Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | May 25, 2018 | Sep. 23, 2017 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
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 | Mar. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Common Stock, Shares Outstanding | 60,978,789 | ||
Entity Public Float | $ 2,433,893,534 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2018 | Mar. 25, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 235,604,000 | $ 351,166,000 |
Marketable securities | 26,397,000 | 99,813,000 |
Accounts receivable, net | 100,801,000 | 119,974,000 |
Inventories | 205,760,000 | 167,895,000 |
Prepaid assets | 31,235,000 | 24,987,000 |
Other current assets | 13,877,000 | 12,093,000 |
Total current assets | 613,674,000 | 775,928,000 |
Long-term marketable securities | 172,499,000 | 0 |
Property and equipment, net | 191,154,000 | 168,139,000 |
Intangibles, net | 111,547,000 | 135,188,000 |
Goodwill | 288,718,000 | 286,767,000 |
Deferred tax assets | 14,716,000 | 32,841,000 |
Other assets | 37,809,000 | 14,607,000 |
Total assets | 1,430,117,000 | 1,413,470,000 |
Current liabilities: | ||
Accounts payable | 69,850,000 | 73,811,000 |
Accrued salaries and benefits | 35,721,000 | 40,190,000 |
Software license agreements | 21,981,000 | 14,990,000 |
Other accrued liabilities | 12,657,000 | 15,084,000 |
Total current liabilities | 140,209,000 | 144,075,000 |
Long-term liabilities: | ||
Debt | 0 | 60,000,000 |
Software license agreements | 27,765,000 | 3,146,000 |
Non-current income taxes | 92,753,000 | 50,876,000 |
Other long-term liabilities | 7,662,000 | 3,681,000 |
Total long-term liabilities | 128,180,000 | 117,703,000 |
Stockholders’ equity: | ||
Preferred stock, 5.0 million shares authorized but unissued | 0 | 0 |
Common stock, $0.001 par value, 280,000 shares authorized, 61,960 shares and 64,295 shares issued and outstanding at March 31, 2018 and March 25, 2017, respectively | 62,000 | 64,000 |
Additional paid-in capital | 1,312,372,000 | 1,259,215,000 |
Accumulated deficit | (139,345,000) | (107,014,000) |
Accumulated other comprehensive loss | (11,361,000) | (573,000) |
Total stockholders’ equity | 1,161,728,000 | 1,151,692,000 |
Total liabilities and stockholders’ equity | $ 1,430,117,000 | $ 1,413,470,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2018 | Mar. 25, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized but unissued (in shares) | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 280,000,000 | 280,000,000 |
Common stock, shares issued (in shares) | 61,960,000 | 64,295,000 |
Common stock, shares outstanding (in shares) | 61,960,000 | 64,295,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Income Statement [Abstract] | |||
Net sales | $ 1,532,186 | $ 1,538,940 | $ 1,169,251 |
Cost of sales | 771,470 | 781,125 | 614,411 |
Gross profit | 760,716 | 757,815 | 554,840 |
Operating expenses | |||
Research and development | 366,444 | 303,658 | 269,217 |
Selling, general and administrative | 131,811 | 127,265 | 117,082 |
Asset impairment | 0 | 9,842 | 0 |
Patent agreement and other | 0 | 0 | (11,670) |
Total operating expenses | 498,255 | 440,765 | 374,629 |
Income from operations | 262,461 | 317,050 | 180,211 |
Interest income | 4,762 | 1,676 | 877 |
Interest expense | (1,153) | (3,600) | (3,308) |
Other expense | (971) | (79) | (1,791) |
Income before income taxes | 265,099 | 315,047 | 175,989 |
Provision for income taxes | 103,104 | 53,838 | 52,359 |
Net income | $ 161,995 | $ 261,209 | $ 123,630 |
Basic earnings per share (in dollars per share) | $ 2.55 | $ 4.12 | $ 1.96 |
Diluted earnings per share (in dollars per share) | $ 2.46 | $ 3.92 | $ 1.87 |
Basic weighted average common shares outstanding (in shares) | 63,407 | 63,329 | 63,197 |
Diluted weighted average common shares outstanding (in shares) | 65,951 | 66,561 | 65,993 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 161,995 | $ 261,209 | $ 123,630 |
Other comprehensive income (loss), before tax | |||
Foreign currency translation gain (loss) | 2,791 | (826) | 294 |
Unrealized gain (loss) on marketable securities | (2,380) | 47 | (24) |
Actuarial gain (loss) on defined benefit pension plan | (14,729) | (79) | 2,660 |
Reclassification of actuarial (gain) loss to net income | 0 | (89) | 49 |
Benefit (provision) for income taxes | 3,530 | 42 | (537) |
Comprehensive income | $ 151,207 | $ 260,304 | $ 126,072 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 161,995 | $ 261,209 | $ 123,630 |
Adjustments to net cash provided by operating activities: | |||
Depreciation and amortization | 81,399 | 63,433 | 58,060 |
Stock compensation expense | 48,741 | 39,593 | 33,506 |
Deferred income taxes | 11,646 | 10,885 | 23,202 |
Loss on retirement or write-off of long-lived assets | 626 | 10,387 | 2,753 |
(Payments) charges for defined benefit pension plan | (10,929) | 116 | 729 |
Excess tax benefit from employee stock awards | 0 | 0 | (3,850) |
Other non-cash charges | (3,864) | 8,980 | 19,702 |
Net change in operating assets and liabilities: | |||
Accounts receivable, net | 19,173 | (31,442) | 24,156 |
Inventories | (37,865) | (25,880) | (57,819) |
Other assets | 16,824 | 575 | (1,522) |
Accounts payable | 143 | 1,772 | (41,456) |
Accrued salaries and benefits | (4,469) | 18,951 | (2,993) |
Deferred income | 0 | 0 | (6,105) |
Income taxes payable | 22,983 | 10,969 | (11,807) |
Other accrued liabilities | 12,308 | 203 | (11,140) |
Net cash provided by operating activities | 318,711 | 369,751 | 149,046 |
Cash flows from investing activities: | |||
Maturities and sales of available-for-sale marketable securities | 138,221 | 212,863 | 125,660 |
Purchases of available-for-sale marketable securities | (238,434) | (231,432) | (22,570) |
Purchases of property, equipment and software | (55,180) | (41,849) | (41,569) |
Investments in technology | (29,323) | (9,447) | (4,519) |
Acquisition of businesses, net of cash obtained | 0 | 0 | (36,759) |
Net cash (used in) provided by investing activities | (184,716) | (69,865) | 20,243 |
Cash flows from financing activities: | |||
Principal payments on long-term revolver | (60,000) | (100,439) | (20,000) |
Debt issuance costs | 0 | (2,152) | 0 |
Payments on capital lease agreements | 0 | (699) | 0 |
Issuance of common stock, net of shares withheld for taxes | 4,417 | 16,518 | 6,617 |
Repurchase of stock to satisfy employee tax withholding obligations | (17,806) | (14,089) | (6,861) |
Repurchase and retirement of common stock | (175,776) | (15,439) | (60,503) |
Excess tax benefit from employee stock awards | 0 | 0 | 3,850 |
Contingent consideration payments | (392) | (1,213) | 0 |
Net cash used in financing activities | (249,557) | (117,513) | (76,897) |
Net (decrease) increase in cash and cash equivalents | (115,562) | 182,373 | 92,392 |
Cash and cash equivalents at beginning of period | 351,166 | 168,793 | 76,401 |
Cash and cash equivalents at end of period | 235,604 | 351,166 | 168,793 |
Cash payments during the year for: | |||
Income taxes | 34,385 | 8,001 | 23,785 |
Interest | $ 835 | $ 2,947 | $ 3,318 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income / (Loss) [Member] |
Balance (in shares) at Mar. 28, 2015 | 63,085 | ||||
Balance at Mar. 28, 2015 | $ 756,771 | $ 63 | $ 1,159,431 | $ (400,613) | $ (2,110) |
Net income | 123,630 | 123,630 | |||
Change in unrealized gain (loss) on marketable securities, net of tax | (15) | (15) | |||
Change in defined benefit pension plan liability, net of tax | 2,163 | 2,163 | |||
Change in foreign currency translation adjustments | 294 | 294 | |||
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares) | 1,552 | ||||
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes | (242) | $ 2 | 6,617 | (6,861) | |
Repurchase and retirement of common stock (in shares) | (2,007) | ||||
Repurchase and retirement of common stock | (60,503) | $ (2) | (60,501) | ||
Amortization of deferred stock compensation | 33,535 | 33,535 | |||
Excess tax benefit from employee stock awards | 3,850 | 3,850 | |||
Balance (in shares) at Mar. 26, 2016 | 62,630 | ||||
Balance at Mar. 26, 2016 | 859,483 | $ 63 | 1,203,433 | (344,345) | 332 |
Cumulative effect of adoption of new ASU | Accounting Standards Update 2016-09 [Member] | 5,649 | 5,649 | |||
Net income | 261,209 | 261,209 | |||
Change in unrealized gain (loss) on marketable securities, net of tax | 31 | 31 | |||
Change in defined benefit pension plan liability, net of tax | (110) | (110) | |||
Change in foreign currency translation adjustments | (826) | (826) | |||
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares) | 2,145 | ||||
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes | 2,429 | $ 2 | 16,516 | (14,089) | |
Repurchase and retirement of common stock (in shares) | (480) | ||||
Repurchase and retirement of common stock | (15,439) | $ (1) | (15,438) | ||
Amortization of deferred stock compensation | 39,593 | 39,593 | |||
Excess tax benefit from employee stock awards | (327) | (327) | |||
Balance (in shares) at Mar. 25, 2017 | 64,295 | ||||
Balance at Mar. 25, 2017 | 1,151,692 | $ 64 | 1,259,215 | (107,014) | (573) |
Cumulative effect of adoption of new ASU | Accounting Standards Update 2016-16 | (747) | (747) | |||
Net income | 161,995 | 161,995 | |||
Change in unrealized gain (loss) on marketable securities, net of tax | (1,630) | (1,630) | |||
Change in defined benefit pension plan liability, net of tax | (11,949) | (11,949) | |||
Change in foreign currency translation adjustments | 2,791 | 2,791 | |||
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares) | 1,054 | ||||
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes | (13,389) | $ 1 | 4,416 | (17,806) | |
Repurchase and retirement of common stock (in shares) | (3,389) | ||||
Repurchase and retirement of common stock | (175,776) | $ (3) | (175,773) | ||
Amortization of deferred stock compensation | 48,741 | 48,741 | |||
Balance (in shares) at Mar. 31, 2018 | 61,960 | ||||
Balance at Mar. 31, 2018 | $ 1,161,728 | $ 62 | $ 1,312,372 | $ (139,345) | $ (11,361) |
Description of Business
Description of Business | 12 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business Description of Business Cirrus Logic, Inc. (“Cirrus Logic,” “We,” “Us,” “Our,” or the “Company”) is a leader in high performance, low-power integrated circuits (“ICs”) for audio and voice signal processing applications. Cirrus Logic’s products span the entire audio signal chain, from capture to playback, providing innovative products for the world’s top smartphones, tablets, digital headsets, wearables and emerging smart home applications. We were incorporated in California in 1984, became a public company in 1989, and were reincorporated in the State of Delaware in February 1999. Our primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas. We also have offices in various other locations in the United States, United Kingdom, Sweden, Spain, Australia and Asia, including the People’s Republic of China, Hong Kong, South Korea, Japan, Singapore, and Taiwan. Our common stock, which has been publicly traded since 1989, is listed on the NASDAQ's Global Select Market under the symbol CRUS. Basis of Presentation We prepare financial statements on a 52- or 53-week year that ends on the last Saturday in March. Fiscal years 2017 and 2016 were 52-week years. Fiscal year 2018 was a 53-week year. Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with U. S. generally accepted accounting principles (U.S. GAAP) and include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. Reclassifications Certain reclassifications have been made to prior year balances in order to conform to the current year’s presentation of financial information. Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires the use of management estimates. These estimates are subjective in nature and involve judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at fiscal year-end and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Cash and Cash Equivalents Cash and cash equivalents consist primarily of money market funds, commercial paper, and U.S. Government Treasury and Agency instruments with original maturities of three months or less at the date of purchase. Inventories We use the lower of cost or net realizable value to value our inventories, with cost being determined on a first-in, first-out basis. One of the factors we consistently evaluate in the application of this method is the extent to which products are accepted into the marketplace. By policy, we evaluate market acceptance based on known business factors and conditions by comparing forecasted customer unit demand for our products over a specific future period, or demand horizon, to quantities on hand at the end of each accounting period. On a quarterly and annual basis, we analyze inventories on a part-by-part basis. Product life cycles and the competitive nature of the industry are factors considered in the evaluation of customer unit demand at the end of each quarterly accounting period. Inventory on-hand in excess of forecasted demand is considered to have reduced market value and, therefore, the cost basis is adjusted to the lower of cost or net realizable value. Typically, market values for excess or obsolete inventories are considered to be zero. Inventory charges recorded for excess and obsolete inventory, including scrapped inventory, were $9.7 million and $6.7 million , in fiscal year 2018 and 2017 , respectively. Inventory charges in fiscal year 2018 and 2017 related to a combination of quality issues and inventory exceeding demand. Inventories were comprised of the following (in thousands): March 31, 2018 March 25, 2017 Work in process $ 97,138 $ 83,332 Finished goods 108,622 84,563 $ 205,760 $ 167,895 Property, Plant and Equipment, net Property, plant and equipment is recorded at cost, net of depreciation and amortization. Depreciation and amortization is calculated on a straight-line basis over estimated economic lives, ranging from three to 39 years . Leasehold improvements are depreciated over the shorter of the term of the lease or the estimated useful life. Furniture, fixtures, machinery, and equipment are all depreciated over a useful life of 3 to 10 years , while buildings are depreciated over a period of up to 39 years . In general, our capitalized software is amortized over a useful life of 3 years , with capitalized enterprise resource planning software being amortized over a useful life of 10 years . Gains or losses related to retirements or dispositions of fixed assets are recognized in the period incurred. Additionally, if impairment indicators exist, the Company will assess the carrying value of the associated asset. In the fourth quarter of fiscal year 2017 , the Company reassessed the carrying value of the property located in Edinburgh, Scotland, resulting in an asset impairment charge of $9.8 million . Property, plant and equipment was comprised of the following (in thousands): March 31, 2018 March 25, 2017 Land $ 26,379 $ 26,379 Buildings 71,354 74,266 Furniture and fixtures 22,138 14,231 Leasehold improvements 35,569 4,355 Machinery and equipment 143,509 123,054 Capitalized software 25,949 24,839 Construction in progress 6,086 22,972 Total property, plant and equipment 330,984 290,096 Less: Accumulated depreciation and amortization (139,830 ) (121,957 ) Property, plant and equipment, net $ 191,154 $ 168,139 Depreciation and amortization expense on property, plant, and equipment for fiscal years 2018 , 2017 , and 2016 was $27.7 million , $26.1 million , and $22.3 million , respectively. Goodwill and Intangibles, net Intangible assets include purchased technology licenses and patents that are reported at cost and are amortized on a straight-line basis over their useful lives, generally ranging from 1 to 10 years . Acquired intangibles include existing technology, core technology or patents, license agreements, in-process research & development, trademarks, tradenames, customer relationships, non-compete agreements, and backlog. These assets are amortized on a straight-line basis over lives ranging from one to fifteen years . Goodwill is recorded at the time of an acquisition and is calculated as the difference between the aggregate consideration paid for an acquisition and the fair value of the net tangible and intangible assets acquired. Goodwill and intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests. The Company tests goodwill and indefinite lived intangibles for impairment on an annual basis or more frequently if the Company believes indicators of impairment exist. Impairment evaluations involve management’s assessment of qualitative factors to determine whether it is more likely than not that goodwill and other intangible assets are impaired. If management concludes from its assessment of qualitative factors that it is more likely than not that impairment exists, then a quantitative impairment test will be performed involving management estimates of asset useful lives and future cash flows. Significant management judgment is required in the forecasts of future operating results that are used in these evaluations. If our actual results, or the plans and estimates used in future impairment analyses, are lower than the original estimates used to assess the recoverability of these assets, we could incur additional impairment charges in a future period. The Company has recorded no goodwill impairments in fiscal years 2018 , 2017 , and 2016 . There were no material intangible asset impairments in fiscal years 2018 , 2017 , or 2016 . Long-Lived Assets We test for impairment losses on long-lived assets and definite-lived intangibles used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. We measure any impairment loss by comparing the fair value of the asset to its carrying amount. We estimate fair value based on discounted future cash flows, quoted market prices, or independent appraisals. Foreign Currency Translation Some of the Company's subsidiaries utilize the local currency as the functional currency. The Company’s main entities, including the entities that generate the majority of sales and employ the majority of employees, are US dollar functional. Defined Benefit Pension Plan Defined benefit pension plans are accounted for based upon the provisions of ASC Topic 715, “ Compensation — Retirement Benefits. ” The funded status of the plan is recognized in the Consolidated Balance Sheet. Prior to the buy-in transaction discussed in Note 8, any re-measurement of plan assets and benefit obligations deemed necessary in an interim period, would be reflected in the Consolidated Balance Sheet in the subsequent interim period to reflect the overfunded or underfunded status of the plan. The Company engages external actuaries on at least an annual basis to provide a valuation of the plan’s assets and projected benefit obligation and is used to record the net periodic pension cost. On a quarterly basis, the Company evaluated current information available to determine whether the plan’s assets and projected benefit obligation should be re-measured. Concentration of Credit Risk Financial instruments that potentially subject us to material concentrations of credit risk consist primarily of cash equivalents, marketable securities, long-term marketable securities, and trade accounts receivable. We are exposed to credit risk to the extent of the amounts recorded on the balance sheet. By policy, our cash equivalents, marketable securities, and long-term marketable securities are subject to certain nationally recognized credit standards, issuer concentrations, sovereign risk, and marketability or liquidity considerations. In evaluating our trade receivables, we perform credit evaluations of our major customers’ financial condition and monitor closely all of our receivables to limit our financial exposure by limiting the length of time and amount of credit extended. In certain situations, we may require payment in advance or utilize letters of credit to reduce credit risk. By policy, we establish a reserve for trade accounts receivable based on the type of business in which a customer is engaged, the length of time a trade account receivable is outstanding, and other knowledge that we may possess relating to the probability that a trade receivable is at risk for non-payment. We had three contract manufacturers, Pegatron , Jabil Circuits , and Hongfujin Precision who represented 24 percent, 18 percent, and 11 percent, respectively of our consolidated gross trade accounts receivable as of the end of fiscal year 2018 . Hongfujin Precision, Protek and Jabil Circuits represented 20 percent, 15 percent, and 13 percent , respectively of our consolidated gross trade accounts receivable as of the end of fiscal year 2017 . No other distributor or customer had receivable balances that represented more than 10 percent of consolidated gross trade accounts receivable as of the end of fiscal year 2018 and 2017 . Since the components we produce are largely proprietary and generally not available from second sources, we consider our end customer to be the entity specifying the use of our component in their design. These end customers may then purchase our products directly from us, from a distributor, or through a third-party manufacturer contracted to produce their end product. For fiscal