Cirrus Logic (CRUS) 10-Q 1 Feb 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Dec. 26, 2020	Jan. 28, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 26, 2020
Document Transition Report	false
Entity File Number	0-17795
Entity Registrant Name	CIRRUS LOGIC, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0024818
Entity Address, Address Line One	800 W. 6th Street
Entity Address, City or Town	Austin,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78701
City Area Code	(512)
Local Phone Number	851-4000
Title of 12(g) Security	Common stock, $0.001 par value
Trading Symbol	CRUS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		58,045,043
Amendment Flag	false
Entity Central Index Key	0000772406
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--03-27

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Dec. 26, 2020	Mar. 28, 2020
Current assets:
Cash and cash equivalents	$ 327,294	$ 292,119
Marketable securities	43,289	22,008
Accounts receivable, net	244,803	153,998
Inventories	142,689	146,725
Prepaid assets	38,875	23,594
Other current assets	6,594	11,752
Total current assets	803,544	650,196
Long-term marketable securities	326,491	283,573
Right-of-use lease assets	135,719	141,274
Property and equipment, net	154,312	158,244
Intangibles, net	24,322	34,430
Goodwill	287,518	287,088
Deferred tax assets	7,277	10,052
Other assets	86,446	27,820
Total assets	1,825,629	1,592,677
Current liabilities:
Accounts payable	90,814	78,412
Accrued salaries and benefits	39,367	42,439
Software license agreements	26,810	10,888
Current lease liabilities	14,539	13,580
Other accrued liabilities	13,325	13,318
Total current liabilities	184,855	158,637
Long-term liabilities:
Software license agreements	39,968	3,806
Non-current income taxes	70,866	71,143
Non-current lease liabilities	129,583	129,312
Total long-term liabilities	240,417	204,261
Stockholders' equity:
Capital stock	1,483,567	1,434,929
Accumulated deficit	(88,238)	(201,681)
Accumulated other comprehensive income (loss)	5,028	(3,469)
Total stockholders' equity	1,400,357	1,229,779
Total liabilities and stockholders' equity	$ 1,825,629	$ 1,592,677

Consolidated Condensed Statemen

Consolidated Condensed Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 26, 2020	Dec. 28, 2019
Income Statement [Abstract]
Net sales	$ 485,795	$ 374,668	$ 1,075,693	$ 1,001,833
Cost of sales	234,295	177,163	516,511	473,901
Gross profit	251,500	197,505	559,182	527,932
Operating expenses
Research and development	89,435	88,713	252,986	265,782
Selling, general and administrative	32,415	36,113	93,366	98,651
Restructuring costs	0	0	352	0
Total operating expenses	121,850	124,826	346,704	364,433
Income from operations	129,650	72,679	212,478	163,499
Interest income	1,465	2,651	4,958	7,725
Interest expense	(259)	(259)	(798)	(798)
Other income (expense)	(207)	(563)	688	(1,509)
Income before income taxes	130,649	74,508	217,326	168,917
Provision for income taxes	16,281	5,996	25,263	19,577
Net income	$ 114,368	$ 68,512	$ 192,063	$ 149,340
Basic earnings per share (in dollars per share)	$ 1.97	$ 1.18	$ 3.30	$ 2.56
Diluted earnings per share (in dollars per share)	$ 1.91	$ 1.13	$ 3.20	$ 2.47
Basic weighted average common shares outstanding (in shares)	58,024	58,188	58,176	58,247
Diluted weighted average common shares outstanding (in shares)	59,963	60,492	60,101	60,395

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 26, 2020	Dec. 28, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 114,368	$ 68,512	$ 192,063	$ 149,340
Other comprehensive income (loss), before tax
Foreign currency translation gain (loss)	428	883	2,093	(520)
Unrealized gain (loss) on marketable securities	(649)	(37)	8,106	2,463
Cumulative effect of adoption of ASU 2018-02	0	0	0	(257)
(Provision) benefit for income taxes	136	8	(1,702)	(517)
Comprehensive income	$ 114,283	$ 69,366	$ 200,560	$ 150,509
Accounting Standards Update [Extensible List]				us-gaap:AccountingStandardsUpdate201802Member

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 26, 2020	Dec. 28, 2019
Cash flows from operating activities:
Net income	$ 192,063	$ 149,340
Adjustments to reconcile net income to net cash generated by operating activities:
Depreciation and amortization	35,478	55,379
Stock-based compensation expense	42,069	39,700
Deferred income taxes	3,679	(3,403)
Loss on retirement or write-off of long-lived assets	52	46
Other non-cash adjustments	124	560
MEMS restructuring charges	352	0
Net change in operating assets and liabilities:
Accounts receivable, net	(90,806)	(55,281)
Inventories	4,036	26,813
Other assets	(3,529)	(9,892)
Accounts payable and other accrued liabilities	6,157	47,080
Income taxes payable	(13,233)	(3,795)
Net cash generated by operating activities	176,442	246,547
Cash flows from investing activities:
Maturities and sales of available-for-sale marketable securities	97,415	131,761
Purchases of available-for-sale marketable securities	(153,505)	(163,925)
Purchases of property, equipment and software	(11,734)	(13,262)
Investments in technology	(1,310)	(4,893)
Net cash used in investing activities	(69,134)	(50,319)
Cash flows from financing activities:
Issuance of common stock, net of shares withheld for taxes	6,487	14,211
Repurchase of stock to satisfy employee tax withholding obligations	(13,619)	(14,309)
Repurchase and retirement of common stock	(65,001)	(70,001)
Net cash used in financing activities	(72,133)	(70,099)
Net increase in cash and cash equivalents	35,175	126,129
Cash and cash equivalents at beginning of period	292,119	216,172
Cash and cash equivalents at end of period	$ 327,294	$ 342,301

