0000866291-23-000006 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Dec. 23, 2022	Jan. 23, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 23, 2022
Document Transition Report	false
Entity File Number	001-39675
Entity Registrant Name	ALLEGRO MICROSYSTEMS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-2405937
Entity Address, Address Line One	955 Perimeter Road
Entity Address, City or Town	Manchester,
Entity Address, State or Province	NH
Entity Address, Postal Zip Code	03103
City Area Code	603
Local Phone Number	626-2300
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ALGM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		191,508,272
Entity Central Index Key	0000866291
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--03-31

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 23, 2022	Mar. 25, 2022
Current assets:
Cash and cash equivalents	$ 334,306	$ 282,383
Restricted cash	9,822	7,416
Trade accounts receivable, net of provision for expected credit losses of $147 and $105 at December 23, 2022 and March 25, 2022, respectively	97,225	87,359
Trade and other accounts receivable due from related party	31,070	27,360
Accounts receivable – other	2,169	4,144
Inventories	119,580	86,160
Prepaid expenses and other current assets	22,030	14,995
Current portion of related party note receivable	3,750	1,875
Total current assets	619,952	511,692
Property, plant and equipment, net	232,076	210,028
Operating lease right-of-use assets	14,740	16,049
Deferred income tax assets	46,262	17,967
Goodwill	28,230	20,009
Intangible assets, net	53,130	35,970
Related party note receivable, less current portion	9,375	5,625
Equity investment in related party	27,968	27,671
Other assets	52,332	47,609
Total assets	1,084,065	892,620
Current liabilities:
Trade accounts payable	49,945	29,836
Amounts due to related party	5,659	5,222
Accrued expenses and other current liabilities	77,796	65,459
Current portion of operating lease liabilities	3,828	3,706
Total current liabilities	137,228	104,223
Obligations due under Senior Secured Credit Facilities	25,000	25,000
Operating lease liabilities, less current portion	11,358	12,748
Deferred income tax liabilities	4,438	0
Other long-term liabilities	11,485	15,286
Total liabilities	189,509	157,257
Commitments and contingencies (Note 14)
Stockholders' Equity:
Preferred Stock, $0.01 par value; 20,000,000 shares authorized, no shares issued or outstanding at December 23, 2022 and March 25, 2022	0	0
Common stock, $0.01 par value; 1,000,000,000 shares authorized, 191,435,869 shares issued and outstanding at December 23, 2022; 1,000,000,000 shares authorized, 190,473,595 issued and outstanding at March 25, 2022	1,914	1,905
Additional paid-in capital	667,908	627,792
Retained earnings	248,338	122,958
Accumulated other comprehensive loss	(24,781)	(18,448)
Equity attributable to Allegro MicroSystems, Inc.	893,379	734,207
Non-controlling interests	1,177	1,156
Total stockholders’ equity	894,556	735,363
Total liabilities, non-controlling interest and stockholders’ equity	$ 1,084,065	$ 892,620

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 23, 2022	Mar. 25, 2022
Statement of Financial Position [Abstract]
Allowances for doubtful accounts	$ 147	$ 105
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	191,435,869	190,473,595
Common stock, shares outstanding (in shares)	191,435,869	190,473,595

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 23, 2022	Dec. 24, 2021	Dec. 23, 2022	Dec. 24, 2021
Net sales	$ 248,789	$ 186,629	$ 704,208	$ 568,381
Cost of goods sold	84,776	66,675	247,805	214,811
Cost of goods sold to related party	21,419	18,789	63,413	55,713
Gross profit	142,594	101,165	392,990	297,857
Operating expenses:
Research and development	39,593	30,297	109,017	89,441
Selling, general and administrative	37,373	37,963	146,470	104,115
Change in fair value of contingent consideration	0	(2,700)	(2,700)	(2,100)
Total operating expenses	76,966	65,560	252,787	191,456
Operating income	65,628	35,605	140,203	106,401
Other income (expense):
Interest expense	(613)	(427)	(1,581)	(2,081)
Interest income	360	158	1,144	317
Foreign currency transaction gain (loss)	407	(3)	2,597	(55)
Income in earnings of equity investment	2,190	287	297	792
Other, net	4,119	3,634	765	5,216
Income before income taxes	72,091	39,254	143,425	110,590
Income tax provision	7,540	6,281	17,943	16,687
Net income	64,551	32,973	125,482	93,903
Net income attributable to non-controlling interests	32	37	102	112
Net income attributable to Allegro MicroSystems, Inc.	$ 64,519	$ 32,936	$ 125,380	$ 93,791
Net income attributable to Allegro MicroSystems, Inc. per share:
Basic (in dollars per share)	$ 0.34	$ 0.17	$ 0.66	$ 0.49
Diluted (in dollars per share)	$ 0.33	$ 0.17	$ 0.65	$ 0.49
Weighted average shares outstanding:
Basic (in shares)	191,328,538	189,736,901	191,082,141	189,665,324
Diluted (in shares)	193,935,908	192,068,222	193,100,762	191,678,951
Net sales
Net sales	$ 203,672	$ 147,168	$ 572,356	$ 456,302
Net sales to related party
Net sales	$ 45,117	$ 39,461	$ 131,852	$ 112,079

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 23, 2022	Dec. 24, 2021	Dec. 23, 2022	Dec. 24, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 64,551	$ 32,973	$ 125,482	$ 93,903
Net income attributable to non-controlling interests	32	37	102	112
Net income attributable to Allegro MicroSystems, Inc.	64,519	32,936	125,380	93,791
Other comprehensive loss (gain):
Foreign currency translation adjustment	8,303	(1,306)	(6,414)	(4,873)
Comprehensive income	72,822	31,630	118,966	88,918
Other comprehensive (gain) loss attributable to non-controlling interest	(56)	(3)	81	61
Comprehensive income attributable to Allegro MicroSystems, Inc.	$ 72,766	$ 31,627	$ 119,047	$ 88,979

- 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.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Non-Controlling Interests
Beginning balance (in shares) at Mar. 26, 2021		189,588,161
Beginning balance at Mar. 26, 2021	$ 586,871	$ 1,896	$ 592,170	$ 3,551	$ (11,865)	$ 1,119
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	93,903			93,791		112
Employee stock purchase plan issuances (in shares)		59,563
Employee stock purchase plan issuances	1,291		1,291
Stock-based compensation, net of forfeitures (in shares)		149,421
Stock-based compensation, net of forfeitures		$ 2
Stock-based compensation, net of forfeitures	18,647		18,645
Foreign currency translation adjustment	(4,873)				(4,812)	(61)
Ending balance (in shares) at Dec. 24, 2021		189,797,145
Ending balance at Dec. 24, 2021	695,839	$ 1,898	612,106	97,342	(16,677)	1,170
Beginning balance (in shares) at Sep. 24, 2021		189,702,550
Beginning balance at Sep. 24, 2021	656,553	$ 1,897	604,488	64,406	(15,368)	1,130
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	32,973			32,936		37
Stock-based compensation, net of forfeitures (in shares)		94,595
Stock-based compensation, net of forfeitures		$ 1
Stock-based compensation, net of forfeitures	7,619		7,618
Foreign currency translation adjustment	(1,306)				(1,309)	3
Ending balance (in shares) at Dec. 24, 2021		189,797,145
Ending balance at Dec. 24, 2021	$ 695,839	$ 1,898	612,106	97,342	(16,677)	1,170
Beginning balance (in shares) at Mar. 25, 2022	190,473,595	190,473,595
Beginning balance at Mar. 25, 2022	$ 735,363	$ 1,905	627,792	122,958	(18,448)	1,156
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	125,482			125,380		102
Employee stock purchase plan issuances (in shares)		89,454
Employee stock purchase plan issuances	1,573	$ 1	1,572
Stock-based compensation, net of forfeitures (in shares)		872,820
Stock-based compensation, net of forfeitures	51,194	$ 8	51,186
Payments of taxes withheld on net settlement of equity awards	(12,642)		(12,642)
Foreign currency translation adjustment	$ (6,414)				(6,333)	(81)
Ending balance (in shares) at Dec. 23, 2022	191,435,869	191,435,869
Ending balance at Dec. 23, 2022	$ 894,556	$ 1,914	667,908	248,338	(24,781)	1,177
Beginning balance (in shares) at Sep. 23, 2022		191,308,141
Beginning balance at Sep. 23, 2022	815,875	$ 1,913	662,082	183,819	(33,028)	1,089
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	64,551			64,519		32
Stock-based compensation, net of forfeitures (in shares)		127,728
Stock-based compensation, net of forfeitures	8,863	$ 1	8,862
Payments of taxes withheld on net settlement of equity awards	(3,036)
Foreign currency translation adjustment	$ 8,303				8,247	56
Ending balance (in shares) at Dec. 23, 2022	191,435,869	191,435,869
Ending balance at Dec. 23, 2022	$ 894,556	$ 1,914	$ 667,908	$ 248,338	$ (24,781)	$ 1,177

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Dec. 23, 2022	Dec. 24, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 125,482	$ 93,903
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	36,705	36,522
Amortization of deferred financing costs	74	75
Deferred income taxes	(28,387)	(3,061)
Stock-based compensation	51,242	18,647
Loss (gain) on disposal of assets	287	(349)
Change in fair value of contingent consideration	(2,700)	(2,100)
Provisions for inventory and receivables reserves	1,744	4,787
Unrealized loss (gain) on marketable securities	5	(4,482)
Changes in operating assets and liabilities:
Trade accounts receivable	(5,894)	(6,133)
Accounts receivable - other	2,000	(9)
Inventories	(39,136)	3,251
Prepaid expenses and other assets	(17,761)	(11,870)
Trade accounts payable	19,553	2,026
Due to/from related parties	(3,273)	(2,775)
Accrued expenses and other current and long-term liabilities	5,717	(9,874)
Net cash provided by operating activities	145,658	118,558
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(49,563)	(55,792)
Acquisition of business, net of cash acquired	(19,728)	(12,549)
Proceeds from sales of property, plant and equipment	0	27,407
Investments in marketable securities	0	(9,189)
Net cash used in investing activities	(69,291)	(50,123)
CASH FLOWS FROM FINANCING ACTIVITIES:
Loans made to related party	(7,500)	(7,500)
Receipts on related party notes receivable	1,875	0
Payments for taxes related to net share settlement of equity awards	(12,642)	0
Proceeds from issuance of common stock under employee stock purchase plan	1,573	1,291
Net cash used in financing activities	(16,694)	(6,209)
Effect of exchange rate changes on Cash and cash equivalents and Restricted cash	(5,344)	604
Net increase in Cash and cash equivalents and Restricted cash	54,329	62,830
Cash and cash equivalents and Restricted cash at beginning of period	289,799	203,875
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD:	344,128	266,705
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Cash and cash equivalents at beginning of period	334,306	259,208
Restricted cash at beginning of period	7,416	6,661
Cash and cash equivalents and restricted cash	344,128	266,705
Restricted cash at end of period	9,822	7,497
Noncash transactions:
Property, plant and equipment purchases included in trade accounts payable	(2,462)	(4,934)
Noncash lease liabilities arising from obtaining right-of-use assets	$ 1,926	$ 1,906

