0000950170-24-063770 | 10-K | XBRL Viewer

Goodwill and Intangible Assets (Tables)

12 Months Ended

Mar. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Carrying Amount of Goodwill

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


	Total
Balance at March 25, 2022	$	20,009
Acquisition		7,096
Foreign currency translation		586
Balance at March 31, 2023	$	27,691
Acquisition		174,519
Adjustments		280
Foreign currency translation		(65	)
Balance at March 29, 2024	$	202,425

Schedule of Intangible Assets, Net

Intangible assets, net were as follows:


	March 29, 2024
Description	Gross		Accumulated Amortization			Net Carrying Amount		Weighted-Average Lives
Patents	$	44,894	$	(22,016	)	$	22,878	4 years
Customer relationships		14,977		(3,315	)		11,662	15 years
Completed technologies		249,758		(9,719	)		240,039	12 years
Indefinite-lived process technology and trademarks		2,275		—			2,275
Trademarks and other		87		(87	)		—
Total	$	311,991	$	(35,137	)	$	276,854


	March 31, 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
Completed technologies		28,508		(2,963	)		25,545	12 years
Indefinite-lived process technology and trademarks		4,696		—			4,696
Trademarks and other		287		(194	)		93	5 years
Total	$	76,985	$	(24,607	)	$	52,378

Schedule of Annual Amortization Expense

As of March 29, 2024, amortization expense of intangible assets is expected to be as follows:


2025	$	24,827
2026		24,481
2027		24,106
2028		23,812
2029		23,495
Thereafter		153,858
Total	$	274,579

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Summary of Significant Accounting Policies - Intangible assets, net (Details)	Mar. 29, 2024
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	15 years

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Mar. 29, 2024

Accounting Policies [Abstract]

Principles of Consolidation

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

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosures of contingencies at the date of the consolidated financial statements and the reported amounts of net sales and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, assumptions and judgments, including those related to the valuation of acquired intangible assets, impairment assessment and valuation of goodwill, intangible assets and tangible long-lived assets, the net realizable value of inventory, income taxes, stock-based compensation, and sales allowances. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements.

Reclassifications

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

Business Segment Information

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

Business Combinations

The Company accounts for business combinations under the acquisition method of accounting. Accordingly, at the date of each acquisition, the Company measures the fair value of all identifiable assets acquired (including intangible assets), liabilities assumed and any remaining noncontrolling interests and allocates the consideration paid to all items measured. The fair value of identifiable intangible assets acquired are based on valuations that use information and assumptions determined management’s best estimates of inputs and assumptions a market participant would use.

Foreign Currency Transaction and Translations

Foreign Currency Translation and Transactions

The Company’s reporting currency is the U.S. Dollar. The financial statements of the Company’s foreign subsidiaries are translated from local currency into U.S. dollars using the current exchange rate at the balance sheet date for assets and liabilities, and the average exchange rate in effect during the period for net sales and expenses. The functional currency for the Company’s international

subsidiaries is considered to be the local currency for each entity, and, accordingly, translation adjustments for these entities are included as a component of accumulated other comprehensive loss in the Company’s consolidated balance sheets.

Non-Controlling Interests

The Company, through one of its wholly owned subsidiaries, established an affiliated entity in Philippines for the primary purpose of purchasing, selling, leasing, developing and otherwise managing real estate acquired by the Company in the Philippines. The Company owns 40% of the equity interest in this entity, and the remaining 60% is held in a trust for the benefit of its employee retirement fund. The portion of the results of operations of this entity is shown as net income attributable to the non-controlling interests in the Company’s consolidated statements of operations for fiscal years 2024, 2023 and 2022. Additionally, the cumulative portion of the results of operations of this entity along with the interest in the net assets is shown as a component of non-controlling interests in the Company’s consolidated balance sheets.

Cash Equivalents and Restricted Cash

The Company considers all highly liquid instruments with original maturities of three months or less at the time of acquisition to be cash equivalents. At March 29, 2024 and March 31, 2023, the Company maintained investments in interest-bearing cash accounts. Because of the investment’s short term to maturity and the investment’s relative price insensitivity to changes in market interest rates, cost approximates fair value for this investment. As a result, there were no realized or unrealized gains or losses for the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022. The Company has restricted cash, the use of which is restricted to the benefit of employees through a deferred compensation program.

Fair Value of Financial Instruments

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

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

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

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

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

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

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

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

Trade Accounts Receivable, Net

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

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

Sales allowances include sales in which the amount of consideration that the Company will receive is unknown as of the end of a reporting period. Such consideration primarily includes limited price protection provisions provided to distributors. The Company estimates potential future sales allowances based on historical data from prior sales adjustments. Historical experience can change over time. As a result, estimated sales allowances may differ significantly from amounts recorded in the current and historical periods.

Inventories

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

Property, Plant and Equipment, Net

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


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

Intangible Assets, Net

Intangible assets, net

Intangible assets, net primarily consist of identified intangible assets related to completed acquisitions, as well as capitalized costs to acquire and defend patent and trademark related awards. In addition, the Company holds technology, customer relationships, and non-compete agreements. The Company’s intangible assets are amortized using a method that approximates their economic benefit over their estimated useful lives ranging from three to 15 years.

Impairment of Long-Lived Assets

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

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

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

Goodwill

Goodwill represents the excess of the purchase price in a business combination over the fair value of the net tangible and intangible assets acquired. Goodwill is not amortized, but rather is assessed for impairment at the reporting unit level annually during the fourth quarter of each fiscal year or more frequently if we believe indicators of impairment exist. Goodwill impairment, if any, is determined by comparing the reporting unit’s fair value to its carrying value. An impairment loss is recognized in an amount equal to the excess of the reporting unit’s carrying value over its fair value, up to the amount of goodwill allocated to the reporting unit.

In testing goodwill for impairment, the Company has the option to first consider qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Such qualitative factors include industry and market considerations, economic conditions, entity-specific financial performance and other events, such as changes in management, strategy and primary customer base. If based on the Company’s qualitative assessment it is more likely than not that the fair value of the reporting unit is less than its carrying amount, quantitative impairment testing is required. However, if the Company concludes otherwise, quantitative impairment testing is not required. The results of the Company’s qualitative goodwill impairment test performed on the first business day of fourth quarter for fiscal years 2024, 2023 and 2022 did not indicate any impairments.

Leases

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

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

At the commencement date, operating and finance lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected lease term. The lease term includes the non-cancelable period of the lease, plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. The interest rate implicit in a lease contract is typically not readily determinable, therefore an incremental borrowing rate is used to calculate the lease liability. The incremental borrowing rate is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a

similar economic environment. Certain adjustments to the ROU asset may be required for items such as prepayments, lease incentives received or initial direct costs paid.

Product Warranties

The Company provides warranties on its products to its customers, generally for one year from the date of shipment and in limited cases for longer periods. In the event of a failure of a product covered by these warranties, the Company must repair or replace the product or, if those remedies are insufficient, and at the discretion of the Company, provide a refund. In limited cases, the Company warrants its products to include significant liability beyond the cost of repairing or replacing the product or refunding the sales price of the product. The Company periodically assesses the adequacy of the warranty reserve and adjusts the amount, as necessary. If there is a material increase in the rate of customer claims, or the Company’s estimates of probable losses relating to specifically identified warranty exposures are inaccurate, the Company may need to record a charge against future cost of goods sold. There were $477 and $4,327 accrued for warranty reserves as of March 29, 2024 and March 31, 2023, respectively.

Revenue Recognition

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

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

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

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

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

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

Sales channels

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

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

For consignment arrangements with distributors, delivery occurs and revenue is recognized when the distributor pulls product from consignment inventory that is stored at designated distributor locations. Recognition is not contingent upon resale of the products

to the distributors’ customers. Until the products are pulled for use or sale by the distributor, the Company retains control over the products’ disposition, including the right to pull back or relocate the products.

Variable consideration

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

Practical expedients elected

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

Other Revenue Recognition Policies

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

Contract Assets and Contract Liabilities

Contract assets and contract liabilities (deferred revenue) net are reported at the contract level for each reporting period. Contract assets typically result from contracts when revenue recognized exceeds the amount billed to the customer, and right to payment is not just subject to the passage of time. Contract assets are transferred to accounts receivable when the rights become unconditional. The Company had no contract assets as of March 29, 2024 or March 31, 2023.

Contract liabilities typically result from billings in excess of revenues recognized and relate to products shipped near the end of the reporting period for which the required revenue recognition criteria were not met. The Company had no contract liabilities as of March 29, 2024 or March 31, 2023.

Stock-Based Compensation

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

Research and Development

The Company commits substantial capital and resources to internal and collaborative research and development projects in order to provide innovative products and solutions to its customers. The Company conducts research primarily to develop new technologies, enhance current product performance, improve the functionality and reliability of existing products, and develop revolutionary new products and solutions. Research and development costs are expensed as incurred and include salaries, wages and other personnel related costs, material costs and depreciation, consulting costs, software licensing costs, maintenance costs and facility costs.

Pension Obligations

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

The Company recognizes the funded status of a benefit plan on its consolidated balance sheets and recognizes gains, losses and prior service cost or credits that arise during the period that are not recognized as components of net periodic benefit cost as a component of other comprehensive income, net of tax. In addition, the Company measures defined benefit plan assets and obligations as of the date

of the employer’s fiscal year-end consolidated balance sheets and discloses in the notes to the consolidated financial statements the gains or losses, prior service costs or credits and transition asset or obligation.

