0001193125-21-025893 | S-1 | XBRL Viewer | Allegro Microsystems INC

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Cover	9 Months Ended
Cover	Dec. 25, 2020
Cover [Abstract]
Document Type	S-1
Amendment Flag	false
Entity Registrant Name	ALLEGRO MICROSYSTEMS, INC.
Entity Central Index Key	0000866291
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 25, 2020	Mar. 27, 2020	Mar. 29, 2019
Current assets:
Cash and cash equivalents	$ 157,653	$ 214,491	$ 99,743
Restricted cash	6,520	5,385	3,514
Trade accounts receivable, net of allowances for doubtful accounts	67,334	59,457	76,444
Trade and other accounts receivable due from related party	20,153	30,851	7,353
Related party note receivable			30,000
Accounts receivable - other	1,373	1,796	2,142
Inventories	94,021	127,227	130,917
Prepaid expenses and other current assets	31,476	9,014	13,140
Assets held for sale			3,795
Total current assets	378,530	448,221	367,048
Property, plant and equipment, net	214,372	332,330	347,404
Deferred income tax assets	23,188	7,217	5,176
Goodwill	20,249	1,285	1,336
Intangible assets, net	36,420	19,958	17,715
Equity investment in related party	26,657
Other assets	12,482	8,810	13,582
Total assets	711,898	817,821	752,261
Current liabilities:
Trade accounts payable	20,262	20,762	24,189
Amounts due to related party	2,078	4,494	4,941
Accrued expenses and other current liabilities	66,779	56,855	61,732
Current portion of related party debt		25,000	13,000
Bank lines-of-credit		43,000
Total current liabilities	89,119	150,111	103,862
Related party lines-of-credit			15,000
Obligations due under Senior Secured Credit Facilities	25,000
Related party notes payable, less current portion		17,700	14,700
Deferred tax liabilities			2,869
Other long-term liabilities	20,861	15,878	26,041
Total liabilities	134,980	183,689	162,472
Commitments and contingencies (Note 15)
Stockholders' Equity:
Additional paid-incapital	589,202	458,697	447,762
(Accumulated deficit) / retained earnings	(5,094)	194,355	157,385
Accumulated other comprehensive loss	(10,171)	(19,976)	(16,278)
Equity attributable to Allegro MicroSystems, Inc.	575,831	633,182	588,975
Preferred Stock, value
Common stock	1,894
Non-controlling interests	1,087	950	814
Total stockholders' equity	576,918	634,132	589,789
Total liabilities and stockholders' equity	$ 711,898	817,821	752,261
Common Class A
Stockholders' Equity:
Common stock		100	100
Total stockholders' equity		100	100
Common Class L
Stockholders' Equity:
Common stock		6	6
Total stockholders' equity		$ 6	$ 6

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 25, 2020	Mar. 27, 2020	Mar. 29, 2019
Allowances	$ 138	$ 288	$ 412
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in share)	20,000,000	20,000,000
Preferred stock, shares issued (in share)	0	0
Preferred stock, shares outstanding (in share)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in share)	1,000,000,000	1,000,000,000
Common stock, shares issued (in share)	189,431,726	0
Common stock, shares outstanding (in share)	189,431,726	0
Common Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in share)	0	12,500,000	12,500,000
Common stock, shares issued (in share)	0	10,000,000	10,000,000
Common stock, shares outstanding (in share)	0	10,000,000	10,000,000
Common Class L
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in share)	0	1,000,000	1,000,000
Common stock, shares issued (in share)	0	622,470	607,620
Common stock, shares outstanding (in share)	0	622,470	607,620

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019	Mar. 27, 2020	Mar. 29, 2019
Net sales	$ 164,449	$ 159,802	$ 416,099	$ 475,485	$ 650,089	$ 724,311
Cost of goods sold	90,024	98,277	224,203	285,967	388,813	404,491
Gross profit	74,425	61,525	191,896	189,518	261,276	319,820
Operating expenses:
Research and development	30,999	25,485	80,509	77,565	102,052	107,585
Selling, general and administrative	67,650	24,909	118,677	78,030	106,396	112,236
Total operating expenses	98,649	50,394	199,186	155,595	208,448	219,821
Income from operations	(24,224)	11,131	(7,290)	33,923	52,828	99,999
Other (expense) income:
Loss on debt extinguishment	(9,055)		(9,055)
Interest (expense) income, net	(2,598)	10	(1,935)	(60)	(110)	(1,211)
Foreign currency transaction (loss) gain	(145)	(560)	(1,331)	2,800	1,391	(906)
Income in earnings of equity investment	949		1,407
Other, net	(510)	(81)	(297)	(1,177)	(831)	1,560
Total other (expense) income, net					450	(557)
(Loss) income before income tax (benefit) provision	(35,583)	10,500	(18,501)	35,486
Income before provision for income taxes					53,278	99,442
Income tax (benefit) provision	(30,523)	1,542	(27,913)	11,710	16,173	14,601
Net (loss) income	(5,060)	8,958	9,412	23,776	37,105	84,841
Net income attributable to non-controlling interests	35	32	103	101	134	117
Net (loss) income attributable to Allegro MicroSystems, Inc.	$ (5,095)	$ 8,926	$ 9,309	$ 23,675	$ 36,971	$ 84,724
Net (loss) income attributable to Allegro MicroSystems, Inc. per share (Note 17):
Basic and diluted					$ 3.70	$ 8.47
Basic	$ (0.04)	$ 0.89	$ 0.19	$ 2.37
Diluted	$ (0.04)	$ 0.89	$ 0.05	$ 2.37
Weighted average shares outstanding:
Basic	124,363,078	10,000,000	48,121,026	10,000,000	10,000,000
Diluted	124,363,078	10,000,000	171,638,787	10,000,000
Weighted average shares used to compute net income per share attributable to common stockholders:
Basic and diluted					10,000,000	10,000,000
Pro forma net income per share attributable to common stockholders (unaudited):
Basic and diluted			$ 0.05		$ 0.19
Basic			0.05
Diluted			$ 0.05
Weighted average pro forma shares used to compute pro forma net income per share attributable to common stockholders (unaudited):
Basic and diluted			189,431,726		189,431,726
Basic			189,431,726
Diluted			189,431,726
Non-Related Party Revenue
Net sales	$ 138,010	$ 143,267	$ 343,529	$ 426,158	$ 465,532	$ 532,939
Related Party Revenue
Net sales	$ 26,439	$ 16,535	$ 72,570	$ 49,327	$ 184,557	$ 191,372

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019	Mar. 27, 2020	Mar. 29, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (5,060)	$ 8,958	$ 9,412	$ 23,776	$ 37,105	$ 84,841
Foreign currency translation adjustment	3,972	2,886	10,152	1,869	(3,153)	(4,106)
Net actuarial loss amortization of net transition obligation and prior service costs related to defined benefit plans (net of tax of $96 in 2019 and $233 in 2020)			(313)		(543)	(221)
Total other comprehensive (loss)					(3,696)	(4,327)
Comprehensive (loss) income	(1,088)	11,844	19,251	25,645	33,409	80,515
Comprehensive expense attributable to non-controlling interest	(10)	(23)	(34)	(5)	(136)	(113)
Comprehensive (loss) income attributable to Allegro MicroSystems, Inc.	$ (1,098)	$ 11,821	$ 19,217	$ 25,640	$ 33,273	$ 80,402

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Mar. 27, 2020	Mar. 29, 2019
Statement of Comprehensive Income [Abstract]
Net actuarial loss amortization of net transition obligation and prior service costs related to defined benefit plans, tax	$ 233	$ 96

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	RSU	Common Class A	Common Class L	Additional Paid-in Capital	Additional Paid-in Capital RSU	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests	Preferred Stock	Common Stock	Common Stock Common Class L
Beginning balance at Mar. 29, 2018	$ 507,391		$ 100	$ 6	$ 445,854		$ 72,660	$ (11,955)	$ 726
Beginning balance (in shares) at Mar. 29, 2018			10,000,000	597,400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	84,841						84,724		117
Stock-based compensation	1,441				1,441
Issuance of Class L shares, net of forfeitures	467				467
Issuance of Class L shares, net of forfeitures (in shares)				10,220
Dividends declared	(25)								(25)
Foreign currency translation adjustment	(4,106)							(4,102)	(4)
Net actuarial loss and amortization of net transition obligation and prior service costs related to defined benefit plans, net of tax	(221)							(221)
Foreign currency translation adjustment	(4,106)
Net actuarial loss and amortization of net transition obligation and prior service costs related to defined benefit plans, net of tax	(221)
Ending balance at Mar. 29, 2019	589,789		$ 100	$ 6	447,762		157,385	(16,278)	814
Ending balance (in shares) at Mar. 29, 2019			10,000,000	607,620
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23,776						23,675		101
Stock-based compensation	1,051				1,051
Issuance of Class L shares, net of forfeitures (in shares)												30,300
Foreign currency translation adjustment	1,869							1,864	5
Ending balance at Dec. 27, 2019	616,485		$ 100	$ 6	448,813		181,060	(14,414)	920
Ending balance (in shares) at Dec. 27, 2019			10,000,000	607,620
Beginning balance at Mar. 29, 2019	589,789		$ 100	$ 6	447,762		157,385	(16,278)	814
Beginning balance (in shares) at Mar. 29, 2019			10,000,000	607,620
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	37,105						36,971		134
Stock-based compensation	1,435				1,435
Issuance of Class L shares, net of forfeitures (in shares)				14,850
Capital contribution	9,500				9,500
Foreign currency translation adjustment	(3,153)							(3,155)	2
Net actuarial loss and amortization of net transition obligation and prior service costs related to defined benefit plans, net of tax	(543)							(543)
Foreign currency translation adjustment	(3,153)
Net actuarial loss and amortization of net transition obligation and prior service costs related to defined benefit plans, net of tax	(543)
Ending balance at Mar. 27, 2020	$ 634,132		$ 100	$ 6	458,697		194,355	(19,976)	950
Ending balance (in shares) at Mar. 27, 2020	0		10,000,000	622,470
Beginning balance at Sep. 27, 2019	$ 604,338		$ 100	$ 6	448,510		172,134	(17,277)	865
Beginning balance (in shares) at Sep. 27, 2019			10,000,000	607,620
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,958						8,926		32
Stock-based compensation	303				303
Foreign currency translation adjustment	2,886							2,863	23
Ending balance at Dec. 27, 2019	616,485		$ 100	$ 6	448,813		181,060	(14,414)	920
Ending balance (in shares) at Dec. 27, 2019			10,000,000	607,620
Beginning balance at Mar. 27, 2020	$ 634,132		$ 100	$ 6	458,697		194,355	(19,976)	950
Beginning balance (in shares) at Mar. 27, 2020	0		10,000,000	622,470
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 9,412						9,309		103
Issuance of Class L shares, net of forfeitures	0		$ 0	$ 0	0		0	0	0	$ 0	$ 0
Issuance of Class L shares, net of forfeitures (in shares)				15,828
Capitalization changes related to organizational structure of affiliates and direct and indirect interests in subsidiaries	(19,165)				(19,165)
Stock-based compensation	46,901				46,901
Issuance of Class L shares, net of forfeitures	321,425				321,175						$ 250
Issuance of Class L shares, net of forfeitures (in shares)											25,000,000	17,203
Conversion of Class A and Class L common stock into common stock in connection with the IPO		$ 2,081	$ (100)	$ (6)	(1,559)	$ 2,081					$ 1,665
Conversion of Class A and Class L common stock into common stock in connection with the IPO (in shares)			(10,000,000)	(636,301)							166,500,000
Repurchase of Class A and Class L common stock to cover related taxes	(27,707)				(27,686)						$ (21)
Repurchase of Class A and Class L common stock to cover related taxes (in shares)				(1,997)							(2,068,274)
Cash dividend paid to holders of Class A common stock	(400,000)				(191,242)		(208,758)
Foreign currency translation adjustment	10,152							10,118	34
Net actuarial loss and amortization of net transition obligation and prior service costs related to defined benefit plans, net of tax	(313)							(313)
Ending balance at Dec. 25, 2020	$ 576,918				589,202		(5,094)	(10,171)	1,087		$ 1,894
Ending balance (in shares) at Dec. 25, 2020	189,431,726		0	0							189,431,726	638,298
Beginning balance at Sep. 25, 2020	$ 635,506		$ 100	$ 6	439,732		208,759	(14,133)	1,042
Beginning balance (in shares) at Sep. 25, 2020			10,000,000	638,298
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(5,060)						(5,095)		35
Capitalization changes related to organizational structure of affiliates and direct and indirect interests in subsidiaries	527				527
Reclassification of certain class L shares	298				298
Stock-based compensation	45,876				45,876
Issuance of Class L shares, net of forfeitures	321,425				321,175						$ 250
Issuance of Class L shares, net of forfeitures (in shares)											25,000,000
Conversion of Class A and Class L common stock into common stock in connection with the IPO		$ 2,081	$ (100)	$ (6)	(1,599)	$ 2,081					$ 1,665
Conversion of Class A and Class L common stock into common stock in connection with the IPO (in shares)			(10,000,000)	(636,301)							166,500,000
Repurchase of Class A and Class L common stock to cover related taxes	(27,707)				(27,686)						$ (21)
Repurchase of Class A and Class L common stock to cover related taxes (in shares)				(1,997)							(2,068,274)
Cash dividend paid to holders of Class A common stock	(400,000)				(191,242)		(208,758)
Foreign currency translation adjustment	3,972							3,962	10
Ending balance at Dec. 25, 2020	$ 576,918				$ 589,202		$ (5,094)	$ (10,171)	$ 1,087		$ 1,894
Ending balance (in shares) at Dec. 25, 2020	189,431,726		0	0							189,431,726	638,298

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Mar. 27, 2020	Mar. 29, 2019
Cash flows from operating activities:
Net income	$ 9,412	$ 23,776	$ 37,105	$ 84,841
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	36,225	47,608	64,048	59,886
Amortization of deferred financing costs	226
Deferred income taxes	(17,526)	(288)	(4,909)	2,015
Stock-based compensation	46,901	1,051	1,435	1,441
Loss on disposal of assets	272	718	698	204
Impairment on assets held for sale				1,075
Loss on debt extinguishment	9,055
Provisions for inventory and bad debt	3,857	3,353	3,891	3,769
Changes in operating assets and liabilities:
Trade accounts receivable	(5,975)	15,540	16,441	(21,174)
Accounts receivable - other	115	657	346	1,760
Inventories	1,118	(341)	346	(18,598)
Prepaid expenses and other assets	(29,655)	(6,165)	2,629	111
Trade accounts payable	2,411	1,100	(3,122)	(4,788)
Due from/to related parties	8,283	(20,969)	(23,946)	16,028
Accrued expenses and other current and long-term liabilities	(1,185)	(17,270)	(13,543)	(5,483)
Net cash provided by operating activities	63,534	48,770	81,419	121,088
Cash flows from investing activities:
Purchases of property, plant and equipment	(25,880)	(34,997)	(45,615)	(98,297)
Acquisition of business, net of cash acquired	(8,500)
Proceeds from sales of property, plant and equipment	314	3,936	3,936	354
Investments				421
Contribution of cash balances due to divestiture of subsidiary	(16,335)
Net cash used in investing activities	(50,401)	(31,061)	(41,679)	(97,522)
Cash flows from financing activities:
Related party note receivable			30,000	(30,000)
Related party note receivable	51,377	30,000
Borrowing of bank lines of credit			43,000
Proceeds from initial public offering, net of underwriting discounts and other offering costs	321,425
Repayments of bank lines of credit				(10,000)
Payments for taxes related to net share settlement of equity awards	(27,707)
Proceeds from issuance of common stock under employee stock plan				257
Dividends paid	(400,000)
Capital contribution			9,500
Borrowings of senior secured debt, net of deferred financing costs	315,719
Repayment of senior secured debt	(300,000)
Repayment of unsecured credit facilities	(33,000)
Net cash (used in) provided by financing activities	(72,186)	30,000	82,500	(39,743)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	3,350	(6,452)	(5,621)	(864)
Net (decrease) increase in cash and cash equivalents and restricted cash	(55,703)	41,257	116,619	(17,041)
Cash and cash equivalents and restricted cash at beginning of period	219,876	103,257	103,257	120,298
Cash and cash equivalents and restricted cash at end of period	164,173	144,514	219,876	103,257
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents at beginning of period	214,491	99,743	99,743	118,243
Restricted cash at beginning of period	5,385	3,514	3,514	2,055
Cash and cash equivalents and restricted cash at beginning of period	219,876	103,257	103,257	120,298
Cash and cash equivalents at end of period			214,491	99,743
Restricted cash at end of period			5,385	3,514
Cash and cash equivalents and restricted cash at end of period	164,173	144,514	219,876	103,257
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Cash and cash equivalents at beginning of period	214,491	99,743
Restricted cash at beginning of period	5,385	3,514
Cash and cash equivalents and Restricted cash at beginning of period	219,876	103,257
Cash and cash equivalents at end of period	157,653	139,306
Restricted cash at end of period	6,520	5,208
Cash and cash equivalents and Restricted cash at end of period	164,173	144,514
Supplemental disclosures of cash flow information:
Cash paid for interest	2,559	872	2,448	2,038
Cash paid for income taxes	7,568	12,937	15,873	19,567
Non-cash transactions:
Changes in trade accounts payable related to property, plant and equipment, net	(786)	(2,663)	(1,542)	(1,701)
Assets held for sale transferred from property, plant and equipment, net				3,795
Loans to cover purchase of common stock under employee stock plan	171	232	$ 232	$ 210
Deconsolidation related to PSL Divestiture (Note 1)	$ 0	$ 0

Nature of the Business and Basis of Presentation

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of the Business and Basis of Presentation

1. Nature of the Business and Basis of Presentation

Allegro MicroSystems, Inc., together with its consolidated subsidiaries (“AMI” or 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 was incorporated under the laws of Delaware on March 30, 2013 under the name of Sanken North America, Inc. (“SKNA”) as a wholly owned subsidiary of Sanken Electric Co., Ltd. (“Sanken”). In October 2017, Sanken sold 28.8% of the common stock of SKNA to One Equity Partners (“OEP”). In April 2018, SKNA filed a certificate of amendment in the state of Delaware to change its name to Allegro MicroSystems, Inc. The Company is headquartered in Manchester, New Hampshire and has a global footprint with 16 locations across four continents.

The accompanying unaudited condensed consolidated financial statements have been prepared by the Company. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements include the Company’s accounts and those of its subsidiaries. All intercompany balances have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s final prospectus filed with the SEC on October 30, 2020 pursuant to Rule 424(b)(4) (the “Prospectus”). In the opinion of the Company’s management, the financial information for the interim periods presented reflects all adjustments necessary for a fair presentation of the Company’s financial position, results of operations and cash. The results reported in these unaudited condensed consolidated financial statements are not necessarily indicative of results that may be expected for the entire year.

On November 2, 2020, the Company completed its initial public offering (“IPO”) of 28,750,000 shares of its common stock at an offering price of $14.00 per share, of which 25,000,000 shares were sold by the Company and 3,750,000 shares were sold by selling stockholders, resulting in net proceeds to the Company of approximately, $321,425 after deducting $20,125 of underwriting discounts and $8,450 of offering costs. The Company’s common stock is now listed on the Nasdaq Global Select Market under the ticker symbol “ALGM.”

On March 28, 2020, the Company entered into an agreement to divest a majority of its ownership interest in Polar Semiconductor, Inc. (“PSL”) to Sanken, in order to better align with its fabless, asset-lite scalable manufacturing strategy (the “PSL Divestiture”). In order to affect this in-kind, noncash transaction, Sanken contributed the forgiveness of the fair value of the entire related party notes payable of $42,700 owed by PSL to Sanken and the Company contributed the forgiveness of the fair value of $15,000 out of the $66,377 total debt owed by PSL to the Company, which was previously eliminated in consolidation. The entire net receivable balance of $51,377 plus accrued interest of $762 was repaid on October 14, 2020. Following the divestiture, Sanken held a 70% majority share in PSL with the Company retaining a 30% minority shareholder interest. The investment was recorded for the 30%, totaling $25,250 at the divestiture date. Beginning with reporting periods on and after March 28, 2020, the investment is included on the Company’s balance sheet as an equity investment in a related party, including $949 and $1,407 of income earned during the three- and nine-month periods ended December 25, 2020.

In addition, the difference between the fair value contributed by both parties at the consummation of this transaction and the book value was treated as an adjustment of capitalization changes related to organizational structure of affiliates and direct and indirect interests in subsidiaries within additional paid-in capital of $19,165 at December 25, 2020. This amount includes an estimated tax effect of $1,552 for the nine-month period ended December 25, 2020.

On March 28, 2020, in connection with the divestiture described above, the Company also formally terminated its distribution agreement with Sanken to distribute Sanken’s products and entered into a transitional services agreement with PSL, which contracted with Sanken as its new channel for fulfillment of Sanken product sales in North America and Europe. Sanken will continue to provide distribution support for the Company’s products in Japan. See Note 20, “Related party transactions,” for further discussion.

In accordance with the PSL Divestiture noted above, the following noncash assets and liabilities and related equity impacts attributable to the unaudited statement of cash flows are summarized below:


	March 28, 2020
Cash and cash equivalents	$	(15,332	)
Restricted cash		(1,013	)
Trade accounts receivable, net of allowances		37
Accounts receivable - other		(308	)
Inventories		(32,250	)
Prepaid expenses and other current assets		(376	)
Property, plant and equipment, net		(115,341	)
Related party note receivable		51,377
Equity investment in related party		25,462
Other assets, net		5,609
Trade accounts payable		4,176
Accrued expenses and other current liabilities		7,150
Current portion of related party debt		25,000
Bank lines-of-credit		10,000
Related party notes payable, less current portion		17,700
Other long-term liabilities		(1,247	)
Additional paid-in capital		19,165

Impact of the COVID-19 Pandemic

On March 11, 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization. The pandemic has resulted in governments around the world implementing increasingly stringent measures to help control the spread of the virus, including quarantines, “shelter in place” and “stay at home” orders, travel restrictions, business curtailments, school closures and other measures. In addition, governments and central banks in several parts of the world have enacted fiscal and monetary stimulus measures to counteract the impacts of the COVID-19 pandemic.

The Company continues to monitor the rapidly evolving conditions and circumstances as well as guidance from international and domestic authorities, including public health authorities, and the Company may need to take additional actions based on their recommendations. There is considerable uncertainty regarding the impact on the Company’s business stemming from current measures and potential future measures that could restrict access to the Company’s facilities, limit manufacturing and support operations and place restrictions on the Company’s workforce and suppliers. The measures implemented by various authorities related to the COVID-19 pandemic have caused the Company to change its business practices, including those related to where employees work, the distance between employees in the Company’s facilities, limitations on the in-person meetings between employees and with customers, suppliers, service providers, and stakeholders, as well as restrictions on business travel to domestic and international locations or to attend trade shows, investor conferences and other events.

The full extent to which the ongoing COVID-19 pandemic adversely affects the Company’s financial performance will depend on future developments, many of which are outside of the Company’s control, are highly uncertain and cannot be predicted, including, but not limited to, the duration and spread of the pandemic, its severity, the effectiveness of actions to contain the virus or treat its impact and how quickly and to what extent normal economic and operating conditions can resume. The COVID-19 pandemic could also result in additional governmental restrictions and regulations, which could adversely affect the Company’s business and financial results. In addition, a recession, depression or other sustained adverse market impact resulting from COVID-19 could materially and adversely affect the Company’s business and its access to needed capital and liquidity. Even after the COVID-19 pandemic has lessened or subsided, the Company may continue to experience adverse impacts on its business and financial performance as a result of its global economic impact.

To the extent that the COVID-19 pandemic adversely affects the Company’s business, results of operations, financial condition or liquidity, it also may heighten many of the other risks. For example, if the business impacts of COVID-19 are prolonged, this could cause the Company to recognize impairments for goodwill and certain long-lived assets including amortizable intangible assets.

The Company has taken actions to mitigate its financial risk given the uncertainty in global markets caused by the COVID-19 pandemic. During the fourth quarter of fiscal year 2020, the Company borrowed $43,000 under its revolving credit facilities. The borrowing was made as part of the Company’s ongoing efforts to preserve financial flexibility in light of the current uncertainty in the global markets and related effects on the Company’s business resulting from the COVID-19 pandemic. In connection with entering into a new revolving credit facility on September 30, 2020, the Company used cash on hand to repay all amounts outstanding under the line of credit and terminated all commitments thereunder.

On March 27, 2020, the President of the United States signed into law the Coronavirus Aid, Relief and Economic Security Act (“the CARES Act”). The CARES Act contains numerous tax provisions including a correction to the applicable depreciation rates available in the original Tax Cuts and Jobs Act (“TCJA”) for Qualified Improvement Property (“QIP”), temporarily establishes a five year carryback period for current net operating losses (“NOL”), and contains a provision for deferred payment of 2020 employer payroll taxes. The Company currently estimates cash tax benefits of the NOL and QIP changes to be $8,963 and $1,680, respectively. Additionally, the Company plans to defer payment of $2,766 of payroll taxes, with $1,383 to be paid back in the third quarter of fiscal year 2022 and the remainder in the third quarter of fiscal year 2023. Additional income tax provisions of the Act are currently being evaluated and not expected to have material impacts.

Financial Periods

The Company’s third quarter three-month period is a 13-week period ending on the last Friday in December. The Company’s 2021 fiscal three- and nine-month periods ended December 25, 2020, and the Company’s 2020 three- and nine-month periods ended December 27, 2019.

1. Nature of the Business and Basis of Presentation

The Company is subject to a number of risks similar to other companies of a similar size in the semiconductor technology industry, including, but not limited to, timely implementation of new manufacturing technologies, the ability to safeguard patents and intellectual property in a rapidly evolving market and reliance on assembly subcontractors, related party wafer fabrications and independent distributors. In addition the semiconductor market has historically been cyclical and subject to significant economic downturns at various times. The Company is exposed to the risk of obsolescence of its inventories depending on the mix of future business. As a result, the Company may experience significant period-to-period fluctuations in future operating results due to factors mentioned above or other factors.

Impact of the COVID-19 Coronavirus

The Company continues to monitor the rapidly evolving conditions and circumstances as well as guidance from international and domestic authorities, including public health authorities, and the Company may need to take additional actions based on their recommendations. There is considerable uncertainty regarding the impact on the Company’s business stemming from current measures and potential future measures that could restrict access to the Company’s facilities, limit manufacturing and support operations and place restrictions on the Company’s workforce and suppliers. The measures implemented by various authorities related to the COVID-19 outbreak have caused the Company to change its business practices including those related to where employees work, the distance between employees in the Company’s facilities, limitations on the in person meetings between employees and with customers, suppliers, service providers, and stakeholders as well as restrictions on business travel to domestic and international locations or to attend trade shows, investor conferences and other events.

To the extent that the COVID-19 pandemic adversely affects the Company’s business, results of operations, financial condition or liquidity, it also may heighten many of the other risks. Such risks include, if the business impacts of COVID-19 carry on for an extended period, could cause the Company to recognize impairments for goodwill and certain long-lived assets including amortizable intangible assets.

The Company has taken actions to mitigate its financial risk given the uncertainty in global markets caused by the COVID-19 pandemic. During the fourth quarter of fiscal year 2020, the Company borrowed $43,000 under its revolving credit facilities. The borrowing was made as part of the Company’s ongoing efforts to preserve financial flexibility in light of the current uncertainty in the global markets and related effects on the Company’s business resulting from the COVID-19 pandemic. While the Company does not currently expect to use the proceeds from these borrowings for any near-term liquidity needs, it may use the proceeds for working capital and other general corporate purposes.

On March 27, 2020, the President of the United States signed and enacted into law the Coronavirus Aid, Relief and Economic Security Act (“the CARES Act”). The CARES Act contains numerous tax provisions including a correction to the applicable depreciation rates available in the original Tax Cuts and Jobs Act (“TCJA”) for Qualified Improvement Property (“QIP”). The Company is currently evaluating the impact of this change and will adjust historical income tax filings if deemed beneficial. Additional income tax provisions of the Act are currently being evaluated and not expected to have a material impact. The CARES Act also contains a provision for deferred payment of 2020 employer payroll taxes after the date of enactment to future years. The Company expects to defer a portion of its remaining 2020 employer payroll taxes to subsequent years.

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts and results of operations of the Company and its wholly owned subsidiaries. The Company consolidates all entities that it controls by ownership of a majority voting interest, as well as any variable-interest entities for which the Company is deemed to be the primary beneficiary. The Company’s judgment in determining whether it is the primary beneficiary of a variable-interest entity (“VIE”) includes assessing whether the Company will absorb a majority of the entity’s expected losses, receive a majority of the entity’s expected residual returns, or both.

All intercompany balances and transactions, including transactions with affiliated entities that result in intercompany profit, and balances have been eliminated in consolidation.

Fiscal Years’ 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 2019 fiscal year ended March 29, 2019 (“fiscal year 2019”) and the Company’s 2020 fiscal year ended March 27, 2020 (“fiscal year 2020”), and both fiscal years were 52-week periods.

Summary of Significant Accounting Policies

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

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 unaudited consolidated financial statements and the reported amounts of net sales and expenses during the reporting period. Such estimates relate to useful lives of fixed and intangible assets, allowances for doubtful accounts and customer returns and sales allowances. Such estimates could also relate to the fair value of acquired assets and liabilities, including goodwill and intangible assets, net realizable value of inventory, accrued liabilities, the valuation of stock-based awards, deferred tax valuation allowances, and other reserves. On an ongoing basis, management evaluates its estimates. Actual results could differ from those estimates, and such differences may be material to the unaudited condensed consolidated financial statements.

Unaudited Pro Forma Information

On September 30, 2020, the Company entered into the Term Loan Facility (as defined in Note 13) and used the net proceeds, together with cash on hand, to pay a cash dividend in the aggregate amount of $400.0 million to holders of the Company’s Class A common stock. The Company used $300.0 million of the net proceeds it received from its IPO to repay borrowings under the Term Loan Facility.

In the accompanying unaudited consolidated statements of income, the calculation of the unaudited pro forma basic and diluted net income per share attributable to common stockholders for the nine-month period ended December 25, 2020 has been prepared to give effect to the following:

(i) the automatic conversion, in connection with the IPO, of all outstanding shares of Class A common stock and Class L common stock into an aggregate of 166,500,000 shares of common stock (the “Common Stock Conversion”);

(ii) the repurchase, in connection with the Common Stock Conversion, of an aggregate of 2,068,274 shares of common stock from certain of the Company’s directors, executive officers and other employees in order to satisfy certain tax obligations triggered by the vesting of the shares of Class A common stock or a portion of the shares of Class L common stock, as applicable, held by such holder in connection with the IPO (the “Common Stock Repurchases”); and

(iii) additional shares issued in the IPO whose proceeds were necessary to pay the dividend declared in October 2020 in excess of current year earnings and the portion funded by borrowings under the Term Loan Facility that remains unpaid after the IPO (for which interest expense has been included in the computation of pro forma net income).

Deferred Offering Costs

The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded in stockholder’s equity as a reduction of the additional paid-in capital generated as a result of the offering. As of December 25, 2020 and March 27, 2020, the Company had $0 and $0 of deferred offering costs, respectively.

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, which 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 extent 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 to date.

As of December 25, 2020 and March 27, 2020, Sanken accounted for 19.8% and 33.8% of the Company’s outstanding trade accounts receivable, net, respectively, including related party trade accounts receivable. No other customers accounted for 10% or more of outstanding trade accounts receivable, net during those periods.

For the three- and nine-month periods ended December 25, 2020, Sanken accounted for 16.1% and 17.4% of total net sales, respectively. No other customers accounted for 10% or more of total net sales for either of the three- and nine-month periods ended December 25, 2020. For the three- and nine-month periods ended December 27, 2019, Sanken accounted for 10.3% and 10.4% of total net sales, respectively. No other customers accounted for 10% or more of total net sales for either of the three- and nine-month periods ended December 27, 2019.

During the three-month period ended December 25, 2020 sales from customers located outside of the United States accounted for, in the aggregate, 85.4% of the Company’s total net sales, with Greater China accounting for 28.1% and Japan accounting for 16.0% and South Korea accounting for 10.7%. No other countries accounted for greater than 10% of total net sales for the three-month period ended December 25, 2020. During the nine-month period ended December 25, 2020, sales from customers located outside of the United States, in the aggregate, accounted for 86.1% of the Company’s total net sales, with Greater China accounting for 27.9%, Japan accounting for 17.4% and South Korea accounting for 10.5%. No other countries accounted for greater than 10% of total net sales for the nine-month period ended December 25, 2020.

During the three-month period ended December 27, 2019, sales from customers located outside of the United States, in the aggregate, accounted for 82.8% of the Company’s total net sales, with Japan accounting for 28.8% and Greater China accounting for 22.1%. No other countries accounted for greater than 10% of total net sales for the three-month period ended December 27, 2019. During the nine-month period ended December 27, 2019, sales from customers located outside of the United States, in the aggregate, accounted for 81.8% of the Company’s total net sales, with Japan accounting for 27.8% and Greater China accounting for 20.0%. No other countries accounted for greater than 10% of total net sales for the nine-month period ended December 27, 2019.

Impact of Recently Issued Accounting Standards

The Company qualifies as “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected to “opt in” to the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for nonpublic companies.

In February 2016, the Financial Accounting Standards Board (“FASB”) issued its new lease accounting guidance in ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02” or “the new lease standard”), subsequently amended by ASU 2018-11, Leases (Topic 842): Targeted Improvements. Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Lessees will no longer be provided with a source of off-balance sheet financing. The new lease guidance also simplifies the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. The standard is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (i.e., January 1, 2019, for a calendar-year entity). Early application is permitted. Entities have the option of using either a modified retrospective approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, or else a transition option (which the Company expects to use) allowing lessees to not apply the new lease standard in comparative periods but instead recognize a cumulative-effect adjustment to retained earnings as of the date of adoption. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach.