Consolidated Condensed Statem_4

Consolidated Condensed Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income / (Loss)	Accumulated Other Comprehensive Income / (Loss)Cumulative Effect, Period of Adoption, Adjustment
Beginning Balance (in shares) at Mar. 30, 2019			58,954
Beginning balance at Mar. 30, 2019	$ 1,140,240		$ 59	$ 1,363,677	$ (222,430)		$ (1,066)
Beginning balance (Accounting Standards Update 2016-02, net of tax) at Mar. 30, 2019		$ (726)				$ (726)
Beginning balance (Accounting Standards Update 2018-02) at Mar. 30, 2019						$ 257		$ (257)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	149,340				149,340
Change in unrealized gain (loss) on marketable securities, net of tax	1,946						1,946
Change in foreign currency translation adjustments	(520)						(520)
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)			1,115
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes	(99)		$ 1	14,210	(14,310)
Repurchase and retirement of common stock (in shares)			(1,447)
Repurchase and retirement of common stock	(70,001)		$ (1)		(70,000)
Stock-based compensation	39,700			39,700
Ending Balance (in shares) at Dec. 28, 2019			58,622
Ending balance at Dec. 28, 2019	1,259,880		$ 59	1,417,587	(157,869)		103
Beginning Balance (in shares) at Sep. 28, 2019			57,786
Beginning balance at Sep. 28, 2019	1,178,625		$ 58	1,392,592	(213,274)		(751)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	68,512				68,512
Change in unrealized gain (loss) on marketable securities, net of tax	(29)						(29)
Change in foreign currency translation adjustments	883						883
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)			836
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes	(2,271)		$ 1	10,835	(13,107)
Stock-based compensation	14,160			14,160
Ending Balance (in shares) at Dec. 28, 2019			58,622
Ending balance at Dec. 28, 2019	1,259,880		$ 59	1,417,587	(157,869)		103
Beginning Balance (in shares) at Mar. 28, 2020			58,242
Beginning balance at Mar. 28, 2020	1,229,779		$ 58	1,434,871	(201,681)		(3,469)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	192,063				192,063
Change in unrealized gain (loss) on marketable securities, net of tax	6,404						6,404
Change in foreign currency translation adjustments	2,093						2,093
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)			713
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes	$ (7,132)		$ 1	6,487	(13,620)
Repurchase and retirement of common stock (in shares)	(900)		(935)
Repurchase and retirement of common stock	$ (65,001)		$ (1)		(65,000)
Stock-based compensation	42,151			42,151
Ending Balance (in shares) at Dec. 26, 2020			58,020
Ending balance at Dec. 26, 2020	1,400,357		$ 58	1,483,509	(88,238)		5,028
Beginning Balance (in shares) at Sep. 26, 2020			57,957
Beginning balance at Sep. 26, 2020	1,316,831		$ 58	1,466,920	(155,260)		5,113
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	114,368				114,368
Change in unrealized gain (loss) on marketable securities, net of tax	(513)						(513)
Change in foreign currency translation adjustments	428						428
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)			522
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes	$ (9,126)		$ 1	3,220	(12,347)
Repurchase and retirement of common stock (in shares)	(500)		(459)
Repurchase and retirement of common stock	$ (35,000)		$ (1)		(34,999)
Stock-based compensation	13,369			13,369
Ending Balance (in shares) at Dec. 26, 2020			58,020
Ending balance at Dec. 26, 2020	$ 1,400,357		$ 58	$ 1,483,509	$ (88,238)		$ 5,028

Basis of Presentation

Basis of Presentation	9 Months Ended
	Dec. 26, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of PresentationThe consolidated condensed financial statements have been prepared by Cirrus Logic, Inc. (“Cirrus Logic,” “we,” “us,” “our,” or the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “Commission”).  The accompanying unaudited consolidated condensed financial statements do not include complete footnotes and financial presentations.  As a result, these financial statements should be read along with the audited consolidated financial statements and notes thereto for the year ended March 28, 2020, included in our Annual Report on Form 10-K filed with the Commission on May 20, 2020.  In our opinion, the financial statements reflect all material adjustments, including normal recurring adjustments, necessary for a fair presentation of the financial position, operating results and cash flows for those periods presented.  The preparation of financial statements in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect reported assets, liabilities, revenues and expenses.  Actual results could differ from those estimates and assumptions.  Moreover, the results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the entire year.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	9 Months Ended
	Dec. 26, 2020
Accounting Policies [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This ASU requires credit losses on financial instruments, including 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. The Company adopted this ASU in the first quarter of fiscal year 2021, with no material impact to the financial statements. In January 2017, the FASB issued ASU No. 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 recorded book 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. The Company adopted this ASU in the first quarter of fiscal year 2021, with no material impact to the financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . This ASU adjusts current required disclosures related to fair value measurements. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. The Company adopted this ASU in the first quarter of fiscal year 2021, with no material impact to the financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . This ASU provides guidance on the accounting for implementation costs related to a cloud computing arrangement that is a service contract. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. The Company adopted this ASU in the first quarter of fiscal year 2021, with prospective application and no material impact to the financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The ASU removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year, with early adoption permitted. The Company is currently evaluating the impact of this ASU, but does not expect a material impact to the financial statements upon adoption. In January 2020, the FASB issued ASU No. 2020-01, Investments - Equity Securities (Topic 321) - Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force) . This ASU clarifies the interaction of the accounting for equity securities, investments accounted for under the equity method of accounting, and the accounting for certain forward contracts and purchased options. This ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year, with early adoption permitted. The Company is currently evaluating the impact of this ASU, but does not expect a material impact to the financial statements upon adoption. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The ASU, effective immediately for reporting periods through December 31, 2022, provides accounting relief for contract modifications that replace an interest rate impacted by reference rate reform (e.g., LIBOR) with a new alternative reference rate. The guidance is applicable to investment securities, receivables, debt, leases, hedging relationships and other contractual arrangements. The Company adopted this ASU in the first quarter of fiscal year 2021, with no material impact to the financial statements.

Marketable Securities

Marketable Securities	9 Months Ended
	Dec. 26, 2020
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 condensed 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 at December 26, 2020 (in thousands): As of December 26, 2020 Amortized Gross Gross Estimated Corporate debt securities $ 347,642 $ 5,484 $ (11) $ 353,115 Non-U.S. government securities 12,681 218 — 12,899 Agency discount notes 3,760 6 — 3,766 Total securities $ 364,083 $ 5,708 $ (11) $ 369,780 The Company typically invests in highly-rated securities with original maturities generally ranging from one December 26, 2020. There were no securities that had been in a continuous unrealized loss position for more than 12 months as of December 26, 2020. 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. The Company records an allowance for credit loss when a decline in investment market value is due to credit-related factors. When evaluating an investment for impairment, the Company reviews factors including the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer, changes in market interest rates and whether it is more likely than not the Company will be required to sell the investment before recovery of the investment’s cost basis. As of December 26, 2020, the Company does not consider any of its investments to be impaired. The following table is a summary of available-for-sale securities at March 28, 2020 (in thousands): As of March 28, 2020 Amortized Gross Gross Estimated Corporate debt securities $ 286,668 $ 1,157 $ (3,993) $ 283,832 Non-U.S. government securities 12,483 260 — 12,743 U.S. Treasury securities 8,839 167 — 9,006 Total securities $ 307,990 $ 1,584 $ (3,993) $ 305,581 The Company's specifically identified gross unrealized losses of $4.0 million related to securities with total amortized costs of approximately $172.9 million at March 28, 2020. There were no securities that had been in a continuous unrealized loss position for more than 12 months as of March 28, 2020. As of March 28, 2020, the Company did not consider any of its investments to be impaired. The cost and estimated fair value of available-for-sale securities by contractual maturities were as follows (in thousands): December 26, 2020 March 28, 2020 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Within 1 year $ 42,680 $ 43,289 $ 22,012 $ 22,008 After 1 year 321,403 326,491 285,978 283,573 Total $ 364,083 $ 369,780 $ 307,990 $ 305,581