Income Taxes

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

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

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

All undistributed earnings of our foreign subsidiaries are permanently reinvested. Accordingly, the 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 29, 2024, no customers accounted for 10% or more of the Company’s outstanding trade accounts receivable, net. As of March 31, 2023, Sanken Electric Co., Ltd. (“Sanken”) and another customer accounted for 10.6% and 17.3%, respectively, of the Company’s outstanding trade accounts receivable, net, including related party trade accounts receivable.

For the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022, Sanken accounted for 0.6%, 16.5% and 19.4% of total net sales, respectively. For the same periods, sales to our largest, non-affiliated distributor accounted for 10.2%, 10.8%, and 11.0% of total net sales, respectively. No other customers accounted for 10% or more of total net sales for any of these periods. See Note 20, “Related Party Transactions” for a discussion of the termination, distribution and consulting agreements between Sanken and the Company to transition the marketing and sale of the Company’s products in Japan from Sanken to the Company.

During the fiscal year ended March 29, 2024, sales from customers located outside of the United States in the aggregate accounted for 85.8% of the Company’s total net sales, with Greater China accounting for 26.2%, Japan accounting for 16.7%, and South Korea accounting for 10.9%. No other country accounted for greater than 10.0% of total net sales for the fiscal year ended March 29, 2024.

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

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

Other Comprehensive Income (Loss)

Other comprehensive income (loss) refers to revenues, expenses, gains and losses that are excluded from net income as these amounts are recorded directly as an adjustment to stockholders’ equity, net of tax. The Company’s other comprehensive income (loss) was composed of foreign currency translation adjustments and pension liability adjustments.

Equity-method Investments

Equity-method investments

The Company accounts for investments in common stock under the equity method if the Company has the ability to exercise significant influence, but not control, over an investee. Investments in equity-method investees are included within “Equity Investment in related party” in the consolidated balance sheets. The Company’s proportional share of the earnings or losses as reported by equity-method investees are classified as “(Loss) income in earnings of equity investment” in the consolidated statements of operations. The Company regularly evaluates these investments, which are not carried at fair value, for other-than-temporary impairment and records any impairment charge in earnings when the decline in value below the carrying amount of its equity method investment is determined to be other-than-temporary.

Subsequent Events Considerations

The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence for certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated as required. The Company has evaluated all subsequent events and determined that, other than as reported herein, there are no material recognized or unrecognized subsequent events.

Recently Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740) (“ASU 2023-09”), Improvements to Income Tax Disclosures. ASU 2023-09 requires entities to provide additional information of the Company’s tax rate reconciliation, as well as additional disclosures about income taxes paid by jurisdiction. ASU 2023-09 is effective for annual reporting periods beginning December 15, 2024, with early adoption permitted. ASU 2023-09 should be applied prospectively, but entities have the option to apply it retrospectively for each period presented. The Company does not anticipate this guidance will have an adverse impact on the results of operations, cash flows, or financial condition, but will result in expanded disclosure within the financial statements.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. ASU 2023-07 requires incremental disclosures in annual and interim periods related to public entity’s reportable segments (particularly on segment expenses) but does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments. The Company is evaluating the impact the update will have on its disclosures.

In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provided temporary relief when transitioning from the London Interbank Offered Rate (“LIBOR”) to the Secured Overnight Financing Rate or another applicable rate during the original transition period ending on December 31, 2022. In March 2021, the U.K. Financial Conduct Authority announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of U.S. dollar LIBOR would be June 30, 2023, which is beyond the current sunset date of Topic 848. In light of this development, the FASB issued ASU 2022-06 to defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The Company confirms that this guidance did not have a material impact on its financial position, results of operations, cash flows, or related disclosures.

All other recent accounting pronouncements were determined to not have a material impact on the Company’s financial position, results of operations, cash flows, or related disclosures.

Summary of Significant Accounting Policies - Non-controlling Interest (Details) - USD ($)	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Money Market Funds
Noncontrolling Interest [Line Items]
Unrealized gains on marketable securities	$ 0	$ 0	$ 0
Affiliated Entity in Philippines
Noncontrolling Interest [Line Items]
Ownership percentage by majority shareholder	40.00%
Noncontrolling interest ownership percentage	60.00%

Income Taxes

12 Months Ended

Mar. 29, 2024

Income Tax Disclosure [Abstract]

Income Taxes

19.

Income Taxes

The components of income before provision for income taxes include the following:


	Fiscal Year Ended
	March 29, 2024		March 31, 2023		March 25, 2022
Income before provision for income taxes attributable to:
Domestic operations	$	183,524	$	190,107	$	121,883
Foreign operations		11,273		21,239		18,863
Total	$	194,797	$	211,346	$	140,746

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


	Fiscal Year Ended
	March 29, 2024			March 31, 2023			March 25, 2022
Current:
Federal	$	16,086		$	53,973		$	7,779
State		1,319			472			1,553
Foreign		43,117			9,523			4,361
Total current		60,522			63,968			13,693
Deferred:
Federal		10,721			(36,276	)		7,892
State		(131	)		310			371
Foreign		(29,203	)		(4,150	)		(765	)
Total deferred		(18,613	)		(40,116	)		7,498
Total income tax provision	$	41,909		$	23,852		$	21,191

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


	Fiscal Year Ended
	March 29, 2024			March 31, 2023			March 25, 2022
Tax provision at U.S. statutory rate	$	40,907		$	44,383		$	29,557
State income taxes, net of federal benefit		1,106			1,027			2,370
Foreign derived intangible income		(25,612	)		(25,391	)		(9,066	)
Research and development tax credit		(6,188	)		(3,641	)		(2,823	)
Stock-based compensation		(956	)		(1,025	)		(230	)
Cumulative provision-to-return		(1,147	)		(914	)		(590	)
Gain on contingent purchase price reduction		—			(588	)		(420	)
Subpart F income, net of credits		(168	)		(307	)		283
Provision for uncertain tax positions		827			(81	)		(17	)
162(m) limitation		3,010			8,931			3,988
Foreign tax rate		2,632			954			(157	)
Deferred tax remeasurement		—			651			—
Transaction costs		1,848			338			307
CARES carryback claim and amended returns		—			—			(2,031	)
Entity restructuring		25,921			—			—
Other		(271	)		(485	)		20
Total income tax provision	$	41,909		$	23,852		$	21,191

Entity restructuring relates to post-acquisition integrations to align business operations and integrate Crocus’s assets and workforce into the Company’s existing affiliates. The Company engaged in an intra-entity asset sale which resulted in a taxable gain reduced by NOLs in France and the generation and utilization of foreign tax credits in the U.S. Assets were transferred at fair market value pursuant to a valuation. The entity restructuring increased the effective tax rate primarily because a deferred tax liability was established on the difference between the fair market value and book value of Crocus’s intellectual property transferred to the U.S.

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


	March 29, 2024			March 31, 2023
Deferred income tax assets:
Capitalized research and development costs	$	62,651		$	30,582
Bonuses, sales commissions and other compensation		9,407			11,506
Inventory and sales related		16,766			8,730
Stock-based compensation		4,544			3,842
Tax credits		3,290			3,220
Lease liability		2,388			2,479
Property, plant and equipment, net		157			—
Other accruals and reserves		2,653			2,803
Net operating loss carryforward		8,589			361
Gross deferred income tax assets		110,445			63,523
Valuation allowance for deferred income tax assets		(3,160	)		(3,581	)
Total deferred income tax assets		107,285			59,942
Deferred income tax liabilities:
Equity method and other investments		(1,782	)		(4,172	)
Intangibles, net		(48,875	)		(1,090	)
Property, plant and equipment, net		—			(1,930	)
Right-of-use asset		(2,132	)		(2,391	)
Total deferred income tax liabilities		(52,789	)		(9,583	)
Net deferred income tax assets	$	54,496		$	50,359

Pursuant to the 2017 Tax Cuts and Jobs Act, U.S. tax law requires us to capitalize and amortize domestic and foreign research and development expenditures over five and 15 years, respectively (“174 Capitalization”). The impact of 174 Capitalization to our deferred tax assets is $62,651.

As part of the recent Crocus acquisition, the Company acquired Net Operating Loss (“NOL”) and Research and Development (“R&D”) Credit carryforwards. The Internal Revenue Code of 1986, as amended (“IRC”), provides for a limitation of the annual use of NOLs, R&D Credits, and other tax attributes following certain ownership changes that limit the ability to utilize NOL and R&D Credit carryforwards. Under IRC Sections 382 and 383 an ownership change is generally defined as a greater than 50% change (by value) in its equity ownership over a three-year period. Crocus had multiple ownership changes and based on the existing Section 382 and 383 limitations its attributes are also subject to valuation allowances. Our initial estimate, which may be revised during the measurement period, of Crocus’s gross utilizable Federal NOLs, State NOLs, and R&D credit carryforward, is $36,697, $10,345, and $351, respectively.

