Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Mar. 28, 2015 | 22-May-15 | Sep. 26, 2014 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Entity Registrant Name | CIRRUS LOGIC INC | ||
Entity Central Index Key | 772406 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Document Period End Date | 28-Mar-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -25 | ||
Entity Common Stock, Shares Outstanding | 63,411,134 | ||
Entity Public Float | $964,427,123 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 28, 2015 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $76,401 | $31,850 |
Marketable securities | 124,246 | 263,417 |
Accounts receivable, net | 112,608 | 63,220 |
Inventories | 84,196 | 69,743 |
Deferred tax assets | 18,559 | 22,024 |
Prepaid assets | 27,093 | 15,062 |
Other current assets | 8,810 | 10,017 |
Total current assets | 451,913 | 475,333 |
Long-term marketable securities | 60,072 | 89,243 |
Property and equipment, net | 144,346 | 103,650 |
Intangibles, net | 175,743 | 11,999 |
Goodwill | 263,115 | 16,367 |
Deferred tax assets | 25,593 | 25,065 |
Other assets | 27,996 | 3,087 |
Total assets | 1,148,778 | 724,744 |
Liabilities and Stockholders' Equity | ||
Accounts payable | 112,213 | 51,932 |
Accrued salaries and benefits | 24,132 | 13,388 |
Deferred income | 6,105 | 5,631 |
Software license agreement | 18,711 | 7,023 |
Other accrued liabilities | 15,417 | 4,549 |
Total current liabilities | 176,578 | 82,523 |
Long-term liabilities | ||
Debt | 180,439 | |
Software license agreements | 26,204 | 853 |
Other long-term liabilities | 8,786 | 4,010 |
Total long-term liabilities | 215,429 | 4,863 |
Stockholders' equity: | ||
Preferred stock, 5.0 million shares authorized but unissued | ||
Common stock, $0.001 par value, 280,000 shares authorized, 63,085 shares and 61,956 shares issued and outstanding at March 28, 2015 and March 29, 2014, respectively | 63 | 62 |
Additional paid-in capital | 1,159,431 | 1,078,816 |
Accumulated deficit | -400,613 | -440,634 |
Accumulated other comprehensive loss | -2,110 | -886 |
Total stockholders' equity | 756,771 | 637,358 |
Total liabilities and stockholders' equity | $1,148,778 | $724,744 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 28, 2015 | Mar. 29, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Preferred Stock, shares authorized but unissued | 5,000,000 | 5,000,000 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 280,000,000 | 280,000,000 |
Common stock, shares issued | 63,085,000 | 61,956,000 |
Common stock, shares outstanding | 63,085,000 | 61,956,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net sales | $916,568 | $714,338 | $809,786 |
Cost of sales | 490,820 | 358,175 | 414,595 |
Gross profit | 425,748 | 356,163 | 395,191 |
Operating expenses: | |||
Research and development | 197,878 | 126,189 | 114,071 |
Selling, general and administrative | 99,509 | 74,861 | 76,998 |
Acquisition related costs | 18,137 | ||
Restructuring and other, net | 1,455 | -598 | 3,292 |
Patent infringement settlements, net | 695 | ||
Total operating expenses | 316,979 | 201,147 | 194,361 |
Income from operations | 108,769 | 155,016 | 200,830 |
Interest income | 579 | 848 | 440 |
Interest expense | -5,627 | ||
Other expense | -12,172 | -127 | -80 |
Income before income taxes | 91,549 | 155,737 | 201,190 |
Provision for income taxes | 36,371 | 47,626 | 64,592 |
Net income | $55,178 | $108,111 | $136,598 |
Basic earnings per share | $0.88 | $1.72 | $2.12 |
Diluted earnings per share | $0.85 | $1.65 | $2 |
Basic weighted average common shares outstanding | 62,503 | 62,926 | 64,580 |
Diluted weighted average common shares outstanding | 65,235 | 65,535 | 68,454 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $55,178 | $108,111 | $136,598 |
Net changes to available-for-sale securities | |||
Unrealized gain (loss) on marketable securities | 107 | -31 | -157 |
Net changes to pension liabilities | |||
Actuarial loss on pension plan | -1,625 | ||
Benefit for income taxes | 294 | 64 | |
Comprehensive income | $53,954 | $108,144 | $136,441 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 |
Cash flows from operating activities: | |||
Net income | $55,178 | $108,111 | $136,598 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 34,855 | 14,883 | 13,562 |
Stock compensation expense | 37,549 | 23,074 | 21,495 |
Deferred income taxes | 32,238 | 35,959 | 60,600 |
Loss on retirement or write-off of long-lived assets | 1,618 | 568 | |
Actuarial loss on defined benefit pension plan | 292 | ||
Excess tax benefit from employee stock options | -37,692 | -8,445 | -106 |
Other non-cash charges | 22,167 | 5,760 | 4,792 |
Net change in operating assets and liabilities: | |||
Accounts receivable, net | -37,344 | 6,815 | -25,232 |
Inventories | 16,077 | 49,557 | -67,606 |
Other current assets | 321 | ||
Other assets | 1,239 | 134 | |
Accounts payable | 36,504 | -9,443 | 22,423 |
Accrued salaries and benefits | 7,047 | -3,169 | 3,260 |
Deferred income | -77 | 660 | -2,272 |
Income taxes payable | -639 | 9,496 | 263 |
Other accrued liabilities | -4,581 | -7,027 | -7,087 |
Net cash provided by operating activities | 163,513 | 228,038 | 160,824 |
Cash flows from investing activities: | |||
Proceeds from sale of available for sale marketable securities | 301,847 | 139,037 | 127,336 |
Purchases of available for sale marketable securities | -133,436 | -321,519 | -178,847 |
Purchases of property, equipment and software | -32,311 | -15,058 | -52,902 |
Investments in technology | -4,387 | -2,296 | -3,009 |
Loss on foreign exchange hedging activities | -11,976 | ||
Proceeds from sale of Apex assets | 22,220 | ||
(Increase) decrease in deposits and other assets | -36 | -111 | 402 |
Net cash used in investing activities | -324,437 | -220,349 | -84,800 |
Cash flows from financing activities: | |||
Proceeds from long-term revolver | 226,439 | ||
Principal payments on long-term revolver | -46,000 | ||
Debt issuance costs | -2,825 | ||
Issuance of common stock, net of shares withheld for taxes | 5,327 | 5,320 | 12,008 |
Repurchase of stock to satisfy employee tax withholding obligations | -4,624 | -3,868 | -1,674 |
Repurchase and retirement of common stock | -10,534 | -52,138 | -86,059 |
Excess tax benefit from employee stock options | 37,692 | 8,445 | 106 |
Net cash provided by (used in) financing activities | 205,475 | -42,241 | -75,619 |
Net increase (decrease) in cash and cash equivalents | 44,551 | -34,552 | 405 |
Cash and cash equivalents at beginning of period | 31,850 | 66,402 | 65,997 |
Cash and cash equivalents at end of period | 76,401 | 31,850 | 66,402 |
Cash payments during the year for: | |||
Income taxes | 4,973 | 2,118 | 5,125 |
Interest | 2,391 | ||
Wolfson [Member] | |||
Cash flows from investing activities: | |||
Acquisition, net of cash obtained | -444,138 | ||
Acoustic Technologies [Member] | |||
Cash flows from investing activities: | |||
Acquisition, net of cash obtained | ($20,402) |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
In Thousands | |||||
Balance at Mar. 31, 2012 | $64 | $1,008,164 | ($541,609) | ($762) | $465,857 |
Balance, shares at Mar. 31, 2012 | 64,394 | ||||
Net income | 136,598 | 136,598 | |||
Change in unrealized gain (loss) on marketable securities, net of tax | -157 | -157 | |||
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes, value | 2 | 12,006 | -1,674 | 10,334 | |
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes, shares | 1,907 | ||||
Repurchase and retirement of common stock, value | -3 | -86,056 | -86,059 | ||
Repurchase and retirement of common stock, shares | -3,010 | ||||
Amortization of deferred stock compensation | 21,495 | 21,495 | |||
Excess tax benefit from employee stock options | 106 | 106 | |||
Balance at Mar. 30, 2013 | 63 | 1,041,771 | -492,741 | -919 | 548,174 |
Balance, shares at Mar. 30, 2013 | 63,291 | ||||
Net income | 108,111 | 108,111 | |||
Change in unrealized gain (loss) on marketable securities, net of tax | 33 | 33 | |||
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes, value | 1 | 5,319 | -3,868 | 1,452 | |
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes, shares | 1,301 | ||||
Repurchase and retirement of common stock, value | -2 | -52,136 | -52,138 | ||
Repurchase and retirement of common stock, shares | -2,636 | ||||
Amortization of deferred stock compensation | 23,281 | 23,281 | |||
Excess tax benefit from employee stock options | 8,445 | 8,445 | |||
Balance at Mar. 29, 2014 | 62 | 1,078,816 | -440,634 | -886 | 637,358 |
Balance, shares at Mar. 29, 2014 | 61,956 | ||||
Net income | 55,178 | 55,178 | |||
Change in unrealized gain (loss) on marketable securities, net of tax | 69 | 69 | |||
Change in pension liability, net of tax | -1,293 | -1,293 | |||
Change in foreign currency translation adjustments | -29 | -29 | |||
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes, value | 2 | 5,326 | -4,624 | 704 | |
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes, shares | 1,709 | ||||
Repurchase and retirement of common stock, value | -1 | -10,533 | -10,534 | ||
Repurchase and retirement of common stock, shares | -580 | ||||
Amortization of deferred stock compensation | 37,626 | 37,626 | |||
Excess tax benefit from employee stock options | 37,692 | 37,692 | |||
Balance at Mar. 28, 2015 | $63 | $1,159,431 | ($400,613) | ($2,110) | $756,771 |
Balance, shares at Mar. 28, 2015 | 63,085 |
Description_of_Business
Description of Business | 12 Months Ended |
Mar. 28, 2015 | |
Description of Business [Abstract] | |
Description of Business | 1. Description of Business |
Description of Business | |
Cirrus Logic, Inc. (“Cirrus Logic,” “We,” “Us,” “Our,” or the “Company”) develops high-precision, analog and mixed-signal integrated circuits (“ICs”) for a broad range of innovative customers. Building on our diverse analog and mixed-signal product portfolio, Cirrus Logic delivers highly optimized products for a variety of audio, industrial and energy-related applications. | |
We were incorporated in California in 1984, became a public company in 1989, and were reincorporated in the State of Delaware in February 1999. Our primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas. We also have offices in various other locations in the United States, United Kingdom, Australia and Asia, including the People’s Republic of China, Hong Kong, South Korea, Japan, Singapore, and Taiwan. Our common stock, which has been publicly traded since 1989, is listed on the NASDAQ Global Select Market under the symbol CRUS. | |
Basis of Presentation | |
We prepare financial statements on a 52- or 53-week year that ends on the last Saturday in March. Fiscal years 2015, 2014 and 2013 were 52-week years. | |
Principles of Consolidation | |
The accompanying consolidated financial statements have been prepared in accordance with U. S. generally accepted accounting principles (U.S. GAAP) and include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. | |
Reclassifications | |
Certain reclassifications have been made to prior year balances in order to conform to the current year’s presentation of financial information. | |
Use of Estimates | |
The preparation of financial statements in accordance with U.S. GAAP requires the use of management estimates. These estimates are subjective in nature and involve judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at fiscal year-end and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Summary of Significant Accounting Policies [Abstract] | |||||||||
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies | ||||||||
Cash and Cash Equivalents | |||||||||
Cash and cash equivalents consist primarily of money market funds, commercial paper, and U.S. Government Treasury and Agency instruments with original maturities of three months or less at the date of purchase. | |||||||||
Marketable Securities | |||||||||
We determine the appropriate classification of marketable securities at the time of purchase and reevaluate this designation as of each balance sheet date. We classify these securities as either held-to-maturity, trading, or available-for-sale. As of March 28, 2015 and March 29, 2014, all marketable securities were classified as available-for-sale securities. The Company classifies its investments as “available for sale” because it expects to possibly sell some securities prior to maturity. The Company’s investments are subject to market risk, primarily interest rate and credit risk. The Company’s investments are managed by an outside professional manager within investment guidelines set by the Company. Such guidelines include security type, credit quality, and maturity, and are intended to limit market risk by restricting the Company’s investments to high quality debt instruments with relatively short-term maturities. The fair value of investments is determined using observable or quoted market prices for those securities. | |||||||||
Available-for-sale securities are carried at fair value, with unrealized gains and losses included as a component of accumulated other comprehensive loss. Realized gains and losses, declines in value judged to be other than temporary, and interest on available-for-sale securities are included in net income. The cost of securities sold is based on the specific identification method. | |||||||||
Inventories | |||||||||
We use the lower of cost or market method to value our inventories, with cost being determined on a first-in, first-out basis. One of the factors we consistently evaluate in the application of this method is the extent to which products are accepted into the marketplace. By policy, we evaluate market acceptance based on known business factors and conditions by comparing forecasted customer unit demand for our products over a specific future period, or demand horizon, to quantities on hand at the end of each accounting period. | |||||||||
On a quarterly and annual basis, we analyze inventories on a part-by-part basis. Product life cycles and the competitive nature of the industry are factors considered in the evaluation of customer unit demand at the end of each quarterly accounting period. Inventory quantities on-hand in excess of forecasted demand is considered to have reduced market value and, therefore, the cost basis is adjusted to the lower of cost or market. Typically, market values for excess or obsolete inventories are considered to be zero. Inventory charges recorded in fiscal year 2015 for excess and obsolete inventory, including scrapped inventory, amounted to $7.2 million, primarily associated with a customer build forecast that exceeded actual market demand, resulting in excess inventory levels for certain high volume products. No significant inventory charges were recorded in fiscal year 2014. | |||||||||
Inventories were comprised of the following (in thousands): | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Work in process | $ | 64,663 | $ | 37,967 | |||||
Finished goods | 19,533 | 31,776 | |||||||
$ | 84,196 | $ | 69,743 | ||||||
Property, Plant and Equipment, net | |||||||||
Property, plant and equipment is recorded at cost, net of depreciation and amortization. Depreciation and amortization is calculated on a straight-line basis over estimated economic lives, ranging from three to 39 years. Leasehold improvements are depreciated over the shorter of the term of the lease or the estimated useful life. Furniture, fixtures, machinery, and equipment are all depreciated over a useful life of three to 10 years, while buildings are depreciated over a period of up to 39 years. In general, our capitalized software is amortized over a useful life of three years, with capitalized enterprise resource planning software being amortized over a useful life of 10 years. Gains or losses related to retirements or dispositions of fixed assets are recognized in the period incurred. | |||||||||
Property, plant and equipment was comprised of the following (in thousands): | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Land | $ | 26,332 | $ | 23,806 | |||||
Buildings | 49,963 | 37,899 | |||||||
Furniture and fixtures | 10,281 | 9,440 | |||||||
Leasehold improvements | 2,525 | 2,387 | |||||||
Machinery and equipment | 79,682 | 59,552 | |||||||
Capitalized software | 25,000 | 24,437 | |||||||
Construction in progress | 22,922 | 3,797 | |||||||
Total property, plant and equipment | 216,705 | 161,318 | |||||||
Less: Accumulated depreciation and amortization | -72,359 | -57,668 | |||||||
Property, plant and equipment, net | $ | 144,346 | $ | 103,650 | |||||
Depreciation and amortization expense on property, plant, and equipment for fiscal years 2015, 2014, and 2013, was $15.4 million, $12.1 million, and $10.2 million, respectively. | |||||||||
Goodwill and Intangibles, net | |||||||||
Intangible assets include purchased technology licenses and patents that are reported at cost and are amortized on a straight-line basis over their useful lives, generally ranging from one to ten years. Acquired intangibles include existing technology, core technology or patents, license agreements, trademarks, tradenames, and customer relationships. These assets are amortized on a straight-line basis over lives ranging from one to fifteen years. | |||||||||
Goodwill is recorded at the time of an acquisition and is calculated as the difference between the aggregate consideration paid for an acquisition and the fair value of the net tangible and intangible assets acquired. Goodwill and intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests. If the assumptions and estimates used to allocate the purchase price are not correct, or if business conditions change, purchase price adjustments or future asset impairment charges could be required. The value of our intangible assets, including goodwill, could be impacted by future adverse changes such as: (i) any future declines in our operating results, (ii) a decline in the valuation of technology company stocks, including the valuation of our common stock, (iii) a significant slowdown in the worldwide economy and the semiconductor industry, or (iv) any failure to meet the performance projections included in our forecasts of future operating results. The Company tests goodwill and indefinite lived intangibles for impairment on an annual basis or more frequently if the Company believes indicators of impairment exist. Impairment evaluations involve management’s assessment of qualitative factors to determine whether it is more likely than not that goodwill and other intangible assets are impaired. If management concludes from its assessment of qualitative factors that it is more likely than not that impairment exists, then a quantitative impairment test will be performed involving management estimates of asset useful lives and future cash flows. Significant management judgment is required in the forecasts of future operating results that are used in these evaluations. If our actual results, or the plans and estimates used in future impairment analyses, are lower than the original estimates used to assess the recoverability of these assets, we could incur additional impairment charges in a future period. The Company has recorded no goodwill impairments in fiscal years 2015, 2014 and 2013. There were no material intangible asset impairments in fiscal years 2015, 2014, or 2013. | |||||||||
Long-Lived Assets | |||||||||
We test for impairment losses on long-lived assets and definite-lived intangibles used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. We measure any impairment loss by comparing the fair value of the asset to its carrying amount. We estimate fair value based on discounted future cash flows, quoted market prices, or independent appraisals. | |||||||||
Foreign Currency Translation | |||||||||
All of our international subsidiaries have the U.S. dollar as the functional currency. The local currency financial statements are translated into U.S. dollars using current rates of exchange for assets and liabilities. Gains and losses from remeasurement are included in other expense. | |||||||||
Hedging and Forwards | |||||||||
Hedging and forward contracts are accounted for based upon the provisions of Accounting Standards Codification (“ASC) Topic 815, “Derivatives and Hedging” and ASC Topic 820, “Fair Value Measurements and Disclosures.” | |||||||||
All derivative instruments shall be carried at fair value per ASC 820. If a derivative instrument meets certain hedge accounting criteria, the provisions of ASC 815 may be applied. The Company regularly reviews all financial instruments and contracts. When a derivative is identified, it is evaluated against the criteria in ASC 815 to determine the appropriate accounting methodology. Derivatives that qualify for hedge accounting per ASC 815 are classified as one of the following: fair value hedge, cash flow hedge or foreign currency hedge. | |||||||||
Pension | |||||||||
Defined benefit pension plans are accounted for based upon the provisions of ASC Topic 715, “Compensation – Retirement Benefits.” | |||||||||
The funded status of the plan is recognized in the consolidated balance sheets. Subsequent re-measurement of plan assets and benefit obligations, if deemed necessary, would be reflected in the consolidated balance sheets in the subsequent interim period to reflect the overfunded or underfunded status of the plan. | |||||||||
The Company will engage external actuaries on at least an annual basis to provide a valuation of the plan’s assets and projected benefit obligation and to record the net periodic pension cost. On a quarterly basis, the Company will evaluate current information available to us to determine whether the plan’s assets and projected benefit obligation should be re-measured. | |||||||||
Concentration of Credit Risk | |||||||||
Financial instruments that potentially subject us to material concentrations of credit risk consist primarily of cash equivalents, marketable securities, long-term marketable securities, and trade accounts receivable. We are exposed to credit risk to the extent of the amounts recorded on the balance sheet. By policy, our cash equivalents, marketable securities, and long-term marketable securities are subject to certain nationally recognized credit standards, issuer concentrations, sovereign risk, and marketability or liquidity considerations. | |||||||||
In evaluating our trade receivables, we perform credit evaluations of our major customers’ financial condition and monitor closely all of our receivables to limit our financial exposure by limiting the length of time and amount of credit extended. In certain situations, we may require payment in advance or utilize letters of credit to reduce credit risk. By policy, we establish a reserve for trade accounts receivable based on the type of business in which a customer is engaged, the length of time a trade account receivable is outstanding, and other knowledge that we may possess relating to the probability that a trade receivable is at risk for non-payment. | |||||||||
We had two contract manufacturers, Hongfujin Precision and Protek, who represented 26 percent and 15 percent, respectively, and one direct customer, Samsung Electronics who represented 22 percent of our consolidated gross trade accounts receivable as of the end of fiscal year 2015. For fiscal year 2014, we had three contract manufacturers, Futaihua Industrial, Hongfujin Precision and Protek who represented 14 percent, 44 percent, and 12 percent, respectively, of our consolidated gross trade accounts receivable. Additionally, in fiscal year 2014, we had one distributor, Avnet, Inc. who represented 11 percent of our consolidated gross trade accounts receivable. No other distributor or customer had receivable balances that represented more than 10 percent of consolidated gross trade accounts receivable as of the end of fiscal year 2015 or 2014. | |||||||||
Since the components we produce are largely proprietary and generally not available from second sources, we consider our end customer to be the entity specifying the use of our component in their design. These end customers may then purchase our products directly from us, from a distributor, or through a third party manufacturer contracted to produce their end product. For fiscal years 2015, 2014, and 2013, our ten largest end customers represented approximately 87 percent, 88 percent, and 89 percent, of our sales, respectively. For fiscal years 2015, 2014, and 2013, we had one end customer, Apple Inc., who purchased through multiple contract manufacturers and represented approximately 72 percent, 80 percent, and 82 percent, of the Company’s total sales, respectively. No other customer or distributor represented more than 10 percent of net sales in fiscal years 2015, 2014, or 2013. | |||||||||
Revenue Recognition | |||||||||
We recognize revenue when all of the following criteria are met: persuasive evidence that an arrangement exists, delivery of goods has occurred, the sales price is fixed or determinable and collectability is reasonably assured. We evaluate our distributor arrangements, on a distributor by distributor basis, with respect to each of the four criteria above. For a majority of our distributor arrangements, we provide rights of price protection and stock rotation. As a result, revenue is deferred at the time of shipment to our domestic distributors and certain international distributors due to the determination that the ultimate sales price to the distributor is not fixed or determinable. Once the distributor has resold the product, and our final sales price is fixed or determinable, we recognize revenue for the final sales price and record the related costs of sales. For certain of our smaller international distributors, we do not grant price protection rights and provide minimal stock rotation rights. For these distributors, revenue is recognized upon delivery to the distributor, less an allowance for estimated returns, as the revenue recognition criteria have been met upon shipment. | |||||||||