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Dec. 26, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company has determined that the only material 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 and marketable securities portfolio. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s cash equivalents and marketable securities portfolio consist of money market funds, debt securities, non-U.S. government securities, U.S. Treasury securities and securities of U.S. government-sponsored enterprises and are reflected on our consolidated condensed balance sheets under the headings cash and cash equivalents, marketable securities, and long-term marketable securities. The Company determines the fair value of its marketable securities portfolio by obtaining non-binding market prices from 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. The Company's long-term revolving credit facility, described in Note 8, bears interest at a base rate plus applicable margin or LIBOR plus applicable margin. As of December 26, 2020, there are no amounts drawn under the credit facility and the fair value is zero. As of December 26, 2020 and March 28, 2020, the Company has no material Level 3 assets or liabilities. There were no transfers between Level 1, Level 2, or Level 3 measurements for the three months ended December 26, 2020. The following summarizes the fair value of our financial instruments at December 26, 2020 (in thousands): Quoted Prices Significant Significant Total Assets: Cash equivalents Money market funds $ 288,095 $ — $ — $ 288,095 Available-for-sale securities Corporate debt securities $ — $ 353,115 $ — $ 353,115 Non-U.S. government securities — 12,899 — 12,899 Agency discount notes — 3,766 — 3,766 $ — $ 369,780 $ — $ 369,780 The following summarizes the fair value of our financial instruments at March 28, 2020 (in thousands): Quoted Prices Significant Significant Total Assets: Cash equivalents Money market funds $ 237,714 $ — $ — $ 237,714 Available-for-sale securities Corporate debt securities $ — $ 283,832 $ — $ 283,832 Non-U.S. government securities — 12,743 — 12,743 U.S. Treasury securities 9,006 — — 9,006 $ 9,006 $ 296,575 $ — $ 305,581

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Dec. 26, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Foreign Currency Forward Contracts The Company uses foreign currency forward contracts to reduce the earnings impact that exchange rate fluctuations have on non-functional currency balance sheet exposures. The Company recognizes both the gains and losses on foreign currency forward contracts and the gains and losses on the remeasurement of non-functional currency assets and liabilities within " Other income (expense) " in the consolidated condensed statements of income. The Company does not apply hedge accounting to these foreign currency derivative instruments. As of December 26, 2020, the Company held one foreign currency forward contract denominated in British Pound Sterling with a notional value of $20.2 million. The fair value of this contract was not material as of December 26, 2020. The before-tax effect of derivative instruments not designated as hedging instruments was as follows (in thousands): Three Months Ended Nine Months Ended December 26, December 28, December 26, December 28, 2020 2019 2020 2019 Location Gain (loss) recognized in income: Foreign currency forward contracts $ 984 $ 2,380 $ 2,903 $ (1,836) Other income (expense)

Accounts Receivable, net

Accounts Receivable, net	9 Months Ended
	Dec. 26, 2020
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Accounts Receivable, net	Accounts Receivable, net The following are the components of accounts receivable, net (in thousands): December 26, March 28, 2020 2020 Gross accounts receivable $ 244,803 $ 153,998 Allowance for doubtful accounts — — Accounts receivable, net $ 244,803 $ 153,998

Inventories

Inventories	9 Months Ended
	Dec. 26, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are comprised of the following (in thousands): December 26, March 28, 2020 2020 Work in process $ 95,807 $ 82,494 Finished goods 46,882 64,231 $ 142,689 $ 146,725

Revolving Credit Facility

Revolving Credit Facility	9 Months Ended
	Dec. 26, 2020
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 “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 Credit Agreement provides for a $300 million senior secured revolving credit facility (the “Credit Facility”). The Credit Facility matures on July 12, 2021. The Credit Facility is required to be guaranteed by all of Cirrus Logic’s material domestic subsidiaries (the “Subsidiary Guarantors”). The Credit Facility is secured by substantially all of the assets of Cirrus Logic and any Subsidiary Guarantors, except for certain excluded assets. Borrowings under the Credit Facility may, at our election, bear interest at either (a) a base rate plus the applicable margin (“Base Rate Loans”) or (b) a LIBOR rate plus the applicable margin (“LIBOR Rate Loans”). The applicable margin ranges from 0% to 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 Credit Agreement contains certain financial covenants providing that (a) the ratio of consolidated funded indebtedness to consolidated EBITDA for the prior four fiscal quarters must not be greater than 3.00 to 1.00 (the “Leverage Ratio”) and (b) the ratio of consolidated EBITDA for the prior four consecutive fiscal quarters to consolidated fixed charges (including amounts paid in cash for consolidated interest expenses, capital expenditures, scheduled principal payments of indebtedness, and income taxes) for the prior four consecutive fiscal quarters must not be less than 1.25 to 1.00 as of the end of each fiscal quarter. The 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.