Nature of the Business and Basis of Presentation	9 Months Ended
Nature of the Business and Basis of Presentation	Dec. 23, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business and Basis of Presentation	Nature of the Business and Basis of Presentation Allegro MicroSystems, Inc., together with its consolidated subsidiaries (the “Company”), is a global leader in designing, developing and manufacturing sensing and power solutions for motion control and energy-efficient systems in automotive and industrial markets. The Company is headquartered in Manchester, New Hampshire and has a global footprint across multiple 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 (“U.S. GAAP”) 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 Annual Report on Form 10-K for the year ended March 25, 2022 filed with the SEC on May 18, 2022, as amended by Amendment No. 1 on Form 10-K/A filed with the SEC on August 29, 2022 (as amended, the “2022 Annual Report”). In the opinion of the Company’s management, the financial statements for the interim periods presented reflects all adjustments necessary for a fair statement of the Company’s financial position, results of operations and cash flows. The results reported in these unaudited condensed consolidated financial statements are not necessarily indicative of results that may be expected for the entire year. Financial Periods The Company’s third quarter three-month period is a 13-week period. The Company’s third quarter of fiscal 2023 ended December 23, 2022, and the Company’s third quarter of fiscal 2022 ended December 24, 2021.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Dec. 23, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with U.S. 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 condensed 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 expected credit losses 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. Reclassifications Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. Concentrations of Credit Risk and Significant Customers Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with financial institutions, that management believes are 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 during the prior two years. As of December 23, 2022 and March 25, 2022, Sanken Electric Co., Ltd. (“Sanken”) accounted for 24.1% and 23.8% 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, as of those dates. For the three- and nine-month periods ended December 23, 2022, Sanken accounted for 18.1% and 18.7% of total net sales, respectively. For the three- and nine-month periods ended December 24, 2021, Sanken accounted for 21.1% and 19.7% of total net sales, respectively. No other customers accounted for 10% or more of total net sales for the three- and nine-month periods ended December 23, 2022 and December 24, 2021. See Note 18, “Related Party Transactions” for a discussion of the Transition Agreement (as defined below) between Sanken and the Company to transition the marketing and sale of the Company’s products in Japan from Sanken to the Company during the twelve-month transition period beginning on September 29, 2022. During the three-month period ended December 23, 2022, sales to customers located outside of the United States accounted for, in the aggregate, 86.5% of the Company’s total net sales, with Greater China accounting for 25.8%, Japan accounting for 18.1% and South Korea accounting for 10.3%. During the nine-month period ended December 23, 2022, sales to customers located outside of the United States accounted for, in the aggregate, 87.6% of the Company’s total net sales, with Greater China accounting for 25.9% and Japan accounting for 18.7%. No other country accounted for greater than 10% of total net sales for the three- and nine-month periods ended December 23, 2022. During the three-month period ended December 24, 2021, sales to customers located outside of the United States, in the aggregate, accounted for 85.9% of the Company’s total net sales, with Greater China accounting for 26.1%, Japan accounting for 21.1% and South Korea accounting for 10.7%. During the nine-month period ended December 24, 2021, sales to customers located outside of the United States, in the aggregate, accounted for 85.8% of the Company’s total net sales, with Greater China accounting for 25.0%, Japan accounting for 19.7% and South Korea accounting for 10.8%. No other country accounted for greater than 10% of total net sales for the three- and nine-month periods ended December 24, 2021. Recently Adopted Accounting Standards In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”), which eliminates the diversity in practice and inconsistency related to the accounting for acquired revenue contracts with customers in a business combination. The amendments in ASU 2021-08 require an acquiring entity to apply ASC Topic 606, Contracts with Customers (“ASC 606”), to recognize and measure contract assets and contract liabilities in a business combination as if the acquired contracts with customers were originated by the acquiring entity at the acquisition date. An acquirer may assess how the acquiree applied ASC 606 and generally should recognize and measure the acquired contract assets and contract liabilities consistent with the recognition and measurement in the acquiree’s financial statements, as prepared in accordance with U.S. GAAP. If unable to rely on the acquiree’s accounting due to errors, noncompliance with U.S. GAAP, or differences in accounting policies, the acquirer should consider the terms of the acquired contracts, such as timing of payment, identify each performance obligation in the contracts, and allocate the total transaction price to each identified performance obligation on a relative standalone selling price basis as of contract inception (that is, the date the acquiree entered into the contracts) or contract modification to determine what should be recorded at the acquisition date. The Company early adopted ASU 2021-08, effective March 26, 2022 and concluded that adoption of this ASU did not have a material impact on its financial position, results of operations, cash flows, or related disclosures. In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2021-04”). ASU 2021-04 outlines how an entity should account for modifications made to equity-classified written call options, including stock options and warrants to purchase the entity’s own common stock. The guidance in the ASU requires an entity to treat a modification of an equity-classified written call option that does not cause the option to become liability-classified as an exchange of the original option for a new option. This guidance applies whether the modification is structured as an amendment to the terms and conditions of the equity-classified written call option or as termination of the original option and issuance of a new option. The Company adopted ASU 2021-04, effective March 26, 2022, and concluded that it did not have a material impact on its financial position, results of operations, cash flows, or related disclosures. Recently Issued Accounting Standards Not Yet Adopted In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provided temporary relief when transitioning from the London Interbank Offered Rate (“LIBOR”) to the Secured Overnight Financing Rate (“SOFR”) or another applicable rate during the original transition period ending on December 31, 2022. In March 2021, the UK Financial Conduct Authority (the “FCA”) announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of U.S. dollar LIBOR would be June 30, 2023, which is beyond the current sunset date of Topic 848. In light of this development, the FASB issued this update to defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The Company does not anticipate this new guidance to have a material impact on its financial position, results of operations, cash flows, or related disclosures.

Heyday Acquisition

9 Months Ended

Dec. 23, 2022

Business Combinations [Abstract]

Heyday Acquisition

On September 1, 2022, the Company completed its purchase of all of the equity interests in Heyday Integrated Circuits (“Heyday”), a privately held company specializing in compact, fully integrated isolated gate drivers that enable energy conversion in high-voltage gallium nitride and silicon carbide wide-bandgap semiconductor designs (the “Heyday Acquisition”). The Heyday Acquisition was undertaken to bring together Heyday’s isolated gate drivers and the Company’s isolated current sensors to enable potential development and commercialization of small high-voltage and high-efficiency power systems. Additionally, this acquisition is expected to increase the Company’s addressable market for electric vehicles (“xEV”), solar inverters, data center and 5G power supplies, and broad-market industrial applications. The total preliminary purchase price, as updated for measurement period adjustments, was $20,501, consisting of cash consideration paid directly to the owners of Heyday and paid on their behalf for the settlement of certain outstanding debts and other obligations.

The Heyday Acquisition was accounted for as a business combination, and the Company recorded the assets acquired and liabilities assumed at their respective fair values as of the date of acquisition. The allocation of purchase consideration to assets and liabilities is not yet finalized. The preliminary allocation of the purchase price was based upon a preliminary valuation, and the Company’s estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date). The primary areas of the preliminary purchase price allocation that are not yet finalized are the working capital settlement, finalization of our review of the estimates and assumptions included in the valuation reports, determination of the tax basis of certain assets and liabilities and certain tax carry forwards, and residual goodwill. During the three-month period ended December 23, 2022, the Company recorded measurement period adjustments to various accounts resulting in a decrease in goodwill of $450. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date, updated for the measurement period adjustments above:






	As of September 1, 2022
Cash	$	324

Property and equipment	16
Completed technology	15,100
In-process research and development	1,600
Assets acquired	$	17,040
Current liabilities assumed	(282)
Net deferred tax liability	(4,036)
Net assets acquired	$	12,722
Total estimated fair value of consideration	(20,501)
Goodwill	$	7,779

The significant intangible assets identified in the preliminary purchase price allocation consisted of completed technology and in-process research and development. Completed technology assets will be amortized over an estimated useful life of 12 years. The acquired in-process research and development costs was determined to have an indefinite useful life.

Amortization of completed technology is included within cost of goods sold and consists of PowerThru technology that accomplishes gate driver power and signal transmission through an integrated transformer, reducing the size and complexity of the gate drive solution. The in-process research and development assets represent efforts to expand the power capability of these gate drivers for wide-bandgap semiconductor technology. 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.

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 Heyday

Acquisition is included within the Company’s one reporting unit and will be included in the Company’s enterprise-level annual review for impairment. Goodwill resulting from the Heyday 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 and using assumptions that the Company’s management believes are reasonable given the information available as of the date of the Heyday Acquisition. 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 income before income taxes from the Heyday Acquisition were immaterial to the Company’s consolidated results for the three- and nine-month periods ended December 23, 2022. The Company has not presented pro forma results of operations for the Heyday Acquisition because it is not material to the Company’s consolidated results of operations, financial position, or cash flows.

Revenue from Contract with Customers

9 Months Ended

Dec. 23, 2022

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

The Company generates revenue from the sale of magnetic sensor integrated circuits (“ICs”) and application-specific analog power semiconductors. The following tables summarize net sales disaggregated by application, by product and by geography for the three- and nine-month periods ended December 23, 2022 and December 24, 2021. The categorization of net sales by application is determined using various characteristics of the product and the application into which the Company’s product will be incorporated. The categorization of net sales by geography is determined based on the location to which the products are shipped.

Net sales by application:


	Three-Month Period Ended				Nine-Month Period Ended
	December 23, 2022		December 24, 2021		December 23, 2022		December 24, 2021

Automotive	$	170,107	$	130,797	$	477,154	$	390,351
Industrial	51,014		31,903		139,330		98,533
Other	27,668		23,929		87,724		79,497
Total net sales	$	248,789	$	186,629	$	704,208	$	568,381

Net sales by product:


	Three-Month Period Ended				Nine-Month Period Ended
	December 23, 2022		December 24, 2021		December 23, 2022		December 24, 2021
Power integrated circuits	$	94,513	$	62,859	$	272,500	$	195,054
Magnetic sensors and other	154,276		123,770		431,708		373,327


Total net sales	$	248,789	$	186,629	$	704,208	$	568,381

Net sales by geography:


	Three-Month Period Ended				Nine-Month Period Ended
	December 23, 2022		December 24, 2021		December 23, 2022		December 24, 2021
Americas:
United States	$	33,613	$	26,228	$	87,135	$	80,854
Other Americas	6,473		4,921		20,204		16,697
EMEA:
Europe	39,650		29,891		115,693		97,108
Asia:
Japan	45,117		39,461		131,852		112,079
Greater China	64,305		48,696		182,624		142,158
South Korea	25,504		19,935		67,414		61,614
Other Asia	34,127		17,497		99,286		57,871
Total net sales	$	248,789	$	186,629	$	704,208	$	568,381

The Company recognizes sales net of returns, credits issued, price protection adjustments and stock rotation rights. In addition, the Company recognizes expected credit losses on trade accounts receivable as bad debt expense in the unaudited statements of operations. At December 23, 2022 and March 25, 2022, these combined adjustments were $18,896 and $14,924, respectively, and were netted against trade accounts receivable in the unaudited condensed consolidated balance sheets. These amounts represent charges of $3,972 and $602 for the nine-month periods ended December 23, 2022 and December 24, 2021, respectively.