Further, for sales where revenue is deferred, the Company defers the associated cost of goods sold on our Consolidated Balance Sheet, net within the deferred income caption. The Company routinely evaluates the products held by our distributors for impairment to the extent such products may be returned by the distributor within these limited rights and such products would be considered excess or obsolete if included within our own inventory. Products returned by distributors and subsequently scrapped have historically been immaterial to the Company. | |||||||||
Warranty Expense | |||||||||
We warrant our products and maintain a provision for warranty repair or replacement of shipped products. The accrual represents management’s estimate of probable returns. Our estimate is based on an analysis of our overall sales volume and historical claims experience. The estimate is re-evaluated periodically for accuracy. | |||||||||
Shipping Costs | |||||||||
Our shipping and handling costs are included in cost of sales for all periods presented in the Consolidated Statements of Income. | |||||||||
Advertising Costs | |||||||||
Advertising costs are expensed as incurred. Advertising costs were $1.1 million, $1.4 million, and $1.5 million, in fiscal years 2015, 2014, and 2013, respectively. | |||||||||
Stock-Based Compensation | |||||||||
Stock-based compensation is measured at the grant date based on the grant-date fair value of the awards and is recognized as an expense, on a ratable basis, over the vesting period, which is generally between zero and four years. Determining the amount of stock-based compensation to be recorded requires the Company to develop estimates used in calculating the grant-date fair value of stock options and performance awards (also called market stock units). The Company calculates the grant-date fair value for stock options and market stock units using the Black-Scholes valuation model and the Monte Carlo simulation, respectively. The use of valuation models requires the Company to make estimates of assumptions such as expected volatility, expected term, risk-free interest rate, expected dividend yield, correlation of the Company’s stock price with the Philadelphia Semiconductor Index (“the Index”) and forfeiture rates. The grant-date fair value of restricted stock units is the market value at grant date multiplied by the number of units. | |||||||||
Income Taxes | |||||||||
We provide for the recognition of deferred tax assets if realization of such assets is more likely than not. The Company evaluates the ability to realize its deferred tax assets based on all the facts and circumstances, including projections of future taxable income and expiration dates of carryover attributes on a quarterly basis. The calculation of our tax liabilities involves assessing uncertainties with respect to the application of complex tax rules and the potential for future adjustment of our uncertain tax positions by the Internal Revenue Service or other taxing jurisdiction. We recognize liabilities for uncertain tax positions based on the two-step process. The first step requires us to determine if the weight of available evidence indicates that the tax position has met the threshold for recognition; therefore, we must evaluate whether it is more likely than not that the position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step requires us to measure the tax benefit of the tax position taken, or expected to be taken, in an income tax return as the largest amount that is more than 50 percent likely of being realized upon ultimate settlement. We reevaluate the uncertain tax positions each quarter based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, expirations of statutes of limitation, effectively settled issues under audit, and new audit activity. If our estimates of these taxes are greater or less than actual results, an additional tax benefit or charge will result. | |||||||||
Although we believe the measurement of our liabilities for uncertain tax positions is reasonable, we cannot assure that the final outcome of these matters will not be different than what is reflected in the historical income tax provisions and accruals. If additional taxes are assessed as a result of an audit or litigation, it could have a material effect on our income tax provision and net income in the period or periods for which that determination is made. We operate within multiple taxing jurisdictions and are subject to audit in these jurisdictions. These audits can involve complex issues which may require an extended period of time to resolve and could result in additional assessments of income tax. We believe adequate provisions for income taxes have been made for all periods. | |||||||||
Net Income Per Share | |||||||||
Basic net income per share is based on the weighted effect of common shares issued and outstanding and is calculated by dividing net income by the basic weighted average shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average number of common shares used in the basic net income per share calculation, plus the equivalent number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares outstanding. These potentially dilutive items consist primarily of outstanding stock options and restricted stock grants. | |||||||||
The following table details the calculation of basic and diluted earnings per share for fiscal years 2015, 2014, and 2013, (in thousands, except per share amounts): | |||||||||
2015 | 2014 | 2013 | |||||||
Numerator: | |||||||||
Net income | $ | 55,178 | $ | 108,111 | $ | 136,598 | |||
Denominator: | |||||||||
Weighted average shares outstanding | 62,503 | 62,926 | 64,580 | ||||||
Effect of dilutive securities | 2,732 | 2,609 | 3,874 | ||||||
Weighted average diluted shares | 65,235 | 65,535 | 68,454 | ||||||
Basic earnings per share | $ | 0.88 | $ | 1.72 | $ | 2.12 | |||
Diluted earnings per share | $ | 0.85 | $ | 1.65 | $ | 2.00 | |||
The weighted outstanding options excluded from our diluted calculation for the years ended March 28, 2015, March 29, 2014, and March 30, 2013 were 718 thousand, 833 thousand, and 453 thousand, respectively, as the exercise price exceeded the average market price during the period. | |||||||||
Accumulated Other Comprehensive Loss | |||||||||
Our accumulated other comprehensive loss is comprised of foreign currency translation adjustments from prior years when we had subsidiaries whose functional currency was not the U.S. Dollar, unrealized gains and losses on investments classified as available-for-sale and actuarial gains and losses on our pension plan assets. See Note 16 – Accumulated Other Comprehensive Loss for additional discussion. | |||||||||
Recently Issued Accounting Pronouncements | |||||||||
In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The amendments in this ASU provide guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is currently evaluating the impact of this ASU and expects no material modifications to its financial statements. | |||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (ASC Topic 606). The purpose of this ASU is to converge revenue recognition requirements per GAAP and International Financial Reporting Standards (IFRS). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this ASU are effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption not permitted by the FASB; however, in April 2015 the FASB issued for public comment a proposal to delay the effective date of this ASU to annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of this ASU on its consolidated financial position, results of operations and cash flows. | |||||||||
In April 2015, the FASB issued ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. ASU 2015-03 is to be applied retrospectively and represents a change in accounting principle. This ASU is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. Earlier adoption is permitted for financial statements that have not been previously issued. The Company is currently evaluating the effect that the adoption of this ASU will have on its financial statements. | |||||||||
Marketable_Securities
Marketable Securities | 12 Months Ended | ||||||||||||
Mar. 28, 2015 | |||||||||||||
Marketable Securities [Abstract] | |||||||||||||
Marketable Securities | 3. Marketable Securities | ||||||||||||
The Company’s investments that have original maturities greater than 90 days have been classified as available-for-sale securities in accordance with U.S. GAAP. Marketable securities are categorized on the Consolidated Balance Sheet as marketable securities, as appropriate. | |||||||||||||
The following table is a summary of available-for-sale securities (in thousands): | |||||||||||||
Estimated | |||||||||||||
Gross | Gross | Fair Value | |||||||||||
Amortized | Unrealized | Unrealized | (Net Carrying | ||||||||||
As of March 28, 2015 | Cost | Gains | Losses | Amount) | |||||||||
Corporate debt securities | $ | 153,896 | $ | 8 | $ | -68 | $ | 153,836 | |||||
Commercial paper | 2,485 | 2 | - | 2,487 | |||||||||
U.S. Treasury securities | 28,010 | - | -15 | 27,995 | |||||||||
Total securities | $ | 184,391 | $ | 10 | $ | -83 | $ | 184,318 | |||||
The Company’s specifically identified gross unrealized losses of $83 thousand relates to 34 different securities with a total amortized cost of approximately $154.3 million at March 28, 2015. Because the Company does not intend to sell the investments at a loss and the Company will not be required to sell the investments before recovery of its amortized cost basis, it did not consider the investment in these securities to be other-than-temporarily impaired at March 28, 2015. Further, the securities with gross unrealized losses had been in a continuous unrealized loss position for less than 12 months as of March 28, 2015. | |||||||||||||
Estimated | |||||||||||||
Gross | Gross | Fair Value | |||||||||||
Amortized | Unrealized | Unrealized | (Net Carrying | ||||||||||
As of March 29, 2014 | Cost | Gains | Losses | Amount) | |||||||||
Corporate debt securities | $ | 246,878 | $ | 52 | $ | -245 | $ | 246,685 | |||||
U.S. Treasury securities | 56,986 | 10 | -2 | 56,994 | |||||||||
Agency discount notes | 2,008 | 1 | - | 2,009 | |||||||||
Commercial paper | 41,962 | 10 | -2 | 41,970 | |||||||||
Certificates of deposit | 5,006 | - | -4 | 5,002 | |||||||||
Total securities | $ | 352,840 | $ | 73 | $ | -253 | $ | 352,660 | |||||
The Company’s specifically identified gross unrealized losses of $253 thousand relates to 74 different securities with a total amortized cost of approximately $207.8 million at March 29, 2014. Because the Company does not intend to sell the investments at a loss and the Company will not be required to sell the investments before recovery of its amortized cost basis, it did not consider the investment in these securities to be other-than-temporarily impaired at March 29, 2014. Further, the securities with gross unrealized losses had been in a continuous unrealized loss position for less than 12 months as of March 29, 2014. | |||||||||||||
The cost and estimated fair value of available-for-sale investments by contractual maturity were as follows: | |||||||||||||
28-Mar-15 | 29-Mar-14 | ||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||
Within 1 year | $ | 124,275 | $ | 124,246 | $ | 263,418 | $ | 263,417 | |||||
After 1 year | 60,116 | 60,072 | 89,422 | 89,243 | |||||||||
Total | $ | 184,391 | $ | 184,318 | $ | 352,840 | $ | 352,660 | |||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Fair Value of Financial Instruments [Abstract] | ||||||||||||
Fair Value of Financial Instruments | 4. Fair Value of Financial Instruments | |||||||||||
The Company has determined that the only assets and liabilities in the Company’s financial statements that are required to be measured at fair value on a recurring basis are the Company’s cash equivalents, investment portfolio, pension plan assets/liabilities and foreign currency derivative assets/liabilities. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). | ||||||||||||
• | Level 1 — Quoted prices in active markets for identical assets or liabilities. | |||||||||||
• | Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||
• | Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||
The Company’s cash equivalents and investment portfolio assets consist of corporate debt securities, money market funds, U.S. Treasury securities, obligations of U.S. government-sponsored enterprises, commercial paper, and certificates of deposit and are reflected on our Consolidated Balance Sheet under the headings cash and cash equivalents, marketable securities, and long-term marketable securities. The Company determines the fair value of its investment portfolio assets by obtaining non-binding market prices from its third-party portfolio managers 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 facility, described in Note 9, bears interest at a base rate plus applicable margin or LIBOR plus applicable margin. As of March 28, 2015, the fair value of the Company’s long-term revolving facility approximates carrying value based on estimated margin. | ||||||||||||
As of March 28, 2015 and March 29, 2014, the Company classified all investment portfolio assets and pension plan assets (discussed in Note 11) as Level 1 or Level 2 assets. The Company has no Level 3 assets. There were no transfers between Level 1, Level 2, or Level 3 measurements for the years ending March 28, 2015 and March 29, 2014. | ||||||||||||
The following summarizes the fair value of our financial instruments, exclusive of pension plan assets detailed in Note 11, at March 28, 2015 (in thousands): | ||||||||||||
Quoted Prices | ||||||||||||
in Active | Significant | |||||||||||
Markets for | Other | Significant | ||||||||||
Identical | Observable | Unobservable | ||||||||||
Assets | Inputs | Inputs | ||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Assets: | ||||||||||||
Cash equivalents | ||||||||||||
Money market funds | $ | 996 | $ | - | $ | - | $ | 996 | ||||
Available-for-sale securities | ||||||||||||
Corporate debt securities | $ | - | $ | 153,836 | $ | - | $ | 153,836 | ||||
U.S. Treasury securities | 27,995 | - | - | 27,995 | ||||||||
Commercial paper | - | 2,487 | - | 2,487 | ||||||||
$ | 27,995 | $ | 156,323 | $ | - | $ | 184,318 | |||||
The following summarizes the fair value of our financial instruments at March 29, 2014 (in thousands): | ||||||||||||
Quoted Prices | ||||||||||||
in Active | Significant | |||||||||||
Markets for | Other | Significant | ||||||||||
Identical | Observable | Unobservable | ||||||||||
Assets | Inputs | Inputs | ||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Cash equivalents | ||||||||||||
Money market funds | $ | 20,456 | $ | - | $ | - | $ | 20,456 | ||||
Commercial paper | - | 1,878 | - | 1,878 | ||||||||
$ | 20,456 | $ | 1,878 | $ | - | $ | 22,334 | |||||
Available-for-sale securities | ||||||||||||
Corporate debt securities | $ | - | $ | 246,685 | $ | - | $ | 246,685 | ||||
U.S. Treasury securities | 56,994 | - | - | 56,994 | ||||||||
Agency discount notes | - | 2,009 | - | 2,009 | ||||||||
Commercial paper | - | 41,970 | - | 41,970 | ||||||||
Certificates of deposit | - | 5,002 | - | 5,002 | ||||||||
$ | 56,994 | $ | 295,666 | $ | - | $ | 352,660 | |||||
Accounts_Receivable_Net
Accounts Receivable, Net | 12 Months Ended | |||||
Mar. 28, 2015 | ||||||
Accounts Receivable, Net [Abstract] | ||||||
Accounts Receivable, Net | ||||||
5. Accounts Receivable, net | ||||||
The following are the components of accounts receivable, net (in thousands): | ||||||
March 28, | March 29, | |||||
2015 | 2014 | |||||
Gross accounts receivable | $ | 112,964 | $ | 63,449 | ||
Allowance for doubtful accounts | -356 | -229 | ||||
Accounts receivable, net | $ | 112,608 | $ | 63,220 | ||
The following table summarizes the changes in the allowance for doubtful accounts (in thousands): | ||||||
Balance, March 31, 2012 | $ | -371 | ||||
Bad debt expense, net of recoveries | 70 | |||||
Balance, March 30, 2013 | -301 | |||||
Bad debt expense, net of recoveries | 72 | |||||
Balance, March 29, 2014 | -229 | |||||
Bad debt expense, net of recoveries | -127 | |||||
Balance, March 28, 2015 | $ | -356 | ||||
Intangibles_Net
Intangibles, Net | 12 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Goodwill and Intangibles, Net [Abstract] | ||||||||||||
Intangible Assets Disclosure [Text Block] | 6. Intangibles, net | |||||||||||
The intangibles, net balance included on the Consolidated Balance Sheets was $175.7 million and $12.0 million at March 28, 2015 and March 29, 2014, respectively. The increase in the intangibles balance primarily resulted from the Acquisition discussed below in Note 7 - Acquisition. | ||||||||||||
The following information details the gross carrying amount and accumulated amortization of our intangible assets (in thousands): | ||||||||||||
28-Mar-15 | 29-Mar-14 | |||||||||||
Intangible Category / Weighted-Average Amortization period (in years) | Gross Amount | Accumulated Amortization | Gross Amount | Accumulated Amortization | ||||||||
Core technology (a) | $ | 1,390 | $ | -1,390 | $ | 1,390 | $ | -1,390 | ||||
License agreement (a) | 440 | -440 | 440 | -440 | ||||||||
Existing technology (6.5) | 98,645 | -13,596 | 9,826 | -4,206 | ||||||||
In-process research & development ("IPR&D") (7.3) | 72,750 | -3,918 | - | - | ||||||||
Trademarks and tradename (5.4) | 3,037 | -1,141 | 1,600 | -384 | ||||||||
Customer relationships (10.0) | 15,381 | -1,117 | 2,400 | -120 | ||||||||
Technology licenses (3.1) | 23,018 | -17,316 | 18,000 | -15,117 | ||||||||
Total | $ | 214,661 | $ | -38,918 | $ | 33,656 | $ | -21,657 | ||||
(a) | Intangible assets are fully amortized. | |||||||||||
Amortization expense for intangibles in fiscal years 2015, 2014, and 2013 was $18.2 million, $2.8 million, and $3.4 million, respectively. The following table details the estimated aggregate amortization expense for all intangibles owned as of March 28, 2015, for each of the five succeeding fiscal years and in the aggregate thereafter (in thousands): | ||||||||||||
For the year ended March 26, 2016 | $ | 32,304 | ||||||||||
For the year ended March 25, 2017 | $ | 29,020 | ||||||||||
For the year ended March 31, 2018 | $ | 27,742 | ||||||||||
For the year ended March 30, 2019 | $ | 27,053 | ||||||||||
For the year ended March 28, 2020 | $ | 26,370 | ||||||||||
Thereafter | $ | 33,266 | ||||||||||
Acquisition
Acquisition | 12 Months Ended | |||||||||
Mar. 28, 2015 | ||||||||||
Business Combinations [Abstract] | ||||||||||
Business Combination Disclosure [Text Block] | 7. Acquisition | |||||||||
On August 21, 2014, Cirrus Logic completed the acquisition of Wolfson Microelectronics plc (the “Acquisition”), a public limited company incorporated in Scotland (“Wolfson”). Upon completion of the acquisition, Wolfson was re-registered as a private limited company. Wolfson is a supplier of high performance, mixed-signal audio solutions for the consumer electronics market. The Acquisition accelerates Cirrus Logic’s strategic roadmap, further strengthens our technology portfolio with the addition of MEMS microphones and extensive software capabilities, while significantly expanding our development capacity. | ||||||||||
The enterprise value for Wolfson in connection with the Acquisition was approximately £283 million (approximately $469 million, and was based on the agreed upon offer of £2.35 per share (the “Offer”) for the entire issued and to be issued share capital of Wolfson. Cirrus Logic financed the Acquisition through a combination of existing cash on Cirrus Logic’s balance sheet and $225 million in debt funding from Wells Fargo Bank, National Association, as discussed below in Note 9. Upon the completion of the Acquisition, in the second quarter of fiscal year 2015, the Company recorded approximately $12.0 million of realized losses on foreign currency contracts used to hedge the purchase of Wolfson’s share capital which was denominated in pounds sterling. The contracts were not accounted for under ASC 815. The loss is included in the consolidated statements of income under the caption “Other expense” for the year ended March 28, 2015. | ||||||||||
The Acquisition was accounted for as a business purchase pursuant to ASC Topic 805, Business Combinations, and the operations of Wolfson have been included in the Company’s consolidated financial statements since August 21, 2014, the date of acquisition. The following table presents the preliminary allocation of the purchase price to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition as of March 28, 2015 (in thousands): | ||||||||||
Amount | ||||||||||
Cash and cash equivalents | $ | 25,342 | ||||||||
Inventory | 30,530 | |||||||||
Other current assets | 16,226 | |||||||||
Property, plant and equipment | 27,398 | |||||||||
Intangible assets | 175,987 | |||||||||
Pension assets | 1,625 | |||||||||
Total identifiable assets acquired | $ | 277,108 | ||||||||
Deferred tax liability - current | -11,958 | |||||||||
Deferred revenue | -551 | |||||||||
Other accrued liabilities | -39,417 | |||||||||
Other long-term liabilities | -2,449 | |||||||||
Total identifiable liabilities assumed | $ | -54,375 | ||||||||
Net identifiable assets acquired | $ | 222,733 | ||||||||
Goodwill | 246,748 | |||||||||
Net assets acquired | $ | 469,481 | ||||||||
The goodwill of $246.7 million arising from the Acquisition is attributable primarily to expected synergies and the product and customer base of Wolfson. None of the goodwill is expected to be deductible for income tax purposes. As of March 28, 2015, the changes in the recognized amounts of goodwill resulting from the Acquisition are as follows (in thousands): | ||||||||||
September 27, | Fair Value | March 28, | ||||||||
2014 | Adjustments | 2015 | ||||||||
Inventory | $ | 28,658 | $ | 1,872 | $ | 30,530 | ||||
Other current assets | 15,633 | 593 | 16,226 | |||||||
Property, plant and equipment | 29,093 | -1,695 | 27,398 | |||||||
Deferred tax liability - current | -11,483 | -475 | -11,958 | |||||||
Other accrued liabilities | -41,417 | 2,000 | -39,417 | |||||||
Total Goodwill | $ | 249,043 | $ | -2,295 | $ | 246,748 | ||||
The acquired intangible assets and related weighted average amortization periods are detailed below (in thousands): | ||||||||||
Intangible assets | Amount | Weighted-average Amortization Period (years) | ||||||||
Developed technology | $ | 74,247 | 6.2 | |||||||
Technology intellectual property | 14,572 | 5.3 | ||||||||
Trademark | 1,437 | 1.3 | ||||||||
IPR&D | 72,750 | 7.3 | ||||||||
Customer relationships | 12,981 | 10 | ||||||||
Total | $ | 175,987 | ||||||||
The IPR&D intangible assets included the following research and development projects acquired through the Acquisition (in thousands): (1) intellectual property (“IP”) migration and product development at 152 nm process technology (“152 nm”); (2) IP migration and product development at 55 and 65 nm process technology (“55/65 nm”); (3) MEMs transducer development (“MEM”); and (4) single die monolithic integration of MEMS structures and ASICS (“integrated MEMs”). | ||||||||||
IPR&D intangible assets | Amount | Approximate Costs to Complete | Estimated Cost Completion Date (calendar year) | |||||||
152 nm | $ | 8,905 | $ | 862 | 2015 | |||||
55/65 nm | 36,807 | 17,350 | 2019 | |||||||
MEMs | 15,596 | 604 | 2015 | |||||||
Integrated MEMs | 11,442 | 2,784 | 2016 | |||||||
Total | $ | 72,750 | $ | 21,600 | ||||||
The fair value of the IPR&D acquired intangible assets was determined using the multi-period excess earnings (“MPEEM”) method, which is a variation of the income approach. The method estimates an intangible asset’s value based on the present value of the incremental after-tax cash flows, or excess earnings, attributable to the intangible asset. The present value is calculated using a discount rate commensurate with the risk inherent in the IPR&D intangible asset as well as any tax benefits related to ownership. | ||||||||||
The initial allocation of the purchase price is preliminary and subject to completion, including the areas of taxation, where valuation assessments are in progress. The adjustments arising from the completion of the outstanding matters may materially affect the preliminary purchase accounting and would be retroactively reflected in the financial statements as of March 28, 2015, and for the interim periods affected. | ||||||||||
The Company recognized a total of $18.1 million of acquisition related costs that were expensed in the second and third quarters of fiscal year 2015. The majority of the costs included in this amount were associated with bank and legal fees, as well as certain expenses for stock compensation related to the Acquisition. These costs are included in the consolidated statements of income in the line item entitled “Acquisition related costs.” Restructuring costs related to the Acquisition were $1.5 million for the year ended March 28, 2015, primarily related to severance payments and the consolidation of our sales functions. These costs are included in the line item “Restructuring and other, net” on the consolidated statements of income. Prior year credits related to changes in estimates for the Tucson, Arizona design center facility, due to a new sublease on the vacated property in connection with the closing of this facility. | ||||||||||