years 2018 , 2017 , and 2016 , our ten largest end customers represented approximately 92 percent, 92 percent, and 89 percent, of our sales, respectively. For fiscal years 2018 , 2017 , and 2016 , we had one end customer, Apple Inc., who purchased through multiple contract manufacturers and represented approximately 81 percent, 79 percent, and 66 percent, of the Company’s total sales, respectively. Samsung Electronics represented 15 percent of the Company’s total sales in fiscal year 2016 . No other customer or distributor represented more than 10 percent of net sales in fiscal years 2018 , 2017 , or 2016 . Revenue Recognition We recognize revenue when all of the following criteria are met: persuasive evidence that an arrangement exists, delivery of goods has occurred, the sales price is fixed or determinable and collectability is reasonably assured. Prior to the fourth quarter of fiscal year 2016, we had a number of arrangements with distributors whereby we deferred revenue at the time of shipment of our products to those distributors. As part of those arrangements, when a distributor resold those products to an end customer, the Company would credit the distributor the difference between (1) the original distributor price and the distributor’s agreed upon margin and (2) the final sales price to the end customer (known as the “Ship and Debit Arrangement”). For those transactions, revenue was deferred until the product was resold by the distributor and we determined that the final sales price to the distributor was fixed or determinable. For certain of our smaller distributors, we did not have similar Ship and Debit Arrangements and the distributors were billed at a fixed upfront price. For those transactions, revenue was recognized upon delivery to the distributor based upon the distributor’s individual shipping terms, less an allowance for estimated returns, as the Company determined that the revenue recognition criteria were met. In light of the fact that the distributor program had been declining as a portion of the overall business for several years, in fiscal year 2016 the Company performed a review of all distributor arrangements in an effort to streamline our distribution program and reduce overhead costs. Based upon this review, the Company terminated its Ship and Debit Arrangements with Distributors during the fourth quarter of fiscal year 2016. Subsequent to the termination of the Ship and Debit Arrangements, the Company began recognizing revenue for all distributors upon delivery to the distributor based upon the distributor’s individual shipping terms, less an allowance for estimated returns, as the Company’s final sales price to the distributor was fixed and determinable and the Company determined that all four criteria for revenue recognition were met. Although the Company terminated its Ship and Debit Arrangements with all distributors along with certain ancillary agreements related to the Ship and Debit Arrangements, the Company continues to grant varying levels of stock rotation and price protection rights based on individual distributor agreements. To the extent these rights are implicated in any transaction with a distributor, we continue to evaluate their effect on when the revenue recognition criteria have been met. Warranty Expense We warrant our products and maintain a provision for warranty repair or replacement of shipped products. The accrual represents management’s estimate of probable returns. Our estimate is based on an analysis of our overall sales volume and historical claims experience. The estimate is re-evaluated periodically for accuracy. Shipping Costs Our shipping and handling costs are included in cost of sales for all periods presented in the Consolidated Statements of Income. Advertising Costs Advertising costs are expensed as incurred. Advertising costs were $1.4 million , $1.7 million , and $1.6 million , in fiscal years 2018 , 2017 , and 2016 , respectively. Stock-Based Compensation Stock-based compensation is measured at the grant date based on the grant-date fair value of the awards and is recognized as an expense, on a ratable basis, over the vesting period, which is generally between 0 and 4 years. Determining the amount of stock-based compensation to be recorded requires the Company to develop estimates used in calculating the grant-date fair value of stock options and performance awards (also called market stock units). The Company calculates the grant-date fair value for stock options and market stock units using the Black-Scholes valuation model and the Monte Carlo simulation, respectively. The use of valuation models requires the Company to make estimates of assumptions such as expected volatility, expected term, risk-free interest rate, expected dividend yield, and forfeiture rates. The grant-date fair value of restricted stock units is the market value at grant date multiplied by the number of units. Income Taxes We are required to calculate income taxes in each of the jurisdictions in which we operate. This process involves calculating the actual current tax liability as well as assessing temporary differences in the recognition of income or loss for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included in our Consolidated Balance Sheet. We record a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company evaluates the ability to realize its deferred tax assets based on all the facts and circumstances, including projections of future taxable income and expiration dates of carryover tax attributes. The calculation of our tax liabilities involves assessing uncertainties with respect to the application of complex tax rules and the potential for future adjustment of our uncertain tax positions by the Internal Revenue Service or other taxing jurisdiction. We recognize liabilities for uncertain tax positions based on the required two-step process. The first step requires us to determine if the weight of available evidence indicates that the tax position has met the threshold for recognition; therefore, we must evaluate whether it is more likely than not that the position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step requires us to measure the tax benefit of the tax position taken, or expected to be taken, in an income tax return as the largest amount that is more than 50 percent likely of being realized upon ultimate settlement. We reevaluate the uncertain tax positions each quarter based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, expirations of statutes of limitation, effectively settled issues under audit, and new audit activity. A change in the recognition step or measurement step would result in the recognition of a tax benefit or an additional charge to the tax provision in the period. Although we believe the measurement of our liabilities for uncertain tax positions is reasonable, we cannot assure that the final outcome of these matters will not be different than what is reflected in the historical income tax provisions and accruals. If additional taxes are assessed as a result of an audit or litigation, it could have a material effect on our income tax provision and net income in the period or periods for which that determination is made. We operate within multiple taxing jurisdictions and are subject to audit in these jurisdictions. These audits can involve complex issues which may require an extended period of time to resolve and could result in additional assessments of income tax. We believe adequate provisions for income taxes have been made for all periods. Net Income Per Share Basic net income per share is based on the weighted effect of common shares issued and outstanding and is calculated by dividing net income by the basic weighted average shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average number of common shares used in the basic net income per share calculation, plus the equivalent number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares outstanding. These potentially dilutive items consist primarily of outstanding stock options and restricted stock grants. The following table details the calculation of basic and diluted earnings per share for fiscal years 2018 , 2017 , and 2016 , (in thousands, except per share amounts): Fiscal Years Ended March 31, 2018 March 25, 2017 March 26, 2016 Numerator: Net income 161,995 $ 261,209 $ 123,630 Denominator: Weighted average shares outstanding 63,407 63,329 63,197 Effect of dilutive securities 2,544 3,232 2,796 Weighted average diluted shares 65,951 66,561 65,993 Basic earnings per share $ 2.55 $ 4.12 $ 1.96 Diluted earnings per share $ 2.46 $ 3.92 $ 1.87 The weighted outstanding shares excluded from our diluted calculation for the years ended March 31, 2018 , March 25, 2017 , and March 26, 2016 were 326 thousand, 389 thousand, and 468 thousand, respectively, as the exercise price of certain outstanding stock options exceeded the average market price during the period. Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss is comprised of foreign currency translation adjustments, unrealized gains and losses on investments classified as available-for-sale and actuarial gains and losses on our defined benefit pension plan assets. See Note 13 — Accumulated Other Comprehensive Loss for additional discussion. 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 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 has completed the process of reviewing our customers’ contracts in respect of performance obligation identification and satisfaction, pricing, warranties, and return rights, among other considerations. Through this process, the Company currently expects an immaterial balance sheet impact to its first quarter fiscal year 2019 financials, 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 modified retrospective approach is the only allowed adoption method. We currently expect that most of our operating lease commitments will be subject to the new standard and recognized as right-of-use assets and operating lease liabilities upon adoption, which will increase our total assets and total liabilities that we report relative to such amounts prior to adoption of this ASU. 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 this ASU with no expected material impact. 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, including interim periods within those annual periods. Early adoption is permitted under specific circumstances, including in an interim period, with prospective application on or after the effective date. 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, and should be applied prospectively. 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 with no expected material impact. 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 with no expected material impact. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . This ASU allows for the classification of stranded tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Act”) from accumulated other comprehensive income to retained earnings. This ASU is effective for annual periods beginning after December 15, 2018, with early adoption permitted. The standard should be applied in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in tax rate is recognized. The Company is currently evaluating the potential financial statement impact of this ASU. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Mar. 31, 2018 | |
Marketable Securities [Abstract] | |
Marketable Securities | Marketable Securities The Company’s investments have been classified as available-for-sale securities in accordance with U.S. GAAP. Marketable securities are categorized on the Consolidated Balance Sheet as “ Marketable securities” within the short-term or long-term classification, as appropriate. The following table is a summary of available-for-sale securities (in thousands): As of March 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (Net Carrying Amount) Corporate debt securities $ 185,636 $ 4 $ (2,318 ) $ 183,322 Non-US government securities 14,730 — (111 ) 14,619 Certificates of deposit 500 — — 500 Agency discount notes 459 — (4 ) 455 Total securities $ 201,325 $ 4 $ (2,433 ) $ 198,896 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 $2.4 million related to securities with a total amortized cost of approximately $198.2 million at March 31, 2018 . No securities had been in a continuous unrealized loss position for more than 12 months as of March 31, 2018 . 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 31, 2018 , the Company does not consider any of its investments to be other-than-temporarily impaired. As of March 25, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (Net Carrying Amount) 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 a total amortized cost of approximately $99.9 million at March 25, 2017 . Four securities had been in a continuous unrealized loss position for more than 12 months as of March 25, 2017 . The gross unrealized loss on these securities was less than one tenth of 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 investments by contractual maturity were as follows: March 31, 2018 March 25, 2017 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Within 1 year $ 26,560 $ 26,397 $ 99,868 $ 99,813 After 1 year 174,765 172,499 — — Total $ 201,325 $ 198,896 $ 99,868 $ 99,813 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Mar. 31, 2018 | |
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 or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). ▪ Level 1 — Quoted prices in active markets for identical assets or liabilities. ▪ Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ▪ Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s cash equivalents and investment portfolio assets consist of corporate debt securities, money market funds, non-U.S government securities, securities of U.S. government-sponsored enterprises, commercial paper and certificates of deposit and are reflected on our Consolidated Balance Sheet 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 second quarter fiscal year 2016 acquisitions, the Company reported contingent consideration based upon achievement of certain milestones. This liability was classified as Level 3 and was valued using a discounted cash flow model. The assumptions used in preparing the discounted cash flow included discount rate estimates and cash flow amounts. The final payment related to the contingent consideration was made in the fourth quarter of fiscal year 2018 and no further liability remains at March 31, 2018 . The Company’s long-term revolving facility, described in Note 7, bears interest at a base rate plus applicable margin or LIBOR plus applicable margin. As of March 31, 2018 , there are no amounts drawn under the facility and the fair value is zero . As of March 31, 2018 and March 25, 2017 , the Company classified all investment portfolio assets and pension plan assets (discussed in Note 8) as Level 1 or Level 2 assets and liabilities. The only Level 3 liability was 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 years ending March 31, 2018 and March 25, 2017 . The following summarizes the fair value of our financial instruments, exclusive of pension plan assets detailed in Note 8, at March 31, 2018 (in thousands): Quoted Prices in Active Markets for Identical Assets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total Assets: Cash equivalents Money market funds $ 211,891 $ — $ — $ 211,891 Available-for-sale securities Corporate debt securities $ — $ 183,322 $ — $ 183,322 Non-US government securities — 14,619 — 14,619 Certificates of deposit — 500 — 500 Agency discount notes — 455 — 455 $ — $ 198,896 $ — $ 198,896 The following summarizes the fair value of our financial instruments at March 25, 2017 (in thousands): Quoted Prices in Active Markets for Identical Assets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 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 — short-term $ — $ — $ 4,695 $ 4,695 Contingent consideration The following summarizes the fair value of the contingent consideration at March 31, 2018 : Maximum Value if Milestones Achieved (in thousands) Estimated Discount Rate (%) Fair Value (in thousands) Tranche A — 18 month earn out period 5,000 7.0 — Tranche B — 30 month earn out period 5,000 7.7 — Fiscal Year Ended March 31, 2018 March 25, 2017 (in thousands) Beginning balance $ 4,695 $ 9,068 Adjustment to estimates (research and development expense) (4,328 ) (3,579 ) Payout of Tranche A contingent consideration — (1,213 ) Payout of Tranche B contingent consideration (392 ) — Fair value charge recognized in earnings (research and development expense) 25 419 Ending balance $ — $ 4,695 The valuation of contingent consideration was based on a weighted-average discounted cash flows model. The fair value was reviewed and estimated on a quarterly basis based on the probability of achieving defined milestones and current interest rates. Changes in any of the unobservable inputs used in the fair value measurement of contingent consideration resulted in a lower or higher fair value. A change in projected outcomes if milestones were achieved was accompanied by a directionally similar change in fair value. A change in discount rate was accompanied by a directionally opposite change in fair value. Changes to the fair value due to changes in assumptions were reported in research and development expense in the Consolidated Statements of Income. In the second quarter of fiscal year 2017, changes in the probability of achieving certain milestones associated with Tranche A 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 prior to the pay out in the fourth quarter of fiscal year 2017. 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 prior to the pay out in the fourth quarter of fiscal year 2018. |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Mar. 31, 2018 | |
Accounts Receivable, Net [Abstract] | |
Accounts Receivable, Net | Accounts Receivable, net The following are the components of accounts receivable, net (in thousands): March 31, 2018 March 25, 2017 Gross accounts receivable $ 101,004 $ 120,408 Allowance for doubtful accounts (203 ) (434 ) Accounts receivable, net $ 100,801 $ 119,974 The following table summarizes the changes in the allowance for doubtful accounts (in thousands): Balance, March 28, 2015 $ (356 ) Bad debt expense, net of recoveries (119 ) Balance, March 26, 2016 (475 ) Adjustment to bad debt 41 Balance, March 25, 2017 (434 ) Adjustment to bad debt 231 Balance, March 31, 2018 $ (203 ) Recoveries on bad debt were immaterial for the three years presented above. |
Intangibles, net and Goodwill
Intangibles, net and Goodwill | 12 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangibles, net and Goodwill | Intangibles, net and Goodwill The intangibles, net balance included on the Consolidated Balance Sheet was $111.5 million and $135.2 million at March 31, 2018 and March 25, 2017 , respectively. The following information details the gross carrying amount and accumulated amortization of our intangible assets (in thousands): March 31, 2018 March 25, 2017 Intangible Category / Weighted-Average Amortization period (in years) Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Core technology (a) $ 1,390 $ (1,390 ) $ 1,390 $ (1,390 ) License agreement (a) 440 (440 ) 440 (440 ) Existing technology (6.1) 117,976 (75,048 ) 117,975 (53,960 ) In-process research & development (“IPR&D”) (5.8) 97,972 (49,556 ) 72,750 (24,245 ) Trademarks and tradename (10.0) 3,037 (2,333 ) 3,037 (2,208 ) Customer relationships (10.0) 15,381 (5,732 ) 15,381 (4,191 ) Backlog (a) 220 (220 ) 220 (220 ) Non-compete agreements (a) 470 (470 ) 470 (470 ) Technology licenses (3.0) 28,063 (18,213 ) 24,540 (13,891 ) Total $ 264,949 $ (153,402 ) $ 236,203 $ (101,015 ) (a) Intangible assets are fully amortized. Amortization expense for intangibles in fiscal years 2018 , 2017 , and 2016 was $53.7 million , $37.4 million , and $35.7 million , respectively. The following table details the estimated aggregate amortization expense for all intangibles owned as of March 31, 2018 , for each of the five succeeding fiscal years and in the aggregate thereafter (in thousands): For the year ended March 30, 2019 $ 46,867 For the year ended March 28, 2020 $ 27,540 For the year ended March 27, 2021 $ 16,094 For the year ended March 26, 2022 $ 12,145 For the year ended March 25, 2023 $ 6,663 Thereafter $ 2,238 The goodwill balance included on the Consolidated Balance Sheet is $288.7 million and $286.8 million at March 31, 2018 and March 25, 2017 , respectively. |
Revolving Credit Facility
Revolving Credit Facility | 12 Months Ended |
Mar. 31, 2018 | |
Line of Credit Facility [Abstract] | |
Revolving Credit Facility | Revolving Credit Facility 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 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 0.50% 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 consecutive 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 March 31, 2018 , the Company had no amounts outstanding under the Amended Facility and was in compliance with all covenants under the Amended Credit Facility. |
Postretirement Benefit Plans
Postretirement Benefit Plans | 12 Months Ended |
Mar. 31, 2018 | |
Retirement Benefits [Abstract] | |