Revenues

Revenues	9 Months Ended
	Dec. 26, 2020
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Disaggregation of revenue We disaggregate revenue from contracts with customers based on the ship to location of the customer. The geographic regions that are reviewed are the United States and countries outside of the United States (primarily located in Asia). Total net sales based on the disaggregation criteria described above are as follows: Three Months Ended Nine Months Ended December 26, December 28, December 26, December 28, 2020 2019 2020 2019 Non-United States $ 476,890 $ 370,942 $ 1,058,501 $ 990,205 United States 8,905 3,726 17,192 11,628 $ 485,795 $ 374,668 $ 1,075,693 $ 1,001,833 Performance obligations The Company's single performance obligation is the delivery of promised goods to the customer. The promised goods are explicitly stated in the customer contract and are comprised of either a single type of good or a series of goods that are substantially the same, have the same pattern of transfer to the customer, and are neither capable of being distinct nor separable from the other promised goods in the contract. This performance obligation is satisfied upon transfer of control of the promised goods to the customer, as defined per the shipping terms within the customer's contract. The vast majority of the Company's contracts with customers have an original expected term length of one year or less. As allowed by Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers , the Company has not disclosed the value of any unsatisfied performance obligations related to these contracts. The Company’s products typically include a warranty period of one Guarantees , and are not considered a separate performance obligation. Contract balances Payments are typically due within 30 to 60 days of invoicing and terms do not include significant financing components or noncash consideration. There have been no material impairment losses on accounts receivable. There are no material contract assets or contract liabilities recorded on the consolidated condensed balance sheets. Transaction price The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised goods to the customer. Fixed pricing is the consideration that is agreed upon in the customer contract. Variable pricing includes rebates, rights of return, warranties, price protection and stock rotation. Rebates are granted as a customer account credit, based on agreed-upon sales thresholds. Rights of return and warranty costs are estimated using the "most likely amount" method by reviewing historical returns to determine the most likely customer return rate and applying materiality thresholds. Price protection includes price adjustments available to certain distributors based upon established book price and a stated adjustment period. Stock rotation is also available to certain distributors based on a stated maximum of prior billings. The Company estimates all variable consideration at the most likely amount that it expects to be entitled. The estimate is based on current and historical information, including recent sales activity and pricing, available to the Company. Variable consideration is only included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company defers all variable consideration that does not meet the revenue recognition criteria.

Restructuring Costs

Restructuring Costs	9 Months Ended
	Dec. 26, 2020
Restructuring and Related Activities [Abstract]
Restructuring Costs	Restructuring Costs During the fourth quarter of fiscal year 2020, the Company approved a restructuring plan (the “MEMS Restructuring”), including discontinuing efforts relating to the microelectromechanical systems ("MEMS") microphone product line, which allowed the Company to concentrate resources on projects with an anticipated larger return on investment. The MEMS Restructuring was substantially complete as of the first quarter of fiscal year 2021 with a $352 thousand " Restructuring Costs " charge to the income statement. No additional restructuring charges were incurred during the second or third quarters of fiscal year 2021. Restructuring liabilities are presented in the “ Other accrued liabilities ” line item of our consolidated condensed balance sheet. The activity related to restructuring liabilities is detailed below (in thousands): Restructuring Liability Beginning balance as of March 28, 2020 $ 982 Other exit costs 222 Cash payments (1,204) Ending balance as of December 26, 2020 $ —

Income Taxes

Income Taxes	9 Months Ended
	Dec. 26, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our provision for income taxes is based on estimated effective tax rates derived from an estimate of annual consolidated earnings before taxes, adjusted for nondeductible expenses, other permanent items, and any applicable income tax credits. The following table presents the provision for income taxes (in thousands) and the effective tax rates: Three Months Ended Nine Months Ended December 26, December 28, December 26, December 28, 2020 2019 2020 2019 Income before income taxes $ 130,649 $ 74,508 $ 217,326 $ 168,917 Provision for income taxes $ 16,281 $ 5,996 $ 25,263 $ 19,577 Effective tax rate 12.5 % 8.0 % 11.6 % 11.6 % Our income tax expense was $16.3 million and $6.0 million for the third quarters of fiscal years 2021 and 2020, respectively, resulting in effective tax rates of 12.5% and 8.0%, respectively. Our income tax expense was $25.3 million and $19.6 million for the first nine months of fiscal years 2021 and 2020, respectively, resulting in an effective tax rate of 11.6% in each period. Our effective tax rate for the third quarter of fiscal year 2021 was lower than the federal statutory rate primarily due to the effect of income earned in certain foreign jurisdictions that is taxed below the federal statutory rate and excess tax benefits from stock-based compensation, partially offset by current U.S. tax on foreign earnings. Our effective tax rate for the first nine months of fiscal year 2021 was lower than the federal statutory rate primarily due to the effect of income earned in certain foreign jurisdictions that is taxed below the federal statutory rate, excess tax benefits from stock-based compensation, and the remeasurement of previously unrecognized tax benefits in the second quarter. Our effective tax rates for the third quarter and first nine months of fiscal year 2020 were lower than the federal statutory rate primarily due to the effect of income earned in certain foreign jurisdictions that is taxed below the federal statutory rate, the release of prior year unrecognized tax benefits in the third quarter due to the lapse of the statute of limitations applicable to a tax position taken on a prior year tax return, and excess tax benefits from stock-based compensation. Our effective tax rate for the first nine months of fiscal year 2020 was further reduced by the release of prior year unrecognized tax benefits due to the closure of the tax audit of the Company's U.K. subsidiaries in the second quarter of fiscal year 2020. The Company records unrecognized tax benefits for the estimated risk associated with tax positions taken on tax returns. At December 26, 2020, the Company had unrecognized tax benefits of $32.9 million, all of which would impact the effective tax rate if recognized. We recorded a gross decrease of $3.3 million to unrecognized tax benefits in the second quarter of fiscal year 2021. The Company’s total unrecognized tax benefits are classified as “ Non-current income taxes" in the consolidated condensed balance sheets. The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes. As of December 26, 2020, the balance of accrued interest and penalties, net of tax, was $3.9 million. On July 27, 2015, the U.S. Tax Court issued an opinion in Altera Corp. et al. v. Commissioner which concluded that the regulations relating to the treatment of stock-based compensation expense in intercompany cost-sharing arrangements were invalid. In 2016 the U.S. Internal Revenue Service appealed the decision to the U.S. Court of Appeals for the Ninth Circuit (the “Ninth Circuit”). On July 24, 2018, the Ninth Circuit issued a decision that was subsequently withdrawn and a reconstituted panel conferred on the appeal. On June 7, 2019, the Ninth Circuit reversed the decision of the U.S. Tax Court and upheld the cost-sharing regulations. On February 10, 2020, Altera Corp. filed a Petition for a Writ of Certiorari with the Supreme Court of the United States, which was denied by the Supreme Court on June 22, 2020. Although the issue is now resolved in the Ninth Circuit, the Ninth Circuit's opinion is not binding in other circuits. The potential impact of this issue on the Company, which is not located within the jurisdiction of the Ninth Circuit, is unclear at this time. We will continue to monitor developments related to this issue and the potential impact of those developments on the Company's current and prior fiscal years. 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 2017 through 2020 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 2017 may be adjusted upon examination by the tax authorities if they have been, or will be, used in a future period. The Company's federal income tax returns for fiscal years 2017, 2018, and 2019 are under examination by the U.S. Internal Revenue Service. 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.

