Cirrus Logic (CRUS) 10-Q 2 Aug 22 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jun. 25, 2022	Jul. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 25, 2022
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(b) 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		55,940,364
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--03-25
Entity Central Index Key	0000772406

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 25, 2022	Mar. 26, 2022
Current assets:
Cash and cash equivalents	$ 379,335	$ 369,814
Marketable securities	18,397	10,601
Accounts receivable, net	206,272	240,264
Inventories	174,370	138,436
Prepaid assets	36,689	40,822
Other current assets	45,945	40,078
Total current assets	861,008	840,015
Long-term marketable securities	55,965	63,749
Right-of-use lease assets	168,680	171,003
Property and equipment, net	157,165	157,077
Intangibles, net	149,984	158,145
Goodwill	435,936	435,791
Deferred tax assets	16,928	11,068
Long-term prepaid wafers	195,000	195,000
Other assets	65,236	91,552
Total assets	2,105,902	2,123,400
Current liabilities:
Accounts payable	121,451	115,417
Accrued salaries and benefits	41,026	65,261
Software license agreements	17,983	21,736
Current lease liabilities	13,988	14,680
Acquisition-related liabilities	30,964	30,964
Other accrued liabilities	27,184	16,725
Total current liabilities	252,596	264,783
Long-term liabilities:
Software license agreements	9,184	13,563
Non-current income taxes	73,735	73,383
Non-current lease liabilities	159,344	163,162
Long-term acquisition-related liabilities	11,856	8,692
Total long-term liabilities	254,119	258,800
Stockholders' equity:
Capital stock	1,596,684	1,578,427
Accumulated earnings	5,894	23,435
Accumulated other comprehensive loss	(3,391)	(2,045)
Total stockholders' equity	1,599,187	1,599,817
Total liabilities and stockholders' equity	$ 2,105,902	$ 2,123,400

Consolidated Condensed Statemen

Consolidated Condensed Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 25, 2022	Jun. 26, 2021
Income Statement [Abstract]
Net sales	$ 393,639	$ 277,253
Cost of sales	191,005	137,307
Gross profit	202,634	139,946
Operating expenses
Research and development	109,716	85,696
Selling, general and administrative	38,642	35,147
Total operating expenses	148,358	120,843
Income from operations	54,276	19,103
Interest income	523	1,020
Interest expense	(218)	(259)
Other income (expense)	506	(242)
Income before income taxes	55,087	19,622
Provision for income taxes	15,380	2,413
Net income	$ 39,707	$ 17,209
Basic earnings per share (in dollars per share)	$ 0.71	$ 0.30
Diluted earnings per share (in dollars per share)	$ 0.69	$ 0.29
Basic weighted average common shares outstanding (in shares)	56,277	57,582
Diluted weighted average common shares outstanding (in shares)	57,804	59,513

Consolidated Condensed Statem_2

Consolidated Condensed Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Jun. 25, 2022	Jun. 26, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 39,707	$ 17,209
Other comprehensive income (loss), before tax
Foreign currency translation loss	(967)	(52)
Unrealized loss on marketable securities	(480)	(1,123)
Benefit for income taxes	101	236
Comprehensive income	$ 38,361	$ 16,270

Consolidated Condensed Statem_3

Consolidated Condensed Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 25, 2022	Jun. 26, 2021
Cash flows from operating activities:
Net income	$ 39,707	$ 17,209
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	16,515	11,898
Stock-based compensation expense	18,138	14,985
Deferred income taxes	(5,860)	(9,270)
Loss on retirement or write-off of long-lived assets	292	0
Other non-cash adjustments	99	108
Net change in operating assets and liabilities:
Accounts receivable, net	33,992	(27,822)
Inventories	(35,934)	(19,459)
Other assets	549	(6,457)
Accounts payable and other accrued liabilities	(20,327)	(21,740)
Income taxes payable	24,030	13,752
Acquisition-related liabilities	3,164	0
Net cash provided by (used in) operating activities	74,365	(26,796)
Cash flows from investing activities:
Maturities and sales of available-for-sale marketable securities	4,694	49,158
Purchases of available-for-sale marketable securities	(5,186)	(53,969)
Purchases of property, equipment and software	(6,776)	(10,835)
Investments in technology	(448)	(1,068)
Net cash used in investing activities	(7,716)	(16,714)
Cash flows from financing activities:
Issuance of common stock, net of shares withheld for taxes	120	746
Repurchase of stock to satisfy employee tax withholding obligations	(866)	(1,772)
Repurchase and retirement of common stock	(56,382)	(12,501)
Net cash used in financing activities	(57,128)	(13,527)
Net increase (decrease) in cash and cash equivalents	9,521	(57,037)
Cash and cash equivalents at beginning of period	369,814	442,164
Cash and cash equivalents at end of period	$ 379,335	$ 385,127

