Cirrus Logic (CRUS) 10-Q3 Aug 202021 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Jun. 27, 2020	Jul. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 27, 2020
Document Transition Report	false
Entity File Number	0-17795
Entity Registrant Name	CIRRUS LOGIC, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0024818
Entity Address, Address Line One	800 W. 6th Street
Entity Address, City or Town	Austin,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78701
City Area Code	(512)
Local Phone Number	851-4000
Title of 12(g) Security	Common stock, $0.001 par value
Trading Symbol	CRUS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		58,392,848
Amendment Flag	false
Entity Central Index Key	0000772406
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--03-27

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 27, 2020	Mar. 28, 2020
Current assets:
Cash and cash equivalents	$ 285,922	$ 292,119
Marketable securities	29,943	22,008
Accounts receivable, net	136,539	153,998
Inventories	199,332	146,725
Prepaid assets	25,387	23,594
Other current assets	12,844	11,752
Total current assets	689,967	650,196
Long-term marketable securities	290,186	283,573
Right-of-use lease assets	139,492	141,274
Property and equipment, net	154,286	158,244
Intangibles, net	31,185	34,430
Goodwill	287,399	287,088
Deferred tax assets	6,970	10,052
Other assets	44,554	27,820
Total assets	1,644,039	1,592,677
Current liabilities:
Accounts payable	95,523	78,412
Accrued salaries and benefits	28,768	42,439
Software license agreements	13,645	10,888
Current lease liabilities	13,887	13,580
Other accrued liabilities	11,221	13,318
Total current liabilities	163,044	158,637
Long-term liabilities:
Software license agreements	9,949	3,806
Non-current income taxes	69,130	71,143
Non-current lease liabilities	129,627	129,312
Total long-term liabilities	208,706	204,261
Stockholders' equity:
Capital stock	1,451,297	1,434,929
Accumulated deficit	(184,049)	(201,681)
Accumulated other comprehensive income (loss)	5,041	(3,469)
Total stockholders' equity	1,272,289	1,229,779
Total liabilities and stockholders' equity	$ 1,644,039	$ 1,592,677

Consolidated Condensed Statemen

Consolidated Condensed Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
Income Statement [Abstract]
Net sales	$ 242,573	$ 238,253
Cost of sales	115,101	115,759
Gross profit	127,472	122,494
Operating expenses
Research and development	78,741	88,830
Selling, general and administrative	29,704	29,520
Restructuring costs	352	0
Total operating expenses	108,797	118,350
Income from operations	18,675	4,144
Interest income	1,835	2,544
Interest expense	(259)	(259)
Other income (expense)	111	(378)
Income before income taxes	20,362	6,051
Provision for income taxes	2,153	1,433
Net income	$ 18,209	$ 4,618
Basic earnings per share (in dollars per share)	$ 0.31	$ 0.08
Diluted earnings per share (in dollars per share)	$ 0.30	$ 0.08
Basic weighted average common shares outstanding (in shares)	58,313	58,540
Diluted weighted average common shares outstanding (in shares)	60,280	60,258

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 18,209	$ 4,618
Other comprehensive income (loss), before tax
Foreign currency translation gain	1,014	24
Unrealized gain on marketable securities	9,488	2,115
Cumulative effect of adoption of ASU 2018-02	0	(257)
Provision for income taxes	(1,992)	(444)
Comprehensive income	$ 26,719	$ 6,056
Accounting Standards Update [Extensible List]		us-gaap:AccountingStandardsUpdate201802Member

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
Cash flows from operating activities:
Net income	$ 18,209	$ 4,618
Adjustments to reconcile net income to net cash generated by operating activities:
Depreciation and amortization	11,745	19,745
Stock-based compensation expense	13,306	11,782
Deferred income taxes	673	(251)
Loss on retirement or write-off of long-lived assets	0	2
Other non-cash adjustments	107	346
MEMS restructuring charges	352	0
Net change in operating assets and liabilities:
Accounts receivable, net	17,459	9,159
Inventories	(52,607)	18,416
Other assets	(3,545)	(2,966)
Accounts payable and other accrued liabilities	2,553	3,220
Income taxes payable	(7,750)	(7,084)
Net cash generated by operating activities	502	56,987
Cash flows from investing activities:
Maturities and sales of available-for-sale marketable securities	33,965	42,057
Purchases of available-for-sale marketable securities	(41,017)	(68,663)
Purchases of property, equipment and software	(2,054)	(3,816)
Investments in technology	(77)	(4,301)
Net cash used in investing activities	(9,183)	(34,723)
Cash flows from financing activities:
Issuance of common stock, net of shares withheld for taxes	3,061	260
Repurchase of stock to satisfy employee tax withholding obligations	(577)	(619)
Repurchase and retirement of common stock	0	(40,000)
Net cash generated by (used in) financing activities	2,484	(40,359)
Net decrease in cash and cash equivalents	(6,197)	(18,095)
Cash and cash equivalents at beginning of period	292,119	216,172
Cash and cash equivalents at end of period	$ 285,922	$ 198,077

Consolidated Condensed Statem_4

Consolidated Condensed Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income / (Loss)	Accumulated Other Comprehensive Income / (Loss)Cumulative Effect, Period of Adoption, Adjustment
Balance (in shares) at Mar. 30, 2019			58,954,000
Beginning balance at Mar. 30, 2019	$ 1,140,240		$ 59	$ 1,363,677	$ (222,430)		$ (1,066)
Beginning balance (Accounting Standards Update 2016-02) at Mar. 30, 2019		$ (726)				$ (726)
Beginning balance (Accounting Standards Update 2018-02) at Mar. 30, 2019						$ 257		$ (257)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	4,618				4,618
Change in unrealized gain (loss) on marketable securities, net of tax	1,671						1,671
Change in foreign currency translation adjustments	24						24
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)			55,000
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes	(359)			260	(619)
Repurchase and retirement of common stock (in shares)			(888,000)
Repurchase and retirement of common stock	(40,000)		$ (1)		(39,999)
Stock-based compensation	11,782			11,782
Balance (in shares) at Jun. 29, 2019			58,121,000
Ending balance at Jun. 29, 2019	1,117,250		$ 58	1,375,719	(258,899)		372
Balance (in shares) at Mar. 28, 2020			58,242,000
Beginning balance at Mar. 28, 2020	1,229,779		$ 58	1,434,871	(201,681)		(3,469)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18,209				18,209
Change in unrealized gain (loss) on marketable securities, net of tax	7,496						7,496
Change in foreign currency translation adjustments	1,014						1,014
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)			139,000
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes	$ 2,485			3,062	(577)
Repurchase and retirement of common stock (in shares)	0
Stock-based compensation	$ 13,306			13,306
Balance (in shares) at Jun. 27, 2020			58,381,000
Ending balance at Jun. 27, 2020	$ 1,272,289		$ 58	$ 1,451,239	$ (184,049)		$ 5,041

