Cover Page
Cover Page - USD ($) | 12 Months Ended | |||
Mar. 29, 2024 | Mar. 31, 2023 | May 20, 2024 | Sep. 29, 2023 | |
Cover [Abstract] | ||||
Document Type | 10-K | |||
Document Annual Report | true | |||
Document Period End Date | Mar. 29, 2024 | |||
Current Fiscal Year End Date | --03-29 | |||
Document Transition Report | false | |||
Entity File Number | 001-39675 | |||
Entity Registrant Name | ALLEGRO MICROSYSTEMS, INC. | |||
Entity Incorporation, State or Country Code | DE | |||
Entity Tax Identification Number | 46-2405937 | |||
Entity Address, Address Line One | 955 Perimeter Road | |||
Entity Address, City or Town | Manchester | |||
Entity Address, State or Province | NH | |||
Entity Address, Postal Zip Code | 03103 | |||
City Area Code | 603 | |||
Local Phone Number | 626-2300 | |||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |||
Trading Symbol | ALGM | |||
Security Exchange Name | NASDAQ | |||
Entity Well-known Seasoned Issuer | Yes | |||
Entity Voluntary Filers | No | |||
Entity Current Reporting Status | Yes | |||
Entity Interactive Data Current | Yes | |||
Entity Filer Category | Large Accelerated Filer | |||
Entity Small Business | false | |||
Entity Emerging Growth Company | false | |||
ICFR Auditor Attestation Flag | true | |||
Entity Shell Company | false | |||
Entity Public Float | $ 2,567,653,518 | |||
Entity Common Stock, Shares Outstanding (in shares) | 193,748,130 | |||
Documents Incorporated by Reference | Portions of the registrant’s proxy statement for its 2024 Annual Meeting of Stockholders to be filed pursuant to Regulation 14A within 120 days of the end of the registrant’s fiscal year ended March 29, 2024 are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent stated herein. | |||
Entity Central Index Key | 0000866291 | |||
Amendment Flag | false | |||
Document Fiscal Year Focus | 2024 | |||
Document Fiscal Period Focus | FY | |||
Document Financial Statement Error Correction [Flag] | true | |||
Document Financial Statement Restatement Recovery Analysis [Flag] | true | |||
Auditor Name | PricewaterhouseCoopers LLP | Grant Thornton LLP | ||
Auditor Firm ID | 238 | 248 | ||
Auditor Location | Boston, Massachusetts | Boston, Massachusetts |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 29, 2024 | Mar. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 212,143 | $ 351,576 |
Restricted cash | 10,018 | 7,129 |
Trade accounts receivable, net of provision for expected credit losses of $145 and $102 at March 29, 2024 and March 31, 2023, respectively | 118,508 | 111,290 |
Accounts receivable - other | 2,703 | 1,943 |
Inventories | 162,302 | 151,301 |
Prepaid income taxes | 31,908 | 2,090 |
Prepaid expenses and other current assets | 30,674 | 23,256 |
Total current assets | 572,213 | 665,829 |
Property, plant and equipment, net | 321,175 | 263,099 |
Operating lease right-of-use assets, net | 20,374 | 16,866 |
Deferred income tax assets | 54,496 | 50,359 |
Goodwill | 202,425 | 27,691 |
Intangible assets, net | 276,854 | 52,378 |
Related party notes receivable, less current portion | 4,688 | 8,438 |
Equity investment in related party | 26,727 | 27,265 |
Other assets | 51,651 | 69,230 |
Total assets | 1,530,603 | 1,181,155 |
Current liabilities: | ||
Trade accounts payable | 35,964 | 56,256 |
Accrued expenses and other current liabilities | 71,126 | 94,894 |
Current portion of operating lease liabilities | 5,263 | 4,493 |
Current portion of long-term debt | 3,929 | |
Total current liabilities | 117,908 | 165,325 |
Long-term debt | 249,611 | 25,000 |
Operating lease liabilities, less current portion | 16,404 | 13,048 |
Other long-term liabilities | 14,964 | 10,967 |
Total liabilities | 398,887 | 214,340 |
Commitments and contingencies (Note 16) | ||
Stockholders' Equity: | ||
Preferred Stock, $0.01 par value; 20,000,000 shares authorized, no shares issued or outstanding at March 29, 2024 and March 31, 2023 | ||
Common stock, $0.01 par value; 1,000,000,000 shares authorized, 193,164,609 shares issued and outstanding at March 29, 2024; 1,000,000,000 shares authorized, 191,754,292 issued and outstanding at March 31, 2023 | 1,932 | 1,918 |
Additional paid-in capital | 694,332 | 674,179 |
Retained earnings | 463,012 | 310,315 |
Accumulated other comprehensive loss | (28,841) | (20,784) |
Equity attributable to Allegro MicroSystems, Inc. | 1,130,435 | 965,628 |
Non-controlling interests | 1,281 | 1,187 |
Total stockholders' equity | 1,131,716 | 966,815 |
Total liabilities, non-controlling interests and stockholders' equity | 1,530,603 | 1,181,155 |
Related Party | ||
Current assets: | ||
Trade and other accounts receivable due from related party | 207 | 13,494 |
Current portion of related party notes receivable | 3,750 | 3,750 |
Current liabilities: | ||
Amounts due to related party | $ 1,626 | $ 9,682 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 29, 2024 | Mar. 31, 2023 |
Allowances for doubtful accounts | $ 145 | $ 102 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 193,164,609 | 191,754,292 |
Common stock, shares outstanding (in shares) | 193,164,609 | 191,754,292 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Net sales | $ 1,049,367 | $ 973,653 | $ 768,674 |
Cost of goods sold | 471,894 | 348,390 | 286,855 |
Cost of goods sold to related party | 2,944 | 79,184 | 74,359 |
Gross profit | 574,529 | 546,079 | 407,460 |
Operating expenses: | |||
Research and development | 176,638 | 150,850 | 121,873 |
Selling, general and administrative | 188,429 | 191,922 | 148,937 |
Impairment of long-lived assets | 13,218 | 0 | 0 |
Total operating expenses | 378,285 | 342,772 | 270,810 |
Operating income | 196,244 | 203,307 | 136,650 |
Other income (expense): | |||
Interest expense | (10,763) | (2,336) | (2,499) |
Interest income | 3,144 | 1,724 | 1,442 |
Foreign currency transaction gain (loss) | 5,064 | 980 | (568) |
(Loss) income in earnings of equity investment | (538) | (406) | 1,007 |
Other income, net | 1,646 | 8,077 | 4,714 |
Income before income taxes | 194,797 | 211,346 | 140,746 |
Income tax provision | 41,909 | 23,852 | 21,191 |
Net income | 152,888 | 187,494 | 119,555 |
Net income attributable to non-controlling interests | 191 | 137 | 148 |
Net income attributable to Allegro MicroSystems, Inc. | $ 152,697 | $ 187,357 | $ 119,407 |
Net income per common share attributable to Allegro MicroSystems, Inc.: | |||
Basic (in dollars per share) | $ 0.79 | $ 0.98 | $ 0.63 |
Diluted (in dollars per share) | $ 0.78 | $ 0.97 | $ 0.62 |
Weighted average shares outstanding: | |||
Basic (in shares) | 192,573,169 | 191,197,452 | 189,748,427 |
Diluted (in shares) | 194,674,352 | 193,688,102 | 191,811,205 |
Non-Related Party Revenue | |||
Net sales | $ 1,043,206 | $ 812,890 | $ 619,861 |
Related Party Revenue | |||
Net sales | $ 6,161 | $ 160,763 | $ 148,813 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 152,888 | $ 187,494 | $ 119,555 |
Net income attributable to non-controlling interests | 191 | 137 | 148 |
Net income attributable to Allegro MicroSystems, Inc. | 152,697 | 187,357 | 119,407 |
Other comprehensive (loss) income: | |||
Foreign currency translation adjustment | (7,720) | (2,892) | (8,110) |
Net actuarial (loss) gain amortization of net transition obligation and prior service costs related to defined benefit plans, net of tax of $145, $(164) and $(472) in fiscal years 2024, 2023 and 2022, respectively | (434) | 492 | 1,416 |
Comprehensive income | 144,543 | 184,957 | 112,713 |
Other comprehensive gain attributable to non-controlling interests | 97 | 64 | 111 |
Comprehensive income attributable to Allegro MicroSystems, Inc. | $ 144,640 | $ 185,021 | $ 112,824 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Statement of Comprehensive Income [Abstract] | |||
Defined benefit plan, tax | $ 145 | $ (164) | $ (472) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Preferred Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interests |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Preferred stock, shares outstanding (in shares) | 0 | ||||||
Beginning balance (in shares) at Mar. 26, 2021 | 189,588,161 | ||||||
Beginning balance at Mar. 26, 2021 | $ 586,871 | $ 1,896 | $ 0 | $ 592,170 | $ 3,551 | $ (11,865) | $ 1,119 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 119,555 | 119,407 | 148 | ||||
Employee stock purchase plan issuances (shares) | 125,767 | ||||||
Employee stock purchase plan issuances | 2,832 | $ 1 | 2,831 | ||||
Stock-based compensation, net of forfeitures and restricted stock vested (in shares) | 759,667 | ||||||
Stock-based compensation, net of forfeitures and restricted stock vested | 33,437 | $ 8 | 33,429 | ||||
Payments of taxes withheld on net settlement of equity awards | (638) | (638) | |||||
Foreign currency translation adjustment | (8,110) | (7,999) | (111) | ||||
Net actuarial gain and amortization of net transition obligation and prior service costs related to defined benefit plans, net of tax | (1,416) | (1,416) | |||||
Ending balance (in shares) at Mar. 25, 2022 | 190,473,595 | ||||||
Ending balance at Mar. 25, 2022 | 735,363 | $ 1,905 | $ 0 | 627,792 | 122,958 | (18,448) | 1,156 |
Preferred stock, ending balance (in shares) at Mar. 25, 2022 | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Preferred stock, shares outstanding (in shares) | 0 | ||||||
Net income | 187,494 | 187,357 | 137 | ||||
Cash dividends to non-controlling interest | (42) | (42) | |||||
Employee stock purchase plan issuances (shares) | 161,726 | ||||||
Employee stock purchase plan issuances | 2,793 | $ 2 | 2,791 | ||||
Stock-based compensation, net of forfeitures and restricted stock vested (in shares) | 1,118,971 | ||||||
Stock-based compensation, net of forfeitures and restricted stock vested | 61,668 | $ 11 | 61,657 | ||||
Payments of taxes withheld on net settlement of equity awards | (18,061) | (18,061) | |||||
Foreign currency translation adjustment | (2,892) | (2,828) | (64) | ||||
Net actuarial gain and amortization of net transition obligation and prior service costs related to defined benefit plans, net of tax | $ (492) | (492) | |||||
Ending balance (in shares) at Mar. 31, 2023 | 191,754,292 | 191,754,292 | |||||
Ending balance at Mar. 31, 2023 | $ 966,815 | $ 1,918 | $ 0 | 674,179 | 310,315 | (20,784) | 1,187 |
Preferred stock, ending balance (in shares) at Mar. 31, 2023 | 0 | 0 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | |||||
Net income | $ 152,888 | 152,697 | 191 | ||||
Employee stock purchase plan issuances (shares) | 144,226 | ||||||
Employee stock purchase plan issuances | 3,635 | $ 1 | 3,634 | ||||
Stock-based compensation, net of forfeitures and restricted stock vested (in shares) | 1,266,091 | ||||||
Stock-based compensation, net of forfeitures and restricted stock vested | 42,432 | $ 13 | 42,419 | ||||
Payments of taxes withheld on net settlement of equity awards | (25,900) | (25,900) | |||||
Foreign currency translation adjustment | (7,720) | (7,623) | (97) | ||||
Net actuarial gain and amortization of net transition obligation and prior service costs related to defined benefit plans, net of tax | $ 434 | 434 | |||||
Ending balance (in shares) at Mar. 29, 2024 | 193,164,609 | 193,164,609 | |||||
Ending balance at Mar. 29, 2024 | $ 1,131,716 | $ 1,932 | $ 0 | $ 694,332 | $ 463,012 | $ (28,841) | $ 1,281 |
Preferred stock, ending balance (in shares) at Mar. 29, 2024 | 0 | 0 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Cash flows from operating activities: | |||
Net income | $ 152,888 | $ 187,494 | $ 119,555 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 71,382 | 50,808 | 48,527 |
Amortization of deferred financing costs | 527 | 99 | 101 |
Deferred income taxes | (18,613) | (40,116) | 7,498 |
Stock-based compensation | 42,457 | 61,798 | 33,548 |
Loss (gain) on disposal of assets | 70 | 285 | (349) |
Change in fair value of contingent consideration | 0 | (2,800) | (2,000) |
Impairment of long-lived assets | 13,218 | 0 | 0 |
Provisions for inventory and expected credit losses | 10,286 | (1,438) | 6,297 |
Change in fair value of marketable securities | 3,579 | (7,471) | (3,722) |
Changes in operating assets and liabilities: | |||
Trade accounts receivable | (7,964) | (12,484) | (18,347) |
Accounts receivable - other | (1,035) | 2,226 | (2,668) |
Inventories | (15,848) | (75,150) | (4,471) |
Prepaid expenses and other assets | (40,231) | (23,263) | (19,450) |
Trade accounts payable | (12,653) | 11,958 | (4,348) |
Due to (from) related party | 5,231 | 18,326 | (659) |
Accrued expenses and other current and long-term liabilities | (21,579) | 22,934 | (3,383) |
Net cash provided by operating activities | 181,715 | 193,206 | 156,129 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (124,772) | (79,775) | (69,941) |
Acquisition of business, net of cash acquired | (408,119) | (19,921) | (14,549) |
Proceeds from sales of property, plant and equipment | 0 | 0 | 27,408 |
Sales (purchases) in marketable securities | 16,175 | 0 | (9,189) |
Net cash used in investing activities | (516,716) | (99,696) | (66,271) |
Cash flows from financing activities: | |||
Loans made to related party | 0 | (7,500) | (7,500) |
Borrowings of 2023 Term Loan Facility, net of deferred financing costs | 245,452 | 0 | 0 |
Repayments of other debt | (842) | 0 | 0 |
Finance lease payments | (142) | ||
Receipts on related party notes receivable | 3,750 | 2,812 | 0 |
Payments for taxes related to net share settlement of equity awards | (25,900) | (18,061) | (638) |
Proceeds from issuance of common stock under equity award and employee purchase plan awards | 3,635 | 2,793 | 2,831 |
Dividends paid to non-controlling interest | 0 | (42) | 0 |
Payments of debt issuance costs | (1,450) | 0 | 0 |
Net cash provided by (used in) financing activities | 198,878 | (19,998) | (5,307) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (421) | (4,606) | 1,373 |
Net (decrease) increase in cash and cash equivalents and restricted cash | (136,544) | 68,906 | 85,924 |
Cash and cash equivalents and restricted cash at beginning of period | 358,705 | 289,799 | 203,875 |
Cash and cash equivalents and restricted cash at end of period: | 222,161 | 358,705 | 289,799 |
Reconciliation of cash and cash equivalents and restricted cash: | |||
Cash and cash equivalents at beginning of period | 351,576 | 282,383 | 197,214 |
Restricted cash at beginning of period | 7,129 | 7,416 | 6,661 |
Cash and cash equivalents at end of period | 212,143 | 351,576 | 282,383 |
Restricted cash at end of period | 10,018 | 7,129 | 7,416 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 10,153 | 1,923 | 813 |
Cash paid for income taxes, net of refunds | 89,927 | 58,209 | 22,195 |
Non-cash transactions: | |||
Property, plant and equipment purchases included in trade accounts payable and accrued expenses | (4,157) | (16,369) | (2,021) |
Right-of-use assets obtained in exchange for lease liabilities | 10,450 | 4,870 | 3,159 |
2020 Term Loan Facility | |||
Cash flows from financing activities: | |||
Repayment of Term Loan Facility | (25,000) | 0 | 0 |
2023 Term Loan Facility | |||
Cash flows from financing activities: | |||
Repayment of Term Loan Facility | $ (625) | $ 0 | $ 0 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 152,697 | $ 187,357 | $ 119,407 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 29, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Rule 10b5-1 Arrangement Modified | false |
Non Rule 10b5-1 Arrangement Modified | false |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 12 Months Ended |
Mar. 29, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of the Business and Basis of Presentation | 1. Nature of the Busine ss and Basis of Presentation Allegro MicroSystems, Inc., together with its consolidated subsidiaries (the “Company”), is a global leader in designing, developing and manufacturing sensing and power solutions for motion control and energy-efficient systems in automotive and industrial markets. The Company is incorporated under the laws of Delaware. The Company is headquartered in Manchester, New Hampshire and has a global footprint, with 29 locations across four continents. Financial Periods The Company’s fiscal year is the 52-week or 53-week period ending on the Friday closest to the last day in March. The Company’s 2024 fiscal year ended March 29, 2024 (“fiscal year 2024”) was a 52-week period, the 2023 fiscal year ended March 31, 2023 (“fiscal year 2023”) was a 53-week period, and 2022 fiscal year ended March 25, 2022 (“fiscal year 2022”) was a 52-week period. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 29, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The Company prepares its financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). These principles are established primarily by the Financial Accounting Standards Board (“FASB”). Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and those entities required to be consolidated under GAAP. All material intercompany profits, transactions, and balances among the consolidated entities have been eliminated. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosures of contingencies at the date of the consolidated financial statements and the reported amounts of net sales and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, assumptions and judgments, including those related to the valuation of acquired intangible assets, impairment assessment and valuation of goodwill, intangible assets and tangible long-lived assets, the net realizable value of inventory, income taxes, stock-based compensation, and sales allowances. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements. Reclassifications Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. Business Segment Information The Company operates in one segment, which involves the design, development, production and distribution of various integrated circuits in various markets worldwide. The Company has a single, company-wide management team that administers all properties as a whole rather than as discrete operating segments. The chief operating decision maker, who is the Company’s Chief Executive Officer, measures financial performance as a single enterprise and not on a legal entity or end market basis. Throughout the year, the chief operating decision maker allocates capital resources on a project-by-project basis across the Company’s entire asset base to maximize profitability without regard to a legal entity or end market basis. The Company operates in a number of countries throughout the world in a variety of product lines through its business unit structure. Business Combinations The Company accounts for business combinations under the acquisition method of accounting. Accordingly, at the date of each acquisition, the Company measures the fair value of all identifiable assets acquired (including intangible assets), liabilities assumed and any remaining noncontrolling interests and allocates the consideration paid to all items measured. The fair value of identifiable intangible assets acquired are based on valuations that use information and assumptions determined management’s best estimates of inputs and assumptions a market participant would use. Foreign Currency Translation and Transactions The Company’s reporting currency is the U.S. Dollar. The financial statements of the Company’s foreign subsidiaries are translated from local currency into U.S. dollars using the current exchange rate at the balance sheet date for assets and liabilities, and the average exchange rate in effect during the period for net sales and expenses. The functional currency for the Company’s international subsidiaries is considered to be the local currency for each entity, and, accordingly, translation adjustments for these entities are included as a component of accumulated other comprehensive loss in the Company’s consolidated balance sheets. Non-Controlling Interests The Company, through one of its wholly owned subsidiaries, established an affiliated entity in Philippines for the primary purpose of purchasing, selling, leasing, developing and otherwise managing real estate acquired by the Company in the Philippines. The Company owns 40 % of the equity interest in this entity, and the remaining 60 % is held in a trust for the benefit of its employee retirement fund. The portion of the results of operations of this entity is shown as net income attributable to the non-controlling interests in the Company’s consolidated statements of operations for fiscal years 2024, 2023 and 2022. Additionally, the cumulative portion of the results of operations of this entity along with the interest in the net assets is shown as a component of non-controlling interests in the Company’s consolidated balance sheets. Cash Equivalents and Restricted Cash The Company considers all highly liquid instruments with original maturities of three months or less at the time of acquisition to be cash equivalents. At March 29, 2024 and March 31, 2023, the Company maintained investments in interest-bearing cash accounts. Because of the investment’s short term to maturity and the investment’s relative price insensitivity to changes in market interest rates, cost approximates fair value for this investment. As a result, there were no realized or unrealized gains or losses for the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022. The Company has restricted cash, the use of which is restricted to the benefit of employees through a deferred compensation program. Fair Value of Financial Instruments Certain assets and liabilities are carried at fair value under GAAP. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (at exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value, which are provided below: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs (other than Level 1 prices) 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. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or examination. The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s cash equivalents and restricted cash are carried at fair values as determined according to the fair value hierarchy described above (see Note 5, “Fair Value Measurements”). The carrying value of accounts receivable, notes receivables, accounts payable and accrued expenses approximate their respective fair value due to the short-term nature of these assets and liabilities. The carrying value of outstanding borrowings under the line of credit agreements approximates fair value as it bears interest at a rate approximating a market interest rate. Related party notes receivable are classified as held-for-investment based on management’s intent and ability to hold the loan for the foreseeable future or to maturity. Loans held-for-investment are carried at amortized cost and reduced by a valuation allowance for estimated credit losses, as necessary. The Company recognizes interest income on loans, including the amortization of discounts and premiums, loan fees paid and received, using the interest method. The interest method is applied on a loan-by-loan basis when collectability of the future payments is reasonably assured. Premiums and discounts are recognized as yield adjustments over the term of the related loans. A detailed description of fair value measurement of the assets of the non-U.S. defined benefit plan is included in Note 15, “Retirement Plans.” Trade Accounts Receivable, Net A receivable is a right to consideration that is unconditional (i.e., only the passage of time is required before payment is due). Accounts receivables are presented net of a provision for expected credit losses, which is an estimate of amounts that may not be collectible and returns and sales allowances. The provision for expected credit losses is our estimate of current expected credit losses (“CECL”) based on historical loss experience. The Company periodically performs detailed reviews to assess the adequacy of the allowance. The Company exercises judgment in estimating the timing, frequency and severity of losses. The Company uses an aging schedule method to estimate current expected credit losses based on days of delinquency, including information about past events and current economic conditions, as well as future forecasts of economic conditions. The Company’s accounts receivable is separated into two categories using a portfolio methodology to evaluate the allowance under the CECL impairment model based on sales categorization and similar credit quality and worthiness of the customers: original equipment manufacturers and distributors. The receivables in each category share similar risk characteristics. The Company increases the allowance for expected credits losses when the Company determines all or a portion of a receivable is uncollectible. The Company recognizes recoveries as a decrease to the allowance for expected credit losses. Adjustments to the allowance for expected credit losses are recorded as selling, general and administrative expenses in the consolidated statements of operations. Sales allowances include sales in which the amount of consideration that the Company will receive is unknown as of the end of a reporting period. Such consideration primarily includes limited price protection provisions provided to distributors. The Company estimates potential future sales allowances based on historical data from prior sales adjustments. Historical experience can change over time. As a result, estimated sales allowances may differ significantly from amounts recorded in the current and historical periods. Inventories Inventories are stated at the lower of cost or net realizable value, with cost being determined using a standard costing system that approximates actual costs, based on a first-in, first-out method. Inventory costs include materials, labor and manufacturing overhead. The Company records inventory provisions when conditions exist that suggest that inventory may be in excess of anticipated demand, is obsolete based upon expected future demand for products and market conditions, or quality-related rejections. These provisions are reported as a reduction to raw materials and supplies, work in process and finished goods. The Company regularly evaluates the ability to realize the value of inventory based on a combination of factors, including historical usage rates, forecasted sales or usage, and product end of life dates. Assumptions used in determining management’s estimates of future product demand may prove to be incorrect, in which case the provision required for excess and obsolete inventory would have to be adjusted in the future. Although the Company performs a detailed review of its forecasts of future product demand, any significant unanticipated changes in demand could have a significant impact on the value of the Company’s inventory and reported operating results. Property, Plant and Equipment, Net Property, plant and equipment, net, including improvements that significantly add to productive capacity or extend useful life, are stated at historical cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The Company capitalizes interest on certain projects with long-term construction periods. Maintenance and repairs expenditures are charged to expense as incurred. Estimated useful lives of the respective property, plant and equipment assets are as follows: Asset Useful Life Buildings 31 years Buildings improvements Economic life of the building improvements Leasehold improvements The shorter of the remaining term of the lease or estimated