Consolidated Condensed Statem_4

Consolidated Condensed Statements Of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Mar. 27, 2021		57,652
Beginning balance at Mar. 27, 2021	$ 1,389,005	$ 58	$ 1,498,761	$ (112,689)	$ 2,875
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	17,209			17,209
Change in unrealized gain (loss) on marketable securities, net of tax	(887)				(887)
Change in foreign currency translation adjustments	(52)				(52)
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)		61
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes	(1,028)		745	(1,773)
Repurchase and retirement of common stock (in shares)		(166)
Repurchase and retirement of common stock	(12,501)			(12,501)
Stock-based compensation	14,985		14,985
Ending balance (in shares) at Jun. 26, 2021		57,547
Ending balance at Jun. 26, 2021	1,406,731	$ 58	1,514,491	(109,754)	1,936
Beginning balance (in shares) at Mar. 26, 2022		56,596
Beginning balance at Mar. 26, 2022	1,599,817	$ 57	1,578,370	23,435	(2,045)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	39,707			39,707
Change in unrealized gain (loss) on marketable securities, net of tax	(379)				(379)
Change in foreign currency translation adjustments	(967)				(967)
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)		28
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes	(746)		120	(866)
Repurchase and retirement of common stock (in shares)		(725)
Repurchase and retirement of common stock	(56,383)	$ (1)		(56,382)
Stock-based compensation	18,138		18,138
Ending balance (in shares) at Jun. 25, 2022		55,899
Ending balance at Jun. 25, 2022	$ 1,599,187	$ 56	$ 1,596,628	$ 5,894	$ (3,391)

Basis of Presentation

Basis of Presentation	3 Months Ended
	Jun. 25, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of PresentationThe unaudited 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 26, 2022, included in our Annual Report on Form 10-K filed with the Commission on May 20, 2022.  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	3 Months Ended
	Jun. 25, 2022
Accounting Policies [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured at the acquisition date in accordance with Revenue from Contracts with Customers (Topic 606) as if the acquirer had originated the contracts . Prior to the issuance of this ASU, contract assets and liabilities were recognized at fair value on the acquisition date. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within that fiscal year, with early adoption permitted, and should be applied on a prospective basis. The Company is currently evaluating the impact of this guidance , but does not expect a material impact to the financial statements upon adoption. In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832) – Disclosures by Business Entities about Government Assistance , which requires annual disclosures about transactions with a government that are accounted for by applying a grant or contribution type accounting model. The disclosures would require information about the nature and related policy used for the transactions, the line items on the balance sheet and income statement that are affected and the amounts applicable to each financial statement line item, and significant terms and conditions of the transactions. This ASU is effective for financial statements issued for annual periods beginning after December 15, 2021, with early adoption permitted, and can be applied on a prospective or retrospective basis. The Company is currently evaluating the impact of this guidance, but does not expect a material impact to the financial statements upon adoption.

Marketable Securities

Marketable Securities	3 Months Ended
	Jun. 25, 2022
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 June 25, 2022 (in thousands): As of June 25, 2022 Amortized Gross Gross Estimated Corporate debt securities $ 70,540 $ — $ (2,577) $ 67,963 Non-U.S. government securities 510 — (11) 499 U.S. Treasury securities 5,730 — (197) 5,533 Agency discount notes 385 — (18) 367 Total securities $ 77,165 $ — $ (2,803) $ 74,362 The Company typically invests in highly-rated securities with original maturities generally ranging from one June 25, 2022. Securities in a continuous unrealized loss position for more than 12 months as of June 25, 2022 had an aggregate amortized cost of $9.0 million and an aggregate unrealized loss of $0.4 million. 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 June 25, 2022, 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 26, 2022 (in thousands): As of March 26, 2022 Amortized Gross Gross Estimated Corporate debt securities $ 70,296 $ 2 $ (2,133) $ 68,165 Non-U.S. government securities 509 — (9) 500 U.S. Treasury securities 5,483 — (169) 5,314 Agency discount notes 385 — (14) 371 Total securities $ 76,673 $ 2 $ (2,325) $ 74,350 The Company's specifically identified gross unrealized losses of $2.3 million related to securities with total amortized costs of approximately $75.5 million at March 26, 2022. Securities in a continuous unrealized loss position for more than 12 months as of March 26, 2022 had an aggregate amortized cost of $3.5 million and an aggregate unrealized loss of $0.1 million. As of March 26, 2022, 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): June 25, 2022 March 26, 2022 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Within 1 year $ 18,744 $ 18,397 $ 10,697 $ 10,601 After 1 year 58,421 55,965 65,976 63,749 Total $ 77,165 $ 74,362 $ 76,673 $ 74,350

