 1.91 $ 2.36 $ 3.59 Diluted earnings per share $ 0.52 $ 1.83 $ 2.26 $ 3.41

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Dec. 30, 2017
Segment Reporting [Abstract]
Schedule of Segment Revenue from Product Lines	Revenues from our product lines are as follows (in thousands):  Three Months Ended Nine Months Ended  December 30, December 24, December 30, December 24,  2017 2016 2017 2016 Portable Audio Products $ 438,650 $ 483,712 $ 1,101,099 $ 1,083,190 Non-Portable Audio and Other Products 44,091 39,317 127,914 127,886  $ 482,741 $ 523,029 $ 1,229,013 $ 1,211,076

Recently Issued Accounting Pr28

Recently Issued Accounting Pronouncements (Narrative) (Details) $ in Millions	Jun. 24, 2017USD ($)
Accounting Standards Update 2016-16 | New Accounting Pronouncement, Early Adoption, Effect | Retained Earnings
New Accounting Pronouncement, Early Adoption [Line Items]
Impact to beginning retained earnings from adoption of ASU 2016-16	$ 0.7

Marketable Securities (Schedule

Marketable Securities (Schedule of Available-for-sale Securities) (Details) - USD ($) $ in Thousands	Dec. 30, 2017	Mar. 25, 2017
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 187,381	$ 99,868
Gross Unrealized Gains	5	0
Gross Unrealized Losses	(847)	(55)
Estimated Fair Value (Net Carrying Amount)	186,539	99,813
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	174,603	33,350
Gross Unrealized Gains	5	0
Gross Unrealized Losses	(787)	(20)
Estimated Fair Value (Net Carrying Amount)	173,821	33,330
Non-US government securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	11,819
Gross Unrealized Gains	0
Gross Unrealized Losses	(58)
Estimated Fair Value (Net Carrying Amount)	11,761
Certificates of deposit
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	500
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Estimated Fair Value (Net Carrying Amount)	500
Agency discount notes
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	459
Gross Unrealized Gains	0
Gross Unrealized Losses	(2)
Estimated Fair Value (Net Carrying Amount)	$ 457
Commercial paper
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		66,518
Gross Unrealized Gains		0
Gross Unrealized Losses		(35)
Estimated Fair Value (Net Carrying Amount)		$ 66,483

Marketable Securities (Narrativ

Marketable Securities (Narrative) (Details) $ in Thousands	9 Months Ended
	Dec. 30, 2017USD ($)security	Mar. 25, 2017USD ($)security
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses	$ 847	$ 55
Amortized cost on available for sale securities held at gross unrealized loss	$ 181,000	$ 99,900
Number of securities in unrealized loss position greater than one year | security	0	4
Percentage of gross unrealized loss to position (less than)		1.00%
Minimum
Schedule of Available-for-sale Securities [Line Items]
Maturity period for highly-rated securities	1 year
Maximum
Schedule of Available-for-sale Securities [Line Items]
Maturity period for highly-rated securities	3 years

Marketable Securities (Schedu31

Marketable Securities (Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands	Dec. 30, 2017	Mar. 25, 2017
Amortized Cost
Within 1 year	$ 12,846	$ 99,868
After 1 year	174,535	0
Amortized Cost	187,381	99,868
Estimated Fair Value
Within 1 year	12,822	99,813
After 1 year	173,717	0
Estimated Fair Value	$ 186,539	$ 99,813

Fair Value of Financial Instr32

Fair Value of Financial Instruments (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 30, 2017	Mar. 25, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 186,539	$ 99,813
Contingent consideration	671	4,695
Quoted Prices in Active Markets for Identical Assets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Contingent consideration	0	0
Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	186,539	99,813
Contingent consideration	0	0
Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Contingent consideration	671	4,695
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	173,821	33,330
Corporate debt securities | Quoted Prices in Active Markets for Identical Assets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Corporate debt securities | Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	173,821	33,330
Corporate debt securities | Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Non-US government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	11,761
Non-US government securities | Quoted Prices in Active Markets for Identical Assets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0
Non-US government securities | Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	11,761
Non-US government securities | Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	500
Certificates of deposit | Quoted Prices in Active Markets for Identical Assets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0
Certificates of deposit | Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	500
Certificates of deposit | Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0
Agency discount notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	457
Agency discount notes | Quoted Prices in Active Markets for Identical Assets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0
Agency discount notes | Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	457
Agency discount notes | Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities		66,483
Commercial paper | Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities		66,483
Commercial paper | Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities		0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	186,393	313,982
Money market funds | Quoted Prices in Active Markets for Identical Assets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	186,393	313,982
Money market funds | Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Money market funds | Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0	$ 0