Net Income Per Share

Net Income Per Share	9 Months Ended
	Dec. 26, 2020
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share Basic net income per share is based on the weighted effect of common shares issued and outstanding and is calculated by dividing net income by the basic weighted average shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average number of common shares used in the basic net income per share calculation, plus the equivalent number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares outstanding. These potentially dilutive items consist primarily of outstanding stock options and restricted stock grants. The following table details the calculation of basic and diluted earnings per share for the three and nine months ended December 26, 2020 and December 28, 2019 (in thousands, except per share amounts): Three Months Ended Nine Months Ended December 26, December 28, December 26, December 28, 2020 2019 2020 2019 Numerator: Net income $ 114,368 $ 68,512 $ 192,063 $ 149,340 Denominator: Weighted average shares outstanding 58,024 58,188 58,176 58,247 Effect of dilutive securities 1,939 2,304 1,925 2,148 Weighted average diluted shares 59,963 60,492 60,101 60,395 Basic earnings per share $ 1.97 $ 1.18 $ 3.30 $ 2.56 Diluted earnings per share $ 1.91 $ 1.13 $ 3.20 $ 2.47

Legal Matters

Legal Matters	9 Months Ended
	Dec. 26, 2020
Commitments and Contingencies Disclosure [Abstract]
Legal Matters	Legal MattersFrom time to time, we are involved in legal proceedings concerning matters arising in connection with the conduct of our business activities. We regularly evaluate the status of legal proceedings in which we are involved in order to assess whether a loss is probable or there is a reasonable possibility that a loss or additional loss may have been incurred, and to determine if accruals are appropriate. We further evaluate each legal proceeding to assess whether an estimate of possible loss or range of loss can be made. Based on current knowledge, management does not believe that there are any pending matters that could potentially have a material adverse effect on our business, financial condition, results of operations or cash flows. However, we are engaged in various legal actions in the normal course of business. There can be no assurances in light of the inherent uncertainties involved in any potential legal proceedings, some of which are beyond our control, and an adverse outcome in any legal proceeding could be material to our results of operations or cash flows for any particular reporting period.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Dec. 26, 2020
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock The Company issued a net 0.5 million and 0.7 million shares of common stock during each of the three and nine months ended December 26, 2020, pursuant to the Company's equity incentive plans. The Company issued a net 0.8 million and 1.1 million shares of common stock during each of the three and nine months ended December 28, 2019, pursuant to the Company's equity incentive plans. Share Repurchase Program Since inception, approximately $145 million of the Company’s common stock has been repurchased under the Company’s 2019 $200 million share repurchase program, leaving approximately $55 million available for repurchase under this plan as of December 26, 2020 . During the three months ended December 26, 2020, the Company repurchased 0.5 million shares of its common stock, for $35 million , at an average cost of $76.22 per share. During the nine months ended December 26, 2020, the Company repurchased 0.9 million shares of its common stock, for $65 million, at an average cost of $69.53 per share . All of these shares were repurchased in the open market and were funded from existing cash. All shares of our common stock that were repurchased were retired as of December 26, 2020.

Segment Information

Segment Information	9 Months Ended
	Dec. 26, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information We determine our operating segments in accordance with FASB guidelines. Our Chief Executive Officer (“CEO”) has been identified as the chief operating decision maker under these guidelines. The Company operates and tracks its results in one reportable segment, but reports revenue in two product lines, Portable and Non-Portable and Other. Our CEO receives and uses enterprise-wide financial information to assess financial performance and allocate resources, rather than detailed information at a product line level. Additionally, our product lines have similar characteristics and customers. They share support functions such as sales, public relations, supply chain management, various research and development and engineering support, in addition to the general and administrative functions of human resources, legal, finance and information technology. Therefore, there is no complete, discrete financial information maintained for these product lines. Revenues from our product lines are as follows (in thousands): Three Months Ended Nine Months Ended December 26, December 28, December 26, December 28, 2020 2019 2020 2019 Portable Products $ 450,305 $ 344,870 $ 973,877 $ 897,187 Non-Portable and Other Products 35,490 29,798 101,816 104,646 $ 485,795 $ 374,668 $ 1,075,693 $ 1,001,833

Subsequent Event

Subsequent Event	9 Months Ended
	Dec. 26, 2020
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event In January 2021, the Board of Directors authorized the repurchase of up to an additional $350 million of the Company’s common stock, in addition to the $55 million remaining from the Board’s previous share repurchase authorization in January 2019, described above in Note 14.