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Jun. 25, 2022
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, commercial paper, 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 9, bears interest at a base rate plus applicable margin or LIBOR plus applicable margin. As of June 25, 2022, there are no amounts drawn under the credit facility and the fair value is zero. As of June 25, 2022 and March 26, 2022, 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 June 25, 2022. The following summarizes the fair value of our financial instruments at June 25, 2022 (in thousands): Quoted Prices Significant Significant Total Assets: Cash equivalents Money market funds $ 302,044 $ — $ — $ 302,044 Available-for-sale securities Corporate debt securities $ — $ 67,963 $ — $ 67,963 Non-U.S. government securities — 499 — 499 U.S. Treasury securities 5,533 — — 5,533 Agency discount notes — 367 — 367 $ 5,533 $ 68,829 $ — $ 74,362 The following summarizes the fair value of our financial instruments at March 26, 2022 (in thousands): Quoted Prices Significant Significant Total Assets: Cash equivalents Money market funds $ 217,151 $ — $ — $ 217,151 Commercial paper — 249 — 249 $ 217,151 $ 249 $ — $ 217,400 Available-for-sale securities Corporate debt securities $ — $ 68,165 $ — $ 68,165 Non-U.S. government securities — 500 — 500 U.S. Treasury securities 5,314 — — 5,314 Agency discount notes — 371 — 371 $ 5,314 $ 69,036 $ — $ 74,350

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Jun. 25, 2022
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 June 25, 2022, the Company held one foreign currency forward contract denominated in British Pound Sterling with a notional value of $1.8 million. The fair value of this contract was not material as of June 25, 2022. The before-tax effect of derivative instruments not designated as hedging instruments was as follows (in thousands): Three Months Ended June 25, June 26, 2022 2021 Location Gain (loss) recognized in income: Foreign currency forward contracts $ (219) $ 332 Other income (expense)

Accounts Receivable, net

Accounts Receivable, net	3 Months Ended
	Jun. 25, 2022
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): June 25, March 26, 2022 2022 Gross accounts receivable $ 206,272 $ 240,264 Allowance for doubtful accounts — — Accounts receivable, net $ 206,272 $ 240,264

Inventories

Inventories	3 Months Ended
	Jun. 25, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are comprised of the following (in thousands): June 25, March 26, 2022 2022 Work in process $ 109,461 $ 95,188 Finished goods 64,909 43,248 $ 174,370 $ 138,436

Acquisition

Acquisition	3 Months Ended
	Jun. 25, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisition	Acquisition On July 20, 2021, the Company completed the acquisition of Lion Semiconductor, Inc. ("Lion") (the "Acquisition"). Lion's switched-capacitor architectures deliver higher efficiency and better heat dissipation for the rapidly developing fast-charging market and are used today in numerous flagship and mid-tier smartphones. The Acquisition is expected to bring unique intellectual property and products for power applications in smartphones, laptops and other devices and accelerate growth of the Company’s high-performance mixed-signal product line. As a result of acquiring 100% of the outstanding share capital of Lion, Lion became a wholly-owned subsidiary of the Company. This transaction is accounted for as a business combination using the acquisition method of accounting. All of the acquired assets and liabilities of Lion have been recorded at their respective fair values as of the acquisition date. Transaction costs have been expensed as incurred. At the acquisition date, total consideration transferred was approximately $280.5 million, inclusive of $4.9 million in cash acquired. During the third quarter of fiscal year 2022, an additional $1.2 million of consideration was paid related to contractual post-closing adjustment provisions. The remaining merger consideration of $31.0 million is subject to indemnity provisions as outlined in the merger agreement and is recorded as a liability as of June 25, 2022. In addition, $25.4 million of the merger consideration relates to retention agreements with certain key employees that are subject to continued employment with the Company. The merger consideration subject to retention agreements is treated as compensation expense and is recognized over the retention period in " Research and development" expense in the consolidated condensed statements of income. The excess of the purchase price over the net assets acquired is recorded as goodwill and is attributable primarily to expected growth in the scope of and market opportunities of the products and customer base of Lion. None of the goodwill is deductible for income tax purposes. The following table presents the allocation of the purchase price at the date of acquisition (in thousands): July 20, 2021 Cash $ 4,924 Account receivable 6,725 Inventory 7,675 Manufacturing advances 8,502 Other current assets 321 Intangibles 163,700 Goodwill 148,418 Other non-current assets 453 Current liabilities (2,927) Deferred tax liabilities (25,016) Total purchase price $ 312,775