In May 2020, FASB issued ASU No. 2020-05 delaying the effective date of the new lease standard for nonpublic companies to fiscal years beginning after December 15, 2021 and interim periods within those fiscal years beginning after December 15, 2022. The Company expects to adopt this guidance during fiscal year 2022 and its assessment of the impact of adopting this standard is underway, including cataloging all leases, performing a preliminary analysis of the amounts of lease liabilities and right-of-use assets to be recorded and reviewing potential changes to the disclosures on leases. Based on this preliminary assessment, the Company does not expect the adoption of this standard to have a significant impact on its consolidated statement of operations. However, the Company expects that the recognition of right-of-use assets and corresponding lease liabilities will have a significant impact on its consolidated balance sheet.

In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which adds an impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. The ASU is also intended to reduce the complexity by decreasing the number of credit impairment models that entities use to account for debt instruments. ASU 2016-03, along with its subsequent clarifications, was effective for public companies beginning after December 15, 2019 and is effective for nonpublic companies for fiscal years beginning after December 15, 2021. The Company is evaluating the new guidance and the expected effect on its consolidated financial statements and related disclosures. In November 2019, the FASB issued ASU No. 2019-10 delaying the effective date for all entities. For public entities, this guidance was effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. For nonpublic entities, this guidance is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years.

In August 2018, the FASB issued ASU No. 2018-14, “Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans” (“ASU 2018-14”), which modifies the disclosure requirements for defined benefit pension plans and other postretirement plans. ASU 2018-14 should be applied on a retrospective transition basis, and it is effective for public companies beginning after December 15, 2020 and for nonpublic companies beginning after December 15, 2021. The Company is evaluating the new guidance and the expected effect on its consolidated financial statements and related disclosures.

In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement” (“ASU 2018-13”), which modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, regarding transfers between levels of financial instruments, amounts of unrealized gains and losses included in other comprehensive (loss) income for Level 3 fair value measurements and the information used to determine the fair value of Level 3 fair value measurements. The standard is effective for both public and nonpublic companies, for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the potential impact that the adoption of ASU 2018-13 will have on its consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions for intraperiod tax allocations and deferred tax liabilities for equity method investments and adds guidance on whether a step-up in tax basis of goodwill relates to a business combination or a separate transaction. This ASU is effective for fiscal years beginning after December 15, 2020 for public companies and for fiscal years beginning after December 15, 2021 for nonpublic companies, with early adoption permitted. The Company is evaluating the new guidance and the expected effect on its consolidated financial statements and related disclosures.

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)” (“ASU 2020-01”), which addresses accounting for the transition into and out of the equity method and provides clarification of the interaction of rules for equity securities, the equity method of accounting, and forward contracts and purchase options on certain types of securities. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 for public companies and beginning after December 15, 2021 for nonpublic entities with early adoption permitted. The Company is currently assessing the potential impact that the adoption of ASU 2020-01 will have on its consolidated financial statements.

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” (“ASU 2020-04”) to provide temporary optional expedients and exceptions to the contract modifications, hedge relationships, and other transactions affected by reference rate reform if certain criteria are met. This ASU, which was effective for all entities upon issuance on March 12, 2020 and may be applied through December 31, 2022, is applicable to all contracts and hedging relationships that reference the London Interbank Offered Rate (“LIBOR”) or any other reference rate expected to be discontinued. The Company is still assessing the impact that the adoption of ASU 2020-04 will have on its consolidated financial statements.

2. Summary of Significant Accounting Policies

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. Such estimates relate to useful lives of fixed and intangible assets, allowances for doubtful accounts and customer returns and sales allowances. Such estimates could also relate to the net realizable value of inventory, accrued liabilities, the valuation of stock-based awards, deferred tax valuation allowances, and other reserves. On an ongoing basis, management evaluates its estimates. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements.

Unaudited Pro Forma Information

On September 30, 2020, the Company entered into a term loan credit agreement providing for a $325.0 million senior secured term loan facility (the “Term Loan Facility”) and used the net proceeds, together with cash on hand, to pay a cash dividend in the aggregate amount of $400.0 million to holders of the Company’s Class A common stock. The Company used $300.0 million of the net proceeds it received from the initial public offering of the Company’s common stock (the “IPO”) to repay borrowings under the Term Loan Facility.

In the accompanying consolidated statements of income, the calculation of the unaudited pro forma basic and diluted net income per share attributable to common stockholders for the fiscal year ended March 27, 2020 has been prepared to give effect to the following:

(i) the automatic conversion, in connection with the IPO, of all outstanding shares of Class A common stock and Class L common stock into an aggregate of 166,499,760 shares of common stock (the “Common Stock Conversion”);

(ii) the repurchase, in connection with the Common Stock Conversion, of an aggregate of 2,068,234 shares of common stock from certain of the Company’s directors, executive officers and other employees in order to satisfy certain tax obligations triggered by the vesting of the shares of Class A common stock or a portion of the shares of Class L common stock, as applicable, held by such holder in connection with the IPO (the “Common Stock Repurchases”); and

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 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 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.

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 Interest

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 of 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 interest in the Company’s consolidated statements of income for fiscal 2019 and fiscal 2020. 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 interest 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, 2019 and March 27, 2020, the Company maintained investments in an interest-bearing cash account. Because of the investment’s short term to maturity and the investment’s relative price insensitivity to changes in market interest rates, the Company notes that 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, 2019 and March 27, 2020. 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 4, “Fair Value Measurements”). The carrying value of accounts receivable, assets held for sale, 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 note receivable was 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 14, “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 an allowance for doubtful accounts, which is an estimate of amounts that may not be collectible.

The Company manages the collectability of accounts receivable primarily through its review of the accounts receivable aging. When facts and circumstances dictate the collection of a specific invoice amount or the balance relating to a customer is in doubt, the Company assesses the impact on amounts recorded for doubtful accounts and, if necessary, records a charge in the fiscal period that such assessment is determined. Adjustments to the allowance for doubtful accounts are recorded as selling, general and administrative expenses in the consolidated statements of income. Account balances are written off after all means of collection are exhausted and the potential for non-recovery is determined to be probable.

Inventories

Inventories are stated at the lower of cost or net realizable value, with cost being determined on a first-in, first-out basis. 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.

Assets Held for Sale

The Company classifies assets as held for sale when all of the following are met: (i) management has committed to a plan to sell the assets; (ii) the assets are available for immediate sale in their present condition; (iii) an active program to locate a buyer has been initiated; (iv) it is probable that a sale will occur within one year; (v) the assets are being actively marketed for sale at a price that is reasonable in relation to their current fair value; and (vi) it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. If all held for sale criteria are met, the assets are reclassified and presented separately in the consolidated balance sheets as assets held for sale at the lower of the carrying value or the fair value, less cost to sell, and no longer depreciated or amortized.

During the third quarter of fiscal year 2019, the Company entered into an agreement to sell its Worcester, Massachusetts-based facility (the “Worcester Facility”) as it had already moved and relocated to its Manchester, New Hampshire and new Marlborough, Massachusetts locations. The Worcester Facility met the criteria to be classified as held for sale, and the Company was required to record these assets at the lower of carrying value or fair value less any costs to sell based on the agreed-upon sale price. The sale of the Worcester Facility closed on May 15, 2019. See “Impairment of Long-Lived Assets” section below for further information.

Deferred Offering Costs

The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded in stockholder’s equity as a reduction of the additional paid-in capital generated as a result of the offering. Should the planned equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the consolidated statements of income. As of March 29, 2019 and March 27, 2020, the Company had no deferred offering costs.

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
Building 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 capitalized costs to acquire and defend to 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 the straight-line method over their estimated useful lives, ranging from three to ten years.

Impairment of Long-Lived Assets

Long-lived assets consist of property, plant and equipment, finite-lived intangibles, such as patents and customer relationships and indefinite-lived intangible assets such as process technology and trademarks.

Property, plant and equipment and 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 that 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. To date, the Company has not recorded any impairment losses on long-lived assets. 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 comparison of the fair value of the intangible asset with its carrying value. 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. The results of the annual impairment test did not indicate any impairments of indefinite-lived intangible assets for fiscal year 2019 and fiscal year 2020.

The Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and concluded that there was a triggering event during the fourth quarter of fiscal year 2020. As a result, management performed an impairment evaluation of its long-lived asset balances as of March 27, 2020. This did not lead to the Company recording an impairment charge at that time. The full extent to which COVID-19 will impact the Company’s results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the virus and the actions to contain or treat its impact.

In the fourth quarter of fiscal year 2020, the Company initiated a process to conclude its operations at its Thailand assembly and test facility (“AMTC facility”) with the intention of selling the AMTC facility. Although as of March 27, 2020, the Company was actively marketing the AMTC facility for sale, the operations did not meet all of the “held for sale” disclosure criteria. Accordingly, the related assets continued to be classified as “held and used” within the consolidated financial statements. As triggering events such as the effects of COVID-19 did not cause impairment, there was no other basis to impair the AMTC facility and related assets at March 27, 2020.

In the third quarter of fiscal year 2019, the Company began assessing the sale of the Worcester Facility included within assets held for sale as of March 29, 2019 in its consolidated balance sheets. As a result of this assessment and certain market indications of the Worcester Facility’s value if sold, the Company prepared an impairment analysis of the carrying value of the Worcester Facility as of November 26, 2018. The impairment analysis was probability weighted considering market data available, future cash flows and whether or not the Company would sell the Worcester Facility. Based on this analysis the Company recorded an impairment loss of $1,075 for its Worcester Facility, which is included in selling, general and administrative expense in its consolidated statements of income for the fiscal year ended March 29, 2019. The Company prepared an updated impairment analysis in the fourth quarter of fiscal year 2019 based on a letter of intent signed for the sale of the Worcester Facility. The result of this analysis was that the Company determined no further changes were required. The sale of the Worcester Facility closed on May 15, 2019.

Goodwill

Goodwill represents the excess purchase price over the estimated fair value of net assets acquired as of the acquisition date. The Company tests goodwill for impairment on an annual basis on the first business day of the fourth quarter or more frequently if there are indicators of impairment. Events that could indicate impairment and trigger an interim impairment assessment include, but are not limited to, current economic and market conditions, including a decline in market capitalization, a significant adverse change in legal factors, business climate, operational performance of the business or key personnel, and an adverse action or assessment by a regulator. The Company has determined that there is one reporting unit for purposes of testing goodwill for impairment.

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 year 2019 and fiscal year 2020 did not indicate any impairments.

The Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and concluded that there was a triggering event during the fourth quarter of fiscal year 2020. The full extent to which COVID-19 will impact the Company’s results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the virus and the actions to contain or treat its impact. As of March 27, 2020, based on management’s assessment, the impacts from COVID-19 did not indicate an impairment of the goodwill.

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 minimal costs accrued in either of the fiscal years ended March 29, 2019 or March 27, 2020.

Deferred Rent

The Company records rent expense on a straight-line basis using a constant periodic rate over the term of its lease agreements. The excess of the cumulative rent expense incurred over the cumulative amounts due under the lease agreements is deferred and recognized over the term of the leases. Leasehold improvement reimbursements from landlords are recorded as deferred rent and amortized as reductions to lease expense over the lease term.

Revenue Recognition under FASB ASC Topic ASC 605, Revenue Recognition (“ASC 605”) for fiscal year 2019

The Company recognizes revenue from product sales to direct customers and distributors, at the time of shipment, provided that (i) persuasive evidence of a sales arrangement exists; (ii) title has transferred (upon delivery of the product to a common carrier); (iii) collectability of the resulting receivable is reasonably assured; (iv) the sales price is fixed or determinable; (v) there are no customer acceptance requirements and (vi) the Company does not have any post shipment requirements or obligations. More specifically, the Company recognizes revenue upon taking into consideration the following:

•

Persuasive evidence of a sales arrangement exists. The Company considers a noncancelable purchase order with a customer, or a sales transaction with terms governed by a contract, to be persuasive evidence of a sales arrangement.

•

Sales price is fixed or determinable. Generally, the Company considers all sales arrangements with payment terms extending beyond 90 days not to be fixed or determinable. If the fee is not fixed or determinable, revenue is recognized upon the earlier of cash receipt, or when the amount becomes due and payable.

•

Collectability of the resulting receivable is reasonably assured. The Company conducts a credit review for all transactions at the inception of an arrangement to determine the creditworthiness of the customer. If the Company determines that collection is not reasonably assured, revenue is deferred and recognized upon the receipt of cash. Payments received by the Company in advance of product delivery are deferred until earned.

Shipping and handling costs are charged to cost of sales as incurred.

The Company estimates potential future returns and sales allowances based on current period revenue recognized from product sales. Such returns and sales allowances include price protection provisions provided to distributors, sales under agreements that allow rights of return, referred to as stock rotation also provided to distributors and returns provisions offered to direct customers. Management analyzes historical data from prior sales returns, acceptance of products and changes in product sales to customers when evaluating the adequacy of returns and sales allowances. Estimates made by the Company may differ from actual returns and sales allowances. These differences may materially impact reported revenue and liquidity.

During fiscal year 2019, the Company acted as a distributor of Sanken products in North America, South America and Europe. The Company evaluated whether it is acting as the principal (i.e. report net sales on a gross basis) or agent (i.e. report net sales on a net basis) in these transactions. Generally, the Company is the primary obligor and act as the principal to these transactions, therefore the Company recognizes net sales gross.

Revenue Recognition under ASC 606 for fiscal year 2020

Effective March 30, 2019, the Company adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09” or “ASC 606”) using the modified retrospective method. ASC 606 superseded the guidance of Revenue Recognition (Topic 605) formerly followed by the Company. The adoption of ASC 606 had no impact on the Company’s consolidated financial statements. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company expects the new standard to be immaterial to net income on an ongoing basis.

Under the guidance of ASC 606, revenue is recognized when transfer of control to the customer occurs in 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 judgement 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 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 obligations based on a relative standalone selling price (“SSP”).

(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.

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 sales and marketing expenses in the Company’s consolidated statements of income.

For the consignment arrangements with distributors, delivery occurs and revenue is recognized when the distributor pulls product from consignment inventory that it 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

The Company elected certain practical expedients with the adoption of the new revenue recognition standard. 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. However, if the period between revenue recognition and when the customer pays is one year or less, the Company elected to not account for the significant financing component.

Other Revenue Recognition Policies

Prior to the end of fiscal year 2020, the Company acted as a distributor of Sanken products in North America, South America and Europe. The Company evaluated whether it is acting as the principal (i.e. report net sales on a gross basis) or agent (i.e. report net sales on a net basis) in these transactions. In doing so, the Company evaluated whether it controls the good or service before it is transferred to the customer. If the Company controls the good or service before it is transferred to the customer, it is acting as principal in the transaction. Generally, the Company controls the promised products before transferring the products to the customer and act as the principal to the transaction, therefore the Company recognizes net sales gross.

Shipping and handling activities are not considered a contract 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) are reported net 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 at March 27, 2020.

Contract Liabilities (Deferred Revenue)—Deferred revenue typically results 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 at March 27, 2020.

Contract costs

Following the Company’s adoption of ASC 606, certain costs, such as cost to obtain a contract or cost to fulfil a contract are required to be capitalized. The Company has immaterial contract costs, as such no amounts were capitalized at March 27, 2020.

Stock-Based Compensation

The Company recognizes compensation costs for all stock-based compensation awards made to employees based upon the awards’ grant-date fair value. The Company estimates the fair value of stock-based compensation awards granted using a discounted cash flow model to determine the fair value of the awards. Stock-based compensation expense is recognized evenly over the vesting period. The Company accounts for forfeitures as they occur. Determining the fair value of the stock-based compensation awards at the grant date requires judgment, including estimated 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.

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 selection of assumptions requires a high degree of judgment and may materially change from period to period. 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 considers the undistributed foreign earnings of its foreign subsidiaries to be indefinitely reinvested and, as such, the Company does not provide for U.S. income tax on such undistributed earnings.

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 in light of changing 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 income. Accrued interest and penalties are included in accrued income taxes in the consolidated balance sheets.

Advertising Costs

Advertising costs are expensed, as incurred, as a component of sales expense. Advertising expense was $508 and $273 in fiscal years 2019 and 2020, respectively.

Net Income Per Share

The Company computes net income per share in accordance with ASC 260, Earnings Per Share (“ASC 260”). Basic net income per share is computed by dividing net income attributable to shareholders 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 16 “Net Income per Share and Unaudited Pro Forma Net Income per Share”.

As the Company maintained two classes of Common stock (Class A and Class L) in fiscal year 2019 and 2020, earnings per basic and diluted shares were calculated under the two-class method. The two-class method includes an earnings allocation formula that determines earnings per share for each participating security according to dividends declared on undistributed earnings for the period. Earnings per diluted share is computed on the basis of the weighted-average number of common shares outstanding during the period plus the dilutive effect of any potential common shares outstanding during the period using the more dilutive of the two-class method or another dilutive method. For the fiscal years ended March 29, 2019 and March 27, 2020, the Company did not allocate income to the Class L shares in accordance with ASC 260, because such classes of shares would not have shared in the distribution had all of the income for the periods been distributed. Accordingly, earnings per share calculations were provided only for the class A shares.

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, which management believes to be of a high credit quality. To manage credit risk related to accounts receivables, the Company evaluates its 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 to date.

As of March 29, 2019, no customer accounted for 10% or more of outstanding trade accounts receivable, net. As of March 27, 2020, Sanken accounted for 33.5% of the Company’s outstanding trade accounts receivable, net, including related party trade accounts receivable. No other customers accounted for 10% or more of outstanding trade accounts receivable, net.

For the fiscal year ended March 29, 2019 and March 27, 2020, Sanken accounted for 26.4% and 28.4% of total net sales, respectively. No other customers accounted for 10% or more of total net sales for either of the fiscal years ended March 29, 2019 or March 27, 2020.

During the fiscal years ended March 29, 2019, sales from customers located outside of the United States in the aggregate accounted for 80.5% of the Company’s total net sales, with Japan accounting for 26.4% and Hong Kong accounting for 18.3%. No other countries accounted for greater than 10% of total net sales for the fiscal year ended March 29, 2019.

During the fiscal years ended March 27, 2020, sales from customers located outside of the United States in the aggregate accounted for 81.7% of the Company’s total net sales, with Japan accounting for 28.4% and Hong Kong accounting for 18.7%. No other countries aside from US, Japan and Hong Kong accounted for greater than 10% of total net sales for the fiscal year ended March 27, 2020.

Impact of Recently Adopted Accounting Standards

In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASC 606, which supersedes all existing revenue recognition guidance under GAAP. The core principle of this standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years and for nonpublic companies for fiscal years beginning after December 15, 2018, including interim periods after those fiscal years. In May 2020, the FASB issued ASC 2020-05, which extended the effective date of ASC 606 for nonpublic companies to fiscal years beginning after December 15, 2019, and for interim periods within annual reporting periods beginning after December 15, 2020.

The Company adopted ASC 606 and all related amendments on March 30, 2019, using the modified retrospective method for contracts that were not completed as of the date of the initial application. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The adoption of ASC 606 had no material impact on the Company’s consolidated financial statements.

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), to address diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The standard is effective for public companies for fiscal years beginning after December 15, 2017 including interim periods within those fiscal years, and for nonpublic companies for fiscal years beginning after December 15, 2018, including interim periods after those fiscal years. The Company adopted this standard on March 30, 2019. The adoption of ASU 2016-15 had no impact on the Company’s consolidated financial statements.

In October 2016, the FASB issued ASU No. 2016-16, “Income Taxes (Topic 740)—Intra-Entity Transfers of Assets other than Inventory” (“ASU 2016-16”). ASU 2016-16 eliminated the exception that prohibited the recognition of current and deferred income tax consequences for intra-entity asset transfers (other than inventory) until the asset has been sold to an outside party. The standard is effective for public companies for fiscal years beginning after December 15, 2017 including interim periods within those fiscal years, and for nonpublic companies for fiscal years beginning after December 15, 2018, including interim periods after those fiscal years. The Company adopted this standard on March 30, 2019. The adoption of ASU 2016-16 had no impact to the Company’s consolidated financial statements.

In January 2017, the FASB issued ASU No. 2017-04, “Intangibles—Goodwill and Other (Topic 350)” (“ASU 2017-04”). ASU 2017-04 simplified the accounting for goodwill impairments by eliminating step 2 from the goodwill impairment test. The standard is effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and for nonpublic companies for fiscal years beginning after December 15, 2021, including interim periods after those fiscal years. The Company early adopted this standard during fiscal year 2020 and was applied prospectively. The adoption of ASU 2017-04 had no impact to the Company’s consolidated financial statements.

In March 2017, the FASB issued ASU No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (“ASU 2017-07”), which requires employers that offer or maintain defined benefit plans to disaggregate the service component from the other components of net benefit cost and provides guidance on presentation of the service component and other components of net benefit cost in the statement of operations. The application of ASU 2017-07 requires retrospective basis for all periods presented. The standard is effective for public companies for fiscal years beginning after December 15, 2017 and for nonpublic companies for fiscal years beginning after December 15, 2018. The Company adopted this standard on March 30, 2019. The adoption of ASU 2017-07 had no impact to the Company’s consolidated financial statements.

In February 2018, the FASB issued ASU No. 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”). ASU 2018-02 allowed a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (“the Act”). The standard is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company adopted this standard on March 30, 2019. The adoption of ASU 2018-02 had no impact to the Company’s consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Topic 35): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”), which requires capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. The Company adopted this standard on March 28, 2020. The adoption of ASU 2018-15 had no impact to the Company’s consolidated financial statements.

Impact of Recently Issued Accounting Standards

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02” or “the new lease standard”) which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. In addition, a lessee is required to record (i) a right-of-use asset and a lease liability on its balance sheet for all leases with accounting lease terms of more than 12 months regardless of whether it is an operating or financing lease and (ii) lease expense for operating leases and amortization and interest expense for financing leases. Leases with a term of 12 months or less may be accounted for similar to prior guidance for operating leases.

In July 2018, the FASB issued ASU No. 2018-11, which added an optional transition method under the new lease standard that allows companies to adopt the standard as of the beginning of the year of adoption as opposed to the earliest comparative period presented. In November 2019, the FASB issued guidance delaying the effective date for all entities, except for public business entities. For public entities, this guidance was effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. For nonpublic entities, this guidance was effective for annual periods beginning after December 15, 2020.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (“ASU 2018-13”), which modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, regarding transfers between levels of financial instruments, amounts of unrealized gains and losses included in other comprehensive (loss) income for Level 3 fair value measurements and the information used to determine the fair value of Level 3 fair value measurements. The standard is effective for both public and nonpublic companies, for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the potential impact that the adoption of ASU 2018-13 will have on its consolidated financial statements.

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) (“ASU 2020-01”), which addresses accounting for the transition into and out of the equity method and provides clarification of the interaction of rules for equity securities, the equity method of accounting, and forward contracts and purchase options on certain types of securities. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 for public companies and beginning after December 15, 2021 for nonpublic entities with early adoption permitted. The Company is currently assessing the potential impact that the adoption of ASU 2020-01 will have on its consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) to provide temporary optional expedients and exceptions to the contract modifications, hedge relationships, and other transactions affected by reference rate reform if certain criteria are met. This ASU, which was effective for all entities upon issuance on March 12, 2020, and may be applied through December 31, 2022, is applicable to all contracts and hedging relationships that reference the London Interbank Offered Rate (“LIBOR”) or any other reference rate expected to be discontinued. The Company is still assessing the impact that the adoption of ASU 2020-04 will have on its consolidated financial statements.

Revenue from Contracts with Customers

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

4. Revenue from Contracts with Customers

The Company generates revenue from the sale of magnetic sensor integrated circuits (“ICs”), application-specific analog power semiconductors, wafer foundry products and from the sale of Sanken-related products. The following tables summarize net sales disaggregated by core end market and application, by product and by geography for the three- and nine-month periods ended December 25, 2020 and December 27, 2019. The categorization of net sales by core end market and 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 the products are being shipped to.

Net sales by core end market and application:


	Three-Month Period Ended				Nine-Month Period Ended
	December 25, 2020		December 27, 2019		December 25, 2020		December 27, 2019
Core end market:
Automotive	$	113,902	$	99,074	$	279,759	$	289,681
Industrial		23,654		21,358		65,710		56,095
Other		26,893		15,070		70,630		53,399
Other applications:
Wafer foundry products		—		16,634		—		49,622
Distribution of Sanken products		—		7,666		—		26,688

Total net sales	$	164,449	$	159,802	$	416,099	$	475,485

Net sales by product:


	Three-Month Period Ended				Nine-Month Period Ended
	December 25, 2020		December 27, 2019		December 25, 2020		December 27, 2019
Power integrated circuits (“PIC”)	$	54,406	$	43,665	$	146,276	$	123,900
Magnetic sensors (“MS”)		109,457		91,837		268,956		275,275
Photonics		586		—		867		—
Wafer foundry products		—		16,634		—		49,622
Distribution of Sanken products		—		7,666		—		26,688

Total net sales	$	164,449	$	159,802	$	416,099	$	475,485

Net sales by geography:


	Three-Month Period Ended				Nine-Month Period Ended
	December 25, 2020		December 27, 2019		December 25, 2020		December 27, 2019
Americas:
United States	$	23,934	$	27,498	$	57,892	$	86,746
Other Americas		5,620		4,722		10,797		15,930
EMEA:
Europe		28,239		24,341		70,459		76,622
Asia:
Japan		26,439		46,010		72,570		131,950
Greater China		46,172		35,284		116,178		95,244
South Korea		17,606		14,119		43,733		41,413
Other Asia		16,439		7,828		44,470		27,580

Total net sales	$	164,449	$	159,802	$	416,099	$	475,485

The Company recognizes sales net of returns, credits issued, price protection adjustments and stock rotation rights. At December 25, 2020 and March 27, 2020, these adjustments were $16,574 and $17,473, respectively, and were netted against trade accounts receivable in the unaudited consolidated balance sheets. These amounts represent activity of credits of $899 and $815 for the nine-month periods ended December 25, 2020 and December 27, 2019, respectively.

Unsatisfied performance obligations primarily represent contracts for products with future delivery dates. The Company elected to not disclose the amount of unsatisfied performance obligations as these contracts have original expected durations of less than one year.

3. Revenue from Contracts with Customers

The Company generates revenue from the sale of magnetic sensor integrated circuits (“ICs”), application-specific analog power semiconductors, wafer foundry products and from the sale of Sanken related products. The following table summarizes net sales disaggregated by core end market and application, by product and by geography for the fiscal year ended March 27, 2020. The categorization of net sales by core end market and 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 the products are being shipped to.

Net sales by core end market and application:


	Fiscal Year Ended March 27, 2020
Core end market:
Automotive	$	395,277
Industrial		78,399
Other		68,622
Other applications:
Wafer foundry products		72,370
Distribution of Sanken products		35,421

Total net sales	$	650,089

Net sales by product:


	Fiscal Year Ended March 27, 2020
Power integrated circuits (‘PIC”)	$	165,911
Magnetic sensors (“MS”)		376,387
Wafer foundry products		72,370
Distribution of Sanken products		35,421

Total net sales	$	650,089

Net sales by geography:


	Fiscal Year Ended March 27, 2020
Americas:
United States	$	119,139
Other Americas		20,883
EMEA:
Europe		110,126
Asia:
Japan		184,557
Greater China		121,807
South Korea		54,707
Other Asia		38,870

Total net sales	$	650,089

The Company recognizes sales net of returns, credits issued, price protection adjustments and stock rotation rights. For the fiscal years ended March 29, 2019 and March 27, 2020, these adjustments were $17,608 and $17,185, respectively and were netted against trade accounts receivables in the consolidated balance sheets.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Fair Value Measurements

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

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 December 25, 2020 and March 27, 2020 measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:


	Fair Value Measurement at December 25, 2020 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market fund deposits	$	16,320	$	—	$	—	$	16,320
Restricted cash:
Money market fund deposits		6,520		—		—		6,520

Total assets	$	22,840	$	—	$	—	$	22,840

Liabilities:
Other long-term liabilities:
Contingent consideration	$	—	$	—	$	7,800	$	7,800

Total liabilities	$	—	$	—	$	7,800	$	7,800


	Fair Value Measurement at March 27, 2020 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market fund deposits	$	46,337	$	—	$	—	$	46,337
Restricted cash:
Money market fund deposits		5,385		—		—		5,385

Total assets	$	51,722	$	—	$	—	$	51,722

The following table shows the change in fair value of Level 3 contingent consideration in connection with the Acquisition for the nine-month period ended December 25, 2020:


	Level 3 Contingent Consideration
Balance at March 27, 2020	$	—
Additions during the year		7,800

Balance at December 25, 2020	$	7,800

Assets and liabilities measured at fair value on a recurring basis also consist of marketable securities, unit investment trust fund, loans, bonds, stock and other investments which are 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 nine-month periods ended December 25, 2020 and December 27, 2019, there were no transfers among Level 1, Level 2 and Level 3.

4. Fair Value Measurements

The following tables present information about the Company’s financial assets and liabilities as of March 29, 2019 and March 27, 2020 measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:


	Fair Value Measurements as of March 29, 2019 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market fund deposits	$	41,581	$	—	$	—	$	41,581
Restricted cash:
Money market fund deposits		3,514		—		—		3,514

Total assets	$	45,095	$	—	$	—	$	45,095

During fiscal year 2019, the Company recorded assets related to its planned sale of the Worcester Facility as held for sale. The assets were measured at fair value on a non-recurring basis totaling $3,795 as of March 29, 2019.


	Fair Value Measurements as of March 27, 2020 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market fund deposits	$	46,337	$	—	$	—	$	46,337
Restricted cash:
Money market fund deposits		5,385		—		—		5,385

Total assets	$	51,722	$	—	$	—	$	51,722

Assets and liabilities measured at fair value on a recurring basis also consists of marketable securities, unit investment trust fund, loans, bonds, stock and other investments which are 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 14, “Retirement Plans”.

During the fiscal years ended March 29, 2019 and March 27, 2020, there were no transfers between Level 1, Level 2 and Level 3.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Trade Accounts Receivable, net

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

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:


	December 25, 2020			March 27, 2020
Trade accounts receivable	$	103,687		$	107,223
Less:
Allowance for doubtful accounts		(138	)		(288	)
Returns and sales allowances		(16,437	)		(17,185	)
Related party trade accounts receivable		(19,778	)		(30,293	)

Total	$	67,334		$	59,457

Changes in the Company’s allowance for doubtful accounts and returns and sales allowances were as follows:


Description	Allowance for Doubtful Accounts			Returns and Sales Allowances			Total
Balance at March 27, 2020	$	288		$	17,185		$	17,473
Charged to costs and expenses or revenue		(150	)		103,660			103,510
Write-offs, net of recoveries		—			(104,408	)		(104,409	)

Balance at December 25, 2020	$	138		$	16,437		$	16,574


Description	Allowance for Doubtful Accounts			Returns and Sales Allowances			Total
Balance at March 29, 2019	$	412		$	17,607		$	18,019
Charged to costs and expenses or revenue		(175	)		91,690			91,515
Write-offs, net of recoveries		—			(92,330	)		(92,330	)

Balance at December 27, 2019	$	237		$	16,967		$	17,204

5. Trade Accounts Receivable, net

Trade accounts receivable, net consisted of the following:


	March 29, 2019			March 27, 2020
Trade accounts receivable	$	101,343		$	107,223
Less:
Allowance for doubtful accounts		(412	)		(288	)
Returns and sales allowances		(17,608	)		(17,185	)
Related party trade accounts receivable		(6,879	)		(30,293	)

Total	$	76,444		$	59,457

Changes in the Company’s allowance for doubtful accounts and returns and sales allowances were as follows:


Description	Allowance for Doubtful Accounts			Returns and Sales Allowances			Total
Balance at March 30, 2018	$	303		$	25,977		$	26,280
Charged to costs and expenses or sales		495			113,250			113,745
Write-offs, net of recoveries or reductions charged to income		(386	)		(121,620	)		(122,006	)

Balance at March 29, 2019		412			17,607			18,019
Charged to costs and expenses or sales		262			118,719			118,981
Write-offs, net of recoveries or reductions charged to income		(386	)		(119,142	)		(119,528	)

Balance at March 27, 2020	$	288		$	17,185		$	17,473

Inventories

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Inventory Disclosure [Abstract]

Inventories

7. Inventories

Inventories include material, labor and overhead and consisted of the following:


	December 25, 2020		March 27, 2020
Raw materials and supplies	$	8,689	$	12,411
Work in process		57,477		87,606
Finished goods		24,451		24,659
Finished goods - consigned		3,404		2,551

Total	$	94,021	$	127,227

In connection with the Acquisition, the Company acquired inventory with a stepped-up basis of $3,120, for which $1,245 was on-hand at December 25, 2020. The Company recorded inventory provisions totaling $885 and $2,958 for the three- and nine-month periods ended December 25, 2020, respectively, and $1,008 and $2,538 for the three- and nine-month periods ended December 27, 2019, respectively.

6. Inventories

Inventories include material, labor and overhead and consisted of the following:


	March 29, 2019		March 27, 2020
Raw materials and supplies	$	12,688	$	12,411
Work in process		83,750		87,606
Finished goods		30,167		24,659
Finished goods—consigned		4,312		2,551

Total	$	130,917	$	127,227

The Company recorded inventory provisions totaling $3,660 and $3,345 for the fiscal years ended March 29, 2019 and March 27, 2020, respectively.

Property, Plant and Equipment, net

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

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:


	December 25, 2020			March 27, 2020
Land	$	23,829		$	27,898
Buildings, building improvements and leasehold improvements		91,535			150,402
Machinery and equipment		488,796			694,215
Office equipment		6,643			7,517
Construction in progress		10,956			27,919

Total		621,759			907,951
Less accumulated depreciation		(407,387	)		(575,621	)

Total	$	214,372		$	332,330

Total depreciation expense amounted to $11,255 and $33,861 in the three- and nine-month periods ended December 25, 2020, respectively, and $15,677 and $46,247 in the three- and nine-month periods ended December 27, 2019, respectively.

