0000866291-23-000017 | 10-K | XBRL Viewer

Other Long-Term Liabilities (Tables)

12 Months Ended

Mar. 31, 2023

Other Liabilities Disclosure [Abstract]

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


	March 31, 2023		March 25, 2022


Accrued retirement	8,032		8,903

Provision for uncertain tax positions	2,837		2,757
Other long-term liabilities	98		3,626
Total	$	10,967	$	15,286

Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Number of Shares
Beginning balance (in shares)	1,701,007
Granted (in shares)	2,237,432
Vested (in shares)	(1,475,998)
Cancelled (in shares)	(211,217)
Ending balance (in shares)	2,251,224	1,701,007
Weighted-Average Grant-Date Fair Value
Beginning balance (in dollars per share)	$ 20.50
Granted (in dollars per share)	23.65	$ 26.00	$ 14.06
Vested (in dollars per share)	20.15
Cancelled (in dollars per share)	20.57
Ending balance (in dollars per share)	$ 23.85	$ 20.50
Weighted-Average Remaining Contractual Life (In years)	1 year 3 months 7 days	1 year 3 months 7 days
Aggregate Intrinsic Value	$ 108,036	$ 49,635

Trade Accounts Receivable, Net

12 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Trade Accounts Receivable, Net

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


	March 31, 2023		March 25, 2022
Trade accounts receivable	$	150,914	$	129,539
Less:
Provision for expected credit losses	(102)		(105)
Returns and sales allowances	(26,269)		(14,819)
Related party trade accounts receivable, net of returns and sales allowances	(13,253)		(27,256)
Total	$	111,290	$	87,359

Changes in the Company’s expected credit losses and returns and sales allowances, exclusive of related party adjustments, were as follows:


Description	Provision for Expected Credit Losses		Returns and Sales Allowances		Total
Balance at March 27, 2020	$	288	$	17,185	$	17,473
Provisions	(150)		147,026		146,876
Deductions	—		(148,937)		(148,937)
Balance at March 26, 2021	138		15,274		15,412
Provisions	(33)		144,318		144,285
Deductions	—		(144,773)		(144,773)
Balance at March 25, 2022	105		14,819		14,924
Provisions	(3)		129,504		129,501
Deductions	—		(118,054)		(118,054)
Balance at March 31, 2023	$	102	$	26,269	$	26,371

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 187,494	$ 119,555	$ 18,101
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	50,808	48,527	48,307
Amortization of deferred financing costs	99	101	226
Deferred income taxes	(40,116)	7,498	(18,931)
Stock-based compensation	61,798	33,548	49,870
Loss (gain) on disposal of assets	285	(349)	269
Loss on debt extinguishment	0	0	9,055
Change in fair value of contingent consideration	(2,800)	(2,000)	(2,500)
Impairment of long-lived assets	0	0	7,119
Provisions for inventory writedowns and receivables reserves	(1,438)	6,297	5,019
Unrealized gains on marketable securities	(7,471)	(3,722)	0
Changes in operating assets and liabilities:
Trade accounts receivable	(12,484)	(18,347)	(9,303)
Accounts receivable - other	2,226	(2,668)	(28)
Inventories	(75,150)	(4,471)	7,641
Prepaid expenses and other assets	(23,263)	(19,450)	(29,047)
Trade accounts payable	11,958	(4,348)	15,099
Due to/from related parties	18,326	(659)	4,878
Accrued expenses and other current and long-term liabilities	22,934	(3,383)	14,795
Net cash provided by operating activities	193,206	156,129	120,570
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(79,775)	(69,941)	(40,673)
Acquisition of business, net of cash acquired	(19,921)	(14,549)	(11,555)
Proceeds from sales of property, plant and equipment	0	27,408	318
Investments in marketable securities	0	(9,189)	0
Contribution of cash balances due to divestiture of subsidiary	0	0	(16,335)
Net cash used in investing activities	(99,696)	(66,271)	(68,245)
CASH FLOWS FROM FINANCING ACTIVITIES:
Loans made to related party	(7,500)	(7,500)	0
Loans made to related party	2,812	0	51,377
Proceeds from initial public offering, net of underwriting discounts and other offering costs	0	0	321,425
Payments for taxes related to net share settlement of equity awards	(18,061)	(638)	0
Proceeds from issuance of common stock under equity award and purchase plans awards	2,793	2,831	(27,707)
Dividends paid to non-controlling interest	(42)	0	0
Dividends paid	0	0	(400,000)
Borrowings of senior secured debt, net of deferred financing costs	0	0	315,719
Repayment of senior secured debt	0	0	(300,000)
Repayment of unsecured credit facilities	0	0	(33,000)
Net cash used in financing activities	(19,998)	(5,307)	(72,186)
Effect of exchange rate changes on Cash and cash equivalents and Restricted cash	(4,606)	1,373	3,860
Net increase (decrease) in Cash and cash equivalents and Restricted cash	68,906	85,924	(16,001)
Cash and cash equivalents and Restricted cash at beginning of period	289,799	203,875	219,876
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD:	358,705	289,799	203,875
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Cash and cash equivalents at beginning of period	282,383	197,214	214,491
Restricted cash at beginning of period	7,416	6,661	5,385
Cash and cash equivalents and Restricted cash	358,705	289,799	203,875
Restricted cash at end of period	7,129	7,416	6,661
Cash and cash equivalents at end of period	351,576	282,383	197,214
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	1,923	813	2,746
Cash paid for income taxes, net of refunds	58,209	22,195	8,908
Non-cash transactions:
Property, plant and equipment purchases included in trade accounts payable	(16,369)	(2,021)	(3,226)
Assets held for sale transferred from property, plant and equipment, net	0	0	25,969
Loans to cover purchase of common stock under employee stock plan	0	0	171
Noncash lease liabilities arising from obtaining right-of-use assets	$ 4,870	$ 3,159	$ 0

Leases

12 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

The Company determines if an arrangement is or contains a lease at inception, which is the date on which the terms of the contract are agreed to and the agreement creates enforceable rights and obligations. The Company also considers whether its service arrangements include the right to control the use of an asset.

The Company leases real estate, equipment and vehicles under operating lease agreements that have initial terms ranging from one to 10 years. The Company does not have any leases classified as finance leases. Some leases include one or more options to exercise renewal terms, generally at the Company’s sole discretion, that can extend the lease term. Certain leases contain rights to terminate whereby those termination options are held by either the Company, the lessor, or both parties. These options to extend or terminate a lease are included in the lease term only when it is reasonably certain that the Company will exercise that option. The Company’s leases generally do not contain any material restrictive covenants.

Operating lease cost is recognized on a straight-line basis over the lease term. Information regarding the Company’s leases are as follows:


	Fiscal Year Ended
		March 31, 2023			March 25, 2022
Lease costs:
Operating lease expense		$	4,833		$	4,648
Short term lease expense		326			584

Other information:
Cash paid for operating leases		$	5,034		$	5,289

Weighted-average remaining lease term – operating leases		4.57 years			5.17 years
Weighted-average discount rate – operating leases		5.3		%	4.5		%

As of March 31, 2023, future minimum lease payments under the lease agreements were as follows:


2024	$	5,545
2025	4,957
2026	4,071
2027	3,240
2028	2,520
Thereafter	2,818
Total lease payments	$	23,151
Less: imputed interest	(5,610)
Total operating lease liabilities	$	17,541

Revenue from Contract with Customers - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 25, 2022
Revenue from Contract with Customer [Abstract]
Trade accounts receivable, returns, credits issued, and price protection adjustments, current	$ 30,571	$ 14,924

Other Assets, net (Tables)

12 Months Ended

Mar. 31, 2023

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

Schedule of Other Assets, Net

The composition of other assets, net was as follows:


	March 31, 2023		March 25, 2022
VAT receivables long-term, net	$	13,633	$	6,386
Income taxes receivable long-term	13,133		15,763
Investments in equity securities (1)	19,929		12,346
Deposits	17,319		10,525
Long-term prepaid contracts	436		1,236

Other	4,780		1,353
Total	$	69,230	$	47,609

(1) Represents equity investments in an entity whose equity securities have a readily determinable fair value. These strategic investments represent less than a 20% ownership interest in the entity, and the Company does not maintain power over or control of the entity. These investments are measured at fair value with unrealized gains and losses related to changes in the entity’s stock price and the impact of changes in foreign exchange rates each included in the consolidated statements of operations.

Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 25, 2022
Deferred income tax assets:
Capitalized research and development costs	$ 30,582	$ 0
Bonuses, commissions and other compensation	11,506	11,137
Inventory and sales related	8,730	5,892
Stock-based compensation	3,842	2,837
Tax credits	3,220	6,454
Right-of-use liability	2,479	2,221
Other accruals and reserves	2,803	2,067
Net operating loss carryforward	361	2,106
Gross deferred income tax assets	63,523	32,714
Valuation allowance for deferred income tax assets	(3,581)	(5,070)
Total deferred income tax assets	59,942	27,644
Deferred income tax liabilities:
Equity method and other investments	(4,172)	(2,801)
Fixed assets and intangibles	(3,020)	(4,720)
Right-of-use asset	(2,391)	(2,156)
Total deferred income tax liabilities	(9,583)	(9,677)
Deferred income tax assets	$ 50,359	$ 17,967

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Preferred Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Non-controlling Interests	Common Stock, Class A Common Stock	Common Stock, Class L Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, shares outstanding (in shares)			0
Beginning balance (in shares) at Mar. 27, 2020		0						10,000,000	622,470
Beginning balance at Mar. 27, 2020	$ 634,132	$ 0	$ 0	$ 458,697	$ 194,355	$ (19,976)	$ 950	$ 100	$ 6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18,101				17,953		148
Issuance of common stock (in shares)		25,000,000							15,828
Capitalization changes related to organizational structure of affiliates and direct and indirect interests in subsidiaries	(19,165)			(19,165)
Stock-based compensation (in shares)		156,435
Stock-based compensation	49,872	$ 2		49,870
Issuance of common stock	321,425	$ 250		321,175
Conversion of Class A and Class L common stock into common stock in connection with the IPO (in shares)		166,500,000						(10,000,000)	(636,301)
Conversion of Class A and Class L common stock into common stock in connection with the IPO	0	$ 1,665		(1,559)				$ (100)	$ (6)
Repurchase of Class A and Class L common stock to cover related taxes (in shares)		(2,068,274)							(1,997)
Repurchase of Class A and Class L common stock to cover related taxes	(27,707)	$ (21)		(27,686)
Conversion of LTCIP/TRIP awards into restricted stock units in connection with the IPO	2,081			2,081
Cash dividend paid to holders of Class A common stock	(400,000)			(191,243)	(208,757)
Foreign currency translation adjustment	9,304					9,283	21
Net actuarial loss and amortization of net transition obligation and prior service costs related to defined benefit plans, net of tax	(1,172)					(1,172)
Ending balance (in shares) at Mar. 26, 2021		189,588,161						0	0
Ending balance at Mar. 26, 2021	586,871	$ 1,896	$ 0	592,170	3,551	(11,865)	1,119	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, shares outstanding (in shares)			0
Net income	119,555				119,407		148
Stock-based compensation (in shares)		759,667
Stock-based compensation	33,437	$ 8		33,429
Foreign currency translation adjustment	(8,110)					(7,999)	(111)
Net actuarial loss and amortization of net transition obligation and prior service costs related to defined benefit plans, net of tax	1,416
Employee stock purchase plan issuances (shares)		125,767
Employee stock purchase plan issuances	2,832	$ 1		2,831
Payments of taxes withheld on net settlement of equity awards	(638)			(638)
Net actuarial gain and amortization of net transition obligation and prior service costs related to defined benefit plans, net of tax	$ 1,416					1,416
Ending balance (in shares) at Mar. 25, 2022	190,473,595	190,473,595						0	0
Ending balance at Mar. 25, 2022	$ 735,363	$ 1,905	$ 0	627,792	122,958	(18,448)	1,156	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, shares outstanding (in shares)	0		0
Net income	$ 187,494				187,357		137
Stock-based compensation (in shares)		1,118,971
Stock-based compensation	61,668	$ 11		61,657
Foreign currency translation adjustment	(2,892)					(2,828)	(64)
Net actuarial loss and amortization of net transition obligation and prior service costs related to defined benefit plans, net of tax	492
Employee stock purchase plan issuances (shares)		161,726
Employee stock purchase plan issuances	2,793	$ 2		2,791
Payments of taxes withheld on net settlement of equity awards	(18,061)			(18,061)
Cash dividends to non-controlling interest	(42)						(42)
Net actuarial gain and amortization of net transition obligation and prior service costs related to defined benefit plans, net of tax	$ 492					492
Ending balance (in shares) at Mar. 31, 2023	191,754,292	191,754,292						0	0
Ending balance at Mar. 31, 2023	$ 966,815	$ 1,918	$ 0	$ 674,179	$ 310,315	$ (20,784)	$ 1,187	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, shares outstanding (in shares)	0		0

Leases - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 25, 2022
Lease costs:
Operating lease expense	$ 4,833	$ 4,648
Short term lease expense	326	584
Other information:
Cash paid for operating leases	$ 5,034	$ 5,289
Weighted-average remaining lease term – operating leases	4 years 6 months 25 days	5 years 2 months 1 day
Weighted-average discount rate – operating leases	5.30%	4.50%

Retirement Plans - Schedule of Estimated Future Benefit Payments (Details) - Pension Plan $ in Thousands	Mar. 31, 2023 USD ($)
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2024	$ 1,465
2025	947
2026	896
2027	1,192
2028	1,550
Thereafter	8,914
Total	$ 14,964

Net Income per Share (Tables)

12 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

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

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


	Fiscal Year Ended
	March 31, 2023		March 25, 2022		March 26, 2021
Net income attributable to Allegro MicroSystems, Inc.	$	187,357	$	119,407	$	17,953
Net income attributable to common stockholders	187,494		119,555		18,101
Basic weighted average common shares	191,197,452		189,748,427		83,448,055
Dilutive effect of common stock equivalents	2,490,650		2,062,778		92,968,590
Diluted weighted average common shares	193,688,102		191,811,205		176,416,645
Basic net income attributable to Allegro MicroSystems, Inc. per share	$	0.98	$	0.63	$	0.22
Basic net income attributable to common stockholders per share	$	0.98	$	0.63	$	0.22
Diluted net income attributable to Allegro MicroSystems, Inc. per share	$	0.97	$	0.62	$	0.10
Diluted net income attributable to common stockholders per share	$	0.97	$	0.62	$	0.10

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following represents contingently issuable shares under the employee stock purchase plan (“ESPP”) and restricted stock units (“RSUs”) excluded from the computation of net income per share, as such securities would have an antidilutive effect on net income per share:


	Fiscal Year Ended
	March 31, 2023	March 25, 2022	March 26, 2021
RSUs	17,586	—	273

ESPP	—	3,622	—

Total	17,586	3,622	273

Schedule of Weighted Average Number of Shares

The following represents issued and issuable weighted average share information underlying our outstanding RSUs, performance-based restricted stock units (“PSUs”) and participation in the ESPP for the respective periods:


	Fiscal Year Ended
	March 31, 2023	March 25, 2022	March 26, 2021
RSUs	1,039,547	1,066,406	308,811
PSUs	1,435,883	996,372	218,678
ESPP	15,220	—	2,914
Shares related to Common Stock Conversion	—	—	92,438,187
Total	2,490,650	2,062,778	92,968,590

Retirement Plans - Schedule of Changes in Benefit Obligations and Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Obligation and funded status of plan:
Benefit obligation at beginning of year	$ 15,080	$ 17,180
Service cost	1,358	1,554	$ 1,454
Interest cost	763	637	628
Prior service cost	0	(108)
Benefits paid	(1,014)	(1,180)
Actuarial gain	(908)	(1,822)
Foreign currency exchange rate changes	(549)	(1,181)
Benefit obligation at end of year	14,730	15,080	17,180
Change in plan assets:
Fair value of plan assets at beginning of year	7,097	7,644
Actual return on plan assets	(189)	(235)
Employer contributions	1,463	1,380
Benefits paid	(952)	(1,146)
Foreign currency exchange rate changes	(251)	(546)
Fair value of plan assets at end of year	7,168	7,097	$ 7,644
Underfunded status at end of year	$ (7,562)	$ (7,983)

Heyday Acquisition

12 Months Ended

Mar. 31, 2023

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 (“EV”), solar inverters, data center and 5G power supplies, and broad-market industrial applications. The total purchase price, as updated for measurement period adjustments, was $20,245, consisting of cash consideration paid directly to the owners of Heyday and paid on their behalf for the settlement of certain outstanding debts and other obligations.