Basis of Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Jun. 27, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of PresentationThe consolidated condensed financial statements have been prepared by Cirrus Logic, Inc. (“Cirrus Logic,” “we,” “us,” “our,” or the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “Commission”). The accompanying unaudited consolidated condensed financial statements do not include complete footnotes and financial presentations. As a result, these financial statements should be read along with the audited consolidated financial statements and notes thereto for the year ended March 28, 2020, included in our Annual Report on Form 10-K filed with the Commission on May 20, 2020. In our opinion, the financial statements reflect all material adjustments, including normal recurring adjustments, necessary for a fair presentation of the financial position, operating results and cash flows for those periods presented. The preparation of financial statements in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect reported assets, liabilities, revenues and expenses. Actual results could differ from those estimates and assumptions. Moreover, the results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the entire year.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	3 Months Ended
Recently Issued Accounting Pronouncements	Jun. 27, 2020
Accounting Policies [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This ASU requires credit losses on financial instruments, including available-for-sale debt securities, to be presented as an allowance rather than a write-down. Unlike current U.S. GAAP, the credit losses could be reversed with changes in estimates, and recognized in current year earnings. This ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. The Company adopted this ASU in the first quarter of fiscal year 2021, with no material impact to the financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This ASU eliminates step two of the goodwill impairment test. An impairment charge is to be recognized for the amount by which the current value exceeds the fair value. This ASU is effective for annual periods beginning after December 15, 2019, including interim periods. Early adoption is permitted, for interim or annual goodwill impairment tests performed after January 1, 2017, and should be applied prospectively. The Company adopted this ASU in the first quarter of fiscal year 2021, with no material impact to the financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . This ASU adjusts current required disclosures related to fair value measurements. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. The Company adopted this ASU in the first quarter of fiscal year 2021, with no material impact to the financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . This ASU provides guidance on the accounting for implementation costs related to a cloud computing arrangement that is a service contract. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. The Company adopted this ASU in the first quarter of fiscal year 2021,with prospective application and no material impact to the financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The ASU removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year, with early adoption permitted. The Company is currently evaluating the impact of this ASU, but does not expect a material impact to the financial statements upon adoption. In January 2020, the FASB issued ASU No. 2020-01, Investments - Equity Securities (Topic 321) - Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force) . This ASU clarifies the interaction of the accounting for equity securities, investments accounted for under the equity method of accounting, and the accounting for certain forward contracts and purchased options. This ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year, with early adoption permitted. The Company is currently evaluating the impact of this ASU, but does not expect a material impact to the financial statements upon adoption. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The ASU, effective immediately for reporting periods through December 31, 2022, provides accounting relief for contract modifications that replace an interest rate impacted by reference rate reform (e.g., LIBOR) with a new alternative reference rate. The guidance is applicable to investment securities, receivables, debt, leases, hedging relationships and other contractual arrangements. The Company adopted this ASU in the first quarter of fiscal year 2021, with no material impact to the financial statements.

Marketable Securities

Marketable Securities	3 Months Ended
Marketable Securities	Jun. 27, 2020
Marketable Securities [Abstract]
Marketable Securities	Marketable Securities The Company’s investments have been classified as available-for-sale securities in accordance with U.S. GAAP. Marketable securities are categorized on the consolidated condensed balance sheet as " Marketable securities ", within the short-term or long-term classification, as appropriate. The following table is a summary of available-for-sale securities at June 27, 2020 (in thousands): As of June 27, 2020 Amortized Gross Gross Estimated Corporate debt securities $ 294,015 $ 6,727 $ (72) $ 300,670 Non-U.S. government securities 12,879 316 — 13,195 U.S. Treasury securities 5,267 108 — 5,375 Agency discount notes 889 — — 889 Total securities $ 313,050 $ 7,151 $ (72) $ 320,129 The Company typically invests in highly-rated securities with original maturities generally ranging from one June 27, 2020. There were no securities that had been in a continuous unrealized loss position for more than 12 months as of June 27, 2020. The Company may sell certain of its marketable securities prior to their stated maturities for strategic reasons including, but not limited to, anticipated or actual changes in credit rating and duration management. The Company records an allowance for credit loss when a decline in investment market value is due to credit-related factors. When evaluating an investment for impairment, the Company reviews factors including the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer, changes in market interest rates and whether it is more likely than not the Company will be required to sell the investment before recovery of the investment’s cost basis. As of June 27, 2020, the Company does not consider any of its investments to be impaired. The following table is a summary of available-for-sale securities at March 28, 2020 (in thousands): ໿ ໿ As of March 28, 2020 Amortized Gross Gross Estimated Corporate debt securities $ 286,668 $ 1,157 $ (3,993) $ 283,832 Non-U.S. government securities 12,483 260 — 12,743 U.S. Treasury securities 8,839 167 — 9,006 Total securities $ 307,990 $ 1,584 $ (3,993) $ 305,581 The Company's specifically identified gross unrealized loss of $4.0 million related to securities with total amortized costs of approximately $172.9 million at March 28, 2020. There were no securities that had been in a continuous unrealized loss position for more than 12 months as of March 28, 2020. As of March 28, 2020, the Company did not consider any of its investments to be impaired. The cost and estimated fair value of available-for-sale securities by contractual maturities were as follows (in thousands): ໿ June 27, 2020 March 28, 2020 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Within 1 year $ 29,447 $ 29,943 $ 22,012 $ 22,008 After 1 year 283,603 290,186 285,978 283,573 Total $ 313,050 $ 320,129 $ 307,990 $ 305,581

