Cirrus Logic (CRUS) 10-Q 3 Aug 23 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jun. 24, 2023	Aug. 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 24, 2023
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		54,709,714
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--03-30
Entity Central Index Key	0000772406

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 24, 2023	Mar. 25, 2023
Current assets:
Cash and cash equivalents	$ 352,346	$ 445,784
Marketable securities	35,765	34,978
Accounts receivable, net	186,033	150,473
Inventories	300,956	233,450
Prepaid assets	33,439	35,507
Prepaid wafers	84,739	60,638
Other current assets	55,390	57,026
Total current assets	1,048,668	1,017,856
Long-term marketable securities	38,029	36,509
Right-of-use lease assets	125,538	128,145
Property and equipment, net	167,238	162,972
Intangibles, net	36,447	38,876
Goodwill	435,936	435,936
Deferred tax assets	44,991	35,580
Long-term prepaid wafers	110,262	134,363
Other assets	49,483	73,729
Total assets	2,056,592	2,063,966
Current liabilities:
Accounts payable	75,941	81,462
Accrued salaries and benefits	36,465	50,606
Software license agreements	15,240	20,948
Current lease liabilities	19,903	18,442
Acquisition-related liabilities	24,527	21,361
Other accrued liabilities	30,778	23,521
Total current liabilities	202,854	216,340
Long-term liabilities:
Non-current lease liabilities	125,071	122,631
Non-current income taxes	59,587	59,013
Other long-term liabilities	12,286	7,700
Total long-term liabilities	196,944	189,344
Stockholders' equity:
Capital stock	1,693,420	1,670,141
Accumulated deficit	(33,621)	(9,320)
Accumulated other comprehensive loss	(3,005)	(2,539)
Total stockholders' equity	1,656,794	1,658,282
Total liabilities and stockholders' equity	$ 2,056,592	$ 2,063,966

Consolidated Condensed Statemen

Consolidated Condensed Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 24, 2023	Jun. 25, 2022
Income Statement [Abstract]
Net sales	$ 317,016	$ 393,639
Cost of sales	157,629	191,005
Gross profit	159,387	202,634
Operating expenses
Research and development	106,215	109,716
Selling, general and administrative	35,379	38,642
Total operating expenses	141,594	148,358
Income from operations	17,793	54,276
Interest income	4,818	523
Interest expense	(218)	(218)
Other income	377	506
Income before income taxes	22,770	55,087
Provision for income taxes	7,170	15,380
Net income	$ 15,600	$ 39,707
Basic earnings per share (in dollars per share)	$ 0.28	$ 0.71
Diluted earnings per share (in dollars per share)	$ 0.28	$ 0.69
Basic weighted average common shares outstanding (in shares)	54,862	56,277
Diluted weighted average common shares outstanding (in shares)	56,631	57,804

Consolidated Condensed Statem_2

Consolidated Condensed Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Jun. 24, 2023	Jun. 25, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 15,600	$ 39,707
Other comprehensive income (loss), before tax
Foreign currency translation gain (loss)	(450)	(967)
Unrealized gain (loss) on marketable securities	(20)	(480)
Benefit for income taxes	4	101
Comprehensive income	$ 15,134	$ 38,361