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

- 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 https://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 https://asc.fasb.org/extlink&oid=126920106&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)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: 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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-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (d)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Fair Value Measurements

9 Months Ended

Dec. 23, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables present information about the Company’s financial assets and liabilities as of December 23, 2022 and March 25, 2022, 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 23, 2022 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market fund deposits	$	172,518	$	—	$	—	$	172,518
Restricted cash:
Money market fund deposits	9,822		—		—		9,822
Other assets (long-term):
Investments in marketable securities	$	12,144	$	—	$	—	$	12,144
Total assets	$	194,484	$	—	$	—	$	194,484
Liabilities:
Other long-term liabilities:
Contingent consideration	$	—	$	—	$	100	$	100
Total liabilities	$	—	$	—	$	100	$	100


	Fair Value Measurement at March 25, 2022 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market fund deposits	$	16,927	$	—	$	—	$	16,927
Restricted cash:
Money market fund deposits	7,416		—		—		7,416
Other assets (long-term):
Investments in marketable securities	12,346		—		—		12,346
Total assets	$	36,689	$	—	$	—	$	36,689
Liabilities:
Other long-term liabilities:
Contingent consideration	—		—		2,800		2,800
Total liabilities	$	—	$	—	$	2,800	$	2,800

The following table represents the unrealized gains and losses on investments in marketable securities held with a readily determinable fair value for the nine-month periods ended December 23, 2022 and December 24, 2021:


	Nine-Month Period Ended
	December 23, 2022		December 24, 2021
Net (losses) gains recognized during the period on equity securities	$	(5)	$	4,482
Less: Net gains and losses recognized during the period on equity securities sold during the period	—		—
Unrealized (losses) gains recognized during the reporting period on equity securities still held at the reporting date	$	(5)	$	4,482

In addition to the unrealized losses and gains in the table above, the change in fair value of the equity securities was impacted by unrealized foreign currency exchange losses of $197 and $278 for the nine-month periods ended December 23, 2022 and December 24, 2021, respectively.

The following table shows the change in fair value of Level 3 contingent consideration in connection with the fiscal year 2021 purchase of Voxtel, Inc. (“Voxtel”), a privately held technology company located in Beaverton, Oregon that develops, manufactures and supplies photonic and advanced 3D imaging technologies (the “Voxtel Acquisition”), for the nine-month periods ended December 23, 2022 and December 24, 2021:


	Level 3 Contingent Consideration
Balance at March 25, 2022	$	2,800
Change in fair value of contingent consideration	(2,700)

Balance at December 23, 2022	$	100

Balance at March 26, 2021	$	4,800
Change in fair value of contingent consideration	(2,100)

Balance at December 24, 2021	$	2,700

Assets and liabilities measured at fair value on a recurring basis also consist of marketable securities, unit investment trust funds, loans, bonds, stock and other investments which 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 13, “Retirement Plans.”

During the nine-month periods ended December 23, 2022 and December 24, 2021, there were no transfers among Level 1, Level 2 and Level 3 assets or liabilities.

- 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

Dec. 23, 2022

Receivables [Abstract]

Trade Accounts Receivable, net

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


	December 23, 2022		March 25, 2022
Trade accounts receivable	$	147,023	$	129,539
Less:
Provision for expected credit losses	(147)		(105)
Returns and sales allowances	(18,749)		(14,819)
Related party trade accounts receivable	(30,902)		(27,256)
Total	$	97,225	$	87,359

The Company is exposed to credit losses primarily through trade and other financing receivables arising from revenue transactions. The Company uses an aging schedule method to estimate current expected credit losses (“CECL”) based on days of delinquency, including information about past events and current economic conditions. The Company’s accounts receivable are separated into two categories using a portfolio methodology to evaluate the allowance under the CECL impairment model based on sales categorization and similar credit quality and worthiness of the customers: original equipment manufacturers (“OEMs”) and distributors. The receivables in each category share similar risk characteristics. The Company increases the provision for expected credits losses when the Company determines all or a portion of a receivable is uncollectible, and the Company recognizes recoveries as a decrease to the provision for expected credit losses.

Changes in the Company’s expected credit losses and returns and sales allowances were as follows:


Description	Provision for Expected Credit Losses		Returns and Sales Allowances		Total
Balance at March 25, 2022	$	105	$	14,819	$	14,924
Charged to costs and expenses or revenue	42		78,737		78,779
Write-offs, net of recoveries	—		(74,807)		(74,807)
Balance at December 23, 2022	$	147	$	18,749	$	18,896

Balance at March 26, 2021	$	138	$	15,274	$	15,412
Charged to costs and expenses or revenue	(68)		114,047		113,979
Write-offs, net of recoveries	—		(113,377)		(113,377)
Balance at December 24, 2021	$	70	$	15,944	$	16,014

Inventories

9 Months Ended

Dec. 23, 2022

Inventory Disclosure [Abstract]

Inventories

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


	December 23, 2022		March 25, 2022
Raw materials and supplies	$	14,939	$	11,941
Work in process	75,672		55,855
Finished goods	28,969		18,364

Total	$	119,580	$	86,160

The Company recorded inventory write-offs totaling $654 and $5,716 for the three- and nine-month periods ended December 23, 2022, respectively, and $348 and $5,389 for the three- and nine-month periods ended December 24, 2021, respectively.

The Company discontinued a product line manufactured by Voxtel and subsequently recognized impairment charges, which represented much of the increase in inventory provisions, for the related inventory of none and $3,106 for the three- and nine-month periods ended December 24, 2021, respectively.

Property, Plant and Equipment, net

9 Months Ended

Dec. 23, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

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


	December 23, 2022		March 25, 2022
Land	$	15,244	$	15,775
Buildings, building improvements and leasehold improvements	60,555		59,816
Machinery and equipment	584,800		542,745
Office equipment	6,075		6,247
Construction in progress	32,188		22,428
Total	698,862		647,011
Less accumulated depreciation	(466,786)		(436,983)
Total	$	232,076	$	210,028

Total depreciation expense amounted to $11,128 and $32,958 for the three- and nine-month periods ended December 23, 2022, respectively, and $10,893 and $33,235 for the three- and nine-month periods ended December 24, 2021, 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 23, 2022 and March 25, 2022 are as follows:


	December 23, 2022		March 25, 2022
United States	$	36,706	$	35,221
Philippines	187,508		167,488

Other	9,395		7,746
Total	$	233,609	$	210,455

Amortization of prepaid tooling costs amounted to $32 and $97 for the three- and nine-month periods ended December 23, 2022, respectively, and $31 and $97 for the three- and nine-month periods ended December 24, 2021, respectively.

Goodwill and Intangible Assets

9 Months Ended

Dec. 23, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

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


	Total
Balance at March 25, 2022	$	20,009
Goodwill arising from acquisitions	8,229
Measurement period adjustments	(450)
Foreign currency translation	442
Balance at December 23, 2022	$	28,230

Balance at March 26, 2021	$	20,106

Foreign currency translation	(63)
Balance at December 24, 2021	$	20,043

Intangible assets, net is as follows:


	December 23, 2022
Description	Gross		Accumulated Amortization		Net Carrying Amount		Weighted- Average Lives
Patents	$	39,473	$	17,452	$	22,021	10 years
Customer relationships	6,837		6,656		181		9 years
Process technology	29,148		3,007		26,141		12 years
Indefinite-lived and legacy process technology	5,750		1,650		4,100
Trademarks	200		94		106		5 years
Legacy trademarks	640		59		581
Other	32		32		—
Total	$	82,080	$	28,950	$	53,130


	March 25, 2022
Description	Gross		Accumulated Amortization		Net Carrying Amount		Weighted- Average Lives
Patents	$	36,577	$	15,304	$	21,273	10 years
Customer relationships	6,582		6,348		234		9 years
Process technology	13,100		1,742		11,358		12 years
Indefinite-lived and legacy process technology	4,050		1,650		2,400
Trademarks	200		64		136		5 years
Legacy trademarks	627		58		569
Other	32		32		—
Total	$	61,168	$	25,198	$	35,970

Intangible assets amortization expense was $1,420 and $3,650 for the three- and nine-month periods ended December 23, 2022, respectively, and $1,087 and $3,190 for the three- and nine-month periods ended December 24, 2021, respectively.

As of December 23, 2022, annual amortization expense of intangible assets for the next five fiscal years is expected to be as follows:


Remainder of 2023	$	1,074
2024	3,989
2025	3,704
2026	3,415
2027	3,081
Thereafter	33,186
Total	$	48,449

Accrued Expenses and Other Current Liabilities

9 Months Ended

Dec. 23, 2022

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

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


	December 23, 2022		March 25, 2022

Accrued management incentives	$	30,095	$	33,607
Accrued salaries and wages	19,167		14,699
Accrued warranty costs	3,312		541

Accrued vacation	8,172		5,715

Accrued professional fees	4,491		1,252
Accrued income taxes	3,687		1,831

Other current liabilities	8,872		7,814
Total	$	77,796	$	65,459

Debt and Other Borrowings	9 Months Ended
Debt and Other Borrowings	Dec. 23, 2022
Debt Disclosure [Abstract]
Debt and Other Borrowings	Debt and Other Borrowings On September 30, 2020, the Company entered into a term loan credit agreement with Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent, and the other agents, arrangers and lenders party thereto, providing for a $325,000 senior secured term loan facility due in fiscal 2028 (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 Company’s outstanding borrowings bore an interest rate of 7.82% at December 23, 2022. As of both December 23, 2022 and March 25, 2022, the Company had $25,000 outstanding under the Term Loan Facility and had not borrowed on the Revolving Credit Facility. As of December 23, 2022 and March 25, 2022, the unamortized portion of the deferred financing costs associated with the Revolving Credit Facility was $74 and $149, respectively, and the related short-term and long-term portions were classified within “Prepaid expenses and other current assets” and “Other assets, net” on its unaudited condensed consolidated balance sheets. 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 $1,088 at December 23, 2022) at the bank’s prevailing interest rate. The line of credit is due to expire on August 31, 2023. There were no borrowings outstanding under this line of credit as of December 23, 2022 and March 25, 2022. 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 $1,360 at December 23, 2022) at the bank’s prevailing interest rate. The line of credit is due to expire on June 30, 2023. There were no borrowings outstanding under this line of credit as of December 23, 2022 and March 25, 2022.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
-Paragraph 1C
-Subparagraph (c)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1I
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
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-Subparagraph (g)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Other Long-Term Liabilities

9 Months Ended

Dec. 23, 2022

Other Liabilities Disclosure [Abstract]

Other Long-Term Liabilities

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


	December 23, 2022		March 25, 2022


Accrued retirement	$	8,509	$	8,903

Provision for uncertain tax positions	2,795		2,757
Other long-term liabilities	181		3,626
Total	$	11,485	$	15,286

Retirement Plans

9 Months Ended

Dec. 23, 2022

Retirement Benefits [Abstract]

Retirement Plans

Retirement PlansThe 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 condensed consolidated balance sheets with a corresponding adjustment to accumulated other comprehensive income, 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-United States (“U.S.”) defined benefit plan was as follows:


	Three-Month Period Ended				Nine-Month Period Ended
	December 23, 2022		December 24, 2021		December 23, 2022		December 24, 2021
Service cost	$	297	$	365	$	932	$	1,119
Interest cost	179		158		561		485
Expected return on plan assets	(71)		(75)		(222)		(230)


Amortization of prior service cost	(2)		1		(6)		1
Actuarial loss	20		51		60		156
Net periodic pension expense	$	423	$	500	$	1,325	$	1,531

Information on Plan Assets

The table below sets forth the fair value of the non-U.S. defined benefit plan’s assets as of December 23, 2022 and March 25, 2022, using the same three-level hierarchy of fair value inputs described in the significant accounting policies included in the Company’s 2022 Annual Report.