The Company’s consolidated statements of income for the year ending March 28, 2015 included $98.3 million of revenue attributable to Wolfson, from the acquisition date to the end of the period. Earnings disclosure related to Wolfson for the year ending March 28, 2015, is excluded as it would be impracticable, due to the integration of Wolfson’s operations with the Company’s operations, resulting in the inability to allocate costs and services shared across both companies’ product lines. | ||||||||||
Giving pro forma effect to the Acquisition as if it had occurred as of March 31, 2013, the beginning of the Company’s fiscal year 2014, and after applying the Company’s accounting policies and adjusting the results to reflect these changes since March 31, 2013, $142.5 million and $179.4 million of pro forma revenue would have been attributable to Wolfson for the fiscal year ended March 28, 2015 and March 29, 2014, respectively. Disclosure of pro forma earnings attributable to Wolfson is excluded as it would be impracticable, due to the integration of Wolfson’s operations with the Company’s operations, resulting in the inability to allocate costs and services shared across both companies’ product lines. | ||||||||||
Revolving_Line_of_Credit
Revolving Line of Credit | 12 Months Ended |
Mar. 28, 2015 | |
Line of Credit [Abstract] | |
Revolving Line of Credit | 9. Revolving Line of Credit |
On August 29, 2014, Cirrus Logic entered into a credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as Administrative Agent, and the Lenders party thereto. | |
The Credit Agreement provides for a $250 million senior secured revolving credit facility (the “Credit Facility”). The Credit Facility replaced Cirrus Logic’s Interim Credit Facility described below, and may be used for general corporate purposes. The Credit Facility matures on August 29, 2017. | |
The Credit Facility is required to be guaranteed by all of Cirrus Logic’s material domestic subsidiaries (the “Subsidiary Guarantors”). The Credit Facility is secured by substantially all of the assets of Cirrus Logic and any Subsidiary Guarantors, except for certain excluded assets. Borrowings under the Credit Facility may, at 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 .25% per annum for Base Rate Loans and 1.50% to 2.00% per annum for LIBOR Rate Loans based on Cirrus Logic’s Leverage Ratio (discussed below). A Commitment Fee accrues at a rate per annum ranging from 0.25% to 0.35% (based on the Leverage Ratio) on the average daily unused portion of the Commitment of the Lenders. | |
The 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 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 Credit Facility also contains certain financial covenants providing that (a) the ratio of consolidated funded indebtedness to consolidated EBITDA for the prior four consecutive quarters must not be greater than 2.00 to 1.00 (the “Leverage Ratio”) and (b) the sum of cash and Cash Equivalents, which includes marketable securities, of Cirrus Logic and its Subsidiaries on a consolidated basis must not be less than $100 million. At March 28, 2015, the Company was in compliance with all covenants under the Credit Agreement. The Company had borrowed $180.4 million under this facility as of March 28, 2015, which is included in long-term liabilities on the consolidated balance sheets under the caption “Debt.” The borrowings were primarily used for refinancing the Interim Credit Facility described below (which was used for financing the Acquisition). | |
Cirrus Logic entered into a credit agreement (the “Interim Credit Agreement”) with Wells Fargo Bank, National Association as administrative agent and lender, on April 29, 2014, in connection with the Acquisition. The Interim Credit Agreement provided for a $225 million senior secured revolving credit facility (the “Interim Credit Facility”). The Interim Credit Facility was to be used for, among other things, payment of the Offer Consideration in connection with the Acquisition. The Interim Credit Facility would have matured on the earliest to occur of (a) January 23, 2015, (b) the date of termination of the Commitments as a result of a permanent reduction of all of the Commitments (as defined in the Interim Credit Agreement) by Cirrus Logic or (c) the date of termination of the Commitments as a result of an event of default. The Interim Credit Facility was replaced with the Credit Facility described above and matured under scenario (b) above with no outstanding borrowings or accrued interest on the maturity date. | |
Restructuring_Costs
Restructuring Costs | 12 Months Ended |
Mar. 28, 2015 | |
Restructuring Costs [Abstract] | |
Restructuring Costs | 10. Restructuring Costs |
The current fiscal year restructuring costs incurred related to the Acquisition discussed above in Note 7. In the third quarter of fiscal year 2013, the Company committed to a plan to close its Tucson, Arizona design center and move those operations to the Company’s headquarters in Austin, Texas. As a result, the Company incurred a one-time charge for relocation, severance-related items and facility-related costs to operating expenses totaling $3.5 million in the third quarter of fiscal year 2013. The charge included $1.5 million in severance and relocation-related costs and $2.0 million in facility and other related charges. In fiscal year 2014, the Company recorded a credit of approximately $0.6 million related to changes in estimates for the facility, due to new subleases on the vacated property. This information is presented in a separate line item on the Consolidated Statements of Income in operating expenses under the caption “Restructuring and other, net.” | |
Of the net $2.9 million expense incurred, approximately $2.8 million has been completed, and consisted of severance and relocation-related costs of approximately $1.2 million, an asset impairment charge of approximately $1.0 million, and facility-related costs of approximately $0.6 million. As of March 28, 2015, we have a remaining restructuring accrual of $0.1 million, included in “Other accrued liabilities” on the Consolidated Balance Sheet. | |
Postretirement_Benefit_Plans
Postretirement Benefit Plans | 12 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Employee Benefit Plans [Abstract] | ||||||||||||
Employee Benefit Plans | 11. Postretirement Benefit Plans | |||||||||||
Pension Plan | ||||||||||||
As a result of the Acquisition, the Company now fully funds a defined benefit pension scheme (“the Scheme”) maintained by Wolfson, for employees in the United Kingdom, which was closed to new participants as of July 2, 2002. As of April 30, 2011, the participants in the Scheme no longer accrue benefits and therefore the Company will not be required to pay contributions in respect to future accrual. | ||||||||||||
The Scheme is a trustee-administered fund that is legally separate from Wolfson, which holds the pension plan assets to meet long-term pension liabilities. The pension fund trustees comprise one employee and one employer representative and an independent chairman. The trustees are required by law to act in the best interests of the Scheme’s beneficiaries and the trustees are responsible, in consultation with Wolfson and the Company, for setting certain policies (including the investment policies and strategies) of the fund. | ||||||||||||
Prior to the Acquisition, Wolfson paid deficit contributions of approximately $1.65 million in April 2014. As of March 28, 2015, the Company was obligated, and subsequently paid, approximately $1.4 million to the Scheme by April 30, 2015 and is obligated to pay approximately $0.6 million by April 30, 2016, which is recorded on the consolidated balance sheets in “Accrued salaries and benefits” and “Other long-term liabilities,” respectively. The Company expects to completely close the Scheme over the next ten years. | ||||||||||||
The following tables set forth the benefit obligation, the fair value of plan assets, and the funded status of the Scheme (in thousands): | ||||||||||||
Change in benefit obligation: | ||||||||||||
Beginning balance at August 21, 2014 | $ | 22,959 | ||||||||||
Expenses | 16 | |||||||||||
Interest cost | 544 | |||||||||||
Benefits paid and expenses | -255 | |||||||||||
Actuarial loss | 3,827 | |||||||||||
Total benefit obligation at March 28, 2015 | 27,091 | |||||||||||
Change in plan assets: | ||||||||||||
Beginning balance at August 21, 2014 | 25,021 | |||||||||||
Actual return on plan assets | 1,969 | |||||||||||
Benefits paid and expenses | -255 | |||||||||||
Fair value of plan assets at March 28, 2015 | 26,735 | |||||||||||
Funded status of Scheme at March 28, 2015 | $ | -356 | ||||||||||
The assets and obligations of the Scheme are denominated in British Pounds. Based on an actuarial study performed as of March 28, 2015, the Scheme is underfunded and a long-term liability is reflected in the Company’s consolidated balance sheet under the caption “Other long-term liabilities”. The weighted-average discount rate assumption used to determine benefit obligations as of March 28, 2015 was 3.2%. | ||||||||||||
The components of the Company’s net periodic pension expense (income) are as follows (in thousands): | ||||||||||||
Fiscal Years Ended | ||||||||||||
March 28, | March 29, | |||||||||||
2015 | 2014 | |||||||||||
Expenses | $ | 16 | $ | - | ||||||||
Interest cost | 544 | - | ||||||||||
Expected return on plan assets | -792 | - | ||||||||||
$ | -232 | $ | - | |||||||||
The following weighted-average assumptions were used to determine net periodic benefit costs for the year ended March 28, 2015: | ||||||||||||
Discount rate | 4.00 | % | ||||||||||
Expected long-term return on plan assets | 5.36 | % | ||||||||||
We report and measure the plan assets of our defined benefit pension at fair value. The Company’s pension plan assets consist of cash, equity securities, corporate debt securities, and diversified growth funds. The fair value of the pension plan assets is determined through an external actuarial valuation, following a similar process of obtaining inputs as described above. The expected long-term return on plan assets is comparable to the discount rate used to value plan liabilities. | ||||||||||||
The table below sets forth the fair value of our plan assets as of March 28, 2015, using the same three-level hierarchy of fair-value inputs described in Note 4 (in thousands). | ||||||||||||
Quoted Prices | ||||||||||||
in Active | Significant | |||||||||||
Markets for | Other | Significant | ||||||||||
Identical | Observable | Unobservable | ||||||||||
Assets | Inputs | Inputs | ||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Plan Assets: | ||||||||||||
Cash | $ | 1,160 | $ | - | $ | - | $ | 1,160 | ||||
Pension funds | - | 25,575 | - | 25,575 | ||||||||
$ | 1,160 | $ | 25,575 | $ | - | $ | 26,735 | |||||
Amounts recognized in accumulated other comprehensive income (loss) for the period that have not yet been recognized as components of net periodic benefit cost consist of (in thousands): | ||||||||||||
Fiscal Year | ||||||||||||
2015 | ||||||||||||
Net actuarial loss | $ | -1,625 | ||||||||||
Accumulated other comprehensive loss, before tax | $ | -1,625 | ||||||||||
The Company will amortize the actuarial loss over a period of twenty-five years based on actuarial assumptions, including life expectancy. The following table provides the estimated amount that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in fiscal year 2016 (in thousands): | ||||||||||||
Fiscal Year | ||||||||||||
2016 | ||||||||||||
Transition (asset) obligation | $ | - | ||||||||||
Prior service cost | - | |||||||||||
Actuarial loss (gain) | 65 | |||||||||||
The Company expects to contribute $1.4 million to the pension plan in fiscal year 2016 for deficit contributions discussed above. | ||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for the following fiscal years (in thousands): | ||||||||||||
Benefit | ||||||||||||
Payments | ||||||||||||
2016 | $ | 384 | ||||||||||
2017 | 305 | |||||||||||
2018 | 314 | |||||||||||
2019 | 487 | |||||||||||
2020 | 570 | |||||||||||
Thereafter | 2,865 | |||||||||||
The expected long-term return on plan assets is based on historical actual return experience and estimates of future long-term performance with consideration to the expected investment mix of the plan assets. It is the policy of the Trustees and the Company to review the investment strategy periodically. The Trustees’ investment objectives and the processes undertaken to measure and manage the risks inherent in the Scheme investment strategy are illustrated by the current asset allocation. The current mix is 33% equity securities, 42% corporate debt securities, 21% diversified growth funds and 4% cash. See the related fair value of the assets above. | ||||||||||||
The Scheme exposes the Company to actuarial risks such as investment (market) risk, interest rate risk, mortality risk, longevity risk and currency risk. A decrease in corporate bond yields, a rise in inflation or an increase in life expectancy would result in an increase to the Scheme liabilities and may give rise to increased benefit expenses in future periods. Caps on inflationary increases are currently in place to protect the Scheme against extreme inflation, however. | ||||||||||||
The indicative impact on net periodic benefit cost based on defined sensitivities is as follows: | ||||||||||||
Change | Approximate impact on liabilities | |||||||||||
Decrease discount rate by 0.1%, per year | 2% increase | |||||||||||
Increase inflation linked assumptions by 0.1%, per year | 2% increase (of inflation-linked liabilities) | |||||||||||
Increase life expectancy by 1 year | 2% increase | |||||||||||
401(k) Plan | ||||||||||||
We have a 401(k) Profit Sharing Plan (the “401(k) Plan”) covering all of our qualifying domestic employees. Under the 401(k) Plan, employees may elect to contribute any percentage of their annual compensation up to the annual IRS limitations. Beginning in the fourth quarter of fiscal year 2014, the Company matches 50 percent of the first 8 percent of the employees’ annual contribution; prior to that, the Company matched 50 percent of the first 6 percent of the employee’s annual contribution. We made matching employee contributions of $2.5 million, $1.8 million, and $1.5 million during fiscal years 2015, 2014, and 2013, respectively. | ||||||||||||
Equity_Compensation
Equity Compensation | 12 Months Ended | |||||||||||||
Mar. 28, 2015 | ||||||||||||||
Equity Compensation [Abstract] | ||||||||||||||
Equity Compensation | 12. Equity Compensation | |||||||||||||
The Company is currently granting equity awards from the 2006 Stock Incentive Plan (the “Plan”), which was approved by stockholders in July 2006. The Plan provides for granting of stock options, restricted stock awards, performance awards, phantom stock awards, and bonus stock awards, or any combination of the foregoing. To date, the Company has granted stock options, restricted stock awards, phantom stock awards (also called restricted stock units), and performance awards (also called market stock units) under the Plan. Each stock option granted reduces the total shares available for grant under the Plan by one share. Each full value award granted (including restricted stock awards, restricted stock units and market stock units) reduces the total shares available for grant under the Plan by 1.5 shares. Stock options generally vest between zero and four years, and are exercisable for a period of ten years from the date of grant. Generally, restricted stock awards are subject to vesting schedules up to four years. Restricted stock units are generally subject to vesting from one to three years, depending upon the terms of the grant. Market stock units are subject to a vesting schedule of three years. | ||||||||||||||
The following table summarizes the activity in total shares available for grant (in thousands): | ||||||||||||||
Shares | ||||||||||||||
Available for | ||||||||||||||
Grant | ||||||||||||||
Balance, March 31, 2012 | 6,257 | |||||||||||||
Plans terminated | - | |||||||||||||
Granted | -1,600 | |||||||||||||
Forfeited | 468 | |||||||||||||
Balance, March 30, 2013 | 5,125 | |||||||||||||
Plans terminated | - | |||||||||||||
Granted | -1,785 | |||||||||||||
Forfeited | 207 | |||||||||||||
Balance, March 29, 2014 | 3,547 | |||||||||||||
Plans terminated | - | |||||||||||||
Shares added | 3,300 | |||||||||||||
Granted | -3,181 | |||||||||||||
Forfeited | 230 | |||||||||||||
Balance, March 28, 2015 | 3,896 | |||||||||||||
As of March 28, 2015, approximately 12.6 million shares of common stock were reserved for issuance under the Plan. | ||||||||||||||
Stock Compensation Expense | ||||||||||||||
The following table summarizes the effects of stock-based compensation on cost of goods sold, research and development, sales, general and administrative, pre-tax income, and net income after taxes for shares granted under the Plan (in thousands, except per share amounts): | ||||||||||||||
Fiscal Year | ||||||||||||||
2015 | 2014 | 2013 | ||||||||||||
Cost of sales | $ | 747 | $ | 864 | $ | 751 | ||||||||
Research and development | 11,222 | 10,392 | 10,549 | |||||||||||
Sales, general and administrative | 25,580 | 11,818 | 10,195 | |||||||||||
Effect on pre-tax income | 37,549 | 23,074 | 21,495 | |||||||||||
Income Tax Benefit | -37,692 | -8,445 | -106 | |||||||||||
Total share-based compensation expense (benefit) (net of taxes) | -143 | 14,629 | 21,389 | |||||||||||
Share-based compensation effects on basic earnings per share | $ | 1.20 | $ | 0.50 | $ | 0.33 | ||||||||
Share-based compensation effects on diluted earnings per share | 1.15 | 0.48 | 0.32 | |||||||||||
Share-based compensation effects on operating activities cash flow | -143 | 14,629 | 21,389 | |||||||||||
Share-based compensation effects on financing activities cash flow | 37,692 | 8,445 | 106 | |||||||||||
The total share based compensation expense included in the table above and which is attributable to restricted stock awards, restricted stock units and market stock units was $34.0 million, $18.6 million, $16.3 million, for fiscal years 2015, 2014, and 2013, respectively. | ||||||||||||||
As of March 28, 2015, there was $40.7 million of compensation costs related to non-vested stock options, restricted stock units, and market stock units granted under the Company’s equity incentive plans not yet recognized in the Company’s financial statements. The unrecognized compensation cost is expected to be recognized over a weighted average period of 1.27 years for stock options, 1.50 years for restricted stock units, and 2.51 years for market stock units. | ||||||||||||||
Stock Options | ||||||||||||||
We estimated the fair value of each stock option granted on the date of grant using the Black-Scholes option-pricing model using a dividend yield of zero and the following additional assumptions: | ||||||||||||||
Year Ended | ||||||||||||||
28-Mar-15 | 29-Mar-14 | 30-Mar-13 | ||||||||||||
Expected stock price volatility | 38.79 | - | 42.12 | % | 51.93 | - | 54.34 | % | 63.42 | % | ||||
Risk-free interest rate | 0.49 | - | 0.91 | % | 0.47 | - | 0.52 | % | 0.31 | % | ||||
Expected term (in years) | 2.15 | - | 2.87 | 2.46 | - | 2.61 | 2.46 | |||||||
The Black-Scholes valuation calculation requires us to estimate key assumptions such as stock price volatility, expected term, risk-free interest rate and dividend yield. The expected stock price volatility is based upon implied volatility from traded options on our stock in the marketplace. The expected term of options granted is derived from an analysis of historical exercises and remaining contractual life of stock options, and represents the period of time that options granted are expected to be outstanding after becoming vested. The risk-free interest rate reflects the yield on zero-coupon U.S. Treasury securities for a period that is commensurate with the expected term assumption. Finally, we have never paid cash dividends, do not currently intend to pay cash dividends, and thus have assumed a zero percent dividend yield. | ||||||||||||||
Using the Black-Scholes option valuation model, the weighted average estimated fair values of employee stock options granted in fiscal years 2015, 2014, and 2013, were $7.26, $10.45, and $20.43, respectively. | ||||||||||||||
During fiscal years 2015, 2014, and 2013, we received a net $5.2 million, $5.1 million, $12.0 million, respectively, from the exercise of 0.7 million, 0.8 million, and 1.7 million, respectively, stock options granted under the Company’s Stock Plan. | ||||||||||||||
The total intrinsic value of stock options exercised during fiscal year 2015, 2014, and 2013, was $12.8 million, $12.4 million, and $48.6 million, respectively. Intrinsic value represents the difference between the market value of the Company’s common stock at the time of exercise and the strike price of the stock option. | ||||||||||||||
Additional information with respect to stock option activity is as follows (in thousands, except per share amounts): | ||||||||||||||
Outstanding Options | ||||||||||||||
Weighted | ||||||||||||||
Average | ||||||||||||||
Number | Exercise Price | |||||||||||||
Balance, March 31, 2012 | 5,904 | $ | 8.23 | |||||||||||
Options granted | 264 | 37.22 | ||||||||||||
Options exercised | -1,746 | 6.88 | ||||||||||||
Options forfeited | -144 | 12.52 | ||||||||||||
Options expired | - | 20.25 | ||||||||||||
Balance, March 30, 2013 | 4,278 | $ | 10.42 | |||||||||||
Options granted | 318 | 23.45 | ||||||||||||
Options exercised | -834 | 6.12 | ||||||||||||
Options forfeited | -10 | 15.33 | ||||||||||||
Options expired | -27 | 19.52 | ||||||||||||
Balance, March 29, 2014 | 3,725 | $ | 12.42 | |||||||||||
Options granted | 310 | 21.69 | ||||||||||||
Options exercised | -696 | 7.47 | ||||||||||||
Options forfeited | -5 | 19.94 | ||||||||||||
Options expired | -1 | 4.65 | ||||||||||||
Balance, March 28, 2015 | 3,333 | $ | 14.31 | |||||||||||
Additional information with regards to outstanding options that are vesting, expected to vest, or exercisable as of March 28, 2015 is as follows (in thousands, except years and per share amounts): | ||||||||||||||
Weighted | Weighted Average | |||||||||||||
Number of | Average | Remaining Contractual | Aggregate | |||||||||||
Options | Exercise price | Term (years) | Intrinsic Value | |||||||||||
Vested and expected to vest | 3,311 | $ | 14.25 | 5.43 | $ | 64,449 | ||||||||
Exercisable | 2,670 | $ | 11.83 | 4.66 | $ | 58,150 | ||||||||
In accordance with U.S. GAAP, stock options outstanding that are expected to vest are presented net of estimated future option forfeitures, which are estimated as compensation costs are recognized. Options with a fair value of $4.4 million, $4.8 million, and $4.8 million, became vested during fiscal years 2015, 2014, and 2013, respectively. | ||||||||||||||
The following table summarizes information regarding outstanding and exercisable options as of March 28, 2015 (in thousands, except per share amounts): | ||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||
Weighted Average | ||||||||||||||
Remaining | Weighted | Weighted | ||||||||||||
Contractual Life | Average Exercise | Number | Average | |||||||||||
Range of Exercise Prices | Number | (years) | Price | Exercisable | Exercise Price | |||||||||
$2.82 - $5.53 | 306 | 3.67 | $ | 5.19 | 306 | $ | 5.19 | |||||||
$5.55 - $5.55 | 688 | 4.53 | 5.55 | 688 | 5.55 | |||||||||
$5.66 - $7.87 | 568 | 2.26 | 7.39 | 568 | 7.39 | |||||||||
$8.06 - $16.25 | 764 | 5.79 | 15.29 | 710 | 15.28 | |||||||||
$16.28 - $23.34 | 656 | 8.29 | 21.48 | 218 | 20.90 | |||||||||
$23.80 - $38.99 | 351 | 7.89 | 35.11 | 180 | 36.49 | |||||||||
3,333 | 5.45 | $ | 14.31 | 2,670 | $ | 11.83 | ||||||||
As of March 28, 2015 and March 29, 2014, the number of options exercisable was 2.7 million and 3.0 million, respectively. | ||||||||||||||
Restricted Stock Awards | ||||||||||||||
The Company periodically grants restricted stock awards (“RSA’s”) to select employees. The grant date for these awards is equal to the measurement date and the awards are valued as of the measurement date and amortized over the requisite vesting period, which is no more than four years. A summary of the activity for RSA’s in fiscal years 2015, 2014, and 2013, is presented below (in thousands, except per share amounts): | ||||||||||||||
Weighted | ||||||||||||||
Average | ||||||||||||||
Grant Date | ||||||||||||||
Number of | Fair Value | |||||||||||||
Shares | (per share) | |||||||||||||
31-Mar-12 | 40 | $ | 7.19 | |||||||||||
Granted | 27 | 28.24 | ||||||||||||
Vested | -62 | 15.45 | ||||||||||||
Forfeited | - | - | ||||||||||||
30-Mar-13 | 5 | 17.28 | ||||||||||||
Granted | - | - | ||||||||||||
Vested | - | - | ||||||||||||
Forfeited | - | - | ||||||||||||
29-Mar-14 | 5 | 17.28 | ||||||||||||
Granted | - | - | ||||||||||||
Vested | -5 | 17.28 | ||||||||||||
Forfeited | - | - | ||||||||||||
28-Mar-15 | - | $ | - | |||||||||||
There were no RSA’s outstanding as of March 28, 2015. RSA’s with a fair value of $86 thousand and $951 thousand became vested during fiscal years 2015 and 2013, respectively. No RSA’s became vested during fiscal year 2014. | ||||||||||||||
Restricted Stock Units | ||||||||||||||
Commencing in fiscal year 2011, the Company began granting restricted stock units (“RSU’s”) to select employees. These awards are valued as of the grant date and amortized over the requisite vesting period. Generally, RSU’s vest 100 percent on the first to third anniversary of the grant date depending on the vesting specifications. A summary of the activity for RSU’s in fiscal year 2015, 2014, and 2013 is presented below (in thousands, except year and per share amounts): | ||||||||||||||
Weighted | ||||||||||||||