NOLs may be available to reduce future taxable income. As of March 29, 2024 the company had net Federal NOLs of $7,707 that were generated after December 31, 2017 and therefore carryforward indefinitely. As of March 29, 2024, the Company had various net state NOLs of $722 which may be available to reduce future taxable income through fiscal year 2043. Additionally, Allegro also has net state NOLs of $160 that have been fully offset by a valuation allowance.

As of March 29, 2024, the Company had net state research and development tax credit (“R&D Credit”) carryforwards of $290 which may be available to reduce future taxable income indefinitely. Additionally, Allegro also has net R&D credit carryforwards of $3,000 that have been fully offset by a valuation allowance.

The Company’s intent is to permanently reinvest and use its existing foreign cash to fund its subsidiaries’ working capital needs, short-term and long-term capital projects, and to make investments and acquisitions. It is impracticable for the Company to determine the amount of the unrecognized tax liability due to the notional assumptions required and the complexities associated with these hypothetical calculations. No deferred tax liability has been established with respect to unremitted earnings and outside basis difference in its foreign subsidiaries.

The Company filed carryback claims allowable under the Coronavirus Aid, Relief and Economic Security Act (“the CARES Act”) to utilize NOLs and carryover credits generated during fiscal year 2021. As of March 29, 2024, the Company has an outstanding receivable of $11,091 related to these filings that are classified as a long-term tax receivable.

Uncertain Tax Positions

As of March 29, 2024, the Company had $4,980 of gross unrecognized tax benefits, of which $4,968 would impact the effective tax rate, if recognized. As of March 31, 2023, the Company had $2,408 of gross unrecognized tax benefits, of which $2,392 would impact the effective tax rate, if recognized. As of March 25, 2022, the Company had $2,459 of gross unrecognized tax benefits, of which $2,433 would impact the effective tax rate, if recognized. These amounts are recorded as a long-term liability, as the Company does not anticipate payment within one year.


	Fiscal Year Ended
	March 29, 2024			March 31, 2023			March 25, 2022
Beginning balance	$	2,408		$	2,459		$	2,554
Gross acquired - tax positions from prior periods		2,210			—			—
Gross increases - tax positions in prior period		378			—			—
Lapse in statute of limitations		(16	)		(51	)		(95	)
Balance at end of period	$	4,980		$	2,408		$	2,459

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

The Company’s policy is to classify interest expense and penalties, if any, as components of the income tax provision in the consolidated statements of operations. The Company recorded net increases of $826, $39 and $58 in interest, penalties and releases during fiscal years 2024, 2023 and 2022, respectively. As of March 29, 2024 and March 31, 2023, the amount of accrued interest and penalties totaled approximately $906 and $445, respectively.

Examinations by Tax Authorities

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

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Retirement Plans - Fair Value of Entity's Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	$ 7,665	$ 7,168	$ 7,097
Level 1
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	4,264	3,594
Level 2
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	1,918	1,886
Level 3
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	1,483	1,688
Government securities
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	2,629	2,133
Government securities \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	2,629	2,133
Government securities \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	0	0
Government securities \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	0	0
Unit investment trust fund
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	1,307	1,196
Unit investment trust fund \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	0	0
Unit investment trust fund \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	1,307	1,196
Unit investment trust fund \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	0	0
Loans
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	574	586
Loans \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	0	0
Loans \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	0	0
Loans \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	574	586
Bonds
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	607	687
Bonds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	0	0
Bonds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	607	687
Bonds \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	0	0
Stocks and other investments
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	2,548	2,566
Stocks and other investments \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	1,635	1,461
Stocks and other investments \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	4	3
Stocks and other investments \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Assets of non-U.S. defined benefit plan	$ 909	$ 1,102

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Cash flows from operating activities:
Net income	$ 152,888	$ 187,494	$ 119,555
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	71,382	50,808	48,527
Amortization of deferred financing costs	527	99	101
Deferred income taxes	(18,613)	(40,116)	7,498
Stock-based compensation	42,457	61,798	33,548
Loss (gain) on disposal of assets	70	285	(349)
Change in fair value of contingent consideration	0	(2,800)	(2,000)
Impairment of long-lived assets	13,218	0	0
Provisions for inventory and expected credit losses	10,286	(1,438)	6,297
Change in fair value of marketable securities	3,579	(7,471)	(3,722)
Changes in operating assets and liabilities:
Trade accounts receivable	(7,964)	(12,484)	(18,347)
Accounts receivable - other	(1,035)	2,226	(2,668)
Inventories	(15,848)	(75,150)	(4,471)
Prepaid expenses and other assets	(40,231)	(23,263)	(19,450)
Trade accounts payable	(12,653)	11,958	(4,348)
Due to (from) related party	5,231	18,326	(659)
Accrued expenses and other current and long-term liabilities	(21,579)	22,934	(3,383)
Net cash provided by operating activities	181,715	193,206	156,129
Cash flows from investing activities:
Purchases of property, plant and equipment	(124,772)	(79,775)	(69,941)
Acquisition of business, net of cash acquired	(408,119)	(19,921)	(14,549)
Proceeds from sales of property, plant and equipment	0	0	27,408
Sales (purchases) in marketable securities	16,175	0	(9,189)
Net cash used in investing activities	(516,716)	(99,696)	(66,271)
Cash flows from financing activities:
Loans made to related party	0	(7,500)	(7,500)
Borrowings of 2023 Term Loan Facility, net of deferred financing costs	245,452	0	0
Repayments of other debt	(842)	0	0
Finance lease payments	(142)
Receipts on related party notes receivable	3,750	2,812	0
Payments for taxes related to net share settlement of equity awards	(25,900)	(18,061)	(638)
Proceeds from issuance of common stock under equity award and employee purchase plan awards	3,635	2,793	2,831
Dividends paid to non-controlling interest	0	(42)	0
Payments of debt issuance costs	(1,450)	0	0
Net cash provided by (used in) financing activities	198,878	(19,998)	(5,307)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(421)	(4,606)	1,373
Net (decrease) increase in cash and cash equivalents and restricted cash	(136,544)	68,906	85,924
Cash and cash equivalents and restricted cash at beginning of period	358,705	289,799	203,875
Cash and cash equivalents and restricted cash at end of period:	222,161	358,705	289,799
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents at beginning of period	351,576	282,383	197,214
Restricted cash at beginning of period	7,129	7,416	6,661
Cash and cash equivalents at end of period	212,143	351,576	282,383
Restricted cash at end of period	10,018	7,129	7,416
Supplemental disclosures of cash flow information:
Cash paid for interest	10,153	1,923	813
Cash paid for income taxes, net of refunds	89,927	58,209	22,195
Non-cash transactions:
Property, plant and equipment purchases included in trade accounts payable and accrued expenses	(4,157)	(16,369)	(2,021)
Right-of-use assets obtained in exchange for lease liabilities	10,450	4,870	3,159
2020 Term Loan Facility
Cash flows from financing activities:
Repayment of Term Loan Facility	(25,000)	0	0
2023 Term Loan Facility
Cash flows from financing activities:
Repayment of Term Loan Facility	$ (625)	$ 0	$ 0

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Mar. 29, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

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


	March 29, 2024		March 31, 2023
Accrued management incentives	$	26,229	$	40,484
Accrued salaries and wages		21,014		20,205
Accrued warranty costs		477		4,327
Accrued vacation		2,406		8,178
Accrued severance		3,013		200
Accrued professional fees		8,125		6,243
Accrued income taxes		3,478		5,625
Other current liabilities		6,384		9,632
Total	$	71,126	$	94,894

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 152,697	$ 187,357	$ 119,407

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
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+ Details

Property, Plant and Equipment, net - Schedule of Long Lived Assets (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	$ 321,175	$ 263,099
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	37,596	36,229
Philippines
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	246,164	207,671
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	$ 37,415	$ 19,199

Net Income per Share - Schedule of Issuable Weighted Average Share Information (Details) - shares	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dilutive effect of common stock equivalents (in shares)	2,101,183	2,490,650	2,062,778
Antidilutive securities excluded from computation of net income per share (in shares)	170,094	17,586	3,622
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dilutive effect of common stock equivalents (in shares)	888,811	1,039,547	1,066,406
Antidilutive securities excluded from computation of net income per share (in shares)	40,257	17,586
Performance Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dilutive effect of common stock equivalents (in shares)	1,210,124	1,435,883	996,372
Antidilutive securities excluded from computation of net income per share (in shares)	129,837
Employee Stock Purchase Plan (ESPP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dilutive effect of common stock equivalents (in shares)	2,248	15,220	0
Antidilutive securities excluded from computation of net income per share (in shares)			3,622