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
Fair Value of Financial Instruments	Jun. 27, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company has determined that the only material assets and liabilities in the Company’s financial statements that are required to be measured at fair value on a recurring basis are the Company’s cash equivalents and marketable securities portfolio. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s cash equivalents and marketable securities portfolio consist of money market funds, debt securities, non-U.S. government securities, U.S. Treasury securities and securities of U.S. government-sponsored enterprises and are reflected on our consolidated condensed balance sheets under the headings cash and cash equivalents, marketable securities, and long-term marketable securities. The Company determines the fair value of its marketable securities portfolio by obtaining non-binding market prices from third-party pricing providers on the last day of the quarter, whose sources may use quoted prices in active markets for identical assets (Level 1 inputs) or inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs) in determining fair value. The Company's long-term revolving credit facility, described in Note 8, bears interest at a base rate plus applicable margin or LIBOR plus applicable margin. As of June 27, 2020, there are no amounts drawn under the credit facility and the fair value is zero. As of June 27, 2020 and March 28, 2020, the Company has no material Level 3 assets or liabilities. There were no transfers between Level 1, Level 2, or Level 3 measurements for the three months ended June 27, 2020. The following summarizes the fair value of our financial instruments at June 27, 2020 (in thousands): Quoted Prices Significant Significant Total Assets: Cash equivalents Money market funds $ 249,837 $ — $ — $ 249,837 Available-for-sale securities Corporate debt securities $ — $ 300,670 $ — $ 300,670 Non-U.S. government securities — 13,195 — 13,195 U.S. Treasury securities 5,375 — — 5,375 Agency discount notes — 889 — 889 $ 5,375 $ 314,754 $ — $ 320,129 ໿ The following summarizes the fair value of our financial instruments at March 28, 2020 (in thousands): Quoted Prices Significant Significant Total Assets: Cash equivalents Money market funds $ 237,714 $ — $ — $ 237,714 Available-for-sale securities Corporate debt securities $ — $ 283,832 $ — $ 283,832 Non-U.S. government securities — 12,743 — 12,743 U.S. Treasury securities 9,006 — — 9,006 $ 9,006 $ 296,575 $ — $ 305,581 ໿

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
Derivative Financial Instruments	Jun. 27, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Foreign Currency Forward Contracts The Company uses foreign currency forward contracts to reduce the earnings impact that exchange rate fluctuations have on non-U.S. dollar balance sheet exposures. The Company recognizes both the gains and losses on foreign currency forward contracts and the gains and losses on the remeasurement of non-U.S. dollar denominated assets and liabilities within " Other income (expense) " in the consolidated condensed statements of income. The Company does not apply hedge accounting to these foreign currency derivative instruments. As of June 27, 2020, the Company held one foreign currency forward contract denominated in British Pound Sterling with a notional value of $24.6 million. The fair value of this contract was not material as of June 27, 2020. The before-tax effect of derivative instruments not designated as hedging instruments was as follows (in thousands): Three Months Ended June 27, June 29, 2020 2019 Location Gain (loss) recognized in income: Foreign currency forward contracts $ 1,183 $ (2,363) Other income (expense)

Accounts Receivable, net

Accounts Receivable, net	3 Months Ended
Accounts Receivable, net	Jun. 27, 2020
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Accounts Receivable, net	Accounts Receivable, net The following are the components of accounts receivable, net (in thousands): June 27, March 28, 2020 2020 Gross accounts receivable $ 136,539 $ 153,998 Allowance for doubtful accounts — — Accounts receivable, net $ 136,539 $ 153,998

Inventories

Inventories	3 Months Ended
Inventories	Jun. 27, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are comprised of the following (in thousands): June 27, March 28, 2020 2020 Work in process $ 111,679 $ 82,494 Finished goods 87,653 64,231 $ 199,332 $ 146,725

Revolving Credit Facility

Revolving Credit Facility	3 Months Ended
Revolving Credit Facility	Jun. 27, 2020
Line of Credit Facility [Abstract]
Revolving Credit Facility	Revolving Credit Facility On July 12, 2016, Cirrus Logic entered into an amended and restated credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as Administrative Agent, and the Lenders party thereto, for the purpose of refinancing an existing credit facility and providing ongoing working capital. The Credit Agreement provides for a $300 million senior secured revolving credit facility (the “Credit Facility”). The Credit Facility matures on July 12, 2021. The Credit Facility is required to be guaranteed by all of Cirrus Logic’s material domestic subsidiaries (the “Subsidiary Guarantors”). The Credit Facility is secured by substantially all of the assets of Cirrus Logic and any Subsidiary Guarantors, except for certain excluded assets. Borrowings under the Credit Facility may, at our election, bear interest at either (a) a base rate plus the applicable margin (“Base Rate Loans”) or (b) a LIBOR rate plus the applicable margin (“LIBOR Rate Loans”). The applicable margin ranges from 0% to 0.50% per annum for Base Rate Loans and 1.25% to 2.00% per annum for LIBOR Rate Loans based on the Leverage Ratio (as defined below). A commitment fee accrues at a rate per annum ranging from 0.20% to 0.30% (based on the Leverage Ratio) on the average daily unused portion of the commitment of the lenders. The Credit Agreement contains certain financial covenants providing that (a) the ratio of consolidated funded indebtedness to consolidated EBITDA for the prior four fiscal quarters must not be greater than 3.00 to 1.00 (the “Leverage Ratio”) and (b) the ratio of consolidated EBITDA for the prior four consecutive fiscal quarters to consolidated fixed charges (including amounts paid in cash for consolidated interest expenses, capital expenditures, scheduled principal payments of indebtedness, and income taxes) for the prior four consecutive fiscal quarters must not be less than 1.25 to 1.00 as of the end of each fiscal quarter. The Credit Agreement also contains negative covenants limiting the Company’s or any Subsidiary’s ability to, among other things, incur debt, grant liens, make investments, effect certain fundamental changes, make certain asset dispositions, and make certain restricted payments.