Pension Benefit Plans | Postretirement Benefit Plans Defined Benefit Pension Plan As a result of our acquisition of Wolfson in fiscal year 2015, the Company now fully funds a defined benefit pension scheme (“the Scheme”), for some of the employees in the United Kingdom. The Scheme was closed to new participants as of July 2, 2002. As of April 30, 2011, the participants in the Scheme no longer accrue benefits and therefore the Company will not be required to pay contributions in respect of future accrual. The Scheme is a trustee-administered fund that is legally separate from the Company, which holds the pension plan assets to meet long-term pension liabilities. The pension fund trustees were comprised of one employee and one employer representative and an independent chairman until November 1, 2017, when an independent corporate trustee was appointed sole trustee. The trustees are required by law to act in the best interests of the Scheme’s beneficiaries and the trustees are responsible, in consultation with the Company, for setting certain policies (including the investment policies and strategies) of the fund. The Company initiated an Enhanced Transfer Value (ETV) offer to 49 Scheme participants in fiscal year 2017 . The ETV offer expired on December 23, 2016, and 9 participants accepted. As a result, the Company paid the required ETV contribution of $0.5 million and recorded the associated pension expense of $0.4 million . During fiscal year 2018, the Company authorized the termination of the Scheme under which 60 participants had accrued benefits. On March 16, 2018, the Scheme completed a buy-in transaction whereby the assets of the Scheme, together with a final contribution from the Company of $11.0 million , were invested in a bulk purchase annuity contract that fully insures the benefits payable to the members of the Scheme. As the buy-in transaction has resulted in the defined benefit obligations being fully insured, the Company has no further material contributions to make. The bulk purchase annuity contract is structured to enable the Scheme to move to full buy-out (following which the insurance company would become directly responsible for the pension payments) and the intention is to proceed on this basis. When the buy-out is complete, a settlement loss will be recognized which will include any unamortized loss currently recorded within Other Comprehensive Income. The following tables set forth the benefit obligation, the fair value of plan assets, and the funded status of the Scheme (in thousands): March 31, March 25, Change in benefit obligation: Beginning balance $ 21,123 $ 23,968 Interest cost 651 759 Plan settlements — (4,517 ) Benefits paid and expenses (312 ) (264 ) Change in foreign currency exchange rate 2,869 (2,763 ) Actuarial (gain) / loss 16,270 3,940 Total benefit obligation ending balance 40,601 21,123 Change in plan assets: Beginning balance 22,143 25,688 Actual return on plan assets 2,700 3,933 Employer contributions 12,877 990 Plan settlements — (5,243 ) Change in foreign currency exchange rate 3,193 (2,961 ) Benefits paid and expenses (312 ) (264 ) Fair value of plan assets ending balance 40,601 22,143 Funded status of Scheme at end of year $ — $ 1,020 The assets and obligations of the Scheme are denominated in British Pound Sterling. Following the purchase of the bulk purchase annuity contract as of March 31, 2018 , the Scheme is fully insured and the net funded status is zero as reflected in the Company’s Consolidated Balance Sheet under the caption “ Other assets ”. The Company’s plan assets and obligations are measured as of the fiscal year-end. As of March 31, 2018, the plan assets and obligations were measured with reference to the price of the bulk purchase annuity contract. The weighted-average discount rate assumption used to determine benefit obligations as of March 25, 2017 and March 26, 2016 was 2.7% , and 3.6% , respectively. The components of the Company’s net periodic pension expense (income) are as follows (in thousands): Fiscal Years Ended March 31, March 25, March 26, Expenses $ — $ — $ 15 Interest cost 651 759 821 Expected return on plan assets (1,159 ) (1,126 ) (1,212 ) Settlement (gain) loss — 1,063 — Amortization of actuarial (gain) loss — (89 ) 49 $ (508 ) $ 607 $ (327 ) The following weighted-average assumptions were used to determine net periodic benefit costs for the year ended March 31, 2018 , March 25, 2017 and March 26, 2016 : 2018 2017 2016 Discount rate 2.70 % 3.60 % 3.20 % Expected long-term return on plan assets 4.23 % 4.93 % 4.65 % We report and measure the plan assets of our defined benefit pension at fair value. The Company’s pension plan assets consist of insurance contracts, cash, equity securities, corporate debt securities, and diversified growth funds. The fair value of the pension plan assets as of March 31, 2018 is based on the price of the bulk purchase annuity contract. In previous years, the fair value of the pension plan assets was determined through an external actuarial valuation, following a similar process of obtaining inputs as described above. The table below sets forth the fair value of our plan assets as of March 31, 2018 , using the same three-level hierarchy of fair-value inputs described in Note 4 (in thousands): Quoted Prices Significant Significant Total Plan Assets: Insurance contracts $ — $ 40,601 $ — $ 40,601 The table below sets forth the fair value of our plan assets as of March 25, 2017 , (in thousands): Quoted Prices Significant Significant Total Plan Assets: Cash $ 160 $ — $ — $ 160 Pension funds — 21,983 — 21,983 $ 160 $ 21,983 $ — $ 22,143 Amounts recognized in accumulated other comprehensive loss for the period that have not yet been recognized as components of net periodic benefit cost consist of (in thousands): Fiscal Year 2018 Net actuarial loss $ (14,729 ) Accumulated other comprehensive loss, before tax $ (14,729 ) When the buy-out described above is complete, the settlement loss recognized will include the net unamortized loss of $11.2 million currently recorded within Other Comprehensive Income as of March 31, 2018. The Company contributed $12.9 million to the pension plan in fiscal year 2018 . No benefit payments, reflecting expected future service, are expected to be paid in the future by the Company due to the buy-out discussed above. The expected long-term return on plan assets is based on historical actual return experience and estimates of future long-term performance with consideration to the expected investment mix of the plan assets. It is the policy of the Trustees and the Company to review the investment strategy periodically. The Trustees’ investment objectives and the processes undertaken to measure and manage the risks inherent in the Scheme investment strategy are illustrated by the current asset allocation. The current mix of the assets is as follows: Actual Allocation 2018 2017 Equity securities — % 33 % Corporate bonds — % 48 % Diversified growth — % 19 % Insurance contracts 100 % — % Total 100 % 100 % See the related fair value of the assets above. The Scheme previously exposed the Company to actuarial risks such as investment (market) risk, interest rate risk, mortality risk, longevity risk and currency risk. A decrease in corporate bond yields, a rise in inflation or an increase in life expectancy would result in an increase to the Scheme liabilities and may give rise to increased benefit expenses in future periods. Caps on inflationary increases are currently in place to protect the Scheme against extreme inflation, however. Following the purchase of the bulk purchase annuity contract, the Scheme is fully insured and not exposed to these risks. Defined Contribution Plans We have Defined Contribution Plans (“the Plans”) covering all of our qualifying employees. Under the Plans, employees may elect to contribute any percentage of their annual compensation up to the annual regulatory limits. The Company made matching employee contributions of $6.7 million , $5.5 million , and $4.3 million during fiscal years 2018 , 2017 , and 2016 , respectively. |
Equity Compensation
Equity Compensation | 12 Months Ended |
Mar. 31, 2018 | |
Share-based Compensation [Abstract] | |
Equity Compensation | Equity Compensation The Company is currently granting equity awards from the 2006 Stock Incentive Plan (the “Plan”), which was approved by stockholders in July 2006. The Plan provides for granting of stock options, restricted stock awards, performance awards, phantom stock awards, and bonus stock awards, or any combination of the foregoing. To date, the Company has granted stock options, restricted stock awards, phantom stock awards (also called restricted stock units), and performance awards (also called market stock units) under the Plan. Each stock option granted reduces the total shares available for grant under the Plan by one share. Each full value award granted (including restricted stock awards, restricted stock units and market stock units) reduces the total shares available for grant under the Plan by 1.5 shares. Stock options generally vest between zero and four years , and are exercisable for a period of ten years from the date of grant. Restricted stock units are generally subject to vesting from zero to three years , depending upon the terms of the grant. Market stock units are subject to a vesting schedule of three years . The following table summarizes the activity in total shares available for grant (in thousands): Shares Available for Grant Balance, March 28, 2015 3,896 Shares added 4,900 Granted (2,676 ) Forfeited 167 Balance, March 26, 2016 6,287 Shares added — Granted (1,719 ) Forfeited 124 Balance, March 25, 2017 4,692 Shares added — Granted (1,755 ) Forfeited 128 Balance, March 31, 2018 3,065 As of March 31, 2018 , approximately 11.9 million shares of common stock were reserved for issuance under the Plan. Stock Compensation Expense The following table summarizes the effects of stock-based compensation on cost of goods sold, research and development, sales, general and administrative, pre-tax income, and net income after taxes for shares granted under the Plan (in thousands, except per share amounts): Fiscal Year 2018 2017 2016 Cost of sales $ 1,474 $ 1,071 $ 1,145 Research and development 26,137 21,186 17,173 Sales, general and administrative 21,130 17,336 15,188 Effect on pre-tax income 48,741 39,593 33,506 Income Tax Benefit (5,953 ) (12,482 ) (10,306 ) Total share-based compensation expense (net of taxes) 42,788 27,111 23,200 Share-based compensation effects on basic earnings per share $ 0.67 $ 0.43 $ 0.37 Share-based compensation effects on diluted earnings per share 0.65 0.41 0.35 The total share based compensation expense included in the table above and which is attributable to restricted stock units and market stock units was $44.2 million , $35.5 million , $30.3 million , for fiscal years 2018 , 2017 , and 2016 , respectively. Share based compensation expense recognized is presented within operating activities in the Consolidated Statement of Cash Flows. As of March 31, 2018 , there was $83.1 million of compensation costs related to non-vested stock options, restricted stock units, and market stock units granted under the Company’s equity incentive plans not yet recognized in the Company’s financial statements. The unrecognized compensation cost is expected to be recognized over a weighted average period of 1.27 years for stock options, 1.44 years for restricted stock units, and 1.42 years for market stock units. In addition to the income tax benefit of share-based compensation expense shown in the table above, the Company recognized excess tax benefits of $11.7 million and $22.9 million in fiscal years 2018 and 2017 , respectively, as a result of the Company’s early adoption of ASU 2016-09. No excess tax benefits were recognized within income tax expense in fiscal year 2016 . Stock Options We estimated the fair value of each stock option granted on the date of grant using the Black-Scholes option-pricing model using a dividend yield of zero and the following additional assumptions: March 31, 2018 March 25, 2017 March 26, 2016 Expected stock price volatility 37.36 % 47.66 % 40.13 - 45.07% Risk-free interest rate 1.67 % 1.13 % 0.94 - 1.05% Expected term (in years) 3.03 2.79 2.72 - 2.97 The Black-Scholes valuation calculation requires us to estimate key assumptions such as stock price volatility, expected term, risk-free interest rate and dividend yield. The expected stock price volatility is based upon implied volatility from traded options on our stock in the marketplace. The expected term of options granted is derived from an analysis of historical exercises and remaining contractual life of stock options, and represents the period of time that options granted are expected to be outstanding after becoming vested. The risk-free interest rate reflects the yield on zero-coupon U.S. Treasury securities for a period that is commensurate with the expected term assumption. Finally, we have never paid cash dividends, do not currently intend to pay cash dividends, and thus have assumed a zero percent dividend yield. Using the Black-Scholes option valuation model, the weighted average estimated fair values of employee stock options granted in fiscal years 2018 , 2017 , and 2016 , were $19.87 , $22.84 , and $12.58 , respectively. During fiscal years 2018 , 2017 , and 2016 , we received a net $4.4 million , $16.4 million , $6.5 million , respectively, from the exercise of 0.2 million , 1.4 million , and 0.8 million , respectively, stock options granted under the Company’s Stock Plan. The total intrinsic value of stock options exercised during fiscal year 2018 , 2017 , and 2016 , was $9.8 million , $52.2 million , and $19.7 million , respectively. Intrinsic value represents the difference between the market value of the Company’s common stock at the time of exercise and the strike price of the stock option. Additional information with respect to stock option activity is as follows (in thousands, except per share amounts): Outstanding Options Number Weighted Balance, March 28, 2015 3,333 $ 14.31 Options granted 387 31.39 Options exercised (773 ) 8.46 Options forfeited — — Options expired (22 ) 35.41 Balance, March 26, 2016 2,925 $ 17.96 Options granted 215 54.65 Options exercised (1,382 ) 11.87 Options forfeited — — Options expired — — Balance, March 25, 2017 1,758 $ 27.25 Options granted 216 55.72 Options exercised (234 ) 18.84 Options forfeited — — Options expired — — Balance, March 31, 2018 1,740 $ 31.91 Additional information with regards to outstanding options that are vesting, expected to vest, or exercisable as of March 31, 2018 is as follows (in thousands, except years and per share amounts): Number of Weighted Weighted Average Aggregate Vested and expected to vest 1,738 $ 31.89 6.11 $ 21,446 Exercisable 1,182 $ 25.20 4.96 $ 19,243 In accordance with U.S. GAAP, stock options outstanding that are expected to vest are presented net of estimated future option forfeitures, which are estimated as compensation costs are recognized. Options with a fair value of $3.8 million , $3.8 million , and $3.4 million , became vested during fiscal years 2018 , 2017 , and 2016 , respectively. The following table summarizes information regarding outstanding and exercisable options as of March 31, 2018 (in thousands, except per share amounts): Options Outstanding Options Exercisable Weighted Average Weighted Number Weighted Range of Exercise Prices Number (years) Price Exercisable Exercise Price $2.90 - $16.25 403 2.58 $ 13.09 403 $ 13.09 $16.28 - $23.34 354 5.87 21.78 320 21.91 $23.80 - $23.80 3 5.43 23.80 3 23.80 $31.25 - $31.25 321 7.60 31.25 170 31.25 $32.29 - $54.65 443 6.74 46.06 286 42.37 $55.72 - $55.72 216 9.59 55.72 — — 1,740 6.11 $ 31.91 1,182 $ 25.20 As of March 31, 2018 and March 25, 2017 , the number of options exercisable was 1.2 million and 1.1 million , respectively. Restricted Stock Units Commencing in fiscal year 2011, the Company began granting restricted stock units (“RSU’s”) to select employees. These awards are valued as of the grant date and amortized over the requisite vesting period. Generally, RSU’s vest 100 percent on the first to third anniversary of the grant date depending on the vesting specifications. A summary of the activity for RSU’s in fiscal year 2018 , 2017 , and 2016 is presented below (in thousands, except year and per share amounts): Shares Weighted March 28, 2015 2,821 $ 25.57 Granted 1,437 31.51 Vested (992 ) 32.48 Forfeited (103 ) 24.75 March 26, 2016 3,163 26.14 Granted 947 52.40 Vested (1,032 ) 24.67 Forfeited (83 ) 28.40 March 25, 2017 2,995 34.91 Granted 936 55.79 Vested (1,077 ) 24.79 Forfeited (85 ) 41.09 March 31, 2018 2,769 $ 45.70 The aggregate intrinsic value of RSU’s outstanding as of March 31, 2018 was $112.5 million . Additional information with regards to outstanding restricted stock units that are expected to vest as of March 31, 2018 , is as follows (in thousands, except year and per share amounts): Shares Weighted Weighted Average Expected to vest 2,682 $ 45.53 1.42 RSU’s outstanding that are expected to vest are presented net of estimated future forfeitures, which are estimated as compensation costs are recognized. RSU’s with a fair value of $26.7 million and $25.5 million became vested during fiscal years 2018 and 2017 , respectively. The majority of RSUs that vested in 2018 and 2017 were net settled such that the Company withheld a portion of the shares at fair value to satisfy tax withholding requirements. In fiscal years 2018 and 2017 , the vesting of RSU’s reduced the authorized and unissued share balance by approximately 1.1 million and 1.0 million , respectively. Total shares withheld and subsequently retired out of the Plan were approximately 0.3 million and 0.3 million , and total payments for the employees’ tax obligations to taxing authorities were $17.8 million and $14.1 million for fiscal years 2018 and 2017 , respectively. Market Stock Units In fiscal year 2015, the Company began granting market stock units (“MSU’s”) to select employees. MSU’s vest based upon the relative total shareholder return (“TSR”) of the Company as compared to that of the Philadelphia Semiconductor Index (“the Index”). The requisite service period for these MSU’s is also the vesting period, which is three years. The fair value of each MSU granted was determined on the date of grant using the Monte Carlo simulation, which calculates the present value of the potential outcomes of future stock prices of the Company and the Index over the requisite service period. The fair value is based on the risk-free rate of return, the volatilities of the stock price of the Company and the Index, the correlation of the stock price of the Company with the Index, and the dividend yield. The fair values estimated from the Monte Carlo simulation were calculated using a dividend yield of zero and the following additional assumptions: Year Ended March 31, March 25, Expected stock price volatility 37.36 % 47.66 % Risk-free interest rate 1.74 % 0.98 % Expected term (in years) 3.00 3.00 Using the Monte Carlo simulation, the weighted average estimated fair value of the MSU’s granted in fiscal year 2018 was $63.36 . A summary of the activity for MSU’s in fiscal year 2018 , 2017 , and 2016 is presented below (in thousands, except year and per share amounts): Shares Weighted March 28, 2015 35 $ 22.00 Granted 90 39.86 Vested — — Forfeited — — March 26, 2016 125 $ 34.85 Granted 55 75.58 Vested — — Forfeited — — March 25, 2017 180 $ 47.30 Granted 89 47.26 Vested (70 ) 22.00 Forfeited — — March 31, 2018 199 $ 56.16 The aggregate intrinsic value of MSU’s outstanding as of March 31, 2018 was $8.1 million . Additional information with regard to outstanding MSU’s that are expected to vest as of March 31, 2018 is as follows (in thousands, except year and per share amounts): Shares Weighted Weighted Average Expected to vest 193 $ 55.95 1.40 MSU's with a fair value of $1.5 million became vested during fiscal year 2018 . No MSU’s became vested in fiscal year 2017 and 2016 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Facilities and Equipment Under Operating and Capital Lease Agreements We currently own our corporate headquarters and select surrounding properties, and a UK office building. We lease certain of our other facilities and certain equipment under operating lease agreements, some of which have renewal options. Certain of these arrangements provide for lease payment increases based upon future fair market rates. As of March 31, 2018 , our principal facilities are located in Austin, Texas and Edinburgh, Scotland, United Kingdom. Total rent expense under operating leases was approximately $11.5 million , $8.2 million , and $5.2 million , for fiscal years 2018 , 2017 , and 2016 , respectively. Sublease rental income was $0.3 million , $0.4 million , and $0.3 million , for fiscal years 2018 , 2017 , and 2016 , respectively. The aggregate minimum future rental commitments under all operating leases, net of sublease income for the following fiscal years are (in thousands): Facilities Subleases Net Facilities Equipment Total 2019 $ 13,315 $ 241 $ 13,074 $ 151 $ 13,225 2020 13,631 240 13,391 145 13,536 2021 12,959 245 12,714 145 12,859 2022 12,558 251 12,307 143 12,450 2023 11,788 257 11,531 123 11,654 Thereafter 43,817 602 43,215 363 43,578 Total minimum lease payment $ 108,068 $ 1,836 $ 106,232 $ 1,070 $ 107,302 Wafer, Assembly, Test and Other Purchase Commitments We rely primarily on third-party foundries for our wafer manufacturing needs. Generally, our foundry agreements do not have volume purchase commitments and primarily provide for purchase commitments based on purchase orders, with the exception of a few “take or pay” clauses included in vendor contracts that are immaterial at March 31, 2018 . Cancellation fees or other charges may apply and are generally dependent upon whether wafers have been started or the stage of the manufacturing process at which the notice of cancellation is given. As of March 31, 2018 , we had foundry commitments of $80.2 million . In addition to our wafer supply arrangements, we contract with third-party assembly vendors to package the wafer die into finished products. Assembly vendors provide fixed-cost-per-unit pricing, as is common in the semiconductor industry. We had non-cancelable assembly purchase orders with numerous vendors totaling $3.2 million at March 31, 2018 . Test vendors provide fixed-cost-per-unit pricing, as is common in the semiconductor industry. Our total non-cancelable commitment for outside test services as of March 31, 2018 was $11.5 million . Other purchase commitments primarily relate to multi-year tool commitments, and were $59.7 million at March 31, 2018 . |