	Fair Value at December 23, 2022		Level 1		Level 2		Level 3
Assets of non-U.S. defined benefit plan:
Government securities	$	2,104	$	2,104	$	—	$	—
Unit investment trust fund	1,180		—		1,180		—
Loans	578		—		—		578
Bonds	677		—		677		—
Stocks and other investments	2,414		1,323		3		1,088
Total	$	6,953	$	3,427	$	1,860	$	1,666


	Fair Value at March 25, 2022		Level 1		Level 2		Level 3
Assets of non-U.S. defined benefit plan:
Government securities	$	1,920	$	1,920	$	—	$	—
Unit investment trust fund	1,165		—		1,165		—
Loans	553		—		—		553
Bonds	676		—		676		—
Stocks and other investments	2,783		1,716		2		1,065
Total	$	7,097	$	3,636	$	1,843	$	1,618

The following table shows the change in fair value of Level 3 plan assets for the nine-month periods ended December 23, 2022 and December 24, 2021:


	Level 3 Non-U.S. Defined Benefit Plan Assets
	Loans		Stocks
Balance at March 25, 2022	$	553	$	1,065
Additions during the year	328		—
Redemptions during the year	(280)		—
Revaluation of equity securities	4		75
Change in foreign currency exchange rates	(27)		(52)
Balance at December 23, 2022	$	578	$	1,088

Balance at March 26, 2021	$	584	$	1,133
Additions during the year	308		—
Redemptions during the year	(289)		—
Revaluation of equity securities	(5)		13
Change in foreign currency exchange rates	(20)		(34)
Balance at December 24, 2021	$	578	$	1,112

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 23, 2022, the Company contributed approximately $403 and $1,102 to its non-U.S. pension plan, respectively. During the three- and nine-month periods ended December 24, 2021, the Company contributed approximately $344 and $1,040 to its non-U.S. pension plan, respectively. The Company expects to contribute approximately $1,546 to its non-U.S. pension plan in fiscal year 2023.

Defined Contribution Plan

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.

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 $917 and $3,399 for the three- and nine-month periods ended December 23, 2022, respectively, and approximately $665 and $3,000 for the three- and nine-month periods ended December 24, 2021, 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
-Paragraph 17
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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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+ Details

Commitment and Contingencies	9 Months Ended
Commitment and Contingencies	Dec. 23, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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 condensed consolidated financial position and results of operations. Legal proceedings The Company is subject to various legal proceedings, claims and regulatory examinations or investigations arising in the normal course of business, the outcomes of which are subject to significant uncertainty, and the Company’s ultimate liability, if any, is difficult to predict. The Company records an accrual for legal contingencies when it is determined that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In making such determinations, the Company evaluates, among other things, the degree of probability of an unfavorable outcome and, when it is probable that a liability has been incurred, the ability to make a reasonable estimate of the loss. If the occurrence of liability is probable and estimable, the Company will disclose the nature of the contingency and will provide the likely amount of such loss or range of loss. The Company does not believe there are any current matters that could have a material adverse effect on its financial position, results of operations or cash flows. Indemnification From time to time, the Company has agreed to indemnify and hold harmless certain customers for potential allegations of infringement of intellectual property rights and patents arising from the use of its products. To date, the Company has not recognized or incurred any costs in connection with such indemnification arrangements; therefore, there was no accrual of such amounts at December 23, 2022 or March 25, 2022. 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 condensed consolidated statements of operations during the period such determination was made. No significant environmental accruals were established at December 23, 2022 or March 25, 2022.

Net Income per Share

9 Months Ended

Dec. 23, 2022

Earnings Per Share [Abstract]

Net Income per Share

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


	Three-Month Period Ended				Nine-Month Period Ended
	December 23, 2022		December 24, 2021		December 23, 2022		December 24, 2021
Net income attributable to Allegro MicroSystems, Inc.	$	64,519	$	32,936	$	125,380	$	93,791
Net income attributable to common stockholders	64,551		32,973		125,482		93,903
Basic weighted average shares of common stock	191,328,538		189,736,901		191,082,141		189,665,324
Dilutive effect of common stock equivalents	2,607,370		2,331,321		2,018,621		2,013,627
Diluted weighted average shares of common stock	193,935,908		192,068,222		193,100,762		191,678,951
Basic net income attributable to Allegro MicroSystems, Inc. per share	$	0.34	$	0.17	$	0.66	$	0.49
Basic net income attributable to common stockholders per share	$	0.34	$	0.17	$	0.66	$	0.50
Diluted net income attributable to Allegro MicroSystems, Inc. per share	$	0.33	$	0.17	$	0.65	$	0.49
Diluted net income attributable to common stockholders per share	$	0.33	$	0.17	$	0.65	$	0.49

The computed net income per share for the three- and nine-month periods ended December 23, 2022 and December 24, 2021 does not assume conversion of securities that would have an antidilutive effect on income per share. The following table represents the securities excluded as conversion of such securities would have an antidilutive effect on income per share:

Three-Month Period Ended

Nine-Month Period Ended

December 23,
2022

December 24,
2021

December 23,
2022

December 24,
2021

Restricted stock units

12,620

—

24,273

—

The following table represents issuable weighted average share information underlying our outstanding RSUs, PSUs (as defined in Note 16 below) and participation in our employee stock purchase plan for the respective periods:


	Three-Month Period Ended		Nine-Month Period Ended
	December 23, 2022	December 24, 2021	December 23, 2022	December 24, 2021
Restricted stock units	973,417	1,199,816	752,637	1,046,229
Performance stock units	1,612,824	1,117,532	1,244,855	959,084
Employee stock purchase plan	21,129	13,973	21,129	8,314

Total	2,607,370	2,331,321	2,018,621	2,013,627

Common Stock and Stock-Based Compensation

9 Months Ended

Dec. 23, 2022

Share-Based Payment Arrangement [Abstract]

Common Stock and Stock-Based Compensation

The Company accounts for stock-based compensation through the measurement and recognition of compensation expense for share-based payment awards made to employees over the related requisite service period, including performance-based restricted stock units (“PSUs”), time-based restricted stock units (“RSUs”) and restricted shares (all part of our equity incentive plan).

During the nine-month periods ended December 23, 2022 and December 24, 2021, the Company granted RSUs to employees of 2,153,507 and 1,030,887, respectively, with an estimated weighted-average grant date fair value of $22.97 and $25.47, respectively. During the nine-month periods ended December 23, 2022 and December 24, 2021, 1,115,354 and 168,717 shares vested, respectively, and 192,290 and 143,820 shares were cancelled, respectively. Stock-based compensation expense related to non-vested awards not yet recorded at December 23, 2022 was $40,400, which is expected to be recognized over a weighted-average of 1.31 years.

PSUs are included at 10% - 200% of target goals. During the nine-month periods ended December 23, 2022 and December 24, 2021, the Company granted PSUs to employees of 3,392,208 and 465,732, respectively, with an estimated weighted-average grant date fair value of $24.64 and $27.08, respectively. A total of 1,046,255 and no shares vested during the nine-month periods ended December 23, 2022 and December 24, 2021, respectively, and 552,689 and 51,722 shares were cancelled, respectively. The intrinsic value of the PSUs that were unvested during the nine-month period ended December 23, 2022 was $83,110. The total compensation cost related to unvested awards not yet recorded at December 23, 2022 was $22,818, which is expected to be recognized over a weighted average of 2.86 years.

During the nine-month periods ended December 23, 2022 and December 24, 2021, 117,096 and 227,530, respectively, shares of the Company’s restricted common stock vested. No shares and 24,014 shares, respectively, were forfeited, which reduced common stock outstanding during the same periods. The Company had 23,430 unvested shares of restricted common stock at December 23, 2022 with a weighted average grant date fair value of $14.00 and remaining vesting period of 0.44 years.

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


	Three-Month Period Ended				Nine-Month Period Ended
	December 23, 2022		December 24, 2021		December 23, 2022		December 24, 2021
Cost of sales	$	1,156	$	742	$	3,112	$	1,992
Research and development	3,174		1,019		6,013		2,814
Selling, general and administrative	4,572		5,859		42,117		13,841
Total stock-based compensation	$	8,902	$	7,620	$	51,242	$	18,647

During the first fiscal quarter of 2023, the Company’s (former) President and Chief Executive Officer, Ravi Vig, provided notice of his retirement from the Company and its board of directors (the “Board”), effective June 13, 2022.

Additionally, the Company entered into a second amended and restated severance agreement (the “Second A&R Severance Agreement”) with Mr. Vig that amended and restated the amended agreement from September 30, 2020. As provided for in the Second A&R Severance Agreement, the Company agreed, in addition to other cash-settled and health insurance-related compensation, to modifications to Mr. Vig’s stock-based compensation, including: (i) acceleration of the vesting of all unvested RSUs; (ii) modification of certain PSUs with performance conditions that had been achieved as of the retirement date to permit these awards to remain outstanding and eligible to vest in accordance with their terms; and (iii) the forfeiture of certain unvested PSUs with performance conditions that had not been achieved as of the retirement date and replacement thereof with new immediately vesting RSUs. The impact of these modifications on stock-based compensation expense was $26,349 for the nine-month period ended December 23, 2022, which was recorded in selling, general and administrative expense in the Company’s unaudited condensed consolidated statements of operations.

Income Taxes

9 Months Ended

Dec. 23, 2022

Income Tax Disclosure [Abstract]

Income Taxes

The Company recorded the following tax provision in its unaudited condensed consolidated statements of operations:


	Three-Month Period Ended				Nine-Month Period Ended
	December 23, 2022		December 24, 2021		December 23, 2022		December 24, 2021


Provision for income taxes	$	7,540	$	6,281	$	17,943	$	16,687

Effective tax rate	10.5%		16.0%		12.5%		15.1%

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 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”).

The effective tax rate (“ETR”) year-over-year was primarily impacted by Internal Revenue Code (“IRC”) Section 174 Capitalization (“174 Capitalization”), FDII deductions, a reduction in state taxes and an increase in current year non-deductible executive compensation expense. 174 Capitalization increased U.S. taxable income, cash taxes, FDII deductions, and GILTI inclusions. The net tax impact from 174 Capitalization is favorable because the increased FDII deductions of $9,300 exceed the additional inclusion for GILTI income inclusions of $945 (“Net 174 Benefit”). The Net 174 Benefit, current-year FDII deductions, and state tax benefits are offset in the current year by increased non-deductible executive compensation of $6,694, and discrete tax impacts. The quarter over quarter ETR impact relates primarily to Net 174 benefits.