useful life Machinery and equipment 3 - 10 years Office Equipment 3 years Intangible assets, net Intangible assets, net primarily consist of identified intangible assets related to completed acquisitions, as well as capitalized costs to acquire and defend patent and trademark related awards. In addition, the Company holds technology, customer relationships, and non-compete agreements. The Company’s intangible assets are amortized using a method that approximates their economic benefit over their estimated useful lives ranging from three to 15 years . Impairment of Long-Lived Assets Long-lived assets consist of property, plant and equipment, finite-lived intangibles, such as patents, completed technologies, customer relationships and indefinite-lived intangible assets such as process technology and trademarks. Property, plant and equipment, intangible assets and other finite-lived assets are tested for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset group for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset group to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset group are less than its carrying amount. If such assets are not impaired, but their useful lives have decreased, the remaining net book value is amortized over the revised useful life. Indefinite-lived intangible assets are reviewed for impairment at least annually or whenever events or changes in circumstances indicate that it is more likely than not that the asset is impaired. The impairment test consists of a qualitative assessment to determine if events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform a quantitative impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If such events occur, a comparison of the fair value of the intangible asset with its carrying value is performed. If the carrying value of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The Company has elected the first business day of the fourth quarter of its fiscal year as the annual impairment testing date. Goodwill Goodwill represents the excess of the purchase price in a business combination over the fair value of the net tangible and intangible assets acquired. Goodwill is not amortized, but rather is assessed for impairment at the reporting unit level annually during the fourth quarter of each fiscal year or more frequently if we believe indicators of impairment exist. Goodwill impairment, if any, is determined by comparing the reporting unit’s fair value to its carrying value. An impairment loss is recognized in an amount equal to the excess of the reporting unit’s carrying value over its fair value, up to the amount of goodwill allocated to the reporting unit. In testing goodwill for impairment, the Company has the option to first consider qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Such qualitative factors include industry and market considerations, economic conditions, entity-specific financial performance and other events, such as changes in management, strategy and primary customer base. If based on the Company’s qualitative assessment it is more likely than not that the fair value of the reporting unit is less than its carrying amount, quantitative impairment testing is required. However, if the Company concludes otherwise, quantitative impairment testing is not required. The results of the Company’s qualitative goodwill impairment test performed on the first business day of fourth quarter for fiscal years 2024, 2023 and 2022 did not indicate any impairments. Leases The Company accounts for leases in accordance with GAAP. At the inception of an arrangement, the Company determines whether the arrangement is a lease arrangement or contains a lease based on the unique facts and circumstances present. Leases with a term greater than 12 months are recognized on the balance sheet as right-of-use (“ROU”) assets with a corresponding lease liability. The Company has elected not to recognize on the consolidated balance sheets leases with an initial term of 12 months or less. Leases with an initial term of 12 months or less are directly expensed as incurred. Leases are classified as either operating or finance depending on the specific terms of the arrangement. The Company’s leases mainly consist of facilities, office equipment, and vehicles. The majority of leases are classified as operating leases. Certain lease agreements contain provisions for future rent increases. Lease payments included in the measurement of the lease liability comprise fixed payments and future rent increases tied to an index or rate. Future rent increases dependent on an index or rate are initially measured at the index or rate at the commencement date. The Company’s leases typically do not contain residual value guarantees. At the commencement date, operating and finance lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected lease term. The lease term includes the non-cancelable period of the lease, plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. The interest rate implicit in a lease contract is typically not readily determinable, therefore an incremental borrowing rate is used to calculate the lease liability. The incremental borrowing rate is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Certain adjustments to the ROU asset may be required for items such as prepayments, lease incentives received or initial direct costs paid. Product Warranties The Company provides warranties on its products to its customers, generally for one year from the date of shipment and in limited cases for longer periods. In the event of a failure of a product covered by these warranties, the Company must repair or replace the product or, if those remedies are insufficient, and at the discretion of the Company, provide a refund. In limited cases, the Company warrants its products to include significant liability beyond the cost of repairing or replacing the product or refunding the sales price of the product. The Company periodically assesses the adequacy of the warranty reserve and adjusts the amount, as necessary. If there is a material increase in the rate of customer claims, or the Company’s estimates of probable losses relating to specifically identified warranty exposures are inaccurate, the Company may need to record a charge against future cost of goods sold. There were $ 477 and $ 4,327 accrued for warranty reserves as of March 29, 2024 and March 31, 2023, respectively. Revenue Recognition Revenue is recognized on contracts with customers when transfer of control to the customer occurs in exchange for an amount reflecting the consideration that the Company expects to be entitled. In order to achieve this core principle, the Company applies the following five step approach: (1) Identify the contract with a customer — The Company considers customer purchase orders, which in some cases are governed by master agreements, to be customer contracts. A contract exists when it is approved by both parties, each party’s rights and obligations are identified, payment terms are known, customer has the ability and intent to pay and the contract has commercial substance. The Company uses judgment in determining the customer’s ability and intent to pay, which is based on factors such as the customer’s historical payment experience or, for new customers, credit and financial information pertaining to the customers. (2) Identify the performance obligations in the contract — Performance obligations are identified as products and services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the product or service either on its own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the products or services is separately identifiable from other promises in the contract. Substantially, all of the Company’s contracts with customers contain a single performance obligation, such as the sale of mixed-signal integrated circuit products or the sale of wafer fabricators. (3) Determine the transaction price — The transaction price is determined based on the consideration to which the Company expects to be entitled in exchange for transferring products to the customer. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that no significant future reversal of cumulative revenue under the contract will occur. (4) Allocate the transaction price to the performance obligations in the contract — If the contract contains a single performance obligation, the entire transaction price is allocated to that performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone selling price. (5) Recognize revenue when a performance obligation is satisfied — Revenue is recognized when control of the product is transferred to the customer (i.e., when the Company’s performance obligation is satisfied), which typically occurs point in time at shipment or delivery, depending on the terms of the contract. Sales channels The Company sells products globally through its direct sales force, third-party distributors, independent sales representatives and consignment. The Company records revenue based on the amount of any discounted arrangement fee. When the Company transacts with a distributor, its contractual arrangement is with the distributor and not with the end customer. Whether the Company transacts business with and receives the order from a distributor or directly from an end customer, its revenue recognition policy and resulting pattern of revenue recognition for the order are the same. The Company also uses independent sales representatives to assist in the sales process with certain customers. Sales representatives are not distributors. If a sales representative is engaged in the sales process, the Company receives the order directly from and sells the products directly to the end customer. The Company pays a commission to the sales representative, calculated as a percentage of the related customer payment. Sales representatives’ commissions are recorded as expenses when incurred and are classified as selling, general and administrative expenses in the Company’s consolidated statements of operations. For consignment arrangements with distributors, delivery occurs and revenue is recognized when the distributor pulls product from consignment inventory that is stored at designated distributor locations. Recognition is not contingent upon resale of the products to the distributors’ customers. Until the products are pulled for use or sale by the distributor, the Company retains control over the products’ disposition, including the right to pull back or relocate the products. Variable consideration Variable consideration includes sales in which the amount of consideration that the Company will receive is unknown as of the end of a reporting period. Such consideration primarily includes limited price protection provisions provided to distributors, sales under agreements that allow rights of return, referred to as stock rotation, provided to distributors, discounts and credits provided to distributors and returns provisions offered to direct customers. The Company estimates potential future returns, credits and sales allowances based on historical data from prior sales returns and credits issued and changes in product sales to customers. Practical expedients elected Revenue recognized is adjusted based on allowances, which are prepared on a portfolio basis using a most likely amount methodology. The length of time between revenue recognition and payment is not significant under any of the Company’s payment terms. Moreover, if the period between revenue recognition and when the customer pays is one year or less, the Company elected not to account for the significant financing component. Other Revenue Recognition Policies Shipping and handling activities are not considered a contractual performance obligation. The Company records shipping and handling costs billed to customers as revenue with offsetting costs recorded as cost of sale. Contract Assets and Contract Liabilities Contract assets and contract liabilities (deferred revenue) net are reported at the contract level for each reporting period. Contract assets typically result from contracts when revenue recognized exceeds the amount billed to the customer, and right to payment is not just subject to the passage of time. Contract assets are transferred to accounts receivable when the rights become unconditional. The Company had no contract assets as of March 29, 2024 or March 31, 2023. Contract liabilities typically result from billings in excess of revenues recognized and relate to products shipped near the end of the reporting period for which the required revenue recognition criteria were not met. The Company had no contract liabilities as of March 29, 2024 or March 31, 2023. Stock-Based Compensation The Company recognizes compensation costs for all stock-based compensation awards made to employees based upon the awards’ estimated grant-date fair value. Typically, stock-based compensation expense is recognized evenly over the vesting period. However, stock-based compensation expense related to performance-based awards is recognized relative to the probability of achievement of the requisite milestones during the vesting period. The Company accounts for forfeitures as they occur. Determining the fair value of certain stock-based compensation awards at the grant date requires judgment, including estimating the expected life of the stock awards and the volatility of the underlying market-based and projected future cash flow assumptions. Any changes to those estimates that the Company makes from time to time may have a significant impact on the stock-based compensation expense recorded and could materially impact the Company’s results of operations. Research and Development The Company commits substantial capital and resources to internal and collaborative research and development projects in order to provide innovative products and solutions to its customers. The Company conducts research primarily to develop new technologies, enhance current product performance, improve the functionality and reliability of existing products, and develop revolutionary new products and solutions. Research and development costs are expensed as incurred and include salaries, wages and other personnel related costs, material costs and depreciation, consulting costs, software licensing costs, maintenance costs and facility costs. Pension Obligations The Company, through its subsidiaries, has various foreign defined benefit plans as well as U.S. defined contribution plans. Accredited independent actuaries calculate related plan assets, liabilities and expenses. The Company is required to make certain assumptions to assign value to the plan assets and liabilities. These assumptions are reviewed annually, based on current plan information and consultations with independent investment advisors and actuaries. The Company does not offer other defined benefits associated with postretirement benefit plans other than pensions. The Company recognizes the funded status of a benefit plan on its consolidated balance sheets and recognizes gains, losses and prior service cost or credits that arise during the period that are not recognized as components of net periodic benefit cost as a component of other comprehensive income, net of tax. In addition, the Company measures defined benefit plan assets and obligations as of the date of the employer’s fiscal year-end consolidated balance sheets and discloses in the notes to the consolidated financial statements the gains or losses, prior service costs or credits and transition asset or obligation. Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement and tax basis of assets and liabilities, as measured by enacted tax rates anticipated to be in effect when these differences are expected to reverse. This method also requires the recognition of future tax benefits to the extent that realization of such benefits is more likely than not. Deferred tax expense or benefit is the result of changes in the deferred tax assets and liabilities. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized, a valuation allowance is established. The Company recognizes a liability for potential payments of taxes to various tax authorities related to uncertain tax positions and other tax matters. The recorded liability is based on a determination of whether and how much of a tax benefit taken by the Company in its tax filings or positions is “more likely than not” to be realized. The amount of the benefit that may be recognized in the consolidated financial statements is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. To the extent that the assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. The Company establishes a liability, which is included in other long-term liabilities in the consolidated balance sheets, for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These liabilities are established when the Company believes that certain positions might be challenged despite the Company’s belief that the tax return positions are fully supportable. The recorded liability is adjusted considering changes in the facts and circumstances. The provision for income taxes includes the impact of the recorded liability and changes thereto. The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax provision in the consolidated statements of operations. Accrued interest and penalties are included in accrued expenses and other current liabilities in the consolidated balance sheets. All undistributed earnings of our foreign subsidiaries are permanently reinvested. Accordingly, the |
Business Combinations
Business Combinations | 12 Months Ended |
Mar. 29, 2024 | |
Business Combinations [Abstract] | |
Business Combinations | 3. Business Combinations Crocus On August 7, 2023, the Company entered into an Agreement and Plan of Merger with Crocus Technology International Corp., (“Crocus”). Pursuant to the terms and conditions of the Merger Agreement, on October 31, 2023 (the “Closing Date”), the Company acquired all of the outstanding equity interests of Crocus for $ 412,274 in cash, subject to a working capital adjustment. The acquisition of Crocu s is expected to complement and accelerate the Company’s tunnel magnetoresistance sensors roadmap and strengthen its position in the magnetic sensing market. Notes Receivable from Crocus On September 11, 2023, to fund the ongoing operations of Crocus prior to the closing of the merger, the Company entered into a note purchase agreement with Crocus, wherein the Company agreed to purchase promissory notes of up to $ 7,000 . An initial promissory note of $ 4,000 was issued on September 11, 2023, and an additional promissory note was issued on October 2, 2023 for $ 3,000 . The promissory notes were repaid in full in connection with the closing of the merger and included within the estimated fair value of consideration paid. Allocation of Purchase Price The acquisition of Crocus has been accounted for as a business combination. The purchase price for the acquisition is allocated based upon a valuation of the fair values of assets acquired and liabilities assumed. Assets acquired and liabilities assumed have been recorded at their estimated fair values as of the acquisition date. Management applied the multi-period excess earnings method under the income approach to estimate the fair value of the completed technology asset and the distributor method under the income approach to estimate the fair value of the customer relationships asset. The fair value of intangible assets was based on estimates and assumptions developed by management. The process for estimating the fair values of identifiable intangible assets requires the use of significant estimates and assumptions, including estimating future cash flows relating to revenue growth rates, operating margins, discount rates, and technology obsolescence curves. The excess of the purchase price over the fair values of tangible assets, identifiable intangible assets and assumed liabilities were recorded as goodwill for the acquisition. The Company’s estimates and assumptions in determining the estimated fair values of certain assets and liabilities are subject to change within the measurement period (up to one year from the acquisition date) as a result of additional information obtained with regards to facts and circumstances that existed as of the Closing Date. The preliminary purchase price allocation is as follows: Total purchase consideration $ 412,274 Cash 4,155 Inventories 4,208 Accounts receivable 484 Prepaid expenses and other current assets 2,400 Property, plant and equipment 7,640 Right-of-use asset* 9,770 Completed technology** 234,000 Customer relationships** 12,000 Other assets 229 Total identifiable assets acquired 274,886 Accounts payable ( 5,134 ) Accrued expenses and other current liabilities ( 2,707 ) Long-term debt ( 842 ) Lease liability*** ( 10,390 ) Other long-term liabilities ( 2,813 ) Deferred income tax liabilities ( 15,245 ) Total identifiable net assets 237,755 Goodwill $ 174,519 * Primarily included in Property, plant and equipment in the consolidated balance sheets. **Included in Intangible assets, net in the consolidated balance sheets. ***Primarily included in Long-Term debt in the consolidated balance sheets. As of March 29, 2024, the purchase price allocation is preliminary, pending finalization of the net working capital adjustment and certain income tax matters. The goodwill acquired is not deductible for U.S. income tax purposes. The amortization period for the intangible assets acquired is 12 years for completed technology and 15 years for customer relationships. The intangible assets are amortized using a method that approximates their economic benefit over their estimated useful lives. The goodwill recorded represents the anticipated incremental value of future cash flows potentially attributable to: (i) Crocus’ ability to grow the business with existing and new customers, including leveraging the Company’s customer base; (ii) Crocus’ ability to grow the business through new product introductions; and (iii) cost improvements due to the integration of Crocus’ operations into the Company’s existing infrastructure. Amortization of completed technology is included within cost of goods sold and customer relationship is i ncluded within selling, general and administrative expenses. The Company has not presented pro forma results of operations for Crocus because they are not material to the Company’s consolidated results of operations, financial position, or cash flows. Acquisition-Related Costs Acquisition-related costs were $ 8,229 during the fiscal year ended March 29, 2024, and are included in the selling, general and administrative expenses in the consolidated statements of operations. Acquisition-related costs for the Crocus acquisition relate to professional fees as well as deal fees. Heyday On September 1, 2022, the Company completed its purchase of all of the equity interests in Heyday Integrated Circuits (“Heyday”), a privately held company specializing in compact, fully integrated isolated gate drivers that enable energy conversion in high-voltage gallium nitride and silicon carbide wide-bandgap semiconductor designs (the “Heyday Acquisition”). The Heyday Acquisition was undertaken to bring together Heyday’s isolated gate drivers and the Company’s isolated current sensors to enable potential development and commercialization of small high-voltage and high-efficiency power systems. Additionally, this acquisition increased the Company’s addressable market for electric vehicles (“EV”), solar inverters, data center and network infrastructure, and broad-market industrial applications. The total purchase price, as updated for measurement period adjustments, was $ 20,245 , consisting of cash consideration paid directly to the owners of Heyday and paid on their behalf for the settlement of certain outstanding debts and other obligations. The Heyday Acquisition was accounted for as a business combination, and the Company recorded the assets acquired and liabilities assumed at their respective fair values as of the date of acquisition. The allocation of the purchase price has been final ized. During the fiscal year ended March 31, 2023, the Company recorded measurement period adjustments to various accounts resulting in a decrease in goodwill of $ 1,133 . The final purchase price allocation is as follows: Cash $ 324 Property, plant and equipment 16 Completed technology 15,100 In-process research and development 1,600 Total identifiable assets acquired $ 17,040 Current liabilities assumed ( 282 ) Deferred income tax liabilities ( 3,609 ) Net assets acquired $ 13,149 Total identifiable net assets ( 20,245 ) Goodwill $ 7,096 Completed technology assets are amortized over an estimated useful life of 12 years. The acquired in-process research and development costs were determined to have an indefinite useful life. Amortization of completed technology is included within cost of goods sold and consists of PowerThru technology that accomplishes gate driver power and signal transmission through an integrated transformer, reducing the size and complexity of the gate drive solution. The in-process research and development assets represent efforts to expand the power capability of these gate drivers for wide-bandgap semiconductor technology. Management applied the multi-period excess earnings method under the income approach to estimate the fair value of the completed technology asset to value the completed technology and the in-process research and development assets. The goodwill reflects the value of the synergies the Company expects to realize and the assembled workforce. Goodwill from the Heyday Acquisition is included within the Company’s one reporting unit and was included in the Company’s enterprise-level annual review for impairment. Goodwill resulting from the Heyday Acquisition is not deductible for U.S. income tax purposes. The Company has not presented pro forma results of operations for the Heyday Acquisition because it is not material to the Company’s consolidated results of operations, financial position, or cash flows. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Mar. 29, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 4. Revenue from Contracts with Customers The following tables summarize net sales disaggregated by application, by product and by geography for the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022. The categorization of net sales by application is determined using various characteristics of the product and the application into which the Company’s product will be incorporated. The categorization of net sales by geography is determined based on the location to which the products are shipped. Net sales by application: During the preparation of the third quarter fiscal year 2024 interim condensed consolidated financial statements, the Company identified an immaterial error in the classification of net sales by application, whereby customer returns and sales allowances were incorrectly classified by application between Automotive, Industrial and Other in the prior periods. There was no impact to previously reported total net sales or net income in any of the periods. The Company assessed the materiality of the revision qualitatively and quantitatively and determined the revisions to be immaterial to the prior period interim fiscal year 2024, annual fiscal year 2023, and annual fiscal year 2022 consolidated financial statements. All prior period amounts have been revised in the table below. Fiscal Year Ended March 29, March 31, March 25, Automotive $ 759,454 $ 646,761 $ 522,795 Industrial 223,810 208,604 143,266 Other 66,103 118,288 102,613 Total net sales $ 1,049,367 $ 973,653 $ 768,674 Net sales by product: Fiscal Year Ended March 29, March 31, March 25, Magnetic sensors (“MS”) and other $ 649,869 $ 598,579 $ 500,293 Power integrated circuits (“PIC”) 399,498 375,074 268,381 Total net sales $ 1,049,367 $ 973,653 $ 768,674 Net sales by geography: Fiscal Year Ended March 29, March 31, March 25, Americas: United States $ 149,283 $ 131,150 $ 108,396 Other Americas 32,119 28,014 23,056 EMEA: Europe 176,628 169,368 134,537 Asia: Greater China 274,851 253,906 191,895 Japan 175,713 160,763 148,813 South Korea 113,877 96,549 80,451 Other Asia 126,896 133,903 81,526 Total net sales $ 1,049,367 $ 973,653 $ 768,674 The Company recognizes sales net of returns and sales allowances, which comprises credits issued, price protection adjustments and stock rotation rights. As of March 29, 2024 and March 31, 2023, the liability associated with returns and sales allowances, inclusive of related party adjustments, was $ 44,797 and $ 30,571 , respectively, and was netted against trade accounts receivable in the consolidated balance sheets. Unsatisfied performance obligations primarily represent contracts for products with future delivery dates. The Company elected not to disclose the amount of unsatisfied performance obligations as these contracts have original expected durations of less than one year. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 29, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements The following tables present information about the Company’s financial assets and liabilities as of March 29, 2024 and March 31, 2023 measured at fair value on a recurring basis: Fair Value Measurement at March 29, 2024: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market fund deposits $ 36,192 $ — $ — $ 36,192 Restricted cash: Money market fund deposits 10,018 — — 10,018 Total assets $ 46,210 $ — $ — $ 46,210 Fair Value Measurement at March 31, 2023: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market fund deposits $ 102,019 $ — $ — $ 102,019 Restricted cash: Money market fund deposits 7,129 — — 7,129 Other assets, net (long-term): Investments in marketable securities 19,929 — — 19,929 Total assets $ 129,077 $ — $ — $ 129,077 The following table represents the unrealized gains and losses on investments in marketable securities held with a readily determinable fair value for the fiscal years ended March 29, 2024 and March 31, 2023: Fiscal Year Ended March 29, March 31, Net gains and losses recognized during the period on equity securities $ ( 3,579 ) $ 7,471 Unrealized gains and losses recognized during the reporting period on equity securities $ — $ 7,471 Assets and liabilities measured at fair value on a recurring basis also consist of marketable securities, unit investment trust funds, loans, bonds, stock and other investments, which constitute the Company’s defined benefit plan assets. Fair value information for those assets and liabilities, including their classification in the fair value hierarchy, is included in Note 15, “Retirement Plans.” During the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022, there were no transfers among Level 1, Level 2 and Level 3. The fair value of the Company’s long-term debt was $ 248,752 as of March 29, 2024. The fair value was determined based on the quoted price of the debt in an inactive market on the last trading date of the reporting period, and has been classified as Level 2 within the fair value hierarchy. |