Legal Matters
Legal Matters | 12 Months Ended |
Mar. 31, 2018 | |
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 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. |
Stockholder's Equity
Stockholder's Equity | 12 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholder's Equity | Stockholders' Equity Share Repurchase Program As of March 31, 2018, all of the Company's common stock authorized for repurchase under its October 2015 $200 million program was repurchased. Of this total, 3.4 million shares were purchased in fiscal year 2018 at a cost of $175.8 million , or an average cost of $51.86 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 March 31, 2018 . In January 2018, the Board of Directors authorized the repurchase of up to an additional $200 million of the Company’s common stock. No shares have been repurchased under the new plan as of March 31, 2018. Preferred Stock We have 5.0 million shares of Preferred Stock authorized. As of March 31, 2018 , we have not issued any of the authorized shares. Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss is comprised of foreign currency translation adjustments, unrealized gains and losses on investments classified as available-for-sale, and actuarial gains and losses on our defined benefit pension plan assets. The following table summarizes the changes in the components of accumulated other comprehensive loss, net of tax (in thousands): Foreign Unrealized Gains Actuarial Gains Total Balance, March 26, 2016 $ (476 ) $ (62 ) $ 870 $ 332 Current period foreign exchange translation (826 ) — — (826 ) Current period marketable securities activity — 47 — 47 Current period actuarial gain/loss activity — — (79 ) (79 ) Current period amortization of actuarial (gain) loss — — (89 ) (89 ) Tax effect — (16 ) 58 42 Balance, March 25, 2017 (1,302 ) (31 ) 760 (573 ) Current period foreign exchange translation 2,791 — — 2,791 Current period marketable securities activity — (2,380 ) — (2,380 ) Current period actuarial gain/loss activity — — (14,729 ) (14,729 ) Current period amortization of actuarial (gain) loss — — — — Tax effect — 750 2,780 3,530 Balance, March 31, 2018 $ 1,489 $ (1,661 ) $ (11,189 ) $ (11,361 ) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Stockholders' Equity Share Repurchase Program As of March 31, 2018, all of the Company's common stock authorized for repurchase under its October 2015 $200 million program was repurchased. Of this total, 3.4 million shares were purchased in fiscal year 2018 at a cost of $175.8 million , or an average cost of $51.86 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 March 31, 2018 . In January 2018, the Board of Directors authorized the repurchase of up to an additional $200 million of the Company’s common stock. No shares have been repurchased under the new plan as of March 31, 2018. Preferred Stock We have 5.0 million shares of Preferred Stock authorized. As of March 31, 2018 , we have not issued any of the authorized shares. Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss is comprised of foreign currency translation adjustments, unrealized gains and losses on investments classified as available-for-sale, and actuarial gains and losses on our defined benefit pension plan assets. The following table summarizes the changes in the components of accumulated other comprehensive loss, net of tax (in thousands): Foreign Unrealized Gains Actuarial Gains Total Balance, March 26, 2016 $ (476 ) $ (62 ) $ 870 $ 332 Current period foreign exchange translation (826 ) — — (826 ) Current period marketable securities activity — 47 — 47 Current period actuarial gain/loss activity — — (79 ) (79 ) Current period amortization of actuarial (gain) loss — — (89 ) (89 ) Tax effect — (16 ) 58 42 Balance, March 25, 2017 (1,302 ) (31 ) 760 (573 ) Current period foreign exchange translation 2,791 — — 2,791 Current period marketable securities activity — (2,380 ) — (2,380 ) Current period actuarial gain/loss activity — — (14,729 ) (14,729 ) Current period amortization of actuarial (gain) loss — — — — Tax effect — 750 2,780 3,530 Balance, March 31, 2018 $ 1,489 $ (1,661 ) $ (11,189 ) $ (11,361 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income before income taxes consisted of (in thousands): Fiscal Years Ended March 31, March 25, March 26, U.S. $ 91,220 $ 137,654 $ 108,133 Non-U.S. 173,879 177,393 67,856 $ 265,099 $ 315,047 $ 175,989 The provision (benefit) for income taxes consists of (in thousands): Fiscal Years Ended March 31, March 25, March 26, Current: U.S. $ 66,082 $ 28,940 $ 28,313 Non-U.S. 21,812 7,234 703 Total current tax provision $ 87,894 $ 36,174 $ 29,016 Deferred: U.S. 19,309 2,576 18,242 Non-U.S. (4,099 ) 15,088 5,101 Total deferred tax provision 15,210 17,664 23,343 Total tax provision $ 103,104 $ 53,838 $ 52,359 The effective income tax rates differ from the rates computed by applying the statutory federal rate to pretax income as follows (in percentages): Fiscal Years Ended March 31, March 25, March 26, U.S. federal statutory rate 31.6 35.0 35.0 Foreign income taxed at different rates (8.9 ) (8.6 ) (0.6 ) Transition tax on deferred foreign income 20.3 — — Remeasurement of U.S. deferred tax balance 2.3 — — Research and development tax credits (2.5 ) (1.8 ) (5.6 ) Stock based compensation (4.5 ) (7.3 ) — Other 0.6 (0.2 ) 1.0 Effective tax rate 38.9 17.1 29.8 The Tax Cuts and Jobs Act (the "Tax Act") was enacted on December 22, 2017. The Tax Act reduces the US federal corporate tax rate from 35% to 21% as of January 1, 2018, resulting in a blended U.S. federal statutory rate of 31.6% for fiscal year 2018 . The Tax Act 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. As of March 31, 2018 , we have not completed our accounting for the income tax effects of the Tax Act. We have made a reasonable estimate of the one-time transition tax liability and the remeasurement of our existing deferred tax balances. We recognized a provisional amount of $60.1 million which is included as a discrete component of income tax expense. We will continue to refine our calculations as additional analysis is completed. Our estimates may also be affected as we gain a more thorough understanding of the tax law. Provisional Amounts We remeasured certain deferred tax assets and liabilities based on the rate at which they are expected to reverse in the future, which is generally 21% . The provisional amount recorded as a discrete component of income tax expense related to the remeasurement of our deferred tax balances was $6.1 million of tax expense. 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. We recorded a provisional amount of $53.9 million for the 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. As of March 31, 2018 , unremitted earnings from our foreign subsidiaries that have been included in our computation of the transition tax are not expected to be indefinitely reinvested. No taxes have been accrued for foreign withholding and distribution taxes on these earnings as these amounts are not material. We have not provided additional income taxes for any other outside basis differences inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations. Determining the amount of unrecognized deferred tax liability related to any other outside basis differences in these entities is not practicable at this time. Significant components of our deferred tax assets and liabilities as of March 31, 2018 and March 25, 2017 are (in thousands): March 31, March 25, Deferred tax assets: Accrued expenses and allowances $ 5,793 $ 9,002 Net operating loss carryforwards 3,646 6,294 Research and development tax credit carryforwards 12,701 13,977 Stock based compensation 14,156 17,356 Other 2,402 9,141 Total deferred tax assets $ 38,698 $ 55,770 Valuation allowance for deferred tax assets (14,671 ) (12,570 ) Net deferred tax assets $ 24,027 $ 43,200 Deferred tax liabilities: Depreciation and amortization $ 9,184 $ 13,837 Acquisition intangibles 13,427 16,301 Total deferred tax liabilities $ 22,611 $ 30,138 Total net deferred tax assets $ 1,416 $ 13,062 Deferred tax assets and liabilities are recorded for the estimated tax impact of temporary differences between the tax basis and book basis of assets and liabilities. A valuation allowance is established against a deferred tax asset when it is more likely than not that the deferred tax asset will not be realized. The valuation allowance increased by $2.1 million in fiscal year 2018 with no material impact to income tax expense. The Company continued to record a valuation allowance on various state net operating losses and tax credits due to the likelihood that they will expire or go unutilized because the Company does not expect to recognize sufficient income in the jurisdictions in which the tax attributes were created. Management believes that the Company’s results from future operations will generate sufficient taxable income in the appropriate jurisdictions and of the appropriate character such that it is more likely than not that the remaining deferred tax assets will be realized. At March 31, 2018 , the Company had gross federal net operating loss carryforwards of $9.7 million , all of which related to acquired companies and are, therefore, subject to certain limitations under Section 382 of the Internal Revenue Code. The federal net operating loss carryforwards expire in fiscal years 2019 through 2031. At March 31, 2018 , the Company had gross state net operating loss carryforwards of $35.8 million . The state net operating loss carryforwards expire in fiscal years 2019 through 2034. In addition, the Company had $12.7 million of state research and development tax credit carryforwards. Certain of these state tax credits will expire in fiscal years 2021 through 2033. The remaining state tax credit carryforwards do not expire. The following table summarizes the changes in the unrecognized tax benefits (in thousands): March 31, March 25, Beginning balance $ 30,858 $ 18,796 Additions based on tax positions related to the current year 26,602 12,127 Reductions based on tax positions related to the prior years (2,296 ) (65 ) Ending balance $ 55,164 $ 30,858 The Company records unrecognized tax benefits for the estimated risk associated with tax positions taken on tax returns. At March 31, 2018 , the Company had gross unrecognized tax benefits of $55.2 million , all of which would impact the effective tax rate if recognized. During fiscal year 2018 , the Company had gross increases of $26.6 million related to current year unrecognized tax benefits, as well as gross decreases of $2.3 million . The Company’s unrecognized tax benefits are classified as “ Non-current income taxes ” in the Consolidated Balance Sheet. The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes. During fiscal years 2018 and 2017 we recognized interest expense, net of tax, of approximately $0.8 million and $0.2 million , respectively. 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 2015 through 2018 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 2015 may be adjusted upon examination by the tax authorities if they have been, or will be, used in a future period. The Company's United Kingdom subsidiaries are currently under a limited scope tax audit for certain income tax matters related to fiscal year 2016 . The Company believes it has accrued adequate reserves related to the matters under examination. The Company is not under an income tax audit in any other major taxing jurisdiction. |
Segment Information
Segment Information | 12 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We determine our operating segments in accordance with Financial Accounting Standards Board (“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 currently 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, there is no complete, discrete financial information maintained for these product lines. Revenue from our product lines are as follows (in thousands): Fiscal Years Ended March 31, March 25, March 26, Portable Audio Products $ 1,363,876 $ 1,373,848 $ 989,101 Non-Portable Audio and Other Products 168,310 165,092 180,150 $ 1,532,186 $ 1,538,940 $ 1,169,251 Geographic Area The following illustrates sales by geographic locations based on the sales office location (in thousands): Fiscal Years Ended March 31, March 25, March 26, United States $ 33,732 $ 36,024 $ 73,889 European Union (excluding United Kingdom) 7,972 9,809 12,745 United Kingdom 7,823 5,741 5,687 China 1,264,000 1,249,325 823,843 Hong Kong 162,652 181,283 10,647 Japan 12,131 11,819 27,898 South Korea 1,711 2,403 193,388 Taiwan 13,224 14,426 9,249 Other Asia 17,996 16,585 8,657 Other non-U.S. countries 10,945 11,525 3,248 Total consolidated sales $ 1,532,186 $ 1,538,940 $ 1,169,251 The following illustrates property, plant and equipment, net, by geographic locations, based on physical location (in thousands): Fiscal Years Ended March 31, March 25, United States $ 134,648 $ 120,212 European Union (excluding United Kingdom) 717 793 United Kingdom 53,855 44,981 China 594 565 Hong Kong 3 5 Japan 115 243 South Korea 185 202 Taiwan 337 231 Other Asia 96 50 Other non-U.S. countries 604 857 Total consolidated property, plant and equipment, net $ 191,154 $ 168,139 |
Quarterly Results (Unaudited)
Quarterly Results (Unaudited) | 12 Months Ended |
Mar. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
Quarterly Results (Unaudited) | Quarterly Results (Unaudited) The following quarterly results have been derived from our audited annual consolidated financial statements. In the opinion of management, this unaudited quarterly information has been prepared on the same basis as the annual consolidated financial statements and includes all adjustments, including normal recurring adjustments, necessary for a fair presentation of this quarterly information. This information should be read along with the financial statements and related notes. The operating results for any quarter are not necessarily indicative of results to be expected for any future period. The unaudited quarterly statement of operations data for each quarter of fiscal years 2018 and 2017 were as follows (in thousands, except per share data): Fiscal Year 2018 1st 2nd 3rd 4th Net sales $ 320,735 $ 425,537 $ 482,741 $ 303,173 Gross profit 161,716 211,282 235,088 152,630 Net income 42,912 73,300 33,779 12,004 Basic income per share $ 0.67 $ 1.16 $ 0.53 $ 0.19 Diluted income per share 0.64 1.10 0.52 0.19 Fiscal Year 2017 1st 2nd 3rd 4th Net sales $ 259,428 $ 428,619 $ 523,029 $ 327,864 Gross profit 126,685 211,699 255,152 164,279 Net income 18,071 86,039 122,041 35,058 Basic income per share $ 0.29 $ 1.37 $ 1.91 $ 0.55 Diluted income per share 0.27 1.30 1.83 0.52 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation We prepare financial statements on a 52- or 53-week year that ends on the last Saturday in March. Fiscal years 2017 and 2016 were 52-week years. Fiscal year 2018 was a 53-week year. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with U. S. generally accepted accounting principles (U.S. GAAP) and include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. |
Reclassifications | Reclassifications Certain reclassifications have been made to prior year balances in order to conform to the current year’s presentation of financial information. |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires the use of management estimates. These estimates are subjective in nature and involve judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at fiscal year-end and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist primarily of money market funds, commercial paper, and U.S. Government Treasury and Agency instruments with original maturities of three months or less at the date of purchase. |
Inventories | Inventories We use the lower of cost or net realizable value to value our inventories, with cost being determined on a first-in, first-out basis. One of the factors we consistently evaluate in the application of this method is the extent to which products are accepted into the marketplace. By policy, we evaluate market acceptance based on known business factors and conditions by comparing forecasted customer unit demand for our products over a specific future period, or demand horizon, to quantities on hand at the end of each accounting period. On a quarterly and annual basis, we analyze inventories on a part-by-part basis. Product life cycles and the competitive nature of the industry are factors considered in the evaluation of customer unit demand at the end of each quarterly accounting period. Inventory on-hand in excess of forecasted demand is considered to have reduced market value and, therefore, the cost basis is adjusted to the lower of cost or net realizable value. Typically, market values for excess or obsolete inventories are considered to be zero. Inventory charges recorded for excess and obsolete inventory, including scrapped inventory, were $9.7 million and $6.7 million , in fiscal year 2018 and 2017 , respectively. Inventory charges in fiscal year 2018 and 2017 related to a combination of quality issues and inventory exceeding demand. |
Property, Plant and Equipment, Net | Property, Plant and Equipment, net Property, plant and equipment is recorded at cost, net of depreciation and amortization. Depreciation and amortization is calculated on a straight-line basis over estimated economic lives, ranging from three to 39 years . Leasehold improvements are depreciated over the shorter of the term of the lease or the estimated useful life. Furniture, fixtures, machinery, and equipment are all depreciated over a useful life of 3 to 10 years , while buildings are depreciated over a period of up to 39 years . In general, our capitalized software is amortized over a useful life of 3 years , with capitalized enterprise resource planning software being amortized over a useful life of 10 years . Gains or losses related to retirements or dispositions of fixed assets are recognized in the period incurred. Additionally, if impairment indicators exist, the Company will assess the carrying value of the associated asset. |
Goodwill and Intangibles, Net | Goodwill and Intangibles, net Intangible assets include purchased technology licenses and patents that are reported at cost and are amortized on a straight-line basis over their useful lives, generally ranging from 1 to 10 years . Acquired intangibles include existing technology, core technology or patents, license agreements, in-process research & development, trademarks, tradenames, customer relationships, non-compete agreements, and backlog. These assets are amortized on a straight-line basis over lives ranging from one to fifteen years . Goodwill is recorded at the time of an acquisition and is calculated as the difference between the aggregate consideration paid for an acquisition and the fair value of the net tangible and intangible assets acquired. Goodwill and intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests. The Company tests goodwill and indefinite lived intangibles for impairment on an annual basis or more frequently if the Company believes indicators of impairment exist. Impairment evaluations involve management’s assessment of qualitative factors to determine whether it is more likely than not that goodwill and other intangible assets are impaired. If management concludes from its assessment of qualitative factors that it is more likely than not that impairment exists, then a quantitative impairment test will be performed involving management estimates of asset useful lives and future cash flows. Significant management judgment is required in the forecasts of future operating results that are used in these evaluations. If our actual results, or the plans and estimates used in future impairment analyses, are lower than the original estimates used to assess the recoverability of these assets, we could incur additional impairment charges in a future period. |