The Heyday Acquisition was accounted for as a business combination, and the Company recorded the assets acquired and liabilities assumed at their respective fair values as of the date of acquisition. The allocation of the purchase price was based upon a valuation, and the Company’s estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date) which is not yet finalized. During the fiscal year ended March 31, 2023, the Company recorded measurement period adjustments to various accounts resulting in a decrease in goodwill of $1,133.

The 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 March 31, 2023
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	(3,609)
Net assets acquired	$	13,149
Total estimated fair value of consideration	(20,245)
Goodwill	$	7,096

Completed technology assets are amortized over an estimated useful life of 12 years. The acquired in-process research and development costs were determined to have an indefinite useful life.

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

capability of these gate drivers for wide-bandgap semiconductor technology. 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.

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

The income before income taxes from the Heyday Acquisition were immaterial to the Company’s consolidated results for the fiscal year ended March 31, 2023. 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.

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of income before income taxes include the following:


	Fiscal Year Ended
	March 31, 2023		March 25, 2022		March 26, 2021
Income before provision for income taxes attributable to:
Domestic operations	$	190,107	$	121,883	$	(2,288)
Foreign operations	21,239		18,863		837
Total	$	211,346	$	140,746	$	(1,451)

Schedule of Tax Provision

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


	Fiscal Year Ended
	March 31, 2023		March 25, 2022		March 26, 2021
Current:
Federal	$	53,973	$	7,779	$	(3,821)
State	472		1,553		1,085
Foreign	9,523		4,361		2,115
Total current	63,968		13,693		(621)
Deferred:
Federal	(36,276)		7,892		(17,564)
State	310		371		(1,016)
Foreign	(4,150)		(765)		(351)
Total deferred	(40,116)		7,498		(18,931)
Total income tax provision	$	23,852	$	21,191	$	(19,552)

Schedule of Income Taxes Reconciliation

The difference between the tax provision at the statutory federal tax rate and the provision for income taxes is as follows:


	Fiscal Year Ended
	March 31, 2023		March 25, 2022		March 26, 2021
Tax provision at U.S. statutory rate	$	44,383	$	29,557	$	(305)
State income taxes, net of federal benefit	1,027		2,370		356
FDII	(25,391)		(9,066)		—
Research and development tax credit	(3,641)		(2,823)		(2,162)
Stock-based compensation	(1,025)		(230)		(13,303)
Cumulative provision-to-return	(914)		(590)		(862)
Gain on contingent purchase price reduction	(588)		(420)		(525)
Subpart F income, net of credits	(307)		283		43
Provision for uncertain tax positions	(81)		(17)		26
162(m) limitation	8,931		3,988		—
Foreign tax rate	954		(157)		1,279
Deferred tax remeasurement	651		—		309
Transaction costs	338		307		1,498
CARES carryback claim and amended returns	—		(2,031)		(3,834)
PSL Divestiture	—		—		(2,009)




Other	(485)		20		(63)
Total income tax provision	$	23,852	$	21,191	$	(19,552)

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows:


	March 31, 2023		March 25, 2022
Deferred income tax assets:
Capitalized research and development costs	$	30,582	$	—
Bonuses, commissions and other compensation	11,506		11,137
Inventory and sales related	8,730		5,892
Stock-based compensation	3,842		2,837
Tax credits	3,220		6,454
Right-of-use liability	2,479		2,221
Other accruals and reserves	2,803		2,067
Net operating loss carryforward	361		2,106
Gross deferred income tax assets	63,523		32,714
Valuation allowance for deferred income tax assets	(3,581)		(5,070)
Total deferred income tax assets	59,942		27,644
Deferred income tax liabilities:
Equity method and other investments	(4,172)		(2,801)
Fixed assets and intangibles	(3,020)		(4,720)
Right-of-use asset	(2,391)		(2,156)

Total deferred income tax liabilities	(9,583)		(9,677)
Net deferred income tax assets	$	50,359	$	17,967

Schedule of Unrecognized Tax Benefits Roll Forward


	Fiscal Year Ended
	March 31, 2023		March 25, 2022		March 26, 2021
Beginning balance	$	2,459	$	2,554	$	2,559
Gross increases-tax positions in prior period	—		—		55
Gross decreases-tax positions in prior period settlement	—		—		—
Lapse in statute of limitations	(51)		(95)		(60)
Balance at end of period	$	2,408	$	2,459	$	2,554

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 187,494	$ 119,555	$ 18,101
Net income attributable to non-controlling interests	137	148	148
Net income attributable to Allegro MicroSystems, Inc.	187,357	119,407	17,953
Other comprehensive income (loss):
Foreign currency translation adjustment	(2,892)	(8,110)	9,304
Net actuarial gain (loss) amortization of net transition obligation and prior service costs related to defined benefit plans, net of tax of $(164), $(472) and $391 in 2023, 2022 and 2021, respectively	492	1,416	(1,172)
Total other comprehensive (loss) income	(2,400)	(6,694)	8,132
Comprehensive income	184,957	112,713	26,085
Comprehensive income (loss) attributable to non-controlling interests	64	111	(21)
Comprehensive income attributable to Allegro MicroSystems, Inc.	$ 185,021	$ 112,824	$ 26,064

Property, Plant and Equipment, net (Tables)

12 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant, and Equipment

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


Asset						Useful Life
Buildings						31 years
Building improvements						Economic life of the building improvements
Leasehold improvements						The shorter of the remaining term of the lease or estimated useful life
Machinery and equipment						3-10 years
Office equipment						3 years

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


	March 31, 2023		March 25, 2022
Land	$	15,384	$	15,775
Buildings, building improvements and leasehold improvements	61,500		59,816
Machinery and equipment	611,459		542,745
Office equipment	6,119		6,247
Construction in progress	48,378		22,428
Total	742,840		647,011
Less accumulated depreciation	(479,741)		(436,983)
Total	$	263,099	$	210,028

Schedule of Long-lived Assets

The geographic locations of the Company's long-lived assets, net, based on physical location of the assets, as of March 31, 2023 and March 25, 2022 are as follows:


	March 31, 2023		March 25, 2022
United States	$	36,237	$	35,221
Philippines	207,671		167,488

Other	21,359		7,746
Total	$	265,267	$	210,455

Stock-Based Compensation - Schedule of ESPP Fair Value Assumptions (Details) - Employee Stock Purchase Plan (ESPP) - $ / shares	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance term	6 months	6 months	6 months
Volatility	44.99%	48.10%	55.02%
Risk-free rate of return	3.58%	0.10%	0.09%
Dividend yield	0.00%	0.00%	0.00%
Weighted-average fair value per share (in dollars per share)	$ 6.83	$ 8.25	$ 7.77

Net Income per Share

12 Months Ended

Mar. 31, 2023

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.


	Fiscal Year Ended
	March 31, 2023		March 25, 2022		March 26, 2021
Net income attributable to Allegro MicroSystems, Inc.	$	187,357	$	119,407	$	17,953
Net income attributable to common stockholders	187,494		119,555		18,101
Basic weighted average common shares	191,197,452		189,748,427		83,448,055
Dilutive effect of common stock equivalents	2,490,650		2,062,778		92,968,590
Diluted weighted average common shares	193,688,102		191,811,205		176,416,645
Basic net income attributable to Allegro MicroSystems, Inc. per share	$	0.98	$	0.63	$	0.22
Basic net income attributable to common stockholders per share	$	0.98	$	0.63	$	0.22
Diluted net income attributable to Allegro MicroSystems, Inc. per share	$	0.97	$	0.62	$	0.10
Diluted net income attributable to common stockholders per share	$	0.97	$	0.62	$	0.10

The computed net income per share for the fiscal years ended March 31, 2023, March 25, 2022 and March 26, 2021 does not assume conversion of securities that would have an antidilutive effect on income per share. The following represents contingently issuable shares under the employee stock purchase plan (“ESPP”) and restricted stock units (“RSUs”) excluded from the computation of net income per share, as such securities would have an antidilutive effect on net income per share:


	Fiscal Year Ended
	March 31, 2023	March 25, 2022	March 26, 2021
RSUs	17,586	—	273

ESPP	—	3,622	—

Total	17,586	3,622	273


	Fiscal Year Ended
	March 31, 2023	March 25, 2022	March 26, 2021
RSUs	1,039,547	1,066,406	308,811
PSUs	1,435,883	996,372	218,678
ESPP	15,220	—	2,914
Shares related to Common Stock Conversion	—	—	92,438,187
Total	2,490,650	2,062,778	92,968,590

Net Income per Share - Schedule of Issuable Weighted Average Share Information (Details) - shares	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares related to common stock conversion (in shares)	0	0	92,438,187
Dilutive effect of common stock equivalents (in shares)	2,490,650	2,062,778	92,968,590
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental common shares (in shares)	1,039,547	1,066,406	308,811
Performance Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental common shares (in shares)	1,435,883	996,372	218,678
Employee Stock Purchase Plan (ESPP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental common shares (in shares)	15,220	0	2,914

Retirement Plans

12 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Retirement Plans

The Company recognizes the funded status (i.e., the difference between the fair value of plan assets and the benefit obligations) of its defined benefit pension plans in its consolidated balance sheets with a corresponding adjustment to accumulated other comprehensive income (“AOCI”), net of tax. Further, actuarial gains and losses and prior service costs that arise in future periods and are not recognized as net periodic benefit costs in the same periods will be recognized as a component of other comprehensive income. Those amounts will also be recognized as a component of future net periodic benefit costs consistent with the Company’s past practice. The Company uses a measurement date for its defined benefit pension plans and other postretirement benefit plans that is equivalent to its fiscal year-end.

Plan Descriptions

Non-U.S. Defined Benefit Plan

The Company, through its wholly owned subsidiary, Allegro MicroSystems Philippines, Inc., has a defined benefit pension plan, which is a noncontributory plan that covers substantially all employees of this subsidiary. The plan’s assets are invested in government securities, common trust funds, bonds and other debt instruments and stocks.

Effect on the consolidated statements of operations

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


	Fiscal Year Ended
		March 31, 2023		March 25, 2022		March 26, 2021
Service cost		$	1,358	$	1,554	$	1,454
Interest cost		763		637		628
Expected return on plan assets		(301)		(304)		(299)

Amortization of net transition asset		—		—		(1)
Amortization of prior service cost		(8)		1		8
Actuarial loss		77		205		179
Net periodic pension expense		$	1,889	$	2,093	$	1,969

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


	Fiscal Year Ended
	March 31, 2023		March 25, 2022
Obligation and funded status of plan:
Benefit obligation at beginning of year	$	15,080	$	17,180
Service cost	1,358		1,554
Interest cost	763		637
Prior service cost	—		(108)
Benefits paid	(1,014)		(1,180)
Actuarial gain	(908)		(1,822)
Foreign currency exchange rate changes	(549)		(1,181)
Benefit obligation at end of year	$	14,730	$	15,080
Change in plan assets:
Fair value of plan assets at beginning of year	$	7,097	$	7,644
Actual return on plan assets	(189)		(235)
Employer contributions	1,463		1,380
Benefits paid	(952)		(1,146)
Foreign currency exchange rate changes	(251)		(546)
Fair value of plan assets at end of year	$	7,168	$	7,097
Underfunded status at end of year	$	(7,562)	$	(7,983)

The underfunded plan amounts are recognized as a component of other long-term liabilities in the consolidated balance sheets.

The following table presents the obligations and asset information for the non-U.S. defined benefit plan that has a projected benefit obligation in excess of plan assets:


	Fiscal Year Ended
	March 31, 2023		March 25, 2022
Projected benefit obligations	$	14,730	$	15,080
Plan assets	7,168		7,097
Accumulated benefit obligations	8,868		9,216

The amounts recorded in AOCI for the non-U.S. defined benefit plan for the fiscal years ended March 31, 2023 and March 25, 2022 are further detailed below:


	Net Transition Obligation (Asset)		Net Actuarial Loss		Prior Service Costs		Total




Balance, March 26, 2021, net of tax	$	224	$	3,193	1		$	3,418
2022 change in AOCI for non-U.S. defined benefit plan	20		(665)		(104)		(749)
Amounts in AOCI before tax	244		2,528		(103)		2,669
Less tax expense	61		632		(26)		667
Balance, March 25, 2022, net of tax	183		1,896		(77)		2,002
2023 change in AOCI for non-U.S. defined benefit plan	(11)		36		(14)		11
Amounts in AOCI before tax	172		1,932		(91)		2,013
Less tax expense	43		483		(23)		503
Balance, March 31, 2023, net of tax	$	129	$	1,449	$	(68)	$	1,510

There is no significant actuarial net gain or loss included in AOCI as of March 31, 2023 that is expected to be amortized into net periodic benefit cost over the next fiscal year.

As of March 31, 2023, the Company does not expect a significant return of plan assets during the next 12 months.

Assumptions and Investment Policies

Weighted-Average Assumptions Used to Determine Projected Benefit Obligation


	March 31, 2023		March 25, 2022
Non-U.S. assumed discount rate	6.63	%	5.58	%
Non-U.S. rate of compensation increase	5.50	%	5.50	%

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost


	March 31, 2023		March 25, 2022		March 26, 2021
Non-U.S. assumed discount rate	6.63	%	5.58	%	4.00	%
Non-U.S. expected long-term return on plan assets	6.40	%	4.10	%	4.20	%
Non-U.S. rate of compensation increase	5.50	%	5.50	%	5.00	%

Information on Plan Assets

The table below sets forth the fair value of the entity’s plan assets using the same three-level hierarchy of fair value inputs described in Note 2, “Summary of Significant Accounting Policies”:


	Fair Value at March 31, 2023		Level 1		Level 2		Level 3
Assets of non-U.S. defined benefit plan:
Government securities	$	2,133	$	2,133	$	—	$	—
Unit investment trust fund	1,196		—		1,196		—
Loans	586		—		—		586
Bonds	687		—		687		—
Stocks and other investments	2,566		1,461		3		1,102
Total	$	7,168	$	3,594	$	1,886	$	1,688


	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:


	Level 3 Non-U.S. Defined Plan Assets
	Loans		Stocks
Balance at March 27, 2020	$	756	$	364
Additions during the year	325		—
Redemptions during the year	(531)		—
Revaluation of equity securities	—		753
Change in foreign currency exchange rates	34		16
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	(45)		(81)
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	(19)		(38)
Balance at March 31, 2023	$	586	$	1,102

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 to the non-U.S. defined benefit plan with return characteristics that are more closely aligned with changes in liabilities caused by discount rate volatility. There are no significant restrictions on the amount or nature of the investments that may be acquired or held by the plans.

Cash Flows

During the fiscal years ended March 31, 2023, March 25, 2022 and March 26, 2021, the Company contributed approximately $1,489, $1,369 and $986 to its non-U.S. pension plan, respectively. The Company expects to contribute approximately $2,171 to its non-U.S. pension plan in fiscal year 2024.

Estimated Future Benefit Payments

The following table projects the benefits expected to be paid to participants from the plans in each of the following fiscal years. The majority of the payments will be paid from Company assets.


	Pension Benefits
2024	$	1,465
2025	947
2026	896
2027	1,192
2028	1,550
Thereafter	8,914
Total	$	14,964

Defined Contribution Plan

The Company maintains a 401(k) retirement savings plan (the “401(k) Plan”) for our U.S.-based employees who satisfy certain eligibility requirements. Eligible employees may defer a portion of their eligible compensation, within prescribed limits, through contributions to the 401(k) Plan. The Company matches participants’ contributions, up to a maximum of 5% of a participant’s eligible compensation, up to the statutory compensation limit, and these matching contributions are fully vested as of the date they are made. Matching contributions by AML totaled $4,708, $4,074 and $3,687 for the fiscal years ended March 31, 2023, March 25, 2022 and March 26, 2021, respectively.