Trade Accounts Receivable, Net
Trade Accounts Receivable, Net | 12 Months Ended |
Mar. 29, 2024 | |
Receivables [Abstract] | |
Trade Accounts Receivable, Net | 6. Trade Accounts Receivable, Net Trade accounts receivable, net (including related party trade accounts receivable) consisted of the following: March 29, March 31, Trade accounts receivable $ 163,450 $ 150,914 Less: Provision for expected credit losses ( 145 ) ( 102 ) Returns and sales allowances ( 44,797 ) ( 26,269 ) Related party trade accounts receivable, net of returns and sales allowances — ( 13,253 ) Total $ 118,508 $ 111,290 The provisions for expected credit losses and the changes in the provisions for expected credit losses were not material for any of the periods presented. |
Inventories
Inventories | 12 Months Ended |
Mar. 29, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | 7. Inventories Inventories include materials, labor and overhead and consisted of the following: March 29, March 31, Raw materials and supplies $ 9,549 $ 15,049 Work in process 110,236 98,836 Finished goods 42,517 37,416 Total $ 162,302 $ 151,301 The Company recorded inventory provisions totaling $ 9,055 , $ 10,009 and $ 5,809 for the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022, respectively. |
Property, Plant and Equipment,
Property, Plant and Equipment, net | 12 Months Ended |
Mar. 29, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, net | 8. Property, Plant and Equipment, net Property, plant and equipment, net is stated at cost, and consisted of the following: March 29, March 31, Land $ 25,595 $ 15,384 Buildings, building improvements and leasehold improvements 65,626 61,500 Machinery and equipment 674,220 611,459 Office equipment 6,978 6,119 Right-of-use asset 8,218 — Construction in progress 39,052 48,378 Total 819,689 742,840 Less accumulated depreciation ( 498,514 ) ( 479,741 ) Total $ 321,175 $ 263,099 The Company retired $ 1,094 , $ 1,638 and $ 10,976 of fully depreciated assets during the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022, respectively. Total depreciation expense amounted to $ 56,214 , $ 45,469 and $ 44,178 for the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022, respectively. Total amortization expense for the right-of-use asset, amounted to $ 581 for the fiscal year ended March 29, 2024. The geographic locations of the Company’s property, plant and equipment, net, which includes the right-of-use asset, based on physical location of the assets, as of March 29, 2024 and March 31, 2023 are as follows: March 29, March 31, United States $ 37,596 $ 36,229 Philippines 246,164 207,671 Other 37,415 19,199 Total $ 321,175 $ 263,099 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Mar. 29, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 9. Goodwill and Intangible Assets The table below summarizes the changes in the carrying amount of goodwill as follows: Total Balance at March 25, 2022 $ 20,009 Acquisition 7,096 Foreign currency translation 586 Balance at March 31, 2023 $ 27,691 Acquisition 174,519 Adjustments 280 Foreign currency translation ( 65 ) Balance at March 29, 2024 $ 202,425 Intangible assets, net were as follows: March 29, Description Gross Accumulated Net Carrying Weighted-Average Lives Patents $ 44,894 $ ( 22,016 ) $ 22,878 4 years Customer relationships 14,977 ( 3,315 ) 11,662 15 years Completed technologies 249,758 ( 9,719 ) 240,039 12 years Indefinite-lived process technology and trademarks 2,275 — 2,275 Trademarks and other 87 ( 87 ) — Total $ 311,991 $ ( 35,137 ) $ 276,854 March 31, Description Gross Accumulated Net Carrying Weighted-Average Lives Patents $ 40,213 $ ( 18,335 ) $ 21,878 10 years Customer relationships 3,281 ( 3,115 ) 166 9 years Completed technologies 28,508 ( 2,963 ) 25,545 12 years Indefinite-lived process technology and trademarks 4,696 — 4,696 Trademarks and other 287 ( 194 ) 93 5 years Total $ 76,985 $ ( 24,607 ) $ 52,378 Intangible assets amortization expense was $ 14,587 , $ 5,209 and $ 4,219 for the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022, respectively. In February 2024, the Company initiated a realignment of resources associated with our photonics and advanced 3D imaging solutions business to refocus spending on other technologies. As a result of the change in strategy, the Company recorded impairment charges of $ 11.6 million in the fourth quarter of fiscal year 2024 related to intangible assets, net, and long-lived assets from our 2021 acquisition of Voxtel, Inc. The results of the annual impairment test did not indicate any impairments of any other long-lived intangible assets for fiscal years 2024, 2023 and 2022. As of March 29, 2024, amortization expense of intangible assets is expected to be as follows: 2025 $ 24,827 2026 24,481 2027 24,106 2028 23,812 2029 23,495 Thereafter 153,858 Total $ 274,579 |
Other Assets, net
Other Assets, net | 12 Months Ended |
Mar. 29, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets, net | 10. Other Assets, net The composition of other assets, net was as follows: March 29, March 31, VAT receivables long-term, net $ 16,943 $ 13,633 Income taxes receivable long-term 11,091 13,133 Investments in equity securities (1) — 19,929 Deposits 17,928 17,319 Debt issuance costs 1,233 — Long-term prepaid contracts 1,015 436 Other 3,441 4,780 Total $ 51,651 $ 69,230 (1) Represents equity investments in an entity whose equity securities have a readily determinable fair value. These strategic investments represent less than a 20% ownership interest in the entity, and the Company does not maintain power over or control of the entity. These investments are measured at fair value with unrealized gains and losses related to changes in the entity’s stock price and the impact of changes in foreign exchange rates each included in the consolidated statements of operations. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Mar. 29, 2024 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 11. Accrued Expenses and Other Current Liabilities The composition of accrued expenses and other current liabilities was as follows: March 29, March 31, Accrued management incentives $ 26,229 $ 40,484 Accrued salaries and wages 21,014 20,205 Accrued warranty costs 477 4,327 Accrued vacation 2,406 8,178 Accrued severance 3,013 200 Accrued professional fees 8,125 6,243 Accrued income taxes 3,478 5,625 Other current liabilities 6,384 9,632 Total $ 71,126 $ 94,894 |
Leases
Leases | 12 Months Ended |
Mar. 29, 2024 | |
Leases [Abstract] | |
Leases | 12. Leases The Company leases real estate, equipment and vehicles under operating lease agreements that have initial terms ranging from one to 10 years . Some le ases include one or more options to exercise renewal terms, generally at the Company’s sole discretion, that can extend the lease term. Certain leases contain rights to terminate whereby those termination options are held by either the Company, the lessor, or both parties. These options to extend or terminate a lease are included in the lease term only when it is reasonably certain that the Company will exercise that option. The Company’s leases generally do not contain any material restrictive covenants. Operating lease cost is recognized on a straight-line basis over the lease term, while finance lease cost is amortized over the expected term on a straight-line basis. Information regarding the Company’s operating and finance leases are as follows: Fiscal Year Ended March 29, March 31, March 25, Operating leases Operating lease expense $ 6,369 $ 4,833 $ 4,648 Short term lease expense 39 326 584 Other information: Cash paid for operating leases $ 6,305 $ 5,034 $ 5,289 Weighted-average remaining lease term - operating leases 4.4 years 4.57 years 5.17 years Weighted-average discount rate – operating leases 6.1 % 5.3 % 4.5 % Fiscal Year Ended March 29, March 31, March 25, Finance leases Amortization of right-of-use assets $ 581 $ — $ — Interest on lease liabilities 29 — — Weighted-average remaining lease term - finance leases 5.6 years — — Weighted-average discount rate - finance leases 7.7 % — — Finance leases are recorded in the following line items within the consolidated balance sheets: March 29, March 31, Property, plant and equipment $ 7,641 $ — Current portion of long-term debt 1,429 — Long-term debt 7,009 — As of March 29, 2024, future minimum lease payments under operating and finance leases as follows: Operating Leases Finance Leases 2025 $ 6,428 $ 1,751 2026 5,680 1,751 2027 4,804 1,751 2028 3,890 1,751 2029 2,144 1,751 Thereafter 2,135 1,311 Total lease payments $ 25,081 $ 10,066 Less: imputed interest ( 3,414 ) ( 1,628 ) Total lease liabilities $ 21,667 $ 8,438 |
Debt and Other Borrowings
Debt and Other Borrowings | 12 Months Ended |
Mar. 29, 2024 | |
Debt Disclosure [Abstract] | |
Debt and Other Borrowings | 13. Debt and Other Borrowings The Company’s debt obligations consisted of the following: Fiscal Year Ended March 29, March 31, 2023 Term Loan Facility $ 249,375 $ — 2020 Term Loan Facility — 25,000 Unamortized debt issuance costs ( 4,273 ) — Total loans outstanding 245,102 25,000 Finance lease liabilities 8,438 — Total debt 253,540 25,000 Current portion of long-term debt and finance lease liabilities ( 3,929 ) — Total long-term debt and finance lease liabilities, less current portion $ 249,611 $ 25,000 2023 Revolving Credit Facility On June 21, 2023, the Company entered into a revolving facility credit agreement (the “2023 Revolving Credit Agreement”) with Morgan Stanley Senior Funding, Inc., as administrative agent, collateral agent, a letter of credit issuer and a lender, and other agents, lenders and letter of credit issuers parties. The agreement provides for a $ 224,000 secured revolving credit facility (the “2023 Revolving Credit Facility”), which includes a $ 20,000 letter of credit subfacility. The 2023 Revolving Credit Facility is available until, and loans made thereunder will mature on, June 21, 2028 . Under the terms of the 2023 Revolving Credit Agreement, interest is calculated at a rate equal to (i) Term SOFR (as defined in the agreement) in effect, plus the applicable spread (ranging from 1.50 % to 1.75 %) or (ii) the highest of (x) the Federal funds rate, as published by the Federal Reserve Bank of New York, plus 0.50 %, (y) the prime lending rate or (z) the one-month term SOFR plus 1.0 % in effect, plus the applicable spread (ranging from 0.50 % to 0.75 %). The applicable spreads are based on the Company’s Total Net Leverage Ratio (as defined in the agreement) at the time of the applicable borrowing. The 2023 Revolving Credit Facility was not in place as of March 31, 2023, and as of March 29, 2024, there were no outstanding borrowings under the 2023 Revolving Credit Facility. The Company will also pay a quarterly commitment fee of 0.20 % to 0.25 % on the daily amount by which the commitments under the 2023 Revolving Credit Facility exceed the outstanding loans and letters of credit under the 2023 Revolving Credit Facility. The agreement contains certain covenants applicable to the Company and its subsidiaries, including limitations on additional indebtedness, liens, various fundamental changes, dividends and distributions, investments (including acquisitions), transactions with affiliates, asset sales, prepayment of junior financing, changes in business and other limitations customary in senior secured credit facilities. In addition, the Company is required to maintain a Total Net Leverage Ratio of no more than 4.00 to 1.00 at the end of each fiscal quarter, which may, subject to certain limitations, be increased to 4.50 to 1.00 for four fiscal quarters subsequent to the Company completing an acquisition in excess of $ 500,000 . The Company is in compliance with its loan debt covenants as of March 29, 2024. The 2023 Revolving Credit Agreement provides for customary events of default. Upon an event of default, the administrative agent with the consent of, or at the request of, the holders of more than 50 % in principal amount of the loans and commitments, may terminate the commitments and accelerate the maturity of the loans and enforce certain other remedies. 2023 Term Loan Facility On October 31, 2023, the Company entered into a $ 250,000 term loan maturing in 2030 (the “2023 Term Loan Facility”), the proceeds of which were used to refinance the $ 25,000 outstanding balance under the 2020 Term Loan Facility (as defined below) and to finance, in part, the acquisition of Crocus. The 2023 Term Loan Facility was executed as an incremental amendment to the 2023 Revolving Credit Agreement. The Term Loan Facility amortizes at a rate of 0.25 % per quarter and the initial margin applicable to the 2023 Term Loan Facility is 2.75 % for SOFR-based loans and 1.75 % for base rate loans. A payment of $ 50,000 was applied to the term loan balance on April 30, 2024, which has eliminated future, required minimum quarterly payments. The balance of the loan is required to be paid upon the expected maturity date of October 31, 2030. 2020 Term Loan Facility On September 30, 2020, the Company entered into a term loan credit agreement with Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent, and the other agents, arrangers and lenders party thereto, providing for a $ 325,000 senior secured term loan facility due in fiscal year 2028 (the “2020 Term Loan Facility”). On June 28, 2023, the Company amended the 2020 Term Loan Facility to replace the LIBOR rate with a Term SOFR-based rate as the applicable interest rate benchmark. On October 31, 2023, the 2020 Term Loan Facility was paid in full in connection with the entry into the 2023 Term Loan Facility. 2020 Revolving Credit Facility On September 30, 2020, the Company entered into a revolving facility credit agreement with Mizuho Bank, Ltd., as administrative agent and collateral agent, and the other agents, arrangers and lenders party thereto, providing for a $ 50,000 senior secured revolving credit facility expiring in 2023 (the “2020 Revolving Credit Facility”). The 2020 Revolving Credit Facility was secured by a lien on the same collateral and on the same basis as the 2020 Term Loan Facility. Interest on the 2020 Revolving Credit Facility was calculated at LIBOR plus 3.75 % to 4.00 % based on the Company’s net leverage ratio, and LIBOR was subject to a 0.5 % floor. Following the entry into the 2023 Revolving Credit Agreement on June 21, 2023, the Company terminated all commitments and obligations under the 2020 Revolving Credit Facility, and there were no outstanding borrowings at the time of termination. The 2020 Revolving Credit Facility was replaced by the 2023 Revolving Credit Facility. |
Other Long-Term Liabilities
Other Long-Term Liabilities | 12 Months Ended |
Mar. 29, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | 14. Other Long-Term Liabilities The composition of other long-term liabilities is as follows: March 29, March 31, Accrued retirement $ 9,069 $ 8,032 Provision for uncertain tax positions 5,874 2,837 Other long-term liabilities 21 98 Total $ 14,964 $ 10,967 |
Retirement Plans
Retirement Plans | 12 Months Ended |
Mar. 29, 2024 | |
Retirement Benefits [Abstract] | |
Retirement Plans | 15. Retirement Plans The Company recognizes the funded status (i.e., the difference between the fair value of plan assets and the benefit obligations) of its defined benefit pension plans in its consolidated balance sheets with a corresponding adjustment to accumulated other comprehensive income (“AOCI”), net of tax. Further, actuarial gains and losses and prior service costs that arise in future periods and are not recognized as net periodic benefit costs in the same periods will be recognized as a component of other comprehensive income. Those amounts will also be recognized as a component of future net periodic benefit costs consistent with the Company’s past practice. The Company uses a measurement date for its defined benefit pension plans and other postretirement benefit plans that is equivalent to its fiscal year-end. Plan Descriptions Non-U.S. Defined Benefit Plan The Company, through its wholly owned subsidiary, Allegro MicroSystems Philippines, Inc., has a defined benefit pension plan, which is a noncontributory plan that covers substantially all employees of this subsidiary. The plan’s assets are invested in government securities, common trust funds, bonds and other debt instruments and stocks. Effect on the consolidated statements of operations Expense related to the non-U.S. defined benefit plan was as follows: Fiscal Year Ended March 29, March 31, March 25, Service cost $ 1,345 $ 1,358 $ 1,554 Interest cost 907 763 637 Expected return on plan assets ( 468 ) ( 301 ) ( 304 ) Amortization of prior service cost ( 8 ) ( 8 ) 1 Actuarial loss 33 77 205 Net periodic pension expense $ 1,809 $ 1,889 $ 2,093 Changes in the benefit obligations and plan assets for the non-U.S. defined benefit plan were as follows: Fiscal Year Ended March 29, March 31, Obligation and funded status of plan: Benefit obligation at beginning of year $ 14,730 $ 15,080 Service cost 1,345 1,358 Interest cost 907 763 Prior service cost 62 — Benefits paid ( 1,022 ) ( 1,014 ) Actuarial loss (gain) 683 ( 908 ) Foreign currency exchange rate changes ( 511 ) ( 549 ) Benefit obligation at end of year $ 16,194 $ 14,730 Change in plan assets: Fair value of plan assets at beginning of year $ 7,168 $ 7,097 Actual return on plan assets 452 ( 189 ) Employer contributions 1,230 1,463 Benefits paid ( 937 ) ( 952 ) Foreign currency exchange rate changes ( 248 ) ( 251 ) Fair value of plan assets at end of year $ 7,665 $ 7,168 Underfunded status at end of year $ ( 8,529 ) $ ( 7,562 ) The underfunded plan amounts are recognized as a component of other long-term liabilities in the consolidated balance sheets. The following table presents the obligations and asset information for the non-U.S. defined benefit plan that has a projected benefit obligation in excess of plan assets: Fiscal Year Ended March 29, March 31, Projected benefit obligations $ 16,194 $ 14,730 Plan assets 7,665 7,168 Accumulated benefit obligations 9,666 8,868 The amounts recorded in AOCI for the non-U.S. defined benefit plan for the fiscal years ended March 29, 2024 and March 31, 2023 are further detailed below: Net Transition Net Prior Total Balance, March 25, 2022, net of tax $ 183 $ 1,896 $ ( 77 ) $ 2,002 2023 change in AOCI for non-U.S. defined benefit plan ( 11 ) 36 ( 14 ) 11 Amounts in AOCI before tax 172 1,932 ( 91 ) 2,013 Less tax expense 43 483 ( 23 ) 503 Balance, March 31, 2023, net of tax $ 129 $ 1,449 $ ( 68 ) $ 1,510 2024 change in AOCI for non-U.S. defined benefit plan 14 1,079 ( 11 ) 1,082 Amounts in AOCI before tax 143 2,528 ( 79 ) 2,592 Less tax expense 36 632 ( 20 ) 648 Balance, March 29, 2024, net of tax $ 107 $ 1,896 $ ( 59 ) $ 1,944 There is no significant actuarial net gain or loss included in AOCI as of March 29, 2024 that is expected to be amortized into net periodic benefit cost over the next fiscal year. As of March 29, 2024, the Company does not expect a significant return of plan assets during the next 12 months. Assumptions and Investment Policies The actuarial assumptions and methodologies used in determining the projected benefit obligation and net periodic benefit cost are reviewed on an annual basis. The primary assumptions include the Non-U.S. assumed discount rates, the Non-U.S. expected long-term returns on plan assets, and the Non-U.S. rate of compensation increases. Weighted-Average Assumptions Used to Determine Projected Benefit Obligation March 29, March 31, Non-U.S. assumed discount rate 6.21 % 6.63 % Non-U.S. rate of compensation increases 5.50 % 5.50 % Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost March 29, March 31, March 25, Non-U.S. assumed discount rate 6.21 % 6.63 % 5.58 % Non-U.S. expected long-term return on plan assets 5.54 % 6.40 % 4.10 % Non-U.S. rate of compensation increases 5.50 % 5.50 % 5.50 % Information on Plan Assets The table below sets forth the fair value of the entity’s plan assets using the same three-level hierarchy of fair value inputs described in Note 2, “Summary of Significant Accounting Policies”: Fair Value at March 29, Level 1 Level 2 Level 3 Assets of non-U.S. defined benefit plan: Government securities $ 2,629 $ 2,629 $ — $ — Unit investment trust fund 1,307 — 1,307 — Loans 574 — — 574 Bonds 607 — 607 — Stocks and other investments 2,548 1,635 4 909 Total $ 7,665 $ 4,264 $ 1,918 $ 1,483 Fair Value at Level 1 Level 2 Level 3 Assets of non-U.S. defined benefit plan: Government securities $ 2,133 $ 2,133 $ — $ — Unit investment trust fund 1,196 — 1,196 — Loans 586 — — 586 Bonds 687 — 687 — Stocks and other investments 2,566 1,461 3 1,102 Total $ 7,168 $ 3,594 $ 1,886 $ 1,688 The following table shows the change in fair value of Level 3 plan assets: Level 3 Non-U.S. Defined Loans Stocks Balance at March 26, 2021 $ 584 $ 1,133 Additions 308 — Redemptions ( 289 ) — Revaluation of equity securities ( 5 ) 13 Change in foreign currency exchange rates ( 45 ) ( 81 ) Balance at March 25, 2022 $ 553 $ 1,065 Additions 328 — Redemptions ( 280 ) — Revaluation of equity securities 4 75 Change in foreign currency exchange rates ( 19 ) ( 38 ) Balance at March 31, 2023 $ 586 $ 1,102 Additions 303 — Redemptions ( 295 ) — Revaluation of equity securities ( 1 ) ( 154 ) Change in foreign currency exchange rates ( 19 ) ( 39 ) Balance at March 29, 2024 $ 574 $ 909 The investments in the Company’s major benefit plans largely consist of low-cost, broad-market index funds to mitigate risks of concentration within the market sectors. The appropriate mix of equity and bond investments is determined primarily through the use of detailed asset-liability modeling studies that look to balance the impact of changes in the discount rate against the need to provide asset growth to cover future service cost. The Company has added a greater proportion of fixed income securities to the non-U.S. defined benefit plan with return characteristics that are more closely aligned with changes in liabilities caused by discount rate volatility. There are no significant restrictions on the amount or nature of the investments that may be acquired or held by the plans. Cash Flows During the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022, the Company contributed approximately $ 1,230 , $ 1,489 and $ 1,369 to its non-U.S. pension plan, respectively. The Company expects to contribute approximately $ 2,535 to its non-U.S. pension plan in fiscal year 2025. Estimated Future Benefit Payments The following table projects the benefits expected to be paid to participants from the plans in each of the following fiscal years. The majority of the payments will be paid from Company assets. Pension 2025 $ 1,415 2026 922 2027 1,157 2028 1,563 2029 1,445 Thereafter 10,491 Total $ 16,993 Defined Contribution Plan The Company maintains a 401(k) retirement savings plan (the “401(k) Plan”) for U.S.-based employees who satisfy certain eligibility requirements. Eligible employees may defer a portion of their eligible compensation, within prescribed limits, through contributions to the 401(k) Plan. The Company matches participants’ contributions, up to a maximum of 5 % of a participant’s eligible compensation, up to the statutory compensation limit, and these matching contributions are fully vested as of the date they are made. Matching contributions totaled $ 5,956 , $ 4,708 and $ 4,074 for the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022, respectively. The Company also has a defined contribution plan (the “Plan”) covering substantially all of its European employees. Contributions to the Plan totaled approximately $ 1,549 , $ 1,248 and $ 1,065 for the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022, respectively. |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Mar. 29, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. Commitments and Contingencies Insurance The Company, through its subsidiaries, utilizes self-insured employee health programs for employees in the U.S. The Company records estimated liabilities for its self-insured health programs based on information provided by the third-party plan administrators, historical claims experience and expected costs of claims incurred but not reported. The Company monitors its estimated liabilities on a quarterly basis. As facts change, it may become necessary to make adjustments that could be material to the Company’s consolidated financial position and results of operations. Legal proceedings The Company is subject to various legal proceedings, and claims, and regulatory examinations or investigations arising in the normal course of business, the outcomes of which are subject to significant uncertainty, and the Company’s ultimate liability, if any, is difficult to predict. The Company records an accrual for legal contingencies when it is determined that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In making such determinations, the Company evaluates, among other things, the degree of probability of an unfavorable outcome and, when it is probable that a liability has been incurred, the ability to make a reasonable estimate of the loss. If the occurrence of liability is probable and estimable, the Company will disclose the nature of the contingency and, if estimable, will provide the likely amount of such loss or range of loss. The Company does not believe there are any current matters that could have a material adverse effect on its financial position, results of operations or cash flows. Indemnification From time to time, the Company has agreed to indemnify and hold harmless certain customers for potential allegations of infringement of intellectual property rights and patents arising from the use of its products. To date, the Company has not recognized or incurred any costs in connection with such indemnification arrangements. Environmental Matters The Company establishes accrued liabilities for environmental matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. If the contingency is resolved for an amount greater or less than the accrual, or the Company’s share of the contingency increases or decreases or other assumptions relevant to the development of the estimate were to change, the Company would recognize an additional expense or benefit in the consolidated statements of operations during the period such determination was made. No significant environmental contingencies have been recorded. |