- 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

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+ Details

Related Party Transactions	9 Months Ended
Related Party Transactions	Dec. 23, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Transactions involving Sanken The Company sells products to, and purchases in-process products from, Sanken. As of December 23, 2022, Sanken held approximately 51.5% of the Company’s outstanding common stock. Net sales of the Company’s products to Sanken totaled $45,117 and $131,852 during the three- and nine-month periods ended December 23, 2022, respectively, and $39,461 and $112,079 during the three- and nine-month periods ended December 24, 2021, respectively. Trade accounts receivables, net of allowances from Sanken, totaled $30,902 and $27,256 as of December 23, 2022 and March 25, 2022, respectively. Other accounts receivable from Sanken totaled $168 and $104 as of December 23, 2022 and March 25, 2022, respectively. Termination of Sanken Distribution Agreement On September 29, 2022, the Company entered into a transition agreement with Sanken that provides for the termination of the distribution agreement dated as of July 5, 2007, by and between the Company and Sanken (the “Distribution Agreement”) and sets forth the terms governing the collaboration between the parties to transition the marketing and sale of the Company’s products in Japan from Sanken to the Company during the 12-month transition period beginning on September 29, 2022 (the “Transition Agreement”). Following the 12-month transition period, both the Transition Agreement and the Distribution Agreement will terminate. Under the terms of the Transition Agreement, Sanken will cease to place new orders for the Company’s products and will begin to transition existing orders to the Company. All orders are expected to be transferred by June 30, 2023. Sanken also will continue to provide support to the Company’s customers and logistical support to the Company during the transition period. In addition, in the Transition Agreement, the Company and Sanken agreed to enter into a separate agreement regarding the transfer of inventory to the Company and a one-time payment to Sanken based on Sanken’s analysis of its inventory position as of December 23, 2022. The Transition Agreement had no impact on the Company’s results during the third quarter of fiscal 2023. The Transition Agreement and termination of the Distribution Agreement are expected to transfer related party distributor sales to third party distributors and direct customers, as well as eliminate the distributor discount historically provided to Sanken. Transactions involving Polar Semiconductor, LLC (“PSL”) The Company purchases in-process products from PSL. PSL is a subsidiary of Sanken, 70% owned by Sanken and 30% owned by the Company. Purchases of various products from PSL totaled $15,995 and $45,145 for the three- and nine-month periods ended December 23, 2022, respectively, and $11,837 and $38,346 for the three- and nine-month periods ended December 24, 2021, respectively. Accounts payable to PSL included in amounts due to a related party totaled $5,659 and $5,222 as of December 23, 2022 and March 25, 2022, respectively. Effective January 26, 2023, the Company and PSL entered into a new Wafer Foundry Agreement (“WFA”) for the fabrication of wafers. The WFA replaces the previous Wafer Foundry Agreement with PSL, dated April 12, 2013, which was due to expire on March 31, 2023. The WFA has a three-year term, and auto renews for subsequent one-year terms, unless terminated by either party’s providing two years notice. Pursuant to the WFA, the Company will provide a rolling annual forecast for three years, the first two years of which will be binding. If the Company fails to purchase the forecasted number of wafers for either of the first two years, it will pay a penalty for any shortfall for the given year. The parties also agreed upon production lead-times, as well as wafer, alignment, and mask pricing for the first two years of the term. Any changes to such pricing is subject to mutual agreement. On December 2, 2021, AML entered into a loan agreement with PSL wherein PSL provided an initial promissory note to AML for a principal amount of $7,500 (the “Initial PSL Loan”). The Initial PSL Loan will be repaid in equal installments, comprising principal and interest accrued at 1.26% per annum, over a term of four years with payments due on the first day of each calendar year quarter (April 1, July 1, October 1, and January 1). In addition, on July 1, 2022, PSL borrowed an additional $7,500 under the same terms of the PSL Loan (the “Secondary PSL Loan” and, together with the Initial PSL Loan, the “PSL Promissory Notes”). The loan funds were used by PSL to procure a deep ultraviolet scanner and other associated manufacturing tools necessary to increase wafer fabrication capacity in support of the Company’s increasing wafer demand. As of December 23, 2022, the outstanding balance of the PSL Promissory Notes was $13,125. During the nine months ended December 23, 2022, PSL made required quarterly payments to AML totaling $2,005, which included $130 of interest income. On January 2, 2023, PSL made a quarterly payment to AML of $1,009, which included $72 of interest income.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 23, 2022
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. 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 condensed 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 expected credit losses 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. Reclassifications Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications.
Concentrations of Credit Risk and Significant Customers	Concentrations of Credit Risk and Significant Customers Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with financial institutions, that management believes are 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 during the prior two years.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted	Recently Adopted Accounting Standards In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”), which eliminates the diversity in practice and inconsistency related to the accounting for acquired revenue contracts with customers in a business combination. The amendments in ASU 2021-08 require an acquiring entity to apply ASC Topic 606, Contracts with Customers (“ASC 606”), to recognize and measure contract assets and contract liabilities in a business combination as if the acquired contracts with customers were originated by the acquiring entity at the acquisition date. An acquirer may assess how the acquiree applied ASC 606 and generally should recognize and measure the acquired contract assets and contract liabilities consistent with the recognition and measurement in the acquiree’s financial statements, as prepared in accordance with U.S. GAAP. If unable to rely on the acquiree’s accounting due to errors, noncompliance with U.S. GAAP, or differences in accounting policies, the acquirer should consider the terms of the acquired contracts, such as timing of payment, identify each performance obligation in the contracts, and allocate the total transaction price to each identified performance obligation on a relative standalone selling price basis as of contract inception (that is, the date the acquiree entered into the contracts) or contract modification to determine what should be recorded at the acquisition date. The Company early adopted ASU 2021-08, effective March 26, 2022 and concluded that adoption of this ASU did not have a material impact on its financial position, results of operations, cash flows, or related disclosures. In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2021-04”). ASU 2021-04 outlines how an entity should account for modifications made to equity-classified written call options, including stock options and warrants to purchase the entity’s own common stock. The guidance in the ASU requires an entity to treat a modification of an equity-classified written call option that does not cause the option to become liability-classified as an exchange of the original option for a new option. This guidance applies whether the modification is structured as an amendment to the terms and conditions of the equity-classified written call option or as termination of the original option and issuance of a new option. The Company adopted ASU 2021-04, effective March 26, 2022, and concluded that it did not have a material impact on its financial position, results of operations, cash flows, or related disclosures. Recently Issued Accounting Standards Not Yet Adopted In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provided temporary relief when transitioning from the London Interbank Offered Rate (“LIBOR”) to the Secured Overnight Financing Rate (“SOFR”) or another applicable rate during the original transition period ending on December 31, 2022. In March 2021, the UK Financial Conduct Authority (the “FCA”) announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of U.S. dollar LIBOR would be June 30, 2023, which is beyond the current sunset date of Topic 848. In light of this development, the FASB issued this update to defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The Company does not anticipate this new guidance to have a material impact on its financial position, results of operations, cash flows, or related disclosures.

Heyday Acquisition (Tables)

9 Months Ended

Dec. 23, 2022

Business Combinations [Abstract]

Summary of Preliminary Purchase Price Allocation

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date, updated for the measurement period adjustments above:






	As of September 1, 2022
Cash	$	324

Property and equipment	16
Completed technology	15,100
In-process research and development	1,600
Assets acquired	$	17,040
Current liabilities assumed	(282)
Net deferred tax liability	(4,036)
Net assets acquired	$	12,722
Total estimated fair value of consideration	(20,501)
Goodwill	$	7,779

Revenue from Contract with Customers (Tables)

9 Months Ended

Dec. 23, 2022

Revenue from Contract with Customer [Abstract]

Net Sales by Core End Market and Application

Net sales by application:


	Three-Month Period Ended				Nine-Month Period Ended
	December 23, 2022		December 24, 2021		December 23, 2022		December 24, 2021

Automotive	$	170,107	$	130,797	$	477,154	$	390,351
Industrial	51,014		31,903		139,330		98,533
Other	27,668		23,929		87,724		79,497
Total net sales	$	248,789	$	186,629	$	704,208	$	568,381

Net Sales by Product

Net sales by product:


	Three-Month Period Ended				Nine-Month Period Ended
	December 23, 2022		December 24, 2021		December 23, 2022		December 24, 2021
Power integrated circuits	$	94,513	$	62,859	$	272,500	$	195,054
Magnetic sensors and other	154,276		123,770		431,708		373,327


Total net sales	$	248,789	$	186,629	$	704,208	$	568,381

Net Sales by Geography

Net sales by geography:


	Three-Month Period Ended				Nine-Month Period Ended
	December 23, 2022		December 24, 2021		December 23, 2022		December 24, 2021
Americas:
United States	$	33,613	$	26,228	$	87,135	$	80,854
Other Americas	6,473		4,921		20,204		16,697
EMEA:
Europe	39,650		29,891		115,693		97,108
Asia:
Japan	45,117		39,461		131,852		112,079
Greater China	64,305		48,696		182,624		142,158
South Korea	25,504		19,935		67,414		61,614
Other Asia	34,127		17,497		99,286		57,871
Total net sales	$	248,789	$	186,629	$	704,208	$	568,381

Fair Value Measurements (Tables)

9 Months Ended

Dec. 23, 2022

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping


	Fair Value Measurement at December 23, 2022 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market fund deposits	$	172,518	$	—	$	—	$	172,518
Restricted cash:
Money market fund deposits	9,822		—		—		9,822
Other assets (long-term):
Investments in marketable securities	$	12,144	$	—	$	—	$	12,144
Total assets	$	194,484	$	—	$	—	$	194,484
Liabilities:
Other long-term liabilities:
Contingent consideration	$	—	$	—	$	100	$	100
Total liabilities	$	—	$	—	$	100	$	100


	Fair Value Measurement at March 25, 2022 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market fund deposits	$	16,927	$	—	$	—	$	16,927
Restricted cash:
Money market fund deposits	7,416		—		—		7,416
Other assets (long-term):
Investments in marketable securities	12,346		—		—		12,346
Total assets	$	36,689	$	—	$	—	$	36,689
Liabilities:
Other long-term liabilities:
Contingent consideration	—		—		2,800		2,800
Total liabilities	$	—	$	—	$	2,800	$	2,800

Unrealized Gains and Losses on Marketable Securities with a Readily Determinable Fair Value


	Nine-Month Period Ended
	December 23, 2022		December 24, 2021
Net (losses) gains recognized during the period on equity securities	$	(5)	$	4,482
Less: Net gains and losses recognized during the period on equity securities sold during the period	—		—
Unrealized (losses) gains recognized during the reporting period on equity securities still held at the reporting date	$	(5)	$	4,482

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


	Level 3 Contingent Consideration
Balance at March 25, 2022	$	2,800
Change in fair value of contingent consideration	(2,700)

Balance at December 23, 2022	$	100

Balance at March 26, 2021	$	4,800
Change in fair value of contingent consideration	(2,100)

Balance at December 24, 2021	$	2,700

Trade Accounts Receivable, net (Tables)

9 Months Ended

Dec. 23, 2022

Receivables [Abstract]

Schedule of Trade Accounts Receivable, Net

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


	December 23, 2022		March 25, 2022
Trade accounts receivable	$	147,023	$	129,539
Less:
Provision for expected credit losses	(147)		(105)
Returns and sales allowances	(18,749)		(14,819)
Related party trade accounts receivable	(30,902)		(27,256)
Total	$	97,225	$	87,359

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

Changes in the Company’s expected credit losses and returns and sales allowances were as follows:


Description	Provision for Expected Credit Losses		Returns and Sales Allowances		Total
Balance at March 25, 2022	$	105	$	14,819	$	14,924
Charged to costs and expenses or revenue	42		78,737		78,779
Write-offs, net of recoveries	—		(74,807)		(74,807)
Balance at December 23, 2022	$	147	$	18,749	$	18,896

Balance at March 26, 2021	$	138	$	15,274	$	15,412
Charged to costs and expenses or revenue	(68)		114,047		113,979
Write-offs, net of recoveries	—		(113,377)		(113,377)
Balance at December 24, 2021	$	70	$	15,944	$	16,014

Inventories (Tables)

9 Months Ended

Dec. 23, 2022

Inventory Disclosure [Abstract]

Schedule of Inventories

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


	December 23, 2022		March 25, 2022
Raw materials and supplies	$	14,939	$	11,941
Work in process	75,672		55,855
Finished goods	28,969		18,364

Total	$	119,580	$	86,160

Property, Plant and Equipment, net (Tables)