Revolving Credit Facility

Revolving Credit Facility	3 Months Ended
	Jun. 25, 2022
Line of Credit Facility [Abstract]
Revolving Credit Facility	Revolving Credit Facility On July 8, 2021, the Company entered into a second amended and restated credit agreement (the “Second Amended Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto. The Second Amended Credit Agreement provides for a $300 million senior secured revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility matures on July 8, 2026 (the “Maturity Date”). The Revolving Credit Facility is required to be guaranteed by all of Cirrus Logic’s material domestic subsidiaries (the "Subsidiary Guarantors"). The Revolving Credit Facility is secured by substantially all the assets of Cirrus Logic and any Subsidiary Guarantors, except for certain excluded assets. Borrowings under the Revolving Credit Facility may, at Cirrus Logic’s election, bear interest at either (a) a base rate plus the applicable margin ("Base Rate Loans") or (b) a LIBOR rate plus the applicable margin ("LIBOR Rate Loans"). The applicable margin ranges from 0% to 0.75% per annum for Base Rate Loans and 1.00% to 1.75% per annum for LIBOR Rate Loans based on the ratio of consolidated funded indebtedness to consolidated EBITDA for the most recently ended period of four consecutive fiscal quarters (the “Consolidated Leverage Ratio”). The Second Amended Credit Agreement further provides a method for determining an alternative rate of interest if the LIBOR Rate is no longer available or upon the occurrence of certain other events. A Commitment Fee accrues at a rate per annum ranging from 0.175% to 0.275% (based on the Consolidated Leverage Ratio) on the average daily unused portion of the commitment of the lenders. The Second Amended Credit Agreement contains customary affirmative covenants, including, among others, covenants regarding the payment of taxes and other obligations, maintenance of insurance, reporting requirements, and compliance with applicable laws and regulations. Further, the Second Amended Credit Agreement contains customary negative covenants limiting the ability of Cirrus Logic or any Subsidiary to, among other things, incur debt, grant liens, make investments, effect certain fundamental changes, make certain asset dispositions, and make certain restricted payments. The Revolving Credit Facility also contains certain financial covenants providing that (a) the ratio of consolidated funded indebtedness (minus up to $200 million of unrestricted cash and cash equivalents available on such date) to consolidated EBITDA for the prior four consecutive quarters must not be greater than 3.00 to 1.00 (the “Consolidated Net Leverage Ratio”)

Revenues

Revenues	3 Months Ended
	Jun. 25, 2022
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Disaggregation of revenue We disaggregate revenue from contracts with customers by product line and ship to location of the customer. Sales are designated in the respective product line categories of Audio and High-Performance Mixed-Signal. Total net sales based on the product line disaggregation criteria described above are shown in the table below (in thousands). Three Months Ended June 25, June 26, 2022 2021 Audio Products $ 254,496 $ 217,355 High-Performance Mixed-Signal Products 139,143 59,898 $ 393,639 $ 277,253 The geographic regions that are reviewed are China, the United States, and the rest of the world. Total net sales based on the geographic disaggregation criteria described are as follows (in thousands): Three Months Ended June 25, June 26, 2022 2021 China $ 261,491 $ 168,325 United States 7,197 6,019 Rest of World 124,951 102,909 $ 393,639 $ 277,253 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 to receive. 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.

Income Taxes

Income Taxes	3 Months Ended
	Jun. 25, 2022
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 June 25, June 26, 2022 2021 Income before income taxes $ 55,087 $ 19,622 Provision for income taxes $ 15,380 $ 2,413 Effective tax rate 27.9 % 12.3 % Our income tax expense was $15.4 million and $2.4 million for the first quarters of fiscal years 2023 and 2022, respectively, resulting in effective tax rates of 27.9% and 12.3%, respectively. Our effective tax rate for the first quarter of fiscal year 2023 increased significantly year over year and was higher than the federal statutory rate primarily due to a provision in the Tax Cuts and Jobs Act of 2017 whereby research and development expenditures incurred in tax years beginning after December 31, 2021 must be capitalized and amortized ratably over five or fifteen years for tax purposes, depending on the location in which the research activities are conducted. The resulting capitalization of research and experimental costs impacted the calculation of the Company's global intangible low-taxed income ("GILTI"), which is treated as a period cost, beginning in the first quarter of fiscal year 2023. Our effective tax rate for the first quarter of fiscal year 2022 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. The Company records unrecognized tax benefits for the estimated risk associated with tax positions taken on tax returns. At June 25, 2022, the Company had unrecognized tax benefits of $32.9 million, all of which would impact the effective tax rate if recognized. 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 June 25, 2022, the balance of accrued interest and penalties, net of tax, was $5.4 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 2022 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 fiscal year 2017, 2018, and 2019 federal income tax returns are under examination by the U.S. Internal Revenue Service ("IRS"). The IRS has proposed adjustments that would increase U.S. taxable income related to transfer pricing matters with respect to our U.S. and U.K. affiliated companies, and in the first quarter of fiscal year 2023 issued a Revenue Agent’s Report asserting additional tax of approximately $170.5 million, excluding interest, and imposing penalties of approximately $63.7 million. We do not agree with the IRS's positions and we intend to vigorously dispute the proposed adjustments. We intend to pursue resolution through the administrative process with the IRS Independent Office of Appeals and, if necessary, through judicial remedies. We expect it could take a number of years to reach resolution on these matters. Although the final resolution of these matters is uncertain, the Company believes adequate amounts have been reserved for any adjustments to the provision for income taxes that may ultimately result. However, if the IRS prevails in these matters, the amount of assessed tax, interest, and penalties, if any, could be material and may have an adverse impact on our financial position, results of operations, and cash flows in future periods. The Company is not under an income tax audit in any other major taxing jurisdiction.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Jun. 25, 2022
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 months ended June 25, 2022 and June 26, 2021 (in thousands, except per share amounts): Three Months Ended June 25, June 26, 2022 2021 Numerator: Net income $ 39,707 $ 17,209 Denominator: Weighted average shares outstanding 56,277 57,582 Effect of dilutive securities 1,527 1,931 Weighted average diluted shares 57,804 59,513 Basic earnings per share $ 0.71 $ 0.30 Diluted earnings per share $ 0.69 $ 0.29