Long-Lived Assets | Long-Lived Assets We test for impairment losses on long-lived assets and definite-lived intangibles used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. We measure any impairment loss by comparing the fair value of the asset to its carrying amount. We estimate fair value based on discounted future cash flows, quoted market prices, or independent appraisals. |
Foreign Currency Translation | Foreign Currency Translation Some of the Company's subsidiaries utilize the local currency as the functional currency. The Company’s main entities, including the entities that generate the majority of sales and employ the majority of employees, are US dollar functional. |
Define Benefit Pension Plan | Defined Benefit Pension Plan Defined benefit pension plans are accounted for based upon the provisions of ASC Topic 715, “ Compensation — Retirement Benefits. ” The funded status of the plan is recognized in the Consolidated Balance Sheet. Prior to the buy-in transaction discussed in Note 8, any re-measurement of plan assets and benefit obligations deemed necessary in an interim period, would be reflected in the Consolidated Balance Sheet in the subsequent interim period to reflect the overfunded or underfunded status of the plan. The Company engages external actuaries on at least an annual basis to provide a valuation of the plan’s assets and projected benefit obligation and is used to record the net periodic pension cost. On a quarterly basis, the Company evaluated current information available to determine whether the plan’s assets and projected benefit obligation should be re-measured. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject us to material concentrations of credit risk consist primarily of cash equivalents, marketable securities, long-term marketable securities, and trade accounts receivable. We are exposed to credit risk to the extent of the amounts recorded on the balance sheet. By policy, our cash equivalents, marketable securities, and long-term marketable securities are subject to certain nationally recognized credit standards, issuer concentrations, sovereign risk, and marketability or liquidity considerations. In evaluating our trade receivables, we perform credit evaluations of our major customers’ financial condition and monitor closely all of our receivables to limit our financial exposure by limiting the length of time and amount of credit extended. In certain situations, we may require payment in advance or utilize letters of credit to reduce credit risk. By policy, we establish a reserve for trade accounts receivable based on the type of business in which a customer is engaged, the length of time a trade account receivable is outstanding, and other knowledge that we may possess relating to the probability that a trade receivable is at risk for non-payment. We had three contract manufacturers, Pegatron , Jabil Circuits , and Hongfujin Precision who represented 24 percent, 18 percent, and 11 percent, respectively of our consolidated gross trade accounts receivable as of the end of fiscal year 2018 . Hongfujin Precision, Protek and Jabil Circuits represented 20 percent, 15 percent, and 13 percent , respectively of our consolidated gross trade accounts receivable as of the end of fiscal year 2017 . No other distributor or customer had receivable balances that represented more than 10 percent of consolidated gross trade accounts receivable as of the end of fiscal year 2018 and 2017 . Since the components we produce are largely proprietary and generally not available from second sources, we consider our end customer to be the entity specifying the use of our component in their design. These end customers may then purchase our products directly from us, from a distributor, or through a third-party manufacturer contracted to produce their end product. For fiscal years 2018 , 2017 , and 2016 , our ten largest end customers represented approximately 92 percent, 92 percent, and 89 percent, of our sales, respectively. For fiscal years 2018 , 2017 , and 2016 , we had one end customer, Apple Inc., who purchased through multiple contract manufacturers and represented approximately 81 percent, 79 percent, and 66 percent, of the Company’s total sales, respectively. Samsung Electronics represented 15 percent of the Company’s total sales in fiscal year 2016 . No other customer or distributor represented more than 10 percent of net sales in fiscal years 2018 , 2017 , or 2016 . |
Revenue Recognition | Revenue Recognition We recognize revenue when all of the following criteria are met: persuasive evidence that an arrangement exists, delivery of goods has occurred, the sales price is fixed or determinable and collectability is reasonably assured. Prior to the fourth quarter of fiscal year 2016, we had a number of arrangements with distributors whereby we deferred revenue at the time of shipment of our products to those distributors. As part of those arrangements, when a distributor resold those products to an end customer, the Company would credit the distributor the difference between (1) the original distributor price and the distributor’s agreed upon margin and (2) the final sales price to the end customer (known as the “Ship and Debit Arrangement”). For those transactions, revenue was deferred until the product was resold by the distributor and we determined that the final sales price to the distributor was fixed or determinable. For certain of our smaller distributors, we did not have similar Ship and Debit Arrangements and the distributors were billed at a fixed upfront price. For those transactions, revenue was recognized upon delivery to the distributor based upon the distributor’s individual shipping terms, less an allowance for estimated returns, as the Company determined that the revenue recognition criteria were met. In light of the fact that the distributor program had been declining as a portion of the overall business for several years, in fiscal year 2016 the Company performed a review of all distributor arrangements in an effort to streamline our distribution program and reduce overhead costs. Based upon this review, the Company terminated its Ship and Debit Arrangements with Distributors during the fourth quarter of fiscal year 2016. Subsequent to the termination of the Ship and Debit Arrangements, the Company began recognizing revenue for all distributors upon delivery to the distributor based upon the distributor’s individual shipping terms, less an allowance for estimated returns, as the Company’s final sales price to the distributor was fixed and determinable and the Company determined that all four criteria for revenue recognition were met. Although the Company terminated its Ship and Debit Arrangements with all distributors along with certain ancillary agreements related to the Ship and Debit Arrangements, the Company continues to grant varying levels of stock rotation and price protection rights based on individual distributor agreements. To the extent these rights are implicated in any transaction with a distributor, we continue to evaluate their effect on when the revenue recognition criteria have been met. |
Warranty Expense | Warranty Expense We warrant our products and maintain a provision for warranty repair or replacement of shipped products. The accrual represents management’s estimate of probable returns. Our estimate is based on an analysis of our overall sales volume and historical claims experience. The estimate is re-evaluated periodically for accuracy. |
Shipping Costs | Shipping Costs Our shipping and handling costs are included in cost of sales for all periods presented in the Consolidated Statements of Income. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation is measured at the grant date based on the grant-date fair value of the awards and is recognized as an expense, on a ratable basis, over the vesting period, which is generally between 0 and 4 years. Determining the amount of stock-based compensation to be recorded requires the Company to develop estimates used in calculating the grant-date fair value of stock options and performance awards (also called market stock units). The Company calculates the grant-date fair value for stock options and market stock units using the Black-Scholes valuation model and the Monte Carlo simulation, respectively. The use of valuation models requires the Company to make estimates of assumptions such as expected volatility, expected term, risk-free interest rate, expected dividend yield, and forfeiture rates. The grant-date fair value of restricted stock units is the market value at grant date multiplied by the number of units. |
Income Taxes | Income Taxes We are required to calculate income taxes in each of the jurisdictions in which we operate. This process involves calculating the actual current tax liability as well as assessing temporary differences in the recognition of income or loss for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included in our Consolidated Balance Sheet. We record a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company evaluates the ability to realize its deferred tax assets based on all the facts and circumstances, including projections of future taxable income and expiration dates of carryover tax attributes. The calculation of our tax liabilities involves assessing uncertainties with respect to the application of complex tax rules and the potential for future adjustment of our uncertain tax positions by the Internal Revenue Service or other taxing jurisdiction. We recognize liabilities for uncertain tax positions based on the required two-step process. The first step requires us to determine if the weight of available evidence indicates that the tax position has met the threshold for recognition; therefore, we must evaluate whether it is more likely than not that the position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step requires us to measure the tax benefit of the tax position taken, or expected to be taken, in an income tax return as the largest amount that is more than 50 percent likely of being realized upon ultimate settlement. We reevaluate the uncertain tax positions each quarter based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, expirations of statutes of limitation, effectively settled issues under audit, and new audit activity. A change in the recognition step or measurement step would result in the recognition of a tax benefit or an additional charge to the tax provision in the period. Although we believe the measurement of our liabilities for uncertain tax positions is reasonable, we cannot assure that the final outcome of these matters will not be different than what is reflected in the historical income tax provisions and accruals. If additional taxes are assessed as a result of an audit or litigation, it could have a material effect on our income tax provision and net income in the period or periods for which that determination is made. We operate within multiple taxing jurisdictions and are subject to audit in these jurisdictions. These audits can involve complex issues which may require an extended period of time to resolve and could result in additional assessments of income tax. We believe adequate provisions for income taxes have been made for all periods. |
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 restricted stock grants. |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss is comprised of foreign currency translation adjustments, unrealized gains and losses on investments classified as available-for-sale and actuarial gains and losses on our defined benefit pension plan assets. See Note 13 — Accumulated Other Comprehensive Loss for additional discussion. |
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 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 has completed the process of reviewing our customers’ contracts in respect of performance obligation identification and satisfaction, pricing, warranties, and return rights, among other considerations. Through this process, the Company currently expects an immaterial balance sheet impact to its first quarter fiscal year 2019 financials, 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 modified retrospective approach is the only allowed adoption method. We currently expect that most of our operating lease commitments will be subject to the new standard and recognized as right-of-use assets and operating lease liabilities upon adoption, which will increase our total assets and total liabilities that we report relative to such amounts prior to adoption of this ASU. 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 this ASU with no expected material impact. 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, including interim periods within those annual periods. Early adoption is permitted under specific circumstances, including in an interim period, with prospective application on or after the effective date. 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, and should be applied prospectively. 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 with no expected material impact. 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 with no expected material impact. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . This ASU allows for the classification of stranded tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Act”) from accumulated other comprehensive income to retained earnings. This ASU is effective for annual periods beginning after December 15, 2018, with early adoption permitted. The standard should be applied in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in tax rate is recognized. The Company is currently evaluating the potential financial statement impact of this ASU. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Inventories | Inventories were comprised of the following (in thousands): March 31, 2018 March 25, 2017 Work in process $ 97,138 $ 83,332 Finished goods 108,622 84,563 $ 205,760 $ 167,895 |
Components of Property, Plant and Equipment | Property, plant and equipment was comprised of the following (in thousands): March 31, 2018 March 25, 2017 Land $ 26,379 $ 26,379 Buildings 71,354 74,266 Furniture and fixtures 22,138 14,231 Leasehold improvements 35,569 4,355 Machinery and equipment 143,509 123,054 Capitalized software 25,949 24,839 Construction in progress 6,086 22,972 Total property, plant and equipment 330,984 290,096 Less: Accumulated depreciation and amortization (139,830 ) (121,957 ) Property, plant and equipment, net $ 191,154 $ 168,139 |
Schedule of Earnings Per Share, Basic and Diluted | The following table details the calculation of basic and diluted earnings per share for fiscal years 2018 , 2017 , and 2016 , (in thousands, except per share amounts): Fiscal Years Ended March 31, 2018 March 25, 2017 March 26, 2016 Numerator: Net income 161,995 $ 261,209 $ 123,630 Denominator: Weighted average shares outstanding 63,407 63,329 63,197 Effect of dilutive securities 2,544 3,232 2,796 Weighted average diluted shares 65,951 66,561 65,993 Basic earnings per share $ 2.55 $ 4.12 $ 1.96 Diluted earnings per share $ 2.46 $ 3.92 $ 1.87 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Marketable Securities [Abstract] | |
Schedule of Available-for-sale Securities | As of March 25, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (Net Carrying Amount) Corporate debt securities $ 33,350 $ — $ (20 ) $ 33,330 Commercial paper 66,518 — (35 ) 66,483 Total securities $ 99,868 $ — $ (55 ) $ 99,813 The following table is a summary of available-for-sale securities (in thousands): As of March 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (Net Carrying Amount) Corporate debt securities $ 185,636 $ 4 $ (2,318 ) $ 183,322 Non-US government securities 14,730 — (111 ) 14,619 Certificates of deposit 500 — — 500 Agency discount notes 459 — (4 ) 455 Total securities $ 201,325 $ 4 $ (2,433 ) $ 198,896 |
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 investments by contractual maturity were as follows: March 31, 2018 March 25, 2017 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Within 1 year $ 26,560 $ 26,397 $ 99,868 $ 99,813 After 1 year 174,765 172,499 — — Total $ 201,325 $ 198,896 $ 99,868 $ 99,813 |
Fair Value of Financial Instr27
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Assets and Liabilities | The following summarizes the fair value of our financial instruments, exclusive of pension plan assets detailed in Note 8, at March 31, 2018 (in thousands): Quoted Prices in Active Markets for Identical Assets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total Assets: Cash equivalents Money market funds $ 211,891 $ — $ — $ 211,891 Available-for-sale securities Corporate debt securities $ — $ 183,322 $ — $ 183,322 Non-US government securities — 14,619 — 14,619 Certificates of deposit — 500 — 500 Agency discount notes — 455 — 455 $ — $ 198,896 $ — $ 198,896 The following summarizes the fair value of our financial instruments at March 25, 2017 (in thousands): Quoted Prices in Active Markets for Identical Assets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 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 — short-term $ — $ — $ 4,695 $ 4,695 |
Schedule of Fair Value of Financial Instruments Contingent Consideration | The following summarizes the fair value of the contingent consideration at March 31, 2018 : Maximum Value if Milestones Achieved (in thousands) Estimated Discount Rate (%) Fair Value (in thousands) Tranche A — 18 month earn out period 5,000 7.0 — Tranche B — 30 month earn out period 5,000 7.7 — |
Schedule of Fair Value of Contingent Consideration Rollforward | Fiscal Year Ended March 31, 2018 March 25, 2017 (in thousands) Beginning balance $ 4,695 $ 9,068 Adjustment to estimates (research and development expense) (4,328 ) (3,579 ) Payout of Tranche A contingent consideration — (1,213 ) Payout of Tranche B contingent consideration (392 ) — Fair value charge recognized in earnings (research and development expense) 25 419 Ending balance $ — $ 4,695 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Accounts Receivable, Net [Abstract] | |
Components of Accounts Receivable, Net | The following are the components of accounts receivable, net (in thousands): March 31, 2018 March 25, 2017 Gross accounts receivable $ 101,004 $ 120,408 Allowance for doubtful accounts (203 ) (434 ) Accounts receivable, net $ 100,801 $ 119,974 |
Changes in the Allowance for Doubtful Accounts | The following table summarizes the changes in the allowance for doubtful accounts (in thousands): Balance, March 28, 2015 $ (356 ) Bad debt expense, net of recoveries (119 ) Balance, March 26, 2016 (475 ) Adjustment to bad debt 41 Balance, March 25, 2017 (434 ) Adjustment to bad debt 231 Balance, March 31, 2018 $ (203 ) |
Intangibles, net and Goodwill (
Intangibles, net and Goodwill (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Gross Carrying Amount and Amortization of Intangible Assets | The following information details the gross carrying amount and accumulated amortization of our intangible assets (in thousands): March 31, 2018 March 25, 2017 Intangible Category / Weighted-Average Amortization period (in years) Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Core technology (a) $ 1,390 $ (1,390 ) $ 1,390 $ (1,390 ) License agreement (a) 440 (440 ) 440 (440 ) Existing technology (6.1) 117,976 (75,048 ) 117,975 (53,960 ) In-process research & development (“IPR&D”) (5.8) 97,972 (49,556 ) 72,750 (24,245 ) Trademarks and tradename (10.0) 3,037 (2,333 ) 3,037 (2,208 ) Customer relationships (10.0) 15,381 (5,732 ) 15,381 (4,191 ) Backlog (a) 220 (220 ) 220 (220 ) Non-compete agreements (a) 470 (470 ) 470 (470 ) Technology licenses (3.0) 28,063 (18,213 ) 24,540 (13,891 ) Total $ 264,949 $ (153,402 ) $ 236,203 $ (101,015 ) (a) Intangible assets are fully amortized. |
Schedule of Estimated Aggregate Amortization Expense for Intangibles | The following table details the estimated aggregate amortization expense for all intangibles owned as of March 31, 2018 , for each of the five succeeding fiscal years and in the aggregate thereafter (in thousands): For the year ended March 30, 2019 $ 46,867 For the year ended March 28, 2020 $ 27,540 For the year ended March 27, 2021 $ 16,094 For the year ended March 26, 2022 $ 12,145 For the year ended March 25, 2023 $ 6,663 Thereafter $ 2,238 |
Postretirement Benefit Plans (T
Postretirement Benefit Plans (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Net Funded Status | The following tables set forth the benefit obligation, the fair value of plan assets, and the funded status of the Scheme (in thousands): March 31, March 25, Change in benefit obligation: Beginning balance $ 21,123 $ 23,968 Interest cost 651 759 Plan settlements — (4,517 ) Benefits paid and expenses (312 ) (264 ) Change in foreign currency exchange rate 2,869 (2,763 ) Actuarial (gain) / loss 16,270 3,940 Total benefit obligation ending balance 40,601 21,123 Change in plan assets: Beginning balance 22,143 25,688 Actual return on plan assets 2,700 3,933 Employer contributions 12,877 990 Plan settlements — (5,243 ) Change in foreign currency exchange rate 3,193 (2,961 ) Benefits paid and expenses (312 ) (264 ) Fair value of plan assets ending balance 40,601 22,143 Funded status of Scheme at end of year $ — $ 1,020 |