The Company, through its AML subsidiary, Allegro MicroSystems Europe, Ltd. (“Allegro Europe”), also has a defined contribution plan (the “AME Plan”) covering substantially all employees of Allegro Europe. Contributions to the AME Plan by the Company totaled approximately $1,248, $1,065 and $507 for the fiscal years ended March 31, 2023, March 25, 2022 and March 26, 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
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI https://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The following tables present information about the Company’s financial assets and liabilities as of March 31, 2023 and March 25, 2022 measured at fair value on a recurring basis:


	Fair Value Measurement at March 31, 2023 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market fund deposits	$	102,019	$	—	$	—	$	102,019
Restricted cash:
Money market fund deposits	7,129		—		—		7,129
Other assets, net (long-term):
Investments in marketable securities	19,929		—		—		19,929
Total assets	$	129,077	$	—	$	—	$	129,077


	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, net (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

Gain (Loss) on Securities

The following table represents the unrealized gains and losses on investments in marketable securities held with a readily determinable fair value for the fiscal years ended March 31, 2023 and March 25, 2022:


	Fiscal Year Ended
	March 31, 2023		March 25, 2022
Net gains and losses recognized during the period on equity securities	$	7,471	$	3,722

Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date	$	7,471	$	3,722

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

The following table shows the change in fair value of Level 3 contingent consideration:


	Level 3 Contingent Consideration



Balance at March 26, 2021	$	4,800
Change in fair value of contingent consideration	(2,000)
Balance at March 25, 2022	$	2,800
Change in fair value of contingent consideration	(2,800)
Balance at March 31, 2023	$	—

Property, Plant and Equipment, net

12 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

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


	March 31, 2023		March 25, 2022
Land	$	15,384	$	15,775
Buildings, building improvements and leasehold improvements	61,500		59,816
Machinery and equipment	611,459		542,745
Office equipment	6,119		6,247
Construction in progress	48,378		22,428
Total	742,840		647,011
Less accumulated depreciation	(479,741)		(436,983)
Total	$	263,099	$	210,028

The Company retired $1,638, $10,976 and $63 of fully depreciated assets during the fiscal years ended March 31, 2023, March 25, 2022 and March 26, 2021, respectively. Total depreciation expense amounted to $45,469, $44,178 and $44,845 for the fiscal years ended March 31, 2023, March 25, 2022 and March 26, 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 March 31, 2023 and March 25, 2022 are as follows:


	March 31, 2023		March 25, 2022
United States	$	36,237	$	35,221
Philippines	207,671		167,488

Other	21,359		7,746
Total	$	265,267	$	210,455

Retirement Plans - Schedule of Expense Related to Defined Benefit Plan (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,358	$ 1,554	$ 1,454
Interest cost	763	637	628
Expected return on plan assets	(301)	(304)	(299)
Amortization of net transition asset	0	0	(1)
Amortization of prior service cost	(8)	1	8
Actuarial loss	77	205	179
Net periodic pension expense	$ 1,889	$ 2,093	$ 1,969

Retirement Plans - Defined Benefit Plans, Additional Information (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Defined Benefit Plan Disclosure [Line Items]
Company contributions	$ 1,489	$ 1,369	$ 986
Company contributions next fiscal year	$ 2,171

Net Income per Share - Narrative (Details) - shares	12 Months Ended
Net Income per Share - Narrative (Details) - shares	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Diluted weighted average common shares (in shares)	193,688,102	191,811,205	176,416,645

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Mar. 31, 2023	May 08, 2023	Sep. 23, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2023
Current Fiscal Year End Date	--03-31
Document Transition Report	false
Entity File Number	001-39675
Entity Registrant Name	ALLEGRO MICROSYSTEMS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-2405937
Entity Address, Address Line One	955 Perimeter Road
Entity Address, City or Town	Manchester,
Entity Address, State or Province	NH
Entity Address, Postal Zip Code	03103
City Area Code	603
Local Phone Number	626-2300
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ALGM
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,493,845,675
Entity Common Stock, Shares Outstanding (in shares)		191,756,966
Documents Incorporated by Reference	Portions of the registrant’s proxy statement for its 2023 Annual Meeting of Stockholders to be filed pursuant to Regulation 14A within 120 days of the end of the registrant’s fiscal year ended March 31, 2023 are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent stated herein.
Entity Central Index Key	0000866291
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY

Audit Information	12 Months Ended
Audit Information	Mar. 31, 2023	Mar. 25, 2022
Auditor Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP	Grant Thornton LLP
Auditor Location	Boston, Massachusetts	Boston, Massachusetts
Auditor Firm ID	238	248

Fair Value Measurements

12 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables present information about the Company’s financial assets and liabilities as of March 31, 2023 and March 25, 2022 measured at fair value on a recurring basis:


	Fair Value Measurement at March 31, 2023 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market fund deposits	$	102,019	$	—	$	—	$	102,019
Restricted cash:
Money market fund deposits	7,129		—		—		7,129
Other assets, net (long-term):
Investments in marketable securities	19,929		—		—		19,929
Total assets	$	129,077	$	—	$	—	$	129,077


	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, net (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


	Fiscal Year Ended
	March 31, 2023		March 25, 2022
Net gains and losses recognized during the period on equity securities	$	7,471	$	3,722

Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date	$	7,471	$	3,722

In addition to the unrealized gains in the table above, the change in fair value of the equity securities was impacted by unrealized foreign currency exchange gains of $112 and losses of $565 for the fiscal years ended March 31, 2023 and March 25, 2022, respectively.

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”), the Company was required to make contingent payments, subject to the entity achieving certain sales and revenue thresholds. The contingent consideration payments were, in the aggregate, $15,000. The fair value of the liabilities for the contingent payments recognized upon the Voxtel Acquisition as part of the purchase accounting opening balance sheet totaled $7,300 and was estimated by discounting to present value the probability-weighted contingent payments expected to be made. Assumptions used in this calculation were units sold, expected revenue, discount rate and various probability factors. The ultimate settlement of contingent consideration could deviate from current estimates based on the actual results of these financial measures. This liability is considered to be a Level 3 financial liability that is remeasured during each reporting period. The change in fair value of contingent consideration for the Voxtel Acquisition is included in change in fair value of contingent consideration in the consolidated statements of operations.

The following table shows the change in fair value of Level 3 contingent consideration:


	Level 3 Contingent Consideration



Balance at March 26, 2021	$	4,800
Change in fair value of contingent consideration	(2,000)
Balance at March 25, 2022	$	2,800
Change in fair value of contingent consideration	(2,800)
Balance at March 31, 2023	$	—

Assets and liabilities measured at fair value on a recurring basis also consist of marketable securities, unit investment trust funds, loans, bonds, stock and other investments, which constitute the Company’s defined benefit plan assets. Fair value information for those assets and liabilities, including their classification in the fair value hierarchy, is included in Note 15, “Retirement Plans.”

During the fiscal years ended March 31, 2023, March 25, 2022 and March 26, 2021, there were no transfers between Level 1, Level 2 and Level 3.

- Definition

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

+ References + Details

Retirement Plans - Schedule of Weighted-Average Assumptions (Details) - Pension Plan	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Defined Benefit Plan Disclosure [Line Items]
Non-U.S. assumed discount rate	6.63%	5.58%
Non-U.S. rate of compensation increase	5.50%	5.50%
Non-U.S. assumed discount rate	6.63%	5.58%	4.00%
Non-U.S. expected long-term return on plan assets	6.40%	4.10%	4.20%
Non-U.S. rate of compensation increase	5.50%	5.50%	5.00%

Other Assets, net

12 Months Ended

Mar. 31, 2023

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

Other Assets, net

The composition of other assets, net was as follows:


	March 31, 2023		March 25, 2022
VAT receivables long-term, net	$	13,633	$	6,386
Income taxes receivable long-term	13,133		15,763
Investments in equity securities (1)	19,929		12,346
Deposits	17,319		10,525
Long-term prepaid contracts	436		1,236

Other	4,780		1,353
Total	$	69,230	$	47,609

Revenue from Contract with Customers - Net Sales by Geography (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 973,653	$ 768,674	$ 591,207
United States
Disaggregation of Revenue [Line Items]
Total net sales	131,150	108,396	82,165
Other Americas
Disaggregation of Revenue [Line Items]
Total net sales	28,014	23,056	16,558
Europe
Disaggregation of Revenue [Line Items]
Total net sales	169,368	134,537	103,128
Japan
Disaggregation of Revenue [Line Items]
Total net sales	160,763	148,813	104,661
Greater China
Disaggregation of Revenue [Line Items]
Total net sales	253,906	191,895	157,546
South Korea
Disaggregation of Revenue [Line Items]
Total net sales	96,549	80,451	62,075
Other Asia
Disaggregation of Revenue [Line Items]
Total net sales	$ 133,903	$ 81,526	$ 65,074

- 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

Inventories - Schedule Of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 25, 2022
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 15,049	$ 11,941
Work in process	98,836	55,855
Finished goods	37,416	18,364
Total	$ 151,301	$ 86,160

Property, Plant and Equipment, net - Schedule of PPE (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 25, 2022
Property, Plant and Equipment [Line Items]
Total	$ 742,840	$ 647,011
Less accumulated depreciation	(479,741)	(436,983)
Total	263,099	210,028
Land
Property, Plant and Equipment [Line Items]
Total	15,384	15,775
Buildings, building improvements and leasehold improvements
Property, Plant and Equipment [Line Items]
Total	61,500	59,816
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total	611,459	542,745
Office equipment
Property, Plant and Equipment [Line Items]
Total	6,119	6,247
Construction in progress
Property, Plant and Equipment [Line Items]
Total	$ 48,378	$ 22,428

Income Taxes - Components of Income before Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Income before provision for income taxes attributable to:
Domestic operations	$ 190,107	$ 121,883	$ (2,288)
Foreign operations	21,239	18,863	837
Income (loss) before income taxes	$ 211,346	$ 140,746	$ (1,451)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126941158&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Heyday Acquisition - Additional Information (Details) $ in Thousands				12 Months Ended
	Mar. 31, 2023 USD ($)	Sep. 01, 2022 USD ($)	Aug. 28, 2020	Mar. 31, 2023 USD ($) reportingUnit
Business Acquisition [Line Items]
Number of reporting units \| reportingUnit				1
Heyday
Business Acquisition [Line Items]
Preliminary purchase price	$ 20,245	$ 20,245
Measurement period adjustments				$ (1,133)
Heyday \| Process technology
Business Acquisition [Line Items]
Weighted average useful life			12 years

Trade Accounts Receivable, Net - Schedule of Changes in Allowance For Doubtful Accounts and Sales Returns and Sales Allowances (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Provision for Expected Credit Losses
Balance at the beginning of the period	$ 105	$ 138	$ 288
Provisions	(3)	(33)	(150)
Deductions	0	0	0
Balance at the end of the period	102	105	138
Returns and Sales Allowances
Balance at the beginning of the period	14,819	15,274	17,185
Provisions	129,504	144,318	147,026
Deductions	(118,054)	(144,773)	(148,937)
Balance at the end of the period	26,269	14,819	15,274
Total
Balance at the beginning of the period	14,924	15,412	17,473
Provisions	129,501	144,285	146,876
Deductions	(118,054)	(144,773)	(148,937)
Balance at the end of the period	$ 26,371	$ 14,924	$ 15,412

Revenue from Contract with Customers (Tables)

12 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Net Sales by Core End Market and Application

Net sales by application:


	Fiscal Year Ended
		March 31, 2023		March 25, 2022		March 26, 2021

Automotive		$	657,479	$	531,564	$	398,298
Industrial		196,705		133,187		94,872
Other		119,469		103,923		98,037
Total net sales		$	973,653	$	768,674	$	591,207

Revenue from External Customers by Products and Services

Net sales by product:


	Fiscal Year Ended
		March 31, 2023		March 25, 2022		March 26, 2021
Power integrated circuits (“PIC”)		$	375,074	$	268,381	203,600
Magnetic sensors (“MS”)		598,579		500,293		387,607
Total net sales		$	973,653	$	768,674	$	591,207

Revenue from External Customers by Geographic Areas

Net sales by geography:


	Fiscal Year Ended
		March 31, 2023		March 25, 2022		March 26, 2021
Americas:
United States		$	131,150	$	108,396	82,165
Other Americas		28,014		23,056		16,558
EMEA:
Europe		169,368		134,537		103,128
Asia:
Japan		160,763		148,813		104,661
Greater China		253,906		191,895		157,546
South Korea		96,549		80,451		62,075
Other Asia		133,903		81,526		65,074
Total net sales		$	973,653	$	768,674	$	591,207

Fair Value Measurements - Unrealized Gains and Losses on Marketable Securities with a Readily Determinable Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Fair Value Disclosures [Abstract]
Net (losses) gains recognized during the period on equity securities	$ 7,471	$ 3,722
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date	$ 7,471	$ 3,722	$ 0

Retirement Plans - Schedule of Changes in Fair Value of Level 3 Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at beginning of year	$ 7,097	$ 7,644
Change in foreign currency exchange rates	(251)	(546)
Fair value of plan assets at end of year	7,168	7,097	$ 7,644
Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at beginning of year	1,618
Fair value of plan assets at end of year	1,688	1,618
Loans \| Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at beginning of year	553	584	756
Additions during the year	328	308	325
Redemptions during the year	(280)	(289)	(531)
Revaluation of equity securities	4	(5)	0
Change in foreign currency exchange rates	(19)	(45)	34
Fair value of plan assets at end of year	586	553	584
Stocks \| Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at beginning of year	1,065	1,133	364
Additions during the year	0	0	0
Redemptions during the year	0	0	0
Revaluation of equity securities	75	13	753
Change in foreign currency exchange rates	(38)	(81)	16
Fair value of plan assets at end of year	$ 1,102	$ 1,065	$ 1,133

Retirement Plans - Fair Value of Entity's Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	$ 7,168	$ 7,097	$ 7,644
Level 1
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	3,594	3,636
Level 2
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	1,886	1,843
Level 3
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	1,688	1,618
Government securities
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	2,133	1,920
Government securities \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	2,133	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	1,196	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	1,196	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	586	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	586	553
Bonds
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	687	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	687	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	2,566	2,783
Stocks and other investments \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	1,461	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	$ 1,102	$ 1,065

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Mar. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

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


	March 31, 2023		March 25, 2022

Accrued management incentives	40,484		33,607
Accrued salaries and wages	20,205		14,699
Accrued warranty costs	4,327		541
Accrued vacation	8,178		5,715

Accrued professional fees	6,243		1,252
Accrued income taxes	5,625		1,831

Other current liabilities	9,832		7,814
Total	$	94,894	$	65,459

Leases - Maturity Schedule (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 5,545
2025	4,957
2026	4,071
2027	3,240
2028	2,520
Thereafter	2,818
Total lease payments	23,151
Less: imputed interest	(5,610)
Total operating lease liabilities	$ 17,541

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Statement of Comprehensive Income [Abstract]
Defined benefit plan, tax	$ (164)	$ (472)	$ 391

Retirement Plans - Obligations and Asset Information for Defined Benefit Plans with Projected Benefit Obligation in Excess of Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 25, 2022
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligations	$ 14,730	$ 15,080
Plan assets	7,168	7,097
Accumulated benefit obligations	$ 8,868	$ 9,216

Heyday Acquisition (Tables)

12 Months Ended

Mar. 31, 2023

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 March 31, 2023
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	(3,609)
Net assets acquired	$	13,149
Total estimated fair value of consideration	(20,245)
Goodwill	$	7,096

Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

We prepare our financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). These principles are established primarily by the Financial Accounting Standards Board (“FASB”).

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and those entities required to be consolidated under GAAP. All material intercompany profits, transactions, and balances among the consolidated entities have been eliminated.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosures of contingencies at the date of the consolidated financial statements and the reported amounts of net sales and expenses during the reporting period. Such estimates relate to useful lives of fixed and intangible assets, provisions for expected credit losses and customer returns and sales allowances. Such estimates also relate to accrued liabilities, the valuation of stock-based awards, deferred tax valuation allowances, the net realizable value of inventory, and other reserves. On an ongoing basis, management evaluates its estimates. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements.

Reclassifications

Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications.

Business Segment Information

The Company operates in one segment which involves the design, development, production and distribution of various integrated circuits in various markets worldwide. The Company has a single, company-wide management team that administers all properties as a whole rather than as discrete operating segments. The chief operating decision maker, who is the Company’s Chief Executive Officer, measures financial performance as a single enterprise and not on a legal entity or end market basis. Throughout the year, the chief operating decision maker allocates capital resources on a project-by-project basis across the Company’s entire asset base to maximize profitability without regard to a legal entity or end market basis. The Company operates in a number of countries throughout the world in a variety of product lines through its business unit structure.

Foreign Currency Translation and Transactions

The Company’s reporting currency is the U.S. Dollar. The financial statements of the Company’s foreign subsidiaries are translated from local currency into U.S. dollars using the current exchange rate at the balance sheet date for assets and liabilities, and the average exchange rate in effect during the period for net sales and expenses. The functional currency for the Company’s international subsidiaries is considered to be the local currency for each entity, and, accordingly, translation adjustments for these entities are included as a component of accumulated other comprehensive loss in the Company’s consolidated balance sheets.

Non-Controlling Interests

The Company, through one of its wholly owned subsidiaries, established an affiliated entity in Philippines for the primary purpose of purchasing, selling, leasing, developing and otherwise managing real estate acquired by the Company in the Philippines. The Company owns 40% of the equity interest in this entity, and the remaining 60% is held in a trust for the benefit of its employee retirement fund. The portion of the results of operations of this entity is shown as net income attributable to the non-controlling interests in the Company’s consolidated statements of operations for fiscal 2023, 2022 and 2021. Additionally, the cumulative portion of the results of operations of this entity along with the interest in the net assets is shown as a component of non-controlling interests in the Company’s consolidated balance sheets.