Average | ||||||||||||||
Shares | Fair Value | |||||||||||||
31-Mar-12 | 1,616 | $ | 16.52 | |||||||||||
Granted | 864 | 37.26 | ||||||||||||
Vested | -193 | 20.56 | ||||||||||||
Forfeited | -216 | 21.46 | ||||||||||||
30-Mar-13 | 2,071 | 23.66 | ||||||||||||
Granted | 977 | 22.55 | ||||||||||||
Vested | -626 | 17.71 | ||||||||||||
Forfeited | -113 | 25.81 | ||||||||||||
29-Mar-14 | 2,309 | 25.26 | ||||||||||||
Granted | 1,887 | 22.04 | ||||||||||||
Vested | -1,224 | 19.52 | ||||||||||||
Forfeited | -151 | 26.17 | ||||||||||||
28-Mar-15 | 2,821 | $ | 25.57 | |||||||||||
The aggregate intrinsic value of RSU’s outstanding as of March 28, 2015 was $93.9 million. Additional information with regards to outstanding restricted stock units that are expected to vest as of March 28, 2015, is as follows (in thousands, except year and per share amounts): | ||||||||||||||
Weighted | Weighted Average | |||||||||||||
Average | Remaining Contractual | |||||||||||||
Shares | Fair Value | Term (years) | ||||||||||||
Expected to vest | 2,646 | $ | 25.57 | 1.46 | ||||||||||
RSU’s outstanding that are expected to vest are presented net of estimated future forfeitures, which are estimated as compensation costs are recognized. RSU’s with a fair value of $23.9 million and $11.1 million became vested during fiscal years 2015 and 2014, respectively. The majority of RSUs that vested in 2015 and 2014 were net settled such that the Company withheld a portion of the shares at fair value to satisfy tax withholding requirements. In fiscal years 2015 and 2014, the vesting of RSU’s reduced the authorized and unissued share balance by approximately 1.2 million and 0.6 million, respectively. Total shares withheld and subsequently retired out of the Plan were approximately 0.2 million and 0.2 million, and total payments for the employees’ tax obligations to taxing authorities were $4.6 million and $3.9 million for fiscal years 2015 and 2014, respectively. A portion of RSUs that vested in fiscal year 2015 and 2014 were cash settled such that the Company received cash from employees in lieu of withholding shares to satisfy tax withholding requirements. The total amount received from cash settled shares during fiscal year 2015 and 2014 was $0.1 million and $0.2 million, respectively. | ||||||||||||||
Market Stock Units | ||||||||||||||
In fiscal year 2015, the Company began granting market stock units (“MSU’s”) to select employees. MSU’s vest based upon the relative total shareholder return (“TSR”) of the Company as compared to that of the Index. The requisite service period for these MSU’s is also the vesting period, which is three years. The fair value of each MSU granted was determined on the date of grant using the Monte Carlo simulation, which calculates the present value of the potential outcomes of future stock prices of the Company and the Index over the requisite service period. The projection of the stock prices are based on the risk-free rate of return, the volatilities of the stock price of the Company and the Index, the correlation of the stock price of the Company with the Index, and the dividend yield. | ||||||||||||||
The fair values estimated from the Monte Carlo simulation were calculated using a dividend yield of zero and the following additional assumptions: | ||||||||||||||
Year Ended | ||||||||||||||
March 28, | ||||||||||||||
2015 | ||||||||||||||
Expected stock price volatility | 39.65 | % | ||||||||||||
Risk-free interest rate | 1.00 | % | ||||||||||||
Expected term (in years) | 3.00 | |||||||||||||
Using the Monte Carlo simulation, the weighted average estimated fair value of the MSU’s granted in fiscal year 2015 was $22.00. A summary of the activity for MSU’s in fiscal year 2015 is presented below (in thousands, except year and per share amounts): | ||||||||||||||
Weighted | ||||||||||||||
Average | ||||||||||||||
Shares | Fair Value | |||||||||||||
29-Mar-14 | - | $ | - | |||||||||||
Granted | 35 | 22.00 | ||||||||||||
Vested | - | - | ||||||||||||
Forfeited | - | - | ||||||||||||
28-Mar-15 | 35 | $ | 22.00 | |||||||||||
The aggregate intrinsic value of MSU’s outstanding as of March 28, 2015 was $1.2 million. Additional information with regard to outstanding MSU’s that are expected to vest as of March 28, 2015 is as follows (in thousands, except year and per share amounts): | ||||||||||||||
Weighted | Weighted Average | |||||||||||||
Average | Remaining Contractual | |||||||||||||
Shares | Fair Value | Term (years) | ||||||||||||
Expected to vest | 35 | $ | 22.00 | 2.51 | ||||||||||
No MSU’s became vested in 2015. | ||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||
Mar. 28, 2015 | |||||||||||||||
Commitments and Contingencies [Abstract] | |||||||||||||||
Commitments and Contingencies | 13. Commitments and Contingencies | ||||||||||||||
Facilities and Equipment Under Operating and Capital Lease Agreements | |||||||||||||||
We currently own our corporate headquarters, our UK headquarters, and select surrounding properties. We lease certain of our other facilities and certain equipment under operating lease agreements, some of which have renewal options. Certain of these arrangements provide for lease payment increases based upon future fair market rates. As of May 1, 2015, our principal facilities are located in Austin, Texas and Edinburgh, Scotland, United Kingdom. | |||||||||||||||
The Company closed operations in Tucson, Arizona during fiscal year 2013, which included 28,000 square feet of leased office space which was primarily occupied by engineering personnel. The term of this lease extends through May 2015. | |||||||||||||||
Total rent expense under operating leases was approximately $4.0 million, $2.8 million, and $3.2 million, for fiscal years 2015, 2014, and 2013, respectively. Sublease rental income was $0.1 million, $0.1 million, and $0.1 million, for fiscal years 2015, 2014, and 2013, respectively. | |||||||||||||||
As of March 28, 2015, there was equipment held under a capital lease with a cost basis of $1.1 million. The Company has recorded accumulated depreciation related to this equipment of $0.1 million as of March 28, 2015. The future minimum rental commitments under the capital lease are approximately $246 thousand for fiscal year 2016, $246 thousand for fiscal year 2017, $245 thousand for fiscal year 2018 and $245 thousand for fiscal year 2019. | |||||||||||||||
The aggregate minimum future rental commitments under all operating leases, net of sublease income for the following fiscal years are (in thousands): | |||||||||||||||
Facilities | Subleases | Net Facilities Commitments | Equipment Commitments | Total Commitments | |||||||||||
2016 | $ | 4,388 | $ | 27 | $ | 4,361 | $ | 26 | $ | 4,387 | |||||
2017 | 3,914 | - | 3,914 | 22 | 3,936 | ||||||||||
2018 | 2,074 | - | 2,074 | 9 | 2,083 | ||||||||||
2019 | 1,083 | - | 1,083 | 4 | 1,087 | ||||||||||
2020 | 501 | - | 501 | - | 501 | ||||||||||
Thereafter | 193 | - | 193 | - | 193 | ||||||||||
Total minimum lease payment | $ | 12,153 | $ | 27 | $ | 12,126 | $ | 61 | $ | 12,187 | |||||
Wafer, Assembly, Test and Other Purchase Commitments | |||||||||||||||
We rely primarily on third-party foundries for our wafer manufacturing needs. As of March 28, 2015, we had agreements with multiple foundries for the manufacture of wafers. On December 22, 2011, the Company entered into a $10 million Capacity Investment and Loading Agreement with STATS ChipPAC Ltd (Supplier Agreement) in order to secure assembly and test capacity for certain products. As part of the agreement, we were eligible to receive rebates on our purchases up to the full amount of the specified $10 million in the Supplier Agreement upon our meeting certain purchase volume milestones. As of March 28, 2015, the full amount related to the agreement rebates had been received. Other than the previously mentioned agreement, our foundry agreements do not have volume purchase commitments and primarily provide for purchase commitments based on purchase orders, with the exception of a few "take or pay" clauses included in vendor contracts that are immaterial at March 28, 2015. Cancellation fees or other charges may apply and are generally dependent upon whether wafers have been started or the stage of the manufacturing process at which the notice of cancellation is given. As of March 28, 2015, we had foundry commitments of $98.2 million. | |||||||||||||||
In addition to our wafer supply arrangements, we contract with third-party assembly vendors to package the wafer die into finished products. Assembly vendors provide fixed-cost-per-unit pricing, as is common in the semiconductor industry. We had non-cancelable assembly purchase orders with numerous vendors totaling $5.5 million at March 28, 2015. | |||||||||||||||
Test vendors provide fixed-cost-per-unit pricing, as is common in the semiconductor industry. Our total non-cancelable commitment for outside test services as of March 28, 2015 was $10.2 million. | |||||||||||||||
Other purchase commitments primarily relate to multi-year tool commitments, and were $46.8 million at March 28, 2015. | |||||||||||||||
Legal_Matters
Legal Matters | 12 Months Ended |
Mar. 28, 2015 | |
Legal Matters [Abstract] | |
Legal Matters | 14. Legal Matters |
From time to time, we are involved in legal proceedings concerning matters arising in connection with the conduct of our business activities. We regularly evaluate the status of legal proceedings in which we are involved to assess whether a loss is probable or there is a reasonable possibility that a loss or additional loss may have been incurred and to determine if accruals are appropriate. We further evaluate each legal proceeding to assess whether an estimate of possible loss or range of loss can be made. | |
On June 4, 2012, U.S. Ethernet Innovations, LLC (the “Plaintiff”) filed suit against Cirrus Logic and two other defendants in the U.S. District Court, Eastern District of Texas. The Plaintiff alleges that Cirrus Logic infringed four U.S. patents relating to Ethernet technology. In its complaint, the Plaintiff indicated that it is seeking unspecified monetary damages, including up to treble damages for willful infringement. We answered the complaint on June 29, 2012, denying the allegations of infringement and seeking a declaratory judgment that the patents in suit were invalid and not infringed. The parties entered into a settlement agreement on May 30, 2013. In exchange for a full release of claims as it relates to the asserted patent, we paid the Plaintiff $0.7 million. This amount is recorded as a separate line item on the Consolidated Statements of Income under the caption “Patent infringement settlements, net.” | |
On June 17, 2014, Enterprise Systems Technologies S.a.r.l. (the “Plaintiff”) filed suit against Cirrus Logic, Inc. in the U.S. District Court, District of Delaware. The Plaintiff alleged that Cirrus Logic indirectly infringed two U.S. patents through the manufacture and sale of digital signal processors, audio codecs, audio processors, and other components included in communications and consumer electronic devices such as smartphones and computers. The Plaintiff sought unspecified monetary damages. On July 23, 2014, the Plaintiff filed an amended complaint removing allegations associated with one of the two patents. On August 25, 2014, the lawsuit was stayed pending resolution of the proceedings in the International Trade Commission (“ITC”) described below. The suit was concluded on March 6, 2015, when the Plaintiff dismissed with prejudice any claims against Cirrus Logic. | |
On July 16, 2014, the Plaintiff requested the ITC to investigate the impact of certain products that allegedly infringe the same patent asserted in the District Court of Delaware. The Plaintiff was seeking a limited exclusion order against certain Apple, Inc. products that incorporate the Company’s components. The matter was concluded when the ITC terminated its investigation with respect to Cirrus Logic on March 9, 2015, and on March 30, 2015, the ITC made such termination decision final. | |
Stockholders_Equity
Stockholder's Equity | 12 Months Ended |
Mar. 28, 2015 | |
Stockholder's Equity [Abstract] | |
Stockholder's Equity | 15. Stockholders’ Equity |
Share Repurchase Program | |
On November 20, 2012, we announced that our Board of Directors authorized a share repurchase program of up to $200 million of the Company’s common stock. As of March 28, 2015, the Company had repurchased 6.2 million shares at a cost of approximately $148.3 million, or an average cost of $23.87 per share. Of this total, 0.6 million shares were purchased in the current fiscal year at a cost of $10.5 million, or an average cost of $18.17 per share. As of March 28, 2015, approximately $51.7 million remains available for repurchase under this plan. | |
All of these shares were repurchased in the open market and were funded from existing cash. All shares of our common stock that were repurchased were retired as of March 28, 2015. | |
Preferred Stock | |
We have 5.0 million shares of Preferred Stock authorized. As of March 28, 2015, we have not issued any of the authorized shares. | |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | ||||||||||
Mar. 28, 2015 | |||||||||||
Accumulated Other Comprehensive Loss [Abstract] | |||||||||||
Accumulated Other Comprehensive Loss Text Block | 16. Accumulated Other Comprehensive Loss | ||||||||||
Our accumulated other comprehensive loss is comprised of foreign currency translation adjustments, unrealized gains and losses on investments classified as available-for-sale, and actuarial gains and losses on our pension plan assets. The foreign currency translation adjustments are not currently adjusted for income taxes because they relate to indefinite investments in non-U.S. subsidiaries that have since changed from a foreign functional currency to a U.S. dollar functional currency. | |||||||||||
The following table summarizes the changes in the components of accumulated other comprehensive loss, net of tax (in thousands): | |||||||||||
Unrealized Gains | Actuarial Gains | ||||||||||
Foreign | (Losses) on | (Losses) on | |||||||||
Currency | Securities | Pension Plan | Total | ||||||||
Balance, March 31, 2012 | $ | -770 | $ | 8 | $ | - | $ | -762 | |||
Current period marketable securities activity | - | -157 | - | -157 | |||||||
Tax effect | - | - | - | - | |||||||
Balance, March 30, 2013 | $ | -770 | $ | -149 | $ | - | $ | -919 | |||
Current period marketable securities activity | - | -31 | - | -31 | |||||||
Tax effect | - | 64 | - | 64 | |||||||
Balance, March 29, 2014 | $ | -770 | $ | -116 | $ | - | $ | -886 | |||
Current period marketable securities activity | - | 107 | - | 107 | |||||||
Current period actuarial gain/loss activity | - | - | -1,625 | -1,625 | |||||||
Tax effect | - | -38 | 332 | 294 | |||||||
Balance, March 28, 2015 | $ | -770 | $ | -47 | $ | -1,293 | $ | -2,110 | |||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Income Taxes [Abstract] | |||||||||
Income Taxes | 17. Income Taxes | ||||||||
Income before income taxes consisted of (in thousands): | |||||||||
Year Ended | |||||||||
March 28, | March 29, | March 30, | |||||||
2015 | 2014 | 2013 | |||||||
United States | $ | 133,295 | $ | 155,431 | $ | 200,124 | |||
Non-U.S. | -41,746 | 306 | 1,066 | ||||||
$ | 91,549 | $ | 155,737 | $ | 201,190 | ||||
The provision (benefit) for income taxes consists of (in thousands): | |||||||||
Year Ended | |||||||||
March 28, | March 29, | March 30, | |||||||
2015 | 2014 | 2013 | |||||||
Current: | |||||||||
Federal | $ | 42,102 | $ | 10,550 | $ | 3,537 | |||
State | 63 | 258 | 323 | ||||||
Non-U.S. | 445 | 335 | 243 | ||||||
Total current tax provision | $ | 42,610 | $ | 11,143 | $ | 4,103 | |||
Deferred: | |||||||||
U.S. | 2,136 | 36,543 | 60,506 | ||||||
Non-U.S. | -8,375 | -60 | -17 | ||||||
Total deferred tax provision (benefit) | -6,239 | 36,483 | 60,489 | ||||||
Total tax provision | $ | 36,371 | $ | 47,626 | $ | 64,592 | |||
The effective income tax rates differ from the rates computed by applying the statutory federal rate to pretax income as follows (in percentages): | |||||||||
Year Ended | |||||||||
March 28, | March 29, | March 30, | |||||||
2015 | 2014 | 2013 | |||||||
Expected income tax provision at the U.S. federal statutory rate | 35.0 | 35.0 | 35.0 | ||||||
Valuation allowance changes affecting the provision of income taxes | -0.3 | -0.1 | -1.3 | ||||||
Foreign taxes at different rates | 7.3 | 0.1 | -0.1 | ||||||
R&D credit | -3.6 | -0.9 | -2.1 | ||||||
Stock compensation | -0.8 | -0.1 | 0.1 | ||||||
Recognition of prior year benefit | - | -4.1 | - | ||||||
Nondeductible expenses | 2.3 | 0.5 | 0.3 | ||||||
Other | -0.2 | 0.2 | 0.2 | ||||||
Provision for income taxes | 39.7 | 30.6 | 32.1 | ||||||
Significant components of our deferred tax assets and liabilities as of March 28, 2015 and March 29, 2014 are (in thousands): | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Deferred tax assets: | |||||||||
Inventory valuation | $ | 6,377 | $ | 7,692 | |||||
Accrued expenses and allowances | 4,705 | 3,905 | |||||||
Net operating loss carryforwards | 57,878 | 29,062 | |||||||
Research and development tax credit carryforwards | 14,567 | 15,164 | |||||||
State tax credit carryforwards | 225 | 231 | |||||||
Capitalized research and development | 1,793 | 3,485 | |||||||
Other | 30,695 | 28,627 | |||||||
Total deferred tax assets | $ | 116,240 | $ | 88,166 | |||||
Valuation allowance for deferred tax assets | -33,190 | -32,159 | |||||||
Net deferred tax assets | $ | 83,050 | $ | 56,007 | |||||
Deferred tax liabilities: | |||||||||
Depreciation and amortization | $ | 6,827 | $ | 5,709 | |||||
Acquisition intangibles | 35,242 | 3,209 | |||||||
Total deferred tax liabilities | $ | 42,069 | $ | 8,918 | |||||
Total net deferred tax assets | $ | 40,981 | $ | 47,089 | |||||
These net deferred tax assets have been categorized on the Consolidated Balance Sheets as of March 28, 2015 and March 29, 2014 as follows: | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Current deferred tax assets | $ | 18,559 | $ | 22,024 | |||||
Long-term deferred tax assets | 25,593 | 25,065 | |||||||
Long-term deferred tax liabilities | -3,171 | - | |||||||
Total net deferred tax assets | $ | 40,981 | $ | 47,089 | |||||
The current and long-term deferred tax assets are disclosed separately under their respective captions on the Consolidated Balance Sheets. The long-term deferred tax liabilities are included in “Other long-term liabilities” on the Consolidated Balance Sheets. | |||||||||
The valuation allowance increased by $1.0 million in fiscal year 2015 from fiscal year 2014. The increase during fiscal year 2015 was primarily due to the acquisition of stock of Wolfson Microelectronics, Inc., a U.S. corporation previously owned by Wolfson. Wolfson Microelectronics, Inc. had a Federal net operating loss that will not be fully realized due to the limitations of Internal Revenue Code Section 382. The Company maintained its valuation allowance on various state net operating losses and credits due to the likelihood that they will expire or go unutilized because the Company no longer has a significant apportionment in the jurisdiction in which the attribute was created. With regard to the remaining deferred tax assets, management believes that the Company’s results from future operations will generate sufficient taxable income such that it is more likely than not that these deferred tax assets will be realized. | |||||||||
At March 28, 2015, we had gross federal net operating loss carryforwards of $26.2 million. All of the $26.2 million relates to acquired companies and are, therefore, subject to certain limitations under Section 382 of the Internal Revenue Code. We had gross state net operating losses in various states that total $88.3 million. The federal net operating loss carryforwards expire in fiscal years 2019 through 2034. The state net operating loss carryforwards expire in fiscal years 2016 through 2034. We also have gross non-U.S. net operating losses of $147.6 million, which do not expire. | |||||||||
At March 28, 2015, we had $5.1 million of Federal research and development credit carryforwards, none of which are reflected as deferred tax assets at the end of the fiscal year since, under the “with and without method”, they are deemed to have been utilized for U.S. GAAP purposes. Of the $14.6 million of state research and development credits reflected as deferred tax assets, $2.9 million will expire in fiscal years 2022 through 2027. The remaining $11.7 million of state research and development credits are not subject to expiration. | |||||||||
The cumulative undistributed earnings in our non-U.S. subsidiaries is currently negative. We have no unrecognized deferred tax liability on these earnings. | |||||||||
We record unrecognized tax benefits for the estimated risk associated with tax positions taken on tax returns. The unrecognized tax benefits balance was zero at March 28, 2015 and March 29, 2014. Due to the Wolfson acquisition and subsequent post-acquisition integration, it is reasonably possible that the total amount of unrecognized tax benefits could increase within the next 12 months. An estimate of the range of increase is impracticable as of March 28, 2015. | |||||||||
We accrue interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes. As of March 28, 2015, the balance of accrued interest and penalties was zero. No interest or penalties were incurred during fiscal year 2015 or 2014. | |||||||||
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 2012 through 2015 remain open to examination by the major taxing jurisdictions to which we are subject. | |||||||||
Segment_Information
Segment Information | 12 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Segment Information [Abstract] | |||||||||
Segment Information | 18. Segment Information | ||||||||
We determine our operating segments in accordance with Financial Accounting Standards Board (“FASB”) guidelines. Our Chief Executive Officer (“CEO”) has been identified as the chief operating decision maker under these guidelines. | |||||||||
The Company operates and tracks its results in one reportable segment, but reports revenue performance in two product lines, which currently are portable audio and non-portable audio and other. Our CEO receives and uses enterprise-wide financial information to assess financial performance and allocate resources, rather than detailed information at a product line level. Additionally, our product lines have similar characteristics and customers. They share operations support functions such as sales, public relations, supply chain management, various research and development and engineering support, in addition to the general and administrative functions of human resources, legal, finance and information technology. Therefore, there is no complete, discrete financial information maintained for these product lines. Revenue from our product lines are as follows (in thousands): | |||||||||
Fiscal Years Ended | |||||||||
March 28, | March 29, | March 30, | |||||||
2015 | 2014 | 2013 | |||||||
Portable Audio Products | $ | 740,301 | $ | 562,718 | $ | 651,974 | |||
Non-Portable Audio and Other Products | 176,267 | 151,620 | 157,812 | ||||||
$ | 916,568 | $ | 714,338 | $ | 809,786 | ||||
Geographic Area | |||||||||
The following illustrates sales by geographic locations based on the sales office location (in thousands): | |||||||||
Fiscal Years Ended | |||||||||
March 28, | March 29, | March 30, | |||||||
2015 | 2014 | 2013 | |||||||
United States | $ | 31,977 | $ | 35,582 | $ | 38,670 | |||
European Union (excluding United Kingdom) | 13,629 | 13,125 | 17,601 | ||||||
United Kingdom | 2,805 | 1,513 | 1,610 | ||||||
China | 728,413 | 617,850 | 700,051 | ||||||
Hong Kong | 15,087 | 6,057 | 8,590 | ||||||
Japan | 14,353 | 5,150 | 9,299 | ||||||
South Korea | 69,327 | 9,338 | 8,975 | ||||||
Taiwan | 15,272 | 13,739 | 11,694 | ||||||
Other Asia | 10,991 | 11,112 | 10,387 | ||||||
Other non-U.S. countries | 14,714 | 872 | 2,909 | ||||||
Total consolidated sales | $ | 916,568 | $ | 714,338 | $ | 809,786 | |||
The following illustrates property, plant and equipment, net, by geographic locations, based on physical location (in thousands): | |||||||||
Fiscal Years Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
United States | $ | 114,935 | $ | 103,287 | |||||
United Kingdom | 28,925 | 16 | |||||||
China | 245 | 265 | |||||||
Hong Kong | 1 | 2 | |||||||
Japan | 3 | 12 | |||||||
South Korea | 3 | 5 | |||||||
Taiwan | 216 | 52 | |||||||
Other Asia | 18 | 11 | |||||||
Total consolidated property, plant and equipment, net | $ | 144,346 | $ | 103,650 | |||||
Quarterly_Results_Unaudited
Quarterly Results (Unaudited) | 12 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Quarterly Results (Unaudited) [Abstract] | ||||||||||||
Quarterly Results (Unaudited) | 19. Quarterly Results (Unaudited) | |||||||||||
The following quarterly results have been derived from our audited annual consolidated financial statements. In the opinion of management, this unaudited quarterly information has been prepared on the same basis as the annual consolidated financial statements and includes all adjustments, including normal recurring adjustments, necessary for a fair presentation of this quarterly information. This information should be read along with the financial statements and related notes. The operating results for any quarter are not necessarily indicative of results to be expected for any future period. | ||||||||||||
The unaudited quarterly statement of operations data for each quarter of fiscal years 2015 and 2014 were as follows (in thousands, except per share data): | ||||||||||||