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Jun. 25, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Capacity Reservation Agreement On July 28, 2021, the Company entered into a Capacity Reservation and Wafer Supply Commitment Agreement (the “Capacity Reservation Agreement”) with GLOBALFOUNDRIES Singapore Pte. Ltd. (“GlobalFoundries”) to provide the Company a wafer capacity commitment and wafer pricing for Company products for calendar years 2022-2026 (the “Commitment Period”). The Capacity Reservation Agreement requires GlobalFoundries to provide, and the Company to purchase, a defined number of wafers on a quarterly basis for the Commitment Period, subject to shortfall payments. In exchange for GlobalFoundries’ capacity commitment, the Company paid a $60 million non-refundable capacity reservation fee. This reservation fee is recorded in " Other current assets " and " Other assets " on the consolidated condensed balance sheets within the short-term or long-term classification, as appropriate, and amortized over the Commitment Period. In addition, the Company pre-paid GlobalFoundries $195 million for future wafer purchases, which will be credited back to the Company as a portion of the price of wafers purchased beginning in the third quarter of calendar year 2023. This prepayment is currently recorded in " Long-term prepaid wafers

Legal Matters

Legal Matters	3 Months Ended
	Jun. 25, 2022
Commitments and Contingencies Disclosure [Abstract]
Legal Matters	Legal Matters From time to time, we are involved in legal proceedings concerning matters arising in connection with the conduct of our business activities. We regularly evaluate the status of legal proceedings in which we are involved in order to assess whether a loss is probable or there is a reasonable possibility that a loss or additional loss may have been incurred, and to determine if accruals are appropriate. We further evaluate each legal proceeding to assess whether an estimate of possible loss or range of loss can be made. Based on current knowledge, management does not believe that there are any pending matters that could potentially have a material adverse effect on our business, financial condition, results of operations or cash flows. However, we are engaged in various legal actions in the normal course of business. There can be no assurances in light of the inherent uncertainties involved in any potential legal proceedings, some of which are beyond our control, and an adverse outcome in any legal proceeding could be material to our results of operations or cash flows for any particular reporting period.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Jun. 25, 2022
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity Common Stock The Company issued an immaterial number of shares of common stock during the three months ended June 25, 2022, pursuant to the Company's equity incentive plans. The Company issued a net 0.1 million shares of common stock during the three months ended June 26, 2021, pursuant to the Company's equity incentive plans. Share Repurchase Program In January 2021, the Board of Directors authorized the repurchase of an additional $350 million of the Company’s common stock. Since inception, a pproximately $213.9 million of the Company’s common stock has been repurchased under the 2021 share repurchase program, leaving approximately $136.1 million available for repurchase under this plan as of June 25, 2022 .

Segment Information

Segment Information	3 Months Ended
	Jun. 25, 2022
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, Audio and High-Performance Mixed-Signal. 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. Revenue by product line is disclosed in Note 10 - Revenues.

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 25, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventIn July 2022, the Board of Directors authorized the repurchase of an additional $500 million of the Company's common stock, in addition to the $136.1 million remaining from the Board's previous share repurchase authorization in January 2021, described above in Note 15.

Recently Issued Accounting Pr_2

Recently Issued Accounting Pronouncements (Policies)	3 Months Ended
	Jun. 25, 2022
Accounting Policies [Abstract]
Recently Issued Accounting Pronouncements	In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured at the acquisition date in accordance with Revenue from Contracts with Customers (Topic 606) as if the acquirer had originated the contracts . Prior to the issuance of this ASU, contract assets and liabilities were recognized at fair value on the acquisition date. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within that fiscal year, with early adoption permitted, and should be applied on a prospective basis. The Company is currently evaluating the impact of this guidance , but does not expect a material impact to the financial statements upon adoption. In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832) – Disclosures by Business Entities about Government Assistance , which requires annual disclosures about transactions with a government that are accounted for by applying a grant or contribution type accounting model. The disclosures would require information about the nature and related policy used for the transactions, the line items on the balance sheet and income statement that are affected and the amounts applicable to each financial statement line item, and significant terms and conditions of the transactions. This ASU is effective for financial statements issued for annual periods beginning after December 15, 2021, with early adoption permitted, and can be applied on a prospective or retrospective basis. The Company is currently evaluating the impact of this guidance, but does not expect a material impact to the financial statements upon adoption.
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, commercial paper, 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,
Revenues	Disaggregation of revenue We disaggregate revenue from contracts with customers by product line and ship to location of the customer. Sales are designated in the respective product line categories of Audio and High-Performance Mixed-Signal. 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 to receive. 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, Audio and High-Performance Mixed-Signal. 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. Revenue by product line is disclosed in Note 10 - Revenues.
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