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Related Party Transactions (Details) - USD ($)					12 Months Ended
Related Party Transactions (Details) - USD ($)	Apr. 25, 2024	Mar. 31, 2023	Jan. 26, 2023	Dec. 02, 2021	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022	Jul. 02, 2022
Related Party Transaction [Line Items]
Net sales					$ 1,049,367,000	$ 973,653,000	$ 768,674,000
Trade accounts receivable, net		$ 111,290,000			118,508,000	111,290,000
Outstanding balance		25,000,000			245,102,000	25,000,000
Interest income					237,000
Periodic payment					3,987,000
Sanken Distribution Agreement, One-Time Sales Return
Related Party Transaction [Line Items]
Trade accounts receivable, net		13,253,000				13,253,000
Sanken
Related Party Transaction [Line Items]
Other accounts receivable from related party		241,000			160,000	241,000
Sanken \| Sanken Distribution Agreement, One-Time Sales Return
Related Party Transaction [Line Items]
Trade accounts receivable, net		4,200,000				4,200,000
General and administrative expense		5,000,000
Related party transaction amounts		$ 4,200,000
Distribution agreement period		24 months
PSL
Related Party Transaction [Line Items]
Amounts due to related party		$ 4,682,000			1,621,000	4,682,000
Purchases from related party					60,426,000	58,056,000
PSL \| Initial PSL Loan \| Loans Payable
Related Party Transaction [Line Items]
Principal amount				$ 7,500,000				$ 7,500,000
Interest rate				1.26%
Term				4 years
Outstanding balance					8,438,000
PSL \| Secondary PSL Loan \| Loans Payable
Related Party Transaction [Line Items]
Interest rate				2.99%
PSL \| Wafer Foundry Agreement
Related Party Transaction [Line Items]
Purchase commitment period			3 years
PSL \| Wafer Foundry Agreement, Renewal Term
Related Party Transaction [Line Items]
Related party transaction, term			1 year
PSL \| Wafer Foundry Agreement, Termination Notice Period
Related Party Transaction [Line Items]
Related party transaction, term			2 years
PSL \| Wafer Foundry Agreement, Forecast Term
Related Party Transaction [Line Items]
Related party transaction, term			3 years
PSL \| Wafer Foundry Agreement, Binding Years
Related Party Transaction [Line Items]
Related party transaction, term			2 years
PSL \| Wafer Foundry Agreement, Mask Pricing Term
Related Party Transaction [Line Items]
Related party transaction, term			2 years
Related Party Revenue \| Sanken
Related Party Transaction [Line Items]
Net sales					$ 6,161,000	$ 160,763,000
Sanken
Related Party Transaction [Line Items]
Ownership percentage by majority shareholder					51.00%
Polar Semiconductor, LLC \| Sanken
Related Party Transaction [Line Items]
Ownership percentage by majority shareholder					70.00%
Polar Semiconductor, LLC \| Allegro Microsystems, Inc.
Related Party Transaction [Line Items]
Ownership percentage by majority shareholder					30.00%
Polar Semiconductor, LLC \| Subsequent Event
Related Party Transaction [Line Items]
Exchange for equity interests amounts of transaction	$ 175,000
Additional direct funding and tax credits amount	$ 310,700
Polar Semiconductor, LLC \| Subsequent Event \| Allegro Microsystems, Inc.
Related Party Transaction [Line Items]
Ownership percentage by majority shareholder	10.20%

Net Income per Share - Narrative (Details) - shares	12 Months Ended
Net Income per Share - Narrative (Details) - shares	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Diluted weighted average common shares (in shares)	194,674,352	193,688,102	191,811,205

Revenue from Contracts with Customers - Net Sales by Product (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Disaggregation of Revenue [Line Items]
Total net sales	$ 1,049,367	$ 973,653	$ 768,674
Magnetic sensors ("MS") and other
Disaggregation of Revenue [Line Items]
Total net sales	649,869	598,579	500,293
Power integrated circuits (“PIC”)
Disaggregation of Revenue [Line Items]
Total net sales	$ 399,498	$ 375,074	$ 268,381

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Paragraph 32
-Subparagraph (b)
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-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Debt and Other Borrowings - Additional Information (Details)					12 Months Ended
	Apr. 30, 2024 USD ($)	Oct. 31, 2023 USD ($)	Jun. 21, 2023 USD ($)	Sep. 30, 2020 USD ($)	Mar. 29, 2024 USD ($)	Mar. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Long-term debt					$ 249,611,000	$ 25,000,000
Letter of Credit \| Minimum \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate					1.50%
Letter of Credit \| Maximum \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate					1.75%
2023 Term Loan Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 250,000,000
2020 Term Loan Facility \| Credit Suisse AG, Cayman Islands Branch
Line of Credit Facility [Line Items]
Outstanding borrowings		$ 25,000,000
Term Loan Facility
Line of Credit Facility [Line Items]
Amortization rate per quarter		0.25%
Term Loan Facility \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.75%
Term Loan Facility \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.75%
Term Loan Facility \| Credit Suisse AG, Cayman Islands Branch
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 325,000,000
Term Loan Facility \| Subsequent Event
Line of Credit Facility [Line Items]
Payments to Term Loan	$ 50,000,000
Senior Secured Revolving Credit Facility
Line of Credit Facility [Line Items]
Leverage ratio,					0.045
Senior Secured Revolving Credit Facility \| Morgan Stanley Senior Funding, Inc
Line of Credit Facility [Line Items]
Outstanding borrowings					$ 0
Maximum borrowing capacity			$ 224,000,000
Maturity date			Jun. 21, 2028
Senior Secured Revolving Credit Facility \| Mizuho Bank, Ltd
Line of Credit Facility [Line Items]
Outstanding borrowings			$ 0
Maximum borrowing capacity				$ 50,000,000
Expiration year				2023
Senior Secured Revolving Credit Facility \| Mizuho Bank, Ltd \| Minimum \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate				3.75%
Interest rate floor				0.005
Senior Secured Revolving Credit Facility \| Mizuho Bank, Ltd \| Maximum \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate				4.00%
Senior Secured Revolving Credit Facility \| Letter of Credit
Line of Credit Facility [Line Items]
Leverage ratio,					0.04
Preliminary purchase price					$ 500,000,000
Terminate percentage					0.50
Senior Secured Revolving Credit Facility \| Letter of Credit \| Fed Fund Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate					0.50%
Senior Secured Revolving Credit Facility \| Letter of Credit \| One- Month SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate					1.00%
Senior Secured Revolving Credit Facility \| Letter of Credit \| Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage					0.20%
Senior Secured Revolving Credit Facility \| Letter of Credit \| Minimum \| One- Month SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate					0.50%
Senior Secured Revolving Credit Facility \| Letter of Credit \| Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage					0.25%
Senior Secured Revolving Credit Facility \| Letter of Credit \| Maximum \| One- Month SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate					0.75%
Senior Secured Revolving Credit Facility \| Letter of Credit \| Morgan Stanley Senior Funding, Inc
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 20,000,000

Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Goodwill [Roll Forward]
Beginning balance	$ 27,691	$ 20,009
Acquisition	174,519	7,096
Adjustments	280
Foreign currency translation	(65)	586
Ending balance	$ 202,425	$ 27,691

- 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

Commitment and Contingencies

12 Months Ended

Mar. 29, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

16.

Commitments and Contingencies

Insurance

The Company, through its subsidiaries, utilizes self-insured employee health programs for employees in the U.S. The Company records estimated liabilities for its self-insured health programs based on information provided by the third-party plan administrators, historical claims experience and expected costs of claims incurred but not reported. The Company monitors its estimated liabilities on a quarterly basis. As facts change, it may become necessary to make adjustments that could be material to the Company’s consolidated financial position and results of operations.

Legal proceedings

The Company is subject to various legal proceedings, and claims, and regulatory examinations or investigations arising in the normal course of business, the outcomes of which are subject to significant uncertainty, and the Company’s ultimate liability, if any, is difficult to predict. The Company records an accrual for legal contingencies when it is determined that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In making such determinations, the Company evaluates, among other things, the degree of probability of an unfavorable outcome and, when it is probable that a liability has been incurred, the ability to make a reasonable estimate of the loss. If the occurrence of liability is probable and estimable, the Company will disclose the nature of the contingency and, if estimable, will provide the likely amount of such loss or range of loss. The Company does not believe there are any current matters that could have a material adverse effect on its financial position, results of operations or cash flows.

Indemnification

From time to time, the Company has agreed to indemnify and hold harmless certain customers for potential allegations of infringement of intellectual property rights and patents arising from the use of its products. To date, the Company has not recognized or incurred any costs in connection with such indemnification arrangements.

Environmental Matters

The Company establishes accrued liabilities for environmental matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. If the contingency is resolved for an amount greater or less than the accrual, or the Company’s share of the contingency increases or decreases or other assumptions relevant to the development of the estimate were to change, the Company would recognize an additional expense or benefit in the consolidated statements of operations during the period such determination was made. No significant environmental contingencies have been recorded.