Net Income per Share
Net Income per Share | 12 Months Ended |
Mar. 29, 2024 | |
Earnings Per Share [Abstract] | |
Net Income per Share | 17. Net Income per Share The following table sets forth the basic and diluted net income attributable to Allegro MicroSystems, Inc. per share. Fiscal Year Ended March 29, March 31, March 25, Net income attributable to Allegro MicroSystems, Inc. $ 152,697 $ 187,357 $ 119,407 Basic weighted average common shares 192,573,169 191,197,452 189,748,427 Dilutive effect of common stock equivalents 2,101,183 2,490,650 2,062,778 Diluted weighted average common shares 194,674,352 193,688,102 191,811,205 Basic net income per common share attributable to Allegro MicroSystems, Inc. stockholders $ 0.79 $ 0.98 $ 0.63 Diluted net income per common share attributable to Allegro MicroSystems, Inc. stockholders $ 0.78 $ 0.97 $ 0.62 The computed net income per share for the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022 does not assume conversion of securities that would have an antidilutive effect on income per share. The following represents contingently issuable shares excluded from the computation of net income per share, as such shares would have an antidilutive effect: Fiscal Year Ended March 29, March 31, March 25, RSUs 40,257 17,586 — PSUs 129,837 — — ESPP — — 3,622 Total 170,094 17,586 3,622 The following represents issued and issuable weighted average share information underlying our outstanding RSUs, PSUs and participation in the ESPP for the respective periods: Fiscal Year Ended March 29, March 31, March 25, RSUs 888,811 1,039,547 1,066,406 PSUs 1,210,124 1,435,883 996,372 ESPP 2,248 15,220 — Total 2,101,183 2,490,650 2,062,778 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Mar. 29, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 18. Stock-Based Compensation The Company accounts for stock-based compensation through the measurement and recognition of compensation expense for share-based payment awards made to employees over the related requisite service period, including PSUs, RSUs and restricted shares (all part of our 2020 Omnibus Incentive Compensation Plan). Upon meeting the time-based vesting and, if applicable, any performance conditions, common shares of the Company (net of applicable tax withholding) are issued to the employee in exchange for each share-based unit. RSUs generally have time-based vesting requirements with equal and annual graded vesting over approximately three years subsequent to the grant date. Upon voluntary termination of employment by any employee who is “retirement eligible” as of his or her termination date, the next vesting after the termination of employment will continue to vest. In order to be retirement eligible, an employee must be at least 62 years old, have completed a minimum of five years of service with the Company, and have provided at least three months’ prior written notice of termination of employment. All outstanding employee and director RSU awards are eligible for dividend equivalents regardless of vesting status. Restricted Stock Units The following table summarizes RSU activity for the fiscal year ended March 29, 2024: Number of Weighted-Average Grant-Date Fair Value Weighted-Average Remaining Contractual Life Aggregate Outstanding - March 31, 2023 2,251,224 $ 23.85 1.27 $ 108,036 Granted 1,112,545 36.14 Issued ( 979,332 ) 23.57 Forfeited ( 168,816 ) 28.52 Outstanding - March 29, 2024 2,215,621 $ 29.82 1.03 $ 59,733 The weighted-average grant fair value per share for RSUs granted during the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022 was $ 36.14 , $ 23.65 , $ 26.00 , respectively. The stock-based compensation expense related to non-vested awards not yet recorded at March 29, 2024 was $ 43,404 , which is expected to be recognized over a weighted-average of 1.03 years. The total fair value of RSUs vested was $ 23,032 , $ 29,732 and $ 12,650 during the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022, respectively. Performance Stock Units The Company also awards PSUs to its senior personnel based on achievement of metrics tied to financial plans approved by its Board of Directors for establishing target performances. Each award reflects a target number of shares (“Target Shares”) that may be issued to the award recipient. PSU awards are generally earned upon the completion of a multi-year performance period. Whether units are earned at the end of the performance period is determined based on the achievement of certain performance objectives over the performance period. The performance objectives include achieving various metrics such as revenue targets and cumulative earnings before income taxes, depreciation and amortization levels for the performance period, and also include a performance objective relating to relative total shareholder return. Depending on the results achieved over the multi-year performance period, the actual number of shares that a grant recipient may receive during and at the end of the period ranges from 0 % to 200 % of the Target Shares granted. The weighted-average fair value of the PSUs granted during the year was determined using the Monte Carlo simulation model incorporating the following weighted-average assumptions: Fiscal Year Ended March 29, March 31, Performance term 2.87 years 2.81 years Volatility 47.70 % 51.30 % Risk-free rate of return 3.68 % 2.76 % Dividend yield — % — % Weighted-average fair value per share $ 43.83 $ 30.69 The following table summarizes PSU activity for the fiscal year ended March 29, 2024: Number of Weighted-Average Grant-Date Fair Value Weighted-Average Remaining Contractual Life Aggregate Outstanding - March 31, 2023 2,748,347 $ 23.47 2.63 $ 131,893 Granted 333,857 39.04 Excess shares issued due to achievement of performance conditions 500,451 17.65 Issued ( 1,062,884 ) 21.43 Forfeited ( 90,378 ) 23.87 Outstanding - March 29, 2024 2,429,393 $ 25.64 2.32 $ 65,496 Included in the outstanding shares are 76,306 and 396,171 PSUs as of March 29, 2024 and March 31, 2023, respectively, that have vested but have not been issued. PSUs are included at 0 % - 200 % of target goals. The total compensation cost related to unvested awards not yet recorded at March 29, 2024 was $ 16,201 , which is expected to be recognized over a weighted average of 2.32 years. The total grant fair value of PSUs vested was $ 22,777 and $ 12,127 dur ing the fiscal years ended March 29, 2024 and March 31, 2023, respectively. There were no PSUs that had vested during fiscal year March 25, 2022. Employee Stock Purchase Plan 3,265,315 shares of the Company’s common stock are available for future issuance under the ESPP, which includes (a) 832,400 shares of common stock initially available for issuance under the ESPP, and (b) an additional 2,432,915 shares of common stock that may become issuable under the ESPP pursuant to its terms. The ESPP allows employees to purchase the Company’s common stock at 85 % of the lesser of the stock price at the beginning or end of the offering period. Each offering period is six months . The weighted-average fair value of the ESPP shares was determined using the Black-Scholes model incorporating the following weighted-average assumptions: Fiscal Year Ended March 29, March 31, March 25, Expected performance term 0.50 years 0.50 years 0.50 years Volatility 40.97 % 44.99 % 48.10 % Risk-free rate of return 5.35 % 3.58 % 0.10 % Dividend yield — % — % — % Weighted-average fair value per share $ 9.51 $ 6.83 $ 8.25 The Company recorded stock-based compensation expense on its consolidated statements of operations as follows: Fiscal Year Ended March 29, March 31, March 25, RSUs $ 28,162 $ 33,708 $ 19,918 PSUs 12,825 26,890 11,997 ESPP 1,438 921 1,099 Other 32 279 534 Total $ 42,457 $ 61,798 $ 33,548 Fiscal Year Ended March 29, March 31, March 25, Cost of sales $ 5,359 $ 5,090 $ 3,176 Research and development 13,894 9,496 3,933 Selling, general and administrative 23,204 47,212 26,439 Total stock-based compensation $ 42,457 $ 61,798 $ 33,548 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 29, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 19. Income Taxes The components of income before provision for income taxes include the following: Fiscal Year Ended March 29, March 31, March 25, Income before provision for income taxes attributable to: Domestic operations $ 183,524 $ 190,107 $ 121,883 Foreign operations 11,273 21,239 18,863 Total $ 194,797 $ 211,346 $ 140,746 Significant components of the provision for income taxes are as follows: Fiscal Year Ended March 29, March 31, March 25, Current: Federal $ 16,086 $ 53,973 $ 7,779 State 1,319 472 1,553 Foreign 43,117 9,523 4,361 Total current 60,522 63,968 13,693 Deferred: Federal 10,721 ( 36,276 ) 7,892 State ( 131 ) 310 371 Foreign ( 29,203 ) ( 4,150 ) ( 765 ) Total deferred ( 18,613 ) ( 40,116 ) 7,498 Total income tax provision $ 41,909 $ 23,852 $ 21,191 The difference between the tax provision at the statutory federal tax rate and the provision for income taxes is as follows: Fiscal Year Ended March 29, March 31, March 25, Tax provision at U.S. statutory rate $ 40,907 $ 44,383 $ 29,557 State income taxes, net of federal benefit 1,106 1,027 2,370 Foreign derived intangible income ( 25,612 ) ( 25,391 ) ( 9,066 ) Research and development tax credit ( 6,188 ) ( 3,641 ) ( 2,823 ) Stock-based compensation ( 956 ) ( 1,025 ) ( 230 ) Cumulative provision-to-return ( 1,147 ) ( 914 ) ( 590 ) Gain on contingent purchase price reduction — ( 588 ) ( 420 ) Subpart F income, net of credits ( 168 ) ( 307 ) 283 Provision for uncertain tax positions 827 ( 81 ) ( 17 ) 162(m) limitation 3,010 8,931 3,988 Foreign tax rate 2,632 954 ( 157 ) Deferred tax remeasurement — 651 — Transaction costs 1,848 338 307 CARES carryback claim and amended returns — — ( 2,031 ) Entity restructuring 25,921 — — Other ( 271 ) ( 485 ) 20 Total income tax provision $ 41,909 $ 23,852 $ 21,191 Entity restructuring relates to post-acquisition integrations to align business operations and integrate Crocus’s assets and workforce into the Company’s existing affiliates. The Company engaged in an intra-entity asset sale which resulted in a taxable gain reduced by NOLs in France and the generation and utilization of foreign tax credits in the U.S. Assets were transferred at fair market value pursuant to a valuation. The entity restructuring increased the effective tax rate primarily because a deferred tax liability was established on the difference between the fair market value and book value of Crocus’s intellectual property transferred to the U.S. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows: March 29, March 31, Deferred income tax assets: Capitalized research and development costs $ 62,651 $ 30,582 Bonuses, sales commissions and other compensation 9,407 11,506 Inventory and sales related 16,766 8,730 Stock-based compensation 4,544 3,842 Tax credits 3,290 3,220 Lease liability 2,388 2,479 Property, plant and equipment, net 157 — Other accruals and reserves 2,653 2,803 Net operating loss carryforward 8,589 361 Gross deferred income tax assets 110,445 63,523 Valuation allowance for deferred income tax assets ( 3,160 ) ( 3,581 ) Total deferred income tax assets 107,285 59,942 Deferred income tax liabilities: Equity method and other investments ( 1,782 ) ( 4,172 ) Intangibles, net ( 48,875 ) ( 1,090 ) Property, plant and equipment, net — ( 1,930 ) Right-of-use asset ( 2,132 ) ( 2,391 ) Total deferred income tax liabilities ( 52,789 ) ( 9,583 ) Net deferred income tax assets $ 54,496 $ 50,359 Pursuant to the 2017 Tax Cuts and Jobs Act, U.S. tax law requires us to capitalize and amortize domestic and foreign research and development expenditures over five and 15 years, respectively (“174 Capitalization”). The impact of 174 Capitalization to our deferred tax assets i s $ 62,651 . As part of the recent Crocus acquisition, the Company acquired Net Operating Loss (“NOL”) and Research and Development (“R&D”) Credit carryforwards. The Internal Revenue Code of 1986, as amended (“IRC”), provides for a limitation of the annual use of NOLs, R&D Credits, and other tax attributes following certain ownership changes that limit the ability to utilize NOL and R&D Credit carryforwards. Under IRC Sections 382 and 383 an ownership change is generally defined as a greater than 50% change (by value) in its equity ownership over a three-year period. Crocus had multiple ownership changes and based on the existing Section 382 and 383 limitations its attributes are also subject to valuation allowances. Our initial estimate, which may be revised during the measurement period, of Crocus’s gross utilizable Federal NOLs, State NOLs, and R&D credit carryforward, is $ 36,697 , $ 10,345 , and $ 351 , respectively. NOLs may be available to reduce future taxable income. As of March 29, 2024 the company had net Federal NOLs of $ 7,707 that were generated after December 31, 2017 and therefore carryforward indefinitely. As of March 29, 2024, the Company had various net state NOLs of $ 722 which may be available to reduce future taxable income through fiscal year 2043. Additionally, Allegro also has net state NOLs of $ 160 that have been fully offset by a valuation allowance. As of March 29, 2024, the Company had net state research and development tax credit (“R&D Credit”) carryforwards of $ 290 which may be available to reduce future taxable income indefinitely. Additionally, Allegro also has net R&D credit carryforwards of $ 3,000 that have been fully offset by a valuation allowance. The Company’s intent is to permanently reinvest and use its existing foreign cash to fund its subsidiaries’ working capital needs, short-term and long-term capital projects, and to make investments and acquisitions. It is impracticable for the Company to determine the amount of the unrecognized tax liability due to the notional assumptions required and the complexities associated with these hypothetical calculations. No deferred tax liability has been established with respect to unremitted earnings and outside basis difference in its foreign subsidiaries. The Company filed carryback claims allowable under the Coronavirus Aid, Relief and Economic Security Act (“the CARES Act”) to utilize NOLs and carryover credits generated during fiscal year 2021. As of March 29, 2024, the Company has an outstanding receivable of $ 11,091 r elated to these filings that are classified as a long-term tax receivable. Uncertain Tax Positions As of March 29, 2024, the Compa ny had $ 4,980 of gross unrecognized tax benefits, of which $ 4,968 would impact the effective tax rate, if recognized. As of March 31, 2023, the Company had $ 2,408 of gross unrecognized tax benefits, of which $ 2,392 would impact the effective tax rate, if recognized. As of March 25, 2022, the Company had $ 2,459 of gross unrecognized tax benefits, of which $ 2,433 would impact the effective tax rate, if recognized. These amounts are recorded as a long-term liability, as the Company does not anticipate payment within one year. Fiscal Year Ended March 29, March 31, March 25, Beginning balance $ 2,408 $ 2,459 $ 2,554 Gross acquired - tax positions from prior periods 2,210 — — Gross increases - tax positions in prior period 378 — — Lapse in statute of limitations ( 16 ) ( 51 ) ( 95 ) Balance at end of period $ 4,980 $ 2,408 $ 2,459 The Company believes that all tax positions are adequately provided for; amounts asserted by tax authorities could be greater or less than the accrued position. Accordingly, the Company’s provisions for federal, state and foreign tax related matters to be recorded in the future might change as revised estimates are made, or the underlying matters are settled or otherwise resolved. The Company’s policy is to classify interest expense and penalties, if any, as components of the income tax provision in the consolidated statements of operations. The Company recorded net increase s of $ 826 , $ 39 an d $ 58 in interest, penalties and releases during fiscal years 2024, 2023 and 2022, respectively. As of March 29, 2024 and March 31, 2023, the amount of accrued interest and penalties totaled approximatel y $ 906 and $ 445 , respectively. Examinations by Tax Authorities The Company and its subsidiaries are routinely subject to examination by taxing authorities in the United States and the foreign jurisdictions in which it does business. Currently, the Internal Revenue Service is auditing the CARES Act carryback claim for fiscal year 2016 through 2021, and the Bureau of Internal Revenue is auditing our Philippine subsidiary for tax year 2019. U.S. and material foreign jurisdictions statutes of limitation remain open as of 2016. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Mar. 29, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 20. Related Party Transactions Transactions Involving Sanken The Company sells products to, and purchases in-process products from Sanken. As of March 29, 2024, Sanken held approximately 51.0 % of the Company’s outstanding common stock. Net sales of the Company’s products to Sanken totaled $ 6,161 and $ 160,763 for the fiscal years ended March 29, 2024 and March 31, 2023, respectively. Although certain costs are shared or allocated, cost of goods sold and gross margins attributable to related party sales are consistent with those of third-party customers. There were no trade accounts receivable, net from Sanken as of March 29, 2024. Trade accounts receivables net of allowances of $ 4,200 from Sanken, totaled $ 13,253 as of March 31, 2023. Other accounts receivable from Sanken totaled $ 160 and $ 241 for the fiscal years ended March 29, 2024 and March 31, 2023, respectively. Termination of Sanken Distribution Agreement On March 30, 2023, the Company entered into a termination of the distribution agreement with Sanken (the “Termination Agreement”). The Termination Agreement formally terminated the distribution agreement dated as of July 5, 2007, by and between the Company and Sanken (the “Distribution Agreement”), effective March 31, 2023. The Distribution Agreement provided Sanken the exclusive right to distribute the Company’s products in Japan. In connection with the termination of the Distribution Agreement, and, as provided for in the Termination Agreement, the Company made a one-time payment of $ 5,000 to Sanken in exchange for the cancellation of Sanken’s exclusive distribution rights in Japan, which was recorded in selling, general and administrative expenses in the consolidated statements of operations. Concurrent with the Termination Agreement, AML and Sanken also entered into a short-term, nonexclusive distribution agreement (the “Short-Term Distribution Agreement”) and a consulting agreement (the “Consulting Agreement”), each of which were effective April 1, 2023. In addition, the Company allowed a one-time sales return from Sanken of resalable inventory of $ 4,200 . The Short-Term Distribution Agreement provides for the management and sale of Company product inventory for a period of twenty-four months . Under the terms of the Consulting Agreement, Sanken agreed to continue to provide transition services for a period of six months to a strategic customer as orders for the customer are transitioned from Sanken to the Company, and the Company agreed to pay Sanken for providing these transition services. Transactions involving Polar Semiconductor, LLC ( “ PSL ” ) The Company purchases in-process products from PSL, which is 70 % owned by Sanken and 30 % owned by the Company. Purchases of various products from PSL totaled $ 60,426 and $ 58,056 for the fiscal years ended March 29, 2024 and March 31, 2023, respectively. Accounts payable to PSL included in amounts due to related party totaled $ 1,621 and $ 4,682 as of March 29, 2024 and March 31, 2023, respectively. Effective January 26, 2023, the Company and PSL entered into a new Wafer Foundry Agreement (“WFA”) for the fabrication of wafers. The WFA replaced the previous Wafer Foundry Agreement with PSL, dated April 12, 2013, which was due to expire on March 31, 2023. The WFA has a three-year term, and auto renews for subsequent one-year terms, unless terminated by either party providing two years notice. Pursuant to the WFA, the Company will provide a rolling annual forecast for three years , the first two years of which will be binding. If the Company fails to purchase the forecasted number of wafers for either of the first two years , it will pay a penalty for any shortfall for the given year. The parties also agreed upon production lead-times, as well as wafer, alignment, and mask pricing for the first two years of the term. Any changes to such pricing are subject to mutual agreement. On April 25, 2024, the Company, Sanken, PSL and PS Investment Aggregator, L.P. (“Subscriber”) entered into a Sale and Subscription Agreement pursuant to which Subscriber and an affiliate of Subscriber will make capital contributions to PSL of, in the aggregate, $ 175,000 in exchange for equity interests in PSL (the “PSL Transaction”). The PSL Transaction is subject to a number of conditions to closing, including the contribution of outstanding PSL indebtedness held by each of the Company (the PSL Promissory Notes described below) and Sanken in exchange for new PSL equity units to recapitalize PSL prior to Closing and PSL receiving confirmation from the United States Department of Commerce, the United States Department of the Treasury and/or the State of Minnesota that it or they have awarded at least $ 310,700 in aggregate direct funding and tax credits pursuant to the Creating Helpful Incentives to Produce Semiconductors and Science Act of 2022 (the “CHIPS Act”) or other grant-based funding program on terms and conditions acceptable to the Subscriber as well as other customary closing conditions. The PSL Agreement also contemplates that following closing, the Company, Sanken and Subscriber shall engage in a series of reorganization transactions after which the Company will no longer directly own PSL and will instead own approximately 10.2 % of PSL’s ultimate parent entity (“Polar Parent”). In connection with this reorganization, it is contemplated that the Company, Sanken and Subscriber shall enter into a new partnership agreement for Polar Parent to account for the reorganization into a limited partnership structure. Notes Receivable from PSL On December 2, 2021, AML entered into a loan agreement with PSL wherein PSL provided an initial promissory note to AML for a principal amount of $ 7,500 (the “Initial PSL Loan”). The Initial PSL Loan will be repaid in equal installments of principal and interest accrued at 1.26 % per annum, over a term of four years , with payments due on the first day of each calendar year quarter (April 1st, July 1st, October 1st, and January 1st). On July 1, 2022, PSL borrowed an additional $ 7,500 under the same terms of the PSL Loan (the “Secondary PSL Loan” and, together with the Initial PSL Loan, the “PSL Promissory Notes”). The Secondary PSL Loan will be repaid in equal installments of principal and interest accrued at 2.99 % per annum, over a term of four years , with payments due on the first day of each calendar year quarter (April 1st, July 1st, October 1st, and January 1st). The loan funds were used by PSL to procure a deep ultraviolet scanner and other associated manufacturing tools necessary to increase wafer fabrication capacity in support of the Company’s increasing wafer demand. As of March 29, 2024, the outstanding balance of the PSL Promissory Notes was $ 8,438 . During the year ended March 29, 2024, PSL made quarterly payments to AML totaling $ 3,987 , which included $ 237 of interest income. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 29, 2024 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and those entities required to be consolidated under GAAP. All material intercompany profits, transactions, and balances among the consolidated entities have been eliminated. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosures of contingencies at the date of the consolidated financial statements and the reported amounts of net sales and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, assumptions and judgments, including those related to the valuation of acquired intangible assets, impairment assessment and valuation of goodwill, intangible assets and tangible long-lived assets, the net realizable value of inventory, income taxes, stock-based compensation, and sales allowances. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements. |
Reclassifications | Reclassifications Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. |