9 Months Ended

Dec. 23, 2022

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 23, 2022		March 25, 2022
Land	$	15,244	$	15,775
Buildings, building improvements and leasehold improvements	60,555		59,816
Machinery and equipment	584,800		542,745
Office equipment	6,075		6,247
Construction in progress	32,188		22,428
Total	698,862		647,011
Less accumulated depreciation	(466,786)		(436,983)
Total	$	232,076	$	210,028

Schedule of Long-lived Assets

December 23, 2022 and March 25, 2022 are as follows:


	December 23, 2022		March 25, 2022
United States	$	36,706	$	35,221
Philippines	187,508		167,488

Other	9,395		7,746
Total	$	233,609	$	210,455

Goodwill and Intangible Assets (Tables)

9 Months Ended

Dec. 23, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Carrying Amount of Goodwill

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


	Total
Balance at March 25, 2022	$	20,009
Goodwill arising from acquisitions	8,229
Measurement period adjustments	(450)
Foreign currency translation	442
Balance at December 23, 2022	$	28,230

Balance at March 26, 2021	$	20,106

Foreign currency translation	(63)
Balance at December 24, 2021	$	20,043

Schedule of Intangible Assets, Net

Intangible assets, net is as follows:


	December 23, 2022
Description	Gross		Accumulated Amortization		Net Carrying Amount		Weighted- Average Lives
Patents	$	39,473	$	17,452	$	22,021	10 years
Customer relationships	6,837		6,656		181		9 years
Process technology	29,148		3,007		26,141		12 years
Indefinite-lived and legacy process technology	5,750		1,650		4,100
Trademarks	200		94		106		5 years
Legacy trademarks	640		59		581
Other	32		32		—
Total	$	82,080	$	28,950	$	53,130


	March 25, 2022
Description	Gross		Accumulated Amortization		Net Carrying Amount		Weighted- Average Lives
Patents	$	36,577	$	15,304	$	21,273	10 years
Customer relationships	6,582		6,348		234		9 years
Process technology	13,100		1,742		11,358		12 years
Indefinite-lived and legacy process technology	4,050		1,650		2,400
Trademarks	200		64		136		5 years
Legacy trademarks	627		58		569
Other	32		32		—
Total	$	61,168	$	25,198	$	35,970

Schedule of Annual Amortization Expense

As of December 23, 2022, annual amortization expense of intangible assets for the next five fiscal years is expected to be as follows:


Remainder of 2023	$	1,074
2024	3,989
2025	3,704
2026	3,415
2027	3,081
Thereafter	33,186
Total	$	48,449

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
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-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Dec. 23, 2022

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 23, 2022		March 25, 2022

Accrued management incentives	$	30,095	$	33,607
Accrued salaries and wages	19,167		14,699
Accrued warranty costs	3,312		541

Accrued vacation	8,172		5,715

Accrued professional fees	4,491		1,252
Accrued income taxes	3,687		1,831

Other current liabilities	8,872		7,814
Total	$	77,796	$	65,459

Other Long-Term Liabilities (Tables)

9 Months Ended

Dec. 23, 2022

Other Liabilities Disclosure [Abstract]

Schedule of Other Long-Term Liabilities

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


	December 23, 2022		March 25, 2022


Accrued retirement	$	8,509	$	8,903

Provision for uncertain tax positions	2,795		2,757
Other long-term liabilities	181		3,626
Total	$	11,485	$	15,286

Retirement Plans (Tables)

9 Months Ended

Dec. 23, 2022

Retirement Benefits [Abstract]

Schedule of Expense Related to Defined Benefit Plan

Expense related to the non-United States (“U.S.”) defined benefit plan was as follows:


	Three-Month Period Ended				Nine-Month Period Ended
	December 23, 2022		December 24, 2021		December 23, 2022		December 24, 2021
Service cost	$	297	$	365	$	932	$	1,119
Interest cost	179		158		561		485
Expected return on plan assets	(71)		(75)		(222)		(230)


Amortization of prior service cost	(2)		1		(6)		1
Actuarial loss	20		51		60		156
Net periodic pension expense	$	423	$	500	$	1,325	$	1,531

Fair Value of Entity's Plan Assets


	Fair Value at December 23, 2022		Level 1		Level 2		Level 3
Assets of non-U.S. defined benefit plan:
Government securities	$	2,104	$	2,104	$	—	$	—
Unit investment trust fund	1,180		—		1,180		—
Loans	578		—		—		578
Bonds	677		—		677		—
Stocks and other investments	2,414		1,323		3		1,088
Total	$	6,953	$	3,427	$	1,860	$	1,666


	Fair Value at March 25, 2022		Level 1		Level 2		Level 3
Assets of non-U.S. defined benefit plan:
Government securities	$	1,920	$	1,920	$	—	$	—
Unit investment trust fund	1,165		—		1,165		—
Loans	553		—		—		553
Bonds	676		—		676		—
Stocks and other investments	2,783		1,716		2		1,065
Total	$	7,097	$	3,636	$	1,843	$	1,618

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 periods ended December 23, 2022 and December 24, 2021:


	Level 3 Non-U.S. Defined Benefit Plan Assets
	Loans		Stocks
Balance at March 25, 2022	$	553	$	1,065
Additions during the year	328		—
Redemptions during the year	(280)		—
Revaluation of equity securities	4		75
Change in foreign currency exchange rates	(27)		(52)
Balance at December 23, 2022	$	578	$	1,088

Balance at March 26, 2021	$	584	$	1,133
Additions during the year	308		—
Redemptions during the year	(289)		—
Revaluation of equity securities	(5)		13
Change in foreign currency exchange rates	(20)		(34)
Balance at December 24, 2021	$	578	$	1,112

Net Income per Share (Tables)

9 Months Ended

Dec. 23, 2022

Earnings Per Share [Abstract]

Schedule of Computation of Net (Loss) Income per Share and Unaudited Pro Forma Net Income per Share

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


	Three-Month Period Ended				Nine-Month Period Ended
	December 23, 2022		December 24, 2021		December 23, 2022		December 24, 2021
Net income attributable to Allegro MicroSystems, Inc.	$	64,519	$	32,936	$	125,380	$	93,791
Net income attributable to common stockholders	64,551		32,973		125,482		93,903
Basic weighted average shares of common stock	191,328,538		189,736,901		191,082,141		189,665,324
Dilutive effect of common stock equivalents	2,607,370		2,331,321		2,018,621		2,013,627
Diluted weighted average shares of common stock	193,935,908		192,068,222		193,100,762		191,678,951
Basic net income attributable to Allegro MicroSystems, Inc. per share	$	0.34	$	0.17	$	0.66	$	0.49
Basic net income attributable to common stockholders per share	$	0.34	$	0.17	$	0.66	$	0.50
Diluted net income attributable to Allegro MicroSystems, Inc. per share	$	0.33	$	0.17	$	0.65	$	0.49
Diluted net income attributable to common stockholders per share	$	0.33	$	0.17	$	0.65	$	0.49

Schedule Of Anti Dilutive Securities Excluded

The following table represents the securities excluded as conversion of such securities would have an antidilutive effect on income per share:

Three-Month Period Ended

Nine-Month Period Ended

December 23,
2022

December 24,
2021

December 23,
2022

December 24,
2021

Restricted stock units

12,620

—

24,273

—

Schedule of Issuable Weighted Average Share Information


	Three-Month Period Ended		Nine-Month Period Ended
	December 23, 2022	December 24, 2021	December 23, 2022	December 24, 2021
Restricted stock units	973,417	1,199,816	752,637	1,046,229
Performance stock units	1,612,824	1,117,532	1,244,855	959,084
Employee stock purchase plan	21,129	13,973	21,129	8,314

Total	2,607,370	2,331,321	2,018,621	2,013,627

Common Stock and Stock-Based Compensation (Tables)

9 Months Ended

Dec. 23, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

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


	Three-Month Period Ended				Nine-Month Period Ended
	December 23, 2022		December 24, 2021		December 23, 2022		December 24, 2021
Cost of sales	$	1,156	$	742	$	3,112	$	1,992
Research and development	3,174		1,019		6,013		2,814
Selling, general and administrative	4,572		5,859		42,117		13,841
Total stock-based compensation	$	8,902	$	7,620	$	51,242	$	18,647

Income Taxes (Tables)

9 Months Ended

Dec. 23, 2022

Income Tax Disclosure [Abstract]

Schedule of Tax (Benefit) Provision

The Company recorded the following tax provision in its unaudited condensed consolidated statements of operations:


	Three-Month Period Ended				Nine-Month Period Ended
	December 23, 2022		December 24, 2021		December 23, 2022		December 24, 2021


Provision for income taxes	$	7,540	$	6,281	$	17,943	$	16,687

Effective tax rate	10.5%		16.0%		12.5%		15.1%

Summary of Significant Accounting Policies - Concentrations of Credit Risk and Significant Customers (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 23, 2022	Dec. 24, 2021	Dec. 23, 2022	Dec. 24, 2021	Mar. 25, 2022
Revenue from Contract with Customer, Product and Service Benchmark \| Geographic Concentration Risk \| Non-US
Concentration Risk [Line Items]
Concentration risk, percentage	86.50%	85.90%	87.60%	85.80%
Revenue from Contract with Customer, Product and Service Benchmark \| Geographic Concentration Risk \| Greater China
Concentration Risk [Line Items]
Concentration risk, percentage	25.80%	26.10%	25.90%	25.00%
Revenue from Contract with Customer, Product and Service Benchmark \| Geographic Concentration Risk \| Japan
Concentration Risk [Line Items]
Concentration risk, percentage	18.10%	21.10%	18.70%	19.70%
Revenue from Contract with Customer, Product and Service Benchmark \| Geographic Concentration Risk \| South Korea
Concentration Risk [Line Items]
Concentration risk, percentage	10.30%	10.70%		10.80%
Sanken \| Trade Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage			24.10%		23.80%
Sanken \| Revenue from Contract with Customer, Product and Service Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	18.10%	21.10%	18.70%	19.70%

Heyday Acquisition - Additional Information (Details) $ in Thousands			4 Months Ended	9 Months Ended
	Dec. 23, 2022 USD ($)	Sep. 01, 2022 USD ($)	Dec. 23, 2022 USD ($)	Dec. 23, 2022 USD ($) reportingUnit
Business Acquisition [Line Items]
Measurement period adjustments				$ (450)
Number of reporting units \| reportingUnit				1
Heyday
Business Acquisition [Line Items]
Preliminary purchase price	$ 20,501	$ 20,501
Measurement period adjustments			$ (450)
Heyday \| Process technology
Business Acquisition [Line Items]
Weighted average useful life		12 years

Heyday Acquisition - Summary of Preliminary Purchase Price Allocation (Details) - USD ($) $ in Thousands	Dec. 23, 2022	Sep. 01, 2022	Mar. 25, 2022	Dec. 24, 2021	Mar. 26, 2021
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill	$ 28,230		$ 20,009	$ 20,043	$ 20,106
Heyday
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash		$ 324
Property and equipment		16
Completed technology		15,100
In-process research and development		1,600
Assets acquired		17,040
Net working capital		(282)
Net deferred tax liability		(4,036)
Net assets acquired		12,722
Total estimated fair value of consideration	$ (20,501)	(20,501)
Goodwill		$ 7,779