Summary of Significant Accounting Policies - Business Segment Information (Details)	12 Months Ended
	Mar. 29, 2024 Segment
Accounting Policies [Abstract]
Number of operating segments	1

Nature of the Business and Basis of Presentation (Details)	Mar. 29, 2024 Location Continent
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of locations \| Location	29
Number of continents on which entity operates \| Continent	4

Retirement Plans - Change in Amounts Recognized in AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Total
Less tax expense	$ 145	$ (164)	$ (472)
Pension Plan
Net Transition Obligation (Asset)
Beginning balance	129	183
Change in AOCI for non-U.S. defined benefit plan	14	(11)
Amounts in AOCI before tax	143	172
Less tax expense	36	43
Ending balance	107	129	183
Net Actuarial Loss
Beginning balance	1,449	1,896
Change in ACOI for non-U.S. defined benefit plan	1,079	36
Amounts in AOCI before tax	2,528	1,932
Less tax expense	632	483
Ending balance	1,896	1,449	1,896
Prior Service Costs
Beginning balance	(68)	(77)
Change in AOCI for non-U.S. defined benefit plan	(11)	(14)
Amounts in AOCI before tax	(79)	(91)
Less tax expense	(20)	(23)
Ending balance	(59)	(68)	(77)
Total
Beginning balance	1,510	2,002
Change in AOCI for non-U.S. defined benefit plan	1,082	11
Amounts in AOCI before tax	2,592	2,013
Less tax expense	648	503
Ending balance	$ 1,944	$ 1,510	$ 2,002

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Trade accounts receivable, returns, credits issued, and price protection adjustments, current	$ 44,797	$ 30,571

Fair Value Measurements - Additional Information (Details)	Mar. 29, 2024 USD ($)
Business Acquisition [Line Items]
Fair value of long-term debt	$ 248,752

Business Combinations

12 Months Ended

Mar. 29, 2024

Business Combinations [Abstract]

Business Combinations

Crocus

On August 7, 2023, the Company entered into an Agreement and Plan of Merger with Crocus Technology International Corp., (“Crocus”). Pursuant to the terms and conditions of the Merger Agreement, on October 31, 2023 (the “Closing Date”), the Company acquired all of the outstanding equity interests of Crocus for $412,274 in cash, subject to a working capital adjustment. The acquisition of Crocus is expected to complement and accelerate the Company’s tunnel magnetoresistance sensors roadmap and strengthen its position in the magnetic sensing market.

Notes Receivable from Crocus

On September 11, 2023, to fund the ongoing operations of Crocus prior to the closing of the merger, the Company entered into a note purchase agreement with Crocus, wherein the Company agreed to purchase promissory notes of up to $7,000. An initial promissory note of $4,000 was issued on September 11, 2023, and an additional promissory note was issued on October 2, 2023 for $3,000. The promissory notes were repaid in full in connection with the closing of the merger and included within the estimated fair value of consideration paid.

Allocation of Purchase Price

The acquisition of Crocus has been accounted for as a business combination. The purchase price for the acquisition is allocated based upon a valuation of the fair values of assets acquired and liabilities assumed. Assets acquired and liabilities assumed have been recorded at their estimated fair values as of the acquisition date. Management applied the multi-period excess earnings method under the income approach to estimate the fair value of the completed technology asset and the distributor method under the income approach to estimate the fair value of the customer relationships asset. The fair value of intangible assets was based on estimates and assumptions developed by management. The process for estimating the fair values of identifiable intangible assets requires the use of significant estimates and assumptions, including estimating future cash flows relating to revenue growth rates, operating margins, discount rates, and technology obsolescence curves. The excess of the purchase price over the fair values of tangible assets, identifiable intangible assets and assumed liabilities were recorded as goodwill for the acquisition. The Company’s estimates and assumptions in determining the estimated fair values of certain assets and liabilities are subject to change within the measurement period (up to one year from the acquisition date) as a result of additional information obtained with regards to facts and circumstances that existed as of the Closing Date.

The preliminary purchase price allocation is as follows:


Total purchase consideration	$	412,274
Cash		4,155
Inventories		4,208
Accounts receivable		484
Prepaid expenses and other current assets		2,400
Property, plant and equipment		7,640
Right-of-use asset*		9,770
Completed technology**		234,000
Customer relationships**		12,000
Other assets		229
Total identifiable assets acquired		274,886
Accounts payable		(5,134	)
Accrued expenses and other current liabilities		(2,707	)
Long-term debt		(842	)
Lease liability***		(10,390	)
Other long-term liabilities		(2,813	)
Deferred income tax liabilities		(15,245	)
Total identifiable net assets		237,755
Goodwill	$	174,519

*Primarily included in Property, plant and equipment in the consolidated balance sheets.

**Included in Intangible assets, net in the consolidated balance sheets.

***Primarily included in Long-Term debt in the consolidated balance sheets.

As of March 29, 2024, the purchase price allocation is preliminary, pending finalization of the net working capital adjustment and certain income tax matters.

The goodwill acquired is not deductible for U.S. income tax purposes. The amortization period for the intangible assets acquired is 12 years for completed technology and 15 years for customer relationships. The intangible assets are amortized using a method that approximates their economic benefit over their estimated useful lives. The goodwill recorded represents the anticipated incremental value of future cash flows potentially attributable to: (i) Crocus’ ability to grow the business with existing and new customers, including leveraging the Company’s customer base; (ii) Crocus’ ability to grow the business through new product introductions; and (iii) cost improvements due to the integration of Crocus’ operations into the Company’s existing infrastructure. Amortization of completed technology is included within cost of goods sold and customer relationship is included within selling, general and administrative expenses.

The Company has not presented pro forma results of operations for Crocus because they are not material to the Company’s consolidated results of operations, financial position, or cash flows.

Acquisition-Related Costs

Acquisition-related costs were $8,229 during the fiscal year ended March 29, 2024, and are included in the selling, general and administrative expenses in the consolidated statements of operations. Acquisition-related costs for the Crocus acquisition relate to professional fees as well as deal fees.

Heyday

On September 1, 2022, the Company completed its purchase of all of the equity interests in Heyday Integrated Circuits (“Heyday”), a privately held company specializing in compact, fully integrated isolated gate drivers that enable energy conversion in high-voltage gallium nitride and silicon carbide wide-bandgap semiconductor designs (the “Heyday Acquisition”). The Heyday Acquisition was undertaken to bring together Heyday’s isolated gate drivers and the Company’s isolated current sensors to enable potential development and commercialization of small high-voltage and high-efficiency power systems. Additionally, this acquisition increased the Company’s addressable market for electric vehicles (“EV”), solar inverters, data center and network infrastructure, and broad-market industrial applications. The total purchase price, as updated for measurement period adjustments, was $20,245, consisting of cash consideration paid directly to the owners of Heyday and paid on their behalf for the settlement of certain outstanding debts and other obligations.

The Heyday Acquisition was accounted for as a business combination, and the Company recorded the assets acquired and liabilities assumed at their respective fair values as of the date of acquisition. The allocation of the purchase price has been 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 final purchase price allocation is as follows:



Cash	$	324
Property, plant and equipment		16
Completed technology		15,100
In-process research and development		1,600
Total identifiable assets acquired	$	17,040
Current liabilities assumed		(282	)
Deferred income tax liabilities		(3,609	)
Net assets acquired	$	13,149
Total identifiable net assets		(20,245	)
Goodwill	$	7,096

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

Amortization of completed technology is included within cost of goods sold and consists of PowerThru technology that accomplishes gate driver power and signal transmission through an integrated transformer, reducing the size and complexity of the gate

drive solution. The in-process research and development assets represent efforts to expand the power capability of these gate drivers for wide-bandgap semiconductor technology. Management applied the multi-period excess earnings method under the income approach to estimate the fair value of the completed technology asset to value the completed technology and the in-process research and development assets.

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

The Company has not presented pro forma results of operations for the Heyday Acquisition because it is not material to the Company’s consolidated results of operations, financial position, or cash flows.

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023
Payables and Accruals [Abstract]
Accrued management incentives	$ 26,229	$ 40,484
Accrued salaries and wages	21,014	20,205
Accrued warranty costs	477	4,327
Accrued vacation	2,406	8,178
Accrued severance	3,013	200
Accrued professional fees	8,125	6,243
Accrued income taxes	3,478	5,625
Other current liabilities	6,384	9,632
Total	$ 71,126	$ 94,894

Retirement Plans - Schedule of Changes in Benefit Obligations and Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Obligation and funded status of plan:
Benefit obligation at beginning of year	$ 14,730	$ 15,080
Service cost	1,345	1,358	$ 1,554
Interest cost	907	763	637
Prior service cost	62	0
Benefits paid	(1,022)	(1,014)
Actuarial (loss) gain	683	(908)
Foreign currency exchange rate changes	(511)	(549)
Benefit obligation at end of year	16,194	14,730	15,080
Change in plan assets:
Fair value of plan assets at beginning of year	7,168	7,097
Actual return on plan assets	452	(189)
Employer contributions	1,230	1,463
Benefits paid	(937)	(952)
Foreign currency exchange rate changes	(248)	(251)
Fair value of plan assets at end of year	7,665	7,168	$ 7,097
Underfunded status at end of year	$ (8,529)	$ (7,562)

Debt and Other Borrowings (Tables)

12 Months Ended

Mar. 29, 2024

Debt Disclosure [Abstract]

Schedule of Debt Obligations

The Company’s debt obligations consisted of the following:


	Fiscal Year Ended
	March 29, 2024			March 31, 2023

2023 Term Loan Facility	$	249,375		$	—
2020 Term Loan Facility		—			25,000
Unamortized debt issuance costs		(4,273	)		—
Total loans outstanding		245,102			25,000
Finance lease liabilities		8,438			—
Total debt		253,540			25,000
Current portion of long-term debt and finance lease liabilities		(3,929	)		—
Total long-term debt and finance lease liabilities, less current portion	$	249,611		$	25,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Goodwill and Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross	$ 311,991	$ 76,985
Accumulated Amortization	(35,137)	(24,607)
Net Carrying Amount	276,854	52,378
Patents
Finite-Lived Intangible Assets [Line Items]
Gross	44,894	40,213
Accumulated Amortization	(22,016)	(18,335)
Net Carrying Amount	$ 22,878	$ 21,878
Weighted-Average Lives	4 years	10 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross	$ 14,977	$ 3,281
Accumulated Amortization	(3,315)	(3,115)
Net Carrying Amount	$ 11,662	$ 166
Weighted-Average Lives	15 years	9 years
Completed technologies
Finite-Lived Intangible Assets [Line Items]
Gross	$ 249,758	$ 28,508
Accumulated Amortization	(9,719)	(2,963)
Net Carrying Amount	$ 240,039	$ 25,545
Weighted-Average Lives	12 years	12 years
Indefinite-lived process technology and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross	$ 2,275	$ 4,696
Net Carrying Amount	2,275	4,696
Trademarks and other
Finite-Lived Intangible Assets [Line Items]
Gross	87	287
Accumulated Amortization	$ (87)	(194)
Net Carrying Amount		$ 93
Weighted-Average Lives		5 years