Consolidated Condensed Statem_3

Consolidated Condensed Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 24, 2023	Jun. 25, 2022
Cash flows from operating activities:
Net income	$ 15,600	$ 39,707
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	11,941	16,515
Stock-based compensation expense	22,715	18,138
Deferred income taxes	(9,411)	(5,860)
Loss on retirement or write-off of long-lived assets	6	292
Other non-cash adjustments	1,334	99
Net change in operating assets and liabilities:
Accounts receivable, net	(35,560)	33,992
Inventories	(67,506)	(35,934)
Other assets	8,101	549
Accounts payable and other accrued liabilities	(10,278)	(20,327)
Income taxes payable	20,079	24,030
Acquisition-related liabilities	3,166	3,164
Net cash provided by (used in) operating activities	(39,813)	74,365
Cash flows from investing activities:
Maturities and sales of available-for-sale marketable securities	11,048	4,694
Purchases of available-for-sale marketable securities	(13,372)	(5,186)
Purchases of property, equipment and software	(12,310)	(6,776)
Investments in technology	0	(448)
Net cash used in investing activities	(14,634)	(7,716)
Cash flows from financing activities:
Issuance of common stock, net of shares withheld for taxes	560	120
Repurchase of stock to satisfy employee tax withholding obligations	(1,047)	(866)
Repurchase and retirement of common stock	(38,504)	(56,382)
Net cash used in financing activities	(38,991)	(57,128)
Net increase (decrease) in cash and cash equivalents	(93,438)	9,521
Cash and cash equivalents at beginning of period	445,784	369,814
Cash and cash equivalents at end of period	$ 352,346	$ 379,335

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 Loss
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)
Beginning balance (in shares) at Mar. 25, 2023		55,098
Beginning balance at Mar. 25, 2023	1,658,282	$ 55	1,670,086	(9,320)	(2,539)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	15,600			15,600
Change in unrealized gain (loss) on marketable securities, net of tax	(16)				(16)
Change in foreign currency translation adjustments	(450)				(450)
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)		38
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes	(482)		564	(1,046)
Repurchase and retirement of common stock (in shares)		(466)
Repurchase and retirement of common stock	(38,855)			(38,855)
Stock-based compensation	22,715		22,715
Ending balance (in shares) at Jun. 24, 2023		54,670
Ending balance at Jun. 24, 2023	$ 1,656,794	$ 55	$ 1,693,365	$ (33,621)	$ (3,005)

Basis of Presentation

Basis of Presentation	3 Months Ended
	Jun. 24, 2023
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 25, 2023, included in our Annual Report on Form 10-K filed with the Commission on May 19, 2023.  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. 24, 2023
Accounting Policies [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting PronouncementsAs of June 24, 2023, there have been no recently issued accounting pronouncements that are expected to have a material impact on our financial statements.

Marketable Securities

Marketable Securities	3 Months Ended
	Jun. 24, 2023
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 24, 2023 (in thousands): As of June 24, 2023 Amortized Gross Gross Estimated Corporate debt securities $ 68,871 $ 9 $ (1,728) $ 67,152 U.S. Treasury securities 5,227 — (167) 5,060 Agency discount notes 1,605 — (23) 1,582 Total securities $ 75,703 $ 9 $ (1,918) $ 73,794 The Company typically invests in highly-rated securities with original maturities generally ranging from one June 24, 2023. Securities in a continuous unrealized loss position for more than 12 months as of June 24, 2023 had an aggregate amortized cost of $47.0 million and an aggregate unrealized loss of $1.6 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 24, 2023, 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 25, 2023 (in thousands): As of March 25, 2023 Amortized Gross Gross Estimated Corporate debt securities $ 66,753 $ 91 $ (1,825) $ 65,019 Non-U.S. government securities 510 — (3) 507 U.S. Treasury securities 5,728 17 (151) 5,594 Agency discount notes 385 — (18) 367 Total securities $ 73,376 $ 108 $ (1,997) $ 71,487 The Company's specifically identified gross unrealized losses of $2.0 million related to securities with total amortized costs of approximately $64.0 million at March 25, 2023. Securities in a continuous unrealized loss position for more than 12 months as of March 25, 2023 had an aggregate amortized cost of $56.3 million and an aggregate unrealized loss of $1.9 million. As of March 25, 2023, 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 24, 2023 March 25, 2023 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Within 1 year $ 36,749 $ 35,765 $ 35,824 $ 34,978 After 1 year 38,954 38,029 37,552 36,509 Total $ 75,703 $ 73,794 $ 73,376 $ 71,487