Revenues

Revenues	3 Months Ended
Revenues	Jun. 27, 2020
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Disaggregation of revenue We disaggregate revenue from contracts with customers based on the ship to location of the customer. The geographic regions that are reviewed are the United States and countries outside of the United States (primarily located in Asia). Total net sales based on the disaggregation criteria described above are as follows: Three Months Ended June 27, June 29, 2020 2019 Non-United States $ 238,497 $ 234,042 United States 4,076 4,211 $ 242,573 $ 238,253 Performance obligations The Company's single performance obligation is the delivery of promised goods to the customer. The promised goods are explicitly stated in the customer contract and are comprised of either a single type of good or a series of goods that are substantially the same, have the same pattern of transfer to the customer, and are neither capable of being distinct nor separable from the other promised goods in the contract. This performance obligation is satisfied upon transfer of control of the promised goods to the customer, as defined per the shipping terms within the customer's contract. The vast majority of the Company's contracts with customers have an original expected term length of one year or less. As allowed by Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers , the Company has not disclosed the value of any unsatisfied performance obligations related to these contracts. The Company’s products typically include a warranty period of one Guarantees , and are not considered a separate performance obligation. Contract balances Payments are typically due within 30 to 60 days of invoicing and terms do not include significant financing components or noncash consideration. There have been no material impairment losses on accounts receivable. There are no material contract assets or contract liabilities recorded on the consolidated condensed balance sheets. Transaction price The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised goods to the customer. Fixed pricing is the consideration that is agreed upon in the customer contract. Variable pricing includes rebates, rights of return, warranties, price protection and stock rotation. Rebates are granted as a customer account credit, based on agreed-upon sales thresholds. Rights of return and warranty costs are estimated using the "most likely amount" method by reviewing historical returns to determine the most likely customer return rate and applying materiality thresholds. Price protection includes price adjustments available to certain distributors based upon established book price and a stated adjustment period. Stock rotation is also available to certain distributors based on a stated maximum of prior billings. The Company estimates all variable consideration at the most likely amount that it expects to be entitled. The estimate is based on current and historical information, including recent sales activity and pricing, available to the Company. Variable consideration is only included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company defers all variable consideration that does not meet the revenue recognition criteria.

Restructuring Costs

Restructuring Costs	3 Months Ended
Restructuring Costs	Jun. 27, 2020
Restructuring and Related Activities [Abstract]
Restructuring Costs	Restructuring Costs During the fourth quarter of fiscal year 2020, the Company approved a restructuring plan (the “MEMS Restructuring”), including discontinuing efforts relating to the microelectromechanical systems ("MEMS") microphone product line, which allowed the Company to concentrate resources on projects with an anticipated larger return on investment. The MEMS Restructuring is substantially complete as of the first quarter of fiscal year 2021. The following table details the total restructuring charges presented in the consolidated condensed statements of income within the " Restructuring Costs " line item (in thousands): Three Months Ended June 27, 2020 Disposal of equipment $ 130 Other exit costs 222 Total $ 352 Restructuring liabilities are presented in the “ Other accrued liabilities ” line item of our consolidated condensed balance sheet. The activity related to restructuring liabilities is detailed below (in thousands): Restructuring Liability Beginning balance as of March 28, 2020 $ 982 Other exit costs 222 Cash payments (703) Ending balance as of June 27, 2020 $ 501

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Jun. 27, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes ໿ Our provision for income taxes is based on estimated effective tax rates derived from an estimate of annual consolidated earnings before taxes, adjusted for nondeductible expenses, other permanent items, and any applicable income tax credits. The following table presents the provision for income taxes (in thousands) and the effective tax rates: Three Months Ended June 27, June 29, 2020 2019 Income before income taxes $ 20,362 $ 6,051 Provision for income taxes $ 2,153 $ 1,433 Effective tax rate 10.6 % 23.7 % Our income tax expense was $2.2 million and $1.4 million for the first quarters of fiscal years 2021 and 2020, respectively, resulting in effective tax rates of 10.6% and 23.7% for the first quarter of fiscal years 2021 and 2020, respectively. Our effective tax rate for the first quarter of fiscal year 2021 was lower than the federal statutory rate primarily due to the effect of income earned in certain foreign jurisdictions that is taxed below the federal statutory rate and excess tax benefits from stock-based compensation. Our effective tax rate for the first quarter of fiscal year 2020 was higher than the federal statutory rate primarily due to interest accrued on unrecognized tax benefits recorded discretely in the quarter, partially offset by the effect of income earned in certain foreign jurisdictions that is taxed below the federal statutory rate. The Company records unrecognized tax benefits for the estimated risk associated with tax positions taken on tax returns. At June 27, 2020, the Company had unrecognized tax benefits of $36.2 million, all of which would impact the effective tax rate if recognized. The Company’s total unrecognized tax benefits are classified as “ Non-current income taxes" in the consolidated condensed balance sheets. The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes. As of June 27, 2020, the balance of accrued interest and penalties, net of tax, was $3.9 million. On July 27, 2015, the U.S. Tax Court issued an opinion in Altera Corp. et al. v. Commissioner which concluded that the regulations relating to the treatment of stock-based compensation expense in intercompany cost-sharing arrangements were invalid. In 2016 the U.S. Internal Revenue Service appealed the decision to the U.S. Court of Appeals for the Ninth Circuit (the “Ninth Circuit”). On July 24, 2018, the Ninth Circuit issued a decision that was subsequently withdrawn and a reconstituted panel conferred on the appeal. On June 7, 2019, the Ninth Circuit reversed the decision of the U.S. Tax Court and upheld the cost-sharing regulations. On February 10, 2020, Altera Corp. filed a Petition for a Writ of Certiorari with the Supreme Court of the United States, which was denied by the Supreme Court on June 22, 2020. Although the issue is now resolved in the Ninth Circuit, the Ninth Circuit's opinion is not binding in other circuits. The potential impact of this issue on the Company, which is not located within the jurisdiction of the Ninth Circuit, is unclear at this time. We will continue to monitor developments related to this issue and the potential impact of those developments on the Company's current and prior fiscal years. The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax in multiple state and foreign jurisdictions. Fiscal years 2017 through 2020 remain open to examination by the major taxing jurisdictions to which the Company is subject, although carry forward attributes that were generated in tax years prior to fiscal year 2017 may be adjusted upon examination by the tax authorities if they have been, or will be, used in a future period. The Company's federal income tax returns for fiscal years 2017, 2018, and 2019 are under examination by the U.S. Internal Revenue Service. The Company believes it has accrued adequate reserves related to the matters under examination. The Company is not under an income tax audit in any other major taxing jurisdiction.