Long-lived assets include property, plant and equipment and related deposits on such assets, and capitalized tooling costs. The geographic locations of the Company’s long-lived assets, net, based on physical location of the assets, as of December 25, 2020 and March 27, 2020 are as follows:


	December 25, 2020		March 27, 2020
United States	$	35,894	$	152,536
Philippines		136,284		106,618
Thailand		34,226		62,380
Other		9,306		12,112

Total	$	215,710	$	333,646

Amortization of prepaid tooling costs amounted to $18 and $54 for the three- and nine-month periods ended December 25, 2020, respectively, and $32 and $94 in the three- and nine-month periods ended December 27, 2019, respectively.

7. Property, Plant and Equipment, net

Property, plant and equipment, net is stated at cost, and consisted of the following:


	March 29, 2019			March 27, 2020
Land	$	27,675		$	27,898
Buildings, building improvements and leasehold improvements		150,223			150,402
Machinery and equipment		685,268			694,215
Office equipment		10,237			7,517
Construction in progress		32,543			27,919

		905,946			907,951
Less: accumulated depreciation		(558,542	)		(575,621	)

Total	$	347,404		$	332,330

The Company retired $14,959 and $9,418 of fully depreciated assets during fiscal years ended March 29, 2019 and March 27, 2020, respectively. Total depreciation expense was $58,333 and $62,118 for the fiscal years ended March 29, 2019 and March 27, 2020, respectively.


	March 29, 2019		March 27, 2020
United States	$	151,221	$	152,536
Philippines		109,485		106,618
Thailand		72,468		62,380
Other		15,449		12,112

Total	$	348,623	$	333,646

Amortization expense related to prepaid tooling, which is included in selling, general and administrative expense was $205 and $125 for the fiscal years ended March 29, 2019 and March 27, 2020, respectively.

Goodwill and Intangible Assets

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

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 27, 2020	$	1,285
Goodwill arising from Acquisition		18,803
Currency translation		161

Balance at December 25, 2020	$	20,249

Intangible assets, net is as follows:


	December 25, 2020
Description	Gross		Accumulated Amortization		Net Carrying Amount		Weighted- Average Lives
Patents	$	31,852	$	11,661	$	20,191		10 years
Customer relationships		6,193		5,823		370		9 years
Process technology		17,150		2,028		15,122		12 years
Trademarks		810		73		737		5 years
Other		32		32		—

Total	$	56,037	$	19,617	$	36,420


	March 27, 2020
Description	Gross		Accumulated Amortization		Net Carrying Amount		Weighted- Average Lives
Patents	$	29,115	$	9,834	$	19,281		10 years
Customer relationships		5,462		5,335		127		9 years
Process technology		1,650		1,650		—
Trademarks		608		58		550
Other		32		32		—

Total	$	36,867	$	16,909	$	19,958

As summarized in Note 3, “Acquisition,” the Company completed its acquisition of Voxtel, Inc. during the nine-month period ended December 25, 2020. The Company paid an amount of $35,081 to acquire Voxtel, which represents its fair value on that date. Any excess of the Acquisition consideration over the fair value of the assets acquired and liabilities assumed was allocated to goodwill, which amounted to $18,803. As a result of the Acquisition, the Company recorded finite-life intangible assets of $13,600, the types and lives of which are detailed in the above-referenced financial note. In addition, as a result of the Acquisition, the Company recorded indefinite-life intangible assets of $2,400.

Intangible assets amortization expense was $926 and $2,310 for the three- and nine-month periods ended December 25, 2020, respectively, and $422 and $1,267 for the three- and nine-month periods ended December 27, 2019, respectively. The majority of the Company’s intangible assets are related to patents as noted above. The Company capitalizes external legal costs incurred in the defense of its patents when it believes that a significant, discernible increase in value will result from the defense and a successful outcome of the legal action is probable. When the Company capitalizes patent defense costs, it amortizes these costs over the remaining estimated useful life of the patent, which is generally 10 years. There were no such costs capitalized during either of the first nine months of fiscal years 2021 or 2020.

As of December 25, 2020, annual amortization expense of intangible assets for the next five fiscal years is expected to be as follows:


Remainder of 2021	$	850
2022		3,293
2023		3,139
2024		3,003
2025		2,709
Thereafter		23,426

Total	$	36,420

8. Goodwill and Intangible Assets

The table below summarizes the changes in the carrying amount of goodwill as follows:


	Fiscal Year Ended
	March 29, 2019			March 27, 2020
Beginning balance	$	1,467		$	1,336
Foreign currency translation		(131	)		(51	)

Ending balance	$	1,336		$	1,285

Intangible assets, net is as follows:


	March 29, 2019
Description	Gross		Accumulated Amortization		Net Carrying Amount		Weighted- Average Lives
Patents	$	24,986	$	8,035	$	16,951		10 years
Customer relationships		5,205		4,946		259		9 years
Process technology		1,650		1,650		—
Trademarks		563		58		505
Other		32		32		—

Total	$	32,436	$	14,721	$	17,715


	March 27, 2020
Description	Gross		Accumulated Amortization		Net Carrying Amount		Weighted- Average Lives
Patents	$	29,115	$	9,834	$	19,281		10 years
Customer relationships		5,462		5,335		127		9 years
Process technology		1,650		1,650		—
Trademarks		608		58		550
Other		32		32		—

Total	$	36,867	$	16,909	$	19,958

Intangible assets amortization expense was $1,417 and $1,805 for the fiscal years ended March 29, 2019 and March 27, 2020, respectively. The majority of the Company’s intangible assets are related to patents as noted above. The Company capitalizes external legal costs incurred in the defense of its patents when it believes that a significant, discernible increase in value will result from the defense and a successful outcome of the legal action is probable. When the Company capitalizes patent defense costs it amortizes these costs over the remaining estimated useful life of the patent, which is generally ten years. There were no such costs capitalized during either of the fiscal years ending on March 29, 2019 or March 27, 2020.

As of March 27, 2020, annual amortization expense of intangible assets for the next five fiscal years is expected to be as follows:


Fiscal Year	Amortization Expense
2021	$	2,391
2022		2,145
2023		1,881
2024		1,695
2025		1,410
Thereafter		10,436

Total	$	19,958

Other Assets, net

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets, net

10. Other Assets, net

The composition of other assets, net is as follows:


	December 25, 2020		March 27, 2020
VAT receivables long-term, net	$	6,662	$	3,039
Deposits		2,414		2,399
Prepaid contracts long-term		1,478		1,282
Other		1,928		2,090

Total	$	12,482	$	8,810

9. Other Assets

The composition of Other assets, net is as follows:


	March 29, 2019		March 27, 2020
VAT receivables long-term, net	$	6,171	$	3,039
Deposits		2,428		2,399
Prepaid contracts long-term		2,767		1,282
Other		2,216		2,090

Total	$	13,582	$	8,810

Accrued Expenses and Other Current Liabilities

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

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 is as follows:


	December 25, 2020		March 27, 2020
Accrued management incentive (LTCIP)	$	94	$	11,488
Accrued management incentive (non-LTCIP)		14,143		6,273
Accrued salaries and wages		18,603		12,069
Base acquisition purchase price due		17,244		—
Accrued vacation		5,534		7,146
Accrued severance		2,643		6,065
Accrued professional fees		1,057		4,036
Accrued income taxes		1,803		3,408
Accrued utilities		628		1,114
Other current liabilities		5,030		5,256

Total	$	66,779	$	56,855

10. Accrued Expenses and Other Current Liabilities

The composition of Accrued expenses and other current liabilities is as follows:


	March 29, 2019		March 27, 2020
Accrued management incentive (LTIP)	$	17,115	$	11,488
Accrued management incentive (non-LTIP)		15,002		6,273
Accrued salaries and wages		9,851		12,069
Accrued vacation		7,577		7,146
Accrued severance		1,292		6,065
Accrued professional fees		1,857		4,036
Accrued income taxes		1,656		3,408
Accrued utilities		1,243		1,114
Accrued escrow		1,433		—
Other current liabilities		4,706		5,256

Total	$	61,732	$	56,855

Management Long-Term Cash Incentive Plan

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Management Long-Term Cash Incentive Plan

12. Management Long-Term Cash Incentive Plan

On August 28, 2015, the Company’s Board of Directors approved a Long-Term Cash Incentive Plan (“LTCIP”) for certain employees. Under the LTCIP, employees receive cash payments upon achievement of certain performance metrics determined based on a three-year rolling performance period. The Company had executed individual agreements with employees to pay certain incentives upon achievement of the plan conditions at the end of each three-year performance period.

In connection with its IPO, the Company offered certain employees (excluding its named executive officers) who were eligible to receive cash bonuses under the Company’s LTCIP and/or Talent Retention Incentive Program (as amended, the “TRIP”) the opportunity to elect to receive restricted stock units (“RSUs”) under its 2020 Omnibus Incentive Compensation Plan in lieu of cash payouts under the LTCIP and/or TRIP, through the LTCIP/TRIP Award RSU Conversion Program (the “RSU Conversion Program”). The expense related to the LTCIP and TRIP awards elected to be exchanged in the RSU Conversion Program amounted to $607 and $421, respectively. The number of RSUs granted to employees that elected to participate in the RSU Conversion Program is determined as a percentage of the employee’s target bonus under the LTCIP or TRIP, and amounted to 602,490 and 348,911 RSUs on behalf of the LTCIP and TRIP conversion, respectively, at a grant date fair value of $14.00. If an employee elected not to participate in the RSU Conversion Program, the LTCIP or TRIP award will continue under its existing terms and conditions.

The accrual activity, payments, removal due to divestitures and balances related to the LTCIP are as follows:


Description	Current Liabilities			Long-Term Liabilities
Balance at March 27, 2020	$	11,488		$	2,439
Reclassification		1,004			(1,004	)
Payments		(11,096	)		—
RSU conversion		(640	)		—
Removal due to divestiture		(378	)		(398	)
Accruals		(284	)		(843	)

Balance at December 25, 2020	$	94		$	194

The current and long-term portion of the liabilities associated with the LTCIP is included within accrued expenses and other current liabilities and other long-term liabilities in the Company’s unaudited consolidated balance sheets, respectively.

11. Management Long-Term Incentive Plan

On August 28, 2015 the Company’s Board of Directors approved a Long-Term Cash Incentive Plan (“LTIP”) for certain employees. Under the LTIP, employees receive cash payments upon achievement of certain performance metrics determined based on a three-year rolling performance period. The Company had executed individual agreements with employees to pay certain incentives upon achievement of the plan conditions at the end of each three-year performance period. The accrual activity, payments, and balances related to the LTIP are as follows:


	Current Liabilities			Long-Term Liabilities
Balance as of March 30, 2018	$	9,390		$	16,118
Reclassification		11,773			(11,773	)
Payments		(9,887	)		—
Accruals		5,839			6,759

Balance as of March 29, 2019		17,115			11,104
Reclassification		9,707			(9,706	)
Payments		(17,836	)		—
Accruals		2,502			1,041

Balance as of March 27, 2020	$	11,488		$	2,439

The current and long-term portion of the liabilities associated with the LTIP is included within accrued expenses and other current liabilities and other long-term liabilities in the Company’s consolidated balance sheets, respectively.

Debt and Other Borrowings

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Debt Disclosure [Abstract]

Debt and Other Borrowings

13. Debt and Other Borrowings

Components of Debt

The following is a summary of obligations under the Company’s Senior Secured Credit Facilities and other borrowings at December 25, 2020 and March 27, 2020:


	December 25, 2020		March 27, 2020
Senior Secured Term Loan	$	25,000	$	—
Unsecured Revolving Credit Facilities		—		43,000

Total Debt		25,000		43,000
Less debt payable within one year		—		43,000

Debt payable after one year	$	25,000	$	—

The principal maturities of debt obligations outstanding were as follows at December 25, 2020:


Remainder of 2021	$	—
2022		—
2023		—
2024		—
2025		—
Thereafter		25,000

Total	$	25,000

Senior Secured Credit Facilities:

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 2027 (the “Term Loan Facility”). On September 30, 2020, the Company also 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 “Revolving Credit Facility” and, together with the Term Loan Facility, the “Senior Secured Credit Facilities”). The Revolving Credit Facility is secured by a lien on the same collateral and on the same basis as the Term Loan Facility. Interest on the Term Loan Facility is calculated at LIBOR plus 3.75% to 4.00% based on the Company’s net leverage ratio, and LIBOR is subject to a 0.5% floor. The Company’s outstanding borrowings bore an interest rate of 4.5% at December 25, 2020. The Company has not borrowed on the Revolving Credit Facility at December 25, 2020.

In connection with entering into the Revolving Credit Facility, the Company used cash on hand to repay all prior amounts outstanding under AML’s $25,000 and $8,000 line of credit agreements and terminated all commitments thereunder.

Included in the Term Loan Facility were deferred financing costs of $9,374, which the Company has deducted from the carrying amount presented on its unaudited consolidated balance sheet and amortized into interest expense or recognized as loss on debt extinguishment. Included in the Revolving Credit Facility were deferred financing costs of $300, which the Company classified the related short-term and long-term portions within “Prepaid expenses and other current assets” and “Other assets” on its unaudited consolidated balance sheet and is amortizing those costs over the term of the facility. The unamortized portion of the deferred financing costs associated with the Revolving Credit Facility was $254 at December 25, 2020.

On November 25, 2020, the Company repaid $300,000 of the outstanding $325,000 Term Loan Facility using proceeds from the Company’s recently completed IPO. The repayment was accounted for as a debt extinguishment in accordance with provisions of ASC Topic 470-50, Debt Modifications and Extinguishments. The Company recognized a loss on debt extinguishment of $9,055, which was included within “Other (expense) income” in the unaudited consolidated statement of operations at December 25, 2020. The loss on debt extinguishment consisted of the unamortized balances of previously deferred financing costs which the Company wrote off.

Unsecured Revolving Credit Facilities:

On January 22, 2019, the Company, through its subsidiaries, entered into a revolving line of credit agreement, with a financial institution, that provided for a maximum borrowing capacity of $25,000. The revolving line of credit bore interest at LIBOR on the day of the advance plus a 0.4% spread payable upon maturity of the draws, and expired on January 22, 2021. During fiscal year 2020, the Company borrowed $25,000 under the revolving line of credit. As of March 27, 2020, the Company had a $25,000 outstanding balance under the revolving line of credit agreement with an original repayment date of June 19, 2020 at an interest rate of 1.7%. In the first quarter of fiscal 2021, repayment of the $25,000 borrowings under the revolving line of credit was extended to December 18, 2020. The revolving line of credit was secured, for a one-year period, by a non-refundable fee of $25 that was paid to the financial institution. In connection with entering into a new revolving credit facility on September 30, 2020, the Company used cash on hand to repay all amounts outstanding under the line of credit and terminated all commitments thereunder.

On March 27, 2006, the Company, through its PSL subsidiary, entered into a revolving line of credit agreement, with a financial institution, that provides for a maximum borrowing capacity of $10,000. The revolving line of credit bore interest at LIBOR on the day of the advance plus 1.0% spread payable upon maturity of the draws and was guaranteed by Sanken. Under the terms of the revolving line of credit agreement, the principal was due at various times during fiscal year 2021. During fiscal year 2020, the Company borrowed $10,000 under the revolving line of credit. As of March 27, 2020, the Company had a $10,000 outstanding balance under the revolving line of credit agreement maturing on September 16, 2020, at an interest rate of 2.5%. On March 28, 2020, in conjunction with the divestiture of PSL, the debt was deconsolidated.

On December 5, 2001, the Company, through its subsidiaries, entered into a line of credit agreement with a financial institution that provided for a maximum borrowing capacity of $8,000. On March 18, 2020, the Company borrowed $8,000 under the line of credit. As of March 27, 2020, the Company had an $8,000 outstanding balance under the line of credit agreement maturing on June 18, 2020 at an interest rate of 1.9%. In the first quarter of fiscal 2021, repayment of the $8,000 borrowings under the line of credit was extended to December 21, 2020. In connection with entering into a new revolving credit facility on September 30, 2020, the Company used cash on hand to repay all amounts outstanding under the line of credit and terminated all commitments thereunder.

On November 26, 2019, the Company, through its subsidiaries, entered into a line of credit agreement with a financial institution that provides for a maximum borrowing capacity of 60,000 Philippine pesos (approximately $1,247 at December 25, 2020) at the bank’s prevailing interest rate. The line of credit was due to expire on August 31, 2021. There were no borrowings outstanding under this line of credit as of December 25, 2020 and March 27, 2020.

On November 20, 2019, the Company, through its subsidiaries, entered into a line of credit agreement with a financial institution that provides for a maximum capacity of 75,000 Philippine pesos (approximately $1,559 at December 25, 2020) at the bank’s prevailing interest rate. The line of credit was due to expire on June 30, 2021. There were no borrowings outstanding under this line of credit as of December 25, 2020 and March 27, 2020.

Given the continued uncertainty surrounding COVID-19, during the month of March 2020, the Company executed a $43,000 drawdown of the majority of its remaining available lines-of-credit under its existing agreements, as noted above. The Company took this action as a precautionary measure to increase its cash position and help maintain financial flexibility. The proceeds from the drawdown were used for working capital, general corporate or other purposes during the COVID-19 pandemic into fiscal year 2021.

12. Bank Lines of Credit

On January 22, 2019, the Company, through its subsidiaries, entered into a line-of-credit agreement, with a financial institution, that provides for a maximum borrowing capacity of $25,000. The line-of credit bears interest at LIBOR on the day of the advance plus a 0.4% spread payable upon maturity of the draws and expires on January 22, 2021. As of March 29, 2019, there were no borrowings under the line-of-credit. During fiscal year 2020, the Company borrowed $25,000 under the line-of-credit. As of March 27, 2020, the Company had $25,000 outstanding balance under the line-of-credit agreement maturing on June 19, 2020 at an interest rate of 1.7%. The line of credit is secured, for one-year period, by a non-refundable fee of $25 that was paid to the financial institution.

On March 27, 2006, the Company, through its subsidiaries, entered into a line-of-credit agreement, with a financial institution, that provides for a maximum borrowing capacity of $10,000. The line-of-credit bears interest at LIBOR on the day of the advance plus 1.0% spread payable upon maturity of the draws and is guaranteed by Sanken. Under the terms of the line-of-credit agreement, the principal is due at various times during fiscal year 2021. As of March 29, 2019, there were no borrowings under the line-of-credit. During fiscal year 2020, the Company borrowed $10,000 under the line of credit. As of March 27, 2020, the Company had $10,000 outstanding balance under the line-of-credit agreement maturing on September 16, 2020, at an interest rate of 2.5%.

On December 5, 2001, the Company, through its subsidiaries, entered into a line-of-credit agreement with a financial institution that provides for a maximum borrowing capacity of $8,000. On March 18, 2020, the Company borrowed $8,000 under the line-of-credit. As of March 27, 2020, the Company had $8,000 outstanding balance under the line-of-credit agreement maturing on June 18, 2020 at an interest rate of 1.9%.

On November 26, 2019, the Company, through its subsidiaries, entered into a line-of-credit agreement with a financial institution that provides for a maximum borrowing capacity of 60,000 Philippine pesos (approximately $1,175) at the bank’s prevailing interest rate, which was approximately 7.3% and 4.6% at March 29, 2019 and March 27, 2020, respectively. The line-of credit expires on August 31, 2020. There were no borrowings outstanding under this line-of-credit as of March 29, 2019 or March 27, 2020.

On November 20, 2019, the Company, through its subsidiaries, entered into a line-of-credit agreement with a financial institution that provides for a maximum capacity of 75,000 Philippine pesos (approximately $1,469) at the bank’s prevailing interest rate, which was approximately 7.3% and 4.6% at March 29, 2019 and March 27, 2020, respectively. The line-of credit expires on June 30, 2020. There were no borrowings outstanding under this line-of-credit as of March 29, 2019 or March 27, 2020.

Given the continued uncertainty surrounding COVID-19, during the month of March 2020, the Company executed a $43,000 drawdown of the majority of its remaining available lines-of-credit under its existing agreements, as noted above. The Company took this action as a precautionary measure to increase its cash position and help maintain financial flexibility. The proceeds from the drawdown will be available to be used for working capital, general corporate or other purposes during the COVID-19 crisis into fiscal year 2021. All of the $43,000 of bank lines-of-credit was classified as short-term as of March 27, 2020.

Other Long-Term Liabilities

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Other Liabilities Disclosure [Abstract]

Other Long-Term Liabilities

14. Other Long-Term Liabilities

The composition of other long-term liabilities is as follows:


	December 25, 2020		March 27, 2020
Accrued management incentive (LTCIP)	$	194	$	2,439
Accrued management incentive (non-LTCIP)		318		2,304
Accrued retirement		9,516		8,005
Accrued contingent consideration		7,800		—
Provision for uncertain tax positions (net)		2,758		2,855
Other		275		275

Total	$	20,861	$	15,878

13. Other Long-Term Liabilities

The composition of Other long-term liabilities is as follows:


	March 29, 2019		March 27, 2020
Accrued management incentive (LTIP)	$	11,104	$	2,439
Accrued management incentive (non-LTIP)		1,408		2,304
Accrued retirement		6,830		8,005
Provision for uncertain tax positions (net)		6,424		2,855
Other		275		275

Total	$	26,041	$	15,878

Retirement Plans

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

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 unaudited consolidated balance sheets with a corresponding adjustment to accumulated other comprehensive income (“AOCI”), net of tax. These amounts will continue to be recognized as a component of future net periodic benefit costs consistent with the Company’s past practice. 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. (“AMPI”), has a defined benefit pension plan, which is a noncontributory plan that covers substantially all employees of the respective subsidiary. The plan’s assets are invested in common trust funds, bonds and other debt instruments and stocks.

Effect on the unaudited statements of operations

Expense related to the non-U.S. defined benefit plan was as follows:


	Three-Month Period Ended						Nine-Month Period Ended
	December 25, 2020			December 27, 2019			December 25, 2020			December 27, 2019
Service cost	$	296		$	242		$	843		$	717
Interest cost		166			169			474			503
Expected return on plan assets		(79	)		(83	)		(231	)		(247	)
Amortization of net transition asset		—			(4	)		—			(10	)
Amortization of prior service cost		2			2			6			6
Actuarial loss		47			24			126			72

Net periodic pension expense	$	432		$	350		$	1,218		$	1,041

Information on Plan Assets

The table below sets forth the fair value of the entity’s plan assets as of December 25, 2020 and March 27, 2020, using the same three-level hierarchy of fair value inputs described in the significant accounting policies included in the audited consolidated financial statements as of March 27, 2020 and for the year then ended, which are included in the previously filed Prospectus.


	Fair Value at December 25, 2020		Level 1		Level 2		Level 3
Assets of non-U.S. defined benefit plan:
Government securities	$	1,826	$	1,826	$	—	$	—
Unit investment trust fund		1,155		—		1,155		—
Loans		562		—		—		562
Bonds		1,193		—		1,193		—
Stocks and other investments		2,353		1,205		1		1,147

Total	$	7,089	$	3,031	$	2,349	$	1,709


	Fair Value at March 27, 2020		Level 1		Level 2		Level 3
Assets of non-U.S. defined benefit plan:
Government securities	$	1,260	$	1,260	$	—	$	—
Unit investment trust fund		897		—		897		—
Loans		756		—		—		756
Bonds		1,094		—		1,094		—
Stocks and other investments		1,572		1,207		1		364

Total	$	5,579	$	2,467	$	1,992	$	1,120

The following table shows the change in fair value of Level 3 plan assets for the nine-month period ended December 25, 2020:


	Level 3 Non-U.S. Defined Plan Assets
	Loans			Stocks
Balance at March 27, 2020	$	756		$	364
Additions during the year		207			—
Redemptions during the year		(440	)		—
Revaluation of equity securities		—			753
Change in foreign currency exchange rates		39			30

Balance at December 25, 2020	$	562		$	1,147

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. In recent years, the Company’s investment policy has shifted toward a closer matching of the interest-rate sensitivity of the plan assets and liabilities. 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, through its wholly owned subsidiary, Allegro MicroSystems, LLC’s (“AML”), non-U.S. defined benefit plan, has added a greater proportion of fixed income securities 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.

During the three- and nine-month periods ended December 25, 2020, the Company contributed approximately $249 and $736 to its non-U.S. pension plan, respectively, and during the three- and nine-month periods ended December 27, 2019 the Company contributed approximately $235 and $698 to its non-U.S. pension plan, respectively. The Company expects to contribute approximately $943 to its non-U.S. pension plan in fiscal year 2021.

Other Defined Benefit Plan

In December 1993, the Company commenced with a rollover pension promise agreement (“Pension Promise”) to offer a then European employee an insured annuity upon their retirement at age 65. The employee was the only eligible participant of the Pension Promise. The impact associated with the expense and related other income with the Pension Promise was insignificant in fiscal years 2020 and 2019, respectively. The total values of the Pension Promise in the amounts of 827 and 866 British Pounds Sterling at December 25, 2020 and March 27, 2020, respectively (approximately $1,112 and $975 at December 25, 2020 and March 27, 2020, respectively), were classified with other in other assets, net and accrued retirement in other long-term liabilities in the Company’s unaudited consolidated balance sheets.

Defined Contribution Plan

Eligible AML U.S. employees may contribute up to 50% of their pretax compensation to a defined contribution plan, subject to certain limitations, and AML may match, at its discretion, 100% of the participants’ pretax contributions, up to a maximum of 5% of their eligible compensation. Matching contributions by AML totaled approximately $1,112 and $3,181 for the three- and nine-month periods ended December 25, 2020, respectively, and approximately $833 and $2,840 for the three- and nine-month periods ended December 27, 2019, respectively.

The Company, through its AML subsidiary, Allegro MicroSystems Europe, Ltd. (“Allegro Europe”), also has a defined contribution plan (the “AME Plan”) covering substantially all employees of Allegro Europe. Contributions to the AME Plan by the Company totaled approximately $207 and $592 for the three- and nine-month periods ended December 25, 2020, respectively, and approximately $201 and $560 for the three- and nine-month periods ended December 27, 2019, respectively.

The Company has a 401(k) plan that covers all employees meeting certain service and age requirements. Employees are eligible to participate in the plan upon hire when the service and age requirements are met. Employees may contribute up to 35% of their compensation, subject to the maximum contribution allowed by the Internal Revenue Service. All employees are 100% vested in their contributions at the time of plan entry. As of January 1, 2008, and until January 1, 2015, the Company’s former wholly owned subsidiary, PSL, adopted and used a Safe Harbor provision, whereby PSL contributed 3% of compensation each pay period for all eligible employees meeting the Safe Harbor criteria. As of January 1, 2015, PSL may match, at its discretion, 100% of the employee’s contribution, up to a maximum of 5% of their eligible compensation. PSL’s matching contributions in the three- and nine-month periods ended December 27, 2019 was $376 and $1,310, respectively.

14. Retirement Plans

The Company recognizes the funded status of its defined benefit pension plans in its consolidated balance sheets with a corresponding adjustment to accumulated other comprehensive income (“AOCI”), net of tax. These amounts will continue to be recognized as a component of future net periodic benefit cost consistent with the Company’s past practice. 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 one of its subsidiaries, has a defined benefit pension plan, which is a noncontributory plan that covers substantially all employees of the respective subsidiary. The plan’s assets are invested in common trust funds, bonds and other debt instruments and stocks.

Effect on the Consolidated Balance Sheets and Statements of Income

Expense related to the non-U.S. defined benefit plan was as follows:


	Fiscal Years Ended
	March 29, 2019			March 27, 2020
Service cost	$	800		$	961
Interest cost		612			674
Expected return on plan assets		(325	)		(331	)
Net acquired/transferred obligation		37			—
Amortization of net transition asset		(14	)		(14	)
Amortization of prior service cost		9			8
Actuarial loss		101			96

Net periodic pension expense	$	1,220		$	1,394

Changes in the benefit obligations and plan assets for the non-U.S. defined benefit plan were as follows:


	Fiscal Years Ended
	March 29, 2019			March 27, 2020
Obligation and funded status of plan:
Benefit obligation at beginning of year	$	9,950		$	10,840
Service cost		800			961
Interest cost		612			674
Acquisitions/transferred employees		37			—
Benefits paid		(474	)		(938	)
Actuarial loss		(19	)		690
Foreign currency exchange rate changes		(66	)		368

Benefit obligation at end of year	$	10,840		$	12,595

Change in plan assets:
Fair value of plan assets at beginning of year	$	5,350		$	5,171
Actual return on plan assets		2			434
Employer contributions		453			932
Benefits paid		(595	)		(1,130	)
Foreign currency exchange rate changes		(39	)		172

Fair value of plan assets at end of year	$	5,171		$	5,579

Underfunded status at end of year	$	(5,669	)	$	(7,016	)

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:


	March 29, 2019		March 27, 2020
Projected benefit obligations	$	10,840	$	12,595
Plan assets		5,171		5,579
Accumulated benefit obligations		6,833		7,818

The amounts recorded in AOCI for the non-U.S. defined benefit plan for the fiscal years ended March 29, 2019 and March 27, 2020, are further detailed below:


	Net Transition Obligation (Asset)			Net Actuarial Loss		Prior Service Costs			Total
Balance, March 30, 2018, net of tax	$	(20	)	$	1,485	$	17		$	1,482
2019 change in AOCI for non-U.S. defined benefit plan		127			825		(1	)		951

Amounts in AOCI before tax		107			2,310		16			2,433
Less tax expense		32			693		5			730

Balance, March 29, 2019, net of tax	$	75		$	1,617	$	11		$	1,703
2020 change in AOCI for non-U.S. defined benefit plan		244			1,264		(3	)		1,505

Amounts in AOCI before tax		319			2,881		8			3,208
Less tax expense		95			864		3			962

Balance, March 27, 2020, net of tax	$	224		$	2,017	$	5		$	2,246

There is no actuarial net gain or loss included in AOCI as of March 27, 2020 that is expected to be amortized into net periodic benefit cost over the next fiscal year.

As of March 27, 2020, the Company does not expect a return of plan assets to the Company during the next 12 months.

Assumptions and Investment Policies

Weighted-Average Assumptions Used to Determine Projected Benefit Obligation


	March 29, 2019			March 27, 2020
Non-U.S. assumed discount rate		6.41	%		4.98	%
Non-U.S. rate of compensation increase		5.00	%		5.00	%

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost


	March 29, 2019			March 27, 2020
Non-U.S. assumed discount rate		6.41	%		4.98	%
Non-U.S. expected long-term return on plan assets		6.00	%		5.20	%
Non-U.S. rate of compensation increase		5.00	%		5.00	%

Assumptions for expected long-term rate of return on plan assets are based upon actual historical returns, future expectations of returns for each asset class and the effect of periodic target asset allocation rebalancing. The results are adjusted for the payment of reasonable expenses of the plan from plan assets. The historical long-term return on the plan’s assets exceeded the selected rates, and the Company believes these assumptions are appropriate based upon the mix of the investments and the long-term nature of the plan’s investments.

Information on Plan Assets

The table below sets forth the fair value of the entity’s plan assets as of March 29, 2019 and March 27, 2020, using the same three-level hierarchy of fair value inputs described in Note 1, “Nature of the Business and Basis of Presentation”:


	Fair Value at March 29, 2019		Level 1		Level 2		Level 3
Assets of non-U.S. defined benefit plan:
Government securities	$	805	$	805	$	—	$	—
Unit investment trust fund		747		—		747		—
Loans		760		—		—		760
Bonds		1,160		—		1,160		—
Stocks and other investments		1,699		1,345		1		353

Total	$	5,171	$	2,150	$	1,908	$	1,113


	Fair Value at March 27, 2020		Level 1		Level 2		Level 3
Assets of non-U.S. defined benefit plan:
Government securities	$	1,260	$	1,260	$	—	$	—
Unit investment trust fund		897		—		897		—
Loans		756		—		—		756
Bonds		1,094		—		1,094		—
Stocks and other investments		1,572		1,207		1		364

Total	$	5,579	$	2,467	$	1,992	$	1,120

The following table shows the change in fair value of Level 3 plan assets for the fiscal year ended March 29, 2019 and March 27, 2020:


	Level 3 Non-U.S. Defined Plan Assets
	Loans			Stocks
Balance at March 30, 2018	$	600		$	355
Additions during the year		489			—
Redemptions during the year		(324	)		—
Change in foreign currency exchange rates		(5	)		(2	)

Balance at March 29, 2019	$	760		$	353
Additions during the year		271			—
Redemptions during the year		(300	)		—
Change in foreign currency exchange rates		25			11

Balance at March 27, 2020	$	756		$	364

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. In recent years, the Company’s investment policy has shifted toward a closer matching of the interest-rate sensitivity of the plan assets and liabilities. 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 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 fiscal year 2020, the Company contributed approximately $943 to its non-U.S. pension plan. The Company expects to contribute approximately $943 to its non-U.S. pension plan in fiscal year 2021.

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 plan assets, not company assets.


	Pension Benefits
2021	$	1,044
2022		1,194
2023		1,138
2024		849
2025		1,024
Thereafter		6,041

Total	$	11,290

Other Defined Benefit Plan

In December 1993, the Company commenced with a rollover pension promise agreement (“Pension Promise”) to offer a then European employee an insured annuity upon their retirement at age 65. The employee was the only eligible participant of the Pension Promise. The impact associated with the expense and related other income with the Pension Promise was insignificant in fiscal years 2019 and 2020, respectively. The total values of the Pension Promise in the amounts of 866 and 903 British Pounds Sterling (“GBP”) at March 29, 2019 and March 27, 2020, respectively (approximately $975 and $978 at March 29, 2019 and March 27, 2020, respectively), were included within other in other assets, net and accrued retirements were included within other long-term liabilities in the Company’s consolidated balance sheets.

Defined Contribution Plan

Certain of the Company’s U.S. employees may contribute up to 50% of their pretax compensation to a defined contribution plan, subject to certain limitations. The Company may match, at its discretion, 100% of the participants’ pretax contributions, up to a maximum of 5% of their eligible compensation. Matching contributions totaled approximately $4,019 and $3,792 for fiscal years 2019 and 2020, respectively.

The Company, through its subsidiary, Allegro MicroSystems Europe, Ltd. (“Allegro Europe”), also has a defined contribution plan covering substantially all employees of Allegro Europe. Contributions to the plan by the Company totaled approximately $451 and $372 for fiscal years 2019 and 2020, respectively.