Business Combinations - Crocus - Additional Information (Details) - Crocus Technologies - USD ($) $ in Thousands		12 Months Ended
	Oct. 31, 2023	Mar. 29, 2024	Oct. 02, 2023	Sep. 11, 2023
Business Acquisition [Line Items]
Aggregate purchase price paid in cash	$ 412,274
Initial Crocus Loan \| Loans Payable
Business Acquisition [Line Items]
Principal amount			$ 3,000	$ 4,000
Initial Crocus Loan \| Loans Payable \| Maximum
Business Acquisition [Line Items]
Principal amount				$ 7,000
Completed technology
Business Acquisition [Line Items]
Weighted average useful life		12 years
Customer relationships
Business Acquisition [Line Items]
Weighted average useful life		15 years
Selling, general and administrative
Business Acquisition [Line Items]
Acquisition-related costs		$ 8,229

Business Combinations - Summary of Final Purchase Price Allocation (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Sep. 01, 2022	Mar. 29, 2024	Mar. 25, 2022
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill	$ 27,691		$ 202,425	$ 20,009
Heyday
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash	324
Property, plant and equipment	16
Completed technology	15,100
In-process research and development	1,600
Total identifiable assets acquired	17,040
Current liabilities assumed	(282)
Deferred income tax liabilities	(3,609)
Total identifiable net assets	13,149
Total estimated fair value of consideration	(20,245)	$ (20,245)
Goodwill	$ 7,096

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022	Mar. 26, 2021
Income Tax Contingency [Line Items]
Capitalized research and development costs	$ 62,651	$ 30,582
Deferred income tax, estimated rate benefit	11,091
Provision for uncertain tax positions	4,980	2,408	$ 2,459	$ 2,554
Unrecognized tax benefits that would impact effective tax rate	4,968	2,392	2,433
Unrecognized tax benefits, income tax penalties and interest expense	826	39	$ 58
Unrecognized tax benefits, income tax penalties and interest accrued	906	$ 445
Research And Development
Income Tax Contingency [Line Items]
Tax credit carryforward	290
Research And Development \| Crocus
Income Tax Contingency [Line Items]
Tax credit carryforward	351
Research And Development \| Allegro Microsystems, Inc.
Income Tax Contingency [Line Items]
Tax credit carryforward	3,000
Domestic Tax Authority
Income Tax Contingency [Line Items]
Operating loss carryforwards	7,707
Domestic Tax Authority \| Crocus
Income Tax Contingency [Line Items]
Operating loss carryforwards	36,697
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Operating loss carryforwards	722
State and Local Jurisdiction \| Crocus
Income Tax Contingency [Line Items]
Operating loss carryforwards	10,345
State and Local Jurisdiction \| Allegro Microsystems, Inc.
Income Tax Contingency [Line Items]
Operating loss carryforwards	$ 160

Business Combinations - Heyday - Additional Information (Details) $ in Thousands			12 Months Ended
	Mar. 31, 2023 USD ($)	Sep. 01, 2022 USD ($)	Mar. 29, 2024 USD ($) Reportingunit	Mar. 31, 2023 USD ($)
Business Acquisition [Line Items]
Measurement period adjustments			$ 280
Number of reporting units \| Reportingunit			1
Heyday
Business Acquisition [Line Items]
Preliminary purchase price	$ 20,245	$ 20,245
Measurement period adjustments				$ (1,133)
Heyday \| Process technology
Business Acquisition [Line Items]
Weighted average useful life			12 years

Retirement Plans - Schedule of Estimated Future Benefit Payments (Details) - Pension Plan $ in Thousands	Mar. 29, 2024 USD ($)
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2025	$ 1,415
2026	922
2027	1,157
2028	1,563
2029	1,445
Thereafter	10,491
Total	$ 16,993

Retirement Plans (Tables)

12 Months Ended

Mar. 29, 2024

Retirement Benefits [Abstract]

Schedule of Expense Related to Defined Benefit Plan

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


	Fiscal Year Ended
	March 29, 2024			March 31, 2023			March 25, 2022
Service cost	$	1,345		$	1,358		$	1,554
Interest cost		907			763			637
Expected return on plan assets		(468	)		(301	)		(304	)
Amortization of prior service cost		(8	)		(8	)		1
Actuarial loss		33			77			205
Net periodic pension expense	$	1,809		$	1,889		$	2,093

Changes in Benefit Obligations and Plan Assets

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


	Fiscal Year Ended
	March 29, 2024			March 31, 2023
Obligation and funded status of plan:
Benefit obligation at beginning of year	$	14,730		$	15,080
Service cost		1,345			1,358
Interest cost		907			763
Prior service cost		62			—
Benefits paid		(1,022	)		(1,014	)
Actuarial loss (gain)		683			(908	)
Foreign currency exchange rate changes		(511	)		(549	)
Benefit obligation at end of year	$	16,194		$	14,730
Change in plan assets:
Fair value of plan assets at beginning of year	$	7,168		$	7,097
Actual return on plan assets		452			(189	)
Employer contributions		1,230			1,463
Benefits paid		(937	)		(952	)
Foreign currency exchange rate changes		(248	)		(251	)
Fair value of plan assets at end of year	$	7,665		$	7,168
Underfunded status at end of year	$	(8,529	)	$	(7,562	)

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

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


	Fiscal Year Ended
	March 29, 2024		March 31, 2023
Projected benefit obligations	$	16,194	$	14,730
Plan assets		7,665		7,168
Accumulated benefit obligations		9,666		8,868

Schedule of Amounts Recorded for AOCI for Defined Benefit Plan

The amounts recorded in AOCI for the non-U.S. defined benefit plan for the fiscal years ended March 29, 2024 and March 31, 2023 are further detailed below:


	Net Transition Obligation (Asset)			Net Actuarial Loss		Prior Service Costs			Total
Balance, March 25, 2022, net of tax	$	183		$	1,896	$	(77	)	$	2,002
2023 change in AOCI for non-U.S. defined benefit plan		(11	)		36		(14	)		11
Amounts in AOCI before tax		172			1,932		(91	)		2,013
Less tax expense		43			483		(23	)		503
Balance, March 31, 2023, net of tax	$	129		$	1,449	$	(68	)	$	1,510
2024 change in AOCI for non-U.S. defined benefit plan		14			1,079		(11	)		1,082
Amounts in AOCI before tax		143			2,528		(79	)		2,592
Less tax expense		36			632		(20	)		648
Balance, March 29, 2024, net of tax	$	107		$	1,896	$	(59	)	$	1,944

Schedule of Weighted-Average Assumptions

Weighted-Average Assumptions Used to Determine Projected Benefit Obligation


	March 29, 2024			March 31, 2023
Non-U.S. assumed discount rate		6.21	%		6.63	%
Non-U.S. rate of compensation increases		5.50	%		5.50	%

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost


	March 29, 2024			March 31, 2023			March 25, 2022
Non-U.S. assumed discount rate		6.21	%		6.63	%		5.58	%
Non-U.S. expected long-term return on plan assets		5.54	%		6.40	%		4.10	%
Non-U.S. rate of compensation increases		5.50	%		5.50	%		5.50	%

Fair Value of Entity's Plan Assets

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


	Fair Value at March 29, 2024		Level 1		Level 2		Level 3
Assets of non-U.S. defined benefit plan:
Government securities	$	2,629	$	2,629	$	—	$	—
Unit investment trust fund		1,307		—		1,307		—
Loans		574		—		—		574
Bonds		607		—		607		—
Stocks and other investments		2,548		1,635		4		909
Total	$	7,665	$	4,264	$	1,918	$	1,483


	Fair Value at 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

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 26, 2021	$	584		$	1,133
Additions		308			—
Redemptions		(289	)		—
Revaluation of equity securities		(5	)		13
Change in foreign currency exchange rates		(45	)		(81	)
Balance at March 25, 2022	$	553		$	1,065
Additions		328			—
Redemptions		(280	)		—
Revaluation of equity securities		4			75
Change in foreign currency exchange rates		(19	)		(38	)
Balance at March 31, 2023	$	586		$	1,102
Additions		303			—
Redemptions		(295	)		—
Revaluation of equity securities		(1	)		(154	)
Change in foreign currency exchange rates		(19	)		(39	)
Balance at March 29, 2024	$	574		$	909

Schedule of Estimated Future Benefit Payments

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


	Pension Benefits
2025	$	1,415
2026		922
2027		1,157
2028		1,563
2029		1,445
Thereafter		10,491
Total	$	16,993

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 29, 2024

Accounting Policies [Abstract]

Schedule of Property, Plant, and Equipment

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


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

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


	March 29, 2024			March 31, 2023
Land	$	25,595		$	15,384
Buildings, building improvements and leasehold improvements		65,626			61,500
Machinery and equipment		674,220			611,459
Office equipment		6,978			6,119
Right-of-use asset		8,218			—
Construction in progress		39,052			48,378
Total		819,689			742,840
Less accumulated depreciation		(498,514	)		(479,741	)
Total	$	321,175		$	263,099

Leases - Additional Information (Details)	12 Months Ended
Leases - Additional Information (Details)	Mar. 29, 2024
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Lessee, Operating Lease, Existence of Option to Terminate [true false]	true
Minimum
Lessee, Lease, Description [Line Items]
Operating lease agreement term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease agreement term	10 years

Revenue from Contracts with Customers

12 Months Ended

Mar. 29, 2024

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 29, 2024, March 31, 2023 and March 25, 2022. The categorization of net sales by application is determined using various characteristics of the product and the application into which the Company’s product will be incorporated. The categorization of net sales by geography is determined based on the location to which the products are shipped.