Net Income Per Share

Net Income Per Share	3 Months Ended
Net Income Per Share	Jun. 27, 2020
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share Basic net income per share is based on the weighted effect of common shares issued and outstanding and is calculated by dividing net income by the basic weighted average shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average number of common shares used in the basic net income per share calculation, plus the equivalent number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares outstanding. These potentially dilutive items consist primarily of outstanding stock options and restricted stock grants. The following table details the calculation of basic and diluted earnings per share for the three months ended June 27, 2020 and June 29, 2019 (in thousands, except per share amounts): ໿ Three Months Ended June 27, June 29, 2020 2019 Numerator: Net income $ 18,209 $ 4,618 Denominator: Weighted average shares outstanding 58,313 58,540 Effect of dilutive securities 1,967 1,718 Weighted average diluted shares 60,280 60,258 Basic earnings per share $ 0.31 $ 0.08 Diluted earnings per share $ 0.30 $ 0.08

Legal Matters

Legal Matters	3 Months Ended
Legal Matters	Jun. 27, 2020
Commitments and Contingencies Disclosure [Abstract]
Legal Matters	Legal MattersFrom time to time, we are involved in legal proceedings concerning matters arising in connection with the conduct of our business activities. We regularly evaluate the status of legal proceedings in which we are involved in order to assess whether a loss is probable or there is a reasonable possibility that a loss or additional loss may have been incurred, and to determine if accruals are appropriate. We further evaluate each legal proceeding to assess whether an estimate of possible loss or range of loss can be made. Based on current knowledge, management does not believe that there are any pending matters that could potentially have a material adverse effect on our business, financial condition, results of operations or cash flows. However, we are engaged in various legal actions in the normal course of business. There can be no assurances in light of the inherent uncertainties involved in any potential legal proceedings, some of which are beyond our control, and an adverse outcome in any legal proceeding could be material to our results of operations or cash flows for any particular reporting period.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Jun. 27, 2020
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock The Company issued a net 0.1 million shares of common stock during each of the three months ended June 27, 2020 and June 29, 2019, pursuant to the Company's equity incentive plans. Share Repurchase Program Since inception, approximately $80 million of the Company’s common stock has been repurchased under the Company’s 2019 $200 million share repurchase program, leaving approximately $120 million available for repurchase under this plan as of June 27, 2020 .

Segment Information

Segment Information	3 Months Ended
Segment Information	Jun. 27, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information We determine our operating segments in accordance with FASB guidelines. Our Chief Executive Officer (“CEO”) has been identified as the chief operating decision maker under these guidelines. The Company operates and tracks its results in one reportable segment, but reports revenue in two product lines, Portable and Non-Portable and Other. Our CEO receives and uses enterprise-wide financial information to assess financial performance and allocate resources, rather than detailed information at a product line level. Additionally, our product lines have similar characteristics and customers. They share support functions such as sales, public relations, supply chain management, various research and development and engineering support, in addition to the general and administrative functions of human resources, legal, finance and information technology. Therefore, there is no complete, discrete financial information maintained for these product lines. Revenues from our product lines are as follows (in thousands): Three Months Ended June 27, June 29, 2020 2019 Portable Products $ 210,661 $ 202,938 Non-Portable and Other Products 31,912 35,315 $ 242,573 $ 238,253