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Jun. 25, 2022
Marketable Securities [Abstract]
Schedule of Available-for-sale Securities	The following table is a summary of available-for-sale securities at June 25, 2022 (in thousands): As of June 25, 2022 Amortized Gross Gross Estimated Corporate debt securities $ 70,540 $ — $ (2,577) $ 67,963 Non-U.S. government securities 510 — (11) 499 U.S. Treasury securities 5,730 — (197) 5,533 Agency discount notes 385 — (18) 367 Total securities $ 77,165 $ — $ (2,803) $ 74,362 The following table is a summary of available-for-sale securities at March 26, 2022 (in thousands): As of March 26, 2022 Amortized Gross Gross Estimated Corporate debt securities $ 70,296 $ 2 $ (2,133) $ 68,165 Non-U.S. government securities 509 — (9) 500 U.S. Treasury securities 5,483 — (169) 5,314 Agency discount notes 385 — (14) 371 Total securities $ 76,673 $ 2 $ (2,325) $ 74,350
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): June 25, 2022 March 26, 2022 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Within 1 year $ 18,744 $ 18,397 $ 10,697 $ 10,601 After 1 year 58,421 55,965 65,976 63,749 Total $ 77,165 $ 74,362 $ 76,673 $ 74,350

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Jun. 25, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Assets and Liabilities	The following summarizes the fair value of our financial instruments at June 25, 2022 (in thousands): Quoted Prices Significant Significant Total Assets: Cash equivalents Money market funds $ 302,044 $ — $ — $ 302,044 Available-for-sale securities Corporate debt securities $ — $ 67,963 $ — $ 67,963 Non-U.S. government securities — 499 — 499 U.S. Treasury securities 5,533 — — 5,533 Agency discount notes — 367 — 367 $ 5,533 $ 68,829 $ — $ 74,362 The following summarizes the fair value of our financial instruments at March 26, 2022 (in thousands): Quoted Prices Significant Significant Total Assets: Cash equivalents Money market funds $ 217,151 $ — $ — $ 217,151 Commercial paper — 249 — 249 $ 217,151 $ 249 $ — $ 217,400 Available-for-sale securities Corporate debt securities $ — $ 68,165 $ — $ 68,165 Non-U.S. government securities — 500 — 500 U.S. Treasury securities 5,314 — — 5,314 Agency discount notes — 371 — 371 $ 5,314 $ 69,036 $ — $ 74,350

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Jun. 25, 2022
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 June 25, June 26, 2022 2021 Location Gain (loss) recognized in income: Foreign currency forward contracts $ (219) $ 332 Other income (expense)

Accounts Receivable, net (Table

Accounts Receivable, net (Tables)	3 Months Ended
	Jun. 25, 2022
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Components of Accounts Receivable, net	The following are the components of accounts receivable, net (in thousands): June 25, March 26, 2022 2022 Gross accounts receivable $ 206,272 $ 240,264 Allowance for doubtful accounts — — Accounts receivable, net $ 206,272 $ 240,264

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Jun. 25, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are comprised of the following (in thousands): June 25, March 26, 2022 2022 Work in process $ 109,461 $ 95,188 Finished goods 64,909 43,248 $ 174,370 $ 138,436

Acquisition (Tables)

Acquisition (Tables)	3 Months Ended
	Jun. 25, 2022
Business Combination and Asset Acquisition [Abstract]
Allocation of Purchase Price	The following table presents the allocation of the purchase price at the date of acquisition (in thousands): July 20, 2021 Cash $ 4,924 Account receivable 6,725 Inventory 7,675 Manufacturing advances 8,502 Other current assets 321 Intangibles 163,700 Goodwill 148,418 Other non-current assets 453 Current liabilities (2,927) Deferred tax liabilities (25,016) Total purchase price $ 312,775

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Jun. 25, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Total net sales based on the product line disaggregation criteria described above are shown in the table below (in thousands). Three Months Ended June 25, June 26, 2022 2021 Audio Products $ 254,496 $ 217,355 High-Performance Mixed-Signal Products 139,143 59,898 $ 393,639 $ 277,253 The geographic regions that are reviewed are China, the United States, and the rest of the world. Total net sales based on the geographic disaggregation criteria described are as follows (in thousands): Three Months Ended June 25, June 26, 2022 2021 China $ 261,491 $ 168,325 United States 7,197 6,019 Rest of World 124,951 102,909 $ 393,639 $ 277,253

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Jun. 25, 2022
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 June 25, June 26, 2022 2021 Income before income taxes $ 55,087 $ 19,622 Provision for income taxes $ 15,380 $ 2,413 Effective tax rate 27.9 % 12.3 %