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Jun. 24, 2023
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 forward-looking secured overnight financing rate ("Term SOFR") plus 10 basis points plus applicable margin. As of June 24, 2023, there are no amounts drawn under the facility and the fair value is zero. As of June 24, 2023 and March 25, 2023, the Company has no Level 3 assets or liabilities. There were no transfers between Level 1, Level 2, or Level 3 measurements for the three months ended June 24, 2023. The following summarizes the fair value of our financial instruments at June 24, 2023 (in thousands): Quoted Prices Significant Significant Total Assets: Cash equivalents Money market funds $ 302,260 $ — $ — $ 302,260 Available-for-sale securities Corporate debt securities $ — $ 67,152 $ — $ 67,152 U.S. Treasury securities 5,060 — — 5,060 Agency discount notes — 1,582 — 1,582 $ 5,060 $ 68,734 $ — $ 73,794 The following summarizes the fair value of our financial instruments at March 25, 2023 (in thousands): Quoted Prices Significant Significant Total Assets: Cash equivalents Money market funds $ 406,265 $ — $ — $ 406,265 Available-for-sale securities Corporate debt securities $ — $ 65,019 $ — $ 65,019 Non-U.S. government securities — 507 — 507 U.S. Treasury securities 5,594 — — 5,594 Agency discount notes — 367 — 367 $ 5,594 $ 65,893 $ — $ 71,487

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Jun. 24, 2023
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 " in the Consolidated Condensed Statements of Income. The Company does not apply hedge accounting to these foreign currency derivative instruments. As of June 24, 2023, the Company held one foreign currency forward contract denominated in British Pound Sterling with a notional value of $2.7 million. The fair value of this contract was not material as of June 24, 2023. The before-tax effect of derivative instruments not designated as hedging instruments was as follows (in thousands): Three Months Ended June 24, June 25, 2023 2022 Location Gain (loss) recognized in income: Foreign currency forward contracts $ (278) $ (219) Other income

Accounts Receivable, net

Accounts Receivable, net	3 Months Ended
	Jun. 24, 2023
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 24, March 25, 2023 2023 Gross accounts receivable $ 186,033 $ 150,473 Allowance for doubtful accounts — — Accounts receivable, net $ 186,033 $ 150,473

Inventories

Inventories	3 Months Ended
	Jun. 24, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are comprised of the following (in thousands): June 24, March 25, 2023 2023 Work in process $ 105,315 $ 116,088 Finished goods 195,641 117,362 $ 300,956 $ 233,450 The increase in inventory balance versus the prior quarter is due to inventory build to support seasonal product launches and fulfilling our wafer purchase commitments per our long-term capacity agreement with GLOBALFOUNDRIES Singapore Pte. Ltd. (“GlobalFoundries”). See further details in Note 12 - Commitments and Contingencies.

Revolving Credit Facility

Revolving Credit Facility	3 Months Ended
	Jun. 24, 2023
Line of Credit Facility [Abstract]
Revolving Credit Facility	Revolving Credit FacilityOn 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. On March 20, 2023, the Company, entered into the First Amendment (the "Amendment") to its Second Amended Credit Agreement, with the lending institutions party thereto and Wells Fargo Bank, National Association, as administrative agent. The Amendment updates the benchmark interest rate provisions to replace the London interbank offered rate ("LIBOR") with the Term SOFR, for the purposes of calculating interest under the terms of the Second Amended Credit Agreement. 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 Term SOFR rate plus a 10 basis point credit spread adjustment plus the applicable margin. The applicable margin ranges from 0% to 0.75% per annum for Base Rate Loans and 1.00% to 1.75% per annum for SOFR 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”). 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 Revolving Credit Facility 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”) and (b) the ratio of consolidated EBITDA for the prior four consecutive quarters to consolidated interest expense paid or payable in cash for the prior four consecutive quarters must not be less than 3.00 to 1.00 (the “Consolidated Interest Coverage Ratio”). The Second Amended Credit Agreement also 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. Further, 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.