Cash Equivalents and Restricted Cash

The Company considers all highly liquid instruments with original maturities of three months or less at the time of acquisition to be cash equivalents. At March 31, 2023 and March 25, 2022, the Company maintained investments in an interest-bearing cash account. Because of the investment’s short term to maturity and the investment’s relative price insensitivity to changes in market interest rates, cost approximates fair value for this investment. As a result, there were no realized or unrealized gains or losses for the fiscal years ended March 31, 2023, March 25, 2022 and March 26, 2021. The Company has restricted cash, the use of which is restricted to the benefit of employees through a deferred compensation program.

Fair Value of Financial Instruments

Certain assets and liabilities are carried at fair value under GAAP. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (at exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value, which are provided below:

Level 1 — Quoted prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs (other than Level 1 prices) such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or examination.

The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement.

The Company’s cash equivalents and restricted cash are carried at fair values as determined according to the fair value hierarchy described above (see Note 5, “Fair Value Measurements”). The carrying value of accounts receivable, assets held for sale, notes receivables, accounts payable and accrued expenses approximate their respective fair value due to the short-term nature of these assets and liabilities. The carrying value of outstanding borrowings under the line of credit agreements approximates fair value as it bears interest at a rate approximating a market interest rate.

Related party note receivable was classified as held-for-investment based on management’s intent and ability to hold the loan for the foreseeable future or to maturity. Loans held-for investment are carried at amortized cost and reduced by a valuation allowance for estimated credit losses, as necessary. The Company recognizes interest income on loans, including the amortization of discounts and premiums, loan fees paid and received, using the interest method. The interest method is applied on a loan-by-loan basis when collectability of the future payments is reasonably assured. Premiums and discounts are recognized as yield adjustments over the term of the related loans.

A detailed description of fair value measurement of the assets of the non-U.S. defined benefit plan is included in Note 15, “Retirement Plans.”

Trade accounts receivable, net

A receivable is a right to consideration that is unconditional (i.e., only the passage of time is required before payment is due). Accounts receivables are presented net of a provision for expected credit losses, which is an estimate of amounts that may not be collectible.

The provision for expected credit losses is our estimate of current expected credit losses (“CECL”) based on historical loss experience. The Company periodically performs detailed reviews to assess the adequacy of the allowance. The Company exercises judgment in estimating the timing, frequency and severity of losses. The Company uses an aging schedule method to estimate current expected credit losses based on days of delinquency, including information about past events and current economic conditions, as well as future forecasts of economic conditions. The Company’s accounts receivable is separated into two categories using a portfolio methodology to evaluate the allowance under the CECL impairment model based on sales categorization and similar credit quality and worthiness of the customers: original equipment manufacturers and distributors. The receivables in each category share similar risk characteristics. The Company increases the allowance for expected credits losses when the Company determines all or a portion of a receivable is uncollectible. The Company recognizes recoveries as a decrease to the allowance for expected credit losses. Adjustments to the allowance for expected credit losses are recorded as selling, general and administrative expenses in the consolidated statements of operations.

Inventories

Inventories are stated at the lower of cost or net realizable value, with cost being determined using a standard costing system that approximates actual costs, based on a first-in, first-out method. Inventory costs include materials, labor and manufacturing overhead. The Company records inventory provisions when conditions exist that suggest that inventory may be in excess of anticipated demand, is obsolete based upon expected future demand for products and market conditions, or quality-related rejections. These provisions are reported as a reduction to raw materials and supplies, work in process and finished goods. The Company regularly evaluates the ability to realize the value of inventory based on a combination of factors, including historical usage rates, forecasted sales or usage, and product end of life dates. Assumptions used in determining management’s estimates of future product demand may prove to be incorrect, in which case the provision required for excess and obsolete inventory would have to be adjusted in the future. Although the Company performs a detailed review of its forecasts of future product demand, any significant unanticipated changes in demand could have a significant impact on the value of the Company’s inventory and reported operating results.

Property, Plant and Equipment, Net

Property, plant and equipment, net, including improvements that significantly add to productive capacity or extend useful life, are stated at historical cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The Company capitalizes interest on certain projects with long-term construction periods. Maintenance and repairs expenditures are charged to expense as incurred. Estimated useful lives of the respective property, plant and equipment assets are as follows:


Asset						Useful Life
Buildings						31 years
Building improvements						Economic life of the building improvements
Leasehold improvements						The shorter of the remaining term of the lease or estimated useful life
Machinery and equipment						3-10 years
Office equipment						3 years

Intangible assets, net

Intangible assets, net primarily consist of identified intangible assets related to previous acquisitions, as well as capitalized costs to acquire and defend patent and trademark related awards. In addition, the Company holds technology, customer relationships, and non-compete agreements. The Company’s intangible assets are amortized using the straight-line method over their estimated useful lives (approximating their economic benefit) ranging from three to twelve years.

Impairment of Long-Lived Assets

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

Property, plant and equipment and finite-lived assets are tested for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset group for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset group to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset group are less than its carrying amount. If such assets are not impaired, but their useful lives have decreased, the remaining net book value is amortized over the revised useful life.

Indefinite-lived intangible assets are reviewed for impairment at least annually or whenever events or changes in circumstances indicate that it is more likely than not that the asset is impaired. The impairment test consists of a qualitative assessment to determine if events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform a quantitative impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If events occur, a comparison of the fair value of the intangible asset with its carrying value is performed. If the carrying value of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The Company has elected the first business day of the fourth quarter of its fiscal year as the annual impairment testing date. The results of the annual impairment test did not indicate any impairments of indefinite-lived intangible assets for fiscal years 2023, 2022 and 2021.

Goodwill

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

In testing goodwill for impairment, the Company has the option to first consider qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Such qualitative factors include industry and market considerations, economic conditions, entity-specific financial performance and other events, such as changes in management, strategy and primary customer base. If based on the Company’s qualitative assessment it is more likely than not that the fair value of the reporting unit is less than its carrying amount, quantitative impairment testing is required. However, if the Company concludes otherwise, quantitative impairment testing is not required. The results of the Company’s qualitative goodwill impairment test performed on the first business day of fourth quarter for fiscal years 2023, 2022 and 2021 did not indicate any impairments.

Leases

The Company accounts for leases in accordance with GAAP. At the inception of an arrangement, the Company determines whether the arrangement is a lease arrangement or contains a lease based on the unique facts and circumstances present. Leases with a term greater than 12 months are recognized on the balance sheet as right-of-use (“ROU”) assets with a corresponding lease liability. The Company has elected not to recognize on the consolidated balance sheets leases with an initial term of 12 months or less. Leases with an initial term of 12 months or less are directly expensed as incurred. Leases are classified as either operating or finance depending on the specific terms of the arrangement.

The Company’s leases mainly consist of facilities, office equipment, and vehicles. The majority of leases are classified as operating leases. Certain lease agreements contain provisions for future rent increases. Lease payments included in the measurement of the lease liability comprise fixed payments and future rent increases tied to an index or rate. Future rent increases dependent on an index or rate are initially measured at the index or rate at the commencement date. The Company’s leases typically do not contain residual value guarantees.

At the commencement date, operating and finance lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected lease term. The lease term includes the non-cancelable period of the lease, plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. The

interest rate implicit in a lease contract is typically not readily determinable, therefore an incremental borrowing rate is used to calculate the lease liability. The incremental borrowing rate is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Certain adjustments to the ROU asset may be required for items such as prepayments, lease incentives received or initial direct costs paid.

Product Warranties

The Company provides warranties on its products to its customers, generally for one year from the date of shipment and in limited cases for longer periods. In the event of a failure of a product covered by these warranties, the Company must repair or replace the product or, if those remedies are insufficient, and at the discretion of the Company, provide a refund. In limited cases, the Company warrants its products to include significant liability beyond the cost of repairing or replacing the product or refunding the sales price of the product. The Company periodically assesses the adequacy of the warranty reserve and adjusts the amount, as necessary. If there is a material increase in the rate of customer claims, or the Company’s estimates of probable losses relating to specifically identified warranty exposures are inaccurate, the Company may need to record a charge against future cost of goods sold. There were $4,327 and $541 accrued as of March 31, 2023 and March 25, 2022, respectively.

Revenue Recognition

Revenue is recognized on contracts with customers when transfer of control to the customer occurs in exchange for an amount reflecting the consideration that the Company expects to be entitled. In order to achieve this core principle, the Company applies the following five step approach:

(1) Identify the contract with a customer—The Company considers customer purchase orders, which in some cases are governed by master agreements, to be customer contracts. A contract exists when it is approved by both parties, each party’s rights and obligations are identified, payment terms are known, customer has the ability and intent to pay and the contract has commercial substance. The Company uses judgment in determining the customer’s ability and intent to pay, which is based on factors such as the customer’s historical payment experience or, for new customers, credit and financial information pertaining to the customers.

(2) Identify the performance obligations in the contract—Performance obligations are identified as products and services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the product or service either on its own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the products or services is separately identifiable from other promises in the contract. Substantially, all of the Company’s contracts with customers contain a single performance obligation, such as the sale of mixed-signal integrated circuit products or the sale of wafer fabricators.

(3) Determine the transaction price—The transaction price is determined based on the consideration to which the Company expects to be entitled in exchange for transferring products to the customer. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that no significant future reversal of cumulative revenue under the contract will occur.

(4) Allocate the transaction price to the performance obligations in the contract—If the contract contains a single performance obligation, the entire transaction price is allocated to that performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligations based on a relative standalone selling price.

(5) Recognize revenue when a performance obligation is satisfied—Revenue is recognized when control of the product is transferred to the customer (i.e., when the Company’s performance obligation is satisfied), which typically occurs point in time at shipment or delivery, depending on the terms of the contract.

Sales channels

The Company sells products globally through its direct sales force, third-party distributors, independent sales representatives and consignment. The Company records revenue based on the amount of any discounted arrangement fee. When the Company transacts with a distributor, its contractual arrangement is with the distributor and not with the end customer. Whether the Company transacts business with and receives the order from a distributor or directly from an end customer, its revenue recognition policy and resulting pattern of revenue recognition for the order are the same.

The Company also uses independent sales representatives to assist in the sales process with certain customers. Sales representatives are not distributors. If a sales representative is engaged in the sales process, the Company receives the order directly from and sells the products directly to the end customer. The Company pays a commission to the sales representative, calculated as a percentage of the related customer payment. Sales representatives’ commissions are recorded as expenses when incurred and are classified as selling, general and administrative expenses in the Company’s consolidated statements of operations.

For the consignment arrangements with distributors, delivery occurs and revenue is recognized when the distributor pulls product from consignment inventory that is stored at designated distributor locations. Recognition is not contingent upon resale of the products to the distributors’ customers. Until the products are pulled for use or sale by the distributor, the Company retains control over the products’ disposition, including the right to pull back or relocate the products.

Variable consideration

Variable consideration includes sales in which the amount of consideration that the Company will receive is unknown as of the end of a reporting period. Such consideration primarily includes limited price protection provisions provided to distributors, sales under agreements that allow rights of return, referred to as stock rotation, provided to distributors, discounts and credits provided to distributors and returns provisions offered to direct customers. The Company estimates potential future returns, credits and sales allowances based on historical data from prior sales returns and credits issued and changes in product sales to customers.

Practical expedients elected

Revenue recognized is adjusted based on allowances, which are prepared on a portfolio basis using a most likely amount methodology. The length of time between revenue recognition and payment is not significant under any of the Company’s payment terms. Moreover, if the period between revenue recognition and when the customer pays is one year or less, the Company elected not to account for the significant financing component.

Other Revenue Recognition Policies

Shipping and handling activities are not considered a contractual performance obligation. The Company records shipping and handling costs billed to customers as revenue with offsetting costs recorded as cost of sale.

Contract Assets and Contract Liabilities

Contract assets and contract liabilities (deferred revenue) are reported net at the contract level for each reporting period. Contract assets typically result from contracts when revenue recognized exceeds the amount billed to the customer, and right to payment is not just subject to the passage of time. Contract assets are transferred to accounts receivable when the rights become unconditional. The Company had no contract assets as of March 31, 2023 and March 25, 2022.

Contract liabilities typically result from billings in excess of revenues recognized and relate to products shipped near the end of the reporting period for which the required revenue recognition criteria were not met. The Company had no significant contract liabilities as of March 31, 2023 and March 25, 2022.

Stock-Based Compensation

The Company recognizes compensation costs for all stock-based compensation awards made to employees based upon the awards’ estimated grant-date fair value. Typically, stock-based compensation expense is recognized evenly over the vesting period. However, stock-based compensation expense related to performance-based awards is recognized relative to the probability of achievement of the requisite milestones during the vesting period. The Company accounts for forfeitures as they occur. Determining the fair value of certain stock-based compensation awards at the grant date requires judgment, including estimating the expected life of the stock awards and the volatility of the underlying market-based and projected future cash flow assumptions. Any changes to those estimates that the Company makes from time to time may have a significant impact on the stock-based compensation expense recorded and could materially impact the Company’s results of operations.

Research and Development

The Company commits substantial capital and resources to internal and collaborative research and development projects in order to provide innovative products and solutions to its customers. The Company conducts research primarily to develop new technologies, enhance current product performance, improve the functionality and reliability of existing products, and develop revolutionary new products and solutions. Research and development costs are expensed as incurred

and include salaries, wages and other personnel related costs, material costs and depreciation, consulting costs, software licensing costs, maintenance costs and facility costs.

Pension Obligations

The Company, through its subsidiaries, has various foreign defined benefit plans as well as U.S. defined contribution plans. Accredited independent actuaries calculate related plan assets, liabilities and expenses. The Company is required to make certain assumptions to assign value to the plan assets and liabilities. These assumptions are reviewed annually, based on current plan information and consultations with independent investment advisors and actuaries. The Company does not offer other defined benefits associated with postretirement benefit plans other than pensions.

The Company recognizes the funded status of a benefit plan on its consolidated balance sheets and recognizes gains, losses and prior service cost or credits that arise during the period that are not recognized as components of net periodic benefit cost as a component of other comprehensive income, net of tax. In addition, the Company measures defined benefit plan assets and obligations as of the date of the employer’s fiscal year-end consolidated balance sheets and discloses in the notes to the consolidated financial statements the gains or losses, prior service costs or credits and transition asset or obligation.

Income Taxes

The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement and tax basis of assets and liabilities, as measured by enacted tax rates anticipated to be in effect when these differences are expected to reverse. This method also requires the recognition of future tax benefits to the extent that realization of such benefits is more likely than not. Deferred tax expense or benefit is the result of changes in the deferred tax assets and liabilities. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized, a valuation allowance is established.

The Company recognizes a liability for potential payments of taxes to various tax authorities related to uncertain tax positions and other tax matters. The recorded liability is based on a determination of whether and how much of a tax benefit taken by the Company in its tax filings or positions is “more likely than not” to be realized. The amount of the benefit that may be recognized in the consolidated financial statements is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. To the extent that the assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. The Company establishes a liability, which is included in other long-term liabilities in the consolidated balance sheets, for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These liabilities are established when the Company believes that certain positions might be challenged despite the Company’s belief that the tax return positions are fully supportable. The recorded liability is adjusted considering changes in the facts and circumstances. The provision for income taxes includes the impact of the recorded liability and changes thereto.

The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax provision in the consolidated statements of operations. Accrued interest and penalties are included in accrued expenses and other current liabilities in the consolidated balance sheets.

All undistributed earnings of our foreign subsidiaries are permanently reinvested. Accordingly, the Company does not provide for U.S. income taxes on such undistributed earnings.

Net Income Per Share

Basic net income per share is computed by dividing net income attributable to stockholders of the Company by the weighted-average number of common shares outstanding during the reporting period. Diluted net income per share is computed similarly to basic net income per share, except that it includes the potential dilution that could occur if dilutive securities were exercised. Information about potentially dilutive and antidilutive shares for the reporting period is provided in Note 17, “Net Income per Share.”

Concentrations of Credit Risk and Significant Customers

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with financial institutions that management believes to be of a high credit quality. To manage credit risk related to accounts receivables, the Company

evaluates the creditworthiness of its customers and maintains allowances, to the extend necessary, for potential credit losses based upon the aging of its accounts receivable balances and known collection issues. The Company has not experienced any significant credit losses during the prior two years.