Fair Value of Financial Instr33

Fair Value of Financial Instruments (Schedule of Contingent Consideration) (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 30, 2017	Mar. 25, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value (in thousands)	$ 671	$ 4,695
Tranche B - 30 month earn out period
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maximum Value if Milestones Achieved (in thousands)	$ 5,000
Estimated Discount Rate (%)	7.70%
Fair Value (in thousands)	$ 671

Fair Value of Financial Instr34

Fair Value of Financial Instruments (Schedule of Fair Value of Contingent Consideration) (Details) $ in Thousands	9 Months Ended
	Dec. 30, 2017USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 4,695
Adjustment to estimates (research and development expense)	(4,049)
Fair value charge recognized in earnings (research and development expense)	25
Ending balance	$ 671

Accounts Receivable, net (Compo

Accounts Receivable, net (Components of Accounts Receivable, net) (Details) - USD ($) $ in Thousands	Dec. 30, 2017	Mar. 25, 2017
Accounts Receivable, Net [Abstract]
Gross accounts receivable	$ 218,063	$ 120,408
Allowance for doubtful accounts	(444)	(434)
Accounts receivable, net	$ 217,619	$ 119,974

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Dec. 30, 2017	Mar. 25, 2017
Inventory Disclosure [Abstract]
Work in process	$ 102,670	$ 83,332
Finished goods	90,297	84,563
Total inventories	$ 192,967	$ 167,895

Revolving Credit Facilities (Na

Revolving Credit Facilities (Narrative) (Details) - USD ($)	Jul. 12, 2016	Dec. 30, 2017	Mar. 25, 2017
Line of Credit Facility [Line Items]
Long-term line of credit, noncurrent		$ 0	$ 60,000,000
Wells Fargo Bank | Amended Credit Agreement | Amended Facility
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	$ 300,000,000
Covenant terms, leverage ratio requirement	300.00%
Covenant terms fixed charge ratio requirement	125.00%
Long-term line of credit, noncurrent		$ 0
Wells Fargo Bank | Amended Credit Agreement | Amended Facility | Minimum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.20%
Wells Fargo Bank | Amended Credit Agreement | Amended Facility | Maximum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.30%
Wells Fargo Bank | Amended Credit Agreement | Amended Facility | Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.00%
Wells Fargo Bank | Amended Credit Agreement | Amended Facility | Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Wells Fargo Bank | Amended Credit Agreement | Amended Facility | London Interbank Offered Rate (LIBOR) | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.25%
Wells Fargo Bank | Amended Credit Agreement | Amended Facility | London Interbank Offered Rate (LIBOR) | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.00%

Pension Plan Pension Plan (Deta

Pension Plan Pension Plan (Details) £ in Millions	3 Months Ended
	Jun. 24, 2017GBP (£)
Retirement Benefits [Abstract]
Contributions by employer	£ 1.5