The Company has a 401(k) plan that covers certain employees meeting specific service and age requirements. Employees are eligible to participate in the plan upon hire when the service and age requirements are met. Employees may contribute up to 35% of their compensation, subject to the maximum contribution allowed by the Internal Revenue Service. All employees are 100% vested in their contributions at the time of plan entry. As of January 1, 2008, and until January 1, 2015, the Company adopted and used a Safe Harbor provision, whereby the Company contributed 3% of compensation each pay period for all eligible employees meeting the Safe Harbor criteria. As of January 1, 2015, the Company may match, at its discretion, 100% of the employee’s contribution, up to a maximum of 5% of their eligible compensation. The Company’s matching contributions in fiscal years 2019 and 2020 were approximately $1,921 and $1,828, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

16. Commitments and Contingencies

Operating Leases

The Company, through its subsidiaries, leases certain real estate property and equipment under operating lease agreements that expire at various dates between one and seven years. The leases generally require the Company to pay for utilities, insurance, taxes and maintenance. Some leases contain escalation clauses, renewal options and purchase options. There have been no material changes to these lease commitments since March 27, 2020.

Insurance

The Company, through its subsidiaries, utilizes self-insured employee health programs for employees in the United States. 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 unaudited consolidated financial position and results of operations.

Legal proceedings

The Company is subject to various legal proceedings and claims, the outcomes of which are subject to significant uncertainty. 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, and its ability to make a reasonable estimate of the loss. If the occurrence of liability is probable, the Company will disclose the nature of the contingency, and if estimable, will provide the likely amount of such loss or range of loss. Furthermore, the Company does not believe there are any matters that could have a material adverse effect on 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 incurred any costs in connection with such indemnification arrangements; therefore, there was no accrual of such amounts at December 25, 2020 or March 27, 2020.

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 unaudited consolidated statements of operations during the period such determination was made. No environmental accruals were established at December 25, 2020 or March 27, 2020.

15. Commitments and Contingencies

Operating Leases

Future minimum lease payments for noncancelable operating leases as of March 27, 2020 are as follows:


2021	$	2,426
2022		2,182
2023		2,030
2024		1,879
2025		1,565
Thereafter		4,923

Total	$	15,005

Rent expense was $5,022 and $5,456 for the fiscal years ended March 29, 2019 and March 27, 2020, respectively.

The Company enters into noncancelable contractual obligations with suppliers related to the purchase of certain inventory components, equipment and other services that require minimum firm purchase commitments.

Future minimum payments under purchase obligations with suppliers as of March 27, 2020 are as follows:


2021	$	67,946
2022		3,039
2023		1,814
2024		62
2025		62
Thereafter		—

Total	$	72,923

Insurance

The Company, through its subsidiaries, utilizes self-insured employee health programs for employees in the United States. 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. Accrued liability related to self-insurance was $1,808 and $1,841 as of March 29, 2019 and March 27, 2020, respectively and it was included in accrued expenses and other current liabilities in the Company’s consolidated balance sheets.

Legal proceedings

The Company is subject to various legal proceedings and claims, the outcomes of which are subject to significant uncertainty. 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, and the ability to make a reasonable estimate of the loss. If the occurrence of liability is probable, the Company will disclose the nature of the contingency, and if estimable, will provide the likely amount of such loss or range of loss. Furthermore, the Company does not believe there are any matters that could have a material adverse effect on financial position, results of operations or cash flows.

Indemnification

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 during the period such determination was made. No environmental accruals were established as of March 29, 2019 and March 27, 2020.

Net (Loss) Income per Share and Unaudited Pro Forma Net Income per Share

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Earnings Per Share [Abstract]

Net (Loss) Income per Share and Unaudited Pro Forma Net Income per Share

17. Net (Loss) Income per Share and Unaudited Pro Forma Net Income per Share

Net (Loss) Income per Share

In connection with completion of the Company’s IPO on November 2, 2020 and immediately following the pricing of the IPO, all outstanding shares of Class A common stock and Class L common stock were automatically converted into an aggregate of 166,500,000 shares of common stock (the “Common Stock Conversion”). Outstanding shares of Class A and Class L common stock were converted to common stock in the Common Stock Conversion at conversion rates of approximately 15.822 and 13.010 shares of common stock to each share of Class A and Class L common stock, respectively. As part of the Common Stock Conversion, 2,066,508 and 1,766 shares of common stock were returned to the Company for tax payments made on behalf of holders of Class A common stock and Class L common stock, respectively, in withhold to cover tax transactions.

Prior to the Company’s IPO, shares of Class A common stock were entitled to a priority dividend of 8%. After Class A shareholders received an annualized return on capital of 8%, distributions of the remaining value were split between Class A and Class L shareholders based on the achievement of certain return targets. In determining income to the Class A stockholders for computing basic and diluted earnings per share for the three- and nine-month periods ended December 27, 2019, the Company did not allocate income to the shares of Class L common stock in accordance with ASC 260, because such classes of shares would not have shared in the distribution had all of the income for the periods been distributed. Accordingly, earnings per share calculations were provided only for the Class A shares with a weighted average of 10,000,000 shares for the three- and nine-month periods ended December 27, 2019.

The following table sets forth the basic and diluted net (loss) income attributable to Allegro MicroSystems, Inc. per share. The number of shares of common stock reflected in the calculation is the total shares of common stock (vested and unvested) held on the IPO date, after the Common Stock Conversion.


	Three-Month Period Ended					Nine-Month Period Ended
	December 25, 2020			December 27, 2019		December 25, 2020		December 27, 2019
Net (loss) income attributable to Allegro MicroSystems, Inc.	$	(5,095	)	$	8,926	$	9,309	$	23,675
Net (loss) income attributable to common stockholders		(5,060	)		8,958		9,412		23,776

Basic weighted average shares of common stock		124,363,078			10,000,000		48,121,026		10,000,000
Dilutive effect of common stock equivalents		—			—		123,517,761		—

Diluted weighted average shares of common stock		124,363,078			10,000,000		171,638,787		10,000,000

Basic net (loss) income attributable to Allegro MicroSystems, Inc. per share	$	(0.04	)	$	0.89	$	0.19	$	2.37
Basic net (loss) income attributable to common stockholders per share	$	(0.04	)	$	0.90	$	0.20	$	2.38

Diluted net (loss) income attributable to Allegro MicroSystems, Inc. per share	$	(0.04	)	$	0.89	$	0.05	$	2.37
Diluted net (loss) income attributable to common stockholders per share	$	(0.04	)	$	0.90	$	0.05	$	2.38

The computed net loss for the three-month period ended December 25, 2020 does not assume conversion of securities that would have an antidilutive effect on loss per share. As the Company was in a net loss position for the three-month period ended December 25, 2020, all common stock equivalents in this period were antidilutive. There were no such convertible securities to consider for the three- and nine-month periods ended December 27, 2019.

The following represents issuable weighted average share information for the respective periods:


	Three-Month Period Ended				Nine-Month Period Ended
	December 25, 2020		December 27, 2019		December 25, 2020		December 27, 2019
Unvested restricted stock units (“RSUs”)		377,767		—		125,922		—
Unvested performance stock units (“PSUs”)		422,768		—		140,923		—
Shares related to Common Stock Conversion		56,752,747		—		123,250,916		—

Total		57,553,282		—		123,517,761		—

As the Company was in a net loss position for the three-month period ended December 25, 2020, common stock equivalents of 57,553,282 were antidilutive.

Unaudited Pro Forma Net Income per Share

Unaudited pro forma basic and diluted net income per share attributable to common stockholders for the nine-month period ended December 25, 2020 was calculated as follows:


	Nine-Month Period Ended December 25, 2020 (unaudited)
Numerator:
Net income, as reported	$	9,412

Interest expense on the remainder of the Term Loan Facility used to fund the dividend		(436	)
Pro forma net income		8,976

Denominator:
Weighted-average shares used to compute net income per share attributable to common stockholders, basic		10,000,000
Adjustments to reflect the Common Stock Conversion		156,500,000
Adjustments to reflect the Common Stock Repurchases		(2,068,274)
Total shares sold in the IPO as their proceeds were required to pay the dividend in excess of current year earnings and the portion funded by the Term Loan Facility that remains unpaid after the IPO		25,000,000
Total		189,431,726
Pro forma net income per share attributable to common stockholders	$	0.05

16. Net Income per Share and Unaudited Pro Forma Net Income per Share

Net Income per Share

The following table sets forth the computation of basic and diluted net income per share attributable to Allegro MicroSystems, Inc.:


	Fiscal Years Ended
	March 29, 2019		March 27, 2020
Net income attributable to Allegro MicroSystems, Inc.	$	84,724	$	36,971
Net income attributable to common stockholders		84,841		37,105

Weighted average basic and diluted common shares		10,000,000		10,000,000

Net income per share attributable to Allegro MicroSystems, Inc.—basic and diluted	$	8.47	$	3.70

Net income per share attributable to Allegro MicroSystems, Inc. and non-controlling interest—basic and diluted	$	8.48	$	3.71

As described in Note 17, “Common Stock and Stock-Based Compensation”, holders of shares of Class A common stock are entitled to a priority dividend of 8%. After holders of shares of Class A common stock receive an annualized return on capital of 8%, distributions of the remaining value are split between holders of shares of Class A common stock and Class L common stock based on the achievement of certain return targets. In determining income to the Class A common stock stockholders for computing basic and diluted earnings per share for the fiscal years ended March 29, 2019 and March 27, 2020, the Company did not allocate income to the Class L common stock because such classes of common stock would not have shared in the distribution had all of the income for the periods been distributed. Accordingly, earnings per share calculations were provided only for the Class A common stock.

Unaudited Pro Forma Net Income per Share

Unaudited pro forma basic and diluted net income per share attributable to Allegro MicroSystems, Inc. for the fiscal year ended March 27, 2020 have been prepared to give effect to the Common Stock Conversion and the Common Stock Repurchases.

Unaudited pro forma basic and diluted net income per share attributable to Allegro MicroSystems, Inc. was calculated as follows:


	Fiscal Year Ended March 27, 2020 (unaudited)
Numerator:
Net income, as reported	$	36,971

Interest expense on the remainder of the Term Loan Facility used to fund the dividend		873
Pro forma net income		36,098

Denominator:
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, basic		10,000,000
Pro forma adjustments to reflect the Common Stock Conversion		156,499,960
Pro forma adjustments to reflect the Common Stock Repurchases		(2,068,234	)
Total shares sold in the IPO as their proceeds were required to pay the dividend in excess of current year earnings and the portion funded by the Term Loan Facility that remains unpaid after the IPO		25,000,000
Total		189,431,726
Pro forma net income per share attributable to common stockholders	$	0.19

Common Stock and Stock-Based Compensation

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Share-based Payment Arrangement [Abstract]

Common Stock and Stock-Based Compensation

18. Common Stock and Stock-Based Compensation

On November 2, 2020, the Company completed its IPO of 28,750,000 shares of its common stock at an offering price of $14.00 per share, of which 25,000,000 shares were sold by the Company and 3,750,000 shares were sold by selling stockholders, resulting in net proceeds to the Company of approximately $321,425, after deducting $20,125 of underwriting discounts and $8,450 of offering costs. The Company’s common stock is now listed on the Nasdaq Global Select Market under the ticker symbol “ALGM.”

Prior to the IPO, the Company had two classes of common stock, Class A common stock and Class L common stock. The Company’s Board of Directors authorized 12,500,000 shares of Class A common stock at par value of $0.01, out of which the Company issued 6,720,000 to Sanken in exchange for its previous shares of common stock. The previous single class of common stock was retired in full. The Company sold 2,880,000 shares of newly issued Class A common stock, representing a 28.8% ownership interest, to OEP for cash consideration of $291,000 (the “OEP Transaction”). The stock issuance proceeds were recorded net of $9,260 of related transaction costs. The Company’s Board of Directors authorized 1,000,000 shares of Class L common stock at a par value of $0.01.

Both Class A and Class L common stock were entitled to dividends when, and if, declared by the Board of Directors. Holders of shares of Class A common stock were entitled to a priority dividend of 8%. After holders of shares of Class A common stock receive an annualized return on capital of 8%, distributions of the remaining value were split between holders of shares of Class A common stock and Class L common stock based on the achievement of certain return targets.

Each outstanding share of Class A common stock entitled the holder to one vote on each matter submitted to a vote of the stockholders of the Company, including the election of the Board of Directors. Holders of Class L common stock were not entitled to vote.

In the event of voluntary or involuntary liquidation, dissolution or winding-up of the Company, any amounts available for distribution by the Company were to be paid to the holders of Class A common stock and Class L common stock, as if such distribution were a dividend paid, factoring in the priorities as described above.

Upon the earliest of (i) an IPO; (ii) change of control; (iii) the date OEP and its affiliates cease to own any shares of capital stock of the Company; or (iv) at the election of the Board of Directors, any merger transaction involving the Company or its subsidiaries, each outstanding share of Class L common stock would convert into Class A common stock.

Also, in connection with the OEP Transaction, the Company granted 400,000 unvested shares of Class A common stock and 597,400 unvested shares of Class L common stock to certain Company employees. The shares of Class A common stock vest to the grantees over a service period of 60 months. However, they remain subject to the Company’s repurchase right at par value in the event that either (i) a change in control has not occurred or (ii) the Company has not consummated an IPO by the seventh anniversary of the OEP Transaction. As of March 27, 2020, the Company was not able to determine whether such a change in control or IPO was probable, and therefore, no amount of stock-based compensation was recognized for the unvested shares of Class A common stock at that time. As a result of the Company’s IPO closing on November 2, 2020, the unvested shares of Class A common stock immediately become vested and the Company recognized $40,440 of one-time stock-based compensation (400,000 shares to management at $101.10 per share) at that time.

The Class L unvested shares vested on a straight-line basis over a service period of four years. Class L unvested shares had no other vesting conditions. If an IPO occurred, 25% of the unvested awards would accelerate vesting if 25% or more of the awards are unvested at the time of the IPO. If a change in control occurs, 100% of the then unvested awards would accelerate vesting. Accordingly, based on the Company’s IPO closing on November 2, 2020, the Company accelerated the vesting of the 25% unvested awards at that time.

Prior to the IPO, the Company issued 17,203 shares of Class L common stock during the nine-month period ended December 25, 2020 with a weighted average price per share of $33.83 and issued 30,300 shares of Class L common stock during the nine-month period ended December 27, 2019 with a weighted average price per share of $26.93.

On October 2, 2020, the Company repurchased an aggregate of 1,997 shares of its Class L common stock from certain of its directors and one of its non-executive employees for an aggregate purchase price of $408 in connection with (i) in the case of such directors, the settlement of certain outstanding promissory notes issued by the Company to such directors, and (ii) in the case of such non-executive employee, to satisfy certain withholding tax obligations triggered by the vesting of such shares in accordance with the terms of the applicable award agreement.

Immediately following the pricing of the IPO on November 2, 2020, all outstanding shares of Class A common stock and Class L common stock were automatically converted into an aggregate of 166,500,000 shares of common stock (the “Common Stock Conversion”). Outstanding shares of Class A and Class L common stock were converted to common stock in the Common Stock Conversion at conversion rates of approximately 15.822 and 13.010 shares of common stock to each share of Class A and Class L common stock, respectively. As part of the Common Stock Conversion, 2,066,508 and 1,766 shares of common stock were returned to the Company for tax payments made on behalf of holders of Class A common stock and Class L common stock, respectively, in withhold to cover tax transactions. Outstanding loan amounts related to Class L common stock in the aggregate amount of $753 were extinguished on October 2, 2020.

The following table presents the respective number of shares of common stock and unvested restricted common stock issued in the Common Stock Conversion. The number of shares of common stock and unvested restricted common stock issuable are based upon the vesting provisions of the outstanding shares and reflect the shares vested and unvested at the date of conversion.


	Shares of Common Stock		Shares of Unvested Restricted Common Stock		Total Shares of Common Stock
Class A common stock		156,155,403		—		156,155,403
Class L common stock		7,816,574		459,749		8,276,323

Total		163,971,977		459,749		164,431,726

Prior to the IPO, there were 638,298 shares of Class L common stock outstanding at a weighted average price per share of $11.99. As noted in the above table, as part of the Common Stock Conversion, the Class L common stock was converted to 7,816,574 shares of common stock and 459,749 of unvested restricted common stock at weighted average prices per share of $14.00.

In connection with its IPO, the Company offered certain employees (excluding its named executive officers) who were eligible to receive cash bonuses under the Company’s LTCIP and TRIP the opportunity to elect to receive RSUs under its 2020 Omnibus Incentive Compensation Plan in lieu of cash payouts under the LTCIP and/or TRIP, through the LTCIP/TRIP Award RSU Conversion Program (the “RSU Conversion Program”). The expense related to the LTCIP and TRIP awards elected to be exchanged in the RSU Conversion Program amounted to $607 and $421, respectively. The number of RSUs granted to employees that elected to participate in the RSU Conversion Program is determined as a percentage of the employee’s target bonus under the LTCIP or TRIP, and amounted to 602,490 and 348,911 RSUs on behalf of the LTCIP and TRIP conversion, respectively, at a grant date fair value of $14.00. If an employee elected to not to participate in the RSU Conversion Program, the LTCIP or TRIP award will continue under its existing terms and conditions.

In addition to above, the Company also issued RSUs to its non-employee directors as consideration for their provision of future services. The stock-based compensation expense related to RSUs is measured based on the fair value market price of the Company’s common shares on the grant date and is recognized on a straight-line basis over the requisite service period, which coincides with the vesting period. RSUs can only be exchanged and settled for the Company’s common shares, on a one-to-one basis, upon vesting. RSUs are generally subject to forfeiture prior to the release of vesting restrictions. Included in the table below is a total amount of 54,644 RSUs issued to such non-employee directors.

The following table summarizes the RSU activity for the nine-month period ended December 25, 2020:


	Number of Shares			Weighted-Average Grant-Date Fair Value		Weighted-Average Remaining Contractual Life		Aggregate Intrinsic Value
						(In years)
Outstanding—March 27, 2020		—		$	—		—	$	—
Granted		1,426,944			14.04
Vested		(376	)		14.00
Canceled		(28,920	)		14.00

Outstanding—December 25, 2020		1,397,648		$	14.04		1.74	$	34,648

The weighted-average grant fair value per share for RSUs granted during the nine-month period ended December 25, 2020 was $14.04, and the stock-based compensation expense related to non-vested awards not yet recorded at December 25, 2020 was $17,496, which is expected to be recognized over a weighted-average of 1.74 years. During the nine-month period ended December 25, 2020, 376 shares vested.

The Company also awards PSUs to its senior executive officers based on achievement of medium-term plans (“MTP”) approved in meetings of 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. In fiscal year 2021, these awards are earned upon the completion of a three-year performance period ending March 31, 2023. Whether units are earned at the end of the performance period will be determined based on the achievement of certain performance objectives over the performance period. The performance objectives include achieving certain revenue improvement and cumulative EBITDA levels for the performance period, and also include a performance objective relating to relative total shareholder return (“TSR”). Depending on the results achieved during the three-year performance period, the actual number of shares that a grant recipient may receive at the end of the period ranges from—% to 200% of the Target Shares granted.

The weighted-average fair value of the PSUs was determined using the Monte Carlo simulation model incorporating the following weighted-average assumptions:


	Fiscal Year 2021
Performance term		2.42 years
Volatility		49.9	%
Risk-free rate of return		0.17	%
Dividend yield		—	%
Weighted-average fair value per share	$	14.00

The following table summarizes the PSU activity for the nine-month period ended December 25, 2020:


	Number of Shares		Weighted-Average Grant-Date Fair Value		Weighted-Average Remaining Contractual Life		Aggregate Intrinsic Value
					(In years)
Outstanding—March 27, 2020		—	$	—		—	$	—
Granted		650,302		15.05
Vested		—		—
Canceled		—		—

Outstanding—December 25, 2020		650,302	$	15.05		2.90	$	16,121

PSUs are included at 100%—200% of target goals. The intrinsic value of the PSU’s vested during the nine-month period ended December 25, 2020 was $16,121. The total compensation cost related to non-vested awards not yet recorded at December 25, 2020 was $9,320, which is expected to be recognized over a weighted average of 2.90 years. No shares were vested during the nine-month period ended December 25, 2020.

The following table summarizes unvested restricted common stock activity for the nine-month period ended December 25, 2020:


	Number of Shares			Weighted-Average Grant-Date Fair Value		Weighted-Average Remaining Contractual Life		Aggregate Intrinsic Value
						(In years)
Outstanding—March 27, 2020		—		$	—		—		—
Common stock conversion		459,749			14.00
Vested		(37,161	)		14.00
Canceled		—			—

Outstanding—December 25, 2020		422,588		$	14.00		2.01		10,476

Upon completion of its IPO, the Company recognized one-time stock-based compensation charges of $40,440 in connection with the vesting of all outstanding shares of Class A common stock, $1,610 in connection with the automatic acceleration of 25% of the standard vesting term of shares of Class L common stock and $1,028 with the RSU Conversion Program (see above and Note 12, “Management Long-Term Cash Incentive Program”). In addition, the Company recognized stock-based compensation charges of $144 and $1,169 for its Class L common stock for the three- and nine-month periods ended December 25, 2020, respectively, and stock-based compensation charges of $2,131, $467 and $73 for its RSUs, PSUs and restricted common stock, respectively, for the three- and nine-month periods ended December 25, 2020. All stock-based compensation charges in fiscal 2020 related to expensing of the Company’s Class L common stock. The Company recorded stock-based compensation expense in the following expense categories of its unaudited consolidated statements of operations:


	Three-Month Period Ended				Nine-Month Period Ended
	December 25, 2020		December 27, 2019		December 25, 2020		December 27, 2019
Cost of sales	$	4,694	$	47	$	4,844	$	137
Research and development		2,984		20		3,037		65
Selling, general and administrative		38,198		236		39,020		849

Total stock-based compensation	$	45,876	$	303	$	46,901	$	1,051

17. Common Stock and Stock-Based Compensation

The Company has two classes of common stock, Class A common stock and Class L common stock. The Company’s Board of Directors authorized 12,500,000 shares of Class A common stock at par value of $0.01, out of which the Company issued 6,720,000 to Sanken in exchange for its previous common shares. The previous single class of common stock was retired in full. The Company sold 2,880,000 of newly-issued shares of Class A common stock, representing a 28.8% ownership interest, to OEP for cash consideration of $291,000. The stock issuance proceeds were recorded net of $9,260 of related transaction costs. The Company’s Board of Directors authorized 1,000,000 shares of Class L common stock at a par value of $0.01.

Both Class A and Class L common stock are entitled to dividends, when, and if declared by the Board of Directors. Holders of shares of Class A common stock are entitled to a priority dividend of 8%. After holders of shares of Class A common stock receive an annualized return on capital of 8%, distributions of the remaining value are split between holders of shares of Class A common stock and Class L common stock based on the achievement of certain return targets.

Each outstanding share of Class A common stock entitles the holder to one vote on each matter submitted to a vote of the stockholders of the Company, including the election of the Board of Directors. Holders of Class L common stock are not entitled to vote.

In the event of voluntary or involuntary liquidation, dissolution or winding-up of the Company, any amounts available for distribution by the Company will be paid to the holders of Class A common stock and Class L common stock, as if such distribution were a dividend paid, factoring in the priorities as described above.

Upon the earliest of (i) an initial public offering; (ii) change of control; (iii) the date OEP and its affiliates cease to own any shares of capital stock of the Company; or (iv) at the election of the Board of Directors, any merger transaction involving the Company or its subsidiaries, each outstanding share of Class L common stock will convert into Class A common stock.

Also, in connection with the OEP transaction, the Company granted 400,000 of unvested Class A shares and 597,400 of unvested Class L shares to certain Company employees. The Class A shares vest to the grantees over a service period of 60 months. However, they remain subject to the Company’s repurchase right at par value in the event that either (i) a change in control has not occurred or (ii) the Company has not consummated an IPO by the seventh anniversary of the OEP transaction. As of March 27, 2020, the Company was not able to determine whether such a change in control or IPO is probable and therefore no amount of stock-based compensation was recognized for the unvested Class A shares. If such a change in control or IPO occurs, the unvested Class A shares will immediately become vested and the Company will recognize $40,440 of one-time stock-based compensation (400,000 shares to management at $101.10 per share) at that time.

The Class L unvested shares vest on a straight-line basis over a service period of four years. Class L unvested shares have no other vesting conditions. If an IPO occurs, 25% of the unvested awards will accelerate vesting if 25% or more of the awards are unvested at the time of the IPO. If a change in control occurs, 100% of the then unvested awards will accelerate vesting.

The following table summarizes the Class A common stock awards activity for the fiscal years ended as follows:


	Number of Shares		Weighted-Average Grant-Date Fair Value		Weighted-Average Remaining Contractual Life		Aggregate Intrinsic Value
					(In years)		(In thousands)
Outstanding—March 29, 2019		400,000	$	101.10		5.52	$	40,440

Outstanding—March 27, 2020		400,000	$	101.10		4.52	$	40,440

Unvested—March 27, 2020		400,000	$	101.10		4.52	$	40,440

There were no Class A common stock awards granted, vested, cancelled or forfeited during fiscal year 2020.

The following table summarizes the Class L common stock awards activity since March 29, 2019:


	Number of Shares			Weighted-Average Grant-Date Fair Value		Weighted-Average Remaining Contractual Life		Aggregate Intrinsic Value
						(In years)		(In thousands)
Outstanding—March 29, 2019		607,620			10.62		2.54	$	6,454
Granted		30,300			26.93
Canceled		(15,450	)		10.03

Outstanding—March 27, 2020		622,470		$	11.43		1.62	$	7,115

Unvested—March 27, 2020		321,840		$	11.67		1.72	$	3,757

The unrecognized compensation expense related to unvested Class L common stock awards as of March 27, 2020 was $2,970 which is expected to be recognized over a weighted-average period of 1.62 years. The difference between the aggregate intrinsic value and compensation cost is the result of foreign restrictions that require the award recipients to pay for such grants and therefore the Company will not take stock-based compensation on these awards. As of March 27, 2020, the total number of awards subject to this restriction was 26,220.

The Company recorded stock-based compensation expense in the following expense categories of its consolidated statements of income:


	Fiscal Years Ended
	March 29, 2019		March 27, 2020
Cost of sales	$	181	$	183
Research and development		74		87
Selling, general and administrative		1,186		1,165

Total stock-based compensation	$	1,441	$	1,435

Income Taxes

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Income Tax Disclosure [Abstract]

Income Taxes

19. Income Taxes

The Company recorded the following tax (benefit) provision in its unaudited consolidated statements of operations:


	Three-Month Period Ended						Nine-Month Period Ended
	December 25, 2020			December 27, 2019			December 25, 2020			December 27, 2019
Operating taxes	$	(12,169	)	$	1,703		$	(9,764	)	$	5,980
Discrete tax items		(18,354	)		(161	)		(18,149	)		5,730

(Benefit) provision for income taxes	$	(30,523	)	$	1,542		$	(27,913	)	$	11,710

Annual operating tax rate		34.2	%		16.2	%		52.8	%		16.9	%
Effective tax rate		85.8	%		14.7	%		150.9	%		33.0	%

The Company’s provision for income taxes is comprised of the year to date taxes based on an estimate of the annual effective tax rate plus the tax impact of discrete items.

The Company is subject to tax in the United States (“U.S.”) and various foreign jurisdictions. The Company’s effective tax rate can fluctuate primarily based on: the mix of its U.S. and foreign income; the impact of discrete transactions; and the difference between the amount of tax benefit generated by the foreign derived intangible income deduction (“FDII”) and research credits offset by the additional tax from the global intangible low-tax income (“GILTI”) and the base erosion tax (“BEAT”).

The Company regularly assesses the likelihood of outcomes that could result from the examination of its tax returns by the IRS, and other tax authorities to determine the adequacy of its income tax reserves and expense. Should actual events or results differ from the Company’s then-current expectations, charges or credits to the Company’s provision for income taxes may become necessary. Any such adjustments could have a significant effect on the results of operations.

For the three months ended December 25, 2020 and December 27, 2019, the Company’s effective income tax (benefit) expense and rates were a benefit of $30,523 or 85.8% and expense of $1,542 or 14.7% on pre-tax loss of $35,583 and income of $10,500, respectively. For the nine-month period ended December 25, 2020 and December 27, 2019, the Company’s effective income tax (benefit) expense and rates were a benefit of $27,913 or 150.9% and expense of $11,710 or 33.0% on pre-tax loss of $18,501 and income of $35,486, respectively.

The change in effective income tax rates is primarily due to the $40,440 IPO related stock-based compensation charge which significantly reduced U.S. income and was included in the Company’s tax rate from operations in the quarter. The incremental stock-based compensation windfall was treated as a discrete tax adjustment as an incremental tax deduction in the three months ended December 25, 2020. Additionally, other discrete transactions, the divestiture of Polar and the one-time dividend resulted in additional tax deductions. The reduction in U.S. income and the discrete tax deductions resulted in a U.S. tax NOL that can be carried back to refund prior years’ taxes. In total approximately $18,149 of discrete tax benefits recorded this quarter were partially offset by a reduction in our FDII deduction and an increase in GILTI and BEAT tax.

Additionally, in the first quarter of fiscal year 2020, there was a discrete tax expense of approximately $5,500 recorded for the settlement of IRS transfer pricing audits for years 2016, 2017, and 2018.

18. Income Taxes

On December 22, 2017 the TCJA legislation was enacted. The TCJA contains significant changes to U.S. tax law, including lowering the U.S. corporate income tax rate to 21%, implementing a territorial tax system and imposing a one-time tax on deemed repatriated earnings of foreign subsidiaries (Section 965), generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries, providing a benefit for Foreign Derived Intangible Income (“FDII”), increasing U.S. taxable income to include all income earned by foreign subsidiaries in excess of ten percent of the fixed assets in those entities which is defined as Global Intangible Low-taxed Income (“GILTI”), providing a minimum tax on “base erosion payments” (“BEAT”), interest expense limitations, and providing for bonus depreciation that will allow for full expensing of qualified property. For the fiscal years ending March 29, 2019 and March 27, 2020, the Company’s statutory income tax rate was 21.0%.

The Company’s accounting for the transition tax and remeasurement of deferred assets and liabilities is complete. The impact of other provisions of the TCJA that were effective for the Company’s fiscal year 2019 are included in the Company’s effective tax rate for fiscal year 2019 and 2020. The fiscal years 2019 and 2020 tax benefit for FDII was $3,010 and $1,188, respectively. The fiscal year 2019 and 2020 tax expense related to GILTI was $53 and $86 after applicable foreign tax credits, respectively. The Company incurred $1,694 of tax expense related to BEAT for fiscal year 2020. The Company has established an accounting policy election to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense.

The components of income before income taxes include the following:


	Fiscal Years Ended
	March 29, 2019		March 27, 2020
Income before provision for incomes attributable to:
Domestic operations	$	80,924	$	34,425
Foreign operations		18,518		18,853

Total	$	99,442	$	53,278

Significant components of the provision (benefit) for income tax are as follows:


	Fiscal Years Ended
	March 29, 2019			March 27, 2020
Current:
Federal	$	6,384		$	15,146
State		976			1,468
Foreign		5,225			4,468

Total current		12,585			21,082

Deferred:
Federal		2,956			(4,431	)
State		199			18
Foreign		(1,140	)		(496	)

Total deferred		2,015			(4,909	)

Total income tax provision	$	14,601		$	16,173

The reconciliation of income taxes computed at the U.S. federal statutory tax rate to total income taxes is as follows:


	Fiscal Years Ended
	March 29, 2019			March 27, 2020
Tax provision (benefit) at U.S. statutory rate	$	20,882		$	11,189
Provision for IRS audit settlement		—			5,491
BEAT		—			1,694
State income taxes, net of federal benefit		790			514
Provision for uncertain tax positions		556			361
Foreign tax rate		194			283
GILTI		53			86
Transition tax		(2,457	)		—
Subpart F income, net of credits		158			—
Cumulative provision-to-return		(18	)		(186	)
FDII		(3,010	)		(1,188	)
Research and development tax credit		(2,307	)		(1,841	)
Other		(240	)		(230	)

Total income tax provision	$	14,601		$	16,173

The Company does not intend to repatriate earnings of its foreign subsidiaries to the U.S. The Company has the ability and intent to permanently reinvest foreign earnings based on expected future U.S. cash flows and specific and measurable plans to use its existing foreign cash to fund its working capital needs, invest in short-term and long-term capital projects, and to make investments and acquisitions. Any deferred tax liability otherwise recordable would not be significant and therefore no deferred tax liability has been established with respect to outside basis difference in its foreign subsidiaries.

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, 2019			March 27, 2020
Deferred income tax assets:
Tax credits	$	5,433		$	6,600
Net operating loss carryforward		2,597			2,037
Bonuses, commissions and other compensation		6,614			8,793
Inventory and sales related		3,479			6,696
Capitalized transaction costs		441			259
Other accruals and reserves		667			1,879

Gross Deferred income tax assets		19,231			26,264
Valuation allowance for Deferred income tax assets		(3,837	)		(4,206	)

Total Deferred income tax assets		15,394			22,058

Deferred income tax liabilities:
Fixed assets and intangibles		(12,234	)		(14,162	)
Stock-based compensation		(853	)	$	(679	)

Total Deferred income tax liabilities		(13,087	)		(14,841	)

Net Deferred income tax assets	$	2,307		$	7,217

As of March 27, 2020, the Company has no federal net operating loss carryforwards. The Company’s realizable portion of net operating loss carryforwards and research credits related to the state of Minnesota are $600 and $536, respectively and begin to expire during fiscal year 2022. Additionally, the Company has $3,050 of realizable and refundable research credits in Europe. Net operating losses of $1,500 related to the Company’s Thailand subsidiary and Massachusetts research credits of $2,706 are offset by valuation allowances and are not expected to be realized.