Business Segment Information | Business Segment Information The Company operates in one segment, which involves the design, development, production and distribution of various integrated circuits in various markets worldwide. The Company has a single, company-wide management team that administers all properties as a whole rather than as discrete operating segments. The chief operating decision maker, who is the Company’s Chief Executive Officer, measures financial performance as a single enterprise and not on a legal entity or end market basis. Throughout the year, the chief operating decision maker allocates capital resources on a project-by-project basis across the Company’s entire asset base to maximize profitability without regard to a legal entity or end market basis. The Company operates in a number of countries throughout the world in a variety of product lines through its business unit structure. |
Business Combinations | Business Combinations The Company accounts for business combinations under the acquisition method of accounting. Accordingly, at the date of each acquisition, the Company measures the fair value of all identifiable assets acquired (including intangible assets), liabilities assumed and any remaining noncontrolling interests and allocates the consideration paid to all items measured. The fair value of identifiable intangible assets acquired are based on valuations that use information and assumptions determined management’s best estimates of inputs and assumptions a market participant would use. |
Foreign Currency Transaction and Translations | Foreign Currency Translation and Transactions The Company’s reporting currency is the U.S. Dollar. The financial statements of the Company’s foreign subsidiaries are translated from local currency into U.S. dollars using the current exchange rate at the balance sheet date for assets and liabilities, and the average exchange rate in effect during the period for net sales and expenses. The functional currency for the Company’s international subsidiaries is considered to be the local currency for each entity, and, accordingly, translation adjustments for these entities are included as a component of accumulated other comprehensive loss in the Company’s consolidated balance sheets. |
Non-Controlling Interests | Non-Controlling Interests The Company, through one of its wholly owned subsidiaries, established an affiliated entity in Philippines for the primary purpose of purchasing, selling, leasing, developing and otherwise managing real estate acquired by the Company in the Philippines. The Company owns 40 % of the equity interest in this entity, and the remaining 60 % is held in a trust for the benefit of its employee retirement fund. The portion of the results of operations of this entity is shown as net income attributable to the non-controlling interests in the Company’s consolidated statements of operations for fiscal years 2024, 2023 and 2022. Additionally, the cumulative portion of the results of operations of this entity along with the interest in the net assets is shown as a component of non-controlling interests in the Company’s consolidated balance sheets. |
Cash Equivalents and Restricted Cash | Cash Equivalents and Restricted Cash The Company considers all highly liquid instruments with original maturities of three months or less at the time of acquisition to be cash equivalents. At March 29, 2024 and March 31, 2023, the Company maintained investments in interest-bearing cash accounts. Because of the investment’s short term to maturity and the investment’s relative price insensitivity to changes in market interest rates, cost approximates fair value for this investment. As a result, there were no realized or unrealized gains or losses for the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022. The Company has restricted cash, the use of which is restricted to the benefit of employees through a deferred compensation program. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Certain assets and liabilities are carried at fair value under GAAP. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (at exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value, which are provided below: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs (other than Level 1 prices) 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. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or examination. The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s cash equivalents and restricted cash are carried at fair values as determined according to the fair value hierarchy described above (see Note 5, “Fair Value Measurements”). The carrying value of accounts receivable, notes receivables, accounts payable and accrued expenses approximate their respective fair value due to the short-term nature of these assets and liabilities. The carrying value of outstanding borrowings under the line of credit agreements approximates fair value as it bears interest at a rate approximating a market interest rate. Related party notes receivable are classified as held-for-investment based on management’s intent and ability to hold the loan for the foreseeable future or to maturity. Loans held-for-investment are carried at amortized cost and reduced by a valuation allowance for estimated credit losses, as necessary. The Company recognizes interest income on loans, including the amortization of discounts and premiums, loan fees paid and received, using the interest method. The interest method is applied on a loan-by-loan basis when collectability of the future payments is reasonably assured. Premiums and discounts are recognized as yield adjustments over the term of the related loans. A detailed description of fair value measurement of the assets of the non-U.S. defined benefit plan is included in Note 15, “Retirement Plans.” |
Trade Accounts Receivable, Net | Trade Accounts Receivable, Net A receivable is a right to consideration that is unconditional (i.e., only the passage of time is required before payment is due). Accounts receivables are presented net of a provision for expected credit losses, which is an estimate of amounts that may not be collectible and returns and sales allowances. The provision for expected credit losses is our estimate of current expected credit losses (“CECL”) based on historical loss experience. The Company periodically performs detailed reviews to assess the adequacy of the allowance. The Company exercises judgment in estimating the timing, frequency and severity of losses. The Company uses an aging schedule method to estimate current expected credit losses based on days of delinquency, including information about past events and current economic conditions, as well as future forecasts of economic conditions. The Company’s accounts receivable is separated into two categories using a portfolio methodology to evaluate the allowance under the CECL impairment model based on sales categorization and similar credit quality and worthiness of the customers: original equipment manufacturers and distributors. The receivables in each category share similar risk characteristics. The Company increases the allowance for expected credits losses when the Company determines all or a portion of a receivable is uncollectible. The Company recognizes recoveries as a decrease to the allowance for expected credit losses. Adjustments to the allowance for expected credit losses are recorded as selling, general and administrative expenses in the consolidated statements of operations. Sales allowances include sales in which the amount of consideration that the Company will receive is unknown as of the end of a reporting period. Such consideration primarily includes limited price protection provisions provided to distributors. The Company estimates potential future sales allowances based on historical data from prior sales adjustments. Historical experience can change over time. As a result, estimated sales allowances may differ significantly from amounts recorded in the current and historical periods. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value, with cost being determined using a standard costing system that approximates actual costs, based on a first-in, first-out method. Inventory costs include materials, labor and manufacturing overhead. The Company records inventory provisions when conditions exist that suggest that inventory may be in excess of anticipated demand, is obsolete based upon expected future demand for products and market conditions, or quality-related rejections. These provisions are reported as a reduction to raw materials and supplies, work in process and finished goods. The Company regularly evaluates the ability to realize the value of inventory based on a combination of factors, including historical usage rates, forecasted sales or usage, and product end of life dates. Assumptions used in determining management’s estimates of future product demand may prove to be incorrect, in which case the provision required for excess and obsolete inventory would have to be adjusted in the future. Although the Company performs a detailed review of its forecasts of future product demand, any significant unanticipated changes in demand could have a significant impact on the value of the Company’s inventory and reported operating results. |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment, net, including improvements that significantly add to productive capacity or extend useful life, are stated at historical cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The Company capitalizes interest on certain projects with long-term construction periods. Maintenance and repairs expenditures are charged to expense as incurred. Estimated useful lives of the respective property, plant and equipment assets are as follows: Asset Useful Life Buildings 31 years Buildings improvements Economic life of the building improvements Leasehold improvements The shorter of the remaining term of the lease or estimated useful life Machinery and equipment 3 - 10 years Office Equipment 3 years |
Intangible Assets, Net | Intangible assets, net Intangible assets, net primarily consist of identified intangible assets related to completed acquisitions, as well as capitalized costs to acquire and defend patent and trademark related awards. In addition, the Company holds technology, customer relationships, and non-compete agreements. The Company’s intangible assets are amortized using a method that approximates their economic benefit over their estimated useful lives ranging from three to 15 years . |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets consist of property, plant and equipment, finite-lived intangibles, such as patents, completed technologies, customer relationships and indefinite-lived intangible assets such as process technology and trademarks. Property, plant and equipment, intangible assets and other finite-lived assets are tested for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset group for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset group to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset group are less than its carrying amount. If such assets are not impaired, but their useful lives have decreased, the remaining net book value is amortized over the revised useful life. Indefinite-lived intangible assets are reviewed for impairment at least annually or whenever events or changes in circumstances indicate that it is more likely than not that the asset is impaired. The impairment test consists of a qualitative assessment to determine if events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform a quantitative impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If such events occur, a comparison of the fair value of the intangible asset with its carrying value is performed. If the carrying value of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The Company has elected the first business day of the fourth quarter of its fiscal year as the annual impairment testing date. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price in a business combination over the fair value of the net tangible and intangible assets acquired. Goodwill is not amortized, but rather is assessed for impairment at the reporting unit level annually during the fourth quarter of each fiscal year or more frequently if we believe indicators of impairment exist. Goodwill impairment, if any, is determined by comparing the reporting unit’s fair value to its carrying value. An impairment loss is recognized in an amount equal to the excess of the reporting unit’s carrying value over its fair value, up to the amount of goodwill allocated to the reporting unit. In testing goodwill for impairment, the Company has the option to first consider qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Such qualitative factors include industry and market considerations, economic conditions, entity-specific financial performance and other events, such as changes in management, strategy and primary customer base. If based on the Company’s qualitative assessment it is more likely than not that the fair value of the reporting unit is less than its carrying amount, quantitative impairment testing is required. However, if the Company concludes otherwise, quantitative impairment testing is not required. The results of the Company’s qualitative goodwill impairment test performed on the first business day of fourth quarter for fiscal years 2024, 2023 and 2022 did not indicate any impairments. |
Leases | Leases The Company accounts for leases in accordance with GAAP. At the inception of an arrangement, the Company determines whether the arrangement is a lease arrangement or contains a lease based on the unique facts and circumstances present. Leases with a term greater than 12 months are recognized on the balance sheet as right-of-use (“ROU”) assets with a corresponding lease liability. The Company has elected not to recognize on the consolidated balance sheets leases with an initial term of 12 months or less. Leases with an initial term of 12 months or less are directly expensed as incurred. Leases are classified as either operating or finance depending on the specific terms of the arrangement. The Company’s leases mainly consist of facilities, office equipment, and vehicles. The majority of leases are classified as operating leases. Certain lease agreements contain provisions for future rent increases. Lease payments included in the measurement of the lease liability comprise fixed payments and future rent increases tied to an index or rate. Future rent increases dependent on an index or rate are initially measured at the index or rate at the commencement date. The Company’s leases typically do not contain residual value guarantees. At the commencement date, operating and finance lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected lease term. The lease term includes the non-cancelable period of the lease, plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. The interest rate implicit in a lease contract is typically not readily determinable, therefore an incremental borrowing rate is used to calculate the lease liability. The incremental borrowing rate is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Certain adjustments to the ROU asset may be required for items such as prepayments, lease incentives received or initial direct costs paid. |
Product Warranties | Product Warranties The Company provides warranties on its products to its customers, generally for one year from the date of shipment and in limited cases for longer periods. In the event of a failure of a product covered by these warranties, the Company must repair or replace the product or, if those remedies are insufficient, and at the discretion of the Company, provide a refund. In limited cases, the Company warrants its products to include significant liability beyond the cost of repairing or replacing the product or refunding the sales price of the product. The Company periodically assesses the adequacy of the warranty reserve and adjusts the amount, as necessary. If there is a material increase in the rate of customer claims, or the Company’s estimates of probable losses relating to specifically identified warranty exposures are inaccurate, the Company may need to record a charge against future cost of goods sold. There were $ 477 and $ 4,327 accrued for warranty reserves as of March 29, 2024 and March 31, 2023, respectively. |
Revenue Recognition | Revenue Recognition Revenue is recognized on contracts with customers when transfer of control to the customer occurs in exchange for an amount reflecting the consideration that the Company expects to be entitled. In order to achieve this core principle, the Company applies the following five step approach: (1) Identify the contract with a customer — The Company considers customer purchase orders, which in some cases are governed by master agreements, to be customer contracts. A contract exists when it is approved by both parties, each party’s rights and obligations are identified, payment terms are known, customer has the ability and intent to pay and the contract has commercial substance. The Company uses judgment in determining the customer’s ability and intent to pay, which is based on factors such as the customer’s historical payment experience or, for new customers, credit and financial information pertaining to the customers. (2) Identify the performance obligations in the contract — Performance obligations are identified as products and services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the product or service either on its own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the products or services is separately identifiable from other promises in the contract. Substantially, all of the Company’s contracts with customers contain a single performance obligation, such as the sale of mixed-signal integrated circuit products or the sale of wafer fabricators. (3) Determine the transaction price — The transaction price is determined based on the consideration to which the Company expects to be entitled in exchange for transferring products to the customer. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that no significant future reversal of cumulative revenue under the contract will occur. (4) Allocate the transaction price to the performance obligations in the contract — If the contract contains a single performance obligation, the entire transaction price is allocated to that performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone selling price. (5) Recognize revenue when a performance obligation is satisfied — Revenue is recognized when control of the product is transferred to the customer (i.e., when the Company’s performance obligation is satisfied), which typically occurs point in time at shipment or delivery, depending on the terms of the contract. Sales channels The Company sells products globally through its direct sales force, third-party distributors, independent sales representatives and consignment. The Company records revenue based on the amount of any discounted arrangement fee. When the Company transacts with a distributor, its contractual arrangement is with the distributor and not with the end customer. Whether the Company transacts business with and receives the order from a distributor or directly from an end customer, its revenue recognition policy and resulting pattern of revenue recognition for the order are the same. The Company also uses independent sales representatives to assist in the sales process with certain customers. Sales representatives are not distributors. If a sales representative is engaged in the sales process, the Company receives the order directly from and sells the products directly to the end customer. The Company pays a commission to the sales representative, calculated as a percentage of the related customer payment. Sales representatives’ commissions are recorded as expenses when incurred and are classified as selling, general and administrative expenses in the Company’s consolidated statements of operations. For consignment arrangements with distributors, delivery occurs and revenue is recognized when the distributor pulls product from consignment inventory that is stored at designated distributor locations. Recognition is not contingent upon resale of the products to the distributors’ customers. Until the products are pulled for use or sale by the distributor, the Company retains control over the products’ disposition, including the right to pull back or relocate the products. Variable consideration Variable consideration includes sales in which the amount of consideration that the Company will receive is unknown as of the end of a reporting period. Such consideration primarily includes limited price protection provisions provided to distributors, sales under agreements that allow rights of return, referred to as stock rotation, provided to distributors, discounts and credits provided to distributors and returns provisions offered to direct customers. The Company estimates potential future returns, credits and sales allowances based on historical data from prior sales returns and credits issued and changes in product sales to customers. Practical expedients elected Revenue recognized is adjusted based on allowances, which are prepared on a portfolio basis using a most likely amount methodology. The length of time between revenue recognition and payment is not significant under any of the Company’s payment terms. Moreover, if the period between revenue recognition and when the customer pays is one year or less, the Company elected not to account for the significant financing component. Other Revenue Recognition Policies Shipping and handling activities are not considered a contractual performance obligation. The Company records shipping and handling costs billed to customers as revenue with offsetting costs recorded as cost of sale. Contract Assets and Contract Liabilities Contract assets and contract liabilities (deferred revenue) net are reported at the contract level for each reporting period. Contract assets typically result from contracts when revenue recognized exceeds the amount billed to the customer, and right to payment is not just subject to the passage of time. Contract assets are transferred to accounts receivable when the rights become unconditional. The Company had no contract assets as of March 29, 2024 or March 31, 2023. Contract liabilities typically result from billings in excess of revenues recognized and relate to products shipped near the end of the reporting period for which the required revenue recognition criteria were not met. The Company had no contract liabilities as of March 29, 2024 or March 31, 2023. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes compensation costs for all stock-based compensation awards made to employees based upon the awards’ estimated grant-date fair value. Typically, stock-based compensation expense is recognized evenly over the vesting period. However, stock-based compensation expense related to performance-based awards is recognized relative to the probability of achievement of the requisite milestones during the vesting period. The Company accounts for forfeitures as they occur. Determining the fair value of certain stock-based compensation awards at the grant date requires judgment, including estimating the expected life of the stock awards and the volatility of the underlying market-based and projected future cash flow assumptions. Any changes to those estimates that the Company makes from time to time may have a significant impact on the stock-based compensation expense recorded and could materially impact the Company’s results of operations. |
Research and Development | Research and Development The Company commits substantial capital and resources to internal and collaborative research and development projects in order to provide innovative products and solutions to its customers. The Company conducts research primarily to develop new technologies, enhance current product performance, improve the functionality and reliability of existing products, and develop revolutionary new products and solutions. Research and development costs are expensed as incurred and include salaries, wages and other personnel related costs, material costs and depreciation, consulting costs, software licensing costs, maintenance costs and facility costs. |
Pension Obligations | Pension Obligations The Company, through its subsidiaries, has various foreign defined benefit plans as well as U.S. defined contribution plans. Accredited independent actuaries calculate related plan assets, liabilities and expenses. The Company is required to make certain assumptions to assign value to the plan assets and liabilities. These assumptions are reviewed annually, based on current plan information and consultations with independent investment advisors and actuaries. The Company does not offer other defined benefits associated with postretirement benefit plans other than pensions. The Company recognizes the funded status of a benefit plan on its consolidated balance sheets and recognizes gains, losses and prior service cost or credits that arise during the period that are not recognized as components of net periodic benefit cost as a component of other comprehensive income, net of tax. In addition, the Company measures defined benefit plan assets and obligations as of the date of the employer’s fiscal year-end consolidated balance sheets and discloses in the notes to the consolidated financial statements the gains or losses, prior service costs or credits and transition asset or obligation. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement and tax basis of assets and liabilities, as measured by enacted tax rates anticipated to be in effect when these differences are expected to reverse. This method also requires the recognition of future tax benefits to the extent that realization of such benefits is more likely than not. Deferred tax expense or benefit is the result of changes in the deferred tax assets and liabilities. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized, a valuation allowance is established. The Company recognizes a liability for potential payments of taxes to various tax authorities related to uncertain tax positions and other tax matters. The recorded liability is based on a determination of whether and how much of a tax benefit taken by the Company in its tax filings or positions is “more likely than not” to be realized. The amount of the benefit that may be recognized in the consolidated financial statements is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. To the extent that the assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. The Company establishes a liability, which is included in other long-term liabilities in the consolidated balance sheets, for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These liabilities are established when the Company believes that certain positions might be challenged despite the Company’s belief that the tax return positions are fully supportable. The recorded liability is adjusted considering changes in the facts and circumstances. The provision for income taxes includes the impact of the recorded liability and changes thereto. The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax provision in the consolidated statements of operations. Accrued interest and penalties are included in accrued expenses and other current liabilities in the consolidated balance sheets. All undistributed earnings of our foreign subsidiaries are permanently reinvested. Accordingly, the Company does not provide for U.S. income taxes on such undistributed earnings. |