Recently Issued Accounting Pr_2

Recently Issued Accounting Pronouncements (Policies)	9 Months Ended
	Dec. 26, 2020
Accounting Policies [Abstract]
Recently Issued Accounting Pronouncements	In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This ASU requires credit losses on financial instruments, including 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. The Company adopted this ASU in the first quarter of fiscal year 2021, with no material impact to the financial statements. In January 2017, the FASB issued ASU No. 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 recorded book 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. The Company adopted this ASU in the first quarter of fiscal year 2021, with no material impact to the financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . This ASU adjusts current required disclosures related to fair value measurements. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. The Company adopted this ASU in the first quarter of fiscal year 2021, with no material impact to the financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . This ASU provides guidance on the accounting for implementation costs related to a cloud computing arrangement that is a service contract. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. The Company adopted this ASU in the first quarter of fiscal year 2021, with prospective application and no material impact to the financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The ASU removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year, with early adoption permitted. The Company is currently evaluating the impact of this ASU, but does not expect a material impact to the financial statements upon adoption. In January 2020, the FASB issued ASU No. 2020-01, Investments - Equity Securities (Topic 321) - Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force) . This ASU clarifies the interaction of the accounting for equity securities, investments accounted for under the equity method of accounting, and the accounting for certain forward contracts and purchased options. This ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year, with early adoption permitted. The Company is currently evaluating the impact of this ASU, but does not expect a material impact to the financial statements upon adoption. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The ASU, effective immediately for reporting periods through December 31, 2022, provides accounting relief for contract modifications that replace an interest rate impacted by reference rate reform (e.g., LIBOR) with a new alternative reference rate. The guidance is applicable to investment securities, receivables, debt, leases, hedging relationships and other contractual arrangements. The Company adopted this ASU in the first quarter of fiscal year 2021, with no material impact to the financial statements.
Fair Value of Financial Instruments	The Company has determined that the only material 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 and marketable securities portfolio. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s cash equivalents and marketable securities portfolio consist of money market funds, debt securities, non-U.S. government securities, U.S. Treasury securities and securities of U.S. government-sponsored enterprises and are reflected on our consolidated condensed balance sheets under the headings cash and cash equivalents, marketable securities, and long-term marketable securities. The Company determines the fair value of its marketable securities portfolio by obtaining non-binding market prices from 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.
Revenues	Disaggregation of revenue We disaggregate revenue from contracts with customers based on the ship to location of the customer. The geographic regions that are reviewed are the United States and countries outside of the United States (primarily located in Asia). Performance obligations The Company's single performance obligation is the delivery of promised goods to the customer. The promised goods are explicitly stated in the customer contract and are comprised of either a single type of good or a series of goods that are substantially the same, have the same pattern of transfer to the customer, and are neither capable of being distinct nor separable from the other promised goods in the contract. This performance obligation is satisfied upon transfer of control of the promised goods to the customer, as defined per the shipping terms within the customer's contract. The vast majority of the Company's contracts with customers have an original expected term length of one year or less. As allowed by Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers , the Company has not disclosed the value of any unsatisfied performance obligations related to these contracts. The Company’s products typically include a warranty period of one Guarantees , and are not considered a separate performance obligation. Contract balances Payments are typically due within 30 to 60 days of invoicing and terms do not include significant financing components or noncash consideration. There have been no material impairment losses on accounts receivable. There are no material contract assets or contract liabilities recorded on the consolidated condensed balance sheets. Transaction price The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised goods to the customer. Fixed pricing is the consideration that is agreed upon in the customer contract. Variable pricing includes rebates, rights of return, warranties, price protection and stock rotation. Rebates are granted as a customer account credit, based on agreed-upon sales thresholds. Rights of return and warranty costs are estimated using the "most likely amount" method by reviewing historical returns to determine the most likely customer return rate and applying materiality thresholds. Price protection includes price adjustments available to certain distributors based upon established book price and a stated adjustment period. Stock rotation is also available to certain distributors based on a stated maximum of prior billings. The Company estimates all variable consideration at the most likely amount that it expects to be entitled. The estimate is based on current and historical information, including recent sales activity and pricing, available to the Company. Variable consideration is only included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company defers all variable consideration that does not meet the revenue recognition criteria.
Segment Information	We determine our operating segments in accordance with FASB guidelines. Our Chief Executive Officer (“CEO”) has been identified as the chief operating decision maker under these guidelines. The Company operates and tracks its results in one reportable segment, but reports revenue in two product lines, Portable and Non-Portable and Other. Our CEO receives and uses enterprise-wide financial information to assess financial performance and allocate resources, rather than detailed information at a product line level. Additionally, our product lines have similar characteristics and customers. They share support functions such as sales, public relations, supply chain management, various research and development and engineering support, in addition to the general and administrative functions of human resources, legal, finance and information technology. Therefore, there is no complete, discrete financial information maintained for these product lines.

Marketable Securities (Tables)

Marketable Securities (Tables)	9 Months Ended
	Dec. 26, 2020
Marketable Securities [Abstract]
Schedule of Available-for-sale Securities	The following table is a summary of available-for-sale securities at December 26, 2020 (in thousands): As of December 26, 2020 Amortized Gross Gross Estimated Corporate debt securities $ 347,642 $ 5,484 $ (11) $ 353,115 Non-U.S. government securities 12,681 218 — 12,899 Agency discount notes 3,760 6 — 3,766 Total securities $ 364,083 $ 5,708 $ (11) $ 369,780 The following table is a summary of available-for-sale securities at March 28, 2020 (in thousands): As of March 28, 2020 Amortized Gross Gross Estimated Corporate debt securities $ 286,668 $ 1,157 $ (3,993) $ 283,832 Non-U.S. government securities 12,483 260 — 12,743 U.S. Treasury securities 8,839 167 — 9,006 Total securities $ 307,990 $ 1,584 $ (3,993) $ 305,581
Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity	The cost and estimated fair value of available-for-sale securities by contractual maturities were as follows (in thousands): December 26, 2020 March 28, 2020 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Within 1 year $ 42,680 $ 43,289 $ 22,012 $ 22,008 After 1 year 321,403 326,491 285,978 283,573 Total $ 364,083 $ 369,780 $ 307,990 $ 305,581

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Dec. 26, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Assets and Liabilities	The following summarizes the fair value of our financial instruments at December 26, 2020 (in thousands): Quoted Prices Significant Significant Total Assets: Cash equivalents Money market funds $ 288,095 $ — $ — $ 288,095 Available-for-sale securities Corporate debt securities $ — $ 353,115 $ — $ 353,115 Non-U.S. government securities — 12,899 — 12,899 Agency discount notes — 3,766 — 3,766 $ — $ 369,780 $ — $ 369,780 The following summarizes the fair value of our financial instruments at March 28, 2020 (in thousands): Quoted Prices Significant Significant Total Assets: Cash equivalents Money market funds $ 237,714 $ — $ — $ 237,714 Available-for-sale securities Corporate debt securities $ — $ 283,832 $ — $ 283,832 Non-U.S. government securities — 12,743 — 12,743 U.S. Treasury securities 9,006 — — 9,006 $ 9,006 $ 296,575 $ — $ 305,581

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Dec. 26, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Before-Tax Effect of Derivative Instruments Not Designated as Hedging Instruments	The before-tax effect of derivative instruments not designated as hedging instruments was as follows (in thousands): Three Months Ended Nine Months Ended December 26, December 28, December 26, December 28, 2020 2019 2020 2019 Location Gain (loss) recognized in income: Foreign currency forward contracts $ 984 $ 2,380 $ 2,903 $ (1,836) Other income (expense)

Accounts Receivable, net (Table

Accounts Receivable, net (Tables)	9 Months Ended
	Dec. 26, 2020
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Components of Accounts Receivable, net	The following are the components of accounts receivable, net (in thousands): December 26, March 28, 2020 2020 Gross accounts receivable $ 244,803 $ 153,998 Allowance for doubtful accounts — — Accounts receivable, net $ 244,803 $ 153,998

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Dec. 26, 2020
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are comprised of the following (in thousands): December 26, March 28, 2020 2020 Work in process $ 95,807 $ 82,494 Finished goods 46,882 64,231 $ 142,689 $ 146,725