As of March 31, 2023, Sanken and our largest, non-affiliated distributor accounted for 10.6% and 17.3%, respectively, of the Company’s outstanding trade accounts receivable, net, respectively, including related party trade accounts receivable. As of March 25, 2022, Sanken and our largest, non-affiliated distributor accounted for 23.8% and 12.0%, respectively, of the Company’s outstanding trade accounts receivable, net, respectively, including related party trade accounts receivable. No other customers accounted for 10% or more of outstanding trade accounts receivable, net as of such dates.

For the fiscal years ended March 31, 2023, March 25, 2022 and March 26, 2021, Sanken accounted for 16.5%, 19.4% and 17.7% of total net sales, respectively. For the same periods, sales to our largest, non-affiliated distributor accounted for 10.8%, 11.0%, and 11.4% of total net sales, respectively. No other customers accounted for 10% or more of total net sales for any of these periods. See Note 20, “Related Party Transactions” for a discussion of the termination, distribution and consulting agreements between Sanken and the Company to transition the marketing and sale of the Company’s products in Japan from Sanken to the Company.

During the fiscal year ended March 31, 2023, sales from customers located outside of the United States in the aggregate accounted for 86.5% of the Company’s total net sales, with Japan accounting for 16.5% and Greater China accounting for 26.1%. No other countries accounted for greater than 10.0% of total net sales for the fiscal year ended March 31, 2023.

During the fiscal year ended March 25, 2022, sales from customers located outside of the United States in the aggregate accounted for 85.9% of the Company’s total net sales, with Japan accounting for 19.4%, Greater China accounting for 25.0% and South Korea accounting for 10.5%. No other countries accounted for greater than 10.0% of total net sales for the fiscal year ended March 25, 2022.

During the fiscal year ended March 26, 2021, sales from customers located outside of the United States in the aggregate accounted for 86.1% of the Company’s total net sales, with Japan accounting for 17.7%, Greater China accounting for 26.6% and South Korea accounting for 10.5%. No other countries accounted for greater than 10.0% of total net sales for the fiscal year ended March 26, 2021.

Recently Adopted Accounting Standards

In October 2021, the 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 Accounting Standards Codification (“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 GAAP. If unable to rely on the acquiree’s accounting due to errors, noncompliance with 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 or another applicable rate during the original transition period ending on December 31, 2022. In March 2021, the UK Financial Conduct Authority announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of U.S. dollar LIBOR would be June 30, 2023, which is beyond the current sunset date of Topic 848. In light of this development, the FASB issued 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.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 25, 2022
Allowances for doubtful accounts	$ 102	$ 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)	191,754,292	190,473,595
Common stock, shares outstanding (in shares)	191,754,292	190,473,595

Property, Plant and Equipment, net - Schedule of Long Lived Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 25, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	$ 265,267	$ 210,455
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	36,237	35,221
Philippines
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	207,671	167,488
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	$ 21,359	$ 7,746

Summary of Significant Accounting Policies - Contract Assets and Contract Liabilities (Details) - USD ($)	Mar. 31, 2023	Mar. 25, 2022
Accounting Policies [Abstract]
Contract assets	$ 0	$ 0
Contract liabilities	$ 0	$ 0

Trade Accounts Receivable, Net - Summary of Trade Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021	Mar. 27, 2020
Receivables [Abstract]
Trade accounts receivable	$ 150,914	$ 129,539
Less:
Provision for expected credit losses	(102)	(105)	$ (138)	$ (288)
Returns and sales allowances	(26,269)	(14,819)	$ (15,274)	$ (17,185)
Related party trade accounts receivable, net of returns and sales allowances	(13,253)	(27,256)
Trade accounts receivable, net of provision for expected credit losses of $102 and $105 at March 31, 2023 and March 25, 2022, respectively	$ 111,290	$ 87,359

Inventories (Tables)

12 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

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


	March 31, 2023		March 25, 2022
Raw materials and supplies	$	15,049	$	11,941
Work in process	98,836		55,855
Finished goods	37,416		18,364

Total	$	151,301	$	86,160

Stock-Based Compensation - Summary of Performance Stock Units Activity (Details) - Performance Stock Units (PSUs) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022
Number of Shares
Beginning balance (in shares)	955,083
Granted (in shares)	2,805,698
Vested (in shares)	(855,916)
Cancelled (in shares)	(552,689)
Ending balance (in shares)	2,352,176	955,083
Weighted-Average Grant-Date Fair Value
Beginning balance (in dollars per share)	$ 20.22
Granted (in dollars per share)	24.64
Vested (in dollars per share)	28.01
Cancelled (in dollars per share)	21.45
Ending balance (in dollars per share)	$ 22.38	$ 20.22
Weighted-Average Remaining Contractual Life (In years)	2 years 7 months 20 days	1 year 6 months 3 days
Aggregate Intrinsic Value	$ 112,881	$ 27,869

Revenue from Contract with Customers - Net Sales by Core End Market and Application (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 973,653	$ 768,674	$ 591,207
Automotive
Disaggregation of Revenue [Line Items]
Total net sales	657,479	531,564	398,298
Industrial
Disaggregation of Revenue [Line Items]
Total net sales	196,705	133,187	94,872
Other
Disaggregation of Revenue [Line Items]
Total net sales	$ 119,469	$ 103,923	$ 98,037

- Definition

+ References

+ Details

Retirement Plans - Change in Amounts Recognized in AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Total
Less tax expense	$ (164)	$ (472)	$ 391
Pension Plan
Net Transition Obligation (Asset)
Beginning balance	183	224
Change in AOCI for non-U.S. defined benefit plan	(11)	20
Amounts in AOCI before tax	172	244
Less tax expense	43	61
Ending balance	129	183	224
Net Actuarial Loss
Beginning balance	1,896	3,193
Change in ACOI for non-U.S. defined benefit plan	36	(665)
Amounts in AOCI before tax	1,932	2,528
Less tax expense	483	632
Ending balance	1,449	1,896	3,193
Prior Service Costs
Beginning balance	(77)	1
Change in AOCI for non-U.S. defined benefit plan	(14)	(104)
Amounts in AOCI before tax	(91)	(103)
Less tax expense	(23)	(26)
Ending balance	(68)	(77)	1
Total
Beginning balance	2,002	3,418
Change in AOCI for non-U.S. defined benefit plan	11	(749)
Amounts in AOCI before tax	2,013	2,669
Less tax expense	503	667
Ending balance	$ 1,510	$ 2,002	$ 3,418

Net Income per Share - Schedule of Computation of Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Earnings Per Share [Abstract]
Net income attributable to Allegro MicroSystems, Inc.	$ 187,357	$ 119,407	$ 17,953
Net income attributable to common stockholders, basic	187,494	119,555	18,101
Net income attributable to common stockholders, diluted	$ 187,494	$ 119,555	$ 18,101
Basic weighted average common shares (in shares)	191,197,452	189,748,427	83,448,055
Dilutive effect of common stock equivalents (in shares)	2,490,650	2,062,778	92,968,590
Diluted weighted average common shares (in shares)	193,688,102	191,811,205	176,416,645
Basic net income attributable to Allegro MicroSystems, Inc. per share (in dollars per share)	$ 0.98	$ 0.63	$ 0.22
Basic net income attributable to common stockholders per share (in dollars per share)	0.98	0.63	0.22
Diluted net income attributable to Allegro MicroSystems, Inc. per share (in dollars per share)	0.97	0.62	0.10
Diluted net income attributable to common stockholders per share (in dollars per share)	$ 0.97	$ 0.62	$ 0.10

Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 25, 2022
Other Liabilities Disclosure [Abstract]
Accrued retirement	$ 8,032	$ 8,903
Provision for uncertain tax positions	2,837	2,757
Other long-term liabilities	98	3,626
Total	$ 10,967	$ 15,286

Commitment and Contingencies	12 Months Ended
Commitment and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Noncancellable purchase obligations Future minimum payments under purchase obligations with suppliers as of March 31, 2023 totaled $56,322, substantially all of which all expected to be procured in fiscal year 2024. Insurance The Company, through its subsidiaries, utilizes self-insured employee health programs for employees in the U.S. The Company records estimated liabilities for its self-insured health programs based on information provided by the third-party plan administrators, historical claims experience and expected costs of claims incurred but not reported. The Company monitors its estimated liabilities on a quarterly basis. As facts change, it may become necessary to make adjustments that could be material to the Company’s consolidated financial position and results of operations. Legal proceedings The Company is subject to various legal proceedings, and claims, and regulatory examinations or investigations arising in the normal course of business, the outcomes of which are subject to significant uncertainty, and the Company’s ultimate liability, if any, is difficult to predict. The Company records an accrual for legal contingencies when it is determined that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In making such determinations, the Company evaluates, among other things, the degree of probability of an unfavorable outcome and, when it is probable that a liability has been incurred, the ability to make a reasonable estimate of the loss. If the occurrence of liability is probable and estimable, the Company will disclose the nature of the contingency and, if estimable, will provide the likely amount of such loss or range of loss. The Company does not believe there are any current matters that could have a material adverse effect on its financial position, results of operations or cash flows. Indemnification From time to time, the Company has agreed to indemnify and hold harmless certain customers for potential allegations of infringement of intellectual property rights and patents arising from the use of its products. To date, the Company has not recognized or incurred any costs in connection with such indemnification arrangements; therefore, there was no accrual of such amounts at March 31, 2023 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 consolidated statements of operations during the period such determination was made. No significant environmental accruals were established at March 31, 2023 or March 25, 2022.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Property, Plant, and Equipment

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


Asset						Useful Life
Buildings						31 years
Building improvements						Economic life of the building improvements
Leasehold improvements						The shorter of the remaining term of the lease or estimated useful life
Machinery and equipment						3-10 years
Office equipment						3 years

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


	March 31, 2023		March 25, 2022
Land	$	15,384	$	15,775
Buildings, building improvements and leasehold improvements	61,500		59,816
Machinery and equipment	611,459		542,745
Office equipment	6,119		6,247
Construction in progress	48,378		22,428
Total	742,840		647,011
Less accumulated depreciation	(479,741)		(436,983)
Total	$	263,099	$	210,028

Accrued Expenses and Other Current Liabilities

12 Months Ended

Mar. 31, 2023

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

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


	March 31, 2023		March 25, 2022

Accrued management incentives	40,484		33,607
Accrued salaries and wages	20,205		14,699
Accrued warranty costs	4,327		541
Accrued vacation	8,178		5,715

Accrued professional fees	6,243		1,252
Accrued income taxes	5,625		1,831

Other current liabilities	9,832		7,814
Total	$	94,894	$	65,459

Other Assets, net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 25, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
VAT receivables long-term, net	$ 13,633	$ 6,386
Income taxes receivable long-term	13,133	15,763
Investments in marketable securities	19,929	12,346
Deposits	17,319	10,525
Long-term prepaid contracts	436	1,236
Other	4,780	1,353
Total	$ 69,230	$ 47,609

Nature of the Business and Basis of Presentation (Details)	Mar. 31, 2023 location continent
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of locations \| location	26
Number of continents on which entity operates \| continent	4

Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022
Goodwill [Roll Forward]
Balance at beginning of period	$ 20,009	$ 20,106
Foreign currency translation	586	(97)
Goodwill arising from acquisition	7,096
Balance at end of period	$ 27,691	$ 20,009

- 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

Leases - Narrative (Details)	Mar. 31, 2023
Minimum
Lessee, Lease, Description [Line Items]
Operating lease agreement term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease agreement term	10 years

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details)	12 Months Ended
	Mar. 31, 2023
Buildings
Property, Plant and Equipment [Line Items]
Useful Life	31 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life	10 years
Office equipment
Property, Plant and Equipment [Line Items]
Useful Life	3 years

Heyday Acquisition - Summary of Preliminary Purchase Price Allocation (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Sep. 01, 2022	Mar. 25, 2022	Mar. 26, 2021
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill	$ 27,691		$ 20,009	$ 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
Current liabilities assumed	(282)
Net deferred tax liability	(3,609)
Net assets acquired	13,149
Total estimated fair value of consideration	(20,245)	$ (20,245)
Goodwill	$ 7,096

Debt and Other Borrowings (Details)	Sep. 30, 2020 USD ($)	Mar. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Principal maturities of debt		$ 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		8.38%
Outstanding borrowings		$ 0
Senior Secured Revolving Credit Facility \| Mizuho Bank, Ltd \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Interest rate floor	0.005
Senior Secured Revolving Credit Facility \| Mizuho Bank, Ltd \| Minimum \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	3.75%
Senior Secured Revolving Credit Facility \| Mizuho Bank, Ltd \| Maximum \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	4.00%

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 25, 2022
Current assets:
Cash and cash equivalents	$ 351,576	$ 282,383
Restricted cash	7,129	7,416
Trade accounts receivable, net of provision for expected credit losses of $102 and $105 at March 31, 2023 and March 25, 2022, respectively	111,290	87,359
Trade and other accounts receivable due from related party	13,494	27,360
Accounts receivable - other	1,943	4,144
Inventories	151,301	86,160
Prepaid expenses and other current assets	25,346	14,995
Current portion of related party notes receivable	3,750	1,875
Total current assets	665,829	511,692
Property, plant and equipment, net	263,099	210,028
Operating lease, right-of-use asset	16,866	16,049
Deferred income tax assets	50,359	17,967
Goodwill	27,691	20,009
Intangible assets, net	52,378	35,970
Related party notes receivable, less current portion	8,438	5,625
Equity investment in related party	27,265	27,671
Other assets, net	69,230	47,609
Total assets	1,181,155	892,620
Current liabilities:
Trade accounts payable	56,256	29,836
Amounts due to related parties	9,682	5,222
Accrued expenses and other current liabilities	94,894	65,459
Current portion of operating lease liabilities	4,493	3,706
Total current liabilities	165,325	104,223
Obligations due under Senior Secured Credit Facilities	25,000	25,000
Operating lease liabilities, less current portion	13,048	12,748
Other long-term liabilities	10,967	15,286
Total liabilities	214,340	157,257
Commitments and contingencies (Note 16)
Stockholders' Equity:
Preferred Stock, $0.01 par value; 20,000,000 shares authorized, no shares issued or outstanding at March 31, 2023 and March 25, 2022	0	0
Common stock	1,918	1,905
Additional paid-in capital	674,179	627,792
Retained earnings	310,315	122,958
Accumulated other comprehensive loss	(20,784)	(18,448)
Equity attributable to Allegro MicroSystems, Inc.	965,628	734,207
Non-controlling interests	1,187	1,156
Total stockholders' equity	966,815	735,363
Total liabilities, non-controlling interests and stockholders' equity	$ 1,181,155	$ 892,620

Nature of the Business and Basis of Presentation	12 Months Ended
Nature of the Business and Basis of Presentation	Mar. 31, 2023
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 incorporated under the laws of Delaware. The Company is headquartered in Manchester, New Hampshire and has a global footprint, with 26 locations across four continents. Financial Periods The Company’s fiscal year is the 52-week or 53-week period ending on the Friday closest to the last day in March. The Company’s 2023 fiscal year ended March 31, 2023 (“fiscal year 2023”) was a 53-week period, while the 2022 fiscal year ended March 25, 2022 (“fiscal year 2022”) and 2021 fiscal year ended March 26, 2021 (“fiscal year 2021”) were 52-week periods.

Inventories

12 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventories

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


	March 31, 2023		March 25, 2022
Raw materials and supplies	$	15,049	$	11,941
Work in process	98,836		55,855
Finished goods	37,416		18,364

Total	$	151,301	$	86,160

The Company recorded inventory write-offs totaling $10,009, $5,809 and $4,464 for the fiscal years ended March 31, 2023, March 25, 2022 and March 26, 2021, respectively.