Recently Issued Accounting Pr_2

Recently Issued Accounting Pronouncements (Policies)	3 Months Ended
Recently Issued Accounting Pronouncements (Policies)	Jun. 27, 2020
Accounting Policies [Abstract]
Recently Issued Accounting Pronouncements	In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This ASU requires credit losses on financial instruments, including available-for-sale debt securities, to be presented as an allowance rather than a write-down. Unlike current U.S. GAAP, the credit losses could be reversed with changes in estimates, and recognized in current year earnings. This ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. The Company adopted this ASU in the first quarter of fiscal year 2021, with no material impact to the financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This ASU eliminates step two of the goodwill impairment test. An impairment charge is to be recognized for the amount by which the current value exceeds the fair value. This ASU is effective for annual periods beginning after December 15, 2019, including interim periods. Early adoption is permitted, for interim or annual goodwill impairment tests performed after January 1, 2017, and should be applied prospectively. The Company adopted this ASU in the first quarter of fiscal year 2021, with no material impact to the financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . This ASU adjusts current required disclosures related to fair value measurements. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. The Company adopted this ASU in the first quarter of fiscal year 2021, with no material impact to the financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . This ASU provides guidance on the accounting for implementation costs related to a cloud computing arrangement that is a service contract. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. The Company adopted this ASU in the first quarter of fiscal year 2021,with prospective application and no material impact to the financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The ASU removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year, with early adoption permitted. The Company is currently evaluating the impact of this ASU, but does not expect a material impact to the financial statements upon adoption. In January 2020, the FASB issued ASU No. 2020-01, Investments - Equity Securities (Topic 321) - Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force) . This ASU clarifies the interaction of the accounting for equity securities, investments accounted for under the equity method of accounting, and the accounting for certain forward contracts and purchased options. This ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year, with early adoption permitted. The Company is currently evaluating the impact of this ASU, but does not expect a material impact to the financial statements upon adoption. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The ASU, effective immediately for reporting periods through December 31, 2022, provides accounting relief for contract modifications that replace an interest rate impacted by reference rate reform (e.g., LIBOR) with a new alternative reference rate. The guidance is applicable to investment securities, receivables, debt, leases, hedging relationships and other contractual arrangements. The Company adopted this ASU in the first quarter of fiscal year 2021, with no material impact to the financial statements.
Fair Value of Financial Instruments	The Company has determined that the only material assets and liabilities in the Company’s financial statements that are required to be measured at fair value on a recurring basis are the Company’s cash equivalents and marketable securities portfolio. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s cash equivalents and marketable securities portfolio consist of money market funds, debt securities, non-U.S. government securities, U.S. Treasury securities and securities of U.S. government-sponsored enterprises and are reflected on our consolidated condensed balance sheets under the headings cash and cash equivalents, marketable securities, and long-term marketable securities. The Company determines the fair value of its marketable securities portfolio by obtaining non-binding market prices from third-party pricing providers on the last day of the quarter, whose sources may use quoted prices in active markets for identical assets (Level 1 inputs) or inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs) in determining fair value.
Revenues	Disaggregation of revenue We disaggregate revenue from contracts with customers based on the ship to location of the customer. The geographic regions that are reviewed are the United States and countries outside of the United States (primarily located in Asia). Total net sales based on the disaggregation criteria described above are as follows: Three Months Ended June 27, June 29, 2020 2019 Non-United States $ 238,497 $ 234,042 United States 4,076 4,211 $ 242,573 $ 238,253 Performance obligations The Company's single performance obligation is the delivery of promised goods to the customer. The promised goods are explicitly stated in the customer contract and are comprised of either a single type of good or a series of goods that are substantially the same, have the same pattern of transfer to the customer, and are neither capable of being distinct nor separable from the other promised goods in the contract. This performance obligation is satisfied upon transfer of control of the promised goods to the customer, as defined per the shipping terms within the customer's contract. The vast majority of the Company's contracts with customers have an original expected term length of one year or less. As allowed by Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers , the Company has not disclosed the value of any unsatisfied performance obligations related to these contracts. The Company’s products typically include a warranty period of one Guarantees , and are not considered a separate performance obligation. Contract balances Payments are typically due within 30 to 60 days of invoicing and terms do not include significant financing components or noncash consideration. There have been no material impairment losses on accounts receivable. There are no material contract assets or contract liabilities recorded on the consolidated condensed balance sheets. Transaction price The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised goods to the customer. Fixed pricing is the consideration that is agreed upon in the customer contract. Variable pricing includes rebates, rights of return, warranties, price protection and stock rotation. Rebates are granted as a customer account credit, based on agreed-upon sales thresholds. Rights of return and warranty costs are estimated using the "most likely amount" method by reviewing historical returns to determine the most likely customer return rate and applying materiality thresholds. Price protection includes price adjustments available to certain distributors based upon established book price and a stated adjustment period. Stock rotation is also available to certain distributors based on a stated maximum of prior billings. The Company estimates all variable consideration at the most likely amount that it expects to be entitled. The estimate is based on current and historical information, including recent sales activity and pricing, available to the Company. Variable consideration is only included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company defers all variable consideration that does not meet the revenue recognition criteria.
Segment Information	We determine our operating segments in accordance with FASB guidelines. Our Chief Executive Officer (“CEO”) has been identified as the chief operating decision maker under these guidelines. The Company operates and tracks its results in one reportable segment, but reports revenue in two product lines, Portable and Non-Portable and Other. Our CEO receives and uses enterprise-wide financial information to assess financial performance and allocate resources, rather than detailed information at a product line level. Additionally, our product lines have similar characteristics and customers. They share support functions such as sales, public relations, supply chain management, various research and development and engineering support, in addition to the general and administrative functions of human resources, legal, finance and information technology. Therefore, there is no complete, discrete financial information maintained for these product lines.

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
Marketable Securities (Tables)	Jun. 27, 2020
Marketable Securities [Abstract]
Schedule of Available-for-sale Securities	The following table is a summary of available-for-sale securities at June 27, 2020 (in thousands): As of June 27, 2020 Amortized Gross Gross Estimated Corporate debt securities $ 294,015 $ 6,727 $ (72) $ 300,670 Non-U.S. government securities 12,879 316 — 13,195 U.S. Treasury securities 5,267 108 — 5,375 Agency discount notes 889 — — 889 Total securities $ 313,050 $ 7,151 $ (72) $ 320,129 The Company typically invests in highly-rated securities with original maturities generally ranging from one June 27, 2020. There were no securities that had been in a continuous unrealized loss position for more than 12 months as of June 27, 2020. The Company may sell certain of its marketable securities prior to their stated maturities for strategic reasons including, but not limited to, anticipated or actual changes in credit rating and duration management. The Company records an allowance for credit loss when a decline in investment market value is due to credit-related factors. When evaluating an investment for impairment, the Company reviews factors including the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer, changes in market interest rates and whether it is more likely than not the Company will be required to sell the investment before recovery of the investment’s cost basis. As of June 27, 2020, the Company does not consider any of its investments to be impaired. The following table is a summary of available-for-sale securities at March 28, 2020 (in thousands): ໿ ໿ As of March 28, 2020 Amortized Gross Gross Estimated Corporate debt securities $ 286,668 $ 1,157 $ (3,993) $ 283,832 Non-U.S. government securities 12,483 260 — 12,743 U.S. Treasury securities 8,839 167 — 9,006 Total securities $ 307,990 $ 1,584 $ (3,993) $ 305,581
Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity	The cost and estimated fair value of available-for-sale securities by contractual maturities were as follows (in thousands): ໿ June 27, 2020 March 28, 2020 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Within 1 year $ 29,447 $ 29,943 $ 22,012 $ 22,008 After 1 year 283,603 290,186 285,978 283,573 Total $ 313,050 $ 320,129 $ 307,990 $ 305,581

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
Fair Value of Financial Instruments (Tables)	Jun. 27, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Assets and Liabilities	The following summarizes the fair value of our financial instruments at June 27, 2020 (in thousands): Quoted Prices Significant Significant Total Assets: Cash equivalents Money market funds $ 249,837 $ — $ — $ 249,837 Available-for-sale securities Corporate debt securities $ — $ 300,670 $ — $ 300,670 Non-U.S. government securities — 13,195 — 13,195 U.S. Treasury securities 5,375 — — 5,375 Agency discount notes — 889 — 889 $ 5,375 $ 314,754 $ — $ 320,129 ໿ The following summarizes the fair value of our financial instruments at March 28, 2020 (in thousands): Quoted Prices Significant Significant Total Assets: Cash equivalents Money market funds $ 237,714 $ — $ — $ 237,714 Available-for-sale securities Corporate debt securities $ — $ 283,832 $ — $ 283,832 Non-U.S. government securities — 12,743 — 12,743 U.S. Treasury securities 9,006 — — 9,006 $ 9,006 $ 296,575 $ — $ 305,581