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Jun. 25, 2022
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 months ended June 25, 2022 and June 26, 2021 (in thousands, except per share amounts): Three Months Ended June 25, June 26, 2022 2021 Numerator: Net income $ 39,707 $ 17,209 Denominator: Weighted average shares outstanding 56,277 57,582 Effect of dilutive securities 1,527 1,931 Weighted average diluted shares 57,804 59,513 Basic earnings per share $ 0.71 $ 0.30 Diluted earnings per share $ 0.69 $ 0.29

Marketable Securities (Schedule

Marketable Securities (Schedule of Available-for-sale Securities) (Details) - USD ($) $ in Thousands	Jun. 25, 2022	Mar. 26, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 77,165	$ 76,673
Gross Unrealized Gains	0	2
Gross Unrealized Losses	(2,803)	(2,325)
Estimated Fair Value (Net Carrying Amount)	74,362	74,350
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	70,540	70,296
Gross Unrealized Gains	0	2
Gross Unrealized Losses	(2,577)	(2,133)
Estimated Fair Value (Net Carrying Amount)	67,963	68,165
Non-U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	510	509
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(11)	(9)
Estimated Fair Value (Net Carrying Amount)	499	500
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,730	5,483
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(197)	(169)
Estimated Fair Value (Net Carrying Amount)	5,533	5,314
Agency discount notes
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	385	385
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(18)	(14)
Estimated Fair Value (Net Carrying Amount)	$ 367	$ 371

Marketable Securities (Narrativ

Marketable Securities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 25, 2022	Mar. 26, 2022
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses	$ 2,803	$ 2,325
Amortized cost on available for sale securities held at gross unrealized loss	77,200	75,500
Securities in a continuous unrealized loss position for more than 12 months, amortized cost	9,000	3,500
Securities in a continuous unrealized loss position for more than 12 months, aggregate unrealized loss	$ 400	$ 100
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	Jun. 25, 2022	Mar. 26, 2022
Amortized Cost
Within 1 year	$ 18,744	$ 10,697
After 1 year	58,421	65,976
Amortized Cost	77,165	76,673
Estimated Fair Value
Within 1 year	18,397	10,601
After 1 year	55,965	63,749
Estimated Fair Value (Net Carrying Amount)	$ 74,362	$ 74,350

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Narrative) (Details)	Jun. 25, 2022 USD ($)
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	Jun. 25, 2022	Mar. 26, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		$ 217,400
Available-for-sale securities	$ 74,362	74,350
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		217,151
Available-for-sale securities	5,533	5,314
Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		249
Available-for-sale securities	68,829	69,036
Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
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	67,963	68,165
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	67,963	68,165
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	499	500
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	499	500
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
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	5,533	5,314
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	5,533	5,314
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	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	0
Agency discount notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	367	371
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	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	367	371
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	0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	302,044	217,151
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	302,044	217,151
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
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		249
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]
Cash equivalents		0
Commercial paper | Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		249
Commercial paper | Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		$ 0

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) $ in Thousands	3 Months Ended
	Jun. 25, 2022 USD ($) derivtive	Jun. 26, 2021 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Number of foreign currency derivatives held | derivtive	1
Notional value of foreign currency forward contract	$ 1,800
Foreign currency forward contracts | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income	$ (219)	$ 332

Accounts Receivable, net (Compo

Accounts Receivable, net (Components of Accounts Receivable, net) (Details) - USD ($) $ in Thousands	Jun. 25, 2022	Mar. 26, 2022
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Gross accounts receivable	$ 206,272	$ 240,264
Allowance for doubtful accounts	0	0
Accounts receivable, net	$ 206,272	$ 240,264

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Jun. 25, 2022	Mar. 26, 2022
Inventory Disclosure [Abstract]
Work in process	$ 109,461	$ 95,188
Finished goods	64,909	43,248
Total inventories	$ 174,370	$ 138,436

Acquisition (Narrative) (Detail

Acquisition (Narrative) (Details) - Lion Semiconductor, Inc. - USD ($) $ in Millions		3 Months Ended
	Jul. 20, 2021	Dec. 25, 2021	Jun. 25, 2022
Business Acquisition [Line Items]
Outstanding share capital	100%
Total consideration transferred	$ 280.5
Cash acquired	4.9
Consideration paid		$ 1.2
Additional merger consideration subject to indemnity and adjustment provisions			$ 31
Merger consideration - retention	$ 25.4

Acquisition (Allocation of Purc

Acquisition (Allocation of Purchase Price) (Details) - USD ($) $ in Thousands	Jun. 25, 2022	Mar. 26, 2022	Jul. 20, 2021
Business Acquisition [Line Items]
Goodwill	$ 435,936	$ 435,791
Lion Semiconductor, Inc.
Business Acquisition [Line Items]
Cash			$ 4,924
Account receivable			6,725
Inventory			7,675
Manufacturing advances			8,502
Other current assets			321
Intangibles			163,700
Goodwill			148,418
Other non-current assets			453
Current liabilities			(2,927)
Deferred tax liabilities			(25,016)
Total purchase price			$ 312,775