Schedule of Net Benefit Costs | The components of the Company’s net periodic pension expense (income) are as follows (in thousands): Fiscal Years Ended March 31, March 25, March 26, Expenses $ — $ — $ 15 Interest cost 651 759 821 Expected return on plan assets (1,159 ) (1,126 ) (1,212 ) Settlement (gain) loss — 1,063 — Amortization of actuarial (gain) loss — (89 ) 49 $ (508 ) $ 607 $ (327 ) |
Schedule of Assumptions | The following weighted-average assumptions were used to determine net periodic benefit costs for the year ended March 31, 2018 , March 25, 2017 and March 26, 2016 : 2018 2017 2016 Discount rate 2.70 % 3.60 % 3.20 % Expected long-term return on plan assets 4.23 % 4.93 % 4.65 % |
Schedule of Fair Value of Pension Assets | The table below sets forth the fair value of our plan assets as of March 31, 2018 , using the same three-level hierarchy of fair-value inputs described in Note 4 (in thousands): Quoted Prices Significant Significant Total Plan Assets: Insurance contracts $ — $ 40,601 $ — $ 40,601 The table below sets forth the fair value of our plan assets as of March 25, 2017 , (in thousands): Quoted Prices Significant Significant Total Plan Assets: Cash $ 160 $ — $ — $ 160 Pension funds — 21,983 — 21,983 $ 160 $ 21,983 $ — $ 22,143 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Amounts recognized in accumulated other comprehensive loss for the period that have not yet been recognized as components of net periodic benefit cost consist of (in thousands): Fiscal Year 2018 Net actuarial loss $ (14,729 ) Accumulated other comprehensive loss, before tax $ (14,729 ) |
Schedule of Allocation of Plan Assets | The current mix of the assets is as follows: Actual Allocation 2018 2017 Equity securities — % 33 % Corporate bonds — % 48 % Diversified growth — % 19 % Insurance contracts 100 % — % Total 100 % 100 % |
Equity Compensation (Tables)
Equity Compensation (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Summary of Activity in Total Stock Available for Grant | The following table summarizes the activity in total shares available for grant (in thousands): Shares Available for Grant Balance, March 28, 2015 3,896 Shares added 4,900 Granted (2,676 ) Forfeited 167 Balance, March 26, 2016 6,287 Shares added — Granted (1,719 ) Forfeited 124 Balance, March 25, 2017 4,692 Shares added — Granted (1,755 ) Forfeited 128 Balance, March 31, 2018 3,065 |
Summary of Effect of Stock-Based Compensation on Cost of Goods Sold | The following table summarizes the effects of stock-based compensation on cost of goods sold, research and development, sales, general and administrative, pre-tax income, and net income after taxes for shares granted under the Plan (in thousands, except per share amounts): Fiscal Year 2018 2017 2016 Cost of sales $ 1,474 $ 1,071 $ 1,145 Research and development 26,137 21,186 17,173 Sales, general and administrative 21,130 17,336 15,188 Effect on pre-tax income 48,741 39,593 33,506 Income Tax Benefit (5,953 ) (12,482 ) (10,306 ) Total share-based compensation expense (net of taxes) 42,788 27,111 23,200 Share-based compensation effects on basic earnings per share $ 0.67 $ 0.43 $ 0.37 Share-based compensation effects on diluted earnings per share 0.65 0.41 0.35 |
Schedule of Fair Value of Stock Option Grants | We estimated the fair value of each stock option granted on the date of grant using the Black-Scholes option-pricing model using a dividend yield of zero and the following additional assumptions: March 31, 2018 March 25, 2017 March 26, 2016 Expected stock price volatility 37.36 % 47.66 % 40.13 - 45.07% Risk-free interest rate 1.67 % 1.13 % 0.94 - 1.05% Expected term (in years) 3.03 2.79 2.72 - 2.97 |
Schedule of Stock Option Activity | Additional information with respect to stock option activity is as follows (in thousands, except per share amounts): Outstanding Options Number Weighted Balance, March 28, 2015 3,333 $ 14.31 Options granted 387 31.39 Options exercised (773 ) 8.46 Options forfeited — — Options expired (22 ) 35.41 Balance, March 26, 2016 2,925 $ 17.96 Options granted 215 54.65 Options exercised (1,382 ) 11.87 Options forfeited — — Options expired — — Balance, March 25, 2017 1,758 $ 27.25 Options granted 216 55.72 Options exercised (234 ) 18.84 Options forfeited — — Options expired — — Balance, March 31, 2018 1,740 $ 31.91 |
Summary of Outstanding Options Vesting, Expected to Vest, or Exercisable | Additional information with regards to outstanding options that are vesting, expected to vest, or exercisable as of March 31, 2018 is as follows (in thousands, except years and per share amounts): Number of Weighted Weighted Average Aggregate Vested and expected to vest 1,738 $ 31.89 6.11 $ 21,446 Exercisable 1,182 $ 25.20 4.96 $ 19,243 |
Summary of Outstanding and Exercisable Options | The following table summarizes information regarding outstanding and exercisable options as of March 31, 2018 (in thousands, except per share amounts): Options Outstanding Options Exercisable Weighted Average Weighted Number Weighted Range of Exercise Prices Number (years) Price Exercisable Exercise Price $2.90 - $16.25 403 2.58 $ 13.09 403 $ 13.09 $16.28 - $23.34 354 5.87 21.78 320 21.91 $23.80 - $23.80 3 5.43 23.80 3 23.80 $31.25 - $31.25 321 7.60 31.25 170 31.25 $32.29 - $54.65 443 6.74 46.06 286 42.37 $55.72 - $55.72 216 9.59 55.72 — — 1,740 6.11 $ 31.91 1,182 $ 25.20 |
Summary of Restricted Stock Units Vesting or Expected to Vest | Additional information with regards to outstanding restricted stock units that are expected to vest as of March 31, 2018 , is as follows (in thousands, except year and per share amounts): Shares Weighted Weighted Average Expected to vest 2,682 $ 45.53 1.42 |
Summary of Monte Carlo Simulation Assumptions for Market Stock Units | The fair values estimated from the Monte Carlo simulation were calculated using a dividend yield of zero and the following additional assumptions: Year Ended March 31, March 25, Expected stock price volatility 37.36 % 47.66 % Risk-free interest rate 1.74 % 0.98 % Expected term (in years) 3.00 3.00 |
Schedule of Market Stock Units Activity | A summary of the activity for MSU’s in fiscal year 2018 , 2017 , and 2016 is presented below (in thousands, except year and per share amounts): Shares Weighted March 28, 2015 35 $ 22.00 Granted 90 39.86 Vested — — Forfeited — — March 26, 2016 125 $ 34.85 Granted 55 75.58 Vested — — Forfeited — — March 25, 2017 180 $ 47.30 Granted 89 47.26 Vested (70 ) 22.00 Forfeited — — March 31, 2018 199 $ 56.16 |
Summary of Outstanding MSUs Expected to Vest | Additional information with regard to outstanding MSU’s that are expected to vest as of March 31, 2018 is as follows (in thousands, except year and per share amounts): Shares Weighted Weighted Average Expected to vest 193 $ 55.95 1.40 |
Restricted Stock Units (RSUs) | |
Summary of Restricted Stock and Restricted Stock Units Activity | A summary of the activity for RSU’s in fiscal year 2018 , 2017 , and 2016 is presented below (in thousands, except year and per share amounts): Shares Weighted March 28, 2015 2,821 $ 25.57 Granted 1,437 31.51 Vested (992 ) 32.48 Forfeited (103 ) 24.75 March 26, 2016 3,163 26.14 Granted 947 52.40 Vested (1,032 ) 24.67 Forfeited (83 ) 28.40 March 25, 2017 2,995 34.91 Granted 936 55.79 Vested (1,077 ) 24.79 Forfeited (85 ) 41.09 March 31, 2018 2,769 $ 45.70 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Rental Commitments | The aggregate minimum future rental commitments under all operating leases, net of sublease income for the following fiscal years are (in thousands): Facilities Subleases Net Facilities Equipment Total 2019 $ 13,315 $ 241 $ 13,074 $ 151 $ 13,225 2020 13,631 240 13,391 145 13,536 2021 12,959 245 12,714 145 12,859 2022 12,558 251 12,307 143 12,450 2023 11,788 257 11,531 123 11,654 Thereafter 43,817 602 43,215 363 43,578 Total minimum lease payment $ 108,068 $ 1,836 $ 106,232 $ 1,070 $ 107,302 |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Summary of Changes in the Components of Accumulated Other Comprehensive Loss | The following table summarizes the changes in the components of accumulated other comprehensive loss, net of tax (in thousands): Foreign Unrealized Gains Actuarial Gains Total Balance, March 26, 2016 $ (476 ) $ (62 ) $ 870 $ 332 Current period foreign exchange translation (826 ) — — (826 ) Current period marketable securities activity — 47 — 47 Current period actuarial gain/loss activity — — (79 ) (79 ) Current period amortization of actuarial (gain) loss — — (89 ) (89 ) Tax effect — (16 ) 58 42 Balance, March 25, 2017 (1,302 ) (31 ) 760 (573 ) Current period foreign exchange translation 2,791 — — 2,791 Current period marketable securities activity — (2,380 ) — (2,380 ) Current period actuarial gain/loss activity — — (14,729 ) (14,729 ) Current period amortization of actuarial (gain) loss — — — — Tax effect — 750 2,780 3,530 Balance, March 31, 2018 $ 1,489 $ (1,661 ) $ (11,189 ) $ (11,361 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Before Income Taxes | Income before income taxes consisted of (in thousands): Fiscal Years Ended March 31, March 25, March 26, U.S. $ 91,220 $ 137,654 $ 108,133 Non-U.S. 173,879 177,393 67,856 $ 265,099 $ 315,047 $ 175,989 |
Summary of Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes consists of (in thousands): Fiscal Years Ended March 31, March 25, March 26, Current: U.S. $ 66,082 $ 28,940 $ 28,313 Non-U.S. 21,812 7,234 703 Total current tax provision $ 87,894 $ 36,174 $ 29,016 Deferred: U.S. 19,309 2,576 18,242 Non-U.S. (4,099 ) 15,088 5,101 Total deferred tax provision 15,210 17,664 23,343 Total tax provision $ 103,104 $ 53,838 $ 52,359 |
Summary of Provision (Benefit) for Income Taxes, Statutory Federal Rate Pretax Income Reconciliation | The effective income tax rates differ from the rates computed by applying the statutory federal rate to pretax income as follows (in percentages): Fiscal Years Ended March 31, March 25, March 26, U.S. federal statutory rate 31.6 35.0 35.0 Foreign income taxed at different rates (8.9 ) (8.6 ) (0.6 ) Transition tax on deferred foreign income 20.3 — — Remeasurement of U.S. deferred tax balance 2.3 — — Research and development tax credits (2.5 ) (1.8 ) (5.6 ) Stock based compensation (4.5 ) (7.3 ) — Other 0.6 (0.2 ) 1.0 Effective tax rate 38.9 17.1 29.8 |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities as of March 31, 2018 and March 25, 2017 are (in thousands): March 31, March 25, Deferred tax assets: Accrued expenses and allowances $ 5,793 $ 9,002 Net operating loss carryforwards 3,646 6,294 Research and development tax credit carryforwards 12,701 13,977 Stock based compensation 14,156 17,356 Other 2,402 9,141 Total deferred tax assets $ 38,698 $ 55,770 Valuation allowance for deferred tax assets (14,671 ) (12,570 ) Net deferred tax assets $ 24,027 $ 43,200 Deferred tax liabilities: Depreciation and amortization $ 9,184 $ 13,837 Acquisition intangibles 13,427 16,301 Total deferred tax liabilities $ 22,611 $ 30,138 Total net deferred tax assets $ 1,416 $ 13,062 |
Reconciliation of Unrecognized Tax Benefits | The following table summarizes the changes in the unrecognized tax benefits (in thousands): March 31, March 25, Beginning balance $ 30,858 $ 18,796 Additions based on tax positions related to the current year 26,602 12,127 Reductions based on tax positions related to the prior years (2,296 ) (65 ) Ending balance $ 55,164 $ 30,858 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Revenue from Product Lines | Revenue from our product lines are as follows (in thousands): Fiscal Years Ended March 31, March 25, March 26, Portable Audio Products $ 1,363,876 $ 1,373,848 $ 989,101 Non-Portable Audio and Other Products 168,310 165,092 180,150 $ 1,532,186 $ 1,538,940 $ 1,169,251 |
Schedule of Sales by Geographic Location Based on the Sales Office Location | The following illustrates sales by geographic locations based on the sales office location (in thousands): Fiscal Years Ended March 31, March 25, March 26, United States $ 33,732 $ 36,024 $ 73,889 European Union (excluding United Kingdom) 7,972 9,809 12,745 United Kingdom 7,823 5,741 5,687 China 1,264,000 1,249,325 823,843 Hong Kong 162,652 181,283 10,647 Japan 12,131 11,819 27,898 South Korea 1,711 2,403 193,388 Taiwan 13,224 14,426 9,249 Other Asia 17,996 16,585 8,657 Other non-U.S. countries 10,945 11,525 3,248 Total consolidated sales $ 1,532,186 $ 1,538,940 $ 1,169,251 |
Schedule of Property, Plant, and Equipment, Net, by Geographic Location | The following illustrates property, plant and equipment, net, by geographic locations, based on physical location (in thousands): Fiscal Years Ended March 31, March 25, United States $ 134,648 $ 120,212 European Union (excluding United Kingdom) 717 793 United Kingdom 53,855 44,981 China 594 565 Hong Kong 3 5 Japan 115 243 South Korea 185 202 Taiwan 337 231 Other Asia 96 50 Other non-U.S. countries 604 857 Total consolidated property, plant and equipment, net $ 191,154 $ 168,139 |
Quarterly Results (Unaudited) (
Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
Schedule of Unaudited Quarterly Statement of Operations Data | The unaudited quarterly statement of operations data for each quarter of fiscal years 2018 and 2017 were as follows (in thousands, except per share data): Fiscal Year 2018 1st 2nd 3rd 4th Net sales $ 320,735 $ 425,537 $ 482,741 $ 303,173 Gross profit 161,716 211,282 235,088 152,630 Net income 42,912 73,300 33,779 12,004 Basic income per share $ 0.67 $ 1.16 $ 0.53 $ 0.19 Diluted income per share 0.64 1.10 0.52 0.19 Fiscal Year 2017 1st 2nd 3rd 4th Net sales $ 259,428 $ 428,619 $ 523,029 $ 327,864 Gross profit 126,685 211,699 255,152 164,279 Net income 18,071 86,039 122,041 35,058 Basic income per share $ 0.29 $ 1.37 $ 1.91 $ 0.55 Diluted income per share 0.27 1.30 1.83 0.52 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Narrative) (Details) shares in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 25, 2017USD ($) | Mar. 31, 2018USD ($)customershares | Mar. 25, 2017USD ($)shares | Mar. 26, 2016USD ($)shares | |
Inventory write-down | $ 9,700,000 | $ 6,700,000 | ||
Asset impairment | $ 9,800,000 | 0 | 9,842,000 | $ 0 |
Depreciation and amortization expense on property, plant and equipment | 27,700,000 | 26,100,000 | 22,300,000 | |
Impairment of goodwill | 0 | 0 | 0 | |
Advertising costs | $ 1,400,000 | $ 1,700,000 | $ 1,600,000 | |
Weighted outstanding options excluded from diluted calculation (in shares) | shares | 326 | 389 | 468 | |
Pegatron | Accounts Receivable | ||||
Concentration risk, percentage | 24.00% | |||
Jabil Circuits | Accounts Receivable | ||||
Concentration risk, percentage | 18.00% | 13.00% | ||
Hongfujin Precision | Accounts Receivable | ||||
Concentration risk, percentage | 11.00% | 20.00% | ||
Protek | Accounts Receivable | ||||
Concentration risk, percentage | 15.00% | |||
Customer Concentration Risk | Ten Largest Customers | ||||
Number of customers responsible for sales concentration | customer | 10 | |||
Customer Concentration Risk | Ten Largest Customers | Sales Revenue, Net | ||||
Concentration risk, percentage | 92.00% | 92.00% | 89.00% | |
Customer Concentration Risk | Apple, Inc. | Sales Revenue, Net | ||||
Concentration risk, percentage | 81.00% | 79.00% | 66.00% | |
Customer Concentration Risk | Samsung Electronics | Sales Revenue, Net | ||||
Concentration risk, percentage | 15.00% | |||
Maximum | ||||
Intangible assets, useful life | 10 years | |||
Acquired intangible assets, useful life | 15 years | |||
Share-based compensation, vesting period | 4 years | |||
Minimum | ||||
Intangible assets, useful life | 1 year | |||
Acquired intangible assets, useful life | 1 year | |||
Share-based compensation, vesting period | 0 years | |||
Property, Plant and Equipment | Maximum | ||||
Estimated useful life | 39 years | |||
Property, Plant and Equipment | Minimum | ||||
Estimated useful life | 3 years | |||
Furniture, Fixtures, Machinery and Equipment | Maximum | ||||
Estimated useful life | 10 years | |||
Furniture, Fixtures, Machinery and Equipment | Minimum | ||||
Estimated useful life | 3 years | |||
Buildings | Maximum | ||||
Estimated useful life | 39 years | |||
Capitalized Software | ||||
Estimated useful life | 3 years | |||
Capitalized Enterprise Resource Planning Software | ||||
Estimated useful life | 10 years | |||
Accounting Standards Update 2016-16 | ||||
Cumulative effect of adoption of new ASU | 747,000 | $ 747,000 | ||
Retained Earnings [Member] | Accounting Standards Update 2016-16 | ||||
Cumulative effect of adoption of new ASU | $ 747,000 | $ 747,000 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 25, 2017 |
Accounting Policies [Abstract] | ||
Work in process | $ 97,138 | $ 83,332 |
Finished goods | 108,622 | 84,563 |
Total inventories | $ 205,760 | $ 167,895 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Components of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 25, 2017 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 330,984 | $ 290,096 |
Less: Accumulated depreciation and amortization | (139,830) | (121,957) |
Property, plant and equipment, net | 191,154 | 168,139 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 26,379 | 26,379 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 71,354 | 74,266 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 22,138 | 14,231 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 35,569 | 4,355 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 143,509 | 123,054 |
Capitalized software | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 25,949 | 24,839 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 6,086 | $ 22,972 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies (Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 30, 2017 | Sep. 23, 2017 | Jun. 24, 2017 | Mar. 25, 2017 | Dec. 24, 2016 | Sep. 24, 2016 | Jun. 25, 2016 | Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Numerator: | |||||||||||
Net income | $ 12,004 | $ 33,779 | $ 73,300 | $ 42,912 | $ 35,058 | $ 122,041 | $ 86,039 | $ 18,071 | $ 161,995 | $ 261,209 | $ 123,630 |
Denominator: | |||||||||||
Weighted average shares outstanding (in shares) | 63,407 | 63,329 | 63,197 | ||||||||
Effect of dilutive securities (in shares) | 2,544 | 3,232 | 2,796 | ||||||||
Weighted average diluted shares (in shares) | 65,951 | 66,561 | 65,993 | ||||||||
Basic earnings per share (in dollars per share) | $ 0.19 | $ 0.53 | $ 1.16 | $ 0.67 | $ 0.55 | $ 1.91 | $ 1.37 | $ 0.29 | $ 2.55 | $ 4.12 | $ 1.96 |
Diluted earnings per share (in dollars per share) | $ 0.19 | $ 0.52 | $ 1.10 | $ 0.64 | $ 0.52 | $ 1.83 | $ 1.30 | $ 0.27 | $ 2.46 | $ 3.92 | $ 1.87 |
Marketable Securities (Narrativ
Marketable Securities (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018USD ($)security | Mar. 25, 2017USD ($)security | |
Schedule of Available-for-sale Securities [Line Items] | ||
Gross unrealized losses | $ 2,433 | $ 55 |
Amortized cost on available for sale securities held at gross unrealized loss | $ 198,200 | $ 99,900 |
Number of securities | security | 0 | 4 |
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 (Schedule
Marketable Securities (Schedule of Available-for-sale Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 25, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 201,325 | $ 99,868 |
Gross Unrealized Gains | 4 | 0 |
Gross Unrealized Losses | (2,433) | (55) |
Estimated Fair Value (Net Carrying Amount) | 198,896 | 99,813 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 185,636 | 33,350 |
Gross Unrealized Gains | 4 | 0 |
Gross Unrealized Losses | (2,318) | (20) |
Estimated Fair Value (Net Carrying Amount) | 183,322 | 33,330 |
Non-US Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 14,730 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (111) | |
Estimated Fair Value (Net Carrying Amount) | 14,619 | |
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 | |
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 | (4) | |
Estimated Fair Value (Net Carrying Amount) | $ 455 |
Marketable Securities (Schedu43
Marketable Securities (Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 25, 2017 |
Marketable Securities [Abstract] | ||
Within 1 year, Amortized Cost | $ 26,560 | $ 99,868 |
After 1 year, Amortized Cost | 174,765 | 0 |
Within 1 year, Estimated Fair Value | 26,397 | 99,813 |
After 1 year, Estimated Fair Value | 172,499 | 0 |
Amortized Cost | 201,325 | 99,868 |
Estimated Fair Value | $ 198,896 | $ 99,813 |
Fair Value of Financial Instr44
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) | Mar. 31, 2018 | Mar. 25, 2017 |
Fair Value Disclosures [Abstract] | ||
Long-term line of credit, noncurrent | $ 0 | $ 60,000,000 |
Long-term revolving facility, fair value | $ 0 |
Fair Value of Financial Instr45
Fair Value of Financial Instruments (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 25, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | $ 22,143 | |
Quoted Prices in Active Markets for Identical Assets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 160 | |
Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 21,983 | |
Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 0 | |