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
Derivative Financial Instruments (Tables)	Jun. 27, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Before-Tax Effect of Derivative Instruments Not Designated as Hedging Instruments	The before-tax effect of derivative instruments not designated as hedging instruments was as follows (in thousands): Three Months Ended June 27, June 29, 2020 2019 Location Gain (loss) recognized in income: Foreign currency forward contracts $ 1,183 $ (2,363) Other income (expense)

Accounts Receivable, net (Table

Accounts Receivable, net (Tables)	3 Months Ended
Accounts Receivable, net (Tables)	Jun. 27, 2020
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Components of Accounts Receivable, net	The following are the components of accounts receivable, net (in thousands): June 27, March 28, 2020 2020 Gross accounts receivable $ 136,539 $ 153,998 Allowance for doubtful accounts — — Accounts receivable, net $ 136,539 $ 153,998

Inventories (Tables)

Inventories (Tables)	3 Months Ended
Inventories (Tables)	Jun. 27, 2020
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are comprised of the following (in thousands): June 27, March 28, 2020 2020 Work in process $ 111,679 $ 82,494 Finished goods 87,653 64,231 $ 199,332 $ 146,725

Revenues (Tables)

Revenues (Tables)	3 Months Ended
Revenues (Tables)	Jun. 27, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Total net sales based on the disaggregation criteria described above are as follows: Three Months Ended June 27, June 29, 2020 2019 Non-United States $ 238,497 $ 234,042 United States 4,076 4,211 $ 242,573 $ 238,253

Restructuring Costs (Tables)

Restructuring Costs (Tables)	3 Months Ended
Restructuring Costs (Tables)	Jun. 27, 2020
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Charges	The following table details the total restructuring charges presented in the consolidated condensed statements of income within the " Restructuring Costs " line item (in thousands): Three Months Ended June 27, 2020 Disposal of equipment $ 130 Other exit costs 222 Total $ 352
Schedule of Restructuring Liabilities	Restructuring liabilities are presented in the “ Other accrued liabilities ” line item of our consolidated condensed balance sheet. The activity related to restructuring liabilities is detailed below (in thousands): Restructuring Liability Beginning balance as of March 28, 2020 $ 982 Other exit costs 222 Cash payments (703) Ending balance as of June 27, 2020 $ 501

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
Income Taxes (Tables)	Jun. 27, 2020
Income Tax Disclosure [Abstract]
Schedule of Provision for Income Taxes and Effective Tax Rates	The following table presents the provision for income taxes (in thousands) and the effective tax rates: Three Months Ended June 27, June 29, 2020 2019 Income before income taxes $ 20,362 $ 6,051 Provision for income taxes $ 2,153 $ 1,433 Effective tax rate 10.6 % 23.7 %

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
Net Income Per Share (Tables)	Jun. 27, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table details the calculation of basic and diluted earnings per share for the three months ended June 27, 2020 and June 29, 2019 (in thousands, except per share amounts): ໿ Three Months Ended June 27, June 29, 2020 2019 Numerator: Net income $ 18,209 $ 4,618 Denominator: Weighted average shares outstanding 58,313 58,540 Effect of dilutive securities 1,967 1,718 Weighted average diluted shares 60,280 60,258 Basic earnings per share $ 0.31 $ 0.08 Diluted earnings per share $ 0.30 $ 0.08

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
Segment Information (Tables)	Jun. 27, 2020
Segment Reporting [Abstract]
Schedule of Segment Revenue from Product Lines	Revenues from our product lines are as follows (in thousands): Three Months Ended June 27, June 29, 2020 2019 Portable Products $ 210,661 $ 202,938 Non-Portable and Other Products 31,912 35,315 $ 242,573 $ 238,253

Marketable Securities (Schedule

Marketable Securities (Schedule of Available-for-sale Securities) (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Mar. 28, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 313,050	$ 307,990
Gross Unrealized Gains	7,151	1,584
Gross Unrealized Losses	(72)	(3,993)
Estimated Fair Value (Net Carrying Amount)	320,129	305,581
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	294,015	286,668
Gross Unrealized Gains	6,727	1,157
Gross Unrealized Losses	(72)	(3,993)
Estimated Fair Value (Net Carrying Amount)	300,670	283,832
Non-U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	12,879	12,483
Gross Unrealized Gains	316	260
Gross Unrealized Losses	0	0
Estimated Fair Value (Net Carrying Amount)	13,195	12,743
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,267	8,839
Gross Unrealized Gains	108	167
Gross Unrealized Losses	0	0
Estimated Fair Value (Net Carrying Amount)	5,375	$ 9,006
Agency discount notes
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	889
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Estimated Fair Value (Net Carrying Amount)	$ 889

Marketable Securities (Narrativ

Marketable Securities (Narrative) (Details) $ in Thousands	3 Months Ended
Marketable Securities (Narrative) (Details) $ in Thousands	Jun. 27, 2020USD ($)security	Mar. 28, 2020USD ($)security
Debt Securities, Available-for-sale [Line Items]
Gross unrealized loss	$ (72)	$ (3,993)
Amortized cost on available for sale securities held at gross unrealized loss	$ 7,700	$ 172,900
Securities in a continuous unrealized loss position for more than 12 months, number of securities \| security	0	0
Minimum
Debt Securities, Available-for-sale [Line Items]
Maturity period for highly-rated securities	1 year
Maximum
Debt Securities, Available-for-sale [Line Items]
Maturity period for highly-rated securities	3 years

Marketable Securities (Schedu_2

Marketable Securities (Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Mar. 28, 2020
Amortized Cost
Within 1 year	$ 29,447	$ 22,012
After 1 year	283,603	285,978
Amortized Cost	313,050	307,990
Estimated Fair Value
Within 1 year	29,943	22,008
After 1 year	290,186	283,573
Estimated Fair Value	$ 320,129	$ 305,581