Net sales by application:

During the preparation of the third quarter fiscal year 2024 interim condensed consolidated financial statements, the Company identified an immaterial error in the classification of net sales by application, whereby customer returns and sales allowances were incorrectly classified by application between Automotive, Industrial and Other in the prior periods. There was no impact to previously reported total net sales or net income in any of the periods.

The Company assessed the materiality of the revision qualitatively and quantitatively and determined the revisions to be immaterial to the prior period interim fiscal year 2024, annual fiscal year 2023, and annual fiscal year 2022 consolidated financial statements. All prior period amounts have been revised in the table below.


	Fiscal Year Ended
	March 29, 2024		March 31, 2023		March 25, 2022
Automotive	$	759,454	$	646,761	$	522,795
Industrial		223,810		208,604		143,266
Other		66,103		118,288		102,613
Total net sales	$	1,049,367	$	973,653	$	768,674

Net sales by product:


	Fiscal Year Ended
	March 29, 2024		March 31, 2023		March 25, 2022
Magnetic sensors (“MS”) and other	$	649,869	$	598,579	$	500,293
Power integrated circuits (“PIC”)		399,498		375,074		268,381
Total net sales	$	1,049,367	$	973,653	$	768,674

Net sales by geography:


	Fiscal Year Ended
	March 29, 2024		March 31, 2023		March 25, 2022
Americas:
United States	$	149,283	$	131,150	$	108,396
Other Americas		32,119		28,014		23,056
EMEA:
Europe		176,628		169,368		134,537
Asia:
Greater China		274,851		253,906		191,895
Japan		175,713		160,763		148,813
South Korea		113,877		96,549		80,451
Other Asia		126,896		133,903		81,526
Total net sales	$	1,049,367	$	973,653	$	768,674

The Company recognizes sales net of returns and sales allowances, which comprises credits issued, price protection adjustments and stock rotation rights. As of March 29, 2024 and March 31, 2023, the liability associated with returns and sales allowances, inclusive of related party adjustments, was $44,797 and $30,571, respectively, and was netted against trade accounts receivable in the consolidated balance sheets.

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

- 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.

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+ Details

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Statement of Comprehensive Income [Abstract]
Defined benefit plan, tax	$ 145	$ (164)	$ (472)

Net Income per Share - Schedule of Computation of Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Earnings Per Share [Abstract]
Net income attributable to Allegro MicroSystems, Inc.	$ 152,697	$ 187,357	$ 119,407
Basic weighted average common shares (in shares)	192,573,169	191,197,452	189,748,427
Dilutive effect of common stock equivalents (in shares)	2,101,183	2,490,650	2,062,778
Diluted weighted average common shares (in shares)	194,674,352	193,688,102	191,811,205
Basic net income per common share attributable to Allegro MicroSystems, Inc. stockholders	$ 0.79	$ 0.98	$ 0.63
Diluted net income per common share attributable to Allegro MicroSystems, Inc. stockholders	$ 0.78	$ 0.97	$ 0.62

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

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

+ References

+ Details

Retirement Plans - Schedule of Weighted-Average Assumptions (Details) - Pension Plan	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Defined Benefit Plan Disclosure [Line Items]
Non-U.S. assumed discount rate	6.21%	6.63%
Non-U.S. rate of compensation increases	5.50%	5.50%
Non-U.S. assumed discount rate	6.21%	6.63%	5.58%
Non-U.S. expected long-term return on plan assets	5.54%	6.40%	4.10%
Non-U.S. rate of compensation increases	5.50%	5.50%	5.50%

Business Combinations - Summary of Preliminary Price Allocation (Details) - USD ($) $ in Thousands	Sep. 11, 2023	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill		$ 202,425	$ 27,691	$ 20,009
Crocus
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Total purchase consideration	$ 412,274
Cash	4,155
Inventories	4,208
Accounts receivable	484
Prepaid expenses and other current assets	2,400
Property, plant and equipment	7,640
Right-of-use asset	9,770
Other assets	229
Total identifiable assets acquired	274,886
Accounts payable	(5,134)
Accrued expenses and other current liabilities	(2,707)
Long-term debt	(842)
Lease liability	(10,390)
Other long-term liabilities	(2,813)
Deferred income tax liabilities	(15,245)
Total identifiable net assets	237,755
Goodwill	174,519
Completed technology \| Crocus
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets	234,000
Customer relationships \| Crocus
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets	$ 12,000

Fair Value Measurements

12 Months Ended

Mar. 29, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables present information about the Company’s financial assets and liabilities as of March 29, 2024 and March 31, 2023 measured at fair value on a recurring basis:


	Fair Value Measurement at March 29, 2024:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market fund deposits	$	36,192	$	—	$	—	$	36,192
Restricted cash:
Money market fund deposits		10,018		—		—		10,018
Total assets	$	46,210	$	—	$	—	$	46,210


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

The following table represents the unrealized gains and losses on investments in marketable securities held with a readily determinable fair value for the fiscal years ended March 29, 2024 and March 31, 2023:


	Fiscal Year Ended
	March 29, 2024			March 31, 2023
Net gains and losses recognized during the period on equity securities	$	(3,579	)	$	7,471
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date	$	—		$	7,471

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

During the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022, there were no transfers among Level 1, Level 2 and Level 3.

The fair value of the Company’s long-term debt was $248,752 as of March 29, 2024. The fair value was determined based on the quoted price of the debt in an inactive market on the last trading date of the reporting period, and has been classified as Level 2 within the fair value hierarchy.

- 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

Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands	Mar. 29, 2024 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2025	$ 24,827
2026	24,481
2027	24,106
2028	23,812
2029	23,495
Thereafter	153,858
Net Carrying Amount	$ 274,579

Other Assets, net (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
VAT receivables long-term, net	$ 16,943	$ 13,633
Income taxes receivable long-term	11,091	13,133
Investments in marketable securities	0	19,929
Deposits	17,928	17,319
Debt issuance costs	1,233	0
Long-term prepaid contracts	1,015	436
Other	3,441	4,780
Total	$ 51,651	$ 69,230

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 42,457	$ 61,798	$ 33,548
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	5,359	5,090	3,176
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	13,894	9,496	3,933
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	23,204	47,212	26,439
Restricted Stock Units (RSUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	28,162	33,708	19,918
Performance Stock Units (PSUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	12,825	26,890	11,997
Employee Stock Purchase Plan (ESPP)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	1,438	921	1,099
Other
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 32	$ 279	$ 534

Revenue from Contracts with Customers - Net Sales by Geography (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Disaggregation of Revenue [Line Items]
Total net sales	$ 1,049,367	$ 973,653	$ 768,674
United States
Disaggregation of Revenue [Line Items]
Total net sales	149,283	131,150	108,396
Other Americas
Disaggregation of Revenue [Line Items]
Total net sales	32,119	28,014	23,056
Europe
Disaggregation of Revenue [Line Items]
Total net sales	176,628	169,368	134,537
Greater China
Disaggregation of Revenue [Line Items]
Total net sales	274,851	253,906	191,895
Japan
Disaggregation of Revenue [Line Items]
Total net sales	175,713	160,763	148,813
South Korea
Disaggregation of Revenue [Line Items]
Total net sales	113,877	96,549	80,451
Other Asia
Disaggregation of Revenue [Line Items]
Total net sales	$ 126,896	$ 133,903	$ 81,526

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Mar. 29, 2024

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The following tables present information about the Company’s financial assets and liabilities as of March 29, 2024 and March 31, 2023 measured at fair value on a recurring basis:


	Fair Value Measurement at March 29, 2024:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market fund deposits	$	36,192	$	—	$	—	$	36,192
Restricted cash:
Money market fund deposits		10,018		—		—		10,018
Total assets	$	46,210	$	—	$	—	$	46,210


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

Gain (Loss) on Securities


	Fiscal Year Ended
	March 29, 2024			March 31, 2023
Net gains and losses recognized during the period on equity securities	$	(3,579	)	$	7,471
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date	$	—		$	7,471