Revenues

Revenues	3 Months Ended
	Jun. 24, 2023
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 ("HPMS"). Total net sales based on the product line disaggregation criteria described above are shown in the table below (in thousands). Three Months Ended June 24, June 25, 2023 2022 Audio Products $ 195,806 $ 254,496 HPMS Products 121,210 139,143 $ 317,016 $ 393,639 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 24, June 25, 2023 2022 China $ 190,862 $ 261,491 United States 2,159 7,197 Rest of World 123,995 124,951 $ 317,016 $ 393,639

Income Taxes

Income Taxes	3 Months Ended
	Jun. 24, 2023
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 24, June 25, 2023 2022 Income before income taxes $ 22,770 $ 55,087 Provision for income taxes $ 7,170 $ 15,380 Effective tax rate 31.5 % 27.9 % Our income tax expense was $7.2 million and $15.4 million for the first quarters of fiscal years 2024 and 2023, respectively, resulting in effective tax rates of 31.5 percent and 27.9 percent, respectively. Our effective tax rates for the first quarters of fiscal year 2024 and 2023 were higher than the federal statutory rate primarily due to a provision in the Tax Cuts and Jobs Act of 2017 that requires research and development ("R&D") expenditures incurred in tax years beginning after December 31, 2021 to be capitalized and amortized ratably over five or fifteen years depending on the location in which the research activities are conducted, resulting in higher global intangible low-taxed income ("GILTI"), which is treated as a period cost. In addition, our effective tax rates for both periods presented were unfavorably impacted by U.S. tax rules related to refundable tax credits, including R&D expenditure credits available to us in the United Kingdom, that reduce the amount of foreign tax credits available to offset GILTI. The Company records unrecognized tax benefits for the estimated risk associated with tax positions taken on tax returns. At June 24, 2023, 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 24, 2023, the balance of accrued interest and penalties, net of tax, was $7.4 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 2023 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. The final Revenue Agent’s Report asserts additional tax of approximately $168.3 million, excluding interest, and imposes penalties of approximately $63.7 million. The Company does not agree with the IRS's positions and intends to vigorously dispute the proposed adjustments. The Company intends to pursue resolution through the administrative process with the IRS Independent Office of Appeals and are awaiting the scheduling of an opening conference. If necessary, the Company will seek resolution through judicial remedies. The Company expects it could take a number of years to reach resolution on these matters. Although the final resolution of these matters is uncertain, the

Net Income Per Share

Net Income Per Share	3 Months Ended
	Jun. 24, 2023
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 24, 2023 and June 25, 2022 (in thousands, except per share amounts): Three Months Ended June 24, June 25, 2023 2022 Numerator: Net income $ 15,600 $ 39,707 Denominator: Weighted average shares outstanding 54,862 56,277 Effect of dilutive securities 1,769 1,527 Weighted average diluted shares 56,631 57,804 Basic earnings per share $ 0.28 $ 0.71 Diluted earnings per share $ 0.28 $ 0.69

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Jun. 24, 2023
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 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, which is amortized over the Commitment Period. 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. 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 " and " Prepaid wafers

Legal Matters

Legal Matters	3 Months Ended
	Jun. 24, 2023
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	3 Months Ended
	Jun. 24, 2023
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 24, 2023, and June 25, 2022, respectively, pursuant to the Company's equity incentive plans. Share Repurchase Program In fiscal year 2024, the Company's net stock repurchases are subject to a 1 percent excise tax under the Inflation Reduction Act, included as a reduction to accumulated earnings (deficit) in the Consolidated Condensed Statements of Stockholders' Equity. Disclosure of repurchased amounts and related average costs exclude the impact of excise taxes. In January 2021, the Board of Directors authorized the repurchase of $350 million of the Company’s common stock. During the three months ended June 24, 2023, the Company completed share repurchases under the 2021 authorization, leaving no remaining authorization under this program. In July 2022, the Board of Directors authorized the repurchase of up to $500 million of the Company's common stock . A s of June 24, 2023, a pproximately

Segment Information

Segment Information	3 Months Ended
	Jun. 24, 2023
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 HPMS. 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 9 - Revenues.