The Company has provided for potential liabilities due in various jurisdictions. Judgment is required in determining the worldwide income tax expense provision. In the ordinary course of global business, there are many transactions and calculations where the ultimate tax outcome is uncertain. Some of these uncertainties arise as a consequence of cost reimbursement arrangements among related entities. Although the Company believes its estimates are reasonable, no assurance can be given that the final tax outcome of these matters will not be different than that which is reflected in the historical income tax provisions and accruals. Such differences could have a material impact on the Company’s income tax provision and operating results in the period in which such determination is made.

In assessing the realizability of its deferred tax assets, the Company considered whether it was more likely than not that some portion or all of the deferred tax assets would not be realized. The realization of deferred tax assets depends upon the generation of future taxable income during the periods in which these temporary differences become deductible. The Company has a valuation allowance that fully covers tax credits in the state of Massachusetts as well as Allegro Thailand’s net operating losses that are believed not to be usable by the Company prior to their expiration. These credits and related valuation allowances were approximately $3,837 and $4,206 as of March 29, 2019 and March 27, 2020, respectively.

Although the Company believes its recorded assets and liabilities are reasonable, tax regulations are subject to interpretation and tax litigation is inherently uncertain; therefore, the Company’s assessments can involve both a series of complex judgments about future events, and rely heavily on estimates and assumptions. Although the Company believes that the estimates and assumptions supporting its assessments are reasonable, the final determination of tax audit settlements and any related litigation could be materially different from that which is reflected in historical income tax provisions and recorded assets and liabilities. If the Company were to settle an audit or a matter under litigation, it could have a material effect on the income tax provision, net income or cash flows in the period or periods for which that determination is made.

The Company operates under tax holiday in Thailand, which is effective through fiscal year 2024, and may be extended if certain additional requirements are satisfied. The tax holidays are conditional upon the Company meeting certain production thresholds. The impact of this tax holiday does not have a material impact on net income.

Uncertain Tax Positions

As of March 29, 2019, the Company had $6,246 of gross unrecognized tax benefits, of which $6,194 would impact the effective tax rate, if recognized. As of March 27, 2020, the Company had $2,559 of gross unrecognized tax benefits, of which $2,501 would impact the effective tax rate, if recognized. A reconciliation of unrecognized tax benefits is as follows:


	Fiscal Years Ended
	March 29, 2019			March 27, 2020
Beginning balance	$	5,485		$	6,264
Gross increases—tax positions in prior period		2,411			4,863
Gross decreases—tax positions in prior period settlement		—			(8,513	)
Lapse in statute of limitations		(1,632	)		(55	)

Balance at end of period	$	6,264		$	2,559

The Company classifies uncertain tax positions as a current liability, or as a reduction of the amount of a net operating loss carryforward or amount refundable, to the extent that the Company anticipates payment or receipt of cash for income taxes within one year. Likewise, the amount is classified as a long-term liability if the Company anticipates payment or receipt of cash for income taxes during a period beyond one year.

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 income. The Company recorded a net decrease of $155 and a net increase in interest and penalties of approximately $841 during fiscal years 2019 and 2020, respectively. As of March 29, 2019 and March 27, 2020, the amount of accrued interest and penalties totaled approximately $231 and $354, respectively.

Examinations by Tax Authorities

The Company, through its subsidiaries, is subject to examination by taxing authorities in the United States, the Philippines, United Kingdom, Thailand, and the states in which the Company does business. The statute of limitations remains open for U.S. federal tax returns for 2017 and the following years. Audit activities related to the U.S. federal tax returns for 2016 and 2017 concluded during fiscal year 2020 resulting in a settlement related to transfer pricing for fiscal years 2016, 2017 and 2018 in the amount of $9,482 including interest. In non-U.S. jurisdictions, the years open to audit represent the years still open under the respective statute of limitations. With respect to the major jurisdictions outside the U.S., the subsidiaries are no longer subject to income tax audits for years before 2014.

Capital Contribution

In connection with the settlement noted above, Sanken, agreed to make a one-time capital contribution in the amount of $9,500 to neutralize the cash impact to the Company. All ownership parties have agreed that this contribution would not result in an incremental ownership percentage change, or increase in shares by Sanken.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Related Party Transactions

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Related Party Transactions

20. Related Party Transactions

Transactions involving Sanken

The Company sells products to, and purchases in-process products from, Sanken. In addition, prior to March 28, 2020, the Company also sold products for Sanken.

Net sales of Company’s products to Sanken totaled $26,439 and $72,570 during the three- and nine-month periods ended December 25, 2020, respectively, and $16,535 and $49,327 during the three- and nine-month periods ended December 27, 2019, respectively. Trade accounts receivables, net of allowances from Sanken, totaled $17,250 and $30,293 as of December 25, 2020 and March 27, 2020, respectively. Other accounts receivable from Sanken totaled $374 and $558 as of December 25, 2020 and March 27, 2020, respectively.

During fiscal year 2020, the Company acted as a distributor of Sanken’s products. Net sales of Sanken’s products by the Company to third parties totaled $7,666 and $26,688 during the three- and nine-month periods ended December 27, 2019, respectively. On March 28, 2020, the Company formally terminated its distribution agreement with Sanken to distribute Sanken’s products.

Purchases of various products under the distribution agreement from Sanken totaled $7,356 and $23,835 for the three- and nine-month periods ended December 27, 2019, respectively. Accounts payable to Sanken totaled $4,494 as of March 27, 2020.

Joint Development Agreement (“Development Agreement”)

The Company, through its former wholly owned subsidiary, PSL, entered into a Development Agreement with Sanken whereby the Company and Sanken jointly own a specific wafer technology and share the reimbursement of development costs incurred by the Company. Sanken reimbursed $360 and $1,080 in the three- and nine-month periods ended December 27, 2019, respectively.

Short-term Bridge Loan Receivable to Sanken

In March 2019, the Company entered into a short-term bridge loan to Sanken in the amount of $30,000. The loan bore interest at 2.52% and was repaid in April 2019. Interest income related to the loan to Sanken was $55 in the nine-month period ended December 27, 2019.

Notes Payable and Line of credit from Sanken

The Company, through PSL, its former wholly-owned subsidiary, had related party debt owed to Sanken that included three notes payable in the aggregate amount of $17,700 and two lines-of-credit agreements in the aggregate amount of $25,000 at March 27, 2020. The interest rates on the related party debt was reset at the beginning of each calendar quarter to LIBOR on the last trading day of the previous month, plus a 1.0% spread. Related party interest expense consisting of amounts due to Sanken for intercompany notes payable, lines-of-credit and miscellaneous charges for the three- and nine-month periods ended December 27, 2019 amounted to $334 and $1,129, respectively, and related party interest paid for the same periods amounted to $81 and $835, respectively.

As of March 27, 2020, the related party notes payable balance of $17,700 was classified in the consolidated balance sheet as long-term, with various maturity dates through March 14, 2025. The line of credit agreements of $25,000 were classified as current at March 27, 2020.

In connection with the PSL divestiture, the total $42,700 balance was contributed in-kind for the fair value of the 70% interest that Sanken acquired.

Transactions involving PSL

In accordance with the Divestiture Transactions of both PSL and the Sanken distribution business, the Company had both intercompany accounts payable of $1,198 and accounts receivable of $3,368 that were previously eliminated in consolidation. The previous intercompany receivable balance of $3,368 was moved into trade and other accounts receivable due from related party as of March 28, 2020. In addition, as a result of PSL taking over the Sanken distribution business, at December 25, 2020, the Company reflected a related accounts receivable balance of $2,528. This amount includes a reduction of $3,368 from payments made by PSL during the nine-month period ended December 25, 2020.

As previously noted above, the Company, through PSL, entered into a Development Agreement with Sanken whereby the Company and Sanken jointly own a specific wafer technology and share the reimbursement of development costs incurred by the Company. Sanken reimbursed no amounts in the three- and nine-month periods ended December 25, 2020 and $360 and $1,080 in the three- and nine-month periods ended December 27, 2019, respectively.

In April 2015, PSL and Sanken entered into a discrete technology development agreement (as amended, the “Discrete Technology Development Agreement”), pursuant to which the parties agreed upon the general terms under which they, from time to time, undertook certain activities (the “Discrete Development Activities”) to develop new technologies to be used by PSL to manufacture products for Sanken, as well as the ownership and use of such technologies following their development. In June 2018, the Company, PSL and Sanken entered into an amendment to the Discrete Technology Development Agreement pursuant to which the parties agreed to the assignment of all rights and obligations of PSL under such agreement to the Company and to certain amendments to the terms of such agreement. The Discrete Technology Development Agreement provided that the expenses for all Discrete Development Activities to be shared equally by the Company and Sanken on an annual basis (subject to any exceptions upon which the parties agreed to from time to time). During the three- and nine-month periods ended December 25, 2020 and December 27, 2019, the Company did not pay any fees to PSL pursuant to the Discrete Technology Development Agreement.

In May 2009, the Company entered into a technology development agreement (the “IC Technology Development Agreement”) with Polar Semiconductor, Inc., the predecessor of PSL (“PSI”) and Sanken, pursuant to which the parties agreed upon the general terms under which they may, from time to time, undertake certain activities (the “IC Process Development Activities”) to develop new technologies to be used by PSI to manufacture products for the Company and Sanken, as well as the ownership and use of such technologies following their development. The IC Technology Development Agreement provides that the expenses for all IC Process Development Activities will be shared equally by the Company and Sanken on an annual basis (subject to any exceptions upon which the parties may agree from time to time), with such expenses being paid to PSI by Sanken in the form of an up-front annual fee, with PSI being responsible for any expenses that exceed the amount of such fee. The IC Technology Development Agreement will continue in effect until such time as the Company, PSL and Sanken mutually agree to its termination or adopt a successor agreement, or in the event the companies fail to agree upon the annual fee for a fiscal year within three months after the commencement of such fiscal year. During both of the three- and nine-month periods ended December 25, 2020 and December 27, 2019, the Company (through PSL) received fees of $300 and $900 from Sanken pursuant to the IC Technology Development Agreement, and during the three- and nine- month periods ended December 25, 2020 the Company paid fees of $300 and $900 to PSL pursuant to the IC Technology Development Agreement.

The Company continues to purchase in-process products from PSL.

Purchases of various products from PSL totaled $11,558 and $33,448 for the three- and nine-month periods ended December 25, 2020, respectively. These amounts include $1,500 and $5,000 of price support payments made for the three- and nine-month periods ended December 25, 2020, respectively, and the reduction of $1,157 and $1,198 of intercompany balances for the three- and nine-month periods ended December 25, 2020, respectively. Accounts payable to PSL included in amounts due to related party totaled $2,078 as of December 25, 2020.

Note Receivable from PSL

On March 28, 2020, in connection with the PSL divestiture, the Company contributed the forgiveness of the fair value of $15,000 out of the $66,377 total debt owed by PSL to the Company, which was previously eliminated in consolidation as of March 27, 2020. As a result of this divestiture, on March 28, 2020, the $51,377 note receivable from PSL was classified on the Company’s balance sheet as related party note receivable. The related party note receivable held by the Company had a maturity date of March 28, 2027 and bore interest at a rate of 2.70%, which was a market rate determined by IRS guidance at the time of the divestiture. The entire receivable of $51,377 plus accrued interest of $762 was repaid on October 14, 2020.

Consulting Agreement

The Company entered into a board executive advisor agreement (the “Consulting Agreement”) with Reza Kazerounian in December 2017, before Mr. Kazerounian became a member of the Company’s board of directors, pursuant to which the Company engaged Mr. Kazerounian to serve as executive advisor to the board of directors and the office of Chief Executive Officer. The Consulting Agreement provides for a fee payable to Mr. Kazerounian on a monthly basis in exchange for his services (which fee was reduced from $30 per month to $19 per month in connection with Mr. Kazerounian’s appointment to the board of directors in June 2018), as well as a grant of 12,000 shares of the Company’s Class L common stock and a signing bonus of $54 in connection with the execution of the Consulting Agreement. The Consulting Agreement provides that if Mr. Kazerounian is terminated by the board of directors, he will be entitled to a severance payment in the amount of $180 as well as a six-month vesting acceleration of his shares of Class L common stock. The board of directors and Mr. Kazerounian each have the right to terminate the Consulting Agreement at any time. During the nine-month periods ended December 25, 2020 and December 27, 2019, the Company paid aggregate fees of $262 and $270, respectively, to Mr. Kazerounian pursuant to the Consulting Agreement.

Director and Executive Officer Promissory Notes

From time to time, the Company entered into promissory notes with certain of its directors and executive officers to finance all or a part of the income and employment taxes payable by them in connection with grants of the Company’s Class A common stock and/or Class L common stock. The Company had $506 of promissory notes outstanding as of as of March 27, 2020. On October 2, 2020, the Company repurchased an aggregate of 1,997 shares of its Class L common stock from certain of its directors and one of its non-executive employees for an aggregate purchase price of $408 in connection with, (i) in the case of such directors, the settlement of certain outstanding promissory notes issued by the Company to such directors, and (ii) in the case of such non-executive employee, to satisfy certain withholding tax obligations triggered by the vesting of such shares in accordance with the terms of the applicable award agreement. As a result of these transactions, there were no promissory notes outstanding as of December 25, 2020.

19. Related Party Transactions

Transactions Involving Sanken

The Company sells products to, sells products for, and purchases in-process products from Sanken.

Net sales of Company’s products to Sanken totaled $191,372 and $184,557 during the fiscal years ended March 29, 2019 and March 27, 2020, respectively. Trade accounts receivables, net of allowances from Sanken totaled $6,879 and $30,293 as of March 29, 2019 and March 27, 2020, respectively. Other accounts receivable from Sanken totaled $473 and $558 as of March 29, 2019 and March 27, 2020, respectively.

During fiscal years 2019 and 2020, the Company acted as a distributor of Sanken’s products. Net sales of Sanken’s products by the Company to third parties totaled $37,871 and $35,421 during the fiscal years ended March 29, 2019 and March 27, 2020, respectively.

Purchases of various products from Sanken totaled $32,732 and $31,917 for fiscal years ended March 29, 2019 and March 27, 2020, respectively. Accounts payable to Sanken totaled $4,941 and $4,494 as of March 29, 2019 and March 27, 2020, respectively.

Joint Development Agreement (“Development Agreement”)

The Company, through its subsidiary, Polar Semiconductor, Inc. (“PSL”), entered into a Development Agreement with Sanken whereby the Company and Sanken jointly own a specific wafer technology and share the reimbursement of development costs incurred by the Company. Sanken reimbursed $1,440 in both of the fiscal years ended March 29, 2019 and March 27, 2020 respectively, to the Company for costs incurred under this Development Agreement.

Bridge Loan to Sanken

In March 2019, the Company entered into a short-term bridge loan to Sanken in the amount of $30,000. The loan bore interest of 2.52% and was repaid in April 2019. No interest income related to the loan to Sanken was recorded during fiscal year 2019. Interest income related to the loan to Sanken was $55 during 2020.

Notes Payable and Lines-of-credit from Sanken

The Company, through its subsidiaries, has related party debt owed to Sanken that includes three notes payable in the aggregate amount of $17,700 and two lines-of-credit agreements in the aggregate amount of $25,000. For both fiscal years 2019 and 2020, the interest rates on the related party debt was reset at the beginning of each calendar quarter to LIBOR on the last trading day of the previous month, plus a 1.0% spread. Related party interest expense consisting of amounts due to Sanken for intercompany notes payable and lines-of-credit for the fiscal years ended March 29, 2019 and March 27, 2020, amounted to $1,666 and $1,444, respectively, and related party interest paid for the same periods amounted to $1,664 and $1,538, respectively.

As of March 29, 2019, the related party notes payable balance was $17,700, with $3,000 classified as current and $14,700 classified as long-term in the consolidated balance sheets. The balance under the related party lines-of-credit agreements was $25,000 at March 29, 2019, with $10,000 classified as current and $15,000 (payment date September 30, 2020) classified as long-term in the consolidated balance sheets.

As of March 27, 2020, the $17,700 notes payable amount was classified as long-term with various maturity dates through March 14, 2025. The lines-of-credit agreements with Sanken of $25,000 were classified as current at March 27, 2020.

The future principal repayments of related party debt as of March 27, 2020 are as follows:


2021	$	25,000
2022		5,000
2023		3,000
2024		—
2025		9,700

Total	$	42,700

Sublease Agreement

In 2014, the Company, through one of its subsidiaries, entered into a sublease agreement with Sanken pursuant to which it subleases certain office building space in Japan from Sanken. The sublease automatically renews on an annual basis unless either party provides notice to the other party otherwise and can be terminated by either party upon providing six months’ notice. The Company made aggregate payments of approximately $0.2 million to Sanken under the sublease agreement during each of the fiscal years 2019 and 2020, respectively.

Consulting Agreement

The Company entered into a board executive advisor agreement (the “Consulting Agreement”) with Reza Kazerounian in September 2017, before Mr. Kazerounian became a member of the Company’s board of directors, pursuant to which the Company engaged Mr. Kazerounian to serve as executive advisor to the board of directors and the office of Chief Executive Officer. The Consulting Agreement provides for a fee payable to Mr. Kazerounian on a monthly basis in exchange for his services (which fee was reduced from $30 per month to $18.75 per month in connection with Mr. Kazerounian’s appointment to the board of directors in June 2018), as well as a grant of 12,000 shares of the Company’s Class L common stock and a signing bonus of $54 in connection with the execution of the Consulting Agreement. The Consulting Agreement provides that if Mr. Kazerounian is terminated by the board of directors, he will be entitled to a severance payment in the amount of $180 as well as a six-month vesting acceleration of his shares of Class L common stock. The board of directors and Mr. Kazerounian each have the right to terminate the Consulting Agreement at any time. During fiscal years 2019 and 2020, the Company paid aggregate fees of $360 and $494, respectively, to Mr. Kazerounian pursuant to the Consulting Agreement.

Director and Executive Officer Promissory Notes

From time to time, the Company has entered into promissory notes with certain of its directors and executive officers to finance all or a part of the income and employment taxes payable by them in connection with grants of the Company’s Class A common stock and/or Class L common stock. The Company had $506 of promissory notes outstanding as of the end of fiscal 2019 and 2020.

Subsequent Events	12 Months Ended
Subsequent Events	Mar. 27, 2020
Subsequent Events [Abstract]
Subsequent Events	20. Subsequent Events On November 22, 2019, the Company entered into a purchase and sale agreement for the purchase of Voxtel, Inc., a privately-held technology company located in Beaverton, Oregon that develops, manufactures and supplies photonic and advanced 3D imaging technologies. The total purchase price is expected to be approximately $40,000. The Company expects the acquisition to close in the second quarter of fiscal year 2021, after final regulatory approval. On April 3, 2020, the Company amended its purchase and sale agreement originally entered into, which extends payment terms, primarily due to the potential impact of uncertainties from the COVID-19 pandemic. On March 28, 2020, the Company entered into an agreement to divest a majority of its ownership interest in PSL to Sanken, in order to better align with its fabless, asset-lite scalable manufacturing strategy. In order to affect this in-kind, non-cash transaction, Sanken contributed the forgiveness of the fair value of the entire related party notes payable of $42,700 owed to Sanken and the Company contributed the forgiveness of the fair value of $15,000 out of the $66,377 total debt owed by PSL to the Company, which was previously eliminated in consolidation. As a result of this divestiture, Sanken holds a 70% majority share in PSL with the Company retaining a 30% minority shareholder interest. In connection with this transaction, the Company entered into a three-year minimum wafer purchase obligation by us to PSL with an average annual value of approximately $40,000. This transaction was executed as part of the Company’s strategy to develop a flexible and efficient manufacturing model that minimizes capital requirements, lowers operating costs, ensures reliability of supply and supports its growth going forward. On March 28, 2020, in connection with the divestiture described above, the Company also formally terminated its distribution agreement with Sanken to distribute Sanken’s products and entered into a transitional services agreement with PSL, who contracted with Sanken as their new channel for fulfillment of Sanken product sales in North America and Europe. Sanken will continue to provide distribution support for Allegro’s products in Japan. To maintain financial flexibility the Company extended the repayment date of $33,000 borrowed under two lines-of-credit that were due to mature in June 2020, to December 2020, under the same terms and conditions as the initial agreement. The Company has not used any of the borrowings drawn down at year end.

Acquisition

9 Months Ended

Dec. 25, 2020

Business Combinations [Abstract]

Acquisition

3. Acquisition

On August 28, 2020, the Company closed on its purchase of Voxtel, Inc. (the “Acquisition”), a privately-held technology company located in Beaverton, Oregon that develops, manufactures and supplies photonic and advanced 3D imaging technologies. The total preliminary purchase price was $35,081, including certain earn-outs that have the potential payout of $15,000. The fair value of these earn-outs at acquisition date was $7,800.

The Acquisition has been accounted for as a business combination and, in accordance with ASC 805, Business Combinations, the Company has recorded the assets acquired and liabilities assumed at their respective fair values as of the date of the Acquisition. The following table summarizes the preliminary purchase price allocation recorded:


Estimated fair value of consideration:
Base purchase price	$	27,281
Contingent Consideration		7,800

Total estimated fair value of consideration	$	35,081

Estimated fair value of assets acquired and liabilities assumed:
Net working capital	$	4,064
Property and equipment		57
Finite-life intangible assets		13,600
Indefinite-life intangible assets		2,400
Deferred tax liability		(3,843	)
Goodwill		18,803

Allocated purchase price	$	35,081

The significant intangible assets identified in the preliminary purchase price allocation discussed above include completed technology, in-process research and development, customer relationships and trademarks. Completed technology, customer relationships and trademarks are amortized over their respective useful lives on a straight-line basis. An estimated fair value of $2,400 was assigned to acquired in-process research and development costs with an indefinite life.

Amortization of completed technology is included within cost of revenue, and amortization of customer relationships and trademarks is included within selling, general and administrative expense. To value the completed technology and the in-process research and development assets, the Company utilized the income approach, specifically a discounted cash-flow method known as the multi-period excess earnings method. Customer relationships represent the underlying relationships with certain customers to provide ongoing services for products sold. The Company utilized the income approach, specifically the distribution method, a subset of the excess-earnings method to value the customer relationships and trademarks.

The following table presents the estimated fair values and useful lives of the identifiable finite-life intangible assets acquired:


	Useful Life		Fair value
Completed technology		12 years	$	13,100
Customer relationships		6 years		300
Trademarks		5 years		200

			$	13,600

Goodwill was recognized for the excess purchase price over the fair value of the net assets acquired. The goodwill reflects the value of the synergies the Company expects to realize and the assembled workforce. Goodwill from the Acquisition is included within the Company’s one reporting unit and is included in the Company’s enterprise-level annual review for impairment. Goodwill resulting from the Acquisition is not deductible for tax purposes.

The purchase price has been allocated to the tangible and intangible assets acquired and liabilities assumed based upon the respective estimates of fair value as of the date of the Acquisition, which remains preliminary, and using assumptions that the Company’s management believes are reasonable given the information then available. The final allocation of the purchase price may differ materially from the information presented in these condensed consolidated financial statements. Any changes to the preliminary estimates of the fair value of the assets acquired and liabilities assumed will be recorded as adjustments to those assets and liabilities and residual amounts will be allocated to goodwill.

The revenues and loss before income taxes from the Acquisition were immaterial to the Company’s consolidated results for the three- and nine-month periods ended December 25, 2020. The Company has not presented pro forma results of operations for the Acquisition because it is not material to the Company’s consolidated results of operations, financial position, or cash flows.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Accounting Policies [Abstract]

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. Such estimates relate to useful lives of fixed and intangible assets, allowances for doubtful accounts and customer returns and sales allowances. Such estimates could also relate to the net realizable value of inventory, accrued liabilities, the valuation of stock-based awards, deferred tax valuation allowances, and other reserves. On an ongoing basis, management evaluates its estimates. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements.

Unaudited Pro Forma Information

Unaudited Pro Forma Information

Business Segment Information

Business Segment Information

Foreign Currency Translation and Transactions

Foreign Currency Translation and Transactions

Non-Controlling Interest

Non-Controlling Interest

Cash Equivalents and Restricted Cash

Cash Equivalents and Restricted Cash

Fair Value of Financial Instruments

Fair Value of Financial Instruments


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.

A detailed description of fair value measurement of the assets of the non-U.S. defined benefit plan is included in Note 14, “Retirement Plans”.

Trade accounts receivable, net

Trade accounts receivable, net

Inventories

Inventories

Assets Held for Sale

Assets Held for Sale

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

Deferred Offering Costs

Deferred Offering Costs

The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded in stockholder’s equity as a reduction of the additional paid-in capital generated as a result of the offering. Should the planned equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the consolidated statements of income. As of March 29, 2019 and March 27, 2020, the Company had no deferred offering costs.

Property, Plant and Equipment, Net

Property, Plant and Equipment, Net


Asset		Useful Life
Buildings		31 years
Building 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

Goodwill

Goodwill

The Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and concluded that there was a triggering event during the fourth quarter of fiscal year 2020. The full extent to which COVID-19 will impact the Company’s results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the virus and the actions to contain or treat its impact. As of March 27, 2020, based on management’s assessment, the impacts from COVID-19 did not indicate an impairment of the goodwill.

Product Warranties

Product Warranties

Deferred Rent

Deferred Rent

Revenue Recognition

Revenue Recognition under FASB ASC Topic ASC 605, Revenue Recognition (“ASC 605”) for fiscal year 2019

•

Shipping and handling costs are charged to cost of sales as incurred.

Revenue Recognition under ASC 606 for fiscal year 2020

Sales channels

Variable consideration

Practical expedients elected

Other Revenue Recognition Policies

Contract Assets and Contract Liabilities

Contract costs

Stock-Based Compensation

Stock-Based Compensation

Pension Obligations

Pension Obligations

Income Taxes

Income Taxes

Advertising Costs

Advertising Costs

Advertising costs are expensed, as incurred, as a component of sales expense. Advertising expense was $508 and $273 in fiscal years 2019 and 2020, respectively.

Net Income Per Share

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, which management believes to be of a high credit quality. To manage credit risk related to accounts receivables, the Company evaluates its 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 to date.

Impact of Recently Adopted Accounting Standards and Impact of Recently Issued Accounting Standards

Impact of Recently Issued Accounting Standards

Impact of Recently Adopted Accounting Standards

Impact of Recently Issued Accounting Standards

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 27, 2020

Accounting Policies [Abstract]

Summary of Estimated Useful Lives of Property Plant and Equipment Assets

Estimated useful lives of the respective property, plant and equipment assets are as follows:


Asset		Useful Life
Buildings		31 years
Building 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

Revenue from Contracts with Customers (Tables)

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Revenue from Contract with Customer [Abstract]

Net Sales by Core End Market and Application

Net sales by core end market and application:


	Three-Month Period Ended				Nine-Month Period Ended
	December 25, 2020		December 27, 2019		December 25, 2020		December 27, 2019
Core end market:
Automotive	$	113,902	$	99,074	$	279,759	$	289,681
Industrial		23,654		21,358		65,710		56,095
Other		26,893		15,070		70,630		53,399
Other applications:
Wafer foundry products		—		16,634		—		49,622
Distribution of Sanken products		—		7,666		—		26,688

Total net sales	$	164,449	$	159,802	$	416,099	$	475,485

Net sales by core end market and application:


	Fiscal Year Ended March 27, 2020
Core end market:
Automotive	$	395,277
Industrial		78,399
Other		68,622
Other applications:
Wafer foundry products		72,370
Distribution of Sanken products		35,421

Total net sales	$	650,089

Revenue from External Customers by Products and Services

Net sales by product:


	Three-Month Period Ended				Nine-Month Period Ended
	December 25, 2020		December 27, 2019		December 25, 2020		December 27, 2019
Power integrated circuits (“PIC”)	$	54,406	$	43,665	$	146,276	$	123,900
Magnetic sensors (“MS”)		109,457		91,837		268,956		275,275
Photonics		586		—		867		—
Wafer foundry products		—		16,634		—		49,622
Distribution of Sanken products		—		7,666		—		26,688

Total net sales	$	164,449	$	159,802	$	416,099	$	475,485

Net sales by product:


	Fiscal Year Ended March 27, 2020
Power integrated circuits (‘PIC”)	$	165,911
Magnetic sensors (“MS”)		376,387
Wafer foundry products		72,370
Distribution of Sanken products		35,421

Total net sales	$	650,089

Revenue from External Customers by Geographic Areas

Net sales by geography:


	Three-Month Period Ended				Nine-Month Period Ended
	December 25, 2020		December 27, 2019		December 25, 2020		December 27, 2019
Americas:
United States	$	23,934	$	27,498	$	57,892	$	86,746
Other Americas		5,620		4,722		10,797		15,930
EMEA:
Europe		28,239		24,341		70,459		76,622
Asia:
Japan		26,439		46,010		72,570		131,950
Greater China		46,172		35,284		116,178		95,244
South Korea		17,606		14,119		43,733		41,413
Other Asia		16,439		7,828		44,470		27,580

Total net sales	$	164,449	$	159,802	$	416,099	$	475,485

Net sales by geography:


	Fiscal Year Ended March 27, 2020
Americas:
United States	$	119,139
Other Americas		20,883
EMEA:
Europe		110,126
Asia:
Japan		184,557
Greater China		121,807
South Korea		54,707
Other Asia		38,870

Total net sales	$	650,089

Fair Value Measurements (Tables)

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping


	Fair Value Measurement at December 25, 2020 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market fund deposits	$	16,320	$	—	$	—	$	16,320
Restricted cash:
Money market fund deposits		6,520		—		—		6,520

Total assets	$	22,840	$	—	$	—	$	22,840

Liabilities:
Other long-term liabilities:
Contingent consideration	$	—	$	—	$	7,800	$	7,800

Total liabilities	$	—	$	—	$	7,800	$	7,800


	Fair Value Measurement at March 27, 2020 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market fund deposits	$	46,337	$	—	$	—	$	46,337
Restricted cash:
Money market fund deposits		5,385		—		—		5,385

Total assets	$	51,722	$	—	$	—	$	51,722


	Fair Value Measurements as of March 29, 2019 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market fund deposits	$	41,581	$	—	$	—	$	41,581
Restricted cash:
Money market fund deposits		3,514		—		—		3,514

Total assets	$	45,095	$	—	$	—	$	45,095


	Fair Value Measurements as of March 27, 2020 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market fund deposits	$	46,337	$	—	$	—	$	46,337
Restricted cash:
Money market fund deposits		5,385		—		—		5,385

Total assets	$	51,722	$	—	$	—	$	51,722

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table shows the change in fair value of Level 3 contingent consideration in connection with the Acquisition for the nine-month period ended December 25, 2020:


	Level 3 Contingent Consideration
Balance at March 27, 2020	$	—
Additions during the year		7,800

Balance at December 25, 2020	$	7,800

Trade Accounts Receivable, net (Tables)

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Receivables [Abstract]

Schedule of Trade Accounts Receivable, Net

Trade accounts receivable, net (including related party trade accounts receivable) consisted of the following:


	December 25, 2020			March 27, 2020
Trade accounts receivable	$	103,687		$	107,223
Less:
Allowance for doubtful accounts		(138	)		(288	)
Returns and sales allowances		(16,437	)		(17,185	)
Related party trade accounts receivable		(19,778	)		(30,293	)

Total	$	67,334		$	59,457

Trade accounts receivable, net consisted of the following:


	March 29, 2019			March 27, 2020
Trade accounts receivable	$	101,343		$	107,223
Less:
Allowance for doubtful accounts		(412	)		(288	)
Returns and sales allowances		(17,608	)		(17,185	)
Related party trade accounts receivable		(6,879	)		(30,293	)

Total	$	76,444		$	59,457

Schedule of Changes in Allowance for Doubtful Accounts and Returns and Sales Allowances

Changes in the Company’s allowance for doubtful accounts and returns and sales allowances were as follows:


Description	Allowance for Doubtful Accounts			Returns and Sales Allowances			Total
Balance at March 27, 2020	$	288		$	17,185		$	17,473
Charged to costs and expenses or revenue		(150	)		103,660			103,510
Write-offs, net of recoveries		—			(104,408	)		(104,409	)

Balance at December 25, 2020	$	138		$	16,437		$	16,574


Description	Allowance for Doubtful Accounts			Returns and Sales Allowances			Total
Balance at March 29, 2019	$	412		$	17,607		$	18,019
Charged to costs and expenses or revenue		(175	)		91,690			91,515
Write-offs, net of recoveries		—			(92,330	)		(92,330	)

Balance at December 27, 2019	$	237		$	16,967		$	17,204

Changes in the Company’s allowance for doubtful accounts and returns and sales allowances were as follows:


Description	Allowance for Doubtful Accounts		Returns and Sales Allowances		Total
Balance at March 30, 2018	$	303	$	25,977	$	26,280

Inventories (Tables)

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories include material, labor and overhead and consisted of the following:


	December 25, 2020		March 27, 2020
Raw materials and supplies	$	8,689	$	12,411
Work in process		57,477		87,606
Finished goods		24,451		24,659
Finished goods - consigned		3,404		2,551

Total	$	94,021	$	127,227

Inventories include material, labor and overhead and consisted of the following:


	March 29, 2019		March 27, 2020
Raw materials and supplies	$	12,688	$	12,411
Work in process		83,750		87,606
Finished goods		30,167		24,659
Finished goods—consigned		4,312		2,551

Total	$	130,917	$	127,227

Property, Plant and Equipment, net (Tables)

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant, and Equipment

Property, plant and equipment, net is stated at cost, and consisted of the following:


	December 25, 2020			March 27, 2020
Land	$	23,829		$	27,898
Buildings, building improvements and leasehold improvements		91,535			150,402
Machinery and equipment		488,796			694,215
Office equipment		6,643			7,517
Construction in progress		10,956			27,919

Total		621,759			907,951
Less accumulated depreciation		(407,387	)		(575,621	)

Total	$	214,372		$	332,330

Property, plant and equipment, net is stated at cost, and consisted of the following:


	March 29, 2019			March 27, 2020
Land	$	27,675		$	27,898
Buildings, building improvements and leasehold improvements		150,223			150,402
Machinery and equipment		685,268			694,215
Office equipment		10,237			7,517
Construction in progress		32,543			27,919

		905,946			907,951
Less: accumulated depreciation		(558,542	)		(575,621	)