Revolving Credit Facility (Deta

Revolving Credit Facility (Details) - Second Amended Credit Agreement Revolving Credit Facility - USD ($)	Jul. 08, 2021	Jun. 25, 2022
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	$ 300,000,000
Debt covenant, exclusion of unrestricted cash and cash equivalents for ratio of consolidated funded indebtedness	$ 200,000,000
Debt covenant, maximum consolidated net leverage ratio	3
Debt covenant, minimum consolidated interest coverage ratio	3
Amount outstanding		$ 0
Minimum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.175%
Maximum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.275%
Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0%
Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.75%
London Interbank Offered Rate (LIBOR) | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1%
London Interbank Offered Rate (LIBOR) | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.75%

Revenues - Summary of Product L

Revenues - Summary of Product Lines (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 25, 2022	Jun. 26, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 393,639	$ 277,253
Audio Products
Disaggregation of Revenue [Line Items]
Net sales	254,496	217,355
High-Performance Mixed-Signal Products
Disaggregation of Revenue [Line Items]
Net sales	$ 139,143	$ 59,898

Revenues - Summary of Geographi

Revenues - Summary of Geographic Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 25, 2022	Jun. 26, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 393,639	$ 277,253
China
Disaggregation of Revenue [Line Items]
Net sales	261,491	168,325
United States
Disaggregation of Revenue [Line Items]
Net sales	7,197	6,019
Rest of World
Disaggregation of Revenue [Line Items]
Net sales	$ 124,951	$ 102,909

Revenues - Narrative (Details)

Revenues - Narrative (Details)	3 Months Ended
	Jun. 25, 2022
Minimum
Disaggregation of Revenue [Line Items]
Product warranty, term	1 year
Maximum
Disaggregation of Revenue [Line Items]
Product warranty, term	3 years

Income Taxes (Provision for Inc

Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 25, 2022	Jun. 26, 2021
Income Tax Disclosure [Abstract]
Income before income taxes	$ 55,087	$ 19,622
Provision for income taxes	$ 15,380	$ 2,413
Effective tax rate	27.90%	12.30%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 25, 2022	Jun. 26, 2021
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 15,380	$ 2,413
Effective tax rate	27.90%	12.30%
Unrecognized tax benefits that would impact effective tax rate	$ 32,900
Balance of accrued interest and penalties, net of tax	5,400
Estimate of possible loss	170,500
Estimate of possible loss, penalties expense	$ 63,700

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
	Jun. 25, 2022	Jun. 26, 2021
Numerator:
Net income	$ 39,707	$ 17,209
Denominator:
Weighted average shares outstanding (in shares)	56,277	57,582
Effect of dilutive securities (in shares)	1,527	1,931
Weighted average diluted shares (in shares)	57,804	59,513
Basic earnings per share (in dollars per share)	$ 0.71	$ 0.30
Diluted earnings per share (in dollars per share)	$ 0.69	$ 0.29

Net Income Per Share (Narrative

Net Income Per Share (Narrative) (Details) - shares shares in Thousands	3 Months Ended
	Jun. 25, 2022	Jun. 26, 2021
Earnings Per Share [Abstract]
Weighted average shares outstanding excluded from diluted calculation (in shares)	386	114

Commitment and Contingencies (D

Commitment and Contingencies (Details) $ in Millions	3 Months Ended
	Jun. 25, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Capacity reservation fee	$ 60
Amount agreed to pre-pay	$ 195

Stockholders' Equity (Common St

Stockholders' Equity (Common Stock) (Details) - shares shares in Millions	3 Months Ended
	Jun. 25, 2022	Jun. 26, 2021
Stockholders' Equity Note [Abstract]
Common stock issued as part of stock incentive plan (in shares)	0	0.1

Stockholders' Equity (Share Rep

Stockholders' Equity (Share Repurchase Program) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		18 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jan. 31, 2021
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased	$ 56,383	$ 12,501
January 2021 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Common stock approved under the share repurchase program				$ 350,000
Common stock repurchased	56,400		$ 213,900
Common stock available for repurchase	$ 136,100		$ 136,100
Common stock repurchased (in shares)	700,000
Average cost per share repurchased (in dollars per share)	$ 77.78

Segment Information (Details)

Segment Information (Details)	3 Months Ended
	Jun. 25, 2022 product_line segment
Segment Reporting [Abstract]
Number of reportable segments | segment	1
Number of product lines | product_line	2

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	1 Months Ended
	Jul. 31, 2022	Jun. 25, 2022
January 2021 Repurchase Program
Subsequent Event [Line Items]
Common stock available for repurchase		$ 136.1
Subsequent Event | July 2022 Repurchase Program
Subsequent Event [Line Items]
Stock repurchase program, additional authorized amount	$ 500