Related Party Transactions (Details) - USD ($)					12 Months Ended
Related Party Transactions (Details) - USD ($)	Mar. 31, 2023	Jan. 26, 2023	Dec. 02, 2021	Feb. 02, 2021	Mar. 31, 2023	Mar. 25, 2022	Jul. 01, 2022
Related Party Transaction [Line Items]
Stock issuance costs					$ 1,790,000
Amounts due to related parties	$ 9,682,000				9,682,000	$ 5,222,000
Periodic payment					3,014,000
Interest income					$ 202,000
IPO - Selling Shareholders
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				19,332,852
IPO
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				0
Net proceeds				$ 0
Sanken
Related Party Transaction [Line Items]
Ownership percentage by majority shareholder	51.40%				51.40%
OEP \| IPO - Selling Shareholders
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				1,832,852
Polar Semiconductor, LLC \| Sanken
Related Party Transaction [Line Items]
Ownership percentage by majority shareholder	70.00%				70.00%
Polar Semiconductor, LLC \| Allegro Microsystems, Inc.
Related Party Transaction [Line Items]
Ownership percentage by majority shareholder	30.00%				30.00%
Sanken \| Sanken Distribution Agreement, One-Time Payment
Related Party Transaction [Line Items]
Fees paid	$ 5,000,000
Sanken \| Sanken Distribution Agreement, One-Time Sales Return
Related Party Transaction [Line Items]
Sales return of resalable inventory	$ 4,200,000
Distribution agreement period	24 months
Terms of consulting agreement	6 months
PSL
Related Party Transaction [Line Items]
Purchases from related party					$ 58,056,000	55,297,000
Amounts due to related parties	$ 4,682,000				4,682,000	$ 5,222,000
PSL \| Wafer Foundry Agreement
Related Party Transaction [Line Items]
Purchase commitment period		3 years
PSL \| Wafer Foundry Agreement, Renewal Term
Related Party Transaction [Line Items]
Related party transaction, term		1 year
PSL \| Wafer Foundry Agreement, Termination Notice Period
Related Party Transaction [Line Items]
Related party transaction, term		2 years
PSL \| Wafer Foundry Agreement, Forecast
Related Party Transaction [Line Items]
Related party transaction, term		3 years
PSL \| Wafer Foundry Agreement, Binding Years
Related Party Transaction [Line Items]
Related party transaction, term		2 years
PSL \| Wafer Foundry Agreement, Mask Pricing Term
Related Party Transaction [Line Items]
Related party transaction, term		2 years
PSL \| Initial PSL Loan \| Loans Payable
Related Party Transaction [Line Items]
Principal amount			$ 7,500,000				$ 7,500,000
Interest rate			1.26%
Term			4 years
Outstanding balance	$ 12,188,000				$ 12,188,000

Revenue from Contract with Customers

12 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

The following tables summarize net sales disaggregated by application, by product and by geography for the fiscal years ended March 31, 2023, March 25, 2022 and March 26, 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:


	Fiscal Year Ended
		March 31, 2023		March 25, 2022		March 26, 2021

Automotive		$	657,479	$	531,564	$	398,298
Industrial		196,705		133,187		94,872
Other		119,469		103,923		98,037
Total net sales		$	973,653	$	768,674	$	591,207

Net sales by product:


	Fiscal Year Ended
		March 31, 2023		March 25, 2022		March 26, 2021
Power integrated circuits (“PIC”)		$	375,074	$	268,381	203,600
Magnetic sensors (“MS”)		598,579		500,293		387,607
Total net sales		$	973,653	$	768,674	$	591,207

Net sales by geography:


	Fiscal Year Ended
		March 31, 2023		March 25, 2022		March 26, 2021
Americas:
United States		$	131,150	$	108,396	82,165
Other Americas		28,014		23,056		16,558
EMEA:
Europe		169,368		134,537		103,128
Asia:
Japan		160,763		148,813		104,661
Greater China		253,906		191,895		157,546
South Korea		96,549		80,451		62,075
Other Asia		133,903		81,526		65,074
Total net sales		$	973,653	$	768,674	$	591,207

The Company recognizes sales net of returns and sales allowances, which are comprised of credits issued, price protection adjustments and stock rotation rights. As of March 31, 2023 and March 25, 2022, the liability associated with returns and sales allowances, inclusive of related party adjustments, was $30,571 and $14,924, respectively, and were netted against trade accounts receivable in the consolidated balance sheets.

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

- 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)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI 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
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

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

+ Details

Income Taxes - Components of Provision (Benefit) for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Current:
Federal	$ 53,973	$ 7,779	$ (3,821)
State	472	1,553	1,085
Foreign	9,523	4,361	2,115
Total current	63,968	13,693	(621)
Deferred:
Federal	(36,276)	7,892	(17,564)
State	310	371	(1,016)
Foreign	(4,150)	(765)	(351)
Total deferred	(40,116)	7,498	(18,931)
Total income tax provision	$ 23,852	$ 21,191	$ (19,552)

Fair Value Measurements - Change in Fair Value of Level 3 Contingent Consideration (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022
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	(2,800)	(2,000)
Ending balance	$ 0	$ 2,800

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Aug. 28, 2020
Business Acquisition [Line Items]
Unrealized foreign currency exchange gains (losses) on equity securities	$ 112	$ (565)
Fair value of earn-outs			$ 7,300
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Change in fair value of contingent consideration
Voxtel
Business Acquisition [Line Items]
Potential payout			$ 15,000

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Nov. 02, 2020 shares	Mar. 31, 2023 USD ($) $ / shares	Mar. 25, 2022 USD ($) $ / shares	Mar. 26, 2021 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined contribution plan, age		62 years
Years of service		5 years
Stock-based compensation		$ 61,798	$ 33,548	$ 49,870
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Grant date fair value (in dollars per share) \| $ / shares		$ 23.65	$ 26.00	$ 14.06
Options, vested in period, fair value		$ 29,732	$ 12,650	$ 2,241
Stock-based compensation expense not yet recorded		$ 37,490
Stock-based compensation expense not yet recorded, period for recognition		1 year 3 months 7 days
Stock-based compensation		$ 33,708
Performance Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value (in dollars per share) \| $ / shares		$ 24.64
Performance period		3 years
Stock-based compensation expense not yet recorded		$ 19,282
Stock-based compensation expense not yet recorded, period for recognition		2 years 7 months 20 days
Stock-based compensation		$ 26,890
Performance Stock Units (PSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant percentage of target shares granted maximum		0
Inclusion percentage of target goals		10.00%
Performance Stock Units (PSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant percentage of target shares granted maximum		2
Inclusion percentage of target goals		200.00%
Employee Stock Purchase Plan (ESPP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares) \| shares	2,685,528
Number of shares immediately available for grant (in shares) \| shares	832,400
Number of shares that may become available for grant (in shares) \| shares	1,852,958
Purchase price of common stock, percentage of fair market value	85.00%
Offering period	6 months
Stock-based compensation expense not yet recorded		$ 252
Stock-based compensation expense not yet recorded, period for recognition		3 months
Stock-based compensation		$ 921
Restricted Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation		146
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation		$ 133

Leases (Tables)

12 Months Ended

Mar. 31, 2023

Leases [Abstract]

Lease, Cost

Operating lease cost is recognized on a straight-line basis over the lease term. Information regarding the Company’s leases are as follows:


	Fiscal Year Ended
		March 31, 2023			March 25, 2022
Lease costs:
Operating lease expense		$	4,833		$	4,648
Short term lease expense		326			584

Other information:
Cash paid for operating leases		$	5,034		$	5,289

Weighted-average remaining lease term – operating leases		4.57 years			5.17 years
Weighted-average discount rate – operating leases		5.3		%	4.5		%

Schedule of Future Minimum Lease Payments for Noncancelable Operating Leases

As of March 31, 2023, future minimum lease payments under the lease agreements were as follows:


2024	$	5,545
2025	4,957
2026	4,071
2027	3,240
2028	2,520
Thereafter	2,818
Total lease payments	$	23,151
Less: imputed interest	(5,610)
Total operating lease liabilities	$	17,541

Fair Value Measurements - Assets And Liabilities Measured At Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 25, 2022
Assets:
Total assets	$ 129,077	$ 36,689
Liabilities:
Contingent consideration		2,800
Total liabilities		2,800
Level 1
Assets:
Investments in marketable securities	19,929	12,346
Total assets	129,077	36,689
Liabilities:
Contingent consideration		0
Total liabilities		0
Level 2
Assets:
Total assets	0	0
Liabilities:
Contingent consideration		0
Total liabilities		0
Level 3
Assets:
Total assets	0	0
Liabilities:
Contingent consideration		2,800
Total liabilities		2,800
Money Market Funds
Assets:
Money market fund deposits	102,019	16,927
Money market fund deposits	7,129	7,416
Investments in marketable securities	19,929	12,346
Money Market Funds \| Level 1
Assets:
Money market fund deposits	102,019	16,927
Money market fund deposits	7,129	7,416
Money Market Funds \| Level 2
Assets:
Money market fund deposits	0	0
Money market fund deposits	0	0
Investments in marketable securities	0	0
Money Market Funds \| Level 3
Assets:
Money market fund deposits	0	0
Money market fund deposits	0	0
Investments in marketable securities	$ 0	$ 0

Stock-Based Compensation - Summary of Unvested Restricted Common Stock Activity (Details) - Restricted Common Stock - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022
Number of Shares
Beginning balance (in shares)	140,526
Vested (in shares)	(117,096)
Cancelled (in shares)	(1,626)
Ending balance (in shares)	21,804	140,526
Weighted-Average Grant-Date Fair Value
Beginning balance (in dollars per share)	$ 14.00
Vested (in dollars per share)	14.00
Cancelled (in dollars per share)	0
Ending balance (in dollars per share)	$ 14.00	$ 14.00
Weighted-Average Remaining Contractual Life (In years)	1 month 28 days	1 year 25 days
Aggregate Intrinsic Value	$ 1,046	$ 4,101

Related Party Transactions	12 Months Ended
Related Party Transactions	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Public Offering of the Company’s Common Stock by Certain Stockholders On February 2, 2021, the Company filed a Registration Statement on Form S-1 for the public offering of shares owned by certain selling stockholders, including Sanken, OEP and certain of the Company’s officers and directors. The selling stockholders sold 19,332,852 shares of the Company’s common stock, including 1,832,852 shares of common stock sold by OEP in connection with the underwriters’ exercise of their over-allotment option. The Company did not sell any shares of its common stock and did not receive any of the proceeds from the offering. However, the Company incurred expenses, costs and fees in connection with the offering, including registration, filing and listing fees, printing fees and legal and accounting expenses, in the amount of $1,790 for the fiscal year ended March 26, 2021, which are included in selling, general and administrative expense in the accompanying consolidated statements of operations and comprehensive income. Transactions Involving Sanken The Company sells products to and purchases in-process products from Sanken. As of March 31, 2023, Sanken held approximately 51.4% of the Company’s outstanding common stock. Termination of Sanken Distribution Agreement On March 30, 2023, the Company entered into a termination of the distribution agreement with Sanken (the “Termination Agreement”). The Termination Agreement formally terminated the distribution agreement dated as of July 5, 2007, by and between the Company and Sanken (the “Distribution Agreement”), effective March 31, 2023. The Distribution Agreement provided Sanken the exclusive right to distribute the Company’s products in Japan. In connection with the termination of the Distribution Agreement, and, as provided for in the Termination Agreement, the Company made a one-time payment of $5,000 to Sanken in exchange for the cancellation of Sanken’s exclusive distribution rights in Japan, which was recorded in selling, general and administrative expenses in the consolidated statements of operations. Concurrent with the Termination Agreement, AML and Sanken also entered into a short-term, nonexclusive distribution agreement (the “Short-Term Distribution Agreement”) and a consulting agreement (the “Consulting Agreement”), each of which were effective April 1, 2023. In addition, the Company allowed a one-time sales return from Sanken of resalable inventory of $4,200. The Short-Term Distribution Agreement provides for the management and sale of Company product inventory for a period of twenty-four months. Under the terms of the Consulting Agreement, Sanken agreed to continue to provide transition services for a period of six months to a strategic customer as orders for the customer are transitioned from Sanken to the Company, and the Company agreed to pay Sanken for providing these transition services. Transactions involving Polar Semiconductor, LLC (“PSL”) The Company purchases in-process products from PSL, which is 70% owned by Sanken and 30% owned by the Company. Purchases of various products from PSL totaled $58,056 and $55,297 for the fiscal years ended March 31, 2023 and March 25, 2022, respectively. Accounts payable to PSL included in amounts due to related party totaled $4,682 and $5,222 as of March 31, 2023 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 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. The Company plans to purchase the forecast volume of wafers; however, if the Company fails to purchase the forecasted number of wafers for either of the first two years, it will pay a penalty for any shortfall for the given year. The parties also agreed upon production lead-times, as well as wafer, alignment, and mask pricing for the first two years of the term. Any changes to such pricing are subject to mutual agreement. Notes Receivable from PSL On December 2, 2021, AML entered into a loan agreement with PSL wherein PSL provided an initial promissory note to AML for a principal amount of $7,500 (the “Initial PSL Loan”). The Initial PSL Loan will be repaid in equal installments, comprising of principal and interest accrued at 1.26% per annum, over a term of four years, with payments due on the first day of each calendar year quarter (April 1st, July 1st, October 1st, and January 1st). On July 1, 2022, PSL borrowed an additional $7,500 under the same terms of the PSL Loan (the “Secondary PSL Loan” and, together with the Initial PSL Loan, the “PSL Promissory Notes”). The loan funds were used by PSL to procure a deep ultraviolet scanner and other associated manufacturing tools necessary to increase wafer fabrication capacity in support of the Company’s increasing wafer demand. As of March 31, 2023, the outstanding balance of the PSL Promissory Notes was $12,188. During the year ended March 31, 2023, PSL made quarterly payments to AML totaling $3,014, which included $202 of interest income.

Commitment and Contingencies (Details) - USD ($)	Mar. 31, 2023	Mar. 25, 2022
Commitments and Contingencies Disclosure [Abstract]
Purchase obligation	$ 56,322,000
Indemnification accruals	0	$ 0
Environmental accruals	$ 0	$ 0

Revenue from Contract with Customers - Net Sales by Product (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 973,653	$ 768,674	$ 591,207
Power integrated circuits (“PIC”)
Disaggregation of Revenue [Line Items]
Total net sales	375,074	268,381	203,600
Magnetic sensors (“MS”)
Disaggregation of Revenue [Line Items]
Total net sales	$ 598,579	$ 500,293	$ 387,607

- Definition

+ References

+ Details

Debt and Other Borrowings	12 Months Ended
Debt and Other Borrowings	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt and Other Borrowings	Debt and Other Borrowings As of March 31, 2023, the principal maturities of debt obligations outstanding of $25,000 will be due for repayment in fiscal year 2028. On September 30, 2020, the Company entered into a term loan credit agreement with Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent, and the other agents, arrangers and lenders party thereto, providing for a $325,000 senior secured term loan facility due in fiscal year 2028 (the “Term Loan Facility”). On September 30, 2020, the Company also entered into a revolving facility credit agreement with Mizuho Bank, Ltd., as administrative agent and collateral agent, and the other agents, arrangers and lenders party thereto, providing for a $50,000 senior secured revolving credit facility expiring in 2023 (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “Senior Secured Credit Facilities”). The Revolving Credit Facility is secured by a lien on the same collateral and on the same basis as the Term Loan Facility. Interest on the Term Loan Facility is calculated at LIBOR plus 3.75% to 4.00% based on the Company’s net leverage ratio, and LIBOR is subject to a 0.5% floor. The Company’s outstanding borrowings bore an interest rate of 8.38% at March 31, 2023. The Company had no outstanding borrowings on the Revolving Credit Facility as of March 31, 2023.