Fiscal Year 2015 | ||||||||||||
1st | 2nd | 3rd | 4th | |||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||
Net sales | $ | 152,565 | $ | 210,214 | $ | 298,606 | $ | 255,183 | ||||
Gross profit | 75,375 | 100,567 | 130,831 | 118,975 | ||||||||
Net income | 10,248 | 852 | 22,729 | 21,349 | ||||||||
Basic income per share | $ | 0.17 | $ | 0.01 | $ | 0.36 | $ | 0.34 | ||||
Diluted income per share | 0.16 | 0.01 | 0.35 | 0.32 | ||||||||
Fiscal Year 2014 | ||||||||||||
1st | 2nd | 3rd | 4th | |||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||
Net sales | $ | 155,125 | $ | 190,671 | $ | 218,883 | $ | 149,659 | ||||
Gross profit | 79,498 | 99,448 | 103,849 | 73,368 | ||||||||
Net income | 20,642 | 33,367 | 41,500 | 12,602 | ||||||||
Basic income per share | $ | 0.33 | $ | 0.53 | $ | 0.66 | $ | 0.20 | ||||
Diluted income per share | 0.31 | 0.50 | 0.63 | 0.20 | ||||||||
Description_of_Business_Policy
Description of Business (Policy) | 12 Months Ended |
Mar. 28, 2015 | |
Description of Business [Abstract] | |
Basis of Presentation | Basis of Presentation |
We prepare financial statements on a 52- or 53-week year that ends on the last Saturday in March. Fiscal years 2015, 2014 and 2013 were 52-week years. | |
Principles of Consolidation | Principles of Consolidation |
The accompanying consolidated financial statements have been prepared in accordance with U. S. generally accepted accounting principles (U.S. GAAP) and include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. | |
Reclassifications | Reclassifications |
Certain reclassifications have been made to prior year balances in order to conform to the current year’s presentation of financial information. | |
Use of Estimates | Use of Estimates |
The preparation of financial statements in accordance with U.S. GAAP requires the use of management estimates. These estimates are subjective in nature and involve judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at fiscal year-end and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policy) | 12 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Summary of Significant Accounting Policies [Abstract] | |||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||||
Cash and cash equivalents consist primarily of money market funds, commercial paper, and U.S. Government Treasury and Agency instruments with original maturities of three months or less at the date of purchase | |||||||||
Marketable Securities | Marketable Securities | ||||||||
We determine the appropriate classification of marketable securities at the time of purchase and reevaluate this designation as of each balance sheet date. We classify these securities as either held-to-maturity, trading, or available-for-sale. As of March 28, 2015 and March 29, 2014, all marketable securities were classified as available-for-sale securities. The Company classifies its investments as “available for sale” because it expects to possibly sell some securities prior to maturity. The Company’s investments are subject to market risk, primarily interest rate and credit risk. The Company’s investments are managed by an outside professional manager within investment guidelines set by the Company. Such guidelines include security type, credit quality, and maturity, and are intended to limit market risk by restricting the Company’s investments to high quality debt instruments with relatively short-term maturities. The fair value of investments is determined using observable or quoted market prices for those securities. | |||||||||
Available-for-sale securities are carried at fair value, with unrealized gains and losses included as a component of accumulated other comprehensive loss. Realized gains and losses, declines in value judged to be other than temporary, and interest on available-for-sale securities are included in net income. The cost of securities sold is based on the specific identification method. | |||||||||
Inventories | Inventories | ||||||||
We use the lower of cost or market method to value our inventories, with cost being determined on a first-in, first-out basis. One of the factors we consistently evaluate in the application of this method is the extent to which products are accepted into the marketplace. By policy, we evaluate market acceptance based on known business factors and conditions by comparing forecasted customer unit demand for our products over a specific future period, or demand horizon, to quantities on hand at the end of each accounting period. | |||||||||
On a quarterly and annual basis, we analyze inventories on a part-by-part basis. Product life cycles and the competitive nature of the industry are factors considered in the evaluation of customer unit demand at the end of each quarterly accounting period. Inventory quantities on-hand in excess of forecasted demand is considered to have reduced market value and, therefore, the cost basis is adjusted to the lower of cost or market. Typically, market values for excess or obsolete inventories are considered to be zero. Inventory charges recorded in fiscal year 2015 for excess and obsolete inventory, including scrapped inventory, amounted to $7.2 million, primarily associated with a customer build forecast that exceeded actual market demand, resulting in excess inventory levels for certain high volume products. No significant inventory charges were recorded in fiscal year 2014. | |||||||||
Inventories were comprised of the following (in thousands): | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Work in process | $ | 64,663 | $ | 37,967 | |||||
Finished goods | 19,533 | 31,776 | |||||||
$ | 84,196 | $ | 69,743 | ||||||
Property, Plant and Equipment, Net | Property, Plant and Equipment, net | ||||||||
Property, plant and equipment is recorded at cost, net of depreciation and amortization. Depreciation and amortization is calculated on a straight-line basis over estimated economic lives, ranging from three to 39 years. Leasehold improvements are depreciated over the shorter of the term of the lease or the estimated useful life. Furniture, fixtures, machinery, and equipment are all depreciated over a useful life of three to 10 years, while buildings are depreciated over a period of up to 39 years. In general, our capitalized software is amortized over a useful life of three years, with capitalized enterprise resource planning software being amortized over a useful life of 10 years. Gains or losses related to retirements or dispositions of fixed assets are recognized in the period incurred. | |||||||||
Property, plant and equipment was comprised of the following (in thousands): | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Land | $ | 26,332 | $ | 23,806 | |||||
Buildings | 49,963 | 37,899 | |||||||
Furniture and fixtures | 10,281 | 9,440 | |||||||
Leasehold improvements | 2,525 | 2,387 | |||||||
Machinery and equipment | 79,682 | 59,552 | |||||||
Capitalized software | 25,000 | 24,437 | |||||||
Construction in progress | 22,922 | 3,797 | |||||||
Total property, plant and equipment | 216,705 | 161,318 | |||||||
Less: Accumulated depreciation and amortization | -72,359 | -57,668 | |||||||
Property, plant and equipment, net | $ | 144,346 | $ | 103,650 | |||||
Depreciation and amortization expense on property, plant, and equipment for fiscal years 2015, 2014, and 2013, was $15.4 million, $12.1 million, and $10.2 million, respectively. | |||||||||
Goodwill and Intangibles, Net | Goodwill and Intangibles, net | ||||||||
Intangible assets include purchased technology licenses and patents that are reported at cost and are amortized on a straight-line basis over their useful lives, generally ranging from one to ten years. Acquired intangibles include existing technology, core technology or patents, license agreements, trademarks, tradenames, and customer relationships. These assets are amortized on a straight-line basis over lives ranging from one to fifteen years. | |||||||||
Goodwill is recorded at the time of an acquisition and is calculated as the difference between the aggregate consideration paid for an acquisition and the fair value of the net tangible and intangible assets acquired. Goodwill and intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests. If the assumptions and estimates used to allocate the purchase price are not correct, or if business conditions change, purchase price adjustments or future asset impairment charges could be required. The value of our intangible assets, including goodwill, could be impacted by future adverse changes such as: (i) any future declines in our operating results, (ii) a decline in the valuation of technology company stocks, including the valuation of our common stock, (iii) a significant slowdown in the worldwide economy and the semiconductor industry, or (iv) any failure to meet the performance projections included in our forecasts of future operating results. The Company tests goodwill and indefinite lived intangibles for impairment on an annual basis or more frequently if the Company believes indicators of impairment exist. Impairment evaluations involve management’s assessment of qualitative factors to determine whether it is more likely than not that goodwill and other intangible assets are impaired. If management concludes from its assessment of qualitative factors that it is more likely than not that impairment exists, then a quantitative impairment test will be performed involving management estimates of asset useful lives and future cash flows. Significant management judgment is required in the forecasts of future operating results that are used in these evaluations. If our actual results, or the plans and estimates used in future impairment analyses, are lower than the original estimates used to assess the recoverability of these assets, we could incur additional impairment charges in a future period. The Company has recorded no goodwill impairments in fiscal years 2015, 2014 and 2013. There were no material intangible asset impairments in fiscal years 2015, 2014, or 2013. | |||||||||
Long-Lived Assets | Long-Lived Assets | ||||||||
We test for impairment losses on long-lived assets and definite-lived intangibles used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. We measure any impairment loss by comparing the fair value of the asset to its carrying amount. We estimate fair value based on discounted future cash flows, quoted market prices, or independent appraisals. | |||||||||
Foreign Currency Translation | Foreign Currency Translation | ||||||||
All of our international subsidiaries have the U.S. dollar as the functional currency. The local currency financial statements are translated into U.S. dollars using current rates of exchange for assets and liabilities. Gains and losses from remeasurement are included in other expense. | |||||||||
Hedging and Forwards | Hedging and Forwards | ||||||||
Hedging and forward contracts are accounted for based upon the provisions of Accounting Standards Codification (“ASC) Topic 815, “Derivatives and Hedging” and ASC Topic 820, “Fair Value Measurements and Disclosures.” | |||||||||
All derivative instruments shall be carried at fair value per ASC 820. If a derivative instrument meets certain hedge accounting criteria, the provisions of ASC 815 may be applied. The Company regularly reviews all financial instruments and contracts. When a derivative is identified, it is evaluated against the criteria in ASC 815 to determine the appropriate accounting methodology. Derivatives that qualify for hedge accounting per ASC 815 are classified as one of the following: fair value hedge, cash flow hedge or foreign currency hedge. | |||||||||
Pension | Pension | ||||||||
Defined benefit pension plans are accounted for based upon the provisions of ASC Topic 715, “Compensation – Retirement Benefits.” | |||||||||
The funded status of the plan is recognized in the consolidated balance sheets. Subsequent re-measurement of plan assets and benefit obligations, if deemed necessary, would be reflected in the consolidated balance sheets in the subsequent interim period to reflect the overfunded or underfunded status of the plan. | |||||||||
The Company will engage external actuaries on at least an annual basis to provide a valuation of the plan’s assets and projected benefit obligation and to record the net periodic pension cost. On a quarterly basis, the Company will evaluate current information available to us to determine whether the plan’s assets and projected benefit obligation should be re-measured. | |||||||||
Concentration of Credit Risk | Concentration of Credit Risk | ||||||||
Financial instruments that potentially subject us to material concentrations of credit risk consist primarily of cash equivalents, marketable securities, long-term marketable securities, and trade accounts receivable. We are exposed to credit risk to the extent of the amounts recorded on the balance sheet. By policy, our cash equivalents, marketable securities, and long-term marketable securities are subject to certain nationally recognized credit standards, issuer concentrations, sovereign risk, and marketability or liquidity considerations. | |||||||||
In evaluating our trade receivables, we perform credit evaluations of our major customers’ financial condition and monitor closely all of our receivables to limit our financial exposure by limiting the length of time and amount of credit extended. In certain situations, we may require payment in advance or utilize letters of credit to reduce credit risk. By policy, we establish a reserve for trade accounts receivable based on the type of business in which a customer is engaged, the length of time a trade account receivable is outstanding, and other knowledge that we may possess relating to the probability that a trade receivable is at risk for non-payment. | |||||||||
We had two contract manufacturers, Hongfujin Precision and Protek, who represented 26 percent and 15 percent, respectively, and one direct customer, Samsung Electronics who represented 22 percent of our consolidated gross trade accounts receivable as of the end of fiscal year 2015. For fiscal year 2014, we had three contract manufacturers, Futaihua Industrial, Hongfujin Precision and Protek who represented 14 percent, 44 percent, and 12 percent, respectively, of our consolidated gross trade accounts receivable. Additionally, in fiscal year 2014, we had one distributor, Avnet, Inc. who represented 11 percent of our consolidated gross trade accounts receivable. No other distributor or customer had receivable balances that represented more than 10 percent of consolidated gross trade accounts receivable as of the end of fiscal year 2015 or 2014. | |||||||||
Since the components we produce are largely proprietary and generally not available from second sources, we consider our end customer to be the entity specifying the use of our component in their design. These end customers may then purchase our products directly from us, from a distributor, or through a third party manufacturer contracted to produce their end product. For fiscal years 2015, 2014, and 2013, our ten largest end customers represented approximately 87 percent, 88 percent, and 89 percent, of our sales, respectively. For fiscal years 2015, 2014, and 2013, we had one end customer, Apple Inc., who purchased through multiple contract manufacturers and represented approximately 72 percent, 80 percent, and 82 percent, of the Company’s total sales, respectively. No other customer or distributor represented more than 10 percent of net sales in fiscal years 2015, 2014, or 2013. | |||||||||
Revenue Recognition | Revenue Recognition | ||||||||
We recognize revenue when all of the following criteria are met: persuasive evidence that an arrangement exists, delivery of goods has occurred, the sales price is fixed or determinable and collectability is reasonably assured. We evaluate our distributor arrangements, on a distributor by distributor basis, with respect to each of the four criteria above. For a majority of our distributor arrangements, we provide rights of price protection and stock rotation. As a result, revenue is deferred at the time of shipment to our domestic distributors and certain international distributors due to the determination that the ultimate sales price to the distributor is not fixed or determinable. Once the distributor has resold the product, and our final sales price is fixed or determinable, we recognize revenue for the final sales price and record the related costs of sales. For certain of our smaller international distributors, we do not grant price protection rights and provide minimal stock rotation rights. For these distributors, revenue is recognized upon delivery to the distributor, less an allowance for estimated returns, as the revenue recognition criteria have been met upon shipment. | |||||||||
Further, for sales where revenue is deferred, the Company defers the associated cost of goods sold on our Consolidated Balance Sheet, net within the deferred income caption. The Company routinely evaluates the products held by our distributors for impairment to the extent such products may be returned by the distributor within these limited rights and such products would be considered excess or obsolete if included within our own inventory. Products returned by distributors and subsequently scrapped have historically been immaterial to the Company. | |||||||||
Warranty Expense | Warranty Expense | ||||||||
We warrant our products and maintain a provision for warranty repair or replacement of shipped products. The accrual represents management’s estimate of probable returns. Our estimate is based on an analysis of our overall sales volume and historical claims experience. The estimate is re-evaluated periodically for accuracy. | |||||||||
Shipping Costs | Shipping Costs | ||||||||
Our shipping and handling costs are included in cost of sales for all periods presented in the Consolidated Statements of Income. | |||||||||
Advertising Costs | Advertising Costs | ||||||||
Advertising costs are expensed as incurred. Advertising costs were $1.1 million, $1.4 million, and $1.5 million, in fiscal years 2015, 2014, and 2013, respectively. | |||||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||||
Stock-based compensation is measured at the grant date based on the grant-date fair value of the awards and is recognized as an expense, on a ratable basis, over the vesting period, which is generally between zero and four years. Determining the amount of stock-based compensation to be recorded requires the Company to develop estimates used in calculating the grant-date fair value of stock options and performance awards (also called market stock units). The Company calculates the grant-date fair value for stock options and market stock units using the Black-Scholes valuation model and the Monte Carlo simulation, respectively. The use of valuation models requires the Company to make estimates of assumptions such as expected volatility, expected term, risk-free interest rate, expected dividend yield, correlation of the Company’s stock price with the Philadelphia Semiconductor Index (“the Index”) and forfeiture rates. The grant-date fair value of restricted stock units is the market value at grant date multiplied by the number of units. | |||||||||
Income Taxes | Income Taxes | ||||||||
We provide for the recognition of deferred tax assets if realization of such assets is more likely than not. The Company evaluates the ability to realize its deferred tax assets based on all the facts and circumstances, including projections of future taxable income and expiration dates of carryover attributes on a quarterly basis. The calculation of our tax liabilities involves assessing uncertainties with respect to the application of complex tax rules and the potential for future adjustment of our uncertain tax positions by the Internal Revenue Service or other taxing jurisdiction. We recognize liabilities for uncertain tax positions based on the two-step process. The first step requires us to determine if the weight of available evidence indicates that the tax position has met the threshold for recognition; therefore, we must evaluate whether it is more likely than not that the position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step requires us to measure the tax benefit of the tax position taken, or expected to be taken, in an income tax return as the largest amount that is more than 50 percent likely of being realized upon ultimate settlement. We reevaluate the uncertain tax positions each quarter based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, expirations of statutes of limitation, effectively settled issues under audit, and new audit activity. If our estimates of these taxes are greater or less than actual results, an additional tax benefit or charge will result. | |||||||||
Although we believe the measurement of our liabilities for uncertain tax positions is reasonable, we cannot assure that the final outcome of these matters will not be different than what is reflected in the historical income tax provisions and accruals. If additional taxes are assessed as a result of an audit or litigation, it could have a material effect on our income tax provision and net income in the period or periods for which that determination is made. We operate within multiple taxing jurisdictions and are subject to audit in these jurisdictions. These audits can involve complex issues which may require an extended period of time to resolve and could result in additional assessments of income tax. We believe adequate provisions for income taxes have been made for all periods. | |||||||||
Net Income Per Share | Net Income Per Share | ||||||||
Basic net income per share is based on the weighted effect of common shares issued and outstanding and is calculated by dividing net income by the basic weighted average shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average number of common shares used in the basic net income per share calculation, plus the equivalent number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares outstanding. These potentially dilutive items consist primarily of outstanding stock options and restricted stock grants. | |||||||||
The following table details the calculation of basic and diluted earnings per share for fiscal years 2015, 2014, and 2013, (in thousands, except per share amounts): | |||||||||
2015 | 2014 | 2013 | |||||||
Numerator: | |||||||||
Net income | $ | 55,178 | $ | 108,111 | $ | 136,598 | |||
Denominator: | |||||||||
Weighted average shares outstanding | 62,503 | 62,926 | 64,580 | ||||||
Effect of dilutive securities | 2,732 | 2,609 | 3,874 | ||||||
Weighted average diluted shares | 65,235 | 65,535 | 68,454 | ||||||
Basic earnings per share | $ | 0.88 | $ | 1.72 | $ | 2.12 | |||
Diluted earnings per share | $ | 0.85 | $ | 1.65 | $ | 2.00 | |||
The weighted outstanding options excluded from our diluted calculation for the years ended March 28, 2015, March 29, 2014, and March 30, 2013 were 718 thousand, 833 thousand, and 453 thousand, respectively, as the exercise price exceeded the average market price during the period. | |||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss | ||||||||
Our accumulated other comprehensive loss is comprised of foreign currency translation adjustments from prior years when we had subsidiaries whose functional currency was not the U.S. Dollar, unrealized gains and losses on investments classified as available-for-sale and actuarial gains and losses on our pension plan assets. See Note 16 – Accumulated Other Comprehensive Loss for additional discussion. | |||||||||
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements | ||||||||
In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The amendments in this ASU provide guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is currently evaluating the impact of this ASU and expects no material modifications to its financial statements. | |||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (ASC Topic 606). The purpose of this ASU is to converge revenue recognition requirements per GAAP and International Financial Reporting Standards (IFRS). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this ASU are effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption not permitted by the FASB; however, in April 2015 the FASB issued for public comment a proposal to delay the effective date of this ASU to annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of this ASU on its consolidated financial position, results of operations and cash flows. | |||||||||
In April 2015, the FASB issued ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. ASU 2015-03 is to be applied retrospectively and represents a change in accounting principle. This ASU is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. Earlier adoption is permitted for financial statements that have not been previously issued. The Company is currently evaluating the effect that the adoption of this ASU will have on its financial statements. | |||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Summary of Significant Accounting Policies [Abstract] | |||||||||
Schedule of Inventories | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Work in process | $ | 64,663 | $ | 37,967 | |||||
Finished goods | 19,533 | 31,776 | |||||||
$ | 84,196 | $ | 69,743 | ||||||
Components of Property, Plant and Equipment | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Land | $ | 26,332 | $ | 23,806 | |||||
Buildings | 49,963 | 37,899 | |||||||
Furniture and fixtures | 10,281 | 9,440 | |||||||
Leasehold improvements | 2,525 | 2,387 | |||||||
Machinery and equipment | 79,682 | 59,552 | |||||||