Total	$	347,404		$	332,330

Schedule of Long-lived Assets

The geographic locations of the Company’s long-lived assets, net, based on physical location of the assets, as of December 25, 2020 and March 27, 2020 are as follows:


	December 25, 2020		March 27, 2020
United States	$	35,894	$	152,536
Philippines		136,284		106,618
Thailand		34,226		62,380
Other		9,306		12,112

Total	$	215,710	$	333,646

The geographic locations of the Company’s long-lived assets, net, based on physical location of the assets, as of March 29, 2019 and March 27, 2020 were as follows:


	March 29, 2019		March 27, 2020
United States	$	151,221	$	152,536
Philippines		109,485		106,618
Thailand		72,468		62,380
Other		15,449		12,112

Total	$	348,623	$	333,646

Goodwill and Intangible Assets (Tables)

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

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 27, 2020	$	1,285
Goodwill arising from Acquisition		18,803
Currency translation		161

Balance at December 25, 2020	$	20,249

The table below summarizes the changes in the carrying amount of goodwill as follows:


	Fiscal Year Ended
	March 29, 2019			March 27, 2020
Beginning balance	$	1,467		$	1,336
Foreign currency translation		(131	)		(51	)

Ending balance	$	1,336		$	1,285

Schedule of Intangible Assets, Net

Intangible assets, net is as follows:


	December 25, 2020
Description	Gross		Accumulated Amortization		Net Carrying Amount		Weighted- Average Lives
Patents	$	31,852	$	11,661	$	20,191		10 years
Customer relationships		6,193		5,823		370		9 years
Process technology		17,150		2,028		15,122		12 years
Trademarks		810		73		737		5 years
Other		32		32		—

Total	$	56,037	$	19,617	$	36,420


	March 27, 2020
Description	Gross		Accumulated Amortization		Net Carrying Amount		Weighted- Average Lives
Patents	$	29,115	$	9,834	$	19,281		10 years
Customer relationships		5,462		5,335		127		9 years
Process technology		1,650		1,650		—
Trademarks		608		58		550
Other		32		32		—

Total	$	36,867	$	16,909	$	19,958

Intangible assets, net is as follows:


	March 29, 2019
Description	Gross		Accumulated Amortization		Net Carrying Amount		Weighted- Average Lives
Patents	$	24,986	$	8,035	$	16,951		10 years
Customer relationships		5,205		4,946		259		9 years
Process technology		1,650		1,650		—
Trademarks		563		58		505
Other		32		32		—

Total	$	32,436	$	14,721	$	17,715

Schedule of Annual Amortization Expense

As of December 25, 2020, annual amortization expense of intangible assets for the next five fiscal years is expected to be as follows:


Remainder of 2021	$	850
2022		3,293
2023		3,139
2024		3,003
2025		2,709
Thereafter		23,426

Total	$	36,420

As of March 27, 2020, annual amortization expense of intangible assets for the next five fiscal years is expected to be as follows:


Fiscal Year	Amortization Expense
2021	$	2,391
2022		2,145
2023		1,881
2024		1,695
2025		1,410
Thereafter		10,436

Total	$	19,958

Other Assets, net (Tables)

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets, Net

The composition of other assets, net is as follows:


	December 25, 2020		March 27, 2020
VAT receivables long-term, net	$	6,662	$	3,039
Deposits		2,414		2,399
Prepaid contracts long-term		1,478		1,282
Other		1,928		2,090

Total	$	12,482	$	8,810

The composition of Other assets, net is as follows:


	March 29, 2019		March 27, 2020
VAT receivables long-term, net	$	6,171	$	3,039
Deposits		2,428		2,399
Prepaid contracts long-term		2,767		1,282
Other		2,216		2,090

Total	$	13,582	$	8,810

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

The composition of accrued expenses and other current liabilities is as follows:


	December 25, 2020		March 27, 2020
Accrued management incentive (LTCIP)	$	94	$	11,488
Accrued management incentive (non-LTCIP)		14,143		6,273
Accrued salaries and wages		18,603		12,069
Base acquisition purchase price due		17,244		—
Accrued vacation		5,534		7,146
Accrued severance		2,643		6,065
Accrued professional fees		1,057		4,036
Accrued income taxes		1,803		3,408
Accrued utilities		628		1,114
Other current liabilities		5,030		5,256

Total	$	66,779	$	56,855

The composition of Accrued expenses and other current liabilities is as follows:


	March 29, 2019		March 27, 2020
Accrued management incentive (LTIP)	$	17,115	$	11,488
Accrued management incentive (non-LTIP)		15,002		6,273
Accrued salaries and wages		9,851		12,069
Accrued vacation		7,577		7,146
Accrued severance		1,292		6,065
Accrued professional fees		1,857		4,036
Accrued income taxes		1,656		3,408
Accrued utilities		1,243		1,114
Accrued escrow		1,433		—
Other current liabilities		4,706		5,256

Total	$	61,732	$	56,855

Management Long-Term Cash Incentive Plan (Tables)

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Schedule of Accrual Activity, Payments, Removal Due to Divestitures and Balances Related to the LTIP

The accrual activity, payments, removal due to divestitures and balances related to the LTCIP are as follows:


Description	Current Liabilities			Long-Term Liabilities
Balance at March 27, 2020	$	11,488		$	2,439
Reclassification		1,004			(1,004	)
Payments		(11,096	)		—
RSU conversion		(640	)		—
Removal due to divestiture		(378	)		(398	)
Accruals		(284	)		(843	)

Balance at December 25, 2020	$	94		$	194

The accrual activity, payments, and balances related to the LTIP are as follows:


	Current Liabilities			Long-Term Liabilities
Balance as of March 30, 2018	$	9,390		$	16,118
Reclassification		11,773			(11,773	)
Payments		(9,887	)		—
Accruals		5,839			6,759

Balance as of March 29, 2019		17,115			11,104
Reclassification		9,707			(9,706	)
Payments		(17,836	)		—
Accruals		2,502			1,041

Balance as of March 27, 2020	$	11,488		$	2,439

Other Long-Term Liabilities (Tables)

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Other Liabilities Disclosure [Abstract]

Schedule of Other Long-Term Liabilities

The composition of other long-term liabilities is as follows:


	December 25, 2020		March 27, 2020
Accrued management incentive (LTCIP)	$	194	$	2,439
Accrued management incentive (non-LTCIP)		318		2,304
Accrued retirement		9,516		8,005
Accrued contingent consideration		7,800		—
Provision for uncertain tax positions (net)		2,758		2,855
Other		275		275

Total	$	20,861	$	15,878

The composition of Other long-term liabilities is as follows:


	March 29, 2019		March 27, 2020
Accrued management incentive (LTIP)	$	11,104	$	2,439
Accrued management incentive (non-LTIP)		1,408		2,304
Accrued retirement		6,830		8,005
Provision for uncertain tax positions (net)		6,424		2,855
Other		275		275

Total	$	26,041	$	15,878

Retirement Plans (Tables)

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Retirement Benefits [Abstract]

Schedule of Expense Related to Defined Benefit Plan

Expense related to the non-U.S. defined benefit plan was as follows:


	Three-Month Period Ended						Nine-Month Period Ended
	December 25, 2020			December 27, 2019			December 25, 2020			December 27, 2019
Service cost	$	296		$	242		$	843		$	717
Interest cost		166			169			474			503
Expected return on plan assets		(79	)		(83	)		(231	)		(247	)
Amortization of net transition asset		—			(4	)		—			(10	)
Amortization of prior service cost		2			2			6			6
Actuarial loss		47			24			126			72

Net periodic pension expense	$	432		$	350		$	1,218		$	1,041

Expense related to the non-U.S. defined benefit plan was as follows:


	Fiscal Years Ended
	March 29, 2019			March 27, 2020
Service cost	$	800		$	961
Interest cost		612			674
Expected return on plan assets		(325	)		(331	)
Net acquired/transferred obligation		37			—
Amortization of net transition asset		(14	)		(14	)
Amortization of prior service cost		9			8
Actuarial loss		101			96

Net periodic pension expense	$	1,220		$	1,394

Schedule of Changes in the 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 Years Ended
	March 29, 2019			March 27, 2020
Obligation and funded status of plan:
Benefit obligation at beginning of year	$	9,950		$	10,840
Service cost		800			961
Interest cost		612			674
Acquisitions/transferred employees		37			—
Benefits paid		(474	)		(938	)
Actuarial loss		(19	)		690
Foreign currency exchange rate changes		(66	)		368

Benefit obligation at end of year	$	10,840		$	12,595

Change in plan assets:
Fair value of plan assets at beginning of year	$	5,350		$	5,171
Actual return on plan assets		2			434
Employer contributions		453			932
Benefits paid		(595	)		(1,130	)
Foreign currency exchange rate changes		(39	)		172

Fair value of plan assets at end of year	$	5,171		$	5,579

Underfunded status at end of year	$	(5,669	)	$	(7,016	)

Schedule of Defined Benefit Plan 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:


	March 29, 2019		March 27, 2020
Projected benefit obligations	$	10,840	$	12,595
Plan assets		5,171		5,579
Accumulated benefit obligations		6,833		7,818

Schedule of Amounts Recorded in 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, 2019 and March 27, 2020, are further detailed below:


	Net Transition Obligation (Asset)			Net Actuarial Loss		Prior Service Costs			Total
Balance, March 30, 2018, net of tax	$	(20	)	$	1,485	$	17		$	1,482
2019 change in AOCI for non-U.S. defined benefit plan		127			825		(1	)		951

Amounts in AOCI before tax		107			2,310		16			2,433
Less tax expense		32			693		5			730

Balance, March 29, 2019, net of tax	$	75		$	1,617	$	11		$	1,703
2020 change in AOCI for non-U.S. defined benefit plan		244			1,264		(3	)		1,505

Amounts in AOCI before tax		319			2,881		8			3,208
Less tax expense		95			864		3			962

Balance, March 27, 2020, net of tax	$	224		$	2,017	$	5		$	2,246

Schedule of Weighted-average Assumptions Used to Determine Projected Benefit Obligation and Net Periodic Benefit Cost

Weighted-Average Assumptions Used to Determine Projected Benefit Obligation


	March 29, 2019			March 27, 2020
Non-U.S. assumed discount rate		6.41	%		4.98	%
Non-U.S. rate of compensation increase		5.00	%		5.00	%

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost


	March 29, 2019			March 27, 2020
Non-U.S. assumed discount rate		6.41	%		4.98	%
Non-U.S. expected long-term return on plan assets		6.00	%		5.20	%
Non-U.S. rate of compensation increase		5.00	%		5.00	%

Fair Value of Entity's Plan Assets


	Fair Value at December 25, 2020		Level 1		Level 2		Level 3
Assets of non-U.S. defined benefit plan:
Government securities	$	1,826	$	1,826	$	—	$	—
Unit investment trust fund		1,155		—		1,155		—
Loans		562		—		—		562
Bonds		1,193		—		1,193		—
Stocks and other investments		2,353		1,205		1		1,147

Total	$	7,089	$	3,031	$	2,349	$	1,709


	Fair Value at March 27, 2020		Level 1		Level 2		Level 3
Assets of non-U.S. defined benefit plan:
Government securities	$	1,260	$	1,260	$	—	$	—
Unit investment trust fund		897		—		897		—
Loans		756		—		—		756
Bonds		1,094		—		1,094		—
Stocks and other investments		1,572		1,207		1		364

Total	$	5,579	$	2,467	$	1,992	$	1,120


	Fair Value at March 29, 2019		Level 1		Level 2		Level 3
Assets of non-U.S. defined benefit plan:
Government securities	$	805	$	805	$	—	$	—
Unit investment trust fund		747		—		747		—
Loans		760		—		—		760
Bonds		1,160		—		1,160		—
Stocks and other investments		1,699		1,345		1		353

Total	$	5,171	$	2,150	$	1,908	$	1,113


	Fair Value at March 27, 2020		Level 1		Level 2		Level 3
Assets of non-U.S. defined benefit plan:
Government securities	$	1,260	$	1,260	$	—	$	—
Unit investment trust fund		897		—		897		—
Loans		756		—		—		756
Bonds		1,094		—		1,094		—
Stocks and other investments		1,572		1,207		1		364

Total	$	5,579	$	2,467	$	1,992	$	1,120

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 for the nine-month period ended December 25, 2020:


	Level 3 Non-U.S. Defined Plan Assets
	Loans			Stocks
Balance at March 27, 2020	$	756		$	364
Additions during the year		207			—
Redemptions during the year		(440	)		—
Revaluation of equity securities		—			753
Change in foreign currency exchange rates		39			30

Balance at December 25, 2020	$	562		$	1,147

The following table shows the change in fair value of Level 3 plan assets for the fiscal year ended March 29, 2019 and March 27, 2020:


	Level 3 Non-U.S. Defined Plan Assets
	Loans			Stocks
Balance at March 30, 2018	$	600		$	355
Additions during the year		489			—
Redemptions during the year		(324	)		—
Change in foreign currency exchange rates		(5	)		(2	)

Balance at March 29, 2019	$	760		$	353
Additions during the year		271			—
Redemptions during the year		(300	)		—
Change in foreign currency exchange rates		25			11

Balance at March 27, 2020	$	756		$	364

Schedule of Benefits Expected to Be Paid to Participants From the Plans

Estimated Future Benefit Payments


	Pension Benefits
2021	$	1,044
2022		1,194
2023		1,138
2024		849
2025		1,024
Thereafter		6,041

Total	$	11,290

Commitments and Contingencies (Tables)

12 Months Ended

Mar. 27, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Payments for Noncancelable Operating Leases

Future minimum lease payments for noncancelable operating leases as of March 27, 2020 are as follows:


2021	$	2,426
2022		2,182
2023		2,030
2024		1,879
2025		1,565
Thereafter		4,923

Total	$	15,005

Schedule of Future Minimum Payments Under Purchase Obligations With Suppliers

Future minimum payments under purchase obligations with suppliers as of March 27, 2020 are as follows:


2021	$	67,946
2022		3,039
2023		1,814
2024		62
2025		62
Thereafter		—

Total	$	72,923

Net (Loss) Income per Share and Unaudited Pro Forma Net Income per Share (Tables)

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Earnings Per Share [Abstract]

Schedule of Computation of Net Income per Share and Unaudited Pro Forma Net Income per Share


	Three-Month Period Ended					Nine-Month Period Ended
	December 25, 2020			December 27, 2019		December 25, 2020		December 27, 2019
Net (loss) income attributable to Allegro MicroSystems, Inc.	$	(5,095	)	$	8,926	$	9,309	$	23,675
Net (loss) income attributable to common stockholders		(5,060	)		8,958		9,412		23,776

Basic weighted average shares of common stock		124,363,078			10,000,000		48,121,026		10,000,000
Dilutive effect of common stock equivalents		—			—		123,517,761		—

Diluted weighted average shares of common stock		124,363,078			10,000,000		171,638,787		10,000,000

Basic net (loss) income attributable to Allegro MicroSystems, Inc. per share	$	(0.04	)	$	0.89	$	0.19	$	2.37
Basic net (loss) income attributable to common stockholders per share	$	(0.04	)	$	0.90	$	0.20	$	2.38

Diluted net (loss) income attributable to Allegro MicroSystems, Inc. per share	$	(0.04	)	$	0.89	$	0.05	$	2.37
Diluted net (loss) income attributable to common stockholders per share	$	(0.04	)	$	0.90	$	0.05	$	2.38

Unaudited pro forma basic and diluted net income per share attributable to common stockholders for the nine-month period ended December 25, 2020 was calculated as follows:


	Nine-Month Period Ended December 25, 2020 (unaudited)
Numerator:
Net income, as reported	$	9,412

Interest expense on the remainder of the Term Loan Facility used to fund the dividend		(436	)
Pro forma net income		8,976

Denominator:
Weighted-average shares used to compute net income per share attributable to common stockholders, basic		10,000,000
Adjustments to reflect the Common Stock Conversion		156,500,000
Adjustments to reflect the Common Stock Repurchases		(2,068,274)
Total shares sold in the IPO as their proceeds were required to pay the dividend in excess of current year earnings and the portion funded by the Term Loan Facility that remains unpaid after the IPO		25,000,000
Total		189,431,726
Pro forma net income per share attributable to common stockholders	$	0.05

The following table sets forth the computation of basic and diluted net income per share attributable to Allegro MicroSystems, Inc.:


	Fiscal Years Ended
	March 29, 2019		March 27, 2020
Net income attributable to Allegro MicroSystems, Inc.	$	84,724	$	36,971
Net income attributable to common stockholders		84,841		37,105

Weighted average basic and diluted common shares		10,000,000		10,000,000

Net income per share attributable to Allegro MicroSystems, Inc.—basic and diluted	$	8.47	$	3.70

Net income per share attributable to Allegro MicroSystems, Inc. and non-controlling interest—basic and diluted	$	8.48	$	3.71

Unaudited pro forma basic and diluted net income per share attributable to Allegro MicroSystems, Inc. was calculated as follows:


	Fiscal Year Ended March 27, 2020 (unaudited)
Numerator:
Net income, as reported	$	36,971

Interest expense on the remainder of the Term Loan Facility used to fund the dividend		873
Pro forma net income		36,098

Denominator:
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, basic		10,000,000
Pro forma adjustments to reflect the Common Stock Conversion		156,499,960
Pro forma adjustments to reflect the Common Stock Repurchases		(2,068,234	)
Total shares sold in the IPO as their proceeds were required to pay the dividend in excess of current year earnings and the portion funded by the Term Loan Facility that remains unpaid after the IPO		25,000,000
Total		189,431,726
Pro forma net income per share attributable to common stockholders	$	0.19

Schedule of Weighted Average Shares

The following represents issuable weighted average share information for the respective periods:


	Three-Month Period Ended				Nine-Month Period Ended
	December 25, 2020		December 27, 2019		December 25, 2020		December 27, 2019
Unvested restricted stock units (“RSUs”)		377,767		—		125,922		—
Unvested performance stock units (“PSUs”)		422,768		—		140,923		—
Shares related to Common Stock Conversion		56,752,747		—		123,250,916		—

Total		57,553,282		—		123,517,761		—

Common Stock and Stock-Based Compensation (Tables)

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Summary of Common Stock Award Activity

The following table summarizes the Class A common stock awards activity for the fiscal years ended as follows:


	Number of Shares		Weighted-Average Grant-Date Fair Value		Weighted-Average Remaining Contractual Life		Aggregate Intrinsic Value
					(In years)		(In thousands)
Outstanding—March 29, 2019		400,000	$	101.10		5.52	$	40,440

Outstanding—March 27, 2020		400,000	$	101.10		4.52	$	40,440

Unvested—March 27, 2020		400,000	$	101.10		4.52	$	40,440

The following table summarizes the Class L common stock awards activity since March 29, 2019:


	Number of Shares			Weighted-Average Grant-Date Fair Value		Weighted-Average Remaining Contractual Life		Aggregate Intrinsic Value
						(In years)		(In thousands)
Outstanding—March 29, 2019		607,620			10.62		2.54	$	6,454
Granted		30,300			26.93
Canceled		(15,450	)		10.03

Outstanding—March 27, 2020		622,470		$	11.43		1.62	$	7,115

Unvested—March 27, 2020		321,840		$	11.67		1.72	$	3,757

Schedule of Stock-Based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its unaudited consolidated statements of operations:


	Three-Month Period Ended				Nine-Month Period Ended
	December 25, 2020		December 27, 2019		December 25, 2020		December 27, 2019
Cost of sales	$	4,694	$	47	$	4,844	$	137
Research and development		2,984		20		3,037		65
Selling, general and administrative		38,198		236		39,020		849

Total stock-based compensation	$	45,876	$	303	$	46,901	$	1,051

The Company recorded stock-based compensation expense in the following expense categories of its consolidated statements of income:


	Fiscal Years Ended
	March 29, 2019		March 27, 2020
Cost of sales	$	181	$	183
Research and development		74		87
Selling, general and administrative		1,186		1,165

Total stock-based compensation	$	1,441	$	1,435

Schedule of Conversions of Stock


	Shares of Common Stock		Shares of Unvested Restricted Common Stock		Total Shares of Common Stock
Class A common stock		156,155,403		—		156,155,403
Class L common stock		7,816,574		459,749		8,276,323

Total		163,971,977		459,749		164,431,726

Schedule of RSU Activity

The following table summarizes the RSU activity for the nine-month period ended December 25, 2020:


	Number of Shares			Weighted-Average Grant-Date Fair Value		Weighted-Average Remaining Contractual Life		Aggregate Intrinsic Value
						(In years)
Outstanding—March 27, 2020		—		$	—		—	$	—
Granted		1,426,944			14.04
Vested		(376	)		14.00
Canceled		(28,920	)		14.00

Outstanding—December 25, 2020		1,397,648		$	14.04		1.74	$	34,648

Schedule of PSU Activity

The following table summarizes the PSU activity for the nine-month period ended December 25, 2020:


	Number of Shares		Weighted-Average Grant-Date Fair Value		Weighted-Average Remaining Contractual Life		Aggregate Intrinsic Value
					(In years)
Outstanding—March 27, 2020		—	$	—		—	$	—
Granted		650,302		15.05
Vested		—		—
Canceled		—		—

Outstanding—December 25, 2020		650,302	$	15.05		2.90	$	16,121

Schedule of Unvested Restricted Common Stock Activity

The following table summarizes unvested restricted common stock activity for the nine-month period ended December 25, 2020:


	Number of Shares			Weighted-Average Grant-Date Fair Value		Weighted-Average Remaining Contractual Life		Aggregate Intrinsic Value
						(In years)
Outstanding—March 27, 2020		—		$	—		—		—
Common stock conversion		459,749			14.00
Vested		(37,161	)		14.00
Canceled		—			—

Outstanding—December 25, 2020		422,588		$	14.00		2.01		10,476

PSU

Summary of Weighted-average Fair Value of PSUs

The weighted-average fair value of the PSUs was determined using the Monte Carlo simulation model incorporating the following weighted-average assumptions:


	Fiscal Year 2021
Performance term		2.42 years
Volatility		49.9	%
Risk-free rate of return		0.17	%
Dividend yield		—	%
Weighted-average fair value per share	$	14.00

Income Taxes (Tables)

9 Months Ended

12 Months Ended

Dec. 25, 2020

Mar. 27, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Before Income Taxes

The components of income before income taxes include the following:


	Fiscal Years Ended
	March 29, 2019		March 27, 2020
Income before provision for incomes attributable to:
Domestic operations	$	80,924	$	34,425
Foreign operations		18,518		18,853

Total	$	99,442	$	53,278

Schedule of Significant Components of Provision (Benefit) for Income Tax

Significant components of the provision (benefit) for income tax are as follows:


	Fiscal Years Ended
	March 29, 2019			March 27, 2020
Current:
Federal	$	6,384		$	15,146
State		976			1,468
Foreign		5,225			4,468

Total current		12,585			21,082

Deferred:
Federal		2,956			(4,431	)
State		199			18
Foreign		(1,140	)		(496	)

Total deferred		2,015			(4,909	)

Total income tax provision	$	14,601		$	16,173

Schedule of Reconciliation of Income Taxes

The Company recorded the following tax (benefit) provision in its unaudited consolidated statements of operations:


	Three-Month Period Ended						Nine-Month Period Ended
	December 25, 2020			December 27, 2019			December 25, 2020			December 27, 2019
Operating taxes	$	(12,169	)	$	1,703		$	(9,764	)	$	5,980
Discrete tax items		(18,354	)		(161	)		(18,149	)		5,730

(Benefit) provision for income taxes	$	(30,523	)	$	1,542		$	(27,913	)	$	11,710

Annual operating tax rate		34.2	%		16.2	%		52.8	%		16.9	%
Effective tax rate		85.8	%		14.7	%		150.9	%		33.0	%

The reconciliation of income taxes computed at the U.S. federal statutory tax rate to total income taxes is as follows:


	Fiscal Years Ended
	March 29, 2019			March 27, 2020
Tax provision (benefit) at U.S. statutory rate	$	20,882		$	11,189
Provision for IRS audit settlement		—			5,491
BEAT		—			1,694
State income taxes, net of federal benefit		790			514
Provision for uncertain tax positions		556			361
Foreign tax rate		194			283
GILTI		53			86
Transition tax		(2,457	)		—
Subpart F income, net of credits		158			—
Cumulative provision-to-return		(18	)		(186	)
FDII		(3,010	)		(1,188	)
Research and development tax credit		(2,307	)		(1,841	)
Other		(240	)		(230	)

Total income tax provision	$	14,601		$	16,173

Schedule of Deferred Income Taxes

Significant components of the Company’s deferred tax assets and liabilities are as follows:


	March 29, 2019			March 27, 2020
Deferred income tax assets:
Tax credits	$	5,433		$	6,600
Net operating loss carryforward		2,597			2,037
Bonuses, commissions and other compensation		6,614			8,793
Inventory and sales related		3,479			6,696
Capitalized transaction costs		441			259
Other accruals and reserves		667			1,879

Gross Deferred income tax assets		19,231			26,264
Valuation allowance for Deferred income tax assets		(3,837	)		(4,206	)

Total Deferred income tax assets		15,394			22,058

Deferred income tax liabilities:
Fixed assets and intangibles		(12,234	)		(14,162	)
Stock-based compensation		(853	)	$	(679	)

Total Deferred income tax liabilities		(13,087	)		(14,841	)

Net Deferred income tax assets	$	2,307		$	7,217

Schedule of Unrecognized Tax Benefits

A reconciliation of unrecognized tax benefits is as follows:


	Fiscal Years Ended
	March 29, 2019			March 27, 2020
Beginning balance	$	5,485		$	6,264
Gross increases—tax positions in prior period		2,411			4,863
Gross decreases—tax positions in prior period settlement		—			(8,513	)
Lapse in statute of limitations		(1,632	)		(55	)

Balance at end of period	$	6,264		$	2,559

Related Party Transactions (Tables)

12 Months Ended

Mar. 27, 2020

Schedule of Future Principal Repayments

The future principal repayments of related party debt as of March 27, 2020 are as follows:


2021	$	25,000
2022		5,000
2023		3,000
2024		—
2025		9,700

Total	$	42,700

Nature of the Business and Basis of Presentation (Tables)

9 Months Ended

Dec. 25, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Cash Flow Impact of Divestiture

In accordance with the PSL Divestiture noted above, the following noncash assets and liabilities and related equity impacts attributable to the unaudited statement of cash flows are summarized below:


	March 28, 2020
Cash and cash equivalents	$	(15,332	)
Restricted cash		(1,013	)
Trade accounts receivable, net of allowances		37
Accounts receivable - other		(308	)
Inventories		(32,250	)
Prepaid expenses and other current assets		(376	)
Property, plant and equipment, net		(115,341	)
Related party note receivable		51,377
Equity investment in related party		25,462
Other assets, net		5,609
Trade accounts payable		4,176
Accrued expenses and other current liabilities		7,150
Current portion of related party debt		25,000
Bank lines-of-credit		10,000
Related party notes payable, less current portion		17,700
Other long-term liabilities		(1,247	)
Additional paid-in capital		19,165

Acquisition (Tables)

9 Months Ended

Dec. 25, 2020

Business Combinations [Abstract]

Summary of Preliminary Purchase Price Allocation

The following table summarizes the preliminary purchase price allocation recorded:


Estimated fair value of consideration:
Base purchase price	$	27,281
Contingent Consideration		7,800

Total estimated fair value of consideration	$	35,081

Estimated fair value of assets acquired and liabilities assumed:
Net working capital	$	4,064
Property and equipment		57
Finite-life intangible assets		13,600
Indefinite-life intangible assets		2,400
Deferred tax liability		(3,843	)
Goodwill		18,803

Allocated purchase price	$	35,081

Schedule of Finite-Lived Intangible Assets Acquired

The following table presents the estimated fair values and useful lives of the identifiable finite-life intangible assets acquired:


	Useful Life		Fair value
Completed technology		12 years	$	13,100
Customer relationships		6 years		300
Trademarks		5 years		200

			$	13,600

Debt and Other Borrowings (Tables)

9 Months Ended

Dec. 25, 2020

Debt Disclosure [Abstract]

Schedule of Debt Obligation

The following is a summary of obligations under the Company’s Senior Secured Credit Facilities and other borrowings at December 25, 2020 and March 27, 2020:


	December 25, 2020		March 27, 2020
Senior Secured Term Loan	$	25,000	$	—
Unsecured Revolving Credit Facilities		—		43,000

Total Debt		25,000		43,000
Less debt payable within one year		—		43,000

Debt payable after one year	$	25,000	$	—

Schedule of Principal Maturities of Debt Obligations

The principal maturities of debt obligations outstanding were as follows at December 25, 2020:


Remainder of 2021	$	—
2022		—
2023		—
2024		—
2025		—
Thereafter		25,000

Total	$	25,000

Nature of the Business and Basis of Presentation - Additional Information (Detail) $ / shares in Units, $ in Thousands					1 Months Ended		3 Months Ended		9 Months Ended	12 Months Ended
	Nov. 02, 2020 USD ($) $ / shares shares	Oct. 14, 2020 USD ($)	Mar. 28, 2020 USD ($)	Mar. 27, 2020 USD ($) Location	Mar. 31, 2020 USD ($)	Oct. 31, 2017	Dec. 25, 2020 USD ($) Location	Mar. 27, 2020 USD ($) Location	Dec. 25, 2020 USD ($) Location	Mar. 27, 2020 USD ($) Location
Percentage of ownership interest sold						0.288
Number of locations \| Location									16	16
Number of continents on which entity operates \| Location				4			4	4	4	4
Proceeds from lines of credit										$ 43,000
Equity investment in related party							$ 26,657		$ 26,657
Income from equity method investments							949		1,407
Cash tax benefits of net operating loses				$ 8,963
Quality improvement property changes				1,680
Defer Payment of payroll taxes				2,766
Payroll taxes paid back				$ 1,383
COVID-19
Proceeds from lines of credit					$ 43,000			$ 43,000
Sanken
Related party debt			$ 42,700
Ownership percentage by majority shareholder			70.00%
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Adjustments to additional paid in capital, capitalization changes										$ 42,700
Related party debt			$ 66,377
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Sanken
Ownership percentage by majority shareholder				70.00%				70.00%		70.00%
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| PSL
Adjustments to additional paid in capital, capitalization changes			42,700						19,165
Adjustments to additional paid in capital, income tax benefit from noncash or part non cash divestiture			15,000				1,552		1,552
Related party debt			$ 66,377
Recievable balance net		$ 51,377
Accrued interest repaid		$ 762
Equity method investment, ownership percentage			30.00%
Equity investment in related party			$ 25,250
Income from equity method investments							$ 949		$ 1,407
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| PSL \| Sanken
Ownership percentage by majority shareholder			70.00%
IPO
Number of shares issued in transaction \| shares	28,750,000
Offering price \| $ / shares	$ 14.00
Net proceeds	$ 321,425
Underwriting discounts	20,125
Estimated offering costs	$ 8,450
IPO \| Allegro Micro Systems Inc
Number of shares issued in transaction \| shares	25,000,000
IPO - Selling Shareholders
Number of shares issued in transaction \| shares	3,750,000
Subsequent Event \| IPO
Number of shares issued in transaction \| shares	28,750,000
Offering price \| $ / shares	$ 14.00
Net proceeds	$ 321,425
Underwriting discounts	20,125
Estimated offering costs	$ 8,450
Subsequent Event \| IPO \| Allegro Micro Systems Inc
Number of shares issued in transaction \| shares	25,000,000
Subsequent Event \| IPO - Selling Shareholders
Number of shares issued in transaction \| shares	3,750,000

Summary of Significant Policies - Unaudited Pro Forma Information (Detail) - USD ($)		9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 25, 2020	Mar. 27, 2020
Accounting Policies [Line Items]
Dividends paid	$ 400,000,000	$ 400,000,000
Proceeds from initial public offering, net of underwriting discounts and other offering costs	300,000,000	$ 321,425,000
Pro forma adjustments to reflect the Common Stock Repurchases		2,068,274	2,068,234
Term Loan Facility \| Credit Suisse AG Cayman Islands Branch
Accounting Policies [Line Items]
Maximum borrowing capacity	$ 325,000,000
Class A common stock and Class L common stock
Accounting Policies [Line Items]
Number of Common Stock Conversion		166,500,000	166,499,760

Summary of Significant Policies - Non-Controlling Interest (Detail)	12 Months Ended
	Mar. 27, 2020
Accounting Policies [Abstract]
Description of Non-Controlling Interest	The Company owns 40% of the equity interest in this entity and the remaining of 60% is held in a trust for the benefit of its employee retirement fund.