- 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
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-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
-Topic 470
-SubTopic 20
-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
-SubTopic 10
-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
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Property, Plant and Equipment, net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Property, Plant and Equipment [Abstract]
Fully depreciated assets retired during period	$ 1,638	$ 10,976	$ 63
Depreciation expense	$ 45,469	$ 44,178	$ 44,845

Other Long-Term Liabilities

12 Months Ended

Mar. 31, 2023

Other Liabilities Disclosure [Abstract]

Other Long-Term Liabilities

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


	March 31, 2023		March 25, 2022


Accrued retirement	8,032		8,903

Provision for uncertain tax positions	2,837		2,757
Other long-term liabilities	98		3,626
Total	$	10,967	$	15,286

Summary of Significant Accounting Policies - Goodwill (Details)	12 Months Ended
	Mar. 31, 2023 reportingUnit
Accounting Policies [Abstract]
Number of reporting units	1

Income Taxes - Schedule of Income Taxes Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Income Tax Disclosure [Abstract]
Tax provision at U.S. statutory rate	$ 44,383	$ 29,557	$ (305)
State income taxes, net of federal benefit	1,027	2,370	356
FDII	(25,391)	(9,066)	0
Research and development tax credit	(3,641)	(2,823)	(2,162)
Stock-based compensation	(1,025)	(230)	(13,303)
Cumulative provision-to-return	(914)	(590)	(862)
Gain on contingent purchase price reduction	(588)	(420)	(525)
Subpart F income, net of credits	(307)	283	43
Provision for uncertain tax positions	(81)	(17)	26
162(m) limitation	8,931	3,988	0
Foreign tax rate	954	(157)	1,279
Deferred tax remeasurement	651	0	309
Transaction costs	338	307	1,498
CARES carryback claim and amended returns	0	(2,031)	(3,834)
PSL Divestiture	0	0	(2,009)
Other	(485)	20	(63)
Total income tax provision	$ 23,852	$ 21,191	$ (19,552)

Net Income per Share - Contingently Issuable Shares (Details) - shares	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of shares, contingently issuable (in shares)	17,586	3,622	273
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of shares, contingently issuable (in shares)	17,586	0	273
Employee Stock Purchase Plan (ESPP)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of shares, contingently issuable (in shares)	0	3,622	0

Stock-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Units Activity

The following table summarizes RSU activity for the fiscal year ended March 31, 2023:


	Number of Shares	Weighted-Average Grant-Date Fair Value		Weighted-Average Remaining Contractual Life (In years)	Aggregate Intrinsic Value








Outstanding - March 25, 2022	1,701,007	$	20.50	1.27	$	49,635
Granted	2,237,432	$	23.65
Vested	(1,475,998)	$	20.15
Canceled	(211,217)	$	20.57
Outstanding - March 31, 2023	2,251,224	$	23.85	1.27	$	108,036

Schedule of Performance Units Fair Value Assumptions

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

Fiscal Year Ended

March 31,
2023

Performance term

2.81 years

Volatility

51.3%

Risk-free rate of return

2.76%

Dividend yield

—%

Weighted-average fair value per share

$30.69

Summary of Performance Stock Units Activity

The following table summarizes PSU activity for the fiscal year ended March 31, 2023:


	Number of Shares	Weighted-Average Grant-Date Fair Value		Weighted-Average Remaining Contractual Life (In years)	Aggregate Intrinsic Value








Outstanding - March 25, 2022	955,083	$	20.22	1.51	$	27,869
Granted	2,805,698	$	24.64
Vested	(855,916)	$	28.01
Canceled	(552,689)	$	21.45
Outstanding - March 31, 2023	2,352,176	$	22.38	2.64	$	112,881

Summary of Unvested Restricted Common Stock Activity

The following table summarizes unvested restricted common stock activity for the fiscal year ended March 31, 2023:


	Number of Shares	Weighted-Average Grant-Date Fair Value		Weighted-Average Remaining Contractual Life	Aggregate Intrinsic Value







Outstanding - March 25, 2022	140,526	$	14.00	1.07	$	4,101
Vested	(117,096)	$	14.00
Canceled	(1,626)	$	—
Outstanding - March 31, 2023	21,804	$	14.00	0.16	$	1,046

Schedule of Stock-Based Compensation Expense

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


	Fiscal Year Ended
	March 31, 2023		March 25, 2022		March 26, 2021
Cost of sales	$	5,090	$	3,176	$	5,158
Research and development	9,496		3,933		3,573
Selling, general and administrative	47,212		26,439		41,139
Total stock-based compensation	$	61,798	$	33,548	$	49,870

Schedule of ESPP Fair Value Assumptions

The weighted-average fair value of the ESPP shares was determined using the Black-Scholes model incorporating the following weighted-average assumptions:


	Fiscal Year Ended
	March 31, 2023	March 25, 2022	March 26, 2021
Expected performance term	0.50 years	0.50 years	0.50 years
Volatility	44.99%	48.10%	55.02%
Risk-free rate of return	3.58%	0.10%	0.09%
Dividend yield	—%	—%	—%
Weighted-average fair value per share	$6.83	$8.25	$7.77

Goodwill and Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022
Finite-Lived Intangible Assets [Line Items]
Gross	$ 76,985	$ 61,168
Accumulated Amortization	24,607	25,198
Net Carrying Amount	52,378	35,970
Patents
Finite-Lived Intangible Assets [Line Items]
Gross	40,213	36,577
Accumulated Amortization	18,335	15,304
Net Carrying Amount	$ 21,878	$ 21,273
Weighted-Average Lives	10 years	10 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross	$ 3,281	$ 6,590
Accumulated Amortization	3,115	6,348
Net Carrying Amount	$ 166	$ 242
Weighted-Average Lives	9 years	9 years
Process technology
Finite-Lived Intangible Assets [Line Items]
Gross	$ 28,508	$ 14,750
Accumulated Amortization	2,963	3,463
Net Carrying Amount	$ 25,545	$ 11,287
Weighted-Average Lives	12 years	12 years
Indefinite-lived process technology and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross	$ 4,696	$ 3,168
Accumulated Amortization	0	0
Net Carrying Amount	4,696	3,168
Trademarks and other
Finite-Lived Intangible Assets [Line Items]
Gross	287	83
Accumulated Amortization	194	83
Net Carrying Amount	$ 93	$ 0
Weighted-Average Lives	5 years	5 years

Retirement Plans - Defined Contribution Plans, Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
AML US Employee, Defined Contribution Plan
Defined Contribution Plan Disclosure [Line Items]
Maximum employer contribution	5.00%
Total contributions	$ 4,708	$ 4,074	$ 3,687
AME Plan
Defined Contribution Plan Disclosure [Line Items]
Total contributions	$ 1,248	$ 1,065	$ 507

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021	Mar. 27, 2020
Income Tax Contingency [Line Items]
Capitalized research and development costs	$ 30,582	$ 0
Deferred income tax, estimated rate benefit	13,133
Provision for uncertain tax positions	2,408	2,459	$ 2,554	$ 2,559
Unrecognized tax benefits that would impact effective tax rate	2,392	2,433	2,542
Unrecognized tax benefits, income tax penalties and interest expense	39	58	$ 73
Unrecognized tax benefits, income tax penalties and interest accrued	445	$ 324
Thailand Tax Authority \| Research Tax Credit Carryforward \| AMTC Facility \| Held-for-sale
Income Tax Contingency [Line Items]
Tax credit carryforward, valuation allowance	$ 3,581

Goodwill and Intangible Assets

12 Months Ended

Mar. 31, 2023

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 26, 2021	$	20,106
Foreign currency translation	(97)
Balance at March 25, 2022	$	20,009
Goodwill arising from acquisition	7,096

Foreign currency translation	586
Balance at March 31, 2023	$	27,691

Intangible assets, net were as follows:


	March 31, 2023
Description	Gross		Accumulated Amortization		Net Carrying Amount		Weighted-Average Lives
Patents	$	40,213	$	18,335	$	21,878	10 years
Customer relationships	3,281		3,115		166		9 years
Process technology	28,508		2,963		25,545		12 years
Indefinite-lived process technology and trademarks	4,696		—		4,696
Trademarks and other	287		194		93		5 years


Total	$	76,985	$	24,607	$	52,378


	March 25, 2022
Description	Gross		Accumulated Amortization		Net Carrying Amount		Weighted-Average Lives
Patents	$	36,577	$	15,304	$	21,273	10 years
Customer relationships	6,590		6,348		242		9 years
Process technology	14,750		3,463		11,287		12 years
Indefinite-lived process technology and trademarks	3,168		—		3,168
Trademarks and other	83		83		—		5 years


Total	$	61,168	$	25,198	$	35,970

Intangible assets amortization expense was $5,209, $4,219 and $3,332 for the fiscal years ended March 31, 2023, March 25, 2022 and March 26, 2021, respectively.

As of March 31, 2023, amortization expense of intangible assets for the next five fiscal years is expected to be as follows:


2024	$	5,552
2025	5,229
2026	4,926
2027	4,573
2028	4,282
Thereafter	23,120
Total	$	47,682

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Use of Estimates

Reclassifications

Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications.

Business Segment Information

Foreign Currency Transaction and Translations

Foreign Currency Translation and Transactions

Non-Controlling Interests

Cash Equivalents and Restricted Cash

Fair Value of Financial Instruments

Level 1 — Quoted prices in active markets for identical assets or liabilities.

The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement.

A detailed description of fair value measurement of the assets of the non-U.S. defined benefit plan is included in Note 15, “Retirement Plans.”

Trade accounts receivable, net

Inventories

Property, Plant and Equipment, Net


Asset						Useful Life
Buildings						31 years
Building improvements						Economic life of the building improvements
Leasehold improvements						The shorter of the remaining term of the lease or estimated useful life
Machinery and equipment						3-10 years
Office equipment						3 years

Intangible assets, net

Impairment of Long-Lived Assets

Sales channels

Variable consideration

Practical expedients elected

Other Revenue Recognition Policies

Contract Assets and Contract Liabilities

Stock-Based Compensation

Research and Development

and include salaries, wages and other personnel related costs, material costs and depreciation, consulting costs, software licensing costs, maintenance costs and facility costs.

Pension Obligations

Income Taxes

All undistributed earnings of our foreign subsidiaries are permanently reinvested. Accordingly, the Company does not provide for U.S. income taxes on such undistributed earnings.

Net Income Per Share

Concentrations of Credit Risk and Significant Customers

Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted

Recently Adopted Accounting Standards

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

Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	$ 5,552
2025	5,229
2026	4,926
2027	4,573
2028	4,282
Thereafter	23,120
Net Carrying Amount	$ 47,682

Summary of Significant Accounting Policies - Concentrations of Credit Risk and Significant Customers (Details)	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Trade Accounts Receivable \| Customer Concentration Risk \| Sanken
Concentration Risk [Line Items]
Concentration risk, percentage	10.60%	23.80%
Trade Accounts Receivable \| Customer Concentration Risk \| Largest Distributor
Concentration Risk [Line Items]
Concentration risk, percentage	17.30%	12.00%
Revenue Benchmark \| Customer Concentration Risk \| Sanken
Concentration Risk [Line Items]
Concentration risk, percentage	16.50%	19.40%	17.70%
Revenue Benchmark \| Customer Concentration Risk \| Largest Distributor
Concentration Risk [Line Items]
Concentration risk, percentage	10.80%	11.00%	11.40%
Revenue Benchmark \| Geographic Concentration Risk \| Non-US
Concentration Risk [Line Items]
Concentration risk, percentage	86.50%	85.90%	86.10%
Revenue Benchmark \| Geographic Concentration Risk \| Japan
Concentration Risk [Line Items]
Concentration risk, percentage	16.50%	19.40%	17.70%
Revenue Benchmark \| Geographic Concentration Risk \| Greater China
Concentration Risk [Line Items]
Concentration risk, percentage	26.10%	25.00%	26.60%
Revenue Benchmark \| Geographic Concentration Risk \| South Korea
Concentration Risk [Line Items]
Concentration risk, percentage		10.50%	10.50%

Summary of Significant Accounting Policies - Non-controlling Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 25, 2022	Mar. 26, 2021	Mar. 31, 2023
Money Market Funds
Noncontrolling Interest [Line Items]
Unrealized gains on marketable securities	$ 0	$ 0
Affiliated Entity in Philippines
Noncontrolling Interest [Line Items]
Ownership percentage by majority shareholder			40.00%
Noncontrolling interest ownership percentage			60.00%

Summary of Significant Accounting Policies - Business Segment Information (Details)	12 Months Ended
	Mar. 31, 2023 segment
Accounting Policies [Abstract]
Number of operating segments	1

Income Taxes

12 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The components of income before income taxes include the following:


	Fiscal Year Ended
	March 31, 2023		March 25, 2022		March 26, 2021
Income before provision for income taxes attributable to:
Domestic operations	$	190,107	$	121,883	$	(2,288)
Foreign operations	21,239		18,863		837
Total	$	211,346	$	140,746	$	(1,451)

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


	Fiscal Year Ended
	March 31, 2023		March 25, 2022		March 26, 2021
Current:
Federal	$	53,973	$	7,779	$	(3,821)
State	472		1,553		1,085
Foreign	9,523		4,361		2,115
Total current	63,968		13,693		(621)
Deferred:
Federal	(36,276)		7,892		(17,564)
State	310		371		(1,016)
Foreign	(4,150)		(765)		(351)
Total deferred	(40,116)		7,498		(18,931)
Total income tax provision	$	23,852	$	21,191	$	(19,552)

The difference between the tax provision at the statutory federal tax rate and the provision for income taxes is as follows:


	Fiscal Year Ended
	March 31, 2023		March 25, 2022		March 26, 2021
Tax provision at U.S. statutory rate	$	44,383	$	29,557	$	(305)
State income taxes, net of federal benefit	1,027		2,370		356
FDII	(25,391)		(9,066)		—
Research and development tax credit	(3,641)		(2,823)		(2,162)
Stock-based compensation	(1,025)		(230)		(13,303)
Cumulative provision-to-return	(914)		(590)		(862)
Gain on contingent purchase price reduction	(588)		(420)		(525)
Subpart F income, net of credits	(307)		283		43
Provision for uncertain tax positions	(81)		(17)		26
162(m) limitation	8,931		3,988		—
Foreign tax rate	954		(157)		1,279
Deferred tax remeasurement	651		—		309
Transaction costs	338		307		1,498
CARES carryback claim and amended returns	—		(2,031)		(3,834)
PSL Divestiture	—		—		(2,009)




Other	(485)		20		(63)
Total income tax provision	$	23,852	$	21,191	$	(19,552)


	March 31, 2023		March 25, 2022
Deferred income tax assets:
Capitalized research and development costs	$	30,582	$	—
Bonuses, commissions and other compensation	11,506		11,137
Inventory and sales related	8,730		5,892
Stock-based compensation	3,842		2,837
Tax credits	3,220		6,454
Right-of-use liability	2,479		2,221
Other accruals and reserves	2,803		2,067
Net operating loss carryforward	361		2,106
Gross deferred income tax assets	63,523		32,714
Valuation allowance for deferred income tax assets	(3,581)		(5,070)
Total deferred income tax assets	59,942		27,644
Deferred income tax liabilities:
Equity method and other investments	(4,172)		(2,801)
Fixed assets and intangibles	(3,020)		(4,720)
Right-of-use asset	(2,391)		(2,156)

Total deferred income tax liabilities	(9,583)		(9,677)
Net deferred income tax assets	$	50,359	$	17,967

In assessing the realizability of its deferred tax assets, the Company considered whether it was more likely than not that some portion or all of the deferred tax assets would not be realized. The realization of deferred tax assets depends upon the generation of future taxable income during the periods in which these temporary differences become deductible. The Company established a valuation allowance for state research credits and state net operating losses (“NOLs”) of $3,581, which will begin to expire between fiscal year 2024 and 2037 and are not expected to be utilized by the Company prior to expiration.

Pursuant to the 2017 Tax Cuts and Jobs Act (the “Jobs Act”), beginning in fiscal year 2023, U.S. tax law now requires us to capitalize and amortize domestic and foreign research and development expenditures over five and fifteen years, respectively (“174 Capitalization”). The impact of 174 Capitalization to our deferred tax assets is $30,582.

The Company’s intent is to permanently reinvest and use its existing foreign cash to fund its subsidiaries’ working capital needs, short-term and long-term capital projects, and to make investments and acquisitions. Therefore, no deferred tax liability has been established with respect to outside basis difference in its foreign subsidiaries.

The Company filed carryback claims allowable under the Coronavirus Aid, Relief and Economic Security Act (“the CARES Act”) to utilize NOLs and carryover credits generated during fiscal year 2021. As of March 31, 2023, the Company has an outstanding receivable of $13,133 related to these filings that are classified as a long-term tax receivable.

Uncertain Tax Positions

As of March 31, 2023, the Company had $2,408 of gross unrecognized tax benefits, of which $2,392 would impact the effective tax rate, if recognized. As of March 25, 2022, the Company had $2,459 of gross unrecognized tax benefits, of which $2,433 would impact the effective tax rate, if recognized. As of March 26, 2021, the Company had $2,554 of gross unrecognized tax benefits, of which $2,542 would impact the effective tax rate, if recognized. These amounts are recorded as a long-term liability, as the Company does not anticipate payment within one year.


	Fiscal Year Ended
	March 31, 2023		March 25, 2022		March 26, 2021
Beginning balance	$	2,459	$	2,554	$	2,559
Gross increases-tax positions in prior period	—		—		55
Gross decreases-tax positions in prior period settlement	—		—		—
Lapse in statute of limitations	(51)		(95)		(60)
Balance at end of period	$	2,408	$	2,459	$	2,554

The Company believes that all tax positions are adequately provided for; amounts asserted by tax authorities could be greater or less than the accrued position. Accordingly, the Company’s provisions for federal, state and foreign tax related matters to be recorded in the future might change as revised estimates are made, or the underlying matters are settled or otherwise resolved.

The Company’s policy is to classify interest expense and penalties, if any, as components of the income tax provision in the consolidated statements of operations. The Company recorded net increases of $39, $58 and $73 in interest, penalties and releases during fiscal years 2023, 2022 and 2021, respectively. As of March 31, 2023 and March 25, 2022, the amount of accrued interest and penalties totaled approximately $445 and $324, respectively.