Capitalized software | 25,000 | 24,437 | |||||||
Construction in progress | 22,922 | 3,797 | |||||||
Total property, plant and equipment | 216,705 | 161,318 | |||||||
Less: Accumulated depreciation and amortization | -72,359 | -57,668 | |||||||
Property, plant and equipment, net | $ | 144,346 | $ | 103,650 | |||||
Schedule of Earnings Per Share, Basic and Diluted | |||||||||
2015 | 2014 | 2013 | |||||||
Numerator: | |||||||||
Net income | $ | 55,178 | $ | 108,111 | $ | 136,598 | |||
Denominator: | |||||||||
Weighted average shares outstanding | 62,503 | 62,926 | 64,580 | ||||||
Effect of dilutive securities | 2,732 | 2,609 | 3,874 | ||||||
Weighted average diluted shares | 65,235 | 65,535 | 68,454 | ||||||
Basic earnings per share | $ | 0.88 | $ | 1.72 | $ | 2.12 | |||
Diluted earnings per share | $ | 0.85 | $ | 1.65 | $ | 2.00 | |||
Marketable_Securities_Tables
Marketable Securities (Tables) | 12 Months Ended | ||||||||||||
Mar. 28, 2015 | |||||||||||||
Marketable Securities [Abstract] | |||||||||||||
Schedule of Available-for-sale Securities | Estimated | ||||||||||||
Gross | Gross | Fair Value | |||||||||||
Amortized | Unrealized | Unrealized | (Net Carrying | ||||||||||
As of March 28, 2015 | Cost | Gains | Losses | Amount) | |||||||||
Corporate debt securities | $ | 153,896 | $ | 8 | $ | -68 | $ | 153,836 | |||||
Commercial paper | 2,485 | 2 | - | 2,487 | |||||||||
U.S. Treasury securities | 28,010 | - | -15 | 27,995 | |||||||||
Total securities | $ | 184,391 | $ | 10 | $ | -83 | $ | 184,318 | |||||
The Company’s specifically identified gross unrealized losses of $83 thousand relates to 34 different securities with a total amortized cost of approximately $154.3 million at March 28, 2015. Because the Company does not intend to sell the investments at a loss and the Company will not be required to sell the investments before recovery of its amortized cost basis, it did not consider the investment in these securities to be other-than-temporarily impaired at March 28, 2015. Further, the securities with gross unrealized losses had been in a continuous unrealized loss position for less than 12 months as of March 28, 2015. | |||||||||||||
Estimated | |||||||||||||
Gross | Gross | Fair Value | |||||||||||
Amortized | Unrealized | Unrealized | (Net Carrying | ||||||||||
As of March 29, 2014 | Cost | Gains | Losses | Amount) | |||||||||
Corporate debt securities | $ | 246,878 | $ | 52 | $ | -245 | $ | 246,685 | |||||
U.S. Treasury securities | 56,986 | 10 | -2 | 56,994 | |||||||||
Agency discount notes | 2,008 | 1 | - | 2,009 | |||||||||
Commercial paper | 41,962 | 10 | -2 | 41,970 | |||||||||
Certificates of deposit | 5,006 | - | -4 | 5,002 | |||||||||
Total securities | $ | 352,840 | $ | 73 | $ | -253 | $ | 352,660 | |||||
Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity | |||||||||||||
28-Mar-15 | 29-Mar-14 | ||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||
Within 1 year | $ | 124,275 | $ | 124,246 | $ | 263,418 | $ | 263,417 | |||||
After 1 year | 60,116 | 60,072 | 89,422 | 89,243 | |||||||||
Total | $ | 184,391 | $ | 184,318 | $ | 352,840 | $ | 352,660 | |||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||||
Mar. 28, 2015 | Mar. 29, 2014 | |||||||||||||||||||||||
Fair Value of Financial Instruments [Abstract] | ||||||||||||||||||||||||
Schedule of Fair Value of Financial Assets | ||||||||||||||||||||||||
Quoted Prices | Quoted Prices | |||||||||||||||||||||||
in Active | Significant | in Active | Significant | |||||||||||||||||||||
Markets for | Other | Significant | Markets for | Other | Significant | |||||||||||||||||||
Identical | Observable | Unobservable | Identical | Observable | Unobservable | |||||||||||||||||||
Assets | Inputs | Inputs | Assets | Inputs | Inputs | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Assets: | Cash equivalents | |||||||||||||||||||||||
Cash equivalents | Money market funds | $ | 20,456 | $ | - | $ | - | $ | 20,456 | |||||||||||||||
Money market funds | $ | 996 | $ | - | $ | - | $ | 996 | Commercial paper | - | 1,878 | - | 1,878 | |||||||||||
$ | 20,456 | $ | 1,878 | $ | - | $ | 22,334 | |||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||
Corporate debt securities | $ | - | $ | 153,836 | $ | - | $ | 153,836 | Available-for-sale securities | |||||||||||||||
U.S. Treasury securities | 27,995 | - | - | 27,995 | Corporate debt securities | $ | - | $ | 246,685 | $ | - | $ | 246,685 | |||||||||||
Commercial paper | - | 2,487 | - | 2,487 | U.S. Treasury securities | 56,994 | - | - | 56,994 | |||||||||||||||
$ | 27,995 | $ | 156,323 | $ | - | $ | 184,318 | Agency discount notes | - | 2,009 | - | 2,009 | ||||||||||||
Commercial paper | - | 41,970 | - | 41,970 | ||||||||||||||||||||
Certificates of deposit | - | 5,002 | - | 5,002 | ||||||||||||||||||||
$ | 56,994 | $ | 295,666 | $ | - | $ | 352,660 | |||||||||||||||||
Accounts_Receivable_Net_Tables
Accounts Receivable, Net (Tables) | 12 Months Ended | |||||
Mar. 28, 2015 | ||||||
Accounts Receivable, Net [Abstract] | ||||||
Components of Accounts Receivable, Net | ||||||
March 28, | March 29, | |||||
2015 | 2014 | |||||
Gross accounts receivable | $ | 112,964 | $ | 63,449 | ||
Allowance for doubtful accounts | -356 | -229 | ||||
Accounts receivable, net | $ | 112,608 | $ | 63,220 | ||
Changes in the Allowance for Doubtful Accounts | ||||||
Balance, March 31, 2012 | $ | -371 | ||||
Bad debt expense, net of recoveries | 70 | |||||
Balance, March 30, 2013 | -301 | |||||
Bad debt expense, net of recoveries | 72 | |||||
Balance, March 29, 2014 | -229 | |||||
Bad debt expense, net of recoveries | -127 | |||||
Balance, March 28, 2015 | $ | -356 | ||||
Intangibles_Net_Tables
Intangibles, Net (Tables) | 12 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Goodwill and Intangibles, Net [Abstract] | ||||||||||||
Schedule of Gross Carrying Amount and Amortization of Intangible Assets | ||||||||||||
28-Mar-15 | 29-Mar-14 | |||||||||||
Intangible Category / Weighted-Average Amortization period (in years) | Gross Amount | Accumulated Amortization | Gross Amount | Accumulated Amortization | ||||||||
Core technology (a) | $ | 1,390 | $ | -1,390 | $ | 1,390 | $ | -1,390 | ||||
License agreement (a) | 440 | -440 | 440 | -440 | ||||||||
Existing technology (6.5) | 98,645 | -13,596 | 9,826 | -4,206 | ||||||||
In-process research & development ("IPR&D") (7.3) | 72,750 | -3,918 | - | - | ||||||||
Trademarks and tradename (5.4) | 3,037 | -1,141 | 1,600 | -384 | ||||||||
Customer relationships (10.0) | 15,381 | -1,117 | 2,400 | -120 | ||||||||
Technology licenses (3.1) | 23,018 | -17,316 | 18,000 | -15,117 | ||||||||
Total | $ | 214,661 | $ | -38,918 | $ | 33,656 | $ | -21,657 | ||||
Schedule of Estimated Aggregate Amortization Expense for Intangibles | ||||||||||||
For the year ended March 26, 2016 | $ | 32,304 | ||||||||||
For the year ended March 25, 2017 | $ | 29,020 | ||||||||||
For the year ended March 31, 2018 | $ | 27,742 | ||||||||||
For the year ended March 30, 2019 | $ | 27,053 | ||||||||||
For the year ended March 28, 2020 | $ | 26,370 | ||||||||||
Thereafter | $ | 33,266 | ||||||||||
Acquisition_Tables
Acquisition (Tables) | 12 Months Ended | |||||||||
Mar. 28, 2015 | ||||||||||
Business Combinations [Abstract] | ||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ||||||||||
Amount | ||||||||||
Cash and cash equivalents | $ | 25,342 | ||||||||
Inventory | 30,530 | |||||||||
Other current assets | 16,226 | |||||||||
Property, plant and equipment | 27,398 | |||||||||
Intangible assets | 175,987 | |||||||||
Pension assets | 1,625 | |||||||||
Total identifiable assets acquired | $ | 277,108 | ||||||||
Deferred tax liability - current | -11,958 | |||||||||
Deferred revenue | -551 | |||||||||
Other accrued liabilities | -39,417 | |||||||||
Other long-term liabilities | -2,449 | |||||||||
Total identifiable liabilities assumed | $ | -54,375 | ||||||||
Net identifiable assets acquired | $ | 222,733 | ||||||||
Goodwill | 246,748 | |||||||||
Net assets acquired | $ | 469,481 | ||||||||
Schedule of Goodwill [Table Text Block] | ||||||||||
September 27, | Fair Value | March 28, | ||||||||
2014 | Adjustments | 2015 | ||||||||
Inventory | $ | 28,658 | $ | 1,872 | $ | 30,530 | ||||
Other current assets | 15,633 | 593 | 16,226 | |||||||
Property, plant and equipment | 29,093 | -1,695 | 27,398 | |||||||
Deferred tax liability - current | -11,483 | -475 | -11,958 | |||||||
Other accrued liabilities | -41,417 | 2,000 | -39,417 | |||||||
Total Goodwill | $ | 249,043 | $ | -2,295 | $ | 246,748 | ||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | ||||||||||
Intangible assets | Amount | Weighted-average Amortization Period (years) | ||||||||
Developed technology | $ | 74,247 | 6.2 | |||||||
Technology intellectual property | 14,572 | 5.3 | ||||||||
Trademark | 1,437 | 1.3 | ||||||||
IPR&D | 72,750 | 7.3 | ||||||||
Customer relationships | 12,981 | 10 | ||||||||
Total | $ | 175,987 | ||||||||
Schedule of Finite-Lived IPR&D Assets Acquired as Part of Business Combination [Table Text Block] | ||||||||||
IPR&D intangible assets | Amount | Approximate Costs to Complete | Estimated Cost Completion Date (calendar year) | |||||||
152 nm | $ | 8,905 | $ | 862 | 2015 | |||||
55/65 nm | 36,807 | 17,350 | 2019 | |||||||
MEMs | 15,596 | 604 | 2015 | |||||||
Integrated MEMs | 11,442 | 2,784 | 2016 | |||||||
Total | $ | 72,750 | $ | 21,600 | ||||||
Postretirement_Benefit_Plans_T
Postretirement Benefit Plans (Tables) | 12 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||
Schedule of Net Funded Status [Table Text Block] | ||||||||||||
Change in benefit obligation: | ||||||||||||
Beginning balance at August 21, 2014 | $ | 22,959 | ||||||||||
Expenses | 16 | |||||||||||
Interest cost | 544 | |||||||||||
Benefits paid and expenses | -255 | |||||||||||
Actuarial loss | 3,827 | |||||||||||
Total benefit obligation at March 28, 2015 | 27,091 | |||||||||||
Change in plan assets: | ||||||||||||
Beginning balance at August 21, 2014 | 25,021 | |||||||||||
Actual return on plan assets | 1,969 | |||||||||||
Benefits paid and expenses | -255 | |||||||||||
Fair value of plan assets at March 28, 2015 | 26,735 | |||||||||||
Funded status of Scheme at March 28, 2015 | $ | -356 | ||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ||||||||||||
Fiscal Years Ended | ||||||||||||
March 28, | March 29, | |||||||||||
2015 | 2014 | |||||||||||
Expenses | $ | 16 | $ | - | ||||||||
Interest cost | 544 | - | ||||||||||
Expected return on plan assets | -792 | - | ||||||||||
$ | -232 | $ | - | |||||||||
Schedule of Assumptions Used [Table Text Block] | ||||||||||||
Discount rate | 4.00 | % | ||||||||||
Expected long-term return on plan assets | 5.36 | % | ||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ||||||||||||
Quoted Prices | ||||||||||||
in Active | Significant | |||||||||||
Markets for | Other | Significant | ||||||||||
Identical | Observable | Unobservable | ||||||||||
Assets | Inputs | Inputs | ||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Plan Assets: | ||||||||||||
Cash | $ | 1,160 | $ | - | $ | - | $ | 1,160 | ||||
Pension funds | - | 25,575 | - | 25,575 | ||||||||
$ | 1,160 | $ | 25,575 | $ | - | $ | 26,735 | |||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ||||||||||||
Fiscal Year | ||||||||||||
2015 | ||||||||||||
Net actuarial loss | $ | -1,625 | ||||||||||
Accumulated other comprehensive loss, before tax | $ | -1,625 | ||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | ||||||||||||
Fiscal Year | ||||||||||||
2016 | ||||||||||||
Transition (asset) obligation | $ | - | ||||||||||
Prior service cost | - | |||||||||||
Actuarial loss (gain) | 65 | |||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | ||||||||||||
Benefit | ||||||||||||
Payments | ||||||||||||
2016 | $ | 384 | ||||||||||
2017 | 305 | |||||||||||
2018 | 314 | |||||||||||
2019 | 487 | |||||||||||
2020 | 570 | |||||||||||
Thereafter | 2,865 | |||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | ||||||||||||
Change | Approximate impact on liabilities | |||||||||||
Decrease discount rate by 0.1%, per year | 2% increase | |||||||||||
Increase inflation linked assumptions by 0.1%, per year | 2% increase (of inflation-linked liabilities) | |||||||||||
Increase life expectancy by 1 year | 2% increase | |||||||||||
Equity_Compensation_Tables
Equity Compensation (Tables) | 12 Months Ended | |||||||||||||
Mar. 28, 2015 | ||||||||||||||
Summary of Activity in Total Stock Available for Grant | ||||||||||||||
Shares | ||||||||||||||
Available for | ||||||||||||||
Grant | ||||||||||||||
Balance, March 31, 2012 | 6,257 | |||||||||||||
Plans terminated | - | |||||||||||||
Granted | -1,600 | |||||||||||||
Forfeited | 468 | |||||||||||||
Balance, March 30, 2013 | 5,125 | |||||||||||||
Plans terminated | - | |||||||||||||
Granted | -1,785 | |||||||||||||
Forfeited | 207 | |||||||||||||
Balance, March 29, 2014 | 3,547 | |||||||||||||
Plans terminated | - | |||||||||||||
Shares added | 3,300 | |||||||||||||
Granted | -3,181 | |||||||||||||
Forfeited | 230 | |||||||||||||
Balance, March 28, 2015 | 3,896 | |||||||||||||
Summary of Effect of Stock-Based Compensation on Cost of Goods Sold | ||||||||||||||
Fiscal Year | ||||||||||||||
2015 | 2014 | 2013 | ||||||||||||
Cost of sales | $ | 747 | $ | 864 | $ | 751 | ||||||||
Research and development | 11,222 | 10,392 | 10,549 | |||||||||||
Sales, general and administrative | 25,580 | 11,818 | 10,195 | |||||||||||
Effect on pre-tax income | 37,549 | 23,074 | 21,495 | |||||||||||
Income Tax Benefit | -37,692 | -8,445 | -106 | |||||||||||
Total share-based compensation expense (benefit) (net of taxes) | -143 | 14,629 | 21,389 | |||||||||||
Share-based compensation effects on basic earnings per share | $ | 1.20 | $ | 0.50 | $ | 0.33 | ||||||||
Share-based compensation effects on diluted earnings per share | 1.15 | 0.48 | 0.32 | |||||||||||
Share-based compensation effects on operating activities cash flow | -143 | 14,629 | 21,389 | |||||||||||
Share-based compensation effects on financing activities cash flow | 37,692 | 8,445 | 106 | |||||||||||
Schedule of Fair Value of Stock Option Grants | ||||||||||||||
Year Ended | ||||||||||||||
28-Mar-15 | 29-Mar-14 | 30-Mar-13 | ||||||||||||
Expected stock price volatility | 38.79 | - | 42.12 | % | 51.93 | - | 54.34 | % | 63.42 | % | ||||
Risk-free interest rate | 0.49 | - | 0.91 | % | 0.47 | - | 0.52 | % | 0.31 | % | ||||
Expected term (in years) | 2.15 | - | 2.87 | 2.46 | - | 2.61 | 2.46 | |||||||
Schedule of Stock Option Activity | ||||||||||||||
Outstanding Options | ||||||||||||||
Weighted | ||||||||||||||
Average | ||||||||||||||
Number | Exercise Price | |||||||||||||
Balance, March 31, 2012 | 5,904 | $ | 8.23 | |||||||||||
Options granted | 264 | 37.22 | ||||||||||||
Options exercised | -1,746 | 6.88 | ||||||||||||
Options forfeited | -144 | 12.52 | ||||||||||||
Options expired | - | 20.25 | ||||||||||||
Balance, March 30, 2013 | 4,278 | $ | 10.42 | |||||||||||
Options granted | 318 | 23.45 | ||||||||||||
Options exercised | -834 | 6.12 | ||||||||||||
Options forfeited | -10 | 15.33 | ||||||||||||
Options expired | -27 | 19.52 | ||||||||||||
Balance, March 29, 2014 | 3,725 | $ | 12.42 | |||||||||||
Options granted | 310 | 21.69 | ||||||||||||
Options exercised | -696 | 7.47 | ||||||||||||
Options forfeited | -5 | 19.94 | ||||||||||||
Options expired | -1 | 4.65 | ||||||||||||
Balance, March 28, 2015 | 3,333 | $ | 14.31 | |||||||||||
Summary of Outstanding Options Vesting, Expected to Vest, or Exercisable | ||||||||||||||
Weighted | Weighted Average | |||||||||||||
Number of | Average | Remaining Contractual | Aggregate | |||||||||||
Options | Exercise price | Term (years) | Intrinsic Value | |||||||||||
Vested and expected to vest | 3,311 | $ | 14.25 | 5.43 | $ | 64,449 | ||||||||
Exercisable | 2,670 | $ | 11.83 | 4.66 | $ | 58,150 | ||||||||
Summary of Outstanding and Exercisable Options | ||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||
Weighted Average | ||||||||||||||
Remaining | Weighted | Weighted | ||||||||||||
Contractual Life | Average Exercise | Number | Average | |||||||||||
Range of Exercise Prices | Number | (years) | Price | Exercisable | Exercise Price | |||||||||
$2.82 - $5.53 | 306 | 3.67 | $ | 5.19 | 306 | $ | 5.19 | |||||||
$5.55 - $5.55 | 688 | 4.53 | 5.55 | 688 | 5.55 | |||||||||
$5.66 - $7.87 | 568 | 2.26 | 7.39 | 568 | 7.39 | |||||||||
$8.06 - $16.25 | 764 | 5.79 | 15.29 | 710 | 15.28 | |||||||||
$16.28 - $23.34 | 656 | 8.29 | 21.48 | 218 | 20.90 | |||||||||
$23.80 - $38.99 | 351 | 7.89 | 35.11 | 180 | 36.49 | |||||||||
3,333 | 5.45 | $ | 14.31 | 2,670 | $ | 11.83 | ||||||||
Summary of Restricted Stock Units Expected to Vest | ||||||||||||||
Weighted | Weighted Average | |||||||||||||
Average | Remaining Contractual | |||||||||||||
Shares | Fair Value | Term (years) | ||||||||||||
Expected to vest | 2,646 | $ | 25.57 | 1.46 | ||||||||||
Summary of Monte Carlo Simulation Assumptions for Market Stock Units | ||||||||||||||
Year Ended | ||||||||||||||
March 28, | ||||||||||||||
2015 | ||||||||||||||
Expected stock price volatility | 39.65 | % | ||||||||||||
Risk-free interest rate | 1.00 | % | ||||||||||||
Expected term (in years) | 3.00 | |||||||||||||
Schedule of Market Stock Units Activity | ||||||||||||||
Weighted | ||||||||||||||
Average | ||||||||||||||
Shares | Fair Value | |||||||||||||
29-Mar-14 | - | $ | - | |||||||||||
Granted | 35 | 22.00 | ||||||||||||
Vested | - | - | ||||||||||||
Forfeited | - | - | ||||||||||||
28-Mar-15 | 35 | $ | 22.00 | |||||||||||
Summary of Outstanding MSUs Expected to Vest | ||||||||||||||
Weighted | Weighted Average | |||||||||||||
Average | Remaining Contractual | |||||||||||||
Shares | Fair Value | Term (years) | ||||||||||||
Expected to vest | 35 | $ | 22.00 | 2.51 | ||||||||||
Restricted Stock Awards [Member] | ||||||||||||||
Summary of Restricted Stock and Restricted Stock Units Activity | ||||||||||||||
Weighted | ||||||||||||||
Average | ||||||||||||||
Grant Date | ||||||||||||||
Number of | Fair Value | |||||||||||||
Shares | (per share) | |||||||||||||
31-Mar-12 | 40 | $ | 7.19 | |||||||||||
Granted | 27 | 28.24 | ||||||||||||
Vested | -62 | 15.45 | ||||||||||||
Forfeited | - | - | ||||||||||||
30-Mar-13 | 5 | 17.28 | ||||||||||||
Granted | - | - | ||||||||||||
Vested | - | - | ||||||||||||
Forfeited | - | - | ||||||||||||
29-Mar-14 | 5 | 17.28 | ||||||||||||
Granted | - | - | ||||||||||||
Vested | -5 | 17.28 | ||||||||||||
Forfeited | - | - | ||||||||||||
28-Mar-15 | - | $ | - | |||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||
Summary of Restricted Stock and Restricted Stock Units Activity | ||||||||||||||
Weighted | ||||||||||||||
Average | ||||||||||||||
Shares | Fair Value | |||||||||||||
31-Mar-12 | 1,616 | $ | 16.52 | |||||||||||
Granted | 864 | 37.26 | ||||||||||||
Vested | -193 | 20.56 | ||||||||||||
Forfeited | -216 | 21.46 | ||||||||||||
30-Mar-13 | 2,071 | 23.66 | ||||||||||||
Granted | 977 | 22.55 | ||||||||||||
Vested | -626 | 17.71 | ||||||||||||
Forfeited | -113 | 25.81 | ||||||||||||
29-Mar-14 | 2,309 | 25.26 | ||||||||||||
Granted | 1,887 | 22.04 | ||||||||||||
Vested | -1,224 | 19.52 | ||||||||||||
Forfeited | -151 | 26.17 | ||||||||||||
28-Mar-15 | 2,821 | $ | 25.57 | |||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||
Mar. 28, 2015 | |||||||||||||||
Commitments and Contingencies [Abstract] | |||||||||||||||
Schedule of Future Rental Commitments | |||||||||||||||
Facilities | Subleases | Net Facilities Commitments | Equipment Commitments | Total Commitments | |||||||||||
2016 | $ | 4,388 | $ | 27 | $ | 4,361 | $ | 26 | $ | 4,387 | |||||
2017 | 3,914 | - | 3,914 | 22 | 3,936 | ||||||||||
2018 | 2,074 | - | 2,074 | 9 | 2,083 | ||||||||||
2019 | 1,083 | - | 1,083 | 4 | 1,087 | ||||||||||
2020 | 501 | - | 501 | - | 501 | ||||||||||
Thereafter | 193 | - | 193 | - | 193 | ||||||||||
Total minimum lease payment | $ | 12,153 | $ | 27 | $ | 12,126 | $ | 61 | $ | 12,187 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | ||||||||||
Mar. 28, 2015 | |||||||||||
Accumulated Other Comprehensive Loss [Abstract] | |||||||||||
Summary of Changes in the Components of Accumulated Other Comprehensive Loss | |||||||||||
Unrealized Gains | Actuarial Gains | ||||||||||
Foreign | (Losses) on | (Losses) on | |||||||||
Currency | Securities | Pension Plan | Total | ||||||||
Balance, March 31, 2012 | $ | -770 | $ | 8 | $ | - | $ | -762 | |||
Current period marketable securities activity | - | -157 | - | -157 | |||||||
Tax effect | - | - | - | - | |||||||
Balance, March 30, 2013 | $ | -770 | $ | -149 | $ | - | $ | -919 | |||
Current period marketable securities activity | - | -31 | - | -31 | |||||||
Tax effect | - | 64 | - | 64 | |||||||
Balance, March 29, 2014 | $ | -770 | $ | -116 | $ | - | $ | -886 | |||
Current period marketable securities activity | - | 107 | - | 107 | |||||||
Current period actuarial gain/loss activity | - | - | -1,625 | -1,625 | |||||||
Tax effect | - | -38 | 332 | 294 | |||||||
Balance, March 28, 2015 | $ | -770 | $ | -47 | $ | -1,293 | $ | -2,110 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Income Taxes [Abstract] | |||||||||
Summary of Income Before Income Taxes | |||||||||
Year Ended | |||||||||
March 28, | March 29, | March 30, | |||||||
2015 | 2014 | 2013 | |||||||
United States | $ | 133,295 | $ | 155,431 | $ | 200,124 | |||
Non-U.S. | -41,746 | 306 | 1,066 | ||||||
$ | 91,549 | $ | 155,737 | $ | 201,190 | ||||
Summary of Provision for Income Taxes | |||||||||
Year Ended | |||||||||
March 28, | March 29, | March 30, | |||||||
2015 | 2014 | 2013 | |||||||
Current: | |||||||||
Federal | $ | 42,102 | $ | 10,550 | $ | 3,537 | |||
State | 63 | 258 | 323 | ||||||
Non-U.S. | 445 | 335 | 243 | ||||||
Total current tax provision | $ | 42,610 | $ | 11,143 | $ | 4,103 | |||
Deferred: | |||||||||
U.S. | 2,136 | 36,543 | 60,506 | ||||||
Non-U.S. | -8,375 | -60 | -17 | ||||||
Total deferred tax provision (benefit) | -6,239 | 36,483 | 60,489 | ||||||
Total tax provision | $ | 36,371 | $ | 47,626 | $ | 64,592 | |||
Summary of Provision for Income Taxes, Statutory Federal Rate Pretax Income Reconciliation | |||||||||
Year Ended | |||||||||
March 28, | March 29, | March 30, | |||||||
2015 | 2014 | 2013 | |||||||
Expected income tax provision at the U.S. federal statutory rate | 35.0 | 35.0 | 35.0 | ||||||
Valuation allowance changes affecting the provision of income taxes | -0.3 | -0.1 | -1.3 | ||||||
Foreign taxes at different rates | 7.3 | 0.1 | -0.1 | ||||||
R&D credit | -3.6 | -0.9 | -2.1 | ||||||
Stock compensation | -0.8 | -0.1 | 0.1 | ||||||
Recognition of prior year benefit | - | -4.1 | - | ||||||
Nondeductible expenses | 2.3 | 0.5 | 0.3 | ||||||
Other | -0.2 | 0.2 | 0.2 | ||||||
Provision for income taxes | 39.7 | 30.6 | 32.1 | ||||||
Significant Components of Deferred Tax Assets and Liabilities | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Deferred tax assets: | |||||||||
Inventory valuation | $ | 6,377 | $ | 7,692 | |||||
Accrued expenses and allowances | 4,705 | 3,905 | |||||||
Net operating loss carryforwards | 57,878 | 29,062 | |||||||
Research and development tax credit carryforwards | 14,567 | 15,164 | |||||||
State tax credit carryforwards | 225 | 231 | |||||||
Capitalized research and development | 1,793 | 3,485 | |||||||
Other | 30,695 | 28,627 | |||||||
Total deferred tax assets | $ | 116,240 | $ | 88,166 | |||||
Valuation allowance for deferred tax assets | -33,190 | -32,159 | |||||||
Net deferred tax assets | $ | 83,050 | $ | 56,007 | |||||
Deferred tax liabilities: | |||||||||
Depreciation and amortization | $ | 6,827 | $ | 5,709 | |||||
Acquisition intangibles | 35,242 | 3,209 | |||||||
Total deferred tax liabilities | $ | 42,069 | $ | 8,918 | |||||
Total net deferred tax assets | $ | 40,981 | $ | 47,089 | |||||
Summary of Deferred Tax Assets | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Current deferred tax assets | $ | 18,559 | $ | 22,024 | |||||
Long-term deferred tax assets | 25,593 | 25,065 | |||||||
Long-term deferred tax liabilities | -3,171 | - | |||||||
Total net deferred tax assets | $ | 40,981 | $ | 47,089 | |||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Segment Information [Abstract] | |||||||||
Schedule of Segment Revenue from Product Lines | |||||||||
Fiscal Years Ended | |||||||||
March 28, | March 29, | March 30, | |||||||
2015 | 2014 | 2013 | |||||||
Portable Audio Products | $ | 740,301 | $ | 562,718 | $ | 651,974 | |||
Non-Portable Audio and Other Products | 176,267 | 151,620 | 157,812 | ||||||
$ | 916,568 | $ | 714,338 | $ | 809,786 | ||||
Schedule of Sales by Geographic Location Based on the Sales Office Location | |||||||||
Fiscal Years Ended | |||||||||
March 28, | March 29, | March 30, | |||||||
2015 | 2014 | 2013 | |||||||
United States | $ | 31,977 | $ | 35,582 | $ | 38,670 | |||
European Union (excluding United Kingdom) | 13,629 | 13,125 | 17,601 | ||||||
United Kingdom | 2,805 | 1,513 | 1,610 | ||||||
China | 728,413 | 617,850 | 700,051 | ||||||
Hong Kong | 15,087 | 6,057 | 8,590 | ||||||
Japan | 14,353 | 5,150 | 9,299 | ||||||
South Korea | 69,327 | 9,338 | 8,975 | ||||||
Taiwan | 15,272 | 13,739 | 11,694 | ||||||
Other Asia | 10,991 | 11,112 | 10,387 | ||||||
Other non-U.S. countries | 14,714 | 872 | 2,909 | ||||||
Total consolidated sales | $ | 916,568 | $ | 714,338 | $ | 809,786 | |||
Schedule of Property, Plant, and Equipment, Net, by Geographic Location | |||||||||
Fiscal Years Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
United States | $ | 114,935 | $ | 103,287 | |||||
United Kingdom | 28,925 | 16 | |||||||
China | 245 | 265 | |||||||
Hong Kong | 1 | 2 | |||||||
Japan | 3 | 12 | |||||||
South Korea | 3 | 5 | |||||||
Taiwan | 216 | 52 | |||||||
Other Asia | 18 | 11 | |||||||