Summary of Significant Policies - Summary of Estimated Useful Lives of Property Plant and Equipment Assets (Detail)	12 Months Ended
	Mar. 27, 2020
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	31 years
Building Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	Economic life of the building improvements
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	The shorter of the remaining term of the lease or estimated useful life
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years

Summary of Significant Policies - Intangible assets, net (Detail)	12 Months Ended
	Mar. 27, 2020
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	10 years

Summary of Significant Policies - Impairment of Long-Lived Assets (Detail) $ in Thousands	12 Months Ended
	Mar. 29, 2019 USD ($)
Selling, General and Administrative
Accounting Policies [Line Items]
Impairment on assets held for sale	$ 1,075

Summary of Significant Policies - Income Taxes (Detail)	12 Months Ended
Summary of Significant Policies - Income Taxes (Detail)	Mar. 27, 2020
Accounting Policies [Abstract]
Minimum percentage of benefit realized upon ultimate settlement	50.00%

Summary of Significant Policies - Advertising Costs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Mar. 30, 2020	Mar. 29, 2019
Accounting Policies [Abstract]
Advertising expense	$ 273	$ 508

Summary of Significant Policies - Concentrations of Credit Risk and Significant Customers (Detail)	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019	Mar. 27, 2020	Mar. 29, 2019
Customer Concentration Risk \| Trade Accounts Receivable, Net \| Sanken
Accounting Policies [Line Items]
Concentration risk, percentage			19.80%		33.80%
Customer Concentration Risk \| Total Net Sales \| Sanken
Accounting Policies [Line Items]
Concentration risk, percentage	16.10%	10.30%	17.40%	10.40%	28.40%	26.40%
Customer Concentration Risk \| Previously Reported \| Trade Accounts Receivable, Net \| Sanken
Accounting Policies [Line Items]
Concentration risk, percentage					33.50%
Total Net Sales \| Geographic Concentration Risk \| Non-US
Accounting Policies [Line Items]
Concentration risk, percentage	85.40%	82.80%	86.10%	81.80%	81.70%	80.50%
Total Net Sales \| Geographic Concentration Risk \| Japan
Accounting Policies [Line Items]
Concentration risk, percentage	16.00%	28.80%	17.40%	27.80%	28.40%	26.40%
Total Net Sales \| Geographic Concentration Risk \| Hong Kong
Accounting Policies [Line Items]
Concentration risk, percentage					18.70%	18.30%
Total Net Sales \| Geographic Concentration Risk \| Greater China
Accounting Policies [Line Items]
Concentration risk, percentage	28.10%	22.10%	27.90%	20.00%
Total Net Sales \| Geographic Concentration Risk \| South Korea
Accounting Policies [Line Items]
Concentration risk, percentage	10.70%		10.50%

Revenue from Contracts with Customers - Net Sales by Core End Market and Application (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019	Mar. 27, 2020	Mar. 29, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 164,449	$ 159,802	$ 416,099	$ 475,485	$ 650,089	$ 724,311
Automotive
Disaggregation of Revenue [Line Items]
Net sales	113,902	99,074	279,759	289,681	395,277
Industrial
Disaggregation of Revenue [Line Items]
Net sales	23,654	21,358	65,710	56,095	78,399
Other
Disaggregation of Revenue [Line Items]
Net sales	$ 26,893	15,070	$ 70,630	53,399	68,622
Wafer foundry products
Disaggregation of Revenue [Line Items]
Net sales		16,634		49,622	72,370
Distribution of Sanken products
Disaggregation of Revenue [Line Items]
Net sales		$ 7,666		$ 26,688	$ 35,421

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue from Contracts with Customers - Net Sales by Product (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019	Mar. 27, 2020	Mar. 29, 2019
Disaggregation of Revenue [Line Items]
Total net sales	$ 164,449	$ 159,802	$ 416,099	$ 475,485	$ 650,089	$ 724,311
Power integrated circuits ('PIC")
Disaggregation of Revenue [Line Items]
Total net sales	54,406	43,665	146,276	123,900	165,911
Magnetic sensors ("MS")
Disaggregation of Revenue [Line Items]
Total net sales	109,457	91,837	268,956	275,275	376,387
Wafer foundry products
Disaggregation of Revenue [Line Items]
Total net sales		16,634		49,622	72,370
Distribution of Sanken products
Disaggregation of Revenue [Line Items]
Total net sales		$ 7,666		$ 26,688	$ 35,421
Photonics [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 586		$ 867

- Definition

+ References

+ Details

Revenue from Contracts with Customers - Net Sales by Geography (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019	Mar. 27, 2020	Mar. 29, 2019
Disaggregation of Revenue [Line Items]
Total net sales	$ 164,449	$ 159,802	$ 416,099	$ 475,485	$ 650,089	$ 724,311
United States
Disaggregation of Revenue [Line Items]
Total net sales	23,934	27,498	57,892	86,746	119,139
Other Americas
Disaggregation of Revenue [Line Items]
Total net sales	5,620	4,722	10,797	15,930	20,883
Europe
Disaggregation of Revenue [Line Items]
Total net sales	28,239	24,341	70,459	76,622	110,126
Japan
Disaggregation of Revenue [Line Items]
Total net sales	26,439	46,010	72,570	131,950	184,557
Greater China
Disaggregation of Revenue [Line Items]
Total net sales	46,172	35,284	116,178	95,244	121,807
South Korea
Disaggregation of Revenue [Line Items]
Total net sales	17,606	14,119	43,733	41,413	54,707
Other Asia
Disaggregation of Revenue [Line Items]
Total net sales	$ 16,439	$ 7,828	$ 44,470	$ 27,580	$ 38,870

- Definition

+ References

+ Details

Revenue from Contract with Customers - Narrative (Detail) - USD ($) $ in Thousands	9 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Mar. 27, 2020	Mar. 29, 2019
Returns and sales allowances	$ 16,574		$ 17,473	$ 17,608
Trade accounts receivable, returns, credits issued, and price protection adjustments expense (credit)	$ 899	$ 815
Previously Reported
Returns and sales allowances			$ 17,185

Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Detail) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 25, 2020	Mar. 27, 2020	Mar. 29, 2019
Assets:
Total assets	$ 22,840	$ 51,722	$ 45,095
Liabilities:
Contingent consideration	7,800
Total liabilities	7,800
Money Market Funds
Assets:
Cash cash equivalents, fair value disclosure	16,320	46,337	41,581
Restricted cash, fair value disclosure	6,520	5,385	3,514
Level 1
Assets:
Total assets	22,840	51,722	45,095
Level 1 \| Money Market Funds
Assets:
Cash cash equivalents, fair value disclosure	16,320	46,337	41,581
Restricted cash, fair value disclosure	6,520	$ 5,385	$ 3,514
Level 3
Liabilities:
Contingent consideration	7,800
Total liabilities	$ 7,800

Fair Value Measurements - Narrative (Detail) $ in Thousands	Mar. 29, 2019 USD ($)
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held-for-sale, fair value disclosure	$ 3,795

Trade Accounts Receivable, Net - Summary of Trade Accounts Receivable, Net (Detail) - USD ($) $ in Thousands	Dec. 25, 2020	Mar. 27, 2020	Dec. 27, 2019	Mar. 29, 2019	Mar. 29, 2018
Receivables [Abstract]
Trade accounts receivable	$ 103,687	$ 107,223		$ 101,343
Less:
Allowance for doubtful accounts	(138)	(288)	$ (237)	(412)	$ (303)
Returns and sales allowances	(16,437)	(17,185)		(17,608)
Related party trade accounts receivable	(19,778)	(30,293)		(6,879)
Total	$ 67,334	$ 59,457		$ 76,444

Trade Accounts Receivable, Net - Schedule of Changes in Allowance For Doubtful Accounts and Sales Returns and Sales Allowances (Detail) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Mar. 27, 2020	Mar. 29, 2019
Total
Balance at the beginning of the period	$ 17,473	$ 18,019	$ 18,019	$ 26,280
Charged to costs and expenses or revenue	103,510	91,515	118,981	113,745
Write-offs, net of recoveries	(104,409)	(92,330)	(119,528)	(122,006)
Balance at the end of the period	16,574	17,204	17,473	18,019
Returns and Sales Allowances
Balance at the beginning of the period	17,185	17,607		25,977
Charged to costs and expenses or revenue	103,660	91,690	118,719	113,250
Write-offs, net of recoveries	(104,408)	(92,330)	(119,142)	(121,620)
Balance at the end of the period	16,437	16,967	17,185	17,607
Allowance for Doubtful Accounts
Balance at the beginning of the period	288	412	412	303
Charged to costs and expenses or revenue	(150)	(175)	262	495
Write-offs, net of recoveries			(386)	(386)
Balance at the end of the period	$ 138	$ 237	$ 288	$ 412

Inventories - Schedule of Inventory (Detail) - USD ($) $ in Thousands	Dec. 25, 2020	Mar. 27, 2020	Mar. 29, 2019
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 8,689	$ 12,411	$ 12,688
Work in process	57,477	87,606	83,750
Finished goods	24,451	24,659	30,167
Finished goods - consigned	3,404	2,551	4,312
Total	$ 94,021	$ 127,227	$ 130,917

Inventories - Narrative (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
Inventories - Narrative (Detail) - USD ($) $ in Thousands	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019	Mar. 27, 2020	Mar. 29, 2019
Inventory [Line Items]
Recorded inventory provisions	$ 885	$ 1,008	$ 2,958	$ 2,538	$ 3,345	$ 3,660
Voxtel
Inventory [Line Items]
Inventory acquired, step up basis	$ 3,120		$ 1,245

Property, Plant and Equipment, net - Schedule of PPE (Detail) - USD ($) $ in Thousands	Dec. 25, 2020	Mar. 27, 2020	Mar. 29, 2019
Property, Plant and Equipment [Line Items]
Total	$ 621,759	$ 907,951	$ 905,946
Less: accumulated depreciation	(407,387)	(575,621)	(558,542)
Total	214,372	332,330	347,404
Land
Property, Plant and Equipment [Line Items]
Total	23,829	27,898	27,675
Buildings, building improvements and leasehold improvements
Property, Plant and Equipment [Line Items]
Total	91,535	150,402	150,223
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total	488,796	694,215	685,268
Office equipment
Property, Plant and Equipment [Line Items]
Total	6,643	7,517	10,237
Construction in progress
Property, Plant and Equipment [Line Items]
Total	$ 10,956	$ 27,919	$ 32,543

Property, Plant and Equipment, net - Narrative (Detail) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended			12 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2019	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2019	Mar. 27, 2020	Mar. 29, 2019
Property, Plant and Equipment [Line Items]
Fully depreciated assets							$ 9,418	$ 14,959
Depreciation expense	$ 11,255	$ 15,677		$ 33,861	$ 46,247		62,118	58,333
Prepaid tooling costs
Property, Plant and Equipment [Line Items]
Amortization expense	$ 18		$ 32	$ 54		$ 94	$ 125	$ 205

Property, Plant and Equipment, net - Schedule of Long Lived Assets (Detail) - USD ($) $ in Thousands	Dec. 25, 2020	Mar. 27, 2020	Mar. 29, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	$ 215,710	$ 333,646	$ 348,623
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	35,894	152,536	151,221
Philippines
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	136,284	106,618	109,485
Thailand
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	34,226	62,380	72,468
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	$ 9,306	$ 12,112	$ 15,449

Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 25, 2020	Mar. 27, 2020	Mar. 29, 2019
Goodwill [Roll Forward]
Beginning balance	$ 1,285	$ 1,336	$ 1,467
Goodwill arising from Acquisition	18,803
Currency translation	161	(51)	(131)
Ending balance	$ 20,249	$ 1,285	$ 1,336

Goodwill and Intangible Assets - Schedule of Intangible Assets, Net (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 25, 2020	Mar. 27, 2020	Mar. 29, 2019
Finite-Lived Intangible Assets [Line Items]
Gross	$ 56,037	$ 36,867	$ 32,436
Accumulated Amortization	19,617	16,909	14,721
Net Carrying Amount	36,420	19,958	17,715
Patents
Finite-Lived Intangible Assets [Line Items]
Gross	31,852	29,115	24,986
Accumulated Amortization	11,661	9,834	8,035
Net Carrying Amount	$ 20,191	$ 19,281	$ 16,951
Weighted- Average Lives	10 years	10 years	10 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross	$ 6,193	$ 5,462	$ 5,205
Accumulated Amortization	5,823	5,335	4,946
Net Carrying Amount	$ 370	$ 127	$ 259
Weighted- Average Lives	9 years	9 years	9 years
Completed technology
Finite-Lived Intangible Assets [Line Items]
Gross	$ 17,150	$ 1,650	$ 1,650
Accumulated Amortization	2,028	1,650	1,650
Net Carrying Amount	$ 15,122	0
Weighted- Average Lives	12 years
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross	$ 810	608	563
Accumulated Amortization	73	58	58
Net Carrying Amount	$ 737	550	505
Weighted- Average Lives	5 years
Other
Finite-Lived Intangible Assets [Line Items]
Gross	$ 32	32	32
Accumulated Amortization	32	32	$ 32
Net Carrying Amount	$ 0	$ 0

Goodwill and Intangible Assets - Narrative (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 28, 2020	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019	Mar. 27, 2020	Mar. 29, 2019	Mar. 29, 2018
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization expense		$ 926	$ 422	$ 2,310	$ 1,267	$ 1,805	$ 1,417
Goodwill		$ 20,249		$ 20,249		$ 1,285	$ 1,336	$ 1,467
Patents
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful life				10 years		10 years	10 years
Voxtel
Acquired Finite-Lived Intangible Assets [Line Items]
Preliminary purchase price	$ 35,081
Goodwill	18,803
Finite-lived intangible assets	13,600
Indefinite-lived intangible assets acquired	$ 2,400

Goodwill and Intangible Assets - Future Amortization Expense (Detail) - USD ($) $ in Thousands	Dec. 25, 2020	Mar. 27, 2020	Mar. 29, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2021	$ 850
Finite-Lived Intangible Asset, Expected Amortization, Year One	3,293	$ 2,391
Finite-Lived Intangible Asset, Expected Amortization, Year Two	3,139	2,145
Finite-Lived Intangible Asset, Expected Amortization, Year Three	3,003	1,881
Finite-Lived Intangible Asset, Expected Amortization, Year Four	2,709	1,695
Finite-Lived Intangible Asset, Expected Amortization, Year Five		1,410
Finite-Lived Intangible Asset, Expected Amortization, after Year Four	23,426
Finite-Lived Intangible Asset, Expected Amortization, after Year Five		10,436
Net Carrying Amount	$ 36,420	$ 19,958	$ 17,715

Other Assets - Other Assets, Net (Detail) - USD ($) $ in Thousands	Dec. 25, 2020	Mar. 27, 2020	Mar. 29, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
VAT receivables long-term, net	$ 6,662	$ 3,039	$ 6,171
Deposits	2,414	2,399	2,428
Prepaid contracts long-term	1,478	1,282	2,767
Other	1,928	2,090	2,216
Total	$ 12,482	$ 8,810	$ 13,582

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Dec. 25, 2020	Mar. 27, 2020	Mar. 29, 2019
Payables and Accruals [Abstract]
Accrued management incentive (LTIP)	$ 94	$ 11,488	$ 17,115
Accrued management incentive (non-LTIP)	14,143	6,273	15,002
Accrued salaries and wages	18,603	12,069	9,851
Base acquisition purchase price due	17,244
Accrued vacation	5,534	7,146	7,577
Accrued severance	2,643	6,065	1,292
Accrued professional fees	1,057	4,036	1,857
Accrued income taxes	1,803	3,408	1,656
Accrued utilities	628	1,114	1,243
Accrued escrow		0	1,433
Other current liabilities	5,030	5,256	4,706
Total	$ 66,779	$ 56,855	$ 61,732

Management Long-Term Incentive Plan - Narrative (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 02, 2020	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019	Mar. 27, 2020	Mar. 29, 2019
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Stock-based compensation		$ 45,876	$ 303	$ 46,901	$ 1,051	$ 1,435	$ 1,441
RSU
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Grants in period (in shares)				1,426,944
Grant date fair value (in dollars per share)				$ 14.04
RSU \| RSU Conversion Program
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Grant date fair value (in dollars per share)	$ 14.00			$ 14
LTIP
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Rolling performance period				3 years		3 years
LTIP \| RSU Conversion Program
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Stock-based compensation	$ 607			$ 607
LTIP \| RSU \| RSU Conversion Program
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Grants in period (in shares)	602,490			602,490
TRIP \| RSU Conversion Program
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Stock-based compensation	$ 421			$ 421
TRIP \| RSU \| RSU Conversion Program
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Grants in period (in shares)	348,911			348,911

Management Long-Term Incentive Plan (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 25, 2020	Mar. 27, 2020	Mar. 29, 2019
Current Liabilities
Balance at the beginning of the period	$ 11,488	$ 17,115
Balance at the end of the period	94	11,488	$ 17,115
Long-Term Liabilities
Balance at the beginning of the period	2,439	11,104
Balance at the end of the period	194	2,439	11,104
LTIP
Current Liabilities
Balance at the beginning of the period	11,488	17,115	9,390
Reclassification	1,004	9,707	11,773
Payments	(11,096)	(17,836)	(9,887)
RSU conversion	(640)
Removal due to divestiture	(378)
Accruals	(284)	2,502	5,839
Balance at the end of the period	94	11,488	17,115
Long-Term Liabilities
Balance at the beginning of the period	2,439	11,104	16,118
Reclassification	(1,004)	(9,706)	(11,773)
Payments	0	0	0
RSU conversion	640
Removal due to divestiture	(398)
Accruals	(843)	1,041	6,759
Balance at the end of the period	$ 194	$ 2,439	$ 11,104

Bank Lines of Credit - Narrative (Detail)				1 Months Ended	3 Months Ended	12 Months Ended
Bank Lines of Credit - Narrative (Detail)	Mar. 18, 2020 USD ($)	Jan. 22, 2019 USD ($)	Mar. 27, 2006 USD ($)	Mar. 31, 2020 USD ($)	Mar. 27, 2020 USD ($)	Mar. 27, 2020 USD ($)	Mar. 29, 2019 USD ($)	Dec. 25, 2020 USD ($)	Jun. 25, 2020 USD ($)	Mar. 28, 2020 USD ($)	Nov. 26, 2019 PHP (₱)	Nov. 26, 2019 USD ($)	Dec. 05, 2001 USD ($)
Line of Credit Facility [Line Items]
Proceeds from lines of credit						$ 43,000,000
Outstanding balance										$ 33,000,000
Bank lines-of-credit					$ 43,000,000	43,000,000
COVID-19
Line of Credit Facility [Line Items]
Proceeds from lines of credit				$ 43,000,000	43,000,000
Line of Credit
Line of Credit Facility [Line Items]
Bank lines-of-credit					43,000,000	43,000,000
Line of Credit \| Line-of-Credit Agreement Expiring January 22, 2021
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 25,000,000
Proceeds from lines of credit						25,000,000	$ 0
Outstanding balance					$ 25,000,000	$ 25,000,000
Interest rate at period end					1.70%	1.70%
Collateral, secured period						1 year
Collateral fees, amount						$ 25,000
Line of Credit \| Line-of-Credit Agreement Due at Various Times During Fiscal Year 2021
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 10,000,000
Proceeds from lines of credit						10,000,000
Outstanding balance					$ 10,000,000	$ 10,000,000
Interest rate at period end					2.50%	2.50%
Line of Credit \| Line-of-Credit Agreement Maturing June 18, 2020
Line of Credit Facility [Line Items]
Maximum borrowing capacity													$ 8,000,000
Proceeds from lines of credit	$ 8,000,000
Outstanding balance					$ 8,000,000	$ 8,000,000			$ 8,000,000
Interest rate at period end					1.90%	1.90%
Line of Credit \| Line-of-Credit Agreement Expiring August 31, 2021
Line of Credit Facility [Line Items]
Maximum borrowing capacity								$ 1,247,000			₱ 60,000,000	$ 1,175,000
Outstanding balance					$ 0	$ 0	$ 0	0
Interest rate at period end					4.60%	4.60%	7.30%
Line of Credit \| Line-of-Credit Agreement Expiring June 30, 2021
Line of Credit Facility [Line Items]
Maximum borrowing capacity								1,559,000			₱ 75,000,000	$ 1,469,000
Outstanding balance					$ 0	$ 0	$ 0	$ 0
Interest rate at period end					4.60%	4.60%	7.30%
Line of Credit \| London Interbank Offered Rate (LIBOR) \| Line-of-Credit Agreement Expiring January 22, 2021
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.40%
Line of Credit \| London Interbank Offered Rate (LIBOR) \| Line-of-Credit Agreement Due at Various Times During Fiscal Year 2021
Line of Credit Facility [Line Items]
Basis spread on variable rate			1.00%

Other Long Term Liabilities - Schedule of Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands	Dec. 25, 2020	Mar. 27, 2020	Mar. 29, 2019
Other Liabilities Disclosure [Abstract]
Accrued management incentive (LTCIP)	$ 194	$ 2,439	$ 11,104
Accrued management incentive (non-LTCIP)	318	2,304	1,408
Accrued retirement	9,516	8,005	6,830
Accrued contingent consideration	7,800
Provision for uncertain tax positions (net)	2,758	2,855	6,424
Other	275	275	275
Total	$ 20,861	$ 15,878	$ 26,041

Retirement Plans - Schedule of Expense Related to Defined Benefit (Detail) - Pension Plan - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019	Mar. 27, 2020	Mar. 29, 2019
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 296	$ 242	$ 843	$ 717	$ 961	$ 800
Interest cost	166	169	474	503	674	612
Expected return on plan assets	(79)	(83)	(231)	(247)	(331)	(325)
Net acquired/transferred obligation						37
Amortization of net transition asset		(4)		(10)	(14)	(14)
Amortization of prior service cost	2	2	6	6	8	9
Actuarial loss	47	24	126	72	96	101
Net periodic pension expense	$ 432	$ 350	$ 1,218	$ 1,041	$ 1,394	$ 1,220

Retirement Plans - Schedule of Changes in the Benefit Obligations and Plan Assets (Detail) - Pension Plan - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019	Mar. 27, 2020	Mar. 29, 2019
Obligation and funded status of plan:
Benefit obligation at beginning of year			$ 12,595	$ 10,840	$ 10,840	$ 9,950
Service cost	$ 296	$ 242	843	717	961	800
Interest cost	166	$ 169	474	503	674	612
Acquisitions/transferred employees						37
Benefits paid					(938)	(474)
Actuarial loss					690	(19)
Foreign currency exchange rate changes					368	(66)
Benefit obligation at end of year					12,595	10,840
Change in plan assets:
Beginning balance			5,579	$ 5,171	5,171	5,350
Actual return on plan assets					434	2
Employer contributions					932	453
Benefits paid					(1,130)	(595)
Foreign currency exchange rate changes					172	(39)
Ending balance	$ 7,089		$ 7,089		5,579	5,171
Underfunded status at end of year					$ (7,016)	$ (5,669)

Retirement Plans - Schedule of Obligations and Asset Information for the Non-US Defined Benefit Plan (Detail) - Pension Plan - USD ($) $ in Thousands	Mar. 27, 2020	Mar. 29, 2019
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligations	$ 12,595	$ 10,840
Plan assets	5,579	5,171
Accumulated benefit obligations	$ 7,818	$ 6,833

Retirement Plans - Schedule of Recorded amounts in AOCI for the Non-US Defined Benefit Plan (Detail) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Mar. 27, 2020	Mar. 29, 2019
Defined Benefit Plan Disclosure [Line Items]
Beginning Balance, net of tax	$ 75	$ (20)
Total, change in AOCI	1,505
2019 change in AOCI for non-U.S. defined benefit plan	244	127
Amounts in AOCI before tax	319	107
Less tax expense	95	32
Ending Balance, net of tax	224	75
Net Actuarial Loss , Balance	1,617	1,485
Net Actuarial Loss , change in AOCI	1,264	825
Net Actuarial Loss , Amounts in AOCI before tax	2,881	2,310
Net Actuarial Loss , Less tax expense	864	693
Net Actuarial Loss , Balance	2,017	1,617
Prior Service Costs, Balance	11	17
Prior Service Costs, change in AOCI	(3)	(1)
Prior Service Costs, Amounts in AOCI before tax	8	16
Prior Service Costs, Less tax expense	3	5
Prior Service Costs, Balance	5	11
Total, Balance	1,703	1,482
Total, change in AOCI		951
Total, Amounts in AOCI before tax	3,208	2,433
Total, Less tax expense	962	730
Total, Balance	$ 2,246	$ 1,703

Retirement Plans - Narrative (Detail) £ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
Retirement Plans - Narrative (Detail) £ in Thousands	Dec. 25, 2020 USD ($)	Dec. 27, 2019 USD ($)	Dec. 25, 2020 USD ($)	Dec. 27, 2019 USD ($)	Mar. 27, 2020 USD ($)	Mar. 29, 2019 USD ($)	Dec. 25, 2020 GBP (£)	Mar. 27, 2020 GBP (£)	Mar. 29, 2019 GBP (£)
Defined Benefit Plan Disclosure [Line Items]
Actuarial net gain or loss included in AOCI, expected to be amortized into net periodic benefit cost over the next fiscal year					$ 0
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Company contributions	$ 249,000	$ 235,000	$ 736,000	$ 698,000	943,000
Expected contributions in current fiscal year					$ 943,000
Other Defined Benefit Plan \| Pension Promise
Defined Benefit Plan Disclosure [Line Items]
Retirement age			65		65
Accrued retirement, other long-term liabilities	1,112,000		$ 1,112,000		$ 975,000	$ 975,000	£ 827	£ 866	£ 866
Other assets, net	1,112,000		$ 1,112,000		975,000	975,000	£ 827	866	£ 866
Other Defined Benefit Plan \| Previously Reported \| Pension Promise
Defined Benefit Plan Disclosure [Line Items]
Accrued retirement, other long-term liabilities					978,000			903
Other assets, net					$ 978,000			£ 903
Defined Contribution Plan
Defined Benefit Plan Disclosure [Line Items]
Maximum employee contribution			50.00%		50.00%
Employer matching contribution			100.00%		100.00%
Maximum employer contribution			5.00%		5.00%
Total contributions	1,112,000	833,000	$ 3,181,000	2,840,000	$ 3,792,000	4,019,000
Defined Contribution Plan \| AME Plan
Defined Benefit Plan Disclosure [Line Items]
Total contributions					$ 372,000	451,000
Defined Contribution Plan \| 401(K) Plan
Defined Benefit Plan Disclosure [Line Items]
Maximum employee contribution			35.00%		35.00%
Employer matching contribution			100.00%		100.00%
Maximum employer contribution			5.00%		5.00%
Total contributions		376,000		1,310,000	$ 1,828,000	$ 1,921,000
Vesting percentage			100.00%		100.00%
Safe Harbor Provision, employer contribution			3.00%		3.00%
Defined Contribution Plan \| AME Plan
Defined Benefit Plan Disclosure [Line Items]
Total contributions	$ 207,000	$ 201,000	$ 592,000	$ 560,000

Retirement Plans - Schedule of Weighted-average Assumptions Used to Determine Projected Benefit Obligation (Detail)	Mar. 27, 2020	Mar. 29, 2019
Defined Benefit Plan, Assumptions Used in Calculations [Abstract]
Non-U.S. assumed discount rate	4.98%	6.41%
Non-U.S. rate of compensation increase	5.00%	5.00%

Retirement Plans - Schedule of Weighted-average Assumptions Used to Determine Net Periodic Benefit Cost (Detail) - Pension Plan	12 Months Ended
	Mar. 27, 2020	Mar. 29, 2019
Defined Benefit Plan Disclosure [Line Items]
Non-U.S. assumed discount rate	4.98%	6.41%
Non-U.S. expected long-term return on plan assets	5.20%	6.00%
Non-U.S. rate of compensation increase	5.00%	5.00%

Retirement Plans - Fair Value of Entity's Plan Assets (Detail) - Pension Plan - USD ($) $ in Thousands	Dec. 25, 2020	Mar. 27, 2020	Mar. 29, 2019	Mar. 29, 2018
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	$ 7,089	$ 5,579	$ 5,171	$ 5,350
Government securities
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	1,826	1,260	805
Unit investment trust fund
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	1,155	897	747
Loans
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	562	756	760
Bonds
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	1,193	1,094	1,160
Stocks and other investments
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	2,353	1,572	1,699
Level 1
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	3,031	2,467	2,150
Level 1 \| Government securities
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	1,826	1,260	805
Level 1 \| Stocks and other investments
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	1,205	1,207	1,345
Level 2
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	2,349	1,992	1,908
Level 2 \| Unit investment trust fund
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	1,155	897	747
Level 2 \| Bonds
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	1,193	1,094	1,160
Level 2 \| Stocks and other investments
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	1	1	1
Level 3
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	1,709	1,120	1,113
Level 3 \| Loans
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	562	756	760	$ 600
Level 3 \| Stocks and other investments
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	$ 1,147	$ 364	$ 353

Retirement Plans - Schedule of Changes in Fair Value of Level 3 Plan Assets (Detail) - Pension Plan - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 25, 2020	Mar. 27, 2020	Mar. 29, 2019
Defined Benefit Plan Disclosure [Line Items]
Beginning balance	$ 5,579	$ 5,171	$ 5,350
Change in foreign currency exchange rates		172	(39)
Ending balance	7,089	5,579	5,171
Loans
Defined Benefit Plan Disclosure [Line Items]
Beginning balance	756	760
Ending balance	562	756	760
Level 3
Defined Benefit Plan Disclosure [Line Items]
Beginning balance	1,120	1,113
Ending balance	1,709	1,120	1,113
Level 3 \| Loans
Defined Benefit Plan Disclosure [Line Items]
Beginning balance	756	760	600
Additions during the year	207	271	489
Redemptions during the year	(440)	(300)	(324)
Change in foreign currency exchange rates	39	25	(5)
Ending balance	562	756	760
Level 3 \| Defined Benefit Plan, Equity Securities, Common Stock [Member]
Defined Benefit Plan Disclosure [Line Items]
Beginning balance	364	353	355
Revaluation of equity securities	753
Change in foreign currency exchange rates	30	11	(2)
Ending balance	$ 1,147	$ 364	$ 353

Retirement Plans - Schedule of Benefits Expected to Be Paid to Participants From the Plans (Detail) - Pension Plan $ in Thousands	Mar. 27, 2020 USD ($)
Defined Benefit Plan Disclosure [Line Items]
2021	$ 1,044
2022	1,194
2023	1,138
2024	849
2025	1,024
Thereafter	6,041
Total	$ 11,290

Commitment and Contingencies - Narrative (Detail) - USD ($)	12 Months Ended
	Mar. 27, 2020	Mar. 29, 2019	Dec. 25, 2020
Loss Contingencies [Line Items]
Rent expense	$ 5,456,000	$ 5,022,000
Self -insurance, accrued liability	1,841,000	1,808,000
Indemnification accruals	0	0	$ 0
Environmental accruals	$ 0	$ 0	$ 0
Minimum
Loss Contingencies [Line Items]
Operating lease agreement term	1 year		1 year
Maximum
Loss Contingencies [Line Items]
Operating lease agreement term	7 years		7 years

Commitment and Contingencies - Schedule of Future Minimum Lease Payments for Noncancelable Operating Leases (Detail) $ in Thousands	Mar. 27, 2020 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2021	$ 2,426
2022	2,182
2023	2,030
2024	1,879
2025	1,565
Thereafter	4,923
Total	$ 15,005

Commitment and Contingencies - Schedule of Future Minimum Payments Under Purchase Obligations With Suppliers (Detail) $ in Thousands	Mar. 27, 2020 USD ($)
Purchase Obligation, Fiscal Year Maturity [Abstract]
2021	$ 67,946
2022	3,039
2023	1,814
2024	62
2025	62
Thereafter	0
Total	$ 72,923

Net (Loss) Income per Share and Unaudited Pro Forma Net Income per Share - Schedule of Computation of Net Income per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019	Mar. 27, 2020	Mar. 29, 2019
Earnings Per Share [Abstract]
Net (loss) income attributable to Allegro MicroSystems, Inc.	$ (5,095)	$ 8,926	$ 9,309	$ 23,675	$ 36,971	$ 84,724
Net (loss) income attributable to common stockholders	$ (5,060)	$ 8,958	$ 9,412	$ 23,776	$ 37,105	$ 84,841
Basic weighted average shares of common stock (in shares)	124,363,078	10,000,000	48,121,026	10,000,000	10,000,000
Weighted average basic and diluted common shares (in shares)					10,000,000	10,000,000
Dilutive effect of common stock equivalents (in shares)			123,517,761
Diluted weighted average shares of common stock (in shares)	124,363,078	10,000,000	171,638,787	10,000,000
Net income per share attributable to Allegro MicroSystems, Inc.-basic and diluted (in dollars per share)					$ 3.70	$ 8.47
Net income per share attributable to Allegro MicroSystems, Inc. and non-controllinginterest-basic and diluted (in dollars per share)					$ 3.71	$ 8.48
Basic net (loss) income attributable to Allegro MicroSystems, Inc. per share (in dollars per share)	$ (0.04)	$ 0.89	$ 0.19	$ 2.37
Basic net (loss) income attributable to common stockholders per share (in dollars per share)	(0.04)	0.90	0.20	2.38
Diluted net (loss) income attributable to Allegro MicroSystems, Inc. per share (in dollars per share)	(0.04)	0.89	0.05	2.37
Diluted net (loss) income attributable to common stockholders per share (in dollars per share)	$ (0.04)	$ 0.90	$ 0.05	$ 2.38

Net (Loss) Income per Share and Unaudited Pro Forma Net Income per Share - Narrative (Detail)		3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 02, 2020 shares	Dec. 25, 2020 shares	Dec. 27, 2019 shares	Dec. 25, 2020	Dec. 27, 2019 shares	Mar. 27, 2020 shares	Mar. 29, 2019 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average basic and diluted common shares (in shares)						10,000,000	10,000,000
Antidilutive securities		57,553,282
IPO
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares issued upon conversion, including shares withheld for tax withholding obligation (in shares)	166,500,000
Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares returned for tax payments made on behalf of holders of common stock (in shares)	2,066,508
Weighted average basic and diluted common shares (in shares)			10,000,000		10,000,000
Common Class A \| Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Priority dividend rate				8.00%		8.00%
Annualized return on capital, triggering percent, remaining distributions split between Class A and Class L shareholders				8.00%		8.00%
Common Class A \| IPO
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion rate	15.822
Shares returned for tax payments made on behalf of holders of common stock (in shares)	2,066,508
Common Class L \| IPO
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion rate	13.010
Shares returned for tax payments made on behalf of holders of common stock (in shares)	1,766

Net (Loss) Income per Share and Unaudited Pro Forma Net Income per Share - Unaudited Pro Forma Net Income per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019	Mar. 27, 2020	Mar. 29, 2019
Numerator:
Net income, as reported	$ (5,095)	$ 8,926	$ 9,309	$ 23,675	$ 36,971	$ 84,724
Net (loss) income attributable to common stockholders	$ (5,060)	$ 8,958	9,412	$ 23,776	37,105	$ 84,841
Interest expense on the remainder of the Term Loan Facility used to fund the dividend			(436)		873
Pro forma net income			$ 8,976		$ 36,098
Denominator:
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, basic	124,363,078	10,000,000	48,121,026	10,000,000	10,000,000
Adjustments to reflect the Common Stock Conversion			156,500,000		156,499,960
Adjustments to reflect the Common Stock Repurchases			(2,068,274)		(2,068,234)
Total shares sold in the IPO as their proceeds were required to pay the dividend in excess of current year earnings and the portion funded by the Term Loan Facility that remains unpaid after the IPO			25,000,000		25,000,000
Total			189,431,726		189,431,726
Pro forma net income per share attributable to common stockholders			$ 0.05		$ 0.19
Adjustments
Denominator:
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, basic			10,000,000