Other accrued liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial liabilities | 4,695 | |
Other accrued liabilities | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial liabilities | 0 | |
Other accrued liabilities | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial liabilities | 0 | |
Other accrued liabilities | Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial liabilities | 4,695 | |
Cash equivalents | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | $ 211,891 | 313,982 |
Cash equivalents | 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] | ||
Fair value of financial assets | 211,891 | 313,982 |
Cash equivalents | Money market funds | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 0 | 0 |
Cash equivalents | Money market funds | Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 0 | 0 |
Available-for-sale securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 198,896 | 99,813 |
Available-for-sale securities | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 0 | 0 |
Available-for-sale securities | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 198,896 | 99,813 |
Available-for-sale securities | Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 0 | 0 |
Available-for-sale securities | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 183,322 | 33,330 |
Available-for-sale securities | 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] | ||
Fair value of financial assets | 0 | 0 |
Available-for-sale securities | Corporate debt securities | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 183,322 | 33,330 |
Available-for-sale securities | Corporate debt securities | Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 0 | 0 |
Available-for-sale securities | Non-US government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 14,619 | |
Available-for-sale securities | 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] | ||
Fair value of financial assets | 0 | |
Available-for-sale securities | Non-US government securities | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 14,619 | |
Available-for-sale securities | Non-US government securities | Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 0 | |
Available-for-sale securities | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 500 | |
Available-for-sale securities | 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] | ||
Fair value of financial assets | 0 | |
Available-for-sale securities | Certificates of deposit | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 500 | |
Available-for-sale securities | Certificates of deposit | Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 0 | |
Available-for-sale securities | Agency discount notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 455 | |
Available-for-sale securities | 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] | ||
Fair value of financial assets | 0 | |
Available-for-sale securities | Agency discount notes | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 455 | |
Available-for-sale securities | Agency discount notes | Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | $ 0 | |
Available-for-sale securities | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 66,483 | |
Available-for-sale securities | Commercial paper | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 0 | |
Available-for-sale securities | Commercial paper | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 66,483 | |
Available-for-sale securities | Commercial paper | Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | $ 0 |
Fair Value of Financial Instr46
Fair Value of Financial Instruments (Schedule of Fair Value of Financial Instruments - Contingent Consideration) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Net Asset (Liability) | $ 0 | $ 4,695 | $ 9,068 |
Tranche A — 18 month earn out period | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Net Asset (Liability) | $ 0 | ||
Estimated Discount Rate (%) | 7.00% | ||
Tranche B — 30 month earn out period | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Net Asset (Liability) | $ 0 | ||
Estimated Discount Rate (%) | 7.70% | ||
Weighted Average | Tranche A — 18 month earn out period | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Net Asset (Liability) | $ 5,000 | ||
Weighted Average | Tranche B — 30 month earn out period | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Net Asset (Liability) | $ 5,000 |
Fair Value of Financial Instr47
Fair Value of Financial Instruments (Schedule of Fair Value of Contingent Consideration Rollforward) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 25, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | $ 4,695 | $ 9,068 |
Adjustment to estimates (research and development expense) | (4,328) | (3,579) |
Fair value charge recognized in earnings (research and development expense) | 25 | 419 |
Ending balance | 0 | 4,695 |
Tranche A — 18 month earn out period | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payout of contingent consideration | 0 | (1,213) |
Ending balance | 0 | |
Tranche B — 30 month earn out period | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payout of contingent consideration | (392) | $ 0 |
Ending balance | $ 0 |
Accounts Receivable, Net (Compo
Accounts Receivable, Net (Components of Accounts Receivable, Net) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | Mar. 28, 2015 |
Accounts Receivable, Net [Abstract] | ||||
Gross accounts receivable | $ 101,004 | $ 120,408 | ||
Allowance for doubtful accounts | (203) | (434) | $ (475) | $ (356) |
Accounts receivable, net | $ 100,801 | $ 119,974 |
Accounts Receivable, Net (Chang
Accounts Receivable, Net (Changes in the Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Accounts Receivable, Net [Abstract] | |||
Beginning balance | $ (434) | $ (475) | $ (356) |
Adjustment to bad debt | 231 | 41 | (119) |
Ending balance | $ (203) | $ (434) | $ (475) |
Intangibles, net and Goodwill50
Intangibles, net and Goodwill (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Intangibles, net | $ 111,547 | $ 135,188 | |
Amortization expense for intangibles | 53,700 | 37,400 | $ 35,700 |
Goodwill | $ 288,718 | $ 286,767 |
Intangibles, net and Goodwill51
Intangibles, net and Goodwill (Schedule of Gross Carrying Amount and Amortization of Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 25, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 264,949 | $ 236,203 |
Accumulated Amortization | (153,402) | (101,015) |
Core technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 1,390 | 1,390 |
Accumulated Amortization | (1,390) | (1,390) |
License agreement | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 440 | 440 |
Accumulated Amortization | $ (440) | $ (440) |
Existing technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-Average Amortization Period | 6 years 1 month 6 days | 6 years 1 month 6 days |
Gross Amount | $ 117,976 | $ 117,975 |
Accumulated Amortization | $ (75,048) | $ (53,960) |
In-process research & development (“IPR&D”) | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-Average Amortization Period | 5 years 9 months 18 days | 5 years 9 months 18 days |
Gross Amount | $ 97,972 | $ 72,750 |
Accumulated Amortization | $ (49,556) | $ (24,245) |
Trademarks and tradename | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-Average Amortization Period | 10 years | 10 years |
Gross Amount | $ 3,037 | $ 3,037 |
Accumulated Amortization | $ (2,333) | $ (2,208) |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-Average Amortization Period | 10 years | 10 years |
Gross Amount | $ 15,381 | $ 15,381 |
Accumulated Amortization | (5,732) | (4,191) |
Backlog | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 220 | 220 |
Accumulated Amortization | (220) | (220) |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 470 | 470 |
Accumulated Amortization | $ (470) | $ (470) |
Technology licenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-Average Amortization Period | 3 years | 3 years |
Gross Amount | $ 28,063 | $ 24,540 |
Accumulated Amortization | $ (18,213) | $ (13,891) |
Intangibles, net and Goodwill52
Intangibles, net and Goodwill (Schedule of Estimated Aggregate Amortization Expense for Intangibles) (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Estimated aggregate amortization expense for the year ended March 30, 2019 | $ 46,867 |
Estimated aggregate amortization expense for the year ended March 28, 2020 | 27,540 |
Estimated aggregate amortization expense for the year ended March 27, 2021 | 16,094 |
Estimated aggregate amortization expense for the year ended March 26, 2022 | 12,145 |
Estimated aggregate amortization expense for the year ended March 25, 2023 | 6,663 |
Thereafter | $ 2,238 |
Revolving Credit Facility (Deta
Revolving Credit Facility (Details) - USD ($) | Jul. 12, 2016 | Mar. 31, 2018 | Mar. 25, 2017 |
Line of Credit Facility [Line Items] | |||
Long-term line of credit, noncurrent | $ 0 | $ 60,000,000 | |
Amended Credit Agreement | Wells Fargo Bank | Amended Facility | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility maximum borrowing capacity | $ 300,000,000 | ||
Covenant terms, leverage ratio requirement | 3.00% | ||
Covenant terms fixed charge ratio requirement | 1.25% | ||
Long-term line of credit, noncurrent | $ 0 | ||
Amended Credit Agreement | Wells Fargo Bank | Minimum | Amended Facility | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, unused capacity, commitment fee percentage | 0.20% | ||
Amended Credit Agreement | Wells Fargo Bank | Maximum | Amended Facility | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, unused capacity, commitment fee percentage | 0.30% | ||
Amended Credit Agreement | Wells Fargo Bank | Base Rate | Minimum | Amended Facility | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable interest rate | 0.00% | ||
Amended Credit Agreement | Wells Fargo Bank | Base Rate | Maximum | Amended Facility | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable interest rate | 0.50% | ||
Amended Credit Agreement | Wells Fargo Bank | London Interbank Offered Rate (LIBOR) | Minimum | Amended Facility | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable interest rate | 1.25% | ||
Amended Credit Agreement | Wells Fargo Bank | London Interbank Offered Rate (LIBOR) | Maximum | Amended Facility | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable interest rate | 2.00% |
Postretirement Benefit Plans (N
Postretirement Benefit Plans (Narrative) (Details) $ in Thousands | Mar. 16, 2018USD ($) | Mar. 31, 2018USD ($)participant | Mar. 25, 2017USD ($)Participant | Mar. 26, 2016USD ($) |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Number of pension plan participants offered ETV | Participant | 49 | |||
Number of pension plan participants accepting ETV | Participant | 9 | |||
Contribution paid | $ 11,000 | $ 12,900 | $ 500 | |
ETV pension expense | 400 | |||
Number of pension plan participants authorized to terminate from Scheme | participant | 60 | |||
Funded status of Scheme at end of year | $ 0 | $ 1,020 | ||
Weighted-average discount rate assumption used to determine benefit obligations | 2.70% | 3.60% | ||
Accumulated other comprehensive loss | 11,361 | $ 573 | $ (332) | |
Employee matching contribution | 6,700 | 5,500 | 4,300 | |
Actuarial Gains (Losses) on Defined Benefit Pension Plan | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | $ 11,189 | $ (760) | $ (870) |
Postretirement Benefit Plans (S
Postretirement Benefit Plans (Schedule of Benefit Obligation, Fair Value of Plan Assets and Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Change in benefit obligation: | |||
Total benefit obligation, beginning balance | $ 21,123 | $ 23,968 | |
Interest cost | 651 | 759 | $ 821 |
Plan settlements | 0 | (4,517) | |
Benefits paid and expenses | (312) | (264) | |
Change in foreign currency exchange rate | 2,869 | (2,763) | |
Actuarial (gain) / loss | 16,270 | 3,940 | |
Total benefit obligation, ending balance | 40,601 | 21,123 | 23,968 |
Change in plan assets: | |||
Fair value of plan assets, beginning balance | 22,143 | 25,688 | |
Actual return on plan assets | 2,700 | 3,933 | |
Employer contributions | 12,877 | 990 | |
Plan settlements | 0 | (5,243) | |
Change in foreign currency exchange rate | 3,193 | (2,961) | |
Benefits paid and expenses | (312) | (264) | |
Fair value of plan assets, ending balance | 40,601 | 22,143 | $ 25,688 |
Funded status of Scheme at end of year | $ 0 | $ 1,020 |
Postretirement Benefit Plans 56
Postretirement Benefit Plans (Schedule of Net Periodic Pension Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Retirement Benefits [Abstract] | |||
Expenses | $ 0 | $ 0 | $ 15 |
Interest cost | 651 | 759 | 821 |
Expected return on plan assets | (1,159) | (1,126) | (1,212) |
Settlement (gain) loss | 0 | 1,063 | 0 |
Amortization of actuarial (gain) loss | 0 | (89) | 49 |
Net periodic pension expense (income) | $ (508) | $ 607 | $ (327) |
Postretirement Benefit Plans (W
Postretirement Benefit Plans (Weighted-Average Assumptions Used in Net Periodic Benefit Costs) (Details) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Retirement Benefits [Abstract] | |||
Discount rate | 2.70% | 3.60% | 3.20% |
Expected long-term return on plan assets | 4.23% | 4.93% | 4.65% |
Postretirement Benefit Plans 58
Postretirement Benefit Plans (Schedule of Fair Value of Pension Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 25, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 22,143 | |
Insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 40,601 | |
Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 160 | |
Pension funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 21,983 | |
Quoted Prices in Active Markets for Identical Assets Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 160 | |
Quoted Prices in Active Markets for Identical Assets Level 1 | Insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Quoted Prices in Active Markets for Identical Assets Level 1 | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 160 | |
Quoted Prices in Active Markets for Identical Assets Level 1 | Pension funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Significant Other Observable Inputs Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 21,983 | |
Significant Other Observable Inputs Level 2 | Insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 40,601 | |
Significant Other Observable Inputs Level 2 | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Significant Other Observable Inputs Level 2 | Pension funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 21,983 | |
Significant Unobservable Inputs Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Significant Unobservable Inputs Level 3 | Insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 0 | |
Significant Unobservable Inputs Level 3 | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Significant Unobservable Inputs Level 3 | Pension funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 0 |
Postretirement Benefit Plans (A
Postretirement Benefit Plans (Amounts Recognized in AOCI Not Yet Recognized in Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Retirement Benefits [Abstract] | |||
Net actuarial loss | $ (14,729) | $ (79) | $ 2,660 |
Accumulated other comprehensive loss, before tax | $ (14,729) |
Postretirement Benefit Plans 60
Postretirement Benefit Plans (Schedule of Allocation of Plan Assets) (Details) | Mar. 31, 2018 | Mar. 25, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 100.00% | 100.00% |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 0.00% | 33.00% |
Corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 0.00% | 48.00% |
Diversified growth | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 0.00% | 19.00% |
Insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 100.00% | 0.00% |
Equity Compensation (Narrative)
Equity Compensation (Narrative) (Details) $ / shares in Units, shares in Thousands | 12 Months Ended | ||
Mar. 31, 2018USD ($)$ / sharesshares | Mar. 25, 2017USD ($)$ / sharesshares | Mar. 26, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant reduction ratio | 1.5 | ||
Shares reserved for issuance under the Stock Option Plans (in shares) | shares | 11,900 | ||
Stock compensation expense | $ 48,741,000 | $ 39,593,000 | $ 33,506,000 |
Excess tax benefits, amount | 11,700,000 | 22,900,000 | 0 |
Net amount received from exercise of stock options granted | $ 4,400,000 | $ 16,400,000 | $ 6,500,000 |
Options exercised (in shares) | shares | 234 | 1,382 | 773 |
Total intrinsic value of stock options exercised | $ 9,800,000 | $ 52,200,000 | $ 19,700,000 |
Fair value of options that became vested during the period | $ 3,800,000 | $ 3,800,000 | $ 3,400,000 |
Number of options exercisable (in shares) | shares | 1,182 | 1,100 | |
Weighted Average Estimated Fair Value Using Black-Scholes Option Valuation Model | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of stock options granted under the Black-Scholes valuation model (in dollars per share) | $ / shares | $ 19.87 | $ 22.84 | $ 12.58 |
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation costs related to equity incentive plans, weighted average recognition period | 1 year 3 months 7 days | ||
Dividend yield | 0.00% | 0.00% | 0.00% |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation costs related to equity incentive plans, weighted average recognition period | 1 year 5 months 8 days | ||
Vesting percentage | 100.00% | ||
Weighted averaged estimated fair value of awards granted (in dollars per share) | $ / shares | $ 55.79 | $ 52.40 | $ 31.51 |
Intrinsic value of awards outstanding | $ 112,500,000 | ||
Fair value of awards vested | $ 26,700,000 | $ 25,500,000 | |
Shares vested (in shares) | shares | 1,077 | 1,032 | 992 |
Shares withheld to satisfy tax withholding requirements (in shares) | shares | 300 | 300 | |
Payment to taxing authorities | $ 17,800,000 | $ 14,100,000 | |
Market Stock Unit (MSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation, vesting period | 3 years | ||
Compensation costs related to equity incentive plans, weighted average recognition period | 1 year 5 months 1 day | ||
Dividend yield | 0.00% | 0.00% | |
Weighted averaged estimated fair value of awards granted (in dollars per share) | $ / shares | $ 47.26 | $ 75.58 | $ 39.86 |
Intrinsic value of awards outstanding | $ 8,100,000 | ||
Fair value of awards vested | $ 1,500,000 | $ 0 | $ 0 |
Shares vested (in shares) | shares | 70 | 0 | 0 |
Market Stock Unit (MSUs) | Weighted Average Estimated Fair Value Using Monte Carlo Simulation Model | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted averaged estimated fair value of awards granted (in dollars per share) | $ / shares | $ 63.36 | ||
RSUs and MSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 44,200,000 | $ 35,500,000 | $ 30,300,000 |
Options RSUs and MSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation costs related to equity incentive plans not yet recognized | $ 83,100,000 | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation, vesting period | 4 years | ||
Maximum | Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation, vesting period | 4 years | ||
Share based compensation, period from grant date options are exercisable | 10 years | ||
Maximum | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation, vesting period | 3 years | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation, vesting period | 0 years | ||
Minimum | Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation, vesting period | 0 years | ||
Minimum | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation, vesting period | 0 years |
Equity Compensation (Summary of
Equity Compensation (Summary of Activity in Total Stock Available for Grant) (Details) - shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Share-based Compensation [Abstract] | |||
Shares available for grant, beginning balance (in shares) | 4,692 | 6,287 | 3,896 |
Shares available for grant, shares added (in shares) | 0 | 0 | 4,900 |
Shares available for grant, granted (in shares) | (1,755) | (1,719) | (2,676) |
Shares available for grant, forfeited (in shares) | 128 | 124 | 167 |
Shares available for grant, ending balance (in shares) | 3,065 | 4,692 | 6,287 |
Equity Compensation (Summary 63
Equity Compensation (Summary of Effect of Stock-Based Compensation on Cost of Goods Sold) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Effect on pre-tax income | $ 48,741 | $ 39,593 | $ 33,506 |
Income Tax Benefit | (5,953) | (12,482) | (10,306) |
Total share-based compensation expense (net of taxes) | $ 42,788 | $ 27,111 | $ 23,200 |
Share based compensation effects on basic earnings per share (in dollars per share) | $ 0.67 | $ 0.43 | $ 0.37 |
Share based compensation effects on diluted earnings per share (in dollars per share) | $ 0.65 | $ 0.41 | $ 0.35 |
Cost of sales | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Effect on pre-tax income | $ 1,474 | $ 1,071 | $ 1,145 |
Research and development | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Effect on pre-tax income | 26,137 | 21,186 | 17,173 |
Sales, general and administrative | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Effect on pre-tax income | $ 21,130 | $ 17,336 | $ 15,188 |
Equity Compensation (Schedule o