Net Income Per Share | Net Income Per Share Basic net income per share is computed by dividing net income attributable to stockholders of the Company by the weighted-average number of common shares outstanding during the reporting period. Diluted net income per share is computed similarly to basic net income per share, except that it includes the potential dilution that could occur if dilutive securities were exercised. Information about potentially dilutive and antidilutive shares for the reporting period is provided in Note 17, “Net Income per Share.” |
Concentrations of Credit Risk and Significant Customers | Concentrations of Credit Risk and Significant Customers Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with financial institutions that management believes to be of a high credit quality. To manage credit risk related to accounts receivables, the Company evaluates the creditworthiness of its customers and maintains allowances, to the extend necessary, for potential credit losses based upon the aging of its accounts receivable balances and known collection issues. The Company has not experienced any significant credit losses during the prior two years. As of March 29, 2024, no customers accounted for 10% or more of the Company’s outstanding trade accounts receivable, net. As of March 31, 2023, Sanken Electric Co., Ltd. (“Sanken”) and another customer accounted for 10.6 % and 17.3 %, respectively, of the Company’s outstanding trade accounts receivable, net, including related party trade accounts receivable. For the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022, Sanken accounted for 0.6 % , 16.5 % and 19.4 % of total net sales, respectively. For the same periods, sales to our largest, non-affiliated distributor accounted for 10.2 % , 10.8 %, and 11.0 % of total net sales, respectively. No other customers accounted for 10% or more of total net sales for any of these periods. See Note 20, “Related Party Transactions” for a discussion of the termination, distribution and consulting agreements between Sanken and the Company to transition the marketing and sale of the Company’s products in Japan from Sanken to the Company. During the fiscal year ended March 29, 2024, sales from customers located outside of the United States in the aggregate accounted for 85.8 % of the Company’s total net sales, with Greater China accounting for 26.2 % , Japan accounting for 16.7 % , and South Korea accounting for 10.9 % . No other country accounted for greater than 10.0% of total net sales for the fiscal year ended March 29, 2024. During the fiscal year ended March 31, 2023, sales from customers located outside of the United States in the aggregate accounted for 86.5 % of the Company’s total net sales, with Greater China accounting for 26.1 % and Japan accounting for 16.5 %. No other country accounted for greater than 10.0% of total net sales for the fiscal year ended March 31, 2023. During the fiscal year ended March 25, 2022, sales from customers located outside of the United States in the aggregate accounted for 85.9 % of the Company’s total net sales, with Greater China accounting for 25.0 %, Japan accounting for 19.4 %, and South Korea accounting for 10.5 %. No other country accounted for greater than 10.0% of total net sales for the fiscal year ended March 25, 2022. |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) Other comprehensive income (loss) refers to revenues, expenses, gains and losses that are excluded from net income as these amounts are recorded directly as an adjustment to stockholders’ equity, net of tax. The Company’s other comprehensive income (loss) was composed of foreign currency translation adjustments and pension liability adjustments. |
Equity-method Investments | Equity-method investments The Company accounts for investments in common stock under the equity method if the Company has the ability to exercise significant influence, but not control, over an investee. Investments in equity-method investees are included within “Equity Investment in related party” in the consolidated balance sheets. The Company’s proportional share of the earnings or losses as reported by equity-method investees are classified as “(Loss) income in earnings of equity investment” in the consolidated statements of operations. The Company regularly evaluates these investments, which are not carried at fair value, for other-than-temporary impairment and records any impairment charge in earnings when the decline in value below the carrying amount of its equity method investment is determined to be other-than-temporary. |
Subsequent Events Considerations | Subsequent Events Considerations The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence for certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated as required. The Company has evaluated all subsequent events and determined that, other than as reported herein, there are no material recognized or unrecognized subsequent events. |
Recently Accounting Pronouncements | Recently Accounting Pronouncements In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740) (“ASU 2023-09”), Improvements to Income Tax Disclosures. ASU 2023-09 requires entities to provide additional information of the Company’s tax rate reconciliation, as well as additional disclosures about income taxes paid by jurisdiction. ASU 2023-09 is effective for annual reporting periods beginning December 15, 2024, with early adoption permitted. ASU 2023-09 should be applied prospectively, but entities have the option to apply it retrospectively for each period presented. The Company does not anticipate this guidance will have an adverse impact on the results of operations, cash flows, or financial condition, but will result in expanded disclosure within the financial statements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. ASU 2023-07 requires incremental disclosures in annual and interim periods related to public entity’s reportable segments (particularly on segment expenses) but does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments. The Company is evaluating the impact the update will have on its disclosures. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provided temporary relief when transitioning from the London Interbank Offered Rate (“LIBOR”) to the Secured Overnight Financing Rate or another applicable rate during the original transition period ending on December 31, 2022. In March 2021, the U.K. Financial Conduct Authority announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of U.S. dollar LIBOR would be June 30, 2023, which is beyond the current sunset date of Topic 848. In light of this development, the FASB issued ASU 2022-06 to defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The Company confirms that this guidance did not have a material impact on its financial position, results of operations, cash flows, or related disclosures. All other recent accounting pronouncements were determined to not have a material impact on the Company’s financial position, results of operations, cash flows, or related disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 29, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Property, Plant, and Equipment | Estimated useful lives of the respective property, plant and equipment assets are as follows: Asset Useful Life Buildings 31 years Buildings improvements Economic life of the building improvements Leasehold improvements The shorter of the remaining term of the lease or estimated useful life Machinery and equipment 3 - 10 years Office Equipment 3 years Property, plant and equipment, net is stated at cost, and consisted of the following: March 29, March 31, Land $ 25,595 $ 15,384 Buildings, building improvements and leasehold improvements 65,626 61,500 Machinery and equipment 674,220 611,459 Office equipment 6,978 6,119 Right-of-use asset 8,218 — Construction in progress 39,052 48,378 Total 819,689 742,840 Less accumulated depreciation ( 498,514 ) ( 479,741 ) Total $ 321,175 $ 263,099 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Mar. 29, 2024 | |
Crocus | |
Business Acquisition [Line Items] | |
Summary of Preliminary and Final Purchase Price Allocation | The preliminary purchase price allocation is as follows: Total purchase consideration $ 412,274 Cash 4,155 Inventories 4,208 Accounts receivable 484 Prepaid expenses and other current assets 2,400 Property, plant and equipment 7,640 Right-of-use asset* 9,770 Completed technology** 234,000 Customer relationships** 12,000 Other assets 229 Total identifiable assets acquired 274,886 Accounts payable ( 5,134 ) Accrued expenses and other current liabilities ( 2,707 ) Long-term debt ( 842 ) Lease liability*** ( 10,390 ) Other long-term liabilities ( 2,813 ) Deferred income tax liabilities ( 15,245 ) Total identifiable net assets 237,755 Goodwill $ 174,519 * Primarily included in Property, plant and equipment in the consolidated balance sheets. **Included in Intangible assets, net in the consolidated balance sheets. ***Primarily included in Long-Term debt in the consolidated balance sheets. |
Heyday | |
Business Acquisition [Line Items] | |
Summary of Preliminary and Final Purchase Price Allocation | The final purchase price allocation is as follows: Cash $ 324 Property, plant and equipment 16 Completed technology 15,100 In-process research and development 1,600 Total identifiable assets acquired $ 17,040 Current liabilities assumed ( 282 ) Deferred income tax liabilities ( 3,609 ) Net assets acquired $ 13,149 Total identifiable net assets ( 20,245 ) Goodwill $ 7,096 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Mar. 29, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Net Sales by Core End Market and Application | The Company assessed the materiality of the revision qualitatively and quantitatively and determined the revisions to be immaterial to the prior period interim fiscal year 2024, annual fiscal year 2023, and annual fiscal year 2022 consolidated financial statements. All prior period amounts have been revised in the table below. Fiscal Year Ended March 29, March 31, March 25, Automotive $ 759,454 $ 646,761 $ 522,795 Industrial 223,810 208,604 143,266 Other 66,103 118,288 102,613 Total net sales $ 1,049,367 $ 973,653 $ 768,674 |
Revenue from External Customers by Products and Services | Net sales by product: Fiscal Year Ended March 29, March 31, March 25, Magnetic sensors (“MS”) and other $ 649,869 $ 598,579 $ 500,293 Power integrated circuits (“PIC”) 399,498 375,074 268,381 Total net sales $ 1,049,367 $ 973,653 $ 768,674 |
Revenue from External Customers by Geographic Areas | Net sales by geography: Fiscal Year Ended March 29, March 31, March 25, Americas: United States $ 149,283 $ 131,150 $ 108,396 Other Americas 32,119 28,014 23,056 EMEA: Europe 176,628 169,368 134,537 Asia: Greater China 274,851 253,906 191,895 Japan 175,713 160,763 148,813 South Korea 113,877 96,549 80,451 Other Asia 126,896 133,903 81,526 Total net sales $ 1,049,367 $ 973,653 $ 768,674 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 29, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The following tables present information about the Company’s financial assets and liabilities as of March 29, 2024 and March 31, 2023 measured at fair value on a recurring basis: Fair Value Measurement at March 29, 2024: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market fund deposits $ 36,192 $ — $ — $ 36,192 Restricted cash: Money market fund deposits 10,018 — — 10,018 Total assets $ 46,210 $ — $ — $ 46,210 Fair Value Measurement at March 31, 2023: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market fund deposits $ 102,019 $ — $ — $ 102,019 Restricted cash: Money market fund deposits 7,129 — — 7,129 Other assets, net (long-term): Investments in marketable securities 19,929 — — 19,929 Total assets $ 129,077 $ — $ — $ 129,077 |
Gain (Loss) on Securities | The following table represents the unrealized gains and losses on investments in marketable securities held with a readily determinable fair value for the fiscal years ended March 29, 2024 and March 31, 2023: Fiscal Year Ended March 29, March 31, Net gains and losses recognized during the period on equity securities $ ( 3,579 ) $ 7,471 Unrealized gains and losses recognized during the reporting period on equity securities $ — $ 7,471 |
Trade Accounts Receivable, Net
Trade Accounts Receivable, Net (Tables) | 12 Months Ended |
Mar. 29, 2024 | |
Receivables [Abstract] | |
Schedule of Trade Accounts Receivable, Net | Trade accounts receivable, net (including related party trade accounts receivable) consisted of the following: March 29, March 31, Trade accounts receivable $ 163,450 $ 150,914 Less: Provision for expected credit losses ( 145 ) ( 102 ) Returns and sales allowances ( 44,797 ) ( 26,269 ) Related party trade accounts receivable, net of returns and sales allowances — ( 13,253 ) Total $ 118,508 $ 111,290 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 29, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories include materials, labor and overhead and consisted of the following: March 29, March 31, Raw materials and supplies $ 9,549 $ 15,049 Work in process 110,236 98,836 Finished goods 42,517 37,416 Total $ 162,302 $ 151,301 |
Property, Plant and Equipment_2
Property, Plant and Equipment, net (Tables) | 12 Months Ended |
Mar. 29, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant, and Equipment | Estimated useful lives of the respective property, plant and equipment assets are as follows: Asset Useful Life Buildings 31 years Buildings improvements Economic life of the building improvements Leasehold improvements The shorter of the remaining term of the lease or estimated useful life Machinery and equipment 3 - 10 years Office Equipment 3 years Property, plant and equipment, net is stated at cost, and consisted of the following: March 29, March 31, Land $ 25,595 $ 15,384 Buildings, building improvements and leasehold improvements 65,626 61,500 Machinery and equipment 674,220 611,459 Office equipment 6,978 6,119 Right-of-use asset 8,218 — Construction in progress 39,052 48,378 Total 819,689 742,840 Less accumulated depreciation ( 498,514 ) ( 479,741 ) Total $ 321,175 $ 263,099 |
Schedule of Long-lived Assets | The geographic locations of the Company’s property, plant and equipment, net, which includes the right-of-use asset, based on physical location of the assets, as of March 29, 2024 and March 31, 2023 are as follows: March 29, March 31, United States $ 37,596 $ 36,229 Philippines 246,164 207,671 Other 37,415 19,199 Total $ 321,175 $ 263,099 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Mar. 29, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill | The table below summarizes the changes in the carrying amount of goodwill as follows: Total Balance at March 25, 2022 $ 20,009 Acquisition 7,096 Foreign currency translation 586 Balance at March 31, 2023 $ 27,691 Acquisition 174,519 Adjustments 280 Foreign currency translation ( 65 ) Balance at March 29, 2024 $ 202,425 |
Schedule of Intangible Assets, Net | Intangible assets, net were as follows: March 29, Description Gross Accumulated Net Carrying Weighted-Average Lives Patents $ 44,894 $ ( 22,016 ) $ 22,878 4 years Customer relationships 14,977 ( 3,315 ) 11,662 15 years Completed technologies 249,758 ( 9,719 ) 240,039 12 years Indefinite-lived process technology and trademarks 2,275 — 2,275 Trademarks and other 87 ( 87 ) — Total $ 311,991 $ ( 35,137 ) $ 276,854 March 31, Description Gross Accumulated Net Carrying Weighted-Average Lives Patents $ 40,213 $ ( 18,335 ) $ 21,878 10 years Customer relationships 3,281 ( 3,115 ) 166 9 years Completed technologies 28,508 ( 2,963 ) 25,545 12 years Indefinite-lived process technology and trademarks 4,696 — 4,696 Trademarks and other 287 ( 194 ) 93 5 years Total $ 76,985 $ ( 24,607 ) $ 52,378 |
Schedule of Annual Amortization Expense | As of March 29, 2024, amortization expense of intangible assets is expected to be as follows: 2025 $ 24,827 2026 24,481 2027 24,106 2028 23,812 2029 23,495 Thereafter 153,858 Total $ 274,579 |
Other Assets, net (Tables)
Other Assets, net (Tables) | 12 Months Ended |
Mar. 29, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets, Net | The composition of other assets, net was as follows: March 29, March 31, VAT receivables long-term, net $ 16,943 $ 13,633 Income taxes receivable long-term 11,091 13,133 Investments in equity securities (1) — 19,929 Deposits 17,928 17,319 Debt issuance costs 1,233 — Long-term prepaid contracts 1,015 436 Other 3,441 4,780 Total $ 51,651 $ 69,230 (1) Represents equity investments in an entity whose equity securities have a readily determinable fair value. These strategic investments represent less than a 20% ownership interest in the entity, and the Company does not maintain power over or control of the entity. These investments are measured at fair value with unrealized gains and losses related to changes in the entity’s stock price and the impact of changes in foreign exchange rates each included in the consolidated statements of operations. |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Mar. 29, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | The composition of accrued expenses and other current liabilities was as follows: March 29, March 31, Accrued management incentives $ 26,229 $ 40,484 Accrued salaries and wages 21,014 20,205 Accrued warranty costs 477 4,327 Accrued vacation 2,406 8,178 Accrued severance 3,013 200 Accrued professional fees 8,125 6,243 Accrued income taxes 3,478 5,625 Other current liabilities 6,384 9,632 Total $ 71,126 $ 94,894 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 29, 2024 | |
Leases [Abstract] | |
Lease, Cost | Operating lease cost is recognized on a straight-line basis over the lease term, while finance lease cost is amortized over the expected term on a straight-line basis. Information regarding the Company’s operating and finance leases are as follows: Fiscal Year Ended March 29, March 31, March 25, Operating leases Operating lease expense $ 6,369 $ 4,833 $ 4,648 Short term lease expense 39 326 584 Other information: Cash paid for operating leases $ 6,305 $ 5,034 $ 5,289 Weighted-average remaining lease term - operating leases 4.4 years 4.57 years 5.17 years Weighted-average discount rate – operating leases 6.1 % 5.3 % 4.5 % Fiscal Year Ended March 29, March 31, March 25, Finance leases Amortization of right-of-use assets $ 581 $ — $ — Interest on lease liabilities 29 — — Weighted-average remaining lease term - finance leases 5.6 years — — Weighted-average discount rate - finance leases 7.7 % — — Finance leases are recorded in the following line items within the consolidated balance sheets: March 29, March 31, Property, plant and equipment $ 7,641 $ — Current portion of long-term debt 1,429 — Long-term debt 7,009 — |
Schedule of Future Minimum Lease Payments under Operating and Finance Leases | As of March 29, 2024, future minimum lease payments under operating and finance leases as follows: Operating Leases Finance Leases 2025 $ 6,428 $ 1,751 2026 5,680 1,751 2027 4,804 1,751 2028 3,890 1,751 2029 2,144 1,751 Thereafter 2,135 1,311 Total lease payments $ 25,081 $ 10,066 Less: imputed interest ( 3,414 ) ( 1,628 ) Total lease liabilities $ 21,667 $ 8,438 |
Debt and Other Borrowings (Tabl
Debt and Other Borrowings (Tables) | 12 Months Ended |
Mar. 29, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Obligations | The Company’s debt obligations consisted of the following: Fiscal Year Ended March 29, March 31, 2023 Term Loan Facility $ 249,375 $ — 2020 Term Loan Facility — 25,000 Unamortized debt issuance costs ( 4,273 ) — Total loans outstanding 245,102 25,000 Finance lease liabilities 8,438 — Total debt 253,540 25,000 Current portion of long-term debt and finance lease liabilities ( 3,929 ) — Total long-term debt and finance lease liabilities, less current portion $ 249,611 $ 25,000 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 12 Months Ended |
Mar. 29, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Long-Term Liabilities | The composition of other long-term liabilities is as follows: March 29, March 31, Accrued retirement $ 9,069 $ 8,032 Provision for uncertain tax positions 5,874 2,837 Other long-term liabilities 21 98 Total $ 14,964 $ 10,967 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Mar. 29, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Expense Related to Defined Benefit Plan | Expense related to the non-U.S. defined benefit plan was as follows: Fiscal Year Ended March 29, March 31, March 25, Service cost $ 1,345 $ 1,358 $ 1,554 Interest cost 907 763 637 Expected return on plan assets ( 468 ) ( 301 ) ( 304 ) Amortization of prior service cost ( 8 ) ( 8 ) 1 Actuarial loss 33 77 205 Net periodic pension expense $ 1,809 $ 1,889 $ 2,093 |
Changes in Benefit Obligations and Plan Assets | Changes in the benefit obligations and plan assets for the non-U.S. defined benefit plan were as follows: Fiscal Year Ended March 29, March 31, Obligation and funded status of plan: Benefit obligation at beginning of year $ 14,730 $ 15,080 Service cost 1,345 1,358 Interest cost 907 763 Prior service cost 62 — Benefits paid ( 1,022 ) ( 1,014 ) Actuarial loss (gain) 683 ( 908 ) Foreign currency exchange rate changes ( 511 ) ( 549 ) Benefit obligation at end of year $ 16,194 $ 14,730 Change in plan assets: Fair value of plan assets at beginning of year $ 7,168 $ 7,097 Actual return on plan assets 452 ( 189 ) Employer contributions 1,230 1,463 Benefits paid ( 937 ) ( 952 ) Foreign currency exchange rate changes ( 248 ) ( 251 ) Fair value of plan assets at end of year $ 7,665 $ 7,168 Underfunded status at end of year $ ( 8,529 ) $ ( 7,562 ) |
Obligations and Asset Information for Plan with Projected Benefit Obligation in Excess of Plan Assets | The following table presents the obligations and asset information for the non-U.S. defined benefit plan that has a projected benefit obligation in excess of plan assets: Fiscal Year Ended March 29, March 31, Projected benefit obligations $ 16,194 $ 14,730 Plan assets 7,665 7,168 Accumulated benefit obligations 9,666 8,868 |
Schedule of Amounts Recorded for AOCI for Defined Benefit Plan | The amounts recorded in AOCI for the non-U.S. defined benefit plan for the fiscal years ended March 29, 2024 and March 31, 2023 are further detailed below: Net Transition Net Prior Total Balance, March 25, 2022, net of tax $ 183 $ 1,896 $ ( 77 ) $ 2,002 2023 change in AOCI for non-U.S. defined benefit plan ( 11 ) 36 ( 14 ) 11 Amounts in AOCI before tax 172 1,932 ( 91 ) 2,013 Less tax expense 43 483 ( 23 ) 503 Balance, March 31, 2023, net of tax $ 129 $ 1,449 $ ( 68 ) $ 1,510 2024 change in AOCI for non-U.S. defined benefit plan 14 1,079 ( 11 ) 1,082 Amounts in AOCI before tax 143 2,528 ( 79 ) 2,592 Less tax expense 36 632 ( 20 ) 648 Balance, March 29, 2024, net of tax $ 107 $ 1,896 $ ( 59 ) $ 1,944 |
Schedule of Weighted-Average Assumptions | Weighted-Average Assumptions Used to Determine Projected Benefit Obligation March 29, March 31, Non-U.S. assumed discount rate 6.21 % 6.63 % Non-U.S. rate of compensation increases 5.50 % 5.50 % Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost March 29, March 31, March 25, Non-U.S. assumed discount rate 6.21 % 6.63 % 5.58 % Non-U.S. expected long-term return on plan assets 5.54 % 6.40 % 4.10 % Non-U.S. rate of compensation increases 5.50 % 5.50 % 5.50 % |
Fair Value of Entity's Plan Assets | The table below sets forth the fair value of the entity’s plan assets using the same three-level hierarchy of fair value inputs described in Note 2, “Summary of Significant Accounting Policies”: Fair Value at March 29, Level 1 Level 2 Level 3 Assets of non-U.S. defined benefit plan: Government securities $ 2,629 $ 2,629 $ — $ — Unit investment trust fund 1,307 — 1,307 — Loans 574 — — 574 Bonds 607 — 607 — Stocks and other investments 2,548 1,635 4 909 Total $ 7,665 $ 4,264 $ 1,918 $ 1,483 Fair Value at Level 1 Level 2 Level 3 Assets of non-U.S. defined benefit plan: Government securities $ 2,133 $ 2,133 $ — $ — Unit investment trust fund 1,196 — 1,196 — Loans 586 — — 586 Bonds 687 — 687 — Stocks and other investments 2,566 1,461 3 1,102 Total $ 7,168 $ 3,594 $ 1,886 $ 1,688 |
Schedule of Changes in Fair Value of Level 3 Plan Assets | The following table shows the change in fair value of Level 3 plan assets: Level 3 Non-U.S. Defined Loans Stocks Balance at March 26, 2021 $ 584 $ 1,133 Additions 308 — Redemptions ( 289 ) — Revaluation of equity securities ( 5 ) 13 Change in foreign currency exchange rates ( 45 ) ( 81 ) Balance at March 25, 2022 $ 553 $ 1,065 Additions 328 — Redemptions ( 280 ) — Revaluation of equity securities 4 75 Change in foreign currency exchange rates ( 19 ) ( 38 ) Balance at March 31, 2023 $ 586 $ 1,102 Additions 303 — Redemptions ( 295 ) — Revaluation of equity securities ( 1 ) ( 154 ) Change in foreign currency exchange rates ( 19 ) ( 39 ) Balance at March 29, 2024 $ 574 $ 909 |
Schedule of Estimated Future Benefit Payments | The following table projects the benefits expected to be paid to participants from the plans in each of the following fiscal years. The majority of the payments will be paid from Company assets. Pension 2025 $ 1,415 2026 922 2027 1,157 2028 1,563 2029 1,445 Thereafter 10,491 Total $ 16,993 |
Net Income per Share (Tables)
Net Income per Share (Tables) | 12 Months Ended |
Mar. 29, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Net Income per Share and Unaudited Pro Forma Net Income per Share | The following table sets forth the basic and diluted net income attributable to Allegro MicroSystems, Inc. per share. Fiscal Year Ended March 29, March 31, March 25, Net income attributable to Allegro MicroSystems, Inc. $ 152,697 $ 187,357 $ 119,407 Basic weighted average common shares 192,573,169 191,197,452 189,748,427 Dilutive effect of common stock equivalents 2,101,183 2,490,650 2,062,778 Diluted weighted average common shares 194,674,352 193,688,102 191,811,205 Basic net income per common share attributable to Allegro MicroSystems, Inc. stockholders $ 0.79 $ 0.98 $ 0.63 Diluted net income per common share attributable to Allegro MicroSystems, Inc. stockholders $ 0.78 $ 0.97 $ 0.62 |
Schedule of Anti Dilutive Securities Excluded | The computed net income per share for the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022 does not assume conversion of securities that would have an antidilutive effect on income per share. The following represents contingently issuable shares excluded from the computation of net income per share, as such shares would have an antidilutive effect: Fiscal Year Ended March 29, March 31, March 25, RSUs 40,257 17,586 — PSUs 129,837 — — ESPP — — 3,622 Total 170,094 17,586 3,622 |