Examinations by Tax Authorities

The Company and its subsidiaries are routinely subject to examination by taxing authorities in the United States and the foreign jurisdictions in which it does business. Currently, the Internal Revenue Service is auditing the CARES Act carryback claim for fiscal year 2016 through 2021, and the Bureau of Internal Revenue is auditing our Philippine subsidiary for tax year 2019. U.S. and material foreign jurisdictions statutes of limitation remain open as of 2016.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 25, 2022
Payables and Accruals [Abstract]
Accrued management incentives	$ 40,484	$ 33,607
Accrued salaries and wages	20,205	14,699
Accrued warranty costs	4,327	541
Accrued vacation	8,178	5,715
Accrued professional fees	6,243	1,252
Accrued income taxes	5,625	1,831
Other current liabilities	9,832	7,814
Total	$ 94,894	$ 65,459

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 61,798	$ 33,548	$ 49,870
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	5,090	3,176	5,158
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	9,496	3,933	3,573
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 47,212	$ 26,439	$ 41,139

Summary of Significant Accounting Policies - Intangible assets, net (Details)	12 Months Ended
	Mar. 31, 2023
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	12 years

Stock-Based Compensation - Schedule of Performance Units Fair Value Assumptions (Details) - Performance Stock Units (PSUs)	12 Months Ended
	Mar. 31, 2023 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance term	2 years 9 months 21 days
Volatility	51.30%
Risk-free rate of return	2.76%
Dividend yield	0.00%
Weighted-average fair value per share (in dollars per share)	$ 30.69

Goodwill and Intangible Assets (Tables)

12 Months Ended

Mar. 31, 2023

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 26, 2021	$	20,106
Foreign currency translation	(97)
Balance at March 25, 2022	$	20,009
Goodwill arising from acquisition	7,096

Foreign currency translation	586
Balance at March 31, 2023	$	27,691

Schedule of Intangible Assets, Net

Intangible assets, net were as follows:


	March 31, 2023
Description	Gross		Accumulated Amortization		Net Carrying Amount		Weighted-Average Lives
Patents	$	40,213	$	18,335	$	21,878	10 years
Customer relationships	3,281		3,115		166		9 years
Process technology	28,508		2,963		25,545		12 years
Indefinite-lived process technology and trademarks	4,696		—		4,696
Trademarks and other	287		194		93		5 years


Total	$	76,985	$	24,607	$	52,378


	March 25, 2022
Description	Gross		Accumulated Amortization		Net Carrying Amount		Weighted-Average Lives
Patents	$	36,577	$	15,304	$	21,273	10 years
Customer relationships	6,590		6,348		242		9 years
Process technology	14,750		3,463		11,287		12 years
Indefinite-lived process technology and trademarks	3,168		—		3,168
Trademarks and other	83		83		—		5 years


Total	$	61,168	$	25,198	$	35,970

Schedule of Annual Amortization Expense

As of March 31, 2023, amortization expense of intangible assets for the next five fiscal years is expected to be as follows:


2024	$	5,552
2025	5,229
2026	4,926
2027	4,573
2028	4,282
Thereafter	23,120
Total	$	47,682

- 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
-Section 55
-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

Retirement Plans (Tables)

12 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Schedule of Expense Related to Defined Benefit Plan

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


	Fiscal Year Ended
		March 31, 2023		March 25, 2022		March 26, 2021
Service cost		$	1,358	$	1,554	$	1,454
Interest cost		763		637		628
Expected return on plan assets		(301)		(304)		(299)

Amortization of net transition asset		—		—		(1)
Amortization of prior service cost		(8)		1		8
Actuarial loss		77		205		179
Net periodic pension expense		$	1,889	$	2,093	$	1,969

Changes in Benefit Obligations and Plan Assets

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


	Fiscal Year Ended
	March 31, 2023		March 25, 2022
Obligation and funded status of plan:
Benefit obligation at beginning of year	$	15,080	$	17,180
Service cost	1,358		1,554
Interest cost	763		637
Prior service cost	—		(108)
Benefits paid	(1,014)		(1,180)
Actuarial gain	(908)		(1,822)
Foreign currency exchange rate changes	(549)		(1,181)
Benefit obligation at end of year	$	14,730	$	15,080
Change in plan assets:
Fair value of plan assets at beginning of year	$	7,097	$	7,644
Actual return on plan assets	(189)		(235)
Employer contributions	1,463		1,380
Benefits paid	(952)		(1,146)
Foreign currency exchange rate changes	(251)		(546)
Fair value of plan assets at end of year	$	7,168	$	7,097
Underfunded status at end of year	$	(7,562)	$	(7,983)

Obligations and Asset Information for Plan with Projected Benefit Obligation in Excess of Plan Assets

The following table presents the obligations and asset information for the non-U.S. defined benefit plan that has a projected benefit obligation in excess of plan assets:


	Fiscal Year Ended
	March 31, 2023		March 25, 2022
Projected benefit obligations	$	14,730	$	15,080
Plan assets	7,168		7,097
Accumulated benefit obligations	8,868		9,216

Schedule of Amounts Recorded for AOCI for Defined Benefit Plan

The amounts recorded in AOCI for the non-U.S. defined benefit plan for the fiscal years ended March 31, 2023 and March 25, 2022 are further detailed below:


	Net Transition Obligation (Asset)		Net Actuarial Loss		Prior Service Costs		Total




Balance, March 26, 2021, net of tax	$	224	$	3,193	1		$	3,418
2022 change in AOCI for non-U.S. defined benefit plan	20		(665)		(104)		(749)
Amounts in AOCI before tax	244		2,528		(103)		2,669
Less tax expense	61		632		(26)		667
Balance, March 25, 2022, net of tax	183		1,896		(77)		2,002
2023 change in AOCI for non-U.S. defined benefit plan	(11)		36		(14)		11
Amounts in AOCI before tax	172		1,932		(91)		2,013
Less tax expense	43		483		(23)		503
Balance, March 31, 2023, net of tax	$	129	$	1,449	$	(68)	$	1,510

Schedule of Weighted-Average Assumptions

Weighted-Average Assumptions Used to Determine Projected Benefit Obligation


	March 31, 2023		March 25, 2022
Non-U.S. assumed discount rate	6.63	%	5.58	%
Non-U.S. rate of compensation increase	5.50	%	5.50	%

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost


	March 31, 2023		March 25, 2022		March 26, 2021
Non-U.S. assumed discount rate	6.63	%	5.58	%	4.00	%
Non-U.S. expected long-term return on plan assets	6.40	%	4.10	%	4.20	%
Non-U.S. rate of compensation increase	5.50	%	5.50	%	5.00	%

Fair Value of Entity's Plan Assets


	Fair Value at March 31, 2023		Level 1		Level 2		Level 3
Assets of non-U.S. defined benefit plan:
Government securities	$	2,133	$	2,133	$	—	$	—
Unit investment trust fund	1,196		—		1,196		—
Loans	586		—		—		586
Bonds	687		—		687		—
Stocks and other investments	2,566		1,461		3		1,102
Total	$	7,168	$	3,594	$	1,886	$	1,688


	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:


	Level 3 Non-U.S. Defined Plan Assets
	Loans		Stocks
Balance at March 27, 2020	$	756	$	364
Additions during the year	325		—
Redemptions during the year	(531)		—
Revaluation of equity securities	—		753
Change in foreign currency exchange rates	34		16
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	(45)		(81)
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	(19)		(38)
Balance at March 31, 2023	$	586	$	1,102

Schedule of Estimated Future Benefit Payments

The following table projects the benefits expected to be paid to participants from the plans in each of the following fiscal years. The majority of the payments will be paid from Company assets.


	Pension Benefits
2024	$	1,465
2025	947
2026	896
2027	1,192
2028	1,550
Thereafter	8,914
Total	$	14,964

Inventories - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Inventories - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Inventory Disclosure [Abstract]
Recorded inventory provisions	$ 10,009	$ 5,809	$ 4,464

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 2,459	$ 2,554	$ 2,559
Gross increases-tax positions in prior period	0	0	55
Gross decreases-tax positions in prior period settlement	0	0	0
Lapse in statute of limitations	(51)	(95)	(60)
Balance at end of period	$ 2,408	$ 2,459	$ 2,554

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Net sales	$ 973,653	$ 768,674	$ 591,207
Cost of goods sold	348,390	286,855	254,285
Cost of goods sold to related party	79,184	74,359	58,020
Gross profit	546,079	407,460	278,902
Operating expenses:
Research and development	150,850	121,873	108,649
Selling, general and administrative	194,722	150,937	153,476
Impairment of long-lived assets	0	0	7,119
Change in fair value of contingent consideration	(2,800)	(2,000)	(2,500)
Total operating expenses	342,772	270,810	266,744
Operating income	203,307	136,650	12,158
Other income (expense):
Loss on debt extinguishment	0	0	(9,055)
Interest expense	(2,336)	(2,499)	(3,828)
(Loss) income in earnings of equity investment	1,724	1,442	1,225
Foreign currency transaction gain (loss)	980	(568)	(2,889)
(Loss) income in earnings of equity investment	(406)	1,007	1,413
Unrealized gains on marketable securities	7,471	3,722	0
Other, net	606	992	(475)
Income (loss) before income taxes	211,346	140,746	(1,451)
Income tax provision (benefit)	23,852	21,191	(19,552)
Net income	187,494	119,555	18,101
Net income attributable to non-controlling interests	137	148	148
Net income attributable to Allegro MicroSystems, Inc.	$ 187,357	$ 119,407	$ 17,953
Net income attributable to Allegro MicroSystems, Inc. per share:
Basic (in dollars per share)	$ 0.98	$ 0.63	$ 0.22
Diluted (in dollars per share)	$ 0.97	$ 0.62	$ 0.10
Weighted average shares outstanding:
Basic (in shares)	191,197,452	189,748,427	83,448,055
Diluted (in shares)	193,688,102	191,811,205	176,416,645
Non-Related Party Revenue
Net sales	$ 812,890	$ 619,861	$ 486,546
Related Party Revenue
Net sales	$ 160,763	$ 148,813	$ 104,661

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization expense	$ 5,209	$ 4,219	$ 3,332

Stock-Based Compensation

12 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

The Company accounts for stock-based compensation through the measurement and recognition of compensation expense for share-based payment awards made to employees over the related requisite service period, including PSUs, RSUs and restricted shares (all part of our equity incentive plan). Upon meeting the time-based vesting and, if applicable, any performance conditions, common shares of the Company (net of applicable tax withholding) are issued to the employee in exchange for each share-based unit.

RSUs granted to management generally have time-based vesting requirements with equal and annual graded vesting over approximately four years subsequent to the grant date, but also generally vest upon voluntary termination of employment by any employee who is “retirement eligible” as of his or her termination date. In order to be retirement eligible, an employee must be at least 62 years old, has completed a minimum of five years of service with the Company, and has provided at least three months' prior written notice of termination of employment. All of our outstanding employee and director RSU awards are eligible for dividend equivalents regardless of vesting status.

The following table summarizes RSU activity for the fiscal year ended March 31, 2023:


	Number of Shares	Weighted-Average Grant-Date Fair Value		Weighted-Average Remaining Contractual Life (In years)	Aggregate Intrinsic Value








Outstanding - March 25, 2022	1,701,007	$	20.50	1.27	$	49,635
Granted	2,237,432	$	23.65
Vested	(1,475,998)	$	20.15
Canceled	(211,217)	$	20.57
Outstanding - March 31, 2023	2,251,224	$	23.85	1.27	$	108,036

The weighted-average grant fair value per share for RSUs granted during the fiscal years ended March 31, 2023, March 25, 2022 and March 26, 2021 was $23.65, $26.00, $14.06, respectively. The stock-based compensation expense related to non-vested awards not yet recorded at March 31, 2023 was $37,490, which is expected to be recognized over a weighted-average of 1.27 years.

The total fair value of RSUs vested was $29,732, $12,650 and $2,241 the fiscal years ended March 31, 2023, March 25, 2022 and March 26, 2021, respectively.

The Company also awards PSUs to its senior executive officers based on achievement of metrics tied to financial plans approved in meetings of its Board of Directors for establishing target performances. Each award reflects a target number of shares (“Target Shares”) that may be issued to the award recipient. In fiscal year 2021, these awards were earned upon the completion of a three-year performance period ended March 31, 2023. Whether units are earned at the end of the performance period is determined based on the achievement of certain performance objectives over the performance period. The performance objectives include achieving certain revenue targets and cumulative earnings before income taxes, depreciation and amortization (“EBITDA”) levels for the performance period, and also include a performance objective relating to relative total shareholder return (“TSR”). Depending on the results achieved during the three-year performance period, the actual number of shares that a grant recipient may receive during and at the end of the period ranges from 0% to 200% of the Target Shares granted.

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

Fiscal Year Ended

March 31,
2023

Performance term

2.81 years

Volatility

51.3%

Risk-free rate of return

2.76%

Dividend yield

—%

Weighted-average fair value per share

$30.69

The following table summarizes PSU activity for the fiscal year ended March 31, 2023:


	Number of Shares	Weighted-Average Grant-Date Fair Value		Weighted-Average Remaining Contractual Life (In years)	Aggregate Intrinsic Value








Outstanding - March 25, 2022	955,083	$	20.22	1.51	$	27,869
Granted	2,805,698	$	24.64
Vested	(855,916)	$	28.01
Canceled	(552,689)	$	21.45
Outstanding - March 31, 2023	2,352,176	$	22.38	2.64	$	112,881

PSUs are included at 10% - 200% of target goals. The total compensation cost related to unvested awards not yet recorded at March 31, 2023 was $19,282, which is expected to be recognized over a weighted average of 2.64 years.

The following table summarizes unvested restricted common stock activity for the fiscal year ended March 31, 2023:


	Number of Shares	Weighted-Average Grant-Date Fair Value		Weighted-Average Remaining Contractual Life	Aggregate Intrinsic Value







Outstanding - March 25, 2022	140,526	$	14.00	1.07	$	4,101
Vested	(117,096)	$	14.00
Canceled	(1,626)	$	—
Outstanding - March 31, 2023	21,804	$	14.00	0.16	$	1,046

2,685,528 shares of the Company’s common stock are available for future issuance under the ESPP, which includes (a) 832,400 shares of common stock initially available for issuance under the ESPP, and (b) an additional 1,852,958 shares of common stock that may become issuable under the ESPP pursuant to its terms.

The ESPP allows employees to purchase the Company’s common stock at 85% of the lesser of the stock price at the beginning or end of the offering period. Each offering period is six months.

The weighted-average fair value of the ESPP shares was determined using the Black-Scholes model incorporating the following weighted-average assumptions:


	Fiscal Year Ended
	March 31, 2023	March 25, 2022	March 26, 2021
Expected performance term	0.50 years	0.50 years	0.50 years
Volatility	44.99%	48.10%	55.02%
Risk-free rate of return	3.58%	0.10%	0.09%
Dividend yield	—%	—%	—%
Weighted-average fair value per share	$6.83	$8.25	$7.77

As of March 31, 2023, the total unrecognized compensation cost related to the ESPP was $252, and this amount is expected to be recognized over 0.25 years.

For the fiscal year ended March 31, 2023, the Company recognized stock-based compensation charges of $33,708, $26,890, $146, $921 and $133 for its RSUs, PSUs, restricted common stock, ESPP and phantom stock, respectively. The Company recorded stock-based compensation expense in the following expense categories of its consolidated statements of operations:


	Fiscal Year Ended
	March 31, 2023		March 25, 2022		March 26, 2021
Cost of sales	$	5,090	$	3,176	$	5,158
Research and development	9,496		3,933		3,573
Selling, general and administrative	47,212		26,439		41,139
Total stock-based compensation	$	61,798	$	33,548	$	49,870

Trade Accounts Receivable, Net (Tables)

12 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Schedule of Trade Accounts Receivable, Net

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


	March 31, 2023		March 25, 2022
Trade accounts receivable	$	150,914	$	129,539
Less:
Provision for expected credit losses	(102)		(105)
Returns and sales allowances	(26,269)		(14,819)
Related party trade accounts receivable, net of returns and sales allowances	(13,253)		(27,256)
Total	$	111,290	$	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, exclusive of related party adjustments, were as follows:


Description	Provision for Expected Credit Losses		Returns and Sales Allowances		Total
Balance at March 27, 2020	$	288	$	17,185	$	17,473
Provisions	(150)		147,026		146,876
Deductions	—		(148,937)		(148,937)
Balance at March 26, 2021	138		15,274		15,412
Provisions	(33)		144,318		144,285
Deductions	—		(144,773)		(144,773)
Balance at March 25, 2022	105		14,819		14,924
Provisions	(3)		129,504		129,501
Deductions	—		(118,054)		(118,054)
Balance at March 31, 2023	$	102	$	26,269	$	26,371