Revenue from Contract with Customers - Net Sales by Application (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 23, 2022	Dec. 24, 2021	Dec. 23, 2022	Dec. 24, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 248,789	$ 186,629	$ 704,208	$ 568,381
Automotive
Disaggregation of Revenue [Line Items]
Total net sales	170,107	130,797	477,154	390,351
Industrial
Disaggregation of Revenue [Line Items]
Total net sales	51,014	31,903	139,330	98,533
Other
Disaggregation of Revenue [Line Items]
Total net sales	$ 27,668	$ 23,929	$ 87,724	$ 79,497

- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue from Contract with Customers - Net Sales by Product (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 23, 2022	Dec. 24, 2021	Dec. 23, 2022	Dec. 24, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 248,789	$ 186,629	$ 704,208	$ 568,381
Power integrated circuits
Disaggregation of Revenue [Line Items]
Total net sales	94,513	62,859	272,500	195,054
Magnetic sensors and other
Disaggregation of Revenue [Line Items]
Total net sales	$ 154,276	$ 123,770	$ 431,708	$ 373,327

- Definition

+ References

+ Details

Revenue from Contract with Customers - Net Sales by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 23, 2022	Dec. 24, 2021	Dec. 23, 2022	Dec. 24, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 248,789	$ 186,629	$ 704,208	$ 568,381
United States
Disaggregation of Revenue [Line Items]
Total net sales	33,613	26,228	87,135	80,854
Other Americas
Disaggregation of Revenue [Line Items]
Total net sales	6,473	4,921	20,204	16,697
Europe
Disaggregation of Revenue [Line Items]
Total net sales	39,650	29,891	115,693	97,108
Japan
Disaggregation of Revenue [Line Items]
Total net sales	45,117	39,461	131,852	112,079
Greater China
Disaggregation of Revenue [Line Items]
Total net sales	64,305	48,696	182,624	142,158
South Korea
Disaggregation of Revenue [Line Items]
Total net sales	25,504	19,935	67,414	61,614
Other Asia
Disaggregation of Revenue [Line Items]
Total net sales	$ 34,127	$ 17,497	$ 99,286	$ 57,871

- Definition

+ References

+ Details

Revenue from Contract with Customers - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 23, 2022	Dec. 24, 2021	Mar. 25, 2022
Revenue from Contract with Customer [Abstract]
Trade accounts receivable, returns, credits issued, and price protection adjustments, current	$ 18,896		$ 14,924
Trade accounts receivable, returns, credits issued, and price protection adjustments expense (credit)	$ 3,972	$ 602

Fair Value Measurements - Assets And Liabilities Measured At Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 23, 2022	Mar. 25, 2022
Assets:
Total assets	$ 194,484	$ 36,689
Liabilities:
Contingent consideration	100	2,800
Total liabilities	100	2,800
Level 1
Assets:
Investments in marketable securities	12,144
Total assets	194,484	36,689
Liabilities:
Contingent consideration	0	0
Total liabilities	0	0
Level 2
Assets:
Total assets	0	0
Liabilities:
Contingent consideration	0	0
Total liabilities	0	0
Level 3
Assets:
Total assets	0	0
Liabilities:
Contingent consideration	100	2,800
Total liabilities	100	2,800
Money market fund deposits
Assets:
Cash equivalents:	172,518	16,927
Restricted cash:	9,822	7,416
Investments in marketable securities	12,144	12,346
Money market fund deposits \| Level 1
Assets:
Cash equivalents:	172,518	16,927
Restricted cash:	9,822	7,416
Investments in marketable securities		12,346
Money market fund deposits \| Level 2
Assets:
Cash equivalents:	0	0
Restricted cash:	0	0
Investments in marketable securities	0	0
Money market fund deposits \| Level 3
Assets:
Cash equivalents:	0	0
Restricted cash:	0	0
Investments in marketable securities	$ 0	$ 0

Fair Value Measurements - Unrealized Gains and Losses on Marketable Securities with a Readily Determinable Fair Value (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 23, 2022	Dec. 24, 2021
Fair Value Disclosures [Abstract]
Net (losses) gains recognized during the period on equity securities	$ (5)	$ 4,482
Less: Net gains and losses recognized during the period on equity securities sold during the period	0	0
Unrealized (losses) gains recognized during the reporting period on equity securities still held at the reporting date	$ (5)	$ 4,482

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 23, 2022	Dec. 24, 2021
Fair Value Disclosures [Abstract]
Unrealized foreign currency exchange losses on equity securities	$ 197	$ 278

Fair Value Measurements - Change in Fair Value of Level 3 Contingent Consideration (Details) - Fair Value, Recurring - Level 3 - Contingent Consideration Liability - USD ($) $ in Thousands	9 Months Ended
	Dec. 23, 2022	Dec. 24, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 2,800	$ 4,800
Change in fair value of contingent consideration	(2,700)	(2,100)
Ending balance	$ 100	$ 2,700

Trade Accounts Receivable, net - Summary of Trade Accounts Receivable, net (Details) - USD ($) $ in Thousands	Dec. 23, 2022	Mar. 25, 2022	Dec. 24, 2021	Mar. 26, 2021
Receivables [Abstract]
Trade accounts receivable	$ 147,023	$ 129,539
Less:
Provision for expected credit losses	(147)	(105)	$ (70)	$ (138)
Returns and sales allowances	(18,749)	(14,819)	$ (15,944)	$ (15,274)
Related party trade accounts receivable	(30,902)	(27,256)
Trade accounts receivable, net	$ 97,225	$ 87,359

- Definition

The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=124098289&loc=d3e6676-107765

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(a)(2))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Trade Accounts Receivable, net - Schedule of Changes in Allowance For Doubtful Accounts and Sales Returns and Sales Allowances (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 23, 2022	Dec. 24, 2021
Provision for Expected Credit Losses
Balance at the beginning of the period	$ 105	$ 138
Charged to costs and expenses or revenue	42	(68)
Write-offs, net of recoveries	0	0
Balance at the end of the period	147	70
Returns and Sales Allowances
Balance at the beginning of the period	14,819	15,274
Charged to costs and expenses or revenue	78,737	114,047
Write-offs, net of recoveries	(74,807)	(113,377)
Balance at the end of the period	18,749	15,944
Total
Balance at the beginning of the period	14,924	15,412
Charged to costs and expenses or revenue	78,779	113,979
Write-offs, net of recoveries	(74,807)	(113,377)
Balance at the end of the period	$ 18,896	$ 16,014

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 23, 2022	Mar. 25, 2022
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 14,939	$ 11,941
Work in process	75,672	55,855
Finished goods	28,969	18,364
Total	$ 119,580	$ 86,160

Inventories - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Inventories - Narrative (Details) - USD ($) $ in Thousands	Dec. 23, 2022	Dec. 24, 2021	Dec. 23, 2022	Dec. 24, 2021
Inventory [Line Items]
Recorded inventory provisions	$ 654	$ 348	$ 5,716	$ 5,389
Disposal Group, Not Discontinued Operations \| Voxtel Product Line
Inventory [Line Items]
Inventory impairment charges		$ 0		$ 3,106

Property, Plant and Equipment, net - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Dec. 23, 2022	Mar. 25, 2022
Property, Plant and Equipment [Line Items]
Total	$ 698,862	$ 647,011
Less accumulated depreciation	(466,786)	(436,983)
Total	232,076	210,028
Land
Property, Plant and Equipment [Line Items]
Total	15,244	15,775
Buildings, building improvements and leasehold improvements
Property, Plant and Equipment [Line Items]
Total	60,555	59,816
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total	584,800	542,745
Office equipment
Property, Plant and Equipment [Line Items]
Total	6,075	6,247
Construction in progress
Property, Plant and Equipment [Line Items]
Total	$ 32,188	$ 22,428

Property, Plant and Equipment, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 23, 2022	Dec. 24, 2021	Dec. 23, 2022	Dec. 24, 2021
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 11,128	$ 10,893	$ 32,958	$ 33,235
Prepaid tooling costs
Property, Plant and Equipment [Line Items]
Amortization expense	$ 32	$ 31	$ 97	$ 97

Property, Plant and Equipment, net - Schedule of Long Lived Assets (Details) - USD ($) $ in Thousands	Dec. 23, 2022	Mar. 25, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	$ 233,609	$ 210,455
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	36,706	35,221
Philippines
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	187,508	167,488
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	$ 9,395	$ 7,746

Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 23, 2022	Dec. 24, 2021
Goodwill [Roll Forward]
Beginning balance	$ 20,009	$ 20,106
Goodwill arising from acquisitions	8,229
Measurement period adjustments	(450)
Foreign currency translation	442	(63)
Ending balance	$ 28,230	$ 20,043

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 23, 2022	Mar. 25, 2022
Finite-Lived Intangible Assets [Line Items]
Gross	$ 82,080	$ 61,168
Accumulated Amortization	28,950	25,198
Net Carrying Amount	53,130	35,970
Patents
Finite-Lived Intangible Assets [Line Items]
Gross	39,473	36,577
Accumulated Amortization	17,452	15,304
Net Carrying Amount	$ 22,021	$ 21,273
Weighted- Average Lives	10 years	10 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross	$ 6,837	$ 6,582
Accumulated Amortization	6,656	6,348
Net Carrying Amount	$ 181	$ 234
Weighted- Average Lives	9 years	9 years
Process technology
Finite-Lived Intangible Assets [Line Items]
Gross	$ 29,148	$ 13,100
Accumulated Amortization	3,007	1,742
Net Carrying Amount	$ 26,141	$ 11,358
Weighted- Average Lives	12 years	12 years
Indefinite-lived and legacy process technology
Finite-Lived Intangible Assets [Line Items]
Gross	$ 5,750	$ 4,050
Accumulated Amortization	1,650	1,650
Net Carrying Amount	4,100	2,400
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross	200	200
Accumulated Amortization	94	64
Net Carrying Amount	$ 106	$ 136
Weighted- Average Lives	5 years	5 years
Legacy trademarks
Finite-Lived Intangible Assets [Line Items]
Gross	$ 640	$ 627
Accumulated Amortization	59	58
Net Carrying Amount	581	569
Other
Finite-Lived Intangible Assets [Line Items]
Gross	32	32
Accumulated Amortization	32	32
Net Carrying Amount	$ 0	$ 0

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 23, 2022	Dec. 24, 2021	Dec. 23, 2022	Dec. 24, 2021	Mar. 25, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization expense	$ 1,420	$ 1,087	$ 3,650	$ 3,190
Patents
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful life			10 years		10 years

Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands	Dec. 23, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 1,074
2024	3,989
2025	3,704
2026	3,415
2027	3,081
Thereafter	33,186
Net Carrying Amount	$ 48,449

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 23, 2022	Mar. 25, 2022
Payables and Accruals [Abstract]
Accrued management incentives	$ 30,095	$ 33,607
Accrued salaries and wages	19,167	14,699
Accrued warranty costs	3,312	541
Accrued vacation	8,172	5,715
Accrued professional fees	4,491	1,252
Accrued income taxes	3,687	1,831
Other current liabilities	8,872	7,814
Total	$ 77,796	$ 65,459

Debt and Other Borrowings (Details) - USD ($)	Dec. 23, 2022	Mar. 25, 2022	Sep. 30, 2020	Nov. 26, 2019	Nov. 20, 2019
Term Loan Facility \| Line of Credit
Line of Credit Facility [Line Items]
Outstanding balance	$ 25,000,000	$ 25,000,000
Term Loan Facility \| Credit Suisse AG, Cayman Islands Branch
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 325,000,000
Senior Secured Revolving Credit Facility \| Mizuho Bank, Ltd
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 50,000,000
Interest rate at period end	7.82%
Unamortized deferred financing costs	$ 74,000	149,000
Unsecured Revolving Credit Facilities \| Line-of-Credit Agreement Expiring August 31, 2023 \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	1,088,000	0		$ 60,000,000
Outstanding balance	0
Unsecured Revolving Credit Facilities \| Line-Of-Credit Agreement Expiring June 30, 2023 \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	1,360,000				$ 75,000,000
Outstanding balance	$ 0	$ 0

Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Dec. 23, 2022	Mar. 25, 2022
Other Liabilities Disclosure [Abstract]
Accrued retirement	$ 8,509	$ 8,903
Provision for uncertain tax positions	2,795	2,757
Other long-term liabilities	181	3,626
Total	$ 11,485	$ 15,286

Retirement Plans - Schedule of Expense Related to Defined Benefit Plan (Details) - Pension Plan - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 23, 2022	Dec. 24, 2021	Dec. 23, 2022	Dec. 24, 2021
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 297	$ 365	$ 932	$ 1,119
Interest cost	179	158	561	485
Expected return on plan assets	(71)	(75)	(222)	(230)
Amortization of prior service cost	(2)	1	(6)	1
Actuarial loss	20	51	60	156
Net periodic pension expense	$ 423	$ 500	$ 1,325	$ 1,531

Retirement Plans - Fair Value of Entity's Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands	Dec. 23, 2022	Mar. 25, 2022	Dec. 24, 2021	Mar. 26, 2021
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	$ 6,953	$ 7,097
Level 1
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	3,427	3,636
Level 2
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	1,860	1,843
Level 3
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	1,666	1,618
Government securities
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	2,104	1,920
Government securities \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	2,104	1,920
Government securities \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	0	0
Government securities \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	0	0
Unit investment trust fund
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	1,180	1,165
Unit investment trust fund \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	0	0
Unit investment trust fund \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	1,180	1,165
Unit investment trust fund \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	0	0
Loans
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	578	553
Loans \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	0	0
Loans \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	0	0
Loans \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	578	553	$ 578	$ 584
Bonds
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	677	676
Bonds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	0	0
Bonds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	677	676
Bonds \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	0	0
Stocks and other investments
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	2,414	2,783
Stocks and other investments \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	1,323	1,716
Stocks and other investments \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	3	2
Stocks and other investments \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	$ 1,088	$ 1,065

Retirement Plans - Schedule of Changes in Fair Value of Level 3 Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands	9 Months Ended
	Dec. 23, 2022	Dec. 24, 2021
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Beginning balance	$ 7,097
Ending balance	6,953
Loans
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Beginning balance	553
Ending balance	578
Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Beginning balance	1,618
Ending balance	1,666
Level 3 \| Loans
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Beginning balance	553	$ 584
Additions during the year	328	308
Redemptions during the year	(280)	(289)
Revaluation of equity securities	4	(5)
Change in foreign currency exchange rates	(27)	(20)
Ending balance	578	578
Level 3 \| Stocks
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Beginning balance	1,065	1,133
Additions during the year	0	0
Redemptions during the year	0	0
Revaluation of equity securities	75	13
Change in foreign currency exchange rates	(52)	(34)
Ending balance	$ 1,088	$ 1,112

Retirement Plans - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 23, 2022	Dec. 24, 2021	Dec. 23, 2022	Dec. 24, 2021
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Company contributions	$ 403	$ 344	$ 1,102	$ 1,040
Expected contributions in current fiscal year	1,546		$ 1,546
Defined Contribution Plan
Defined Benefit Plan Disclosure [Line Items]
Maximum employee contribution			50.00%
Employer matching contribution			100.00%
Maximum employer contribution			5.00%
Total contributions	$ 917	$ 665	$ 3,399	$ 3,000
Defined Contribution Plan \| 401(K) Plan
Defined Benefit Plan Disclosure [Line Items]
Maximum employee contribution			35.00%
Vesting percentage			100.00%

Commitment and Contingencies (Details) - USD ($)	Dec. 23, 2022	Mar. 25, 2022
Commitments and Contingencies Disclosure [Abstract]
Indemnification accruals	$ 0	$ 0
Environmental accruals	$ 0	$ 0

Net Income per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
Net Income per Share - Narrative (Details) - shares	Dec. 23, 2022	Dec. 24, 2021	Dec. 23, 2022	Dec. 24, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Diluted weighted average shares of common stock (in shares)	193,935,908	192,068,222	193,100,762	191,678,951

Net Income per Share - Schedule of Computation of Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 23, 2022	Dec. 24, 2021	Dec. 23, 2022	Dec. 24, 2021
Earnings Per Share [Abstract]
Net income attributable to Allegro MicroSystems, Inc.	$ 64,519	$ 32,936	$ 125,380	$ 93,791
Net income attributable to common stockholders, basic	64,551	32,973	125,482	93,903
Net income attributable to common stockholders, diluted	$ 64,551	$ 32,973	$ 125,482	$ 93,903
Basic weighted average shares of common stock (in shares)	191,328,538	189,736,901	191,082,141	189,665,324
Dilutive effect of common stock equivalents (in shares)	2,607,370	2,331,321	2,018,621	2,013,627
Diluted weighted average common shares (in shares)	193,935,908	192,068,222	193,100,762	191,678,951
Basic net income attributable to Allegro MicroSystems, Inc. per share (in dollars per share)	$ 0.34	$ 0.17	$ 0.66	$ 0.49
Basic net income attributable to common stockholders per share (in dollars per share)	0.34	0.17	0.66	0.50
Diluted net income attributable to Allegro MicroSystems, Inc. per share (in dollars per share)	0.33	0.17	0.65	0.49
Diluted net income attributable to common stockholders per share (in dollars per share)	$ 0.33	$ 0.17	$ 0.65	$ 0.49

Net Income per Share - Schedule of Issuable Weighted Average Share Information (Details) - shares	3 Months Ended		9 Months Ended
	Dec. 23, 2022	Dec. 24, 2021	Dec. 23, 2022	Dec. 24, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dilutive effect of common stock equivalents (in shares)	2,607,370	2,331,321	2,018,621	2,013,627
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation of net income per share (in shares)	12,620	0	24,273	0
Dilutive effect of common stock equivalents (in shares)	973,417	1,199,816	752,637	1,046,229
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dilutive effect of common stock equivalents (in shares)	1,612,824	1,117,532	1,244,855	959,084
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dilutive effect of common stock equivalents (in shares)	21,129	13,973	21,129	8,314

Common Stock and Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Dec. 23, 2022	Dec. 24, 2021
Former President and Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Modification of stock-based compensation	$ 26,349
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	2,153,507	1,030,887
Grant date fair value (in dollars per share)	$ 22.97	$ 25.47
Vested during period (in shares)	(1,115,354)	(168,717)
Cancelled (in shares)	(192,290)	(143,820)
Stock-based compensation expense not yet recorded	$ 40,400
Weighted-average remaining contractual life	1 year 3 months 21 days
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	3,392,208	465,732
Grant date fair value (in dollars per share)	$ 24.64	$ 27.08
Vested during period (in shares)	(1,046,255)	0
Cancelled (in shares)	(552,689)	(51,722)
Stock-based compensation expense not yet recorded	$ 22,818
Weighted-average remaining contractual life	2 years 10 months 9 days
Intrinsic value, vested	$ 83,110
Performance stock units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Inclusion percentage of target goals	10.00%
Performance stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Inclusion percentage of target goals	200.00%
Restricted Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested during period (in shares)	(117,096)	(227,530)
Cancelled (in shares)	0	(24,014)
Weighted-average remaining contractual life	5 months 8 days
Unvested shares of restricted commons stock (in shares)	23,430
Weighted-average grant date fair value (in dollars per share)	$ 14.00

Common Stock and Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 23, 2022	Dec. 24, 2021	Dec. 23, 2022	Dec. 24, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 8,902	$ 7,620	$ 51,242	$ 18,647
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	1,156	742	3,112	1,992
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	3,174	1,019	6,013	2,814
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 4,572	$ 5,859	$ 42,117	$ 13,841

Income Taxes - Schedule of Tax Provision (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 23, 2022	Dec. 24, 2021	Dec. 23, 2022	Dec. 24, 2021
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 7,540	$ 6,281	$ 17,943	$ 16,687
Effective tax rate	10.50%	16.00%	12.50%	15.10%

- Definition

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

+ References + Details

Income Taxes - Narrative (Details) $ in Thousands	9 Months Ended
Income Taxes - Narrative (Details) $ in Thousands	Dec. 23, 2022 USD ($)
Income Tax Disclosure [Abstract]
FDII, tax amount	$ 9,300
GILTI, offsetting amount	945
Nondeductible expense, amount	$ 6,694

Related Party Transactions (Details) - USD ($) $ in Thousands				3 Months Ended		9 Months Ended
	Jan. 26, 2023	Jan. 02, 2023	Dec. 02, 2021	Dec. 23, 2022	Dec. 24, 2021	Dec. 23, 2022	Dec. 24, 2021	Sep. 23, 2022	Jul. 01, 2022	Mar. 25, 2022
Related Party Transaction [Line Items]
Total net sales				$ 248,789	$ 186,629	$ 704,208	$ 568,381
Trade and other accounts receivable due from related party				31,070		31,070				$ 27,360
Amounts due to related party				$ 5,659		5,659				5,222
Periodic payment						2,005
Interest income						$ 130
Subsequent Event
Related Party Transaction [Line Items]
Periodic payment		$ 1,009
Interest income		$ 72
Sanken
Related Party Transaction [Line Items]
Ownership percentage by majority shareholder				51.50%		51.50%
Sanken \| Polar Semiconductor, LLC
Related Party Transaction [Line Items]
Ownership percentage by majority shareholder								70.00%
Allegro Microsystems, Inc. \| Polar Semiconductor, LLC
Related Party Transaction [Line Items]
Ownership percentage by majority shareholder								30.00%
Sanken
Related Party Transaction [Line Items]
Trade and other accounts receivable due from related party				$ 30,902		$ 30,902				27,256
Other accounts receivable from related party				168		168				104
Sanken \| Related Party Revenue
Related Party Transaction [Line Items]
Total net sales				45,117	39,461	131,852	112,079
PSL
Related Party Transaction [Line Items]
Purchases from related party				15,995	$ 11,837	45,145	$ 38,346
Amounts due to related party				5,659		5,659				$ 5,222
PSL \| Subsequent Event \| Wafer Foundry Agreement
Related Party Transaction [Line Items]
Purchase commitment period	3 years
PSL \| Subsequent Event \| Wafer Foundry Agreement, Renewal Term
Related Party Transaction [Line Items]
Related party transaction, term	1 year
PSL \| Subsequent Event \| Wafer Foundry Agreement, Termination Notice Period
Related Party Transaction [Line Items]
Related party transaction, term	2 years
PSL \| Subsequent Event \| Wafer Foundry Agreement, Forecast Term
Related Party Transaction [Line Items]
Related party transaction, term	3 years
PSL \| Subsequent Event \| Wafer Foundry Agreement, Binding Years
Related Party Transaction [Line Items]
Related party transaction, term	2 years
PSL \| Subsequent Event \| Wafer Foundry Agreement, Mask Pricing Term
Related Party Transaction [Line Items]
Related party transaction, term	2 years
PSL \| Initial PSL Loan \| Loans Payable
Related Party Transaction [Line Items]
Term			4 years
Principal amount			$ 7,500						$ 7,500
Interest rate			1.26%
Outstanding balance				$ 13,125		$ 13,125