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Narrative (Details)	Jun. 27, 2020USD ($)
Fair Value Disclosures [Abstract]
Amounts drawn under the credit facility	$ 0
Credit facility, fair value	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Mar. 28, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 320,129	$ 305,581
Quoted Prices in Active Markets for Identical Assets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	5,375	9,006
Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	314,754	296,575
Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	300,670	283,832
Corporate debt securities \| Quoted Prices in Active Markets for Identical Assets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Corporate debt securities \| Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	300,670	283,832
Corporate debt securities \| Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Non-U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	13,195	12,743
Non-U.S. government securities \| Quoted Prices in Active Markets for Identical Assets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Non-U.S. government securities \| Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	13,195	12,743
Non-U.S. government securities \| Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	5,375	9,006
U.S. Treasury securities \| Quoted Prices in Active Markets for Identical Assets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	5,375	9,006
U.S. Treasury securities \| Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
U.S. Treasury securities \| Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Agency discount notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	889
Agency discount notes \| Quoted Prices in Active Markets for Identical Assets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0
Agency discount notes \| Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	889
Agency discount notes \| Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	249,837	237,714
Money market funds \| Quoted Prices in Active Markets for Identical Assets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	249,837	237,714
Money market funds \| Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Money market funds \| Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0	$ 0

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) $ in Thousands	3 Months Ended
Derivative Financial Instruments (Details) $ in Thousands	Jun. 27, 2020USD ($)derivtive	Jun. 29, 2019USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Number of foreign currency derivatives held \| derivtive	1
Notional value of foreign currency forward contract	$ 24,600
Foreign currency forward contracts \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain recognized in income	$ 1,183
Loss recognized in income		$ (2,363)

Accounts Receivable, net (Compo

Accounts Receivable, net (Components of Accounts Receivable, net) (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Mar. 28, 2020
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Gross accounts receivable	$ 136,539	$ 153,998
Allowance for doubtful accounts	0	0
Accounts receivable, net	$ 136,539	$ 153,998

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Mar. 28, 2020
Inventory Disclosure [Abstract]
Work in process	$ 111,679	$ 82,494
Finished goods	87,653	64,231
Total inventories	$ 199,332	$ 146,725

Revolving Credit Facility (Deta

Revolving Credit Facility (Details) - Credit Facility - USD ($)	3 Months Ended
	Jun. 27, 2020	Jul. 12, 2016
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity		$ 300,000,000
Covenant terms, leverage ratio requirement	300.00%
Covenant terms fixed charge ratio requirement	125.00%
Long-term line of credit, noncurrent	$ 0
Minimum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.20%
Maximum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.30%
Base Rate \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.00%
Base Rate \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
London Interbank Offered Rate (LIBOR) \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.25%
London Interbank Offered Rate (LIBOR) \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.00%

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
Revenues (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Jun. 29, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 242,573	$ 238,253
Non-United States
Disaggregation of Revenue [Line Items]
Net sales	238,497	234,042
United States
Disaggregation of Revenue [Line Items]
Net sales	$ 4,076	$ 4,211
Minimum
Disaggregation of Revenue [Line Items]
Product warranty, term	1 year
Maximum
Disaggregation of Revenue [Line Items]
Product warranty, term	3 years

Restructuring Costs (Schedule o

Restructuring Costs (Schedule of Restructuring Charges) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
Restructuring and Related Activities [Abstract]
Disposal of equipment	$ 130
Other exit costs	222
Total	$ 352	$ 0

Restructuring Costs (Schedule_2

Restructuring Costs (Schedule of Restructuring Liabilities) (Details) $ in Thousands	3 Months Ended
	Jun. 27, 2020USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance as of March 28, 2020	$ 982
Other exit costs	222
Cash payments	(703)
Ending balance as of June 27, 2020	$ 501

Income Taxes (Provision for Inc

Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Mar. 28, 2020
Income Tax Disclosure [Abstract]
Income before income taxes	$ 20,362	$ 6,051
Provision for income taxes	$ 2,153	$ 1,433	$ 1,400
Effective tax rate	10.60%	23.70%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Jun. 29, 2019	Mar. 28, 2020
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 2,153	$ 1,433	$ 1,400
Effective tax rate	10.60%	23.70%
Unrecognized tax benefits	$ 36,200
Unrecognized tax benefits that would impact effective tax rate	36,200
Balance of accrued interest and penalties, net of tax	$ 3,900

Net Income Per Share (Calculati

Net Income Per Share (Calculation of Basic and Diluted Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
Numerator:
Net income	$ 18,209	$ 4,618
Denominator:
Weighted average shares outstanding (in shares)	58,313	58,540
Effect of dilutive securities (in shares)	1,967	1,718
Weighted average diluted shares (in shares)	60,280	60,258
Basic earnings per share (in dollars per share)	$ 0.31	$ 0.08
Diluted earnings per share (in dollars per share)	$ 0.30	$ 0.08

Net Income Per Share (Narrative

Net Income Per Share (Narrative) (Details) - shares shares in Thousands	3 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
Earnings Per Share [Abstract]
Weighted average shares outstanding excluded from diluted calculation (in shares)	240	734

Stockholders' Equity (Common St

Stockholders' Equity (Common Stock) (Details) shares in Millions	3 Months Ended
	Jun. 27, 2020shares
Stockholders' Equity Note [Abstract]
Common stock issued as part of stock incentive plan (in shares)	0.1

Stockholders' Equity (Share Rep

Stockholders' Equity (Share Repurchase Program) (Details) - USD ($)	3 Months Ended		18 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020
Stockholders' Equity Note [Abstract]
Common stock repurchased		$ 40,000,000	$ 80,000,000
Common stock approved under the share repurchase program	$ 200,000,000		200,000,000
Common stock available for repurchase	$ 120,000,000		$ 120,000,000
Common stock repurchased (in shares)	0

Segment Information (Narrative)

Segment Information (Narrative) (Details)	3 Months Ended
Segment Information (Narrative) (Details)	Jun. 27, 2020segmentproduct_line
Segment Reporting [Abstract]
Number of reportable segments \| segment	1
Number of product lines \| product_line	2

Segment Information (Schedule o

Segment Information (Schedule of Segment Revenue from Product Lines) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
Segment Reporting Information [Line Items]
Net sales	$ 242,573	$ 238,253
Portable Products
Segment Reporting Information [Line Items]
Net sales	210,661	202,938
Non-Portable and Other Products
Segment Reporting Information [Line Items]
Net sales	$ 31,912	$ 35,315