Total consolidated property, plant and equipment, net | $ | 144,346 | $ | 103,650 | |||||
Quarterly_Results_Unaudited_Ta
Quarterly Results (Unaudited) (Tables) | 12 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Quarterly Results (Unaudited) [Abstract] | ||||||||||||
Schedule of Unaudited Quarterly Statement of Operations Data | ||||||||||||
Fiscal Year 2015 | ||||||||||||
1st | 2nd | 3rd | 4th | |||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||
Net sales | $ | 152,565 | $ | 210,214 | $ | 298,606 | $ | 255,183 | ||||
Gross profit | 75,375 | 100,567 | 130,831 | 118,975 | ||||||||
Net income | 10,248 | 852 | 22,729 | 21,349 | ||||||||
Basic income per share | $ | 0.17 | $ | 0.01 | $ | 0.36 | $ | 0.34 | ||||
Diluted income per share | 0.16 | 0.01 | 0.35 | 0.32 | ||||||||
Fiscal Year 2014 | ||||||||||||
1st | 2nd | 3rd | 4th | |||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||
Net sales | $ | 155,125 | $ | 190,671 | $ | 218,883 | $ | 149,659 | ||||
Gross profit | 79,498 | 99,448 | 103,849 | 73,368 | ||||||||
Net income | 20,642 | 33,367 | 41,500 | 12,602 | ||||||||
Basic income per share | $ | 0.33 | $ | 0.53 | $ | 0.66 | $ | 0.20 | ||||
Diluted income per share | 0.31 | 0.50 | 0.63 | 0.20 | ||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Schedule of Inventories) (Details) (USD $) | Mar. 28, 2015 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | ||
Summary of Significant Accounting Policies [Abstract] | ||
Work in process | $64,663 | $37,967 |
Finished goods | 19,533 | 31,776 |
Total inventories | $84,196 | $69,743 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Components of Property, Plant and Equipment) (Details) (USD $) | Mar. 28, 2015 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $216,705 | $161,318 |
Less: Accumulated depreciation and amortization | -72,359 | -57,668 |
Property, plant and equipment, net | 144,346 | 103,650 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 26,332 | 23,806 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 49,963 | 37,899 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 10,281 | 9,440 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 2,525 | 2,387 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 79,682 | 59,552 |
Capitalized Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 25,000 | 24,437 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $22,922 | $3,797 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
Share data in Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 |
Inventory write-down | $7,200,000 | ||
Depreciation and amortization expense on property, plant and equipment | 15,400,000 | 12,100,000 | 10,200,000 |
Impairment of goodwill | 0 | 0 | 0 |
Advertising expense | $1,100,000 | $1,400,000 | $1,500,000 |
Weighted outstanding options excluded from diluted calculation | 718 | 833 | 453 |
Maximum [Member] | |||
Intangible assets, useful life | 10 years | ||
Acquired intangible assets, useful life | 15 years | ||
Share-based compensation, vesting period | 4 years | ||
Minimum [Member] | |||
Intangible assets, useful life | 1 year | ||
Acquired intangible assets, useful life | 1 year | ||
Share-based compensation, vesting period | 0 years | ||
Buildings [Member] | Maximum [Member] | |||
Estimated useful life | 39 years | ||
Capitalized Software [Member] | |||
Estimated useful life | 3 years | ||
Furniture, Fixtures, Machinery and Equipment [Member] | Maximum [Member] | |||
Estimated useful life | 10 years | ||
Furniture, Fixtures, Machinery and Equipment [Member] | Minimum [Member] | |||
Estimated useful life | 3 years | ||
Capitalized Enterprise Resource Planning Software [Member] | |||
Estimated useful life | 10 years | ||
Property, Plant and Equipment [Member] | Maximum [Member] | |||
Estimated useful life | 39 years | ||
Property, Plant and Equipment [Member] | Minimum [Member] | |||
Estimated useful life | 3 years | ||
Hongfujin Precision [Member] | Accounts Receivable [Member] | |||
Concentration risk, percentage | 26.00% | 44.00% | |
Protek [Member] | Accounts Receivable [Member] | |||
Concentration risk, percentage | 15.00% | 12.00% | |
Samsung Electronics [Member] | Accounts Receivable [Member] | |||
Concentration risk, percentage | 22.00% | ||
Futaihua Industrial [Member] | Accounts Receivable [Member] | |||
Concentration risk, percentage | 14.00% | ||
Avnet, Inc. [Member] | Accounts Receivable [Member] | |||
Concentration risk, percentage | 11.00% | ||
Ten Largest Customers [Member] | |||
Number of customers responsible for sales concentration | 10 | ||
Ten Largest Customers [Member] | Sales [Member] | |||
Concentration risk, percentage | 87.00% | 88.00% | 89.00% |
Apple, Inc. [Member] | Sales [Member] | |||
Concentration risk, percentage | 72.00% | 80.00% | 82.00% |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Calculation of Basic and Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 |
Numerator: | |||||||||||
Net income | $21,349 | $22,729 | $852 | $10,248 | $12,602 | $41,500 | $33,367 | $20,642 | $55,178 | $108,111 | $136,598 |
Denominator: | |||||||||||
Basic weighted average common shares outstanding | 62,503 | 62,926 | 64,580 | ||||||||
Effect of dilutive securities | 2,732 | 2,609 | 3,874 | ||||||||
Weighted average diluted shares | 65,235 | 65,535 | 68,454 | ||||||||
Basic earnings per share | $0.34 | $0.36 | $0.01 | $0.17 | $0.20 | $0.66 | $0.53 | $0.33 | $0.88 | $1.72 | $2.12 |
Diluted earnings per share | $0.32 | $0.35 | $0.01 | $0.16 | $0.20 | $0.63 | $0.50 | $0.31 | $0.85 | $1.65 | $2 |
Marketable_Securities_Narrativ
Marketable Securities (Narrative) (Details) (USD $) | Mar. 28, 2015 | Mar. 29, 2014 |
security | security | |
Marketable Securities [Abstract] | ||
Gross Unrealized Losses | ($83,000) | ($253,000) |
Amortized cost on available for sale securities held at gross unrealized loss | $154,300,000 | $207,800,000 |
Number of securities | 34 | 74 |
Marketable_Securities_Schedule
Marketable Securities (Schedule of Available-for-sale Securities) (Details) (USD $) | Mar. 28, 2015 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value (Net Carrying Amount) | $184,318 | $352,660 |
Gross Unrealized Losses | -83 | -253 |
Corporate Debt Securities - U.S. [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value (Net Carrying Amount) | 153,836 | 246,685 |
Gross Unrealized Losses | -68 | -245 |
Gross Unrealized Gains | 8 | 52 |
Amortized Cost | 153,896 | 246,878 |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value (Net Carrying Amount) | 2,487 | 41,970 |
Gross Unrealized Losses | -2 | |
Gross Unrealized Gains | 2 | 10 |
Amortized Cost | 2,485 | 41,962 |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value (Net Carrying Amount) | 27,995 | 56,994 |
Gross Unrealized Losses | -15 | -2 |
Gross Unrealized Gains | 10 | |
Amortized Cost | 28,010 | 56,986 |
Agency Discount Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value (Net Carrying Amount) | 2,009 | |
Gross Unrealized Gains | 1 | |
Amortized Cost | 2,008 | |
Certificates of Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value (Net Carrying Amount) | 5,002 | |
Gross Unrealized Losses | -4 | |
Amortized Cost | $5,006 |
Marketable_Securities_Schedule1
Marketable Securities (Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity) (Details) (USD $) | Mar. 28, 2015 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | ||
Marketable Securities [Abstract] | ||
Within 1 year, Amortized Cost | $124,275 | $263,418 |
After 1 year, Amortized Cost | 60,116 | 89,422 |
Within 1 year, Estimated Fair Value | 124,246 | 263,417 |
After 1 year, Estimated Fair Value | 60,072 | 89,243 |
Amortized Cost | 184,391 | 352,840 |
Estimated Fair Value | $184,318 | $352,660 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Schedule of Fair Value of Financial Assets) (Details) (USD $) | Mar. 28, 2015 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | $26,735 | |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 1,160 | |
Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 25,575 | |
Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 22,334 | |
Cash Equivalents [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 20,456 | |
Cash Equivalents [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 1,878 | |
Cash Equivalents [Member] | Money-Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 996 | 20,456 |
Cash Equivalents [Member] | Money-Market Funds [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 996 | 20,456 |
Cash Equivalents [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 1,878 | |
Cash Equivalents [Member] | Commercial Paper [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 1,878 | |
Available-for-sale Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 184,318 | 352,660 |
Available-for-sale Securities [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 27,995 | 56,994 |
Available-for-sale Securities [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 156,323 | 295,666 |
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 153,836 | 246,685 |
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 153,836 | 246,685 |
Available-for-sale Securities [Member] | U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 27,995 | 56,994 |
Available-for-sale Securities [Member] | U.S. Treasury Securities [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 27,995 | 56,994 |
Available-for-sale Securities [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 2,487 | 41,970 |
Available-for-sale Securities [Member] | Commercial Paper [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 2,487 | 41,970 |
Available-for-sale Securities [Member] | Agency Discount Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 2,009 | |
Available-for-sale Securities [Member] | Agency Discount Notes [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 2,009 | |
Available-for-sale Securities [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 5,002 | |
Available-for-sale Securities [Member] | Certificates of Deposit [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | $5,002 |
Accounts_Receivable_Net_Compon
Accounts Receivable, Net (Components of Accounts Receivable, Net) (Details) (USD $) | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Accounts Receivable, Net [Abstract] | ||||
Gross accounts receivable | $112,964 | $63,449 | ||
Allowance for doubtful accounts | -356 | -229 | -301 | -371 |
Accounts receivable, net | $112,608 | $63,220 |
Accounts_Receivable_Net_Change
Accounts Receivable, Net (Changes in the Allowance for Doubtful Accounts) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 |
Accounts Receivable, Net [Abstract] | |||
Beginning balance | ($229) | ($301) | ($371) |
Bad debt expense, net of recoveries | -127 | 72 | 70 |
Ending balance | ($356) | ($229) | ($301) |
Intangibles_Net_Narrative_Deta
Intangibles, Net (Narrative) (Details) (USD $) | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Goodwill and Intangibles, Net [Abstract] | |||
Finite-Lived Intangible Assets, Net | $175,743,000 | $11,999,000 | |
Amortization expense for intangibles | $18,200,000 | $2,800,000 | $3,400,000 |
Intangibles_Net_Schedule_of_Gr
Intangibles, Net (Schedule of Gross Carrying Amount and Amortization of Intangible Assets) (Details) (USD $) | Mar. 28, 2015 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $214,661 | $33,656 |
Accumulated Amortization | -38,918 | -21,657 |
Core Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 1,390 | 1,390 |
Accumulated Amortization | -1,390 | -1,390 |
License Agreement [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 440 | 440 |
Accumulated Amortization | -440 | -440 |
Existing Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 98,645 | 9,826 |
Accumulated Amortization | -13,596 | -4,206 |
In-Process Research & Development [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 72,750 | |
Accumulated Amortization | -3,918 | |
Trademarks and Tradenames [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 3,037 | 1,600 |
Accumulated Amortization | -1,141 | -384 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 15,381 | 2,400 |
Accumulated Amortization | -1,117 | -120 |
Technology Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 23,018 | 18,000 |
Accumulated Amortization | ($17,316) | ($15,117) |
Intangibles_Net_Schedule_of_Es
Intangibles, Net (Schedule of Estimated Aggregate Amortization Expense for Intangibles) (Details) (USD $) | Mar. 28, 2015 |
In Thousands, unless otherwise specified | |
Goodwill and Intangibles, Net [Abstract] | |
Estimated aggregate amortization expense for the year ended March 26, 2016 | $32,304 |
Estimated aggregate amortization expense for the year ended March 25, 2017 | 29,020 |
Estimated aggregate amortization expense for the year ended March 31, 2018 | 27,742 |
Estimated aggregate amortization expense for the year ended March 30, 2019 | 27,053 |
Estimated aggregate amortization expense for the year ended March 28, 2020 | 26,370 |
Estimated aggregate amortization expense for the yera ended March 28, 2020+ | $33,266 |
Acquisition_Narrative_Details
Acquisition (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||
Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Sep. 27, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | Aug. 29, 2014 | Aug. 21, 2014 | Aug. 21, 2014 | Mar. 28, 2015 | Apr. 29, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | GBP (£) | Wolfson [Member] | Wells Fargo interim credit facility [Member] | |
USD ($) | USD ($) | ||||||||||||||||
Enterprise Value | $469,000,000 | £ 283,000,000 | |||||||||||||||
Business Acquisition, Share Price | £ 2.35 | ||||||||||||||||
Borrowing limit under the revolving credit facility | 250,000,000 | 250,000,000 | 225,000,000 | ||||||||||||||
Acquisition foreign currency transaction loss | 12,000,000 | ||||||||||||||||
Goodwill | 263,115,000 | 16,367,000 | 263,115,000 | 16,367,000 | 246,748,000 | ||||||||||||
Acquisition related costs | 18,137,000 | ||||||||||||||||
Restructuring and other, net | 1,455,000 | -598,000 | 3,292,000 | ||||||||||||||
Net sales | 255,183,000 | 298,606,000 | 210,214,000 | 152,565,000 | 149,659,000 | 218,883,000 | 190,671,000 | 155,125,000 | 916,568,000 | 714,338,000 | 809,786,000 | 98,300,000 | |||||
Business Acquisition, Pro Forma Revenue | $142,500,000 | $179,400,000 |
Acquisition_Schedule_of_Recogn
Acquisition (Schedule of Recognized Identified Assets Acquired, Goodwill, and Liabilities Assumed) (Details) (USD $) | Mar. 28, 2015 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | ||
Goodwill | $263,115 | $16,367 |
Wolfson [Member] | ||
Cash and cash equivalents | 25,342 | |
Inventory | 30,530 | |
Other current assets | 16,226 | |
Property, plant and equipment | 27,398 | |
Intangible assets | 175,987 | |
Pension assets | 1,625 | |
Total identifiable assets acquired | 277,108 | |
Deferred tax liability - current | -11,958 | |
Deferred revenue | -551 | |
Other accrued liabilities | -39,417 | |
Other long-term liabilities | -2,449 | |
Total identifiable liabilities assumed | -54,375 | |
Net identifiable assets acquired | 222,733 | |
Goodwill | 246,748 | |
Net assets acquired | $469,481 |
Acquisition_Schedule_of_Change
Acquisition (Schedule of Changes in Goodwill) (Details) (USD $) | Mar. 28, 2015 | Mar. 29, 2014 | Sep. 27, 2014 |
In Thousands, unless otherwise specified | |||
Goodwill | $263,115 | $16,367 | |
Wolfson [Member] | |||
Inventory | 30,530 | 28,658 | |
Other current assets | 16,226 | 15,633 | |
Property, plant and equipment | 27,398 | 29,093 | |
Deferred tax liability - current | -11,958 | -11,483 | |
Other accrued liabilities | -39,417 | -41,417 | |
Goodwill | 246,748 | 249,043 | |
Changes in Fair Value [Member] | |||
Inventory | 1,872 | ||
Other current assets | 593 | ||
Property, plant and equipment | -1,695 | ||
Deferred tax liability - current | -475 | ||
Other accrued liabilities | 2,000 | ||
Goodwill | ($2,295) |
Acquisition_Schedule_of_Finite
Acquisition (Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 28, 2015 |
Wolfson [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $175,987 |
Developed Technology [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 74,247 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years 2 months 12 days |
Technology Intellectual Property [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 14,572 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years 3 months 18 days |
Trademarks [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,437 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year 3 months 18 days |
In Process Research and Development [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 72,750 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years 3 months 18 days |
Customer Relationships [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $12,981 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Acquisition_Schedule_of_IPRD_A
Acquisition (Schedule of IPR&D Acquired Intangible Assets) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 28, 2015 |
152 Nanometer [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $8,905 |
Approximate Costs to Complete | 862 |
Estimated Cost Completion Date (calendar year) | 2015 |
55/65 Nanometer [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 36,807 |
Approximate Costs to Complete | 17,350 |
Estimated Cost Completion Date (calendar year) | 2019 |
MEMS [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 15,596 |
Approximate Costs to Complete | 604 |
Estimated Cost Completion Date (calendar year) | 2015 |
Integrated MEMS [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 11,442 |
Approximate Costs to Complete | 2,784 |
Estimated Cost Completion Date (calendar year) | 2016 |
In Process Research and Development [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 72,750 |
Approximate Costs to Complete | $21,600 |
Revolving_Line_of_Credit_Narra
Revolving Line of Credit (Narrative) (Details) (USD $) | 12 Months Ended | |
Mar. 28, 2015 | Apr. 29, 2014 | |
Borrowing limit under the revolving credit facility | $250,000,000 | |
Line of credit facility leverage ratio covenant | 200.00% | |
Covenant Terms Cash and Cash Equivalents | 100,000,000 | |
Long-term Line of Credit, Noncurrent | 180,439,000 | |
Minimum [Member] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |
Minimum [Member] | Base Rate [Member] | ||
Line of Credit Facility, Interest Rate Description | 0% | |
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility, Interest Rate Description | 1.50% | |
Maximum [Member] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | |
Maximum [Member] | Base Rate [Member] | ||
Line of Credit Facility, Interest Rate Description | 0.25% | |
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility, Interest Rate Description | 2.00% | |
Wells Fargo interim credit facility [Member] | ||
Borrowing limit under the revolving credit facility | $225,000,000 |
Restructuring_Costs_Details
Restructuring Costs (Details) (USD $) | 12 Months Ended | 30 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 28, 2015 | |
Restructuring Costs [Abstract] | ||||
Restructuring and other, net | $1,455,000 | ($598,000) | $3,292,000 | |
Restructuring and related cost, cost incurred to date, net | 2,900,000 | |||
Severance costs | 1,500,000 | |||
Other restructuring costs | 2,000,000 | |||
Restructuring expense paid | 2,800,000 | |||
Payments for severance and relocation-related costs | 1,200,000 | |||
Asset impairment charge | 1,000,000 | |||
Payments for facility-related costs | 600,000 | |||
Remaining restructuring accrual | $100,000 | $100,000 |
Postretirement_Benefit_Plans_N
Postretirement Benefit Plans (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended | 15 Months Ended | ||
Dec. 28, 2013 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 28, 2015 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.20% | 3.20% | |||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $1,400,000 | ||||
Other long-term obligations | 8,786,000 | 4,010,000 | 8,786,000 | ||
Maximum employer contribution matching percentage | 50.00% | 50.00% | |||
Percentage of employees' annual contribution that qualifies for employer contribution matching | 6.00% | 8.00% | |||
Defined Contribution Plan, Cost Recognized | 2,500,000 | 1,800,000 | 1,500,000 | ||
Pension Plan [Member] | |||||
Other long-term obligations | 600,000 | 600,000 | |||
Defined Contribution Plan, Cost Recognized | $1,650,000 |
Postretirement_Benefit_Plans_S
Postretirement Benefit Plans (Schedule of Benefit Obligation, Fair Value of Plan Assets and Funded Status) (Details) (USD $) | 7 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 28, 2015 |
Employee Benefit Plans [Abstract] | ||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | $22,959 | |
Expenses | 16 | |
Interest cost | 544 | 544 |
Actuarial loss | 3,827 | |
Defined Benefit Plan, Benefit Obligation, Ending Balance | 27,091 | 27,091 |
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 25,021 | |
Actual return on plan assets | 1,969 | |
Benefits paid and expenses | -255 | |
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 26,735 | 26,735 |
Defined Benefit Plan, Funded Status of Plan | -356 | -356 |
Expenses | 16 | |
Net Periodic Benefit Cost, Total | ($232) |
Postretirement_Benefit_Plans_S1
Postretirement Benefit Plans (Schedule of Net Periodic Pension Expense) (Details) (USD $) | 7 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 28, 2015 |
Employee Benefit Plans [Abstract] | ||
Expenses | $16 | |
Interest cost | 544 | 544 |
Expected return on plan assets | 792 | |
Net Periodic Benefit Cost, Total | ($232) |
Postretirement_Benefit_Plans_W
Postretirement Benefit Plans (Weighted-Average Assumptions Used in Net Periodic Benefit Costs) (Details) | 12 Months Ended |
Mar. 28, 2015 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |
Discount rate | 4.00% |
Expected long-term return on plan assets | 5.36% |
Postretirement_Benefit_Plans_S2
Postretirement Benefit Plans (Schedule of Fair Value of Financial Instruments - Pension) (Details) (USD $) | Mar. 28, 2015 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan Disclosure [Line Items] | |
Assets, Fair Value Disclosure | $26,735 |
Cash And Cash Equivalents [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Assets, Fair Value Disclosure | 1,160 |
Pension Funds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Assets, Fair Value Disclosure | 25,575 |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Assets, Fair Value Disclosure | 1,160 |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Cash And Cash Equivalents [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Assets, Fair Value Disclosure | 1,160 |
Significant Other Observable Inputs Level 2 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Assets, Fair Value Disclosure | 25,575 |
Significant Other Observable Inputs Level 2 [Member] | Pension Funds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Assets, Fair Value Disclosure | $25,575 |
Postretirement_Benefit_Plans_A
Postretirement Benefit Plans (Amounts Recognized in AOCI Not Yet Recognized in Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 28, 2015 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Actuarial Gain (Loss), before Tax [Abstract] | |
Actuarial loss on pension plan | ($1,625) |
Amounts Recognized in Other Comprehensive Loss, before Tax, Total | ($1,625) |
Postretirement_Benefit_Plans_A1
Postretirement Benefit Plans (Amount to be Amortized from Accumulated Other Comprehensive Income in Next Fiscal Year) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 26, 2016 |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | |
Transition (asset) obligation | $0 |
Prior service cost | 0 |
Actuarial loss (gain) | $65 |
Postretirement_Benefit_Plans_S3
Postretirement Benefit Plans (Schedule of Future Benefit Payments) (Details) (USD $) | Mar. 28, 2015 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan, Expected Future Benefit Payments, Rolling Maturity [Abstract] | |
2016 | $384 |
2017 | 305 |
2018 | 314 |
2019 | 487 |
2020 | 570 |
Thereafter | $2,865 |
Equity_Compensation_Narrative_
Equity Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Share based compensation shares available for grant reduction ratio | 1.5 | ||
Shares reserved for issuance under the Plan | 12,600,000 | ||
Stock compensation expense | $37,549,000 | $23,074,000 | $21,495,000 |
Net amount received from exercise of stock options granted | 5,200,000 | 5,100,000 | 12,000,000 |
Total intrinsic value of stock options exercised | 12,800,000 | 12,400,000 | 48,600,000 |
Shares of common stock issued for stock option exercises | 696,000 | 834,000 | 1,746,000 |
Number of options exercisable | 2,670,000 | 3,000,000 | |
Fair value of options that became vested during the period | 4,400,000 | 4,800,000 | 4,800,000 |
Employee Stock Option [Member] | |||
Compensation costs related to equity incentive plans, weighted average recognition period | 1 year 3 months 7 days | ||
Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 5,000 | 0 | 62,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 86,000 | 951,000 | |
Restricted Stock Units (RSUs) [Member] | |||
Compensation costs related to equity incentive plans, weighted average recognition period | 1 year 6 months | ||
Share based compensation, vesting percentage | 100 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 1,224,000 | 626,000 | 193,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 23,900,000 | 11,100,000 | |
Shares Paid for Tax Withholding for Share Based Compensation | 200,000 | 200,000 | |
Employee Service Share-based Compensation, Cash Flow Effect, Cash Used to Settle Awards | 4,600,000 | 3,900,000 | |
Cash received from cash settled shares | 100,000 | 200,000 | |
Share based compensation, vesting percentage | 100 | ||