Income Taxes (Provision for Inc

Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 30, 2017	Dec. 24, 2016	Dec. 30, 2017	Dec. 24, 2016
Income Tax Disclosure [Abstract]
Income before income taxes	$ 104,740	$ 145,792	$ 243,112	$ 270,134
Provision for income taxes	$ 70,961	$ 23,751	$ 93,121	$ 43,983
Effective tax rate	67.70%	16.30%	38.30%	16.30%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Dec. 30, 2017	Sep. 23, 2017	Jun. 24, 2017	Dec. 24, 2016	Dec. 30, 2017	Dec. 24, 2016	Mar. 31, 2018
Income Taxes [Line Items]
Provision for income taxes	$ 70,961			$ 23,751	$ 93,121	$ 43,983
Effective tax rate	67.70%			16.30%	38.30%	16.30%
Provision related to remeasurement of deferred tax balances	$ 6,100
Provision for one-time transition tax liability	51,800
Unrecognized tax benefits	36,200				$ 36,200
Unrecognized tax benefits, gross decrease due to lapse of the statute of limitations applicable to a prior year tax deduction					2,300
Unrecognized tax benefits, gross increase due to current year unrecognized tax benefits	2,600	$ 2,800	$ 2,200
Decrease in unrecognized tax benefits is reasonably possible	1,100				1,100
Balance of accrued interest and penalties, net of tax	$ 800				$ 800
Scenario, Forecast
Income Taxes [Line Items]
Federal blended corporate income tax rate, percent							31.60%

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. 30, 2017	Dec. 24, 2016	Dec. 30, 2017	Dec. 24, 2016
Numerator:
Net income	$ 33,779	$ 122,041	$ 149,991	$ 226,151
Denominator:
Weighted average shares outstanding (in shares)	63,453	63,837	63,655	63,025
Effect of dilutive securities (in shares)	2,104	2,911	2,722	3,353
Weighted average diluted shares (in shares)	65,557	66,748	66,377	66,378
Basic earnings per share (in dollars per share)	$ 0.53	$ 1.91	$ 2.36	$ 3.59
Diluted earnings per share (in dollars per share)	$ 0.52	$ 1.83	$ 2.26	$ 3.41

Net Income Per Share (Narrative

Net Income Per Share (Narrative) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Dec. 30, 2017	Dec. 24, 2016	Dec. 30, 2017	Dec. 24, 2016
Earnings Per Share [Abstract]
Weighted average shares outstanding excluded from diluted calculation (in shares)	824	157	273	208

Stockholders' Equity (Common St

Stockholders' Equity (Common Stock) (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Dec. 30, 2017	Dec. 24, 2016	Dec. 30, 2017	Dec. 24, 2016
Stockholders' Equity Note [Abstract]
Common stock issued as part of stock incentive plan (in shares)	0.6	0.9	1	2

Stockholders' Equity (Stock Rep

Stockholders' Equity (Stock Repurchase Program) (Details) $ / shares in Units, shares in Millions	3 Months Ended	9 Months Ended	26 Months Ended
	Dec. 30, 2017USD ($)$ / sharesshares	Dec. 30, 2017USD ($)$ / sharesshares	Dec. 30, 2017USD ($)
Stockholders' Equity Note [Abstract]
Repurchase and retirement of common stock, value	$ 20,000,000	$ 115,600,000	$ 139,800,000
Share repurchase program, amount approved	200,000,000	200,000,000	200,000,000
Remaining amount available for share repurchases under stock repurchase program	$ 60,200,000	$ 60,200,000	$ 60,200,000
Repurchase and retirement of common stock (in shares) | shares	0.4	2
Average cost per share repurchased (in dollars per share) | $ / shares	$ 55.01	$ 58.89

Segment Information (Narrative)

Segment Information (Narrative) (Details)	9 Months Ended
	Dec. 30, 2017segmentproduct_line
Segment Reporting [Abstract]
Number of reportable segments | segment	1
Number of product lines | product_line	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. 30, 2017	Dec. 24, 2016	Dec. 30, 2017	Dec. 24, 2016
Segment Reporting Information [Line Items]
Net sales	$ 482,741	$ 523,029	$ 1,229,013	$ 1,211,076
Portable Audio Products
Segment Reporting Information [Line Items]
Net sales	438,650	483,712	1,101,099	1,083,190
Non-Portable Audio and Other Products
Segment Reporting Information [Line Items]
Net sales	$ 44,091	$ 39,317	$ 127,914	$ 127,886

Subsequent Event (Details)

Subsequent Event (Details) - USD ($)	Jan. 31, 2018	Dec. 30, 2017
Subsequent Event [Line Items]
Share repurchase program, amount approved		$ 200,000,000
Remaining amount available for share repurchases under stock repurchase program		$ 60,200,000
Subsequent Event
Subsequent Event [Line Items]
Share repurchase program, amount approved	$ 200,000,000