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 24, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn July 12, 2023, the Company announced a workforce reduction of approximately 5% of its global employees. This action was taken in response to overall market conditions and the impact related to a new product previously scheduled for introduction this fall that is no longer expected to come to market as planned. The action is expected to be substantially completed in the second quarter of fiscal year 2024 and the related charges are not expected to be material.

Recently Issued Accounting Pr_2

Recently Issued Accounting Pronouncements (Policies)	3 Months Ended
	Jun. 24, 2023
Accounting Policies [Abstract]
Recently Issued Accounting Pronouncements	As of June 24, 2023, there have been no recently issued accounting pronouncements that are expected to have a material impact on our financial statements.
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
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 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 ("HPMS").
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 HPMS. 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 9 - Revenues.

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Jun. 24, 2023
Marketable Securities [Abstract]
Schedule of Available-for-sale Securities	The following table is a summary of available-for-sale securities at June 24, 2023 (in thousands): As of June 24, 2023 Amortized Gross Gross Estimated Corporate debt securities $ 68,871 $ 9 $ (1,728) $ 67,152 U.S. Treasury securities 5,227 — (167) 5,060 Agency discount notes 1,605 — (23) 1,582 Total securities $ 75,703 $ 9 $ (1,918) $ 73,794 The following table is a summary of available-for-sale securities at March 25, 2023 (in thousands): As of March 25, 2023 Amortized Gross Gross Estimated Corporate debt securities $ 66,753 $ 91 $ (1,825) $ 65,019 Non-U.S. government securities 510 — (3) 507 U.S. Treasury securities 5,728 17 (151) 5,594 Agency discount notes 385 — (18) 367 Total securities $ 73,376 $ 108 $ (1,997) $ 71,487
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 24, 2023 March 25, 2023 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Within 1 year $ 36,749 $ 35,765 $ 35,824 $ 34,978 After 1 year 38,954 38,029 37,552 36,509 Total $ 75,703 $ 73,794 $ 73,376 $ 71,487

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Jun. 24, 2023
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 24, 2023 (in thousands): Quoted Prices Significant Significant Total Assets: Cash equivalents Money market funds $ 302,260 $ — $ — $ 302,260 Available-for-sale securities Corporate debt securities $ — $ 67,152 $ — $ 67,152 U.S. Treasury securities 5,060 — — 5,060 Agency discount notes — 1,582 — 1,582 $ 5,060 $ 68,734 $ — $ 73,794 The following summarizes the fair value of our financial instruments at March 25, 2023 (in thousands): Quoted Prices Significant Significant Total Assets: Cash equivalents Money market funds $ 406,265 $ — $ — $ 406,265 Available-for-sale securities Corporate debt securities $ — $ 65,019 $ — $ 65,019 Non-U.S. government securities — 507 — 507 U.S. Treasury securities 5,594 — — 5,594 Agency discount notes — 367 — 367 $ 5,594 $ 65,893 $ — $ 71,487

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Jun. 24, 2023
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 24, June 25, 2023 2022 Location Gain (loss) recognized in income: Foreign currency forward contracts $ (278) $ (219) Other income

Accounts Receivable, net (Table

Accounts Receivable, net (Tables)	3 Months Ended
	Jun. 24, 2023
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 24, March 25, 2023 2023 Gross accounts receivable $ 186,033 $ 150,473 Allowance for doubtful accounts — — Accounts receivable, net $ 186,033 $ 150,473

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Jun. 24, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are comprised of the following (in thousands): June 24, March 25, 2023 2023 Work in process $ 105,315 $ 116,088 Finished goods 195,641 117,362 $ 300,956 $ 233,450

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Jun. 24, 2023
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 24, June 25, 2023 2022 Audio Products $ 195,806 $ 254,496 HPMS Products 121,210 139,143 $ 317,016 $ 393,639 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 24, June 25, 2023 2022 China $ 190,862 $ 261,491 United States 2,159 7,197 Rest of World 123,995 124,951 $ 317,016 $ 393,639