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Dec. 26, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Total net sales based on the disaggregation criteria described above are as follows: Three Months Ended Nine Months Ended December 26, December 28, December 26, December 28, 2020 2019 2020 2019 Non-United States $ 476,890 $ 370,942 $ 1,058,501 $ 990,205 United States 8,905 3,726 17,192 11,628 $ 485,795 $ 374,668 $ 1,075,693 $ 1,001,833

Restructuring Costs (Tables)

Restructuring Costs (Tables)	9 Months Ended
	Dec. 26, 2020
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Liabilities	Restructuring liabilities are presented in the “ Other accrued liabilities ” line item of our consolidated condensed balance sheet. The activity related to restructuring liabilities is detailed below (in thousands): Restructuring Liability Beginning balance as of March 28, 2020 $ 982 Other exit costs 222 Cash payments (1,204) Ending balance as of December 26, 2020 $ —

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Dec. 26, 2020
Income Tax Disclosure [Abstract]
Schedule of Provision for Income Taxes and Effective Tax Rates	The following table presents the provision for income taxes (in thousands) and the effective tax rates: Three Months Ended Nine Months Ended December 26, December 28, December 26, December 28, 2020 2019 2020 2019 Income before income taxes $ 130,649 $ 74,508 $ 217,326 $ 168,917 Provision for income taxes $ 16,281 $ 5,996 $ 25,263 $ 19,577 Effective tax rate 12.5 % 8.0 % 11.6 % 11.6 %

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Dec. 26, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table details the calculation of basic and diluted earnings per share for the three and nine months ended December 26, 2020 and December 28, 2019 (in thousands, except per share amounts): Three Months Ended Nine Months Ended December 26, December 28, December 26, December 28, 2020 2019 2020 2019 Numerator: Net income $ 114,368 $ 68,512 $ 192,063 $ 149,340 Denominator: Weighted average shares outstanding 58,024 58,188 58,176 58,247 Effect of dilutive securities 1,939 2,304 1,925 2,148 Weighted average diluted shares 59,963 60,492 60,101 60,395 Basic earnings per share $ 1.97 $ 1.18 $ 3.30 $ 2.56 Diluted earnings per share $ 1.91 $ 1.13 $ 3.20 $ 2.47

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Dec. 26, 2020
Segment Reporting [Abstract]
Schedule of Segment Revenue from Product Lines	Revenues from our product lines are as follows (in thousands): Three Months Ended Nine Months Ended December 26, December 28, December 26, December 28, 2020 2019 2020 2019 Portable Products $ 450,305 $ 344,870 $ 973,877 $ 897,187 Non-Portable and Other Products 35,490 29,798 101,816 104,646 $ 485,795 $ 374,668 $ 1,075,693 $ 1,001,833

Marketable Securities (Schedule

Marketable Securities (Schedule of Available-for-sale Securities) (Details) - USD ($) $ in Thousands	Dec. 26, 2020	Mar. 28, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 364,083	$ 307,990
Gross Unrealized Gains	5,708	1,584
Gross Unrealized Losses	(11)	(3,993)
Estimated Fair Value (Net Carrying Amount)	369,780	305,581
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	347,642	286,668
Gross Unrealized Gains	5,484	1,157
Gross Unrealized Losses	(11)	(3,993)
Estimated Fair Value (Net Carrying Amount)	353,115	283,832
Non-U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	12,681	12,483
Gross Unrealized Gains	218	260
Gross Unrealized Losses	0	0
Estimated Fair Value (Net Carrying Amount)	12,899	12,743
Agency discount notes
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,760
Gross Unrealized Gains	6
Gross Unrealized Losses	0
Estimated Fair Value (Net Carrying Amount)	$ 3,766
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		8,839
Gross Unrealized Gains		167
Gross Unrealized Losses		0
Estimated Fair Value (Net Carrying Amount)		$ 9,006

Marketable Securities (Narrativ

Marketable Securities (Narrative) (Details) $ in Thousands	9 Months Ended
	Dec. 26, 2020USD ($)security	Mar. 28, 2020USD ($)security
Debt Securities, Available-for-sale [Line Items]
Amortized cost on available for sale securities held at gross unrealized loss	$ 8,300	$ 172,900
Securities in a continuous unrealized loss position for more than 12 months, number of securities | security	0	0
Gross unrealized losses	$ 11	$ 3,993
Minimum
Debt Securities, Available-for-sale [Line Items]
Maturity period for highly-rated securities	1 year
Maximum
Debt Securities, Available-for-sale [Line Items]
Maturity period for highly-rated securities	3 years

Marketable Securities (Schedu_2

Marketable Securities (Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands	Dec. 26, 2020	Mar. 28, 2020
Amortized Cost
Within 1 year	$ 42,680	$ 22,012
After 1 year	321,403	285,978
Amortized Cost	364,083	307,990
Estimated Fair Value
Within 1 year	43,289	22,008
After 1 year	326,491	283,573
Estimated Fair Value	$ 369,780	$ 305,581

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Narrative) (Details)	Dec. 26, 2020USD ($)
Fair Value Disclosures [Abstract]
Amounts drawn under the credit facility	$ 0
Credit facility, fair value	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 26, 2020	Mar. 28, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 369,780	$ 305,581
Quoted Prices in Active Markets for Identical Assets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	9,006
Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	369,780	296,575
Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	353,115	283,832
Corporate debt securities | Quoted Prices in Active Markets for Identical Assets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Corporate debt securities | Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	353,115	283,832
Corporate debt securities | Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Non-U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	12,899	12,743
Non-U.S. government securities | Quoted Prices in Active Markets for Identical Assets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Non-U.S. government securities | Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	12,899	12,743
Non-U.S. government securities | Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Agency discount notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	3,766
Agency discount notes | Quoted Prices in Active Markets for Identical Assets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0
Agency discount notes | Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	3,766
Agency discount notes | Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities		9,006
U.S. Treasury securities | Quoted Prices in Active Markets for Identical Assets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities		9,006
U.S. Treasury securities | Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities		0
U.S. Treasury securities | Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities		0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	288,095	237,714
Money market funds | Quoted Prices in Active Markets for Identical Assets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	288,095	237,714
Money market funds | Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Money market funds | Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0	$ 0

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 26, 2020USD ($)derivtive	Dec. 28, 2019USD ($)	Dec. 26, 2020USD ($)derivtive	Dec. 28, 2019USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Number of foreign currency derivatives held | derivtive	1		1
Notional value of foreign currency forward contract	$ 20,200		$ 20,200
Foreign currency forward contracts | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain recognized in income	$ 984	$ 2,380	$ 2,903
Loss recognized in income				$ (1,836)