Equity Compensation (Schedule of Fair Value of Stock Option Grants) (Details) - Employee Stock Option | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected stock price volatility | 37.36% | 47.66% | 45.07% |
Risk-free interest rate | 1.67% | 1.13% | 1.05% |
Expected term (in years) | 3 years 11 days | 2 years 9 months 15 days | 2 years 11 months 19 days |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected stock price volatility | 40.13% | ||
Risk-free interest rate | 0.94% | ||
Expected term (in years) | 2 years 8 months 19 days |
Equity Compensation (Schedule65
Equity Compensation (Schedule of Stock Option Activity) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Number | |||
Beginning balance (in shares) | 1,758 | 2,925 | 3,333 |
Options granted (in shares) | 216 | 215 | 387 |
Options exercised (in shares) | (234) | (1,382) | (773) |
Options forfeited (in shares) | 0 | 0 | 0 |
Options expired (in shares) | 0 | 0 | (22) |
Ending balance (in shares) | 1,740 | 1,758 | 2,925 |
Weighted Average Exercise Price | |||
Beginning balance (in dollars per share) | $ 27.25 | $ 17.96 | $ 14.31 |
Options granted (in dollars per share) | 55.72 | 54.65 | 31.39 |
Options exercised (in dollars per share) | 18.84 | 11.87 | 8.46 |
Options forfeited (in dollars per share) | 0 | 0 | 0 |
Options expired (in dollars per share) | 0 | 0 | 35.41 |
Ending balance (in dollars per share) | $ 31.91 | $ 27.25 | $ 17.96 |
Equity Compensation (Summary 66
Equity Compensation (Summary of Outstanding Options Vesting, Expected to Vest, or Exercisable) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 25, 2017 | |
Share-based Compensation [Abstract] | ||
Number of Options, Vested and expected to vest (in shares) | 1,738 | |
Weighted Average Exercise Price, Vested and expected to vest (in dollars per share) | $ 31.89 | |
Weighted Average Remaining Contractual Term, Vested and expected to vest | 6 years 1 month 10 days | |
Aggregate Intrinsic Value, Vested and expected to vest | $ 21,446 | |
Number of Options, Exercisable (in shares) | 1,182 | 1,100 |
Weighted Average Exercise Price, Exercisable (in dollars per share) | $ 25.20 | |
Weighted Average Remaining Contractual Term, Exercisable | 4 years 11 months 16 days | |
Aggregate Intrinsic Value, Exercisable | $ 19,243 |
Equity Compensation (Summary 67
Equity Compensation (Summary of Outstanding and Exercisable Options) (Details) shares in Thousands | 12 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number (in shares) | shares | 1,740 |
Options Outstanding, Weighted Average Remaining Contractual Life | 6 years 1 month 10 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 31.91 |
Options Exercisable, Number Exercisable (in shares) | shares | 1,182 |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 25.20 |
$2.90 - $16.25 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower limit | 2.90 |
Range of Exercise Prices, upper limit | $ 16.25 |
Options Outstanding, Number (in shares) | shares | 403 |
Options Outstanding, Weighted Average Remaining Contractual Life | 2 years 6 months 30 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 13.09 |
Options Exercisable, Number Exercisable (in shares) | shares | 403 |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 13.09 |
$16.28 - $23.34 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower limit | 16.28 |
Range of Exercise Prices, upper limit | $ 23.34 |
Options Outstanding, Number (in shares) | shares | 354 |
Options Outstanding, Weighted Average Remaining Contractual Life | 5 years 10 months 14 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 21.78 |
Options Exercisable, Number Exercisable (in shares) | shares | 320 |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 21.91 |
$23.80 - $23.80 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower limit | 23.80 |
Range of Exercise Prices, upper limit | $ 23.80 |
Options Outstanding, Number (in shares) | shares | 3 |
Options Outstanding, Weighted Average Remaining Contractual Life | 5 years 5 months 5 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 23.80 |
Options Exercisable, Number Exercisable (in shares) | shares | 3 |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 23.80 |
$31.25 - $31.25 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower limit | 31.25 |
Range of Exercise Prices, upper limit | $ 31.25 |
Options Outstanding, Number (in shares) | shares | 321 |
Options Outstanding, Weighted Average Remaining Contractual Life | 7 years 7 months 6 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 31.25 |
Options Exercisable, Number Exercisable (in shares) | shares | 170 |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 31.25 |
$32.29 - $54.65 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower limit | 32.29 |
Range of Exercise Prices, upper limit | $ 54.65 |
Options Outstanding, Number (in shares) | shares | 443 |
Options Outstanding, Weighted Average Remaining Contractual Life | 6 years 8 months 27 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 46.06 |
Options Exercisable, Number Exercisable (in shares) | shares | 286 |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 42.37 |
$55.72 - $55.72 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower limit | 55.72 |
Range of Exercise Prices, upper limit | $ 55.72 |
Options Outstanding, Number (in shares) | shares | 216 |
Options Outstanding, Weighted Average Remaining Contractual Life | 9 years 7 months 2 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 55.72 |
Options Exercisable, Number Exercisable (in shares) | shares | 0 |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 0 |
Equity Compensation (Summary 68
Equity Compensation (Summary of Restricted Stock Unit Activity) (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Shares | |||
Beginning balance (in shares) | 2,995 | 3,163 | 2,821 |
Granted (in shares) | 936 | 947 | 1,437 |
Vested (in shares) | (1,077) | (1,032) | (992) |
Forfeited (in shares) | (85) | (83) | (103) |
Ending balance (in shares) | 2,769 | 2,995 | 3,163 |
Weighted Average Fair Value | |||
Beginning balance (in dollars per share) | $ 34.91 | $ 26.14 | $ 25.57 |
Granted (in dollars per share) | 55.79 | 52.40 | 31.51 |
Vested (in dollars per share) | 24.79 | 24.67 | 32.48 |
Forfeited (in dollars per share) | 41.09 | 28.40 | 24.75 |
Ending balance (in dollars per share) | $ 45.70 | $ 34.91 | $ 26.14 |
Equity Compensation (Summary 69
Equity Compensation (Summary of Restricted Stock Units Expected to Vest) (Details) - Restricted Stock Units (RSUs) shares in Thousands | 12 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, expected to vest (in shares) | shares | 2,682 |
Weighted Average Fair Value, expected to vest | $ / shares | $ 45.53 |
Weighted Average Remaining Contractual Term, expected to vest | 1 year 5 months 1 day |
Equity Compensation (Schedule70
Equity Compensation (Schedule of Fair Value Market Stock Units Assumptions) (Details) - Market Stock Unit (MSUs) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 25, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected stock price volatility | 37.36% | 47.66% |
Risk-free interest rate | 1.74% | 0.98% |
Expected term (in years) | 3 years | 3 years |
Equity Compensation (Summary 71
Equity Compensation (Summary of Market Stock Unit Activity) (Details) - Market Stock Unit (MSUs) - $ / shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Shares | |||
Beginning balance (in shares) | 180 | 125 | 35 |
Granted (in shares) | 89 | 55 | 90 |
Vested (in shares) | (70) | 0 | 0 |
Forfeited (in shares) | 0 | 0 | 0 |
Ending balance (in shares) | 199 | 180 | 125 |
Weighted Average Fair Value | |||
Beginning balance (in dollars per share) | $ 47.30 | $ 34.85 | $ 22 |
Granted (in dollars per share) | 47.26 | 75.58 | 39.86 |
Vested (in dollars per share) | 22 | 0 | 0 |
Forfeited (in dollars per share) | 0 | 0 | 0 |
Ending balance (in dollars per share) | $ 56.16 | $ 47.30 | $ 34.85 |
Equity Compensation (Summary 72
Equity Compensation (Summary of Market Stock Units Expected to Vest) (Details) - Market Stock Unit (MSUs) shares in Thousands | 12 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, expected to vest (in shares) | shares | 193 |
Weighted Average Fair Value, expected to vest | $ / shares | $ 55.95 |
Weighted Average Remaining Contractual Term, expected to vest | 1 year 4 months 24 days |
Commitments and Contingencies73
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||
Rent expense | $ 11.5 | $ 8.2 | $ 5.2 |
Sublease rental income | 0.3 | $ 0.4 | $ 0.3 |
Foundry Commitments | |||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||
Non-cancelable purchase commitments | 80.2 | ||
Assembly Purchase Order Commitments | |||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||
Non-cancelable purchase commitments | 3.2 | ||
Outside Test Services Commitments | |||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||
Non-cancelable purchase commitments | 11.5 | ||
Long-term Other Purchase Obligation | |||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||
Non-cancelable purchase commitments | $ 59.7 |
Commitments and Contingencies74
Commitments and Contingencies (Schedule of Future Rental Commitments) (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Rental Commitments [Line Items] | |
2,019 | $ 13,225 |
2,020 | 13,536 |
2,021 | 12,859 |
2,022 | 12,450 |
2,023 | 11,654 |
Thereafter | 43,578 |
Total minimum lease payment | 107,302 |
Facilities | |
Rental Commitments [Line Items] | |
2,019 | 13,315 |
2,020 | 13,631 |
2,021 | 12,959 |
2,022 | 12,558 |
2,023 | 11,788 |
Thereafter | 43,817 |
Total minimum lease payment | 108,068 |
Subleases | |
Rental Commitments [Line Items] | |
2,019 | 241 |
2,020 | 240 |
2,021 | 245 |
2,022 | 251 |
2,023 | 257 |
Thereafter | 602 |
Total minimum lease payment | 1,836 |
Net Facilities Commitments | |
Rental Commitments [Line Items] | |
2,019 | 13,074 |
2,020 | 13,391 |
2,021 | 12,714 |
2,022 | 12,307 |
2,023 | 11,531 |
Thereafter | 43,215 |
Total minimum lease payment | 106,232 |
Equipment and Other Commitments | |
Rental Commitments [Line Items] | |
2,019 | 151 |
2,020 | 145 |
2,021 | 145 |
2,022 | 143 |
2,023 | 123 |
Thereafter | 363 |
Total minimum lease payment | $ 1,070 |
Stockholder's Equity (Details)
Stockholder's Equity (Details) - USD ($) | 12 Months Ended | ||||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | Jan. 31, 2018 | Oct. 31, 2015 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Repurchase and retirement of common stock, value | $ 175,776,000 | $ 15,439,000 | $ 60,503,000 | ||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | |||
Preferred stock, shares issued (in shares) | 0 | ||||
October 2015 Repurchase Program | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Share repurchase program, amount approved | $ 200,000,000 | ||||
Repurchase and retirement of common stock (in shares) | 3,400,000 | ||||
Repurchase and retirement of common stock, value | $ 175,800,000 | ||||
Average cost per share repurchased (in dollars per share) | $ 51.86 | ||||
January 2018 Repurchase Program | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Share repurchase program, amount approved | $ 200,000,000 | ||||
Repurchase and retirement of common stock (in shares) | 0 |
Accumulated Other Comprehensi76
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance, accumulated other comprehensive loss | $ (573) | $ 332 | |
Current period foreign exchange translation | 2,791 | (826) | $ 294 |
Current period marketable securities activity | (2,380) | 47 | (24) |
Actuarial gain (loss) on defined benefit pension plan | (14,729) | (79) | 2,660 |
Current period amortization of actuarial (gain) loss | 0 | (89) | 49 |
Tax effect | 3,530 | 42 | |
Ending balance, accumulated other comprehensive loss | (11,361) | (573) | 332 |
Foreign Currency | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance, accumulated other comprehensive loss | (1,302) | (476) | |
Current period foreign exchange translation | 2,791 | (826) | |
Current period marketable securities activity | 0 | 0 | |
Actuarial gain (loss) on defined benefit pension plan | 0 | 0 | |
Current period amortization of actuarial (gain) loss | 0 | 0 | |
Tax effect | 0 | 0 | |
Ending balance, accumulated other comprehensive loss | 1,489 | (1,302) | (476) |
Unrealized Gains (Losses) on Securities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance, accumulated other comprehensive loss | (31) | (62) | |
Current period foreign exchange translation | 0 | 0 | |
Current period marketable securities activity | (2,380) | 47 | |
Actuarial gain (loss) on defined benefit pension plan | 0 | 0 | |
Current period amortization of actuarial (gain) loss | 0 | 0 | |
Tax effect | 750 | (16) | |
Ending balance, accumulated other comprehensive loss | (1,661) | (31) | (62) |
Actuarial Gains (Losses) on Defined Benefit Pension Plan | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance, accumulated other comprehensive loss | 760 | 870 | |
Current period foreign exchange translation | 0 | 0 | |
Current period marketable securities activity | 0 | 0 | |
Actuarial gain (loss) on defined benefit pension plan | (14,729) | (79) | |
Current period amortization of actuarial (gain) loss | 0 | (89) | |
Tax effect | 2,780 | 58 | |
Ending balance, accumulated other comprehensive loss | $ (11,189) | $ 760 | $ 870 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Income Taxes [Line Items] | |||
Federal blended corporate income tax rate, percent | 31.60% | 35.00% | 35.00% |
Provision for one-time transition tax liability and remeasurement of deferred tax balances | $ 60,100 | ||
Provision for remeasurement of deferred tax balances | 6,100 | ||
Provision for one-time transition tax liability | 53,900 | ||
Increase (decrease) in valuation allowance | 2,100 | ||
Gross unrecognized tax benefits | 55,164 | $ 30,858 | $ 18,796 |
Unrecognized tax benefits, gross increase | 26,602 | 12,127 | |
Unrecognized tax benefits, gross decrease | 2,300 | ||
Interest and penalties incurred during period | 800 | $ 200 | |
Federal | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 9,700 | ||
State | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 35,800 | ||
Research Tax Credit Carryforward | State | |||
Income Taxes [Line Items] | |||
Tax credit carryforward | $ 12,700 |
Income Taxes (Summary of Income
Income Taxes (Summary of Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 91,220 | $ 137,654 | $ 108,133 |
Non-U.S. | 173,879 | 177,393 | 67,856 |
Income before income taxes | $ 265,099 | $ 315,047 | $ 175,989 |
Income Taxes (Summary of Provis
Income Taxes (Summary of Provision (Benefit) for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Income Taxes [Line Items] | |||
Total current tax provision | $ 87,894 | $ 36,174 | $ 29,016 |
Total deferred tax provision | 15,210 | 17,664 | 23,343 |
Total tax provision | 103,104 | 53,838 | 52,359 |
U.S. | |||
Income Taxes [Line Items] | |||
Total current tax provision | 66,082 | 28,940 | 28,313 |
Total deferred tax provision | 19,309 | 2,576 | 18,242 |
Non-U.S. | |||
Income Taxes [Line Items] | |||
Total current tax provision | 21,812 | 7,234 | 703 |
Total deferred tax provision | $ (4,099) | $ 15,088 | $ 5,101 |
Income Taxes (Summary of Prov80
Income Taxes (Summary of Provision (Benefit) for Income Taxes, Statutory Federal Rate Pretax Income Reconciliation) (Details) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory rate | 31.60% | 35.00% | 35.00% |
Foreign income taxed at different rates | (8.90%) | (8.60%) | (0.60%) |
Transition tax on deferred foreign income | 20.30% | 0.00% | 0.00% |
Remeasurement of U.S. deferred tax balance | 2.30% | 0.00% | 0.00% |
Research and development tax credits | (2.50%) | (1.80%) | (5.60%) |
Stock based compensation | (4.50%) | (7.30%) | 0.00% |
Other | 0.60% | (0.20%) | 1.00% |
Effective tax rate | 38.90% | 17.10% | 29.80% |
Income Taxes (Significant Compo
Income Taxes (Significant Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 25, 2017 |
Deferred tax assets: | ||
Accrued expenses and allowances | $ 5,793 | $ 9,002 |
Net operating loss carryforwards | 3,646 | 6,294 |
Research and development tax credit carryforwards | 12,701 | 13,977 |
Stock based compensation | 14,156 | 17,356 |
Other | 2,402 | 9,141 |
Total deferred tax assets | 38,698 | 55,770 |
Valuation allowance for deferred tax assets | (14,671) | (12,570) |
Net deferred tax assets | 24,027 | 43,200 |
Deferred tax liabilities: | ||
Depreciation and amortization | 9,184 | 13,837 |
Acquisition intangibles | 13,427 | 16,301 |
Total deferred tax liabilities | 22,611 | 30,138 |
Total net deferred tax assets | $ 1,416 | $ 13,062 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 25, 2017 | |
Income Tax Disclosure [Abstract] | ||
Beginning balance | $ 30,858 | $ 18,796 |
Additions based on tax positions related to the current year | 26,602 | 12,127 |
Reductions based on tax positions related to the prior years | (2,296) | (65) |
Ending balance | $ 55,164 | $ 30,858 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Mar. 31, 2018product_linesegment | |
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 | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 30, 2017 | Sep. 23, 2017 | Jun. 24, 2017 | Mar. 25, 2017 | Dec. 24, 2016 | Sep. 24, 2016 | Jun. 25, 2016 | Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 303,173 | $ 482,741 | $ 425,537 | $ 320,735 | $ 327,864 | $ 523,029 | $ 428,619 | $ 259,428 | $ 1,532,186 | $ 1,538,940 | $ 1,169,251 |
Portable Audio Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,363,876 | 1,373,848 | 989,101 | ||||||||
Non-Portable Audio and Other Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 168,310 | $ 165,092 | $ 180,150 |
Segment Information (Schedule85
Segment Information (Schedule of Sales by Geographic Location Based on the Sales Office Location) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 30, 2017 | Sep. 23, 2017 | Jun. 24, 2017 | Mar. 25, 2017 | Dec. 24, 2016 | Sep. 24, 2016 | Jun. 25, 2016 | Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 303,173 | $ 482,741 | $ 425,537 | $ 320,735 | $ 327,864 | $ 523,029 | $ 428,619 | $ 259,428 | $ 1,532,186 | $ 1,538,940 | $ 1,169,251 |
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 33,732 | 36,024 | 73,889 | ||||||||
European Union (excluding United Kingdom) | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 7,972 | 9,809 | 12,745 | ||||||||
United Kingdom | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 7,823 | 5,741 | 5,687 | ||||||||
China | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 1,264,000 | 1,249,325 | 823,843 | ||||||||
Hong Kong | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 162,652 | 181,283 | 10,647 | ||||||||
Japan | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 12,131 | 11,819 | 27,898 | ||||||||
South Korea | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 1,711 | 2,403 | 193,388 | ||||||||
Taiwan | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 13,224 | 14,426 | 9,249 | ||||||||
Other Asia | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 17,996 | 16,585 | 8,657 | ||||||||
Other non-U.S. countries | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 10,945 | $ 11,525 | $ 3,248 |
Segment Information (Schedule86
Segment Information (Schedule of Property, Plant, and Equipment, Net, by Geographic Location) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 25, 2017 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | $ 191,154 | $ 168,139 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 134,648 | 120,212 |
European Union (excluding United Kingdom) | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 717 | 793 |
United Kingdom | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 53,855 | 44,981 |
China | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 594 | 565 |
Hong Kong | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 3 | 5 |
Japan | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 115 | 243 |
South Korea | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 185 | 202 |
Taiwan | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 337 | 231 |
Other Asia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 96 | 50 |
Other non-U.S. countries | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | $ 604 | $ 857 |
Quarterly Results (Unaudited)87
Quarterly Results (Unaudited) (Schedule of Unaudited Quarterly Statement of Operations Data) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 30, 2017 | Sep. 23, 2017 | Jun. 24, 2017 | Mar. 25, 2017 | Dec. 24, 2016 | Sep. 24, 2016 | Jun. 25, 2016 | Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Quarterly Financial Data [Abstract] | |||||||||||
Net sales | $ 303,173 | $ 482,741 | $ 425,537 | $ 320,735 | $ 327,864 | $ 523,029 | $ 428,619 | $ 259,428 | $ 1,532,186 | $ 1,538,940 | $ 1,169,251 |
Gross profit | 152,630 | 235,088 | 211,282 | 161,716 | 164,279 | 255,152 | 211,699 | 126,685 | 760,716 | 757,815 | 554,840 |
Net income | $ 12,004 | $ 33,779 | $ 73,300 | $ 42,912 | $ 35,058 | $ 122,041 | $ 86,039 | $ 18,071 | $ 161,995 | $ 261,209 | $ 123,630 |
Basic income per share (in dollars per share) | $ 0.19 | $ 0.53 | $ 1.16 | $ 0.67 | $ 0.55 | $ 1.91 | $ 1.37 | $ 0.29 | $ 2.55 | $ 4.12 | $ 1.96 |
Diluted income per share (in dollars per share) | $ 0.19 | $ 0.52 | $ 1.10 | $ 0.64 | $ 0.52 | $ 1.83 | $ 1.30 | $ 0.27 | $ 2.46 | $ 3.92 | $ 1.87 |