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Jun. 24, 2023
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 24, June 25, 2023 2022 Income before income taxes $ 22,770 $ 55,087 Provision for income taxes $ 7,170 $ 15,380 Effective tax rate 31.5 % 27.9 %

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Jun. 24, 2023
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 24, 2023 and June 25, 2022 (in thousands, except per share amounts): Three Months Ended June 24, June 25, 2023 2022 Numerator: Net income $ 15,600 $ 39,707 Denominator: Weighted average shares outstanding 54,862 56,277 Effect of dilutive securities 1,769 1,527 Weighted average diluted shares 56,631 57,804 Basic earnings per share $ 0.28 $ 0.71 Diluted earnings per share $ 0.28 $ 0.69

Marketable Securities (Schedule

Marketable Securities (Schedule of Available-for-sale Securities) (Details) - USD ($) $ in Thousands	Jun. 24, 2023	Mar. 25, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 75,703	$ 73,376
Gross Unrealized Gains	9	108
Gross Unrealized Losses	(1,918)	(1,997)
Estimated Fair Value (Net Carrying Amount)	73,794	71,487
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	68,871	66,753
Gross Unrealized Gains	9	91
Gross Unrealized Losses	(1,728)	(1,825)
Estimated Fair Value (Net Carrying Amount)	67,152	65,019
Non-U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		510
Gross Unrealized Gains		0
Gross Unrealized Losses		(3)
Estimated Fair Value (Net Carrying Amount)		507
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,227	5,728
Gross Unrealized Gains	0	17
Gross Unrealized Losses	(167)	(151)
Estimated Fair Value (Net Carrying Amount)	5,060	5,594
Agency discount notes
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,605	385
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(23)	(18)
Estimated Fair Value (Net Carrying Amount)	$ 1,582	$ 367

Marketable Securities (Narrativ

Marketable Securities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 24, 2023	Mar. 25, 2023
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses	$ 1,918	$ 1,997
Amortized cost on available for sale securities held at gross unrealized loss	73,100	64,000
Securities in a continuous unrealized loss position for more than 12 months, amortized cost	47,000	56,300
Securities in a continuous unrealized loss position for more than 12 months, aggregate unrealized loss	$ 1,600	$ 1,900
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. 24, 2023	Mar. 25, 2023
Amortized Cost
Within 1 year	$ 36,749	$ 35,824
After 1 year	38,954	37,552
Amortized Cost	75,703	73,376
Estimated Fair Value
Within 1 year	35,765	34,978
After 1 year	38,029	36,509
Estimated Fair Value (Net Carrying Amount)	$ 73,794	$ 71,487

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Narrative) (Details) - USD ($)	Mar. 20, 2023	Jun. 24, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amounts drawn under the credit facility		$ 0
Credit facility, fair value		$ 0
Second Amended Credit Agreement Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis spread on variable rate	0.10%

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. 24, 2023	Mar. 25, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 73,794	$ 71,487
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	5,060	5,594
Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	68,734	65,893
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	67,152	65,019
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	67,152	65,019
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		507
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
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		507
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
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	5,060	5,594
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	5,060	5,594
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	1,582	367
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	1,582	367
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	302,260	406,265
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	302,260	406,265
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
	Jun. 24, 2023 USD ($) derivtive	Jun. 25, 2022 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Number of foreign currency derivatives held | derivtive	1
Notional value of foreign currency forward contract	$ 2,700
Foreign currency forward contracts | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income	$ (278)	$ (219)

Accounts Receivable, net (Compo

Accounts Receivable, net (Components of Accounts Receivable, net) (Details) - USD ($) $ in Thousands	Jun. 24, 2023	Mar. 25, 2023
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Gross accounts receivable	$ 186,033	$ 150,473
Allowance for doubtful accounts	0	0
Accounts receivable, net	$ 186,033	$ 150,473

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Jun. 24, 2023	Mar. 25, 2023
Inventory Disclosure [Abstract]
Work in process	$ 105,315	$ 116,088
Finished goods	195,641	117,362
Total inventories	$ 300,956	$ 233,450