Accounts Receivable, net (Compo

Accounts Receivable, net (Components of Accounts Receivable, net) (Details) - USD ($) $ in Thousands	Dec. 26, 2020	Mar. 28, 2020
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Gross accounts receivable	$ 244,803	$ 153,998
Allowance for doubtful accounts	0	0
Accounts receivable, net	$ 244,803	$ 153,998

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Dec. 26, 2020	Mar. 28, 2020
Inventory Disclosure [Abstract]
Work in process	$ 95,807	$ 82,494
Finished goods	46,882	64,231
Total inventories	$ 142,689	$ 146,725

Revolving Credit Facility (Deta

Revolving Credit Facility (Details) - Credit Facility - USD ($)	9 Months Ended
	Dec. 26, 2020	Jul. 12, 2016
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity		$ 300,000,000
Covenant terms, leverage ratio requirement	300.00%
Covenant terms fixed charge ratio requirement	125.00%
Long-term line of credit, noncurrent	$ 0
Minimum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.20%
Maximum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.30%
Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.00%
Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
London Interbank Offered Rate (LIBOR) | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.25%
London Interbank Offered Rate (LIBOR) | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.00%

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 26, 2020	Dec. 28, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 485,795	$ 374,668	$ 1,075,693	$ 1,001,833
Non-United States
Disaggregation of Revenue [Line Items]
Net sales	476,890	370,942	1,058,501	990,205
United States
Disaggregation of Revenue [Line Items]
Net sales	$ 8,905	$ 3,726	$ 17,192	$ 11,628
Minimum
Disaggregation of Revenue [Line Items]
Product warranty, term			1 year
Maximum
Disaggregation of Revenue [Line Items]
Product warranty, term			3 years

Restructuring Costs (Narrative)

Restructuring Costs (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Dec. 26, 2020	Jun. 27, 2020	Dec. 28, 2019	Dec. 26, 2020	Dec. 28, 2019
Restructuring and Related Activities [Abstract]
MEMS restructuring charges	$ 0	$ 352	$ 0	$ 352	$ 0

Restructuring Costs (Schedule o

Restructuring Costs (Schedule of Restructuring Liabilities) (Details) $ in Thousands	9 Months Ended
	Dec. 26, 2020USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance as of March 28, 2020	$ 982
Other exit costs	222
Cash payments	(1,204)
Ending balance as of December 26, 2020	$ 0

Income Taxes (Provision for Inc

Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 26, 2020	Dec. 28, 2019
Income Tax Disclosure [Abstract]
Income before income taxes	$ 130,649	$ 74,508	$ 217,326	$ 168,917
Provision for income taxes	$ 16,281	$ 5,996	$ 25,263	$ 19,577
Effective tax rate	12.50%	8.00%	11.60%	11.60%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Dec. 26, 2020	Sep. 26, 2020	Dec. 28, 2019	Dec. 26, 2020	Dec. 28, 2019
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 16,281		$ 5,996	$ 25,263	$ 19,577
Effective tax rate	12.50%		8.00%	11.60%	11.60%
Unrecognized tax benefits	$ 32,900			$ 32,900
Unrecognized tax benefits that would impact effective tax rate	32,900			32,900
Gross decrease to prior year unrecognized tax benefits		$ 3,300
Balance of accrued interest and penalties, net of tax	$ 3,900			$ 3,900

Net Income Per Share (Calculati

Net Income Per Share (Calculation of Basic and Diluted Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 26, 2020	Dec. 28, 2019
Numerator:
Net income	$ 114,368	$ 68,512	$ 192,063	$ 149,340
Denominator:
Weighted average shares outstanding (in shares)	58,024	58,188	58,176	58,247
Effect of dilutive securities (in shares)	1,939	2,304	1,925	2,148
Weighted average diluted shares (in shares)	59,963	60,492	60,101	60,395
Basic earnings per share (in dollars per share)	$ 1.97	$ 1.18	$ 3.30	$ 2.56
Diluted earnings per share (in dollars per share)	$ 1.91	$ 1.13	$ 3.20	$ 2.47

Net Income Per Share (Narrative

Net Income Per Share (Narrative) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 26, 2020	Dec. 28, 2019
Earnings Per Share [Abstract]
Weighted average shares outstanding excluded from diluted calculation (in shares)	159	124	350	594

Stockholders' Equity (Common St

Stockholders' Equity (Common Stock) (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 26, 2020	Dec. 28, 2019
Stockholders' Equity Note [Abstract]
Common stock issued as part of stock incentive plan (in shares)	0.5	0.8	0.7	1.1

Stockholders' Equity (Share Rep

Stockholders' Equity (Share Repurchase Program) (Details) - USD ($) $ / shares in Units, shares in Millions	3 Months Ended	9 Months Ended		24 Months Ended
	Dec. 26, 2020	Dec. 26, 2020	Dec. 28, 2019	Dec. 26, 2020
Stockholders' Equity Note [Abstract]
Common stock repurchased	$ 35,000,000	$ 65,001,000	$ 70,001,000	$ 145,000,000
Common stock approved under the share repurchase program	200,000,000	200,000,000		200,000,000
Common stock available for repurchase	$ 55,000,000	$ 55,000,000		$ 55,000,000
Common stock repurchased (in shares)	0.5	0.9
Average cost per share repurchased (in dollars per share)	$ 76.22	$ 69.53

Segment Information (Narrative)

Segment Information (Narrative) (Details)	9 Months Ended
	Dec. 26, 2020segmentproduct_line
Segment Reporting [Abstract]
Number of reportable segments | segment	1
Number of product lines | product_line	2

Segment Information (Schedule o

Segment Information (Schedule of Segment Revenue from Product Lines) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Dec. 26, 2020	Dec. 28, 2019
Segment Reporting Information [Line Items]
Net sales	$ 485,795	$ 374,668	$ 1,075,693	$ 1,001,833
Portable Products
Segment Reporting Information [Line Items]
Net sales	450,305	344,870	973,877	897,187
Non-Portable and Other Products
Segment Reporting Information [Line Items]
Net sales	$ 35,490	$ 29,798	$ 101,816	$ 104,646

Subsequent Event (Details)

Subsequent Event (Details) - USD ($)	Jan. 31, 2021	Dec. 26, 2020
Subsequent Event [Line Items]
Common stock approved under the share repurchase program		$ 200,000,000
Common stock available for repurchase		$ 55,000,000
Subsequent Event
Subsequent Event [Line Items]
Common stock approved under the share repurchase program	$ 350,000,000