Schedule of Issuable Weighted Average Share Information | The following represents issued and issuable weighted average share information underlying our outstanding RSUs, PSUs and participation in the ESPP for the respective periods: Fiscal Year Ended March 29, March 31, March 25, RSUs 888,811 1,039,547 1,066,406 PSUs 1,210,124 1,435,883 996,372 ESPP 2,248 15,220 — Total 2,101,183 2,490,650 2,062,778 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Mar. 29, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Restricted Stock Units Activity | The following table summarizes RSU activity for the fiscal year ended March 29, 2024: Number of Weighted-Average Grant-Date Fair Value Weighted-Average Remaining Contractual Life Aggregate Outstanding - March 31, 2023 2,251,224 $ 23.85 1.27 $ 108,036 Granted 1,112,545 36.14 Issued ( 979,332 ) 23.57 Forfeited ( 168,816 ) 28.52 Outstanding - March 29, 2024 2,215,621 $ 29.82 1.03 $ 59,733 |
Schedule of Performance Units Fair Value Assumptions | The weighted-average fair value of the PSUs granted during the year was determined using the Monte Carlo simulation model incorporating the following weighted-average assumptions: Fiscal Year Ended March 29, March 31, Performance term 2.87 years 2.81 years Volatility 47.70 % 51.30 % Risk-free rate of return 3.68 % 2.76 % Dividend yield — % — % Weighted-average fair value per share $ 43.83 $ 30.69 |
Summary of Performance Stock Units Activity | The following table summarizes PSU activity for the fiscal year ended March 29, 2024: Number of Weighted-Average Grant-Date Fair Value Weighted-Average Remaining Contractual Life Aggregate Outstanding - March 31, 2023 2,748,347 $ 23.47 2.63 $ 131,893 Granted 333,857 39.04 Excess shares issued due to achievement of performance conditions 500,451 17.65 Issued ( 1,062,884 ) 21.43 Forfeited ( 90,378 ) 23.87 Outstanding - March 29, 2024 2,429,393 $ 25.64 2.32 $ 65,496 |
Schedule of Stock-Based Compensation Expense | The Company recorded stock-based compensation expense on its consolidated statements of operations as follows: Fiscal Year Ended March 29, March 31, March 25, RSUs $ 28,162 $ 33,708 $ 19,918 PSUs 12,825 26,890 11,997 ESPP 1,438 921 1,099 Other 32 279 534 Total $ 42,457 $ 61,798 $ 33,548 Fiscal Year Ended March 29, March 31, March 25, Cost of sales $ 5,359 $ 5,090 $ 3,176 Research and development 13,894 9,496 3,933 Selling, general and administrative 23,204 47,212 26,439 Total stock-based compensation $ 42,457 $ 61,798 $ 33,548 |
Schedule of ESPP Fair Value Assumptions | The weighted-average fair value of the ESPP shares was determined using the Black-Scholes model incorporating the following weighted-average assumptions: Fiscal Year Ended March 29, March 31, March 25, Expected performance term 0.50 years 0.50 years 0.50 years Volatility 40.97 % 44.99 % 48.10 % Risk-free rate of return 5.35 % 3.58 % 0.10 % Dividend yield — % — % — % Weighted-average fair value per share $ 9.51 $ 6.83 $ 8.25 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 29, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Provision for Income Tax, Domestic and Foreign | The components of income before provision for income taxes include the following: Fiscal Year Ended March 29, March 31, March 25, Income before provision for income taxes attributable to: Domestic operations $ 183,524 $ 190,107 $ 121,883 Foreign operations 11,273 21,239 18,863 Total $ 194,797 $ 211,346 $ 140,746 |
Schedule of Tax Provision | Significant components of the provision for income taxes are as follows: Fiscal Year Ended March 29, March 31, March 25, Current: Federal $ 16,086 $ 53,973 $ 7,779 State 1,319 472 1,553 Foreign 43,117 9,523 4,361 Total current 60,522 63,968 13,693 Deferred: Federal 10,721 ( 36,276 ) 7,892 State ( 131 ) 310 371 Foreign ( 29,203 ) ( 4,150 ) ( 765 ) Total deferred ( 18,613 ) ( 40,116 ) 7,498 Total income tax provision $ 41,909 $ 23,852 $ 21,191 |
Schedule of Income Taxes Reconciliation | The difference between the tax provision at the statutory federal tax rate and the provision for income taxes is as follows: Fiscal Year Ended March 29, March 31, March 25, Tax provision at U.S. statutory rate $ 40,907 $ 44,383 $ 29,557 State income taxes, net of federal benefit 1,106 1,027 2,370 Foreign derived intangible income ( 25,612 ) ( 25,391 ) ( 9,066 ) Research and development tax credit ( 6,188 ) ( 3,641 ) ( 2,823 ) Stock-based compensation ( 956 ) ( 1,025 ) ( 230 ) Cumulative provision-to-return ( 1,147 ) ( 914 ) ( 590 ) Gain on contingent purchase price reduction — ( 588 ) ( 420 ) Subpart F income, net of credits ( 168 ) ( 307 ) 283 Provision for uncertain tax positions 827 ( 81 ) ( 17 ) 162(m) limitation 3,010 8,931 3,988 Foreign tax rate 2,632 954 ( 157 ) Deferred tax remeasurement — 651 — Transaction costs 1,848 338 307 CARES carryback claim and amended returns — — ( 2,031 ) Entity restructuring 25,921 — — Other ( 271 ) ( 485 ) 20 Total income tax provision $ 41,909 $ 23,852 $ 21,191 |
Schedule of Deferred Tax Assets and Liabilities | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows: March 29, March 31, Deferred income tax assets: Capitalized research and development costs $ 62,651 $ 30,582 Bonuses, sales commissions and other compensation 9,407 11,506 Inventory and sales related 16,766 8,730 Stock-based compensation 4,544 3,842 Tax credits 3,290 3,220 Lease liability 2,388 2,479 Property, plant and equipment, net 157 — Other accruals and reserves 2,653 2,803 Net operating loss carryforward 8,589 361 Gross deferred income tax assets 110,445 63,523 Valuation allowance for deferred income tax assets ( 3,160 ) ( 3,581 ) Total deferred income tax assets 107,285 59,942 Deferred income tax liabilities: Equity method and other investments ( 1,782 ) ( 4,172 ) Intangibles, net ( 48,875 ) ( 1,090 ) Property, plant and equipment, net — ( 1,930 ) Right-of-use asset ( 2,132 ) ( 2,391 ) Total deferred income tax liabilities ( 52,789 ) ( 9,583 ) Net deferred income tax assets $ 54,496 $ 50,359 |
Schedule of Unrecognized Tax Benefits Roll Forward | Fiscal Year Ended March 29, March 31, March 25, Beginning balance $ 2,408 $ 2,459 $ 2,554 Gross acquired - tax positions from prior periods 2,210 — — Gross increases - tax positions in prior period 378 — — Lapse in statute of limitations ( 16 ) ( 51 ) ( 95 ) Balance at end of period $ 4,980 $ 2,408 $ 2,459 |
Nature of the Business and Ba_2
Nature of the Business and Basis of Presentation (Details) | Mar. 29, 2024 Location Continent |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of locations | Location | 29 |
Number of continents on which entity operates | Continent | 4 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Business Segment Information (Details) | 12 Months Ended |
Mar. 29, 2024 Segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 1 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Non-controlling Interest (Details) - USD ($) | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Money Market Funds | |||
Noncontrolling Interest [Line Items] | |||
Unrealized gains on marketable securities | $ 0 | $ 0 | $ 0 |
Affiliated Entity in Philippines | |||
Noncontrolling Interest [Line Items] | |||
Ownership percentage by majority shareholder | 40% | ||
Noncontrolling interest ownership percentage | 60% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) | Mar. 29, 2024 |
Buildings | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 31 years |
Buildings improvements | |
Property, Plant and Equipment [Line Items] | |
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] | us-gaap:UsefulLifeTermOfLeaseMember |
Leasehold improvements | |
Property, Plant and Equipment [Line Items] | |
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] | us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember |
Machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 3 years |
Machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 10 years |
Office equipment | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 3 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Intangible assets, net (Details) | Mar. 29, 2024 |
Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 3 years |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 15 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Product Warranties (Details) - USD ($) $ in Thousands | Mar. 29, 2024 | Mar. 31, 2023 |
Accounting Policies [Abstract] | ||
Accrued warranty reserves | $ 477 | $ 4,327 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Contract Assets and Contract Liabilities (Details) - USD ($) | Mar. 29, 2024 | Mar. 31, 2023 |
Accounting Policies [Abstract] | ||
Contract assets | $ 0 | $ 0 |
Contract liabilities | $ 0 | $ 0 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Concentrations of Credit Risk and Significant Customers (Details) | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Trade Accounts Receivable | Customer Concentration Risk | Sanken | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.60% | ||
Trade Accounts Receivable | Customer Concentration Risk | Other Customer | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 17.30% | ||
Revenue Benchmark | Customer Concentration Risk | Sanken | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 0.60% | 16.50% | 19.40% |
Revenue Benchmark | Customer Concentration Risk | Largest Distributor | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.20% | 10.80% | 11% |
Revenue Benchmark | Geographic Concentration Risk | Non-US | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 85.80% | 86.50% | 85.90% |
Revenue Benchmark | Geographic Concentration Risk | Japan | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 16.70% | 16.50% | 19.40% |
Revenue Benchmark | Geographic Concentration Risk | Greater China | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 26.20% | 26.10% | 25% |
Revenue Benchmark | Geographic Concentration Risk | South Korea | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.90% | 10.50% |
Business Combinations - Crocus
Business Combinations - Crocus - Additional Information (Details) - Crocus Technologies - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 31, 2023 | Mar. 29, 2024 | Oct. 02, 2023 | Sep. 11, 2023 | |
Business Acquisition [Line Items] | ||||
Aggregate purchase price paid in cash | $ 412,274 | |||
Initial Crocus Loan | Loans Payable | ||||
Business Acquisition [Line Items] | ||||
Principal amount | $ 3,000 | $ 4,000 | ||
Initial Crocus Loan | Loans Payable | Maximum | ||||
Business Acquisition [Line Items] | ||||
Principal amount | $ 7,000 | |||
Completed technology | ||||
Business Acquisition [Line Items] | ||||
Weighted average useful life | 12 years | |||
Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Weighted average useful life | 15 years | |||
Selling, general and administrative | ||||
Business Acquisition [Line Items] | ||||
Acquisition-related costs | $ 8,229 |
Business Combinations - Summary
Business Combinations - Summary of Preliminary Price Allocation (Details) - USD ($) $ in Thousands | Sep. 11, 2023 | Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Goodwill | $ 202,425 | $ 27,691 | $ 20,009 | |
Crocus | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Total purchase consideration | $ 412,274 | |||
Cash | 4,155 | |||
Inventories | 4,208 | |||
Accounts receivable | 484 | |||
Prepaid expenses and other current assets | 2,400 | |||
Property, plant and equipment | 7,640 | |||
Right-of-use asset | 9,770 | |||
Other assets | 229 | |||
Total identifiable assets acquired | 274,886 | |||
Accounts payable | (5,134) | |||
Accrued expenses and other current liabilities | (2,707) | |||
Long-term debt | (842) | |||
Lease liability | (10,390) | |||
Other long-term liabilities | (2,813) | |||
Deferred income tax liabilities | (15,245) | |||
Total identifiable net assets | 237,755 | |||
Goodwill | 174,519 | |||
Completed technology | Crocus | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Intangible assets | 234,000 | |||
Customer relationships | Crocus | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Intangible assets | $ 12,000 |
Business Combinations - Heyday
Business Combinations - Heyday - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 USD ($) | Sep. 01, 2022 USD ($) | Mar. 29, 2024 USD ($) Reportingunit | Mar. 31, 2023 USD ($) | |
Business Acquisition [Line Items] | ||||
Measurement period adjustments | $ 280 | |||
Number of reporting units | Reportingunit | 1 | |||
Heyday | ||||
Business Acquisition [Line Items] | ||||
Preliminary purchase price | $ 20,245 | $ 20,245 | ||
Measurement period adjustments | $ (1,133) | |||
Heyday | Process technology | ||||
Business Acquisition [Line Items] | ||||
Weighted average useful life | 12 years |
Business Combinations - Summa_2
Business Combinations - Summary of Final Purchase Price Allocation (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Sep. 01, 2022 | Mar. 29, 2024 | Mar. 25, 2022 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Goodwill | $ 27,691 | $ 202,425 | $ 20,009 | |
Heyday | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Cash | 324 | |||
Property, plant and equipment | 16 | |||
Completed technology | 15,100 | |||
In-process research and development | 1,600 | |||
Total identifiable assets acquired | 17,040 | |||
Current liabilities assumed | (282) | |||
Deferred income tax liabilities | (3,609) | |||
Total identifiable net assets | 13,149 | |||
Total estimated fair value of consideration | (20,245) | $ (20,245) | ||
Goodwill | $ 7,096 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Net Sales by Core End Market and Application (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Disaggregation of Revenue [Line Items] | |||
Total net sales | $ 1,049,367 | $ 973,653 | $ 768,674 |
Automotive | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 759,454 | 646,761 | 522,795 |
Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 223,810 | 208,604 | 143,266 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | $ 66,103 | $ 118,288 | $ 102,613 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Net Sales by Product (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Disaggregation of Revenue [Line Items] | |||
Total net sales | $ 1,049,367 | $ 973,653 | $ 768,674 |
Magnetic sensors ("MS") and other | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 649,869 | 598,579 | 500,293 |
Power integrated circuits (“PIC”) | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | $ 399,498 | $ 375,074 | $ 268,381 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Net Sales by Geography (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Disaggregation of Revenue [Line Items] | |||
Total net sales | $ 1,049,367 | $ 973,653 | $ 768,674 |
United States | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 149,283 | 131,150 | 108,396 |
Other Americas | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 32,119 | 28,014 | 23,056 |
Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 176,628 | 169,368 | 134,537 |
Greater China | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 274,851 | 253,906 | 191,895 |
Japan | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 175,713 | 160,763 | 148,813 |
South Korea | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 113,877 | 96,549 | 80,451 |
Other Asia | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | $ 126,896 | $ 133,903 | $ 81,526 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands | Mar. 29, 2024 | Mar. 31, 2023 |
Revenue from Contract with Customer [Abstract] | ||
Trade accounts receivable, returns, credits issued, and price protection adjustments, current | $ 44,797 | $ 30,571 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets And Liabilities Measured At Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Mar. 29, 2024 | Mar. 31, 2023 |
Assets: | ||
Money market fund deposits | $ 46,210 | |
Investments in marketable securities | $ 19,929 | |
Total assets | 129,077 | |
Level 1 | ||
Assets: | ||
Money market fund deposits | 46,210 | |
Investments in marketable securities | 19,929 | |
Total assets | 129,077 | |
Money Market Funds | ||
Assets: | ||
Money market fund deposits | 36,192 | 102,019 |
Money market fund deposits | 10,018 | 7,129 |
Money Market Funds | Level 1 | ||
Assets: | ||
Money market fund deposits | 36,192 | 102,019 |
Money market fund deposits | $ 10,018 | $ 7,129 |
Fair Value Measurements - Unrea
Fair Value Measurements - Unrealized Gains and Losses on Marketable Securities with a Readily Determinable Fair Value (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 29, 2024 | Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | ||
Net gains and losses recognized during the period on equity securities | $ (3,579) | $ 7,471 |
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date | $ 0 | $ 7,471 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | Mar. 29, 2024 USD ($) |
Business Acquisition [Line Items] | |
Fair value of long-term debt | $ 248,752 |
Trade Accounts Receivable, Ne_2
Trade Accounts Receivable, Net - Summary of Trade Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 29, 2024 | Mar. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade accounts receivable | $ 163,450 | $ 150,914 |
Less: | ||
Provision for expected credit losses | (145) | (102) |
Returns and sales allowances | (44,797) | (26,269) |
Trade accounts receivable, net | 118,508 | 111,290 |
Related Party | ||
Less: | ||
Related party trade accounts receivable, net of returns and sales allowances | $ 0 | $ (13,253) |
Trade Accounts Receivable, Ne_3
Trade Accounts Receivable, Net - Schedule of Changes in Allowance For Doubtful Accounts and Sales Returns and Sales Allowances (Details) $ in Thousands | Mar. 29, 2024 USD ($) |
Provision for Expected Credit Losses | |
Balance at the beginning of the period | $ 102 |
Balance at the end of the period | 145 |
Returns and Sales Allowances | |
Balance at the beginning of the period | 26,269 |
Balance at the end of the period | $ 44,797 |
Inventories - Schedule Of Inven
Inventories - Schedule Of Inventory (Details) - USD ($) $ in Thousands | Mar. 29, 2024 | Mar. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 9,549 | $ 15,049 |
Work in process | 110,236 | 98,836 |
Finished goods | 42,517 | 37,416 |
Total | $ 162,302 | $ 151,301 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Inventory Disclosure [Abstract] | |||
Recorded inventory provisions | $ 9,055 | $ 10,009 | $ 5,809 |
Property, Plant and Equipment_3
Property, Plant and Equipment, net - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Mar. 29, 2024 | Mar. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 819,689 | $ 742,840 |
Less accumulated depreciation | (498,514) | (479,741) |
Total | 321,175 | 263,099 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total | 25,595 | 15,384 |
Buildings, building improvements and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | 65,626 | 61,500 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 674,220 | 611,459 |
Office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 6,978 | 6,119 |
Right-of-use asset | ||
Property, Plant and Equipment [Line Items] | ||
Total | 8,218 | |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 39,052 | $ 48,378 |
Property, Plant and Equipment_4
Property, Plant and Equipment, net - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Property, Plant and Equipment [Abstract] | |||
Fully depreciated assets retired during period | $ 1,094 | $ 1,638 | $ 10,976 |
Depreciation expense | 56,214 | 45,469 | 44,178 |
Amortization of right-of-use assets | $ 581 | $ 0 | $ 0 |
Property, Plant and Equipment_5
Property, Plant and Equipment, net - Schedule of Long Lived Assets (Details) - USD ($) $ in Thousands | Mar. 29, 2024 | Mar. 31, 2023 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total | $ 321,175 | $ 263,099 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total | 37,596 | 36,229 |
Philippines | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total | 246,164 | 207,671 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total | $ 37,415 | $ 19,199 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 29, 2024 | Mar. 31, 2023 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 27,691 | $ 20,009 |
Acquisition | 174,519 | 7,096 |
Adjustments | 280 | |
Foreign currency translation | (65) | 586 |
Ending balance | $ 202,425 | $ 27,691 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands | Mar. 29, 2024 | Mar. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 311,991 | $ 76,985 |
Accumulated Amortization | (35,137) | (24,607) |
Net Carrying Amount | 276,854 | 52,378 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 44,894 | 40,213 |
Accumulated Amortization | (22,016) | (18,335) |
Net Carrying Amount | $ 22,878 | $ 21,878 |
Weighted-Average Lives | 4 years | 10 years |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 14,977 | $ 3,281 |
Accumulated Amortization | (3,315) | (3,115) |
Net Carrying Amount | $ 11,662 | $ 166 |
Weighted-Average Lives | 15 years | 9 years |
Completed technologies | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 249,758 | $ 28,508 |
Accumulated Amortization | (9,719) | (2,963) |
Net Carrying Amount | $ 240,039 | $ 25,545 |
Weighted-Average Lives | 12 years | 12 years |
Indefinite-lived process technology and trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 2,275 | $ 4,696 |
Net Carrying Amount | 2,275 | 4,696 |
Trademarks and other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 87 | 287 |
Accumulated Amortization | $ (87) | (194) |
Net Carrying Amount | $ 93 | |
Weighted-Average Lives | 5 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets amortization expense | $ 14,587 | $ 5,209 | $ 4,219 | |
Impairment of long-lived assets | $ 13,218,000 | $ 0 | $ 0 | |
Voxtel | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of long-lived assets | $ 11,600,000 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Mar. 29, 2024 USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2025 | $ 24,827 |
2026 | 24,481 |
2027 | 24,106 |
2028 | 23,812 |
2029 | 23,495 |
Thereafter | 153,858 |
Net Carrying Amount | $ 274,579 |
Other Assets, net (Details)
Other Assets, net (Details) - USD ($) $ in Thousands | Mar. 29, 2024 | Mar. 31, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
VAT receivables long-term, net | $ 16,943 | $ 13,633 |
Income taxes receivable long-term | 11,091 | 13,133 |
Investments in marketable securities | 0 | 19,929 |
Deposits | 17,928 | 17,319 |
Debt issuance costs | 1,233 | 0 |
Long-term prepaid contracts | 1,015 | 436 |
Other | 3,441 | 4,780 |
Total | $ 51,651 | $ 69,230 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 29, 2024 | Mar. 31, 2023 |
Payables and Accruals [Abstract] | ||
Accrued management incentives | $ 26,229 | $ 40,484 |
Accrued salaries and wages | 21,014 | 20,205 |
Accrued warranty costs | 477 | 4,327 |
Accrued vacation | 2,406 | 8,178 |
Accrued severance | 3,013 | 200 |
Accrued professional fees | 8,125 | 6,243 |
Accrued income taxes | 3,478 | 5,625 |
Other current liabilities | 6,384 | 9,632 |
Total | $ 71,126 | $ 94,894 |
Leases - Additional Information
Leases - Additional Information (Details) | 12 Months Ended |
Mar. 29, 2024 | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Existence of Option to Extend [true false] | true |
Lessee, Operating Lease, Existence of Option to Terminate [true false] | true |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating lease agreement term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating lease agreement term | 10 years |
Leases - Operating Lease (Detai
Leases - Operating Lease (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Operating leases | |||
Operating lease expense | $ 6,369 | $ 4,833 | $ 4,648 |
Short term lease expense | 39 | 326 | 584 |
Other information: | |||
Cash paid for operating leases | $ 6,305 | $ 5,034 | $ 5,289 |
Weighted-average remaining lease term – operating leases | 4 years 4 months 24 days | 4 years 6 months 25 days | 5 years 2 months 1 day |
Weighted-average discount rate – operating leases | 6.10% | 5.30% | 4.50% |
Leases - Finance Lease (Details
Leases - Finance Lease (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Finance Lease, Assets And Liabilities, Lessee [Abstract] | |||
Amortization of right-of-use assets | $ 581 | $ 0 | $ 0 |
Interest on lease liabilities | $ 29 | $ 0 | $ 0 |
Weighted-average remaining lease term - finance leases | 5 years 7 months 6 days | 0 years | 0 years |
Weighted-average discount rate - finance leases | 7.70% | 0% | 0% |
Property, plant and equipment | $ 7,641 | $ 0 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net | |
Current portion of long-term debt | $ 1,429 | $ 0 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt, Current Maturities | Long-Term Debt, Current Maturities | |
Long-term debt | $ 7,009 | $ 0 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt, Excluding Current Maturities | Long-Term Debt, Excluding Current Maturities |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments under Operating and Finance Leases (Details) - USD ($) $ in Thousands | Mar. 29, 2024 | Mar. 31, 2023 |
Operating Leases | ||
2025 | $ 6,428 | |
2026 | 5,680 | |
2027 | 4,804 | |
2028 | 3,890 | |
2029 | 2,144 | |
Thereafter | 2,135 | |
Total lease payments | 25,081 | |
Less: imputed interest | (3,414) | |
Total lease liabilities | 21,667 | |
Finance Leases | ||
2025 | 1,751 | |
2026 | 1,751 | |
2027 | 1,751 | |
2028 | 1,751 | |
2029 | 1,751 | |
Thereafter | 1,311 | |
Total lease payments | 10,066 | |
Less: imputed interest | (1,628) | |
Total lease liabilities | $ 8,438 | $ 0 |
Debt and Other Borrowings - Sch
Debt and Other Borrowings - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands | Mar. 29, 2024 | Mar. 31, 2023 |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ (4,273) | $ 0 |
Total loans outstanding | 245,102 | 25,000 |
Finance lease liabilities | 8,438 | 0 |
Total debt | 253,540 | 25,000 |
Current portion of long-term debt and finance lease obligations | (3,929) | 0 |
Total long-term debt and finance lease liabilities, less current portion | 249,611 | 25,000 |
2023 Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Total loans outstanding | 249,375 | 0 |
2020 Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Total loans outstanding | $ 0 | $ 25,000 |
Debt and Other Borrowings - Add
Debt and Other Borrowings - Additional Information (Details) | 12 Months Ended | |||||
Apr. 30, 2024 USD ($) | Oct. 31, 2023 USD ($) | Jun. 21, 2023 USD ($) | Sep. 30, 2020 USD ($) | Mar. 29, 2024 USD ($) | Mar. 31, 2023 USD ($) | |
Line of Credit Facility [Line Items] | ||||||
Long-term debt | $ 249,611,000 | $ 25,000,000 | ||||
Letter of Credit | Minimum | SOFR | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1.50% | |||||
Letter of Credit | Maximum | SOFR | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1.75% | |||||
2023 Term Loan Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 250,000,000 | |||||
2020 Term Loan Facility | Credit Suisse AG, Cayman Islands Branch | ||||||
Line of Credit Facility [Line Items] | ||||||
Outstanding borrowings | $ 25,000,000 | |||||
Term Loan Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Amortization rate per quarter | 0.25% | |||||
Term Loan Facility | SOFR | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 2.75% | |||||
Term Loan Facility | Base Rate | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1.75% | |||||
Term Loan Facility | Credit Suisse AG, Cayman Islands Branch | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 325,000,000 | |||||
Term Loan Facility | Subsequent Event | ||||||
Line of Credit Facility [Line Items] | ||||||
Payments to Term Loan | $ 50,000,000 | |||||
Senior Secured Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Leverage ratio, | 0.045 | |||||
Senior Secured Revolving Credit Facility | Morgan Stanley Senior Funding, Inc | ||||||
Line of Credit Facility [Line Items] | ||||||
Outstanding borrowings | $ 0 | |||||