Revolving Credit Facility (Deta

Revolving Credit Facility (Details) - Second Amended Credit Agreement Revolving Credit Facility - USD ($)	Mar. 20, 2023	Jul. 08, 2021	Jun. 24, 2023
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%
Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.10%
Secured Overnight Financing Rate (SOFR) | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1%
Secured Overnight Financing Rate (SOFR) | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.75%

Revenues (Summary of Product Li

Revenues (Summary of Product Lines) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 24, 2023	Jun. 25, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 317,016	$ 393,639
Audio Products
Disaggregation of Revenue [Line Items]
Net sales	195,806	254,496
HPMS Products
Disaggregation of Revenue [Line Items]
Net sales	$ 121,210	$ 139,143

Revenues (Summary of Geographic

Revenues (Summary of Geographic Disaggregation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 24, 2023	Jun. 25, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 317,016	$ 393,639
China
Disaggregation of Revenue [Line Items]
Net sales	190,862	261,491
United States
Disaggregation of Revenue [Line Items]
Net sales	2,159	7,197
Rest of World
Disaggregation of Revenue [Line Items]
Net sales	$ 123,995	$ 124,951

Income Taxes (Provision for Inc

Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 24, 2023	Jun. 25, 2022
Income Tax Disclosure [Abstract]
Income before income taxes	$ 22,770	$ 55,087
Provision for income taxes	$ 7,170	$ 15,380
Effective tax rate	31.50%	27.90%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 24, 2023	Jun. 25, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 7,170	$ 15,380
Effective tax rate	31.50%	27.90%
Unrecognized tax benefits	$ 32,900
Balance of accrued interest and penalties, net of tax	7,400
Estimate of possible loss	168,300
Estimate of possible loss, penalties expense	$ 63,700

Net Income Per Share (Calculati

Net Income Per Share (Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 24, 2023	Jun. 25, 2022
Numerator:
Net income	$ 15,600	$ 39,707
Denominator:
Weighted average shares outstanding (in shares)	54,862	56,277
Effect of dilutive securities (in shares)	1,769	1,527
Weighted average diluted shares (in shares)	56,631	57,804
Basic earnings per share (in dollars per share)	$ 0.28	$ 0.71
Diluted earnings per share (in dollars per share)	$ 0.28	$ 0.69

Net Income Per Share (Narrative

Net Income Per Share (Narrative) (Details) - shares shares in Thousands	3 Months Ended
	Jun. 24, 2023	Jun. 25, 2022
Earnings Per Share [Abstract]
Weighted average shares outstanding excluded from diluted calculation (in shares)	347	386

Commitment and Contingencies (D

Commitment and Contingencies (Details) $ in Millions	3 Months Ended
	Jun. 24, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Capacity reservation fee	$ 60
Amount agreed to pre-pay	$ 195

Stockholders' Equity (Share Rep

Stockholders' Equity (Share Repurchase Program) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended
	Jun. 24, 2023	Jun. 25, 2022	Jul. 31, 2022	Jan. 31, 2021
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased	$ 38,855	$ 56,383
January 2021 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Common stock approved under the share repurchase program				$ 350,000
July 2022 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Common stock approved under the share repurchase program			$ 500,000
Common stock repurchased	37,400
Common stock available for repurchase	462,600
January 2021 and July 2022 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased	$ 38,500
Common stock repurchased (in shares)	0.5
Average cost per share repurchased (in dollars per share)	$ 82.59

Segment Information (Details)

Segment Information (Details)	3 Months Ended
	Jun. 24, 2023 segment product_line
Segment Reporting [Abstract]
Number of reportable segments | segment	1
Number of product lines | product_line	2

Subsequent Events (Details)

Subsequent Events (Details)	2 Months Ended
	Sep. 23, 2023
Employee Severance [Member] | Forecast
Subsequent Event [Line Items]
Percentage of reduction in workforce	500%