Common Stock and Stock-Based Compensation - Narrative (Detail) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 02, 2020 USD ($) $ / shares shares	Oct. 02, 2020 USD ($) shares	Nov. 22, 2019 USD ($)	Oct. 31, 2017 USD ($) Stock $ / shares shares	Dec. 25, 2020 USD ($) $ / shares shares	Dec. 27, 2019 USD ($) shares	Dec. 25, 2020 USD ($) $ / shares shares	Dec. 27, 2019 USD ($) $ / shares shares	Mar. 27, 2020 USD ($) $ / shares shares	Mar. 29, 2019 USD ($) $ / shares shares	Sep. 25, 2020 shares	Sep. 27, 2019 shares	Mar. 29, 2018 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of classes of stock \| Stock				2
Common stock, shares authorized (in shares)					1,000,000,000		1,000,000,000		1,000,000,000
Common stock, par value (in dollars per share) \| $ / shares					$ 0.01		$ 0.01		$ 0.01
Number of awards subject to restriction					377,767		125,922
Stock repurchased during period, aggregate purchase price \| $			$ 40,000
Common stock, shares outstanding (in shares)					189,431,726		189,431,726		0
Conversion of stock shares issued							164,431,726
Stock-based compensation \| $					$ 45,876	$ 303	$ 46,901	$ 1,051	$ 1,435	$ 1,441
Director \| Non-employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs issued	54,644
LTIP \| RSU Conversion Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation \| $	$ 607						607
TRIP \| RSU Conversion Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation \| $	$ 421						$ 421
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common shares (in shares)					25,000,000		25,000,000
Common stock, shares outstanding (in shares)					189,431,726		189,431,726
Shares Of Unvested Restricted Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of stock shares issued							459,749
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)							1,426,944
Stock-based compensation expense, not yet recorded \| $							$ 17,496
Weighted-average period							1 year 8 months 26 days		0 years
Grant date fair value (in dollars per share) \| $ / shares							$ 14.04
Weighted-average grant-date fair value \| $ / shares					$ 14.04		$ 14.04
Shares vested							376
RSU \| RSU Conversion Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value (in dollars per share) \| $ / shares	$ 14.00						$ 14
RSU \| LTIP \| RSU Conversion Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	602,490						602,490
RSU \| TRIP \| RSU Conversion Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	348,911						348,911
Target Performance Shares \| Board of Directors Chairman
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, Terms of award							Depending on the results achieved during the three-year performance period, the actual number of shares that a grant recipient may receive at the end of the period ranges from-% to 200% of the Target Shares granted.
PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)							650,302
Grant date fair value (in dollars per share) \| $ / shares							$ 15.05
Aggregate intrinsic value \| $					$ 16,121		$ 16,121
Total compensation cost of non-vested awards \| $					$ 9,320		$ 9,320
Weighted-average remaining contractual life							2 years 10 months 24 days
Number of shares vested					0		0
PSU \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vestinh rights percentage							100.00%
PSU \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vestinh rights percentage							200.00%
IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued in transaction (in shares)	28,750,000
Net proceeds \| $	$ 321,425
Estimated offering costs \| $	$ 8,450
Common stock, shares outstanding, weighted average price per share (in dollars per share) \| $ / shares	$ 14.00
Underwriting discounts \| $	$ 20,125
Shares issued upon conversion, including shares withheld for tax withholding obligation (in shares)	166,500,000
IPO - Selling Shareholders
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued in transaction (in shares)	3,750,000
Allegro Micro Systems Inc \| IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued in transaction (in shares)	25,000,000
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)				12,500,000	0		0		12,500,000	12,500,000
Common stock, par value (in dollars per share) \| $ / shares				$ 0.01	$ 0.01		$ 0.01		$ 0.01	$ 0.01
Issuance of common shares (in shares)				6,720,000
Number of shares issued in transaction (in shares)				2,880,000
Net proceeds \| $				$ 291
Estimated offering costs \| $				$ 9,260
Priority dividend, percentage				8.00%
Grants in period (in shares)				400,000
Vesting period	60 months								60 months
Shares returned for tax payments made on behalf of holders of common stock (in shares)	2,066,508
Common stock, shares outstanding (in shares)					0	10,000,000	0	10,000,000	10,000,000	10,000,000	10,000,000	10,000,000	10,000,000
Conversion of stock shares issued							156,155,403
Stock-based compensation \| $	$ 40,440
Weighted-average grant-date fair value \| $ / shares									$ 101.10
Common Class A \| If Initial Public Offering or Change in Control Occurs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting cost \| $	$ 40,440								$ 40,440
Accelerated vesting, number (in shares)	400,000								400,000
Accelerated vesting, share price (in dollars per share) \| $ / shares	$ 101.10								$ 101.10
Common Class A \| IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion rate	15.822
Shares returned for tax payments made on behalf of holders of common stock (in shares)	2,066,508
Common Class A \| One Equity Partners [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noncontrolling interest ownership percentage				28.80%
Common Class L
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)				1,000,000	0		0		1,000,000	1,000,000
Common stock, par value (in dollars per share) \| $ / shares				$ 0.01	$ 0.01		$ 0.01		$ 0.01	$ 0.01
Issuance of common shares (in shares)									14,850	10,220
Grants in period (in shares)				597,400					30,300
Vesting period				4 years
Accelerated vesting, percentage	25.00%
Stock-based compensation expense, not yet recorded \| $									$ 2,970
Weighted-average period									1 year 7 months 13 days
Number of awards subject to restriction									26,220
Stock repurchased during period (in shares)		1,997
Stock repurchased during period, aggregate purchase price \| $		$ 408
Outstanding loan amounts extinguished \| $		$ 753
Common stock, shares outstanding (in shares)					0	607,620	0	607,620	622,470	607,620	638,298	607,620	597,400
Conversion of stock shares issued							8,276,323
Stock-based compensation \| $	$ 1,610				$ 144		$ 1,169
Common Class L \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common shares (in shares)							17,203	30,300
Common stock, shares outstanding, weighted average price per share (in dollars per share) \| $ / shares					$ 11.99		$ 11.99
Shares issued during period, weighted average price per share (in dollars per share) \| $ / shares							$ 33.83	$ 26.93
Common stock, shares outstanding (in shares)					638,298		638,298
Common Class L \| Shares Of Unvested Restricted Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding, weighted average price per share (in dollars per share) \| $ / shares					$ 14.00		$ 14.00
Conversion of stock shares issued							459,749
Common Class L \| Shares Of Unvested Restricted Common Stock [Member] \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of stock shares issued							7,816,574
Common Class L \| Unvested Restricted Stock \| Shares Of Unvested Restricted Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of stock shares issued							459,749
Common Class L \| RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation \| $					$ 2,131		$ 2,131
Common Class L \| PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation \| $					467		467
Common Class L \| Restricted Common Stock Units RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation \| $					$ 73		$ 73
Common Class L \| Share BasedP ayment Arrangement If Initial Public Offering Occurs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting, percentage				25.00%
Accelerated vesting, minimum percentage of awards unvested				25.00%
Common Class L \| Share Based Payment Arrangement If A Change In Control Occurs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting, percentage				100.00%
Common Class L \| IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion rate	13.010
Shares returned for tax payments made on behalf of holders of common stock (in shares)	1,766

Common Stock and Stock-Based Compensation - Summary of Common Stock Award Activity (Detail) - USD ($)	1 Months Ended	9 Months Ended	12 Months Ended
	Oct. 31, 2017	Dec. 25, 2020	Mar. 27, 2020	Mar. 29, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate Intrinsic Value, Outstanding		$ 16,121,000
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Number		400,000	400,000
Granted	400,000
Outstanding, Number			400,000	400,000
Outstanding, Number			400,000
Grant Date Fair Value		$ 101.10	$ 101.10
Grant Date Fair Value			101.10	$ 101.10
Unvested-Grant Date Fair Value			$ 101.10
Weighted Average Remaining Contractual Terms			4 years 6 months 7 days	5 years 6 months 7 days
Unvested-Weighted Average Remaining Contractual Terms			4 years 6 months 7 days
Aggregate Intrinsic Value, Outstanding			$ 40,440,000	$ 40,440,000
Unvested-Aggregate Intrinsic Value, Outstanding			$ 40,440,000
Common Class L
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Number		622,470	607,620
Granted	597,400		30,300
Canceled			(15,450)
Outstanding, Number			622,470	607,620
Outstanding, Number			321,840
Grant Date Fair Value		$ 11.43	$ 10.62
Granted			26.93
Canceled			10.03
Grant Date Fair Value			11.43	$ 10.62
Grant Date Fair Value			$ 11.67
Weighted Average Remaining Contractual Terms			1 year 7 months 13 days	2 years 6 months 14 days
Unvested-Weighted Average Remaining Contractual Terms			1 year 8 months 19 days
Aggregate Intrinsic Value, Outstanding			$ 7,115	$ 6,454
Unvested-Aggregate Intrinsic Value, Outstanding			$ 3,757

Common Stock and Stock-Based Compensation - Stock Based Compensation Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019	Mar. 27, 2020	Mar. 29, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 45,876	$ 303	$ 46,901	$ 1,051	$ 1,435	$ 1,441
Cost of Sales [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	4,694	47	4,844	137	183	181
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	2,984	20	3,037	65	87	74
Selling, General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 38,198	$ 236	$ 39,020	$ 849	$ 1,165	$ 1,186

Income Taxes - Narrative (Detail) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
Income Taxes - Narrative (Detail) - USD ($)	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019	Mar. 27, 2020	Mar. 29, 2019
Income Tax Disclosure [Line Items]
Statutory income tax rate					21.00%	21.00%
Tax expense (benefit) of TCJA - FDII					$ 1,188,000	$ 3,010,000
Tax expense (benefit) of TCJA - GILTI					86,000	53,000
Tax expense (benefit) of TCJA - BEAT					1,694,000
Operating loss carryforward					2,037,000	2,597,000
Deferred income taxes and tax credits					4,206,000	3,837,000
Deferred tax assets, valuation allowance					4,206,000	3,837,000
Gross unrecognized tax benefit					2,559,000	6,246,000
Unrecognized tax benefits that would impact effective tax rate					2,501,000	6,194,000
Net increase and decrease in interest and penalties					841,000	(155,000)
Accrued interest and penalties					354,000	231,000
Settlement of IRS transfer pricing audits			$ 5,500,000		5,491,000
Income tax (benefit) expense	$ (30,523,000)	$ 1,542,000	$ (27,913,000)	$ 11,710,000	16,173,000	$ 14,601,000
Income tax expense (benefit), rates	85.80%	14.70%	150.90%	33.00%
Pre-tax income (loss)	$ (35,583,000)	$ 10,500,000	$ (18,501,000)	$ 35,486,000
Income tax reconciliation, related to stock-based compensation charge			$ 40,440,000
Discrete tax benefits	$ 18,149,000
Sanken
Income Tax Disclosure [Line Items]
Income tax settlements, one-time capital contribution to neutralize cash impact					9,500,000
Previously Reported
Income Tax Disclosure [Line Items]
Settlement of IRS transfer pricing audits					9,482,000
Federal
Income Tax Disclosure [Line Items]
Operating loss carryforward					0
Minnesota
Income Tax Disclosure [Line Items]
Operating loss carryforward					600,000
Research credit					536,000
Europe
Income Tax Disclosure [Line Items]
Research credit					3,050,000
Thailand
Income Tax Disclosure [Line Items]
Operating loss carryforward					1,500,000
Massachusetts
Income Tax Disclosure [Line Items]
Operating loss carryforward					$ 2,706,000

Income Taxes - Schedule of Components of Income Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Mar. 27, 2020	Mar. 29, 2019
Income before provision for incomes attributable to:
Domestic operations	$ 34,425	$ 80,924
Foreign operations	18,853	18,518
Income before provision for income taxes	$ 53,278	$ 99,442

Income Taxes - Schedule of Significant Components of Provision (Benefit) for Income Tax (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019	Mar. 27, 2020	Mar. 29, 2019
Current:
Federal					$ 15,146	$ 6,384
State					1,468	976
Foreign					4,468	5,225
Total current	$ (12,169)	$ 1,703	$ (9,764)	$ 5,980	21,082	12,585
Deferred:
Federal					(4,431)	2,956
State					18	199
Foreign					(496)	(1,140)
Total deferred			(17,526)	(288)	(4,909)	2,015
(Benefit) provision for income taxes	$ (30,523)	$ 1,542	$ (27,913)	$ 11,710	$ 16,173	$ 14,601

Income Taxes - Schedule of Reconciliation of Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019	Mar. 27, 2020	Mar. 29, 2019
Income Tax Disclosure [Abstract]
Tax provision (benefit) at U.S. statutory rate					$ 11,189	$ 20,882
Provision for IRS audit settlement			$ 5,500		5,491
BEAT					1,694
State income taxes, net of federal benefit					514	790
Provision for uncertain tax positions					361	556
Foreign tax rate					283	194
GILTI					86	53
Transition tax						(2,457)
Subpart F income, net of credits						158
Cumulative provision-to-return					(186)	(18)
FDII					(1,188)	(3,010)
Research and development tax credit					(1,841)	(2,307)
Other					(230)	(240)
(Benefit) provision for income taxes	$ (30,523)	$ 1,542	$ (27,913)	$ 11,710	$ 16,173	$ 14,601

Income Taxes - Schedule of Deferred Income Taxes (Detail) - USD ($) $ in Thousands	Mar. 27, 2020	Mar. 29, 2019
Deferred income tax assets:
Tax credits	$ 6,600	$ 5,433
Net operating loss carryforward	2,037	2,597
Bonuses, commissions and other compensation	8,793	6,614
Inventory and sales related	6,696	3,479
Capitalized transaction costs	259	441
Other accruals and reserves	1,879	667
Gross Deferred income tax assets	26,264	19,231
Valuation allowance for Deferred income tax assets	(4,206)	(3,837)
Total Deferred income tax assets	22,058	15,394
Deferred income tax liabilities:
Fixed assets and intangibles	(14,162)	(12,234)
Stock-based compensation	(679)	(853)
Total Deferred income tax liabilities	(14,841)	(13,087)
Net Deferred income tax assets	$ 7,217	$ 2,307

Income Taxes - Schedule of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Mar. 27, 2020	Mar. 29, 2019
Income Tax Disclosure [Abstract]
Beginning balance	$ 6,264	$ 5,485
Gross increases-tax positions in prior period	4,863	2,411
Gross decreases-tax positions in prior period settlement	(8,513)
Lapse in statute of limitations	(55)	(1,632)
Balance at end of period	$ 2,559	$ 6,264

Related Party Transactions - Narrative (Detail)				1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
Related Party Transactions - Narrative (Detail)	Oct. 14, 2020 USD ($)	Oct. 02, 2020 USD ($) shares	Mar. 28, 2020 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2017 USD ($) shares	Sep. 30, 2017 USD ($) shares	Dec. 25, 2020 USD ($)	Dec. 27, 2019 USD ($)	Dec. 25, 2020 USD ($)	Dec. 27, 2019 USD ($)	Mar. 27, 2020 USD ($) Note LettersOfCredit	Mar. 29, 2019 USD ($)	Dec. 25, 2019 USD ($)	Jun. 30, 2018 USD ($)	May 31, 2018 USD ($)
Related Party Transaction [Line Items]
Total net sales							$ 164,449,000	$ 159,802,000	$ 416,099,000	$ 475,485,000	$ 650,089,000	$ 724,311,000
Trade accounts receivable from related party							19,778,000		19,778,000		30,293,000	6,879,000
Amounts due to related party							2,078,000		2,078,000		4,494,000	4,941,000
Promissory notes outstanding												30,000,000
Related party notes payable, less current portion											17,700,000	14,700,000
Current portion of related party debt											$ 25,000,000	13,000,000
Long-term maturity dates											Mar. 14, 2025
Accounts payable							20,262,000		20,262,000		$ 20,762,000	24,189,000
Trade accounts receivable, net							67,334,000		67,334,000		59,457,000	76,444,000
Paid fees							300,000		900,000
Received fees							300,000	300,000	900,000	900,000
Cost of goods sold							90,024,000	98,277,000	224,203,000	285,967,000	388,813,000	404,491,000
Common Class L
Related Party Transaction [Line Items]
Repurchase of stock \| shares		1,997
Purchase price		$ 408,000
Consolidation, Eliminations [Member]
Related Party Transaction [Line Items]
Accounts payable			$ 1,198,000
Trade accounts receivable, net			$ 3,368,000				3,368,000		3,368,000				$ 2,528,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Related Party Transaction [Line Items]
Stated interest rate			2.70%
Interest paid	$ 762,000
Related party debt			$ 66,377,000
Noncash or part noncash divestiture, amount of consideration received											$ 42,700,000
Forgiveness of the fair value			15,000,000
Repayments of related party notes receivable	$ 51,377,000
Sanken
Related Party Transaction [Line Items]
Related party debt			$ 42,700,000
Ownership percentage by majority shareholder			70.00%
Forgiveness of the fair value			$ 15,000,000
Sanken \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Related Party Transaction [Line Items]
Ownership percentage by majority shareholder											70.00%
Sanken
Related Party Transaction [Line Items]
Trade accounts receivable from related party							17,250,000		17,250,000		$ 30,293,000	6,879,000
Other accounts receivable from related party							374,000		374,000		558,000	473,000
Purchases from related party								7,356,000		23,835,000	31,917,000	32,732,000
Amounts due to related party											4,494,000	4,941,000
Reimbursement of development costs							0	360,000	0	1,080,000	1,440,000	1,440,000
Promissory notes outstanding				$ 30,000,000
Stated interest rate				2.52%
Interest income										55,000	$ 55,000	0
Number of notes payable \| Note											3
Related party notes payable, less current portion											$ 17,700,000	14,700,000
Number of line-of-credit agreements \| LettersOfCredit											2
Current portion of related party debt											$ 25,000,000	3,000,000
Basis spread on variable rate											1.00%
Interest expense								334,000		1,129,000	$ 1,444,000	1,666,000
Interest paid								81,000		835,000	1,538,000	1,664,000
Related party debt											17,700,000	17,700,000
Aggregate sublease payments											200,000	200,000
Sanken \| Line of Credit
Related Party Transaction [Line Items]
Related party notes payable, less current portion												15,000,000
Current portion of related party debt											25,000,000	10,000,000
Related party debt												25,000,000
Director
Related Party Transaction [Line Items]
Monthly fee payable														$ 19,000	$ 30,000
Signing fee					$ 54,000	$ 54,000
Severance payment if terminated					$ 180,000	$ 180,000
Accelerated vesting, acceleration period					6 months	6 months
Related party transaction amounts									262,000	270,000	494,000	360,000
Director \| Common Class L
Related Party Transaction [Line Items]
Shares granted (in shares) \| shares					12,000	12,000,000
Director \| Previously Reported
Related Party Transaction [Line Items]
Monthly fee payable														$ 18,750
Directors and executive officers
Related Party Transaction [Line Items]
Related party debt											506,000	506,000
Equity Method Investee [Member]
Related Party Transaction [Line Items]
Purchases from related party							11,558,000		33,448,000
Amounts due to related party							2,078,000		2,078,000
Equity Method Investee [Member] \| Price Support Payment
Related Party Transaction [Line Items]
Purchases from related party							1,500,000		5,000,000
Equity Method Investee [Member] \| Consolidation, Eliminations [Member]
Related Party Transaction [Line Items]
Cost of goods sold							1,157,000		1,198,000
Discrete Technology Development Agreements [Member]
Related Party Transaction [Line Items]
Paid fees							0	0	0	0
Related Party Revenue
Related Party Transaction [Line Items]
Total net sales							26,439,000	16,535,000	72,570,000	49,327,000	184,557,000	191,372,000
Related Party Revenue \| Sanken
Related Party Transaction [Line Items]
Total net sales							$ 26,439,000	16,535,000	$ 72,570,000	49,327,000	184,557,000	191,372,000
Distribution of Sanken products
Related Party Transaction [Line Items]
Total net sales								7,666,000		26,688,000	35,421,000
Distribution of Sanken products \| Sanken
Related Party Transaction [Line Items]
Total net sales								$ 7,666,000		$ 26,688,000	$ 35,421,000	$ 37,871,000

Related Party Transactions - Schedule of Future Principal Repayments (Detail) - USD ($) $ in Thousands	Dec. 25, 2020	Mar. 27, 2020
Related Party Transaction [Line Items]
Long-term debt, maturity, year one	$ 0
Long-term debt, maturity, year two	0
Long-term debt, maturity, year three	0
Long-term debt, maturity, year four	0
Total	$ 25,000	$ 43,000
Related Party [Member]
Related Party Transaction [Line Items]
Long-term debt, maturity, year one		25,000
Long-term debt, maturity, year two		5,000
Long-term debt, maturity, year three		3,000
Long-term debt, maturity, year four		0
Long-term debt, maturity, year five		9,700
Total		$ 42,700

Subsequent Events - Narrative (Detail) - USD ($) $ in Thousands	Mar. 28, 2020	Nov. 22, 2019	Mar. 27, 2020
Subsequent Event [Line Items]
Stock purchase price		$ 40,000
Purchase obligation			$ 72,923
Lines of credit	$ 33,000
Line of credit due to maturity, description	To maintain financial flexibility the Company extended the repayment date of $33,000 borrowed under two lines-of-credit that were due to mature in June 2020, to December 2020
Wafers [Member]
Subsequent Event [Line Items]
Purchase obligation term	3 years
Purchase obligation	$ 40,000
Sanken
Subsequent Event [Line Items]
Notes payable to related party	42,700
Forgiveness of debt	$ 15,000
Percentage of holdings in PSL	70.00%
Minority shareholder interest	30.00%
Sanken \| Consolidation, Eliminations [Member]
Subsequent Event [Line Items]
Total debt	$ 66,377

Nature of the Business and Basis of Presentation - Cash Flow Impact of Divestiture (Detail) $ in Thousands	Mar. 28, 2020 USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Cash and cash equivalents	$ (15,332)
Restricted cash	(1,013)
Trade accounts receivable, net of allowances	37
Accounts receivable - other	(308)
Inventories	(32,250)
Prepaid expenses and other current assets	(376)
Property, plant and equipment, net	(115,341)
Related party note receivable	51,377
Equity investment in related party	25,462
Other assets, net	5,609
Trade accounts payable	4,176
Accrued expenses and other current liabilities	7,150
Current portion of related party debt	25,000
Bank lines-of-credit	10,000
Related party notes payable, less current portion	17,700
Other long-term liabilities	(1,247)
Additional paid-incapital	$ 19,165

Summary of Significant Policies - Deferred Offering Costs (Detail) - USD ($) $ in Thousands	Dec. 25, 2020	Mar. 27, 2020
Accounting Policies [Abstract]
Deferred offering costs	$ 0	$ 0

Acquisition - Narrative (Detail) $ in Thousands	Aug. 28, 2020 USD ($) Reporting_unit
Business Acquisition [Line Items]
Number of reporting units \| Reporting_unit	1
Voxtel
Business Acquisition [Line Items]
Preliminary purchase price	$ 35,081
Potential payout	15,000
Fair value of earn-outs	7,800
Indefinite-life intangible assets	$ 2,400

Acquisition - Summary of Preliminary Purchase Price Allocation (Detail) - USD ($) $ in Thousands	Aug. 28, 2020	Dec. 25, 2020	Mar. 27, 2020	Mar. 29, 2019	Mar. 29, 2018
Estimated fair value of assets acquired and liabilities assumed:
Goodwill		$ 20,249	$ 1,285	$ 1,336	$ 1,467
Voxtel
Estimated fair value of consideration:
Base purchase price	$ 27,281
Contingent Consideration	7,800
Total estimated fair value of consideration	35,081
Estimated fair value of assets acquired and liabilities assumed:
Net working capital	4,064
Property and equipment	57
Finite-life intangible assets	13,600
Indefinite-life intangible assets	2,400
Deferred tax liability	(3,843)
Goodwill	18,803
Allocated purchase price	$ 35,081

Acquisition - Schedule of Finite-Lived Intangible Assets Acquired (Detail) - Voxtel $ in Thousands	Aug. 28, 2020 USD ($)
Business Acquisition [Line Items]
Finite-life intangible assets	$ 13,600
Completed technology
Business Acquisition [Line Items]
Useful Life	12 years
Finite-life intangible assets	$ 13,100
Customer relationships
Business Acquisition [Line Items]
Useful Life	6 years
Finite-life intangible assets	$ 300
Trademarks
Business Acquisition [Line Items]
Useful Life	5 years
Finite-life intangible assets	$ 200

Fair Value Measurements - Change in Fair Value of Level 3 Contingent Consideration (Detail) - Level 3 - Fair Value, Recurring $ in Thousands	9 Months Ended
	Dec. 25, 2020 USD ($)
Beginning balance
Beginning balance	$ 0
Additions during the year	7,800
Ending balance	$ 7,800

Debt and Other Borrowings - Schedule of Debt Obligation (Detail) - USD ($) $ in Thousands	Dec. 25, 2020	Mar. 27, 2020
Debt Disclosure [Abstract]
Senior Secured Term Loan	$ 25,000
Unsecured Revolving Credit Facilities		$ 43,000
Total	25,000	43,000
Less debt payable within one year		$ 43,000
Debt payable after one year	$ 25,000

Debt and Other Borrowings - Schedule of Principal Maturities of Debt Obligations (Detail) - USD ($) $ in Thousands	Dec. 25, 2020	Mar. 27, 2020
Debt Disclosure [Abstract]
Remainder of 2021	$ 0
Long-term debt, maturity, year one	0
Long-term debt, maturity, year two	0
Long-term debt, maturity, year three	0
Long-term debt, maturity, year four	0
Thereafter	25,000
Total	$ 25,000	$ 43,000

Debt and Other Borrowings - Additional Informations (Detail)						1 Months Ended	3 Months Ended		9 Months Ended	12 Months Ended
	Nov. 25, 2020 USD ($)	Sep. 30, 2020 USD ($)	Mar. 18, 2020 USD ($)	Jan. 22, 2019 USD ($)	Mar. 27, 2006 USD ($)	Mar. 31, 2020 USD ($)	Dec. 25, 2020 USD ($)	Mar. 27, 2020 USD ($)	Dec. 25, 2020 USD ($)	Mar. 27, 2020 USD ($)	Mar. 29, 2019 USD ($)	Jun. 25, 2020 USD ($)	Mar. 28, 2020 USD ($)	Nov. 26, 2019 PHP (₱)	Nov. 26, 2019 USD ($)	Dec. 05, 2001 USD ($)
Line of Credit Facility [Line Items]
Outstanding balance													$ 33,000,000
Repayments of line-of-credit											$ 10,000,000
Loss on Extinguishment of Debt							$ 9,055,000		$ 9,055,000
Proceeds from lines of credit										$ 43,000,000
COVID-19
Line of Credit Facility [Line Items]
Proceeds from lines of credit						$ 43,000,000		$ 43,000,000
Line of Credit \| Line-of-Credit Agreement Expiring January 22, 2021
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 25,000,000
Outstanding balance								$ 25,000,000		25,000,000
Proceeds from lines of credit										$ 25,000,000	0
Interest rate at period end								1.70%		1.70%
Collateral, secured period										1 year
Collateral fees, amount										$ 25,000
Line of Credit \| Line-of-Credit Agreement Due at Various Times During Fiscal Year 2021
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 10,000,000
Outstanding balance								$ 10,000,000		10,000,000
Proceeds from lines of credit										$ 10,000,000
Interest rate at period end								2.50%		2.50%
Line of Credit \| Line-of-Credit Agreement Maturing June 18, 2020
Line of Credit Facility [Line Items]
Maximum borrowing capacity																$ 8,000,000
Outstanding balance								$ 8,000,000		$ 8,000,000		$ 8,000,000
Proceeds from lines of credit			$ 8,000,000
Interest rate at period end								1.90%		1.90%
Line of Credit \| Line-of-Credit Agreement Expiring August 31, 2021
Line of Credit Facility [Line Items]
Maximum borrowing capacity							1,247,000		1,247,000					₱ 60,000,000	$ 1,175,000
Outstanding balance							0	$ 0	0	$ 0	$ 0
Interest rate at period end								4.60%		4.60%	7.30%
Line of Credit \| Line-of-Credit Agreement Expiring June 30, 2021
Line of Credit Facility [Line Items]
Maximum borrowing capacity							1,559,000		1,559,000					₱ 75,000,000	$ 1,469,000
Outstanding balance							$ 0	$ 0	$ 0	$ 0	$ 0
Interest rate at period end								4.60%		4.60%	7.30%
Line of Credit \| London Interbank Offered Rate (LIBOR) \| Line-of-Credit Agreement Expiring January 22, 2021
Line of Credit Facility [Line Items]
Basis spread on variable rate				0.40%
Line of Credit \| London Interbank Offered Rate (LIBOR) \| Line-of-Credit Agreement Due at Various Times During Fiscal Year 2021
Line of Credit Facility [Line Items]
Basis spread on variable rate					1.00%
Mizuho Bank Ltd
Line of Credit Facility [Line Items]
Repayments of line-of-credit		$ 25,000,000
Bank Of Mitsubishi UFJ \| Line of Credit
Line of Credit Facility [Line Items]
Repayments of line-of-credit		8,000,000
Term Loan Facility \| Credit Suisse AG Cayman Islands Branch
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 325,000,000
Debt due date		2027
Outstanding balance	$ 325,000,000
Repayments of line-of-credit	$ 300,000,000
Deferred financing costs		$ 9,374,000
Term Loan Facility \| Credit Suisse AG Cayman Islands Branch \| Interest Rate Floor
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.50%
Term Loan Facility \| Credit Suisse AG Cayman Islands Branch \| London Interbank Offered Rate (LIBOR) \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate		3.75%
Term Loan Facility \| Credit Suisse AG Cayman Islands Branch \| London Interbank Offered Rate (LIBOR) \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate		4.00%
Revolving Credit Facility \| Mizuho Bank Ltd
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 50,000,000
Debt due date		2023
Outstanding borrowings interest rate							4.50%		4.50%
Outstanding balance							$ 0		$ 0
Deferred financing costs		$ 300,000
Deferred financing costs, Unamortized							$ 254,000		$ 254,000

Net (Loss) Income per Share and Unaudited Pro Forma Net Income per Share - Schedule of Issuable Weighted Average Share (Detail) - shares	3 Months Ended	9 Months Ended
	Dec. 25, 2020	Dec. 25, 2020
Earnings Per Share [Abstract]
Unvested restricted stock units ("RSUs")	377,767	125,922
Unvested performance stock units ("PSUs")	422,768	140,923
Shares related to Common Stock Conversion	56,752,747	123,250,916
Total	57,553,282	123,517,761

Common and Stock-Based Compensation - Schedule of Conversions of Stock (Detail)	9 Months Ended
	Dec. 25, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued upon conversion (in shares)	164,431,726
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued upon conversion (in shares)	156,155,403
Common Class L
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued upon conversion (in shares)	8,276,323
Shares Of Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued upon conversion (in shares)	163,971,977
Shares Of Common Stock [Member] \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued upon conversion (in shares)	156,155,403
Shares Of Common Stock [Member] \| Common Class L
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued upon conversion (in shares)	7,816,574
Shares Of Unvested Restricted Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued upon conversion (in shares)	459,749
Shares Of Unvested Restricted Common Stock [Member] \| Common Class L
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued upon conversion (in shares)	459,749

Common Stock and Stock-Based Compensation - Schedule of RSU Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 25, 2020	Mar. 27, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding-December 25, 2020	$ 16,121
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	1,426,944
Vested	(376)
Canceled	(28,920)
Outstanding, Number	1,397,648
Granted	$ 14.04
Vested	14.00
Canceled	14.00
Grant Date Fair Value	$ 14.04
Outstanding-December 25, 2020	1 year 8 months 26 days	0 years
Outstanding-December 25, 2020	$ 34,648

Common Stock and Stock-Based Compensation - Summary of Weighted-average Fair Value of PSUs (Detail) - PSU	9 Months Ended
	Dec. 25, 2020 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance term	2 years 5 months 1 day
Volatility	49.90%
Risk-free rate of return	0.17%
Dividend yield	0.00%
Weighted-average fair value per share	$ 14.00

Common Stock and Stock-Based Compensation - Schedule of PSU Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 25, 2020	Mar. 27, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate Intrinsic Value, Outstanding	$ 16,121
PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Number	0
Granted	650,302
Vested	0
Canceled	0
Outstanding, Number	650,302	0
Granted	$ 15.05
Vested	0
Canceled	0
Grant Date Fair Value	$ 15.05
Weighted Average Remaining Contractual Terms	2 years 10 months 24 days	0 years

Common Stock and Stock-Based Compensation - Schedule of Unvested Restricted Common Stock Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 25, 2020	Mar. 27, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate Intrinsic Value, Outstanding	$ 16,121
Restricted Common Stock Units RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock conversion	459,749
Vested	(37,161)
Canceled	0
Outstanding, Number	422,588
Common stock conversion	$ 14.00
Vested	14.00
Canceled	0
Grant Date Fair Value	$ 14.00
Weighted Average Remaining Contractual Terms	2 years 3 days	0 years
Aggregate Intrinsic Value, Outstanding	$ 10,476

Income Taxes - Schedule of Tax Provision (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019	Mar. 27, 2020	Mar. 29, 2019
Income Tax Disclosure [Abstract]
Operating taxes	$ (12,169)	$ 1,703	$ (9,764)	$ 5,980	$ 21,082	$ 12,585
Discrete tax items	(18,354)	(161)	(18,149)	5,730
(Benefit) provision for income taxes	$ (30,523)	$ 1,542	$ (27,913)	$ 11,710	$ 16,173	$ 14,601
Annual operating tax rate	34.20%	16.20%	52.80%	16.90%
Effective tax rate	85.80%	14.70%	150.90%	33.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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