Maximum borrowing capacity | $ 224,000,000 | |||||
Maturity date | Jun. 21, 2028 | |||||
Senior Secured Revolving Credit Facility | Mizuho Bank, Ltd | ||||||
Line of Credit Facility [Line Items] | ||||||
Outstanding borrowings | $ 0 | |||||
Maximum borrowing capacity | $ 50,000,000 | |||||
Expiration year | 2023 | |||||
Senior Secured Revolving Credit Facility | Mizuho Bank, Ltd | Minimum | LIBOR | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 3.75% | |||||
Interest rate floor | 0.005 | |||||
Senior Secured Revolving Credit Facility | Mizuho Bank, Ltd | Maximum | LIBOR | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 4% | |||||
Senior Secured Revolving Credit Facility | Letter of Credit | ||||||
Line of Credit Facility [Line Items] | ||||||
Leverage ratio, | 0.04 | |||||
Preliminary purchase price | $ 500,000,000 | |||||
Terminate percentage | 0.50 | |||||
Senior Secured Revolving Credit Facility | Letter of Credit | Fed Fund Rate | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 0.50% | |||||
Senior Secured Revolving Credit Facility | Letter of Credit | One- Month SOFR | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1% | |||||
Senior Secured Revolving Credit Facility | Letter of Credit | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Commitment fee percentage | 0.20% | |||||
Senior Secured Revolving Credit Facility | Letter of Credit | Minimum | One- Month SOFR | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 0.50% | |||||
Senior Secured Revolving Credit Facility | Letter of Credit | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Commitment fee percentage | 0.25% | |||||
Senior Secured Revolving Credit Facility | Letter of Credit | Maximum | One- Month SOFR | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 0.75% | |||||
Senior Secured Revolving Credit Facility | Letter of Credit | Morgan Stanley Senior Funding, Inc | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 20,000,000 |
Other Long-Term Liabilities (De
Other Long-Term Liabilities (Details) - USD ($) $ in Thousands | Mar. 29, 2024 | Mar. 31, 2023 |
Other Liabilities Disclosure [Abstract] | ||
Accrued retirement | $ 9,069 | $ 8,032 |
Provision for uncertain tax positions | 5,874 | 2,837 |
Other long-term liabilities | 21 | 98 |
Total | $ 14,964 | $ 10,967 |
Retirement Plans - Schedule of
Retirement Plans - Schedule of Expense Related to Defined Benefit Plan (Details) - Pension Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 1,345 | $ 1,358 | $ 1,554 |
Interest cost | 907 | 763 | 637 |
Expected return on plan assets | (468) | (301) | (304) |
Amortization of prior service cost | (8) | (8) | 1 |
Actuarial loss | 33 | 77 | 205 |
Net periodic pension expense | $ 1,809 | $ 1,889 | $ 2,093 |
Retirement Plans - Schedule o_2
Retirement Plans - Schedule of Changes in Benefit Obligations and Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Obligation and funded status of plan: | |||
Benefit obligation at beginning of year | $ 14,730 | $ 15,080 | |
Service cost | 1,345 | 1,358 | $ 1,554 |
Interest cost | 907 | 763 | 637 |
Prior service cost | 62 | 0 | |
Benefits paid | (1,022) | (1,014) | |
Actuarial (loss) gain | 683 | (908) | |
Foreign currency exchange rate changes | (511) | (549) | |
Benefit obligation at end of year | 16,194 | 14,730 | 15,080 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 7,168 | 7,097 | |
Actual return on plan assets | 452 | (189) | |
Employer contributions | 1,230 | 1,463 | |
Benefits paid | (937) | (952) | |
Foreign currency exchange rate changes | (248) | (251) | |
Fair value of plan assets at end of year | 7,665 | 7,168 | $ 7,097 |
Underfunded status at end of year | $ (8,529) | $ (7,562) |
Retirement Plans - Obligations
Retirement Plans - Obligations and Asset Information for Defined Benefit Plans with Projected Benefit Obligation in Excess of Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands | Dec. 29, 2024 | Mar. 31, 2023 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligations | $ 16,194 | $ 14,730 |
Plan assets | 7,665 | 7,168 |
Accumulated benefit obligations | $ 9,666 | $ 8,868 |
Retirement Plans - Change in Am
Retirement Plans - Change in Amounts Recognized in AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Total | |||
Less tax expense | $ 145 | $ (164) | $ (472) |
Pension Plan | |||
Net Transition Obligation (Asset) | |||
Beginning balance | 129 | 183 | |
Change in AOCI for non-U.S. defined benefit plan | 14 | (11) | |
Amounts in AOCI before tax | 143 | 172 | |
Less tax expense | 36 | 43 | |
Ending balance | 107 | 129 | 183 |
Net Actuarial Loss | |||
Beginning balance | 1,449 | 1,896 | |
Change in ACOI for non-U.S. defined benefit plan | 1,079 | 36 | |
Amounts in AOCI before tax | 2,528 | 1,932 | |
Less tax expense | 632 | 483 | |
Ending balance | 1,896 | 1,449 | 1,896 |
Prior Service Costs | |||
Beginning balance | (68) | (77) | |
Change in AOCI for non-U.S. defined benefit plan | (11) | (14) | |
Amounts in AOCI before tax | (79) | (91) | |
Less tax expense | (20) | (23) | |
Ending balance | (59) | (68) | (77) |
Total | |||
Beginning balance | 1,510 | 2,002 | |
Change in AOCI for non-U.S. defined benefit plan | 1,082 | 11 | |
Amounts in AOCI before tax | 2,592 | 2,013 | |
Less tax expense | 648 | 503 | |
Ending balance | $ 1,944 | $ 1,510 | $ 2,002 |
Retirement Plans - Schedule o_3
Retirement Plans - Schedule of Weighted-Average Assumptions (Details) - Pension Plan | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Non-U.S. assumed discount rate | 6.21% | 6.63% | |
Non-U.S. rate of compensation increases | 5.50% | 5.50% | |
Non-U.S. assumed discount rate | 6.21% | 6.63% | 5.58% |
Non-U.S. expected long-term return on plan assets | 5.54% | 6.40% | 4.10% |
Non-U.S. rate of compensation increases | 5.50% | 5.50% | 5.50% |
Retirement Plans - Fair Value o
Retirement Plans - Fair Value of Entity's Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands | Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 |
Defined Benefit Plan Disclosure [Line Items] | |||
Assets of non-U.S. defined benefit plan | $ 7,665 | $ 7,168 | $ 7,097 |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets of non-U.S. defined benefit plan | 4,264 | 3,594 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets of non-U.S. defined benefit plan | 1,918 | 1,886 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets of non-U.S. defined benefit plan | 1,483 | 1,688 | |
Government securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets of non-U.S. defined benefit plan | 2,629 | 2,133 | |
Government securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets of non-U.S. defined benefit plan | 2,629 | 2,133 | |
Government securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets of non-U.S. defined benefit plan | 0 | 0 | |
Government securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets of non-U.S. defined benefit plan | 0 | 0 | |
Unit investment trust fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets of non-U.S. defined benefit plan | 1,307 | 1,196 | |
Unit investment trust fund | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets of non-U.S. defined benefit plan | 0 | 0 | |
Unit investment trust fund | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets of non-U.S. defined benefit plan | 1,307 | 1,196 | |
Unit investment trust fund | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets of non-U.S. defined benefit plan | 0 | 0 | |
Loans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets of non-U.S. defined benefit plan | 574 | 586 | |
Loans | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets of non-U.S. defined benefit plan | 0 | 0 | |
Loans | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets of non-U.S. defined benefit plan | 0 | 0 | |
Loans | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets of non-U.S. defined benefit plan | 574 | 586 | |
Bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets of non-U.S. defined benefit plan | 607 | 687 | |
Bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets of non-U.S. defined benefit plan | 0 | 0 | |
Bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets of non-U.S. defined benefit plan | 607 | 687 | |
Bonds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets of non-U.S. defined benefit plan | 0 | 0 | |
Stocks and other investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets of non-U.S. defined benefit plan | 2,548 | 2,566 | |
Stocks and other investments | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets of non-U.S. defined benefit plan | 1,635 | 1,461 | |
Stocks and other investments | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets of non-U.S. defined benefit plan | 4 | 3 | |
Stocks and other investments | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets of non-U.S. defined benefit plan | $ 909 | $ 1,102 |
Retirement Plans - Schedule o_4
Retirement Plans - Schedule of Changes in Fair Value of Level 3 Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Fair value of plan assets at beginning of year | $ 7,168 | $ 7,097 | |
Change in foreign currency exchange rates | (248) | (251) | |
Fair value of plan assets at end of year | 7,665 | 7,168 | $ 7,097 |
Level 3 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Fair value of plan assets at beginning of year | 1,688 | ||
Fair value of plan assets at end of year | 1,483 | 1,688 | |
Loans | Level 3 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Fair value of plan assets at beginning of year | 586 | 553 | 584 |
Additions | 303 | 328 | 308 |
Redemptions | (295) | (280) | (289) |
Revaluation of equity securities | (1) | 4 | (5) |
Change in foreign currency exchange rates | (19) | (19) | (45) |
Fair value of plan assets at end of year | 574 | 586 | 553 |
Stocks | Level 3 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Fair value of plan assets at beginning of year | 1,102 | 1,065 | 1,133 |
Additions | 0 | 0 | 0 |
Redemptions | 0 | 0 | 0 |
Revaluation of equity securities | (154) | 75 | 13 |
Change in foreign currency exchange rates | (39) | (38) | (81) |
Fair value of plan assets at end of year | $ 909 | $ 1,102 | $ 1,065 |
Retirement Plans - Defined Bene
Retirement Plans - Defined Benefit Plans, Additional Information (Details) - Pension Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | $ 1,230 | $ 1,489 | $ 1,369 |
Company contributions next fiscal year | $ 2,535 |
Retirement Plans - Schedule o_5
Retirement Plans - Schedule of Estimated Future Benefit Payments (Details) - Pension Plan $ in Thousands | Mar. 29, 2024 USD ($) |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2025 | $ 1,415 |
2026 | 922 |
2027 | 1,157 |
2028 | 1,563 |
2029 | 1,445 |
Thereafter | 10,491 |
Total | $ 16,993 |
Retirement Plans - Defined Cont
Retirement Plans - Defined Contribution Plans, Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
AML US Employee, Defined Contribution Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Maximum employer contribution | 5% | ||
Total contributions | $ 5,956 | $ 4,708 | $ 4,074 |
AME Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Total contributions | $ 1,549 | $ 1,248 | $ 1,065 |
Net Income per Share - Narrativ
Net Income per Share - Narrative (Details) - shares | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Diluted weighted average common shares (in shares) | 194,674,352 | 193,688,102 | 191,811,205 |
Net Income per Share - Schedule
Net Income per Share - Schedule of Computation of Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Earnings Per Share [Abstract] | |||
Net income attributable to Allegro MicroSystems, Inc. | $ 152,697 | $ 187,357 | $ 119,407 |
Basic weighted average common shares (in shares) | 192,573,169 | 191,197,452 | 189,748,427 |
Dilutive effect of common stock equivalents (in shares) | 2,101,183 | 2,490,650 | 2,062,778 |
Diluted weighted average common shares (in shares) | 194,674,352 | 193,688,102 | 191,811,205 |
Basic net income per common share attributable to Allegro MicroSystems, Inc. stockholders | $ 0.79 | $ 0.98 | $ 0.63 |
Diluted net income per common share attributable to Allegro MicroSystems, Inc. stockholders | $ 0.78 | $ 0.97 | $ 0.62 |
Net Income per Share - Schedu_2
Net Income per Share - Schedule of Issuable Weighted Average Share Information (Details) - shares | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dilutive effect of common stock equivalents (in shares) | 2,101,183 | 2,490,650 | 2,062,778 |
Antidilutive securities excluded from computation of net income per share (in shares) | 170,094 | 17,586 | 3,622 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dilutive effect of common stock equivalents (in shares) | 888,811 | 1,039,547 | 1,066,406 |
Antidilutive securities excluded from computation of net income per share (in shares) | 40,257 | 17,586 | |
Performance Stock Units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dilutive effect of common stock equivalents (in shares) | 1,210,124 | 1,435,883 | 996,372 |
Antidilutive securities excluded from computation of net income per share (in shares) | 129,837 | ||
Employee Stock Purchase Plan (ESPP) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dilutive effect of common stock equivalents (in shares) | 2,248 | 15,220 | 0 |
Antidilutive securities excluded from computation of net income per share (in shares) | 3,622 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) | 12 Months Ended | ||||
Nov. 02, 2020 shares | Mar. 29, 2024 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 25, 2022 USD ($) $ / shares | Sep. 29, 2024 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Defined contribution plan, age | 62 years | ||||
Years of service | 5 years | ||||
Common stock, shares outstanding (in shares) | 193,164,609 | 191,754,292 | |||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Grant date fair value (in dollars per share) | $ / shares | $ 36.14 | $ 23.65 | $ 26 | ||
Options, vested in period, fair value | $ | $ 23,032,000 | $ 29,732,000 | $ 12,650,000 | ||
Stock-based compensation expense not yet recorded | $ | $ 43,404,000 | ||||
Weighted average useful life | 1 year 10 days | 1 year 3 months 7 days | |||
Performance Stock Units (PSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant date fair value (in dollars per share) | $ / shares | $ 39.04 | ||||
Options, vested in period, fair value | $ | $ 22,777,000 | $ 12,127,000 | $ 0 | ||
Stock-based compensation expense not yet recorded | $ | $ 16,201,000 | ||||
Common stock, shares outstanding (in shares) | 76,306 | 396,171 | |||
Weighted average useful life | 2 years 3 months 25 days | 2 years 7 months 17 days | |||
Performance Stock Units (PSUs) | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant percentage of target shares granted | 0 | ||||
Inclusion percentage of target goals | 0% | ||||
Performance Stock Units (PSUs) | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant percentage of target shares granted | 2 | ||||
Inclusion percentage of target goals | 200% | ||||
Employee Stock Purchase Plan (ESPP) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock reserved for future issuance (in shares) | 3,265,315 | ||||
Number of shares immediately available for grant (in shares) | 832,400 | ||||
Number of shares that may become available for grant (in shares) | 2,432,915 | ||||
Purchase price of common stock, percentage of fair market value | 85% | ||||
Offering period | 6 months |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of RSU and PSU Activity (Details) - USD ($) | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Restricted Stock Units (RSUs) | |||
Number of Shares | |||
Beginning balance (in shares) | 2,251,224 | ||
Granted (in shares) | 1,112,545 | ||
Issued (in shares) | (979,332) | ||
Forfeited (in shares) | (168,816) | ||
Ending balance (in shares) | 2,215,621 | 2,251,224 | |
Weighted-Average Grant-Date Fair Value | |||
Beginning balance (in dollars per share) | $ 23.85 | ||
Granted (in dollars per share) | 36.14 | $ 23.65 | $ 26 |
Issued (in dollars per share) | 23.57 | ||
Forfeited (in dollars per share) | 28.52 | ||
Ending balance (in dollars per share) | $ 29.82 | $ 23.85 | |
Weighted-Average Remaining Contractual Life (In years) | 1 year 10 days | 1 year 3 months 7 days | |
Aggregate Intrinsic Value | $ 59,733 | $ 108,036 | |
Performance Shares [Member] | |||
Number of Shares | |||
Beginning balance (in shares) | 2,748,347 | ||
Granted (in shares) | 333,857 | ||
Excess shares issued due to achievement of performance conditions (in shares) | 500,451 | ||
Issued (in shares) | (1,062,884) | ||
Forfeited (in shares) | (90,378) | ||
Ending balance (in shares) | 2,429,393 | 2,748,347 | |
Weighted-Average Grant-Date Fair Value | |||
Beginning balance (in dollars per share) | $ 23.47 | ||
Granted (in dollars per share) | 39.04 | ||
Excess shares issued due to achievement of performance condition (in dollars per share) | 17.65 | ||
Issued (in dollars per share) | 21.43 | ||
Forfeited (in dollars per share) | 23.87 | ||
Ending balance (in dollars per share) | $ 25.64 | $ 23.47 | |
Weighted-Average Remaining Contractual Life (In years) | 2 years 3 months 25 days | 2 years 7 months 17 days | |
Aggregate Intrinsic Value | $ 65,496,000 | $ 131,893,000 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Performance Units Fair Value Assumptions (Details) - Performance Stock Units (PSUs) - $ / shares | 12 Months Ended | |
Mar. 29, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Performance term | 2 years 10 months 13 days | 2 years 9 months 21 days |
Volatility | 47.70% | 51.30% |
Risk-free rate of return | 3.68% | 2.76% |
Dividend yield | 0% | 0% |
Weighted-average fair value per share (in dollars per share) | $ 43.83 | $ 30.69 |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of ESPP Fair Value Assumptions (Details) - Employee Stock Purchase Plan (ESPP) - $ / shares | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance term | 6 months | 6 months | 6 months |
Volatility | 40.97% | 44.99% | 48.10% |
Risk-free rate of return | 5.35% | 3.58% | 0.10% |
Dividend yield | 0% | 0% | 0% |
Weighted-average fair value per share (in dollars per share) | $ 9.51 | $ 6.83 | $ 8.25 |
Stock-Based Compensation - Sc_4
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation | $ 42,457 | $ 61,798 | $ 33,548 |
Cost of sales | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation | 5,359 | 5,090 | 3,176 |
Research and development | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation | 13,894 | 9,496 | 3,933 |
Selling, general and administrative | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation | 23,204 | 47,212 | 26,439 |
Restricted Stock Units (RSUs) | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation | 28,162 | 33,708 | 19,918 |
Performance Stock Units (PSUs) | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation | 12,825 | 26,890 | 11,997 |
Employee Stock Purchase Plan (ESPP) | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation | 1,438 | 921 | 1,099 |
Other | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation | $ 32 | $ 279 | $ 534 |
Income Taxes - Components of In
Income Taxes - Components of Income before Provision for Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Income before provision for income taxes attributable to: | |||
Domestic operations | $ 183,524 | $ 190,107 | $ 121,883 |
Foreign operations | 11,273 | 21,239 | 18,863 |
Income before income taxes | $ 194,797 | $ 211,346 | $ 140,746 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Current: | |||
Federal | $ 16,086 | $ 53,973 | $ 7,779 |
State | 1,319 | 472 | 1,553 |
Foreign | 43,117 | 9,523 | 4,361 |
Total current | 60,522 | 63,968 | 13,693 |
Deferred: | |||
Federal | 10,721 | (36,276) | 7,892 |
State | (131) | 310 | 371 |
Foreign | (29,203) | (4,150) | (765) |
Total deferred | (18,613) | (40,116) | 7,498 |
Total income tax provision | $ 41,909 | $ 23,852 | $ 21,191 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Taxes Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Income Tax Disclosure [Abstract] | |||
Tax provision at U.S. statutory rate | $ 40,907 | $ 44,383 | $ 29,557 |
State income taxes, net of federal benefit | 1,106 | 1,027 | 2,370 |
Foreign derived intangible income | (25,612) | (25,391) | (9,066) |
Research and development tax credit | (6,188) | (3,641) | (2,823) |
Stock-based compensation | (956) | (1,025) | (230) |
Cumulative provision-to-return | (1,147) | (914) | (590) |
Gain on contingent purchase price reduction | 0 | (588) | (420) |
Subpart F income, net of credits | (168) | (307) | 283 |
Provision for uncertain tax positions | 827 | (81) | (17) |
162(m) limitation | 3,010 | 8,931 | 3,988 |
Foreign tax rate | 2,632 | 954 | (157) |
Deferred tax remeasurement | 0 | 651 | 0 |
Transaction costs | 1,848 | 338 | 307 |
CARES carryback claim and amended returns | 0 | 0 | (2,031) |
Entity restructuring | 25,921 | 0 | 0 |
Other | (271) | (485) | 20 |
Total income tax provision | $ 41,909 | $ 23,852 | $ 21,191 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | Mar. 26, 2021 | |
Income Tax Contingency [Line Items] | ||||
Capitalized research and development costs | $ 62,651 | $ 30,582 | ||
Deferred income tax, estimated rate benefit | 11,091 | |||
Provision for uncertain tax positions | 4,980 | 2,408 | $ 2,459 | $ 2,554 |
Unrecognized tax benefits that would impact effective tax rate | 4,968 | 2,392 | 2,433 | |
Unrecognized tax benefits, income tax penalties and interest expense | 826 | 39 | $ 58 | |
Unrecognized tax benefits, income tax penalties and interest accrued | 906 | $ 445 | ||
Research And Development | ||||
Income Tax Contingency [Line Items] | ||||
Tax credit carryforward | 290 | |||
Research And Development | Crocus | ||||
Income Tax Contingency [Line Items] | ||||
Tax credit carryforward | 351 | |||
Research And Development | Allegro Microsystems, Inc. | ||||
Income Tax Contingency [Line Items] | ||||
Tax credit carryforward | 3,000 | |||
Domestic Tax Authority | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carryforwards | 7,707 | |||
Domestic Tax Authority | Crocus | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carryforwards | 36,697 | |||
State and Local Jurisdiction | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carryforwards | 722 | |||
State and Local Jurisdiction | Crocus | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carryforwards | 10,345 | |||
State and Local Jurisdiction | Allegro Microsystems, Inc. | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carryforwards | $ 160 |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands | Mar. 29, 2024 | Mar. 31, 2023 |
Deferred income tax assets: | ||
Capitalized research and development costs | $ 62,651 | $ 30,582 |
Bonuses, commissions and other compensation | 9,407 | 11,506 |
Inventory and sales related | 16,766 | 8,730 |
Stock-based compensation | 4,544 | 3,842 |
Tax credits | 3,290 | 3,220 |
Lease liability | 2,388 | 2,479 |
Property, plant and equipment, net | 157 | |
Other accruals and reserves | 2,653 | 2,803 |
Net operating loss carryforward | 8,589 | 361 |
Gross deferred income tax assets | 110,445 | 63,523 |
Valuation allowance for deferred income tax assets | (3,160) | (3,581) |
Total deferred income tax assets | 107,285 | 59,942 |
Deferred income tax liabilities: | ||
Equity method and other investments | (1,782) | (4,172) |
Intangibles, net | (48,875) | (1,090) |
Property, plant and equipment, net | (1,930) | |
Right-of-use asset | (2,132) | (2,391) |
Total deferred income tax liabilities | (52,789) | (9,583) |
Deferred income tax assets | $ 54,496 | $ 50,359 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 2,408 | $ 2,459 | $ 2,554 |
Gross acquired tax positions from prior periods | 2,210 | 0 | 0 |
Gross increases-tax positions in prior period | 378 | 0 | 0 |
Lapse in statute of limitations | (16) | (51) | (95) |
Balance at end of period | $ 4,980 | $ 2,408 | $ 2,459 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | |||||||
Apr. 25, 2024 | Mar. 31, 2023 | Jan. 26, 2023 | Dec. 02, 2021 | Mar. 29, 2024 | Mar. 31, 2023 | Mar. 25, 2022 | Jul. 02, 2022 | |
Related Party Transaction [Line Items] | ||||||||
Net sales | $ 1,049,367,000 | $ 973,653,000 | $ 768,674,000 | |||||
Trade accounts receivable, net | $ 111,290,000 | 118,508,000 | 111,290,000 | |||||
Outstanding balance | 25,000,000 | 245,102,000 | 25,000,000 | |||||
Interest income | 237,000 | |||||||
Periodic payment | 3,987,000 | |||||||
Sanken Distribution Agreement, One-Time Sales Return | ||||||||
Related Party Transaction [Line Items] | ||||||||
Trade accounts receivable, net | 13,253,000 | 13,253,000 | ||||||
Sanken | ||||||||
Related Party Transaction [Line Items] | ||||||||
Other accounts receivable from related party | 241,000 | 160,000 | 241,000 | |||||
Sanken | Sanken Distribution Agreement, One-Time Sales Return | ||||||||
Related Party Transaction [Line Items] | ||||||||
Trade accounts receivable, net | 4,200,000 | 4,200,000 | ||||||
General and administrative expense | 5,000,000 | |||||||
Related party transaction amounts | $ 4,200,000 | |||||||
Distribution agreement period | 24 months | |||||||
PSL | ||||||||
Related Party Transaction [Line Items] | ||||||||
Amounts due to related party | $ 4,682,000 | 1,621,000 | 4,682,000 | |||||
Purchases from related party | 60,426,000 | 58,056,000 | ||||||
PSL | Initial PSL Loan | Loans Payable | ||||||||
Related Party Transaction [Line Items] | ||||||||
Principal amount | $ 7,500,000 | $ 7,500,000 | ||||||
Interest rate | 1.26% | |||||||
Term | 4 years | |||||||
Outstanding balance | 8,438,000 | |||||||
PSL | Secondary PSL Loan | Loans Payable | ||||||||
Related Party Transaction [Line Items] | ||||||||
Interest rate | 2.99% | |||||||
PSL | Wafer Foundry Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Purchase commitment period | 3 years | |||||||
PSL | Wafer Foundry Agreement, Renewal Term | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction, term | 1 year | |||||||
PSL | Wafer Foundry Agreement, Termination Notice Period | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction, term | 2 years | |||||||
PSL | Wafer Foundry Agreement, Forecast Term | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction, term | 3 years | |||||||
PSL | Wafer Foundry Agreement, Binding Years | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction, term | 2 years | |||||||
PSL | Wafer Foundry Agreement, Mask Pricing Term | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction, term | 2 years | |||||||
Related Party Revenue | Sanken | ||||||||
Related Party Transaction [Line Items] | ||||||||
Net sales | $ 6,161,000 | $ 160,763,000 | ||||||
Sanken | ||||||||
Related Party Transaction [Line Items] | ||||||||
Ownership percentage by majority shareholder | 51% | |||||||
Polar Semiconductor, LLC | Sanken | ||||||||
Related Party Transaction [Line Items] | ||||||||
Ownership percentage by majority shareholder | 70% | |||||||
Polar Semiconductor, LLC | Allegro Microsystems, Inc. | ||||||||
Related Party Transaction [Line Items] | ||||||||
Ownership percentage by majority shareholder | 30% | |||||||
Polar Semiconductor, LLC | Subsequent Event | ||||||||
Related Party Transaction [Line Items] | ||||||||
Exchange for equity interests amounts of transaction | $ 175,000 | |||||||
Additional direct funding and tax credits amount | $ 310,700 | |||||||
Polar Semiconductor, LLC | Subsequent Event | Allegro Microsystems, Inc. | ||||||||
Related Party Transaction [Line Items] | ||||||||
Ownership percentage by majority shareholder | 10.20% |