Aggregate Intrinsic value, Vested | 93,900,000 | ||
Market Stock Unit (MSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Compensation costs related to equity incentive plans, weighted average recognition period | 2 years 6 months 4 days | ||
Intrinsic value of awards outstanding | 1,200,000 | ||
RSAs RSUs and MSUs [Member] | |||
Stock compensation expense | 34,000,000 | 18,600,000 | 16,300,000 |
Options RSUs and MSUs [Member] | |||
Compensation costs related to equity incentive plans not yet recognized | $40,700,000 | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Maximum [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Share based compensation, period from grant date options are exercisable | 10 years | ||
Maximum [Member] | Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 0 years | ||
Minimum [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 0 years | ||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
Weighted Average Estimated Fair Value Using Black Scholes Option Valuation Model [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $7.26 | $10.45 | $20.43 |
Equity_Compensation_Summary_of
Equity Compensation (Summary of Activity in Total Stock Available for Grant) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 |
Equity Compensation [Abstract] | |||
Shares available for grant, beginning balance | 3,547 | 5,125 | 6,257 |
Shares available for grant, shares added | $3,300 | ||
Shares available for grant, granted | -3,181 | -1,785 | -1,600 |
Shares available for grant, forfeited | 230 | 207 | 468 |
Shares available for grant, ending balance | 3,896 | 3,547 | 5,125 |
Equity_Compensation_Summary_of1
Equity Compensation (Summary of Effect of Stock-Based Compensation on Cost of Goods Sold) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 |
Effect on pre-tax income | $37,549 | $23,074 | $21,495 |
Income tax benefit | -37,692 | -8,445 | -106 |
Total share based compensation expense (benefit) (net of taxes) | -143 | 14,629 | 21,389 |
Share based compensation effects on basic earnings per share | $1.20 | $0.50 | $0.33 |
Share based compensation effects on diluted earnings per share | $1.15 | $0.48 | $0.32 |
Share based compensation effects on operating activities cash flow | -143 | 14,629 | 21,389 |
Share based compensation effects on financing activities cash flow | 37,692 | 8,445 | 106 |
Cost of Sales [Member] | |||
Effect on pre-tax income | 747 | 864 | 751 |
Research and Development [Member] | |||
Effect on pre-tax income | 11,222 | 10,392 | 10,549 |
Selling, General and Administrative [Member] | |||
Effect on pre-tax income | $25,580 | $11,818 | $10,195 |
Equity_Compensation_Schedule_o
Equity Compensation (Schedule of Fair Value of Stock Option Grants) (Details) | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected stock price volatility, minimum | 38.79% | 51.93% | |
Expected stock price volatility, maximum | 42.12% | 54.34% | 63.42% |
Risk-free interest rate, minimum | 0.49% | 0.47% | |
Risk-free interest rate, maximum | 0.91% | 0.52% | 0.31% |
Expected term | 2 years 5 months 16 days | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term | 2 years 10 months 13 days | 2 years 7 months 10 days | |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term | 2 years 1 month 24 days | 2 years 5 months 16 days |
Equity_Compensation_Schedule_o1
Equity Compensation (Schedule of Stock Option Activity) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 |
Equity Compensation [Abstract] | |||
Number, beginning balance | 3,725 | 4,278 | 5,904 |
Number, granted | 310 | 318 | 264 |
Number, exercised | -696 | -834 | -1,746 |
Number, forfeited | -5 | -10 | -144 |
Number, expired | -1 | -27 | |
Number, ending balance | 3,333 | 3,725 | 4,278 |
Weighted average exercise price, beginning balance | $12.42 | $10.42 | $8.23 |
Weighted average exercise price, options granted | $21.69 | $23.45 | $37.22 |
Weighted average exercise price, options exercised | $7.47 | $6.12 | $6.88 |
Weighted average exercise price, options forfeited | $19.94 | $15.33 | $12.52 |
Weighted average exercise price, options expired | $4.65 | $19.52 | $20.25 |
Weighted average exercise price, ending balance | $14.31 | $12.42 | $10.42 |
Equity_Compensation_Summary_of2
Equity Compensation (Summary of Outstanding Options Vesting, Expected to Vest, or Exercisable) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Equity Compensation [Abstract] | ||
Number of Options, Vested and expected to vest | 3,311 | |
Weighted Average Exercise Price, Vested and expected to vest | $14.25 | |
Weighted Average Remaining Contractual Term, Vested and expected to vest | 5 years 5 months 5 days | |
Aggregate Intrinsic Value, Vested and expected to vest | $64,449 | |
Number of Options, Exercisable | 2,670 | 3,000 |
Weighted Average Exercise Price, Exercisable | $11.83 | |
Weighted Average Remaining Contractual Term, Exercisable | 4 years 7 months 28 days | |
Aggregate Intrinsic Value, Exercisable | $58,150 |
Equity_Compensation_Summary_of3
Equity Compensation (Summary of Outstanding and Exercisable Options) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 28, 2015 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number | 3,333 |
Options Outstanding, Weighted Average Remaining Contractual Life | 5 years 5 months 12 days |
Options Outstanding, Weighted Average Exercise Price | $14.31 |
Options Exercisable, Number Exercisable | 2,670 |
Options Exercisable, Weighted Average Exercise Price | $11.83 |
$2.82 - $5.53 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower limit | $2.82 |
Range of Exercise Prices, upper limit | $5.53 |
Options Outstanding, Number | 306 |
Options Outstanding, Weighted Average Remaining Contractual Life | 3 years 8 months 1 day |
Options Outstanding, Weighted Average Exercise Price | $5.19 |
Options Exercisable, Number Exercisable | 306 |
Options Exercisable, Weighted Average Exercise Price | $5.19 |
$5.55 - $5.55 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower limit | $5.55 |
Range of Exercise Prices, upper limit | $5.55 |
Options Outstanding, Number | 688 |
Options Outstanding, Weighted Average Remaining Contractual Life | 4 years 6 months 11 days |
Options Outstanding, Weighted Average Exercise Price | $5.55 |
Options Exercisable, Number Exercisable | 688 |
Options Exercisable, Weighted Average Exercise Price | $5.55 |
$5.66 - $7.87 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower limit | $5.66 |
Range of Exercise Prices, upper limit | $7.87 |
Options Outstanding, Number | 568 |
Options Outstanding, Weighted Average Remaining Contractual Life | 2 years 3 months 4 days |
Options Outstanding, Weighted Average Exercise Price | $7.39 |
Options Exercisable, Number Exercisable | 568 |
Options Exercisable, Weighted Average Exercise Price | $7.39 |
$8.06 - $16.25 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower limit | $8.06 |
Range of Exercise Prices, upper limit | $16.25 |
Options Outstanding, Number | 764 |
Options Outstanding, Weighted Average Remaining Contractual Life | 5 years 9 months 15 days |
Options Outstanding, Weighted Average Exercise Price | $15.29 |
Options Exercisable, Number Exercisable | 710 |
Options Exercisable, Weighted Average Exercise Price | $15.28 |
$16.28 - $23.34 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower limit | $16.28 |
Range of Exercise Prices, upper limit | $23.34 |
Options Outstanding, Number | 656 |
Options Outstanding, Weighted Average Remaining Contractual Life | 8 years 3 months 15 days |
Options Outstanding, Weighted Average Exercise Price | $21.48 |
Options Exercisable, Number Exercisable | 218 |
Options Exercisable, Weighted Average Exercise Price | $20.90 |
$23.80 - $38.99 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower limit | $23.80 |
Range of Exercise Prices, upper limit | $38.99 |
Options Outstanding, Number | 351 |
Options Outstanding, Weighted Average Remaining Contractual Life | 7 years 10 months 21 days |
Options Outstanding, Weighted Average Exercise Price | $35.11 |
Options Exercisable, Number Exercisable | 180 |
Options Exercisable, Weighted Average Exercise Price | $36.49 |
Equity_Compensation_Summary_of4
Equity Compensation (Summary of Restricted Stock Award Activity) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 |
Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Balance | 5,000 | 5,000 | 40,000 |
Number of Shares, Granted | 27,000 | ||
Number of Shares, Vested | -5,000 | 0 | -62,000 |
Number of Shares, Balance | 5,000 | 5,000 | |
Weighted Average Grant Date Fair Value (per share), Beginning Balance | $17.28 | $17.28 | $7.19 |
Weighted Average Grant Date Fair Value (per share), Granted | $28.24 | ||
Weighted Average Grant Date Fair Value (per share), Vested | $17.28 | $15.45 | |
Weighted Average Grant Date Fair Value (per share), Ending Balance | $17.28 | $17.28 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $86 | $951 | |
Market Stock Unit (MSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Granted | 35,000 | ||
Number of Shares, Balance | 35,000 | ||
Weighted Average Grant Date Fair Value (per share), Granted | $22 | ||
Weighted Average Grant Date Fair Value (per share), Ending Balance | $22 |
Equity_Compensation_Summary_of5
Equity Compensation (Summary of Restricted Stock Unit Activity) (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Balance | 2,309,000 | 2,071,000 | 1,616,000 |
Number of Shares, Granted | 1,887,000 | 977,000 | 864,000 |
Number of Shares, Vested | -1,224,000 | -626,000 | -193,000 |
Number of Shares, Forfeited | -151,000 | -113,000 | -216,000 |
Number of Shares, Balance | 2,821,000 | 2,309,000 | 2,071,000 |
Weighted Average Grant Date Fair Value (per share), Beginning Balance | $25.26 | $23.66 | $16.52 |
Weighted Average Grant Date Fair Value (per share), Granted | $22.04 | $22.55 | $37.26 |
Weighted Average Grant Date Fair Value (per share), Vested | $19.52 | $17.71 | $20.56 |
Weighted Average Grant Date Fair Value (per share), Forfeited | $26.17 | $25.81 | $21.46 |
Weighted Average Grant Date Fair Value (per share), Ending Balance | $25.57 | $25.26 | $23.66 |
Equity_Compensation_Summary_of6
Equity Compensation (Summary of Restricted Stock Units Vested and Expected to Vest) (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended |
Share data in Thousands, unless otherwise specified | Mar. 28, 2015 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Vested and expected to vest | 2,646 |
Weighted Average Fair Value, Vested and expected to vest | $25.57 |
Weighted Average Remaining Contractual Term, Vested and expected to vest | 1 year 5 months 16 days |
Equity_Compensation_Schedule_o2
Equity Compensation (Schedule of Fair Value Market Stock Units Assumptions) (Details) | 12 Months Ended | ||
Mar. 30, 2013 | Mar. 28, 2015 | Mar. 29, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term | 2 years 5 months 16 days | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term | 2 years 10 months 13 days | 2 years 7 months 10 days | |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term | 2 years 1 month 24 days | 2 years 5 months 16 days | |
Market Stock Unit (MSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected stock price volatility | 39.65% | ||
Risk-free interest rate | 1.00% | ||
Expected term | 3 years |
Equity_Compensation_Summary_of7
Equity Compensation (Summary of Market Stock Unit Activity) (Details) (Market Stock Unit (MSUs) [Member], USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 28, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Granted | 35 |
Number of Shares, Balance | 35 |
Weighted Average Grant Date Fair Value (per share), Granted | $22 |
Weighted Average Grant Date Fair Value (per share), Ending Balance | $22 |
Weighted Average Estimated Fair Value Using Monte Carlo Simulation Model [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Average Grant Date Fair Value (per share), Granted | $22 |
Equity_Compensation_Summary_of8
Equity Compensation (Summary of Market Stock Units Expected to Vest) (Details) (Market Stock Unit (MSUs) [Member], USD $) | 12 Months Ended |
Share data in Thousands, unless otherwise specified | Mar. 28, 2015 |
Market Stock Unit (MSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Vested and expected to vest | 35 |
Weighted Average Fair Value, Vested and expected to vest | $22 |
Weighted Average Remaining Contractual Term, Vested and expected to vest | 2 years 6 months 4 days |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | |||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | Dec. 22, 2011 | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||
Rent expense | $4,000,000 | $2,800,000 | $3,200,000 | |
Sublease rental income | 100,000 | 100,000 | 100,000 | |
Tucson, Arizona Facility [Member] | ||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||
Square footage of Tucson facilities | 28,000 | |||
Capacity Investment and Loading Agreement with STATS ChipPAC Ltd [Member] | ||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||
Non-cancelable purchase commitments | 10,000,000 | |||
Purchase commitment, rebate amount | 10,000,000 | |||
Foundry Commitments [Member] | ||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||
Non-cancelable purchase commitments | 98,200,000 | |||
Assembly Purchase Order Commitments [Member] | ||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||
Non-cancelable purchase commitments | 5,500,000 | |||
Outside Test Services Commitments [Member] | ||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||
Non-cancelable purchase commitments | 10,200,000 | |||
Long-term Other Purchase Obligation [Member] | ||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||
Non-cancelable purchase commitments | $46,800,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Schedule of Future Rental and Capital Lease Commitments) (Details) (USD $) | Mar. 28, 2015 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | ||
Rental Commitments [Line Items] | ||
2016 | $4,387 | |
2017 | 3,936 | |
2018 | 2,083 | |
2019 | 1,087 | |
2020 | 501 | |
Thereafter | 193 | |
Total minimum lease payment | 12,187 | |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 246 | |
Capital Leases, Future Minimum Payments Due in Two Years | 246 | |
Capital Leases, Future Minimum Payments Due in Three Years | 245 | |
Capital Leases, Future Minimum Payments Due in Four Years | 245 | |
Property, Plant and Equipment, Gross | 216,705 | 161,318 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 72,359 | 57,668 |
Facilities [Member] | ||
Rental Commitments [Line Items] | ||
2016 | 4,388 | |
2017 | 3,914 | |
2018 | 2,074 | |
2019 | 1,083 | |
2020 | 501 | |
Thereafter | 193 | |
Total minimum lease payment | 12,153 | |
Subleases [Member] | ||
Rental Commitments [Line Items] | ||
2016 | 27 | |
2017 | ||
2018 | ||
2019 | ||
2020 | ||
Thereafter | ||
Total minimum lease payment | 27 | |
Net Facilities Commitments [Member] | ||
Rental Commitments [Line Items] | ||
2016 | 4,361 | |
2017 | 3,914 | |
2018 | 2,074 | |
2019 | 1,083 | |
2020 | 501 | |
Thereafter | 193 | |
Total minimum lease payment | 12,126 | |
Equipment Commitments [Member] | ||
Rental Commitments [Line Items] | ||
2016 | 26 | |
2017 | 22 | |
2018 | 9 | |
2019 | 4 | |
2020 | ||
Thereafter | ||
Total minimum lease payment | 61 | |
Assets Held under Capital Leases [Member] | ||
Rental Commitments [Line Items] | ||
Property, Plant and Equipment, Gross | 1,100 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $100 |
Legal_Matters_Details
Legal Matters (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
defendant | item | |
defendant | ||
Legal Matters [Abstract] | ||
Number of U.S.Ethernet Innovations lawsuit co-defendants | 2 | |
Patents allegedly infringed number | 2 | 4 |
Patent infringement settlements, net | ($695) |
Stockholders_Equity_Details
Stockholder's Equity (Details) (USD $) | 12 Months Ended | 0 Months Ended | 30 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | Nov. 20, 2012 | Mar. 28, 2015 | |
Repurchase and retirement of common stock, value | $10,534,000 | $52,138,000 | $86,059,000 | ||
Remaining amount available for share repurchases under stock repurchase program | 51,700,000 | ||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | ||
November 2012 Repurchase Program [Member] | |||||
Share repurchase program, amount approved | 200,000,000 | ||||
Repurchase and retirement of common stock, shares | 600,000 | 6,200,000 | |||
Repurchase and retirement of common stock, value | 148,300,000 | ||||
Average cost per share repurchased | $18.17 | $23.87 | |||
Series A Participating Preferred Stock [Member] | |||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |||
Preferred Stock, shares issued | 0 | 0 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, accumulated other comprehensive loss | ($886) | ($919) | ($762) | |
Current period marketable securities activity | 107 | -31 | -157 | |
Actuarial loss on pension plan | -1,625 | |||
Tax effect | 294 | 64 | ||
Ending balance, accumulated other comprehensive loss | -2,110 | -886 | -919 | |
Foreign Currency [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, accumulated other comprehensive loss | -770 | |||
Ending balance, accumulated other comprehensive loss | -770 | -770 | -770 | -770 |
Unrealized Gains (Losses) on Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, accumulated other comprehensive loss | -116 | -149 | 8 | |
Current period marketable securities activity | 107 | -31 | -157 | |
Tax effect | -38 | 64 | ||
Ending balance, accumulated other comprehensive loss | -47 | -116 | -149 | |
Actuarial Gains (Losses) on Pension Plan [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Actuarial loss on pension plan | -1,625 | |||
Tax effect | 332 | |||
Ending balance, accumulated other comprehensive loss | ($1,293) |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
Income Taxes [Line Items] | ||
Increase (decrease) in valuation allowance | $1,000,000 | |
Net operating loss included in deferred tax assets | 57,878,000 | 29,062,000 |
Unrecognized tax benefit | 0 | 0 |
Accrued interest and penalties | 0 | |
Interest and penalties incurred during period | 0 | 0 |
Federal [Member] | ||
Income Taxes [Line Items] | ||
Net operating loss carryforwards | 26,200,000 | |
Section 382 Of Internal Revenue Code [Member] | ||
Income Taxes [Line Items] | ||
Net operating loss carryforwards | 26,200,000 | |
Non-U.S [Member] | ||
Income Taxes [Line Items] | ||
Net operating loss carryforwards | 147,600,000 | |
State [Member] | ||
Income Taxes [Line Items] | ||
Net operating loss carryforwards | 88,300,000 | |
Research Tax Credit Carryforward [Member] | Federal [Member] | ||
Income Taxes [Line Items] | ||
Tax credit carryforward | 5,100,000 | |
Research Tax Credit Carryforward [Member] | State [Member] | ||
Income Taxes [Line Items] | ||
Tax credit carryforward | 14,600,000 | |
Tax credit carryforward subject to expiration | 2,900,000 | |
Tax credit carryforward not subject to expiration | $11,700,000 |
Income_Taxes_Summary_of_Income
Income Taxes (Summary of Income Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 |
Income Taxes [Abstract] | |||
United States | $133,295 | $155,431 | $200,124 |
Non-U.S. | -41,746 | 306 | 1,066 |
Income before income taxes | $91,549 | $155,737 | $201,190 |
Income_Taxes_Summary_of_Provis
Income Taxes (Summary of Provision (Benefit) for Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 |
Income Taxes [Line Items] | |||
Total current tax provision | $42,610 | $11,143 | $4,103 |
Total deferred tax provision (benefit) | -6,239 | 36,483 | 60,489 |
Total provision for income taxes | 36,371 | 47,626 | 64,592 |
Federal [Member] | |||
Income Taxes [Line Items] | |||
Total current tax provision | 42,102 | 10,550 | 3,537 |
U.S [Member] | |||
Income Taxes [Line Items] | |||
Total deferred tax provision (benefit) | 2,136 | 36,543 | 60,506 |
State [Member] | |||
Income Taxes [Line Items] | |||
Total current tax provision | 63 | 258 | 323 |
Non-U.S [Member] | |||
Income Taxes [Line Items] | |||
Total current tax provision | 445 | 335 | 243 |
Total deferred tax provision (benefit) | ($8,375) | ($60) | ($17) |
Income_Taxes_Summary_of_Provis1
Income Taxes (Summary of Provision for Income Taxes, Statutory Federal Rate Pretax Income Reconciliation) (Details) | 12 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
Income Taxes [Abstract] | |||
Expected income tax provision at the U.S. federal statutory rate | 35.00% | 35.00% | 35.00% |
Valuation allowance changes affecting the provision of income taxes | -0.30% | -0.10% | -1.30% |
Foreign taxes at different rates | 7.30% | 0.10% | -0.10% |
R&D credit | -3.60% | -0.90% | -2.10% |
Stock compensation | -0.80% | -0.10% | 0.10% |
Recognition of prior year benefit | -4.10% | ||
Nondeductible expenses | 2.30% | 0.50% | 0.30% |
Other | -0.20% | 0.20% | 0.20% |
Provision for income taxes | 39.70% | 30.60% | 32.10% |
Income_Taxes_Significant_Compo
Income Taxes (Significant Components of Deferred Tax Assets and Liabilities) (Details) (USD $) | Mar. 28, 2015 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Inventory valuation | $6,377 | $7,692 |
Accrued expenses and allowances | 4,705 | 3,905 |
Net operating loss carryforwards | 57,878 | 29,062 |
Research and development tax credit carryforwards | 14,567 | 15,164 |
State tax credit carryforwards | 225 | 231 |
Capitalized research and development | 1,793 | 3,485 |
Other | 30,695 | 28,627 |
Total deferred tax assets | 116,240 | 88,166 |
Valuation allowance for deferred tax assets | -33,190 | -32,159 |
Net deferred tax assets | 83,050 | 56,007 |
Deferred tax liabilities: | ||
Depreciation and amortization | 6,827 | 5,709 |
Acquisition intangibles | 35,242 | 3,209 |
Total deferred tax liabilities | 42,069 | 8,918 |
Total net deferred tax assets | $40,981 | $47,089 |
Income_Taxes_Summary_of_Deferr
Income Taxes (Summary of Deferred Tax Assets) (Details) (USD $) | Mar. 28, 2015 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ||
Deferred tax assets | $18,559 | $22,024 |
Long-term deferred tax assets | 25,593 | 25,065 |
Long-term deferred tax liabilities | -3,171 | |
Total net deferred tax assets | $40,981 | $47,089 |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) | 12 Months Ended |
Mar. 28, 2015 | |
segment | |
Segment Information [Abstract] | |
Number of reportable segments | 1 |
Segment_Information_Schedule_o
Segment Information (Schedule of Segment Revenue from Product Lines) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $255,183 | $298,606 | $210,214 | $152,565 | $149,659 | $218,883 | $190,671 | $155,125 | $916,568 | $714,338 | $809,786 |
Portable Audio Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 740,301 | 562,718 | 651,974 | ||||||||
Non-Portable Audio and Other Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $176,267 | $151,620 | $157,812 |
Segment_Information_Schedule_o1
Segment Information (Schedule of Sales by Geographic Location Based on the Sales Office Location) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $255,183 | $298,606 | $210,214 | $152,565 | $149,659 | $218,883 | $190,671 | $155,125 | $916,568 | $714,338 | $809,786 |
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 31,977 | 35,582 | 38,670 | ||||||||
European Union (Excluding United Kingdom) [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 13,629 | 13,125 | 17,601 | ||||||||
United Kingdom [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 2,805 | 1,513 | 1,610 | ||||||||
China [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 728,413 | 617,850 | 700,051 | ||||||||
Hong Kong [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 15,087 | 6,057 | 8,590 | ||||||||
Japan [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 14,353 | 5,150 | 9,299 | ||||||||
South Korea [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 69,327 | 9,338 | 8,975 | ||||||||
Taiwan [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 15,272 | 13,739 | 11,694 | ||||||||
Other Asia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 10,991 | 11,112 | 10,387 | ||||||||
Other Non-U.S. Countries [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $14,714 | $872 | $2,909 |
Segment_Information_Schedule_o2
Segment Information (Schedule of Property, Plant, and Equipment, Net, by Geographic Location) (Details) (USD $) | Mar. 28, 2015 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | $144,346 | $103,650 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 114,935 | 103,287 |
United Kingdom [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 28,925 | 16 |
China [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 245 | 265 |
Hong Kong [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 1 | 2 |
Japan [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 3 | 12 |
South Korea [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 3 | 5 |
Taiwan [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 216 | 52 |
Other Asia [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | $18 | $11 |
Quarterly_Results_Unaudited_Sc
Quarterly Results (Unaudited) (Schedule of Unaudited Quarterly Statement of Operations Data) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 |
Quarterly Results (Unaudited) [Abstract] | |||||||||||
Net sales | $255,183 | $298,606 | $210,214 | $152,565 | $149,659 | $218,883 | $190,671 | $155,125 | $916,568 | $714,338 | $809,786 |
Gross profit | 118,975 | 130,831 | 100,567 | 75,375 | 73,368 | 103,849 | 99,448 | 79,498 | 425,748 | 356,163 | 395,191 |
Net income | $21,349 | $22,729 | $852 | $10,248 | $12,602 | $41,500 | $33,367 | $20,642 | $55,178 | $108,111 | $136,598 |
Basic earnings per share | $0.34 | $0.36 | $0.01 | $0.17 | $0.20 | $0.66 | $0.53 | $0.33 | $0.88 | $1.72 | $2.12 |
Diluted earnings per share | $0.32 | $0.35 | $0.01 | $0.16 | $0.20 | $0.63 | $0.50 | $0.31 | $0.85 | $1.65 | $2 |