Leases - Schedule of Future Minimum Lease Payments under Operating and Finance Leases (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023
Operating Leases
2025	$ 6,428
2026	5,680
2027	4,804
2028	3,890
2029	2,144
Thereafter	2,135
Total lease payments	25,081
Less: imputed interest	(3,414)
Total lease liabilities	21,667
Finance Leases
2025	1,751
2026	1,751
2027	1,751
2028	1,751
2029	1,751
Thereafter	1,311
Total lease payments	10,066
Less: imputed interest	(1,628)
Total lease liabilities	$ 8,438	$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non Rule 10b5-1 Arrangement Modified	false

Income Taxes - Schedule of Income Taxes Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Income Tax Disclosure [Abstract]
Tax provision at U.S. statutory rate	$ 40,907	$ 44,383	$ 29,557
State income taxes, net of federal benefit	1,106	1,027	2,370
Foreign derived intangible income	(25,612)	(25,391)	(9,066)
Research and development tax credit	(6,188)	(3,641)	(2,823)
Stock-based compensation	(956)	(1,025)	(230)
Cumulative provision-to-return	(1,147)	(914)	(590)
Gain on contingent purchase price reduction	0	(588)	(420)
Subpart F income, net of credits	(168)	(307)	283
Provision for uncertain tax positions	827	(81)	(17)
162(m) limitation	3,010	8,931	3,988
Foreign tax rate	2,632	954	(157)
Deferred tax remeasurement	0	651	0
Transaction costs	1,848	338	307
CARES carryback claim and amended returns	0	0	(2,031)
Entity restructuring	25,921	0	0
Other	(271)	(485)	20
Total income tax provision	$ 41,909	$ 23,852	$ 21,191

Other Assets, net (Tables)

12 Months Ended

Mar. 29, 2024

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

Schedule of Other Assets, Net

The composition of other assets, net was as follows:


	March 29, 2024		March 31, 2023
VAT receivables long-term, net	$	16,943	$	13,633
Income taxes receivable long-term		11,091		13,133
Investments in equity securities (1)		—		19,929
Deposits		17,928		17,319
Debt issuance costs		1,233		—
Long-term prepaid contracts		1,015		436
Other		3,441		4,780
Total	$	51,651	$	69,230

(1)

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

Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023
Deferred income tax assets:
Capitalized research and development costs	$ 62,651	$ 30,582
Bonuses, commissions and other compensation	9,407	11,506
Inventory and sales related	16,766	8,730
Stock-based compensation	4,544	3,842
Tax credits	3,290	3,220
Lease liability	2,388	2,479
Property, plant and equipment, net	157
Other accruals and reserves	2,653	2,803
Net operating loss carryforward	8,589	361
Gross deferred income tax assets	110,445	63,523
Valuation allowance for deferred income tax assets	(3,160)	(3,581)
Total deferred income tax assets	107,285	59,942
Deferred income tax liabilities:
Equity method and other investments	(1,782)	(4,172)
Intangibles, net	(48,875)	(1,090)
Property, plant and equipment, net		(1,930)
Right-of-use asset	(2,132)	(2,391)
Total deferred income tax liabilities	(52,789)	(9,583)
Deferred income tax assets	$ 54,496	$ 50,359

Net Income per Share (Tables)

12 Months Ended

Mar. 29, 2024

Earnings Per Share [Abstract]

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

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


	Fiscal Year Ended
	March 29, 2024		March 31, 2023		March 25, 2022
Net income attributable to Allegro MicroSystems, Inc.	$	152,697	$	187,357	$	119,407

Basic weighted average common shares		192,573,169		191,197,452		189,748,427
Dilutive effect of common stock equivalents		2,101,183		2,490,650		2,062,778
Diluted weighted average common shares		194,674,352		193,688,102		191,811,205

Basic net income per common share attributable to Allegro MicroSystems, Inc. stockholders	$	0.79	$	0.98	$	0.63

Diluted net income per common share attributable to Allegro MicroSystems, Inc. stockholders	$	0.78	$	0.97	$	0.62

Schedule of Anti Dilutive Securities Excluded

The computed net income per share for the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022 does not assume conversion of securities that would have an antidilutive effect on income per share. The following represents contingently issuable shares excluded from the computation of net income per share, as such shares would have an antidilutive effect:


	Fiscal Year Ended
	March 29, 2024		March 31, 2023		March 25, 2022
RSUs		40,257		17,586		—
PSUs		129,837		—		—
ESPP		—		—		3,622
Total		170,094		17,586		3,622

Schedule of Issuable Weighted Average Share Information

The following represents issued and issuable weighted average share information underlying our outstanding RSUs, PSUs and participation in the ESPP for the respective periods:


	Fiscal Year Ended
	March 29, 2024		March 31, 2023		March 25, 2022
RSUs		888,811		1,039,547		1,066,406
PSUs		1,210,124		1,435,883		996,372
ESPP		2,248		15,220		—
Total		2,101,183		2,490,650		2,062,778

Retirement Plans

12 Months Ended

Mar. 29, 2024

Retirement Benefits [Abstract]

Retirement Plans

15.

Retirement Plans

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

Plan Descriptions

Non-U.S. Defined Benefit Plan

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

Effect on the consolidated statements of operations

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


	Fiscal Year Ended
	March 29, 2024			March 31, 2023			March 25, 2022
Service cost	$	1,345		$	1,358		$	1,554
Interest cost		907			763			637
Expected return on plan assets		(468	)		(301	)		(304	)
Amortization of prior service cost		(8	)		(8	)		1
Actuarial loss		33			77			205
Net periodic pension expense	$	1,809		$	1,889		$	2,093

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


	Fiscal Year Ended
	March 29, 2024			March 31, 2023
Obligation and funded status of plan:
Benefit obligation at beginning of year	$	14,730		$	15,080
Service cost		1,345			1,358
Interest cost		907			763
Prior service cost		62			—
Benefits paid		(1,022	)		(1,014	)
Actuarial loss (gain)		683			(908	)
Foreign currency exchange rate changes		(511	)		(549	)
Benefit obligation at end of year	$	16,194		$	14,730
Change in plan assets:
Fair value of plan assets at beginning of year	$	7,168		$	7,097
Actual return on plan assets		452			(189	)
Employer contributions		1,230			1,463
Benefits paid		(937	)		(952	)
Foreign currency exchange rate changes		(248	)		(251	)
Fair value of plan assets at end of year	$	7,665		$	7,168
Underfunded status at end of year	$	(8,529	)	$	(7,562	)

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

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


	Fiscal Year Ended
	March 29, 2024		March 31, 2023
Projected benefit obligations	$	16,194	$	14,730
Plan assets		7,665		7,168
Accumulated benefit obligations		9,666		8,868

The amounts recorded in AOCI for the non-U.S. defined benefit plan for the fiscal years ended March 29, 2024 and March 31, 2023 are further detailed below:


	Net Transition Obligation (Asset)			Net Actuarial Loss		Prior Service Costs			Total
Balance, March 25, 2022, net of tax	$	183		$	1,896	$	(77	)	$	2,002
2023 change in AOCI for non-U.S. defined benefit plan		(11	)		36		(14	)		11
Amounts in AOCI before tax		172			1,932		(91	)		2,013
Less tax expense		43			483		(23	)		503
Balance, March 31, 2023, net of tax	$	129		$	1,449	$	(68	)	$	1,510
2024 change in AOCI for non-U.S. defined benefit plan		14			1,079		(11	)		1,082
Amounts in AOCI before tax		143			2,528		(79	)		2,592
Less tax expense		36			632		(20	)		648
Balance, March 29, 2024, net of tax	$	107		$	1,896	$	(59	)	$	1,944

There is no significant actuarial net gain or loss included in AOCI as of March 29, 2024 that is expected to be amortized into net periodic benefit cost over the next fiscal year.

As of March 29, 2024, the Company does not expect a significant return of plan assets during the next 12 months.

Assumptions and Investment Policies

The actuarial assumptions and methodologies used in determining the projected benefit obligation and net periodic benefit cost are reviewed on an annual basis. The primary assumptions include the Non-U.S. assumed discount rates, the Non-U.S. expected long-term returns on plan assets, and the Non-U.S. rate of compensation increases.

Weighted-Average Assumptions Used to Determine Projected Benefit Obligation


	March 29, 2024			March 31, 2023
Non-U.S. assumed discount rate		6.21	%		6.63	%
Non-U.S. rate of compensation increases		5.50	%		5.50	%

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost


	March 29, 2024			March 31, 2023			March 25, 2022
Non-U.S. assumed discount rate		6.21	%		6.63	%		5.58	%
Non-U.S. expected long-term return on plan assets		5.54	%		6.40	%		4.10	%
Non-U.S. rate of compensation increases		5.50	%		5.50	%		5.50	%

Information on Plan Assets


	Fair Value at March 29, 2024		Level 1		Level 2		Level 3
Assets of non-U.S. defined benefit plan:
Government securities	$	2,629	$	2,629	$	—	$	—
Unit investment trust fund		1,307		—		1,307		—
Loans		574		—		—		574
Bonds		607		—		607		—
Stocks and other investments		2,548		1,635		4		909
Total	$	7,665	$	4,264	$	1,918	$	1,483


	Fair Value at 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

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 26, 2021	$	584		$	1,133
Additions		308			—
Redemptions		(289	)		—
Revaluation of equity securities		(5	)		13
Change in foreign currency exchange rates		(45	)		(81	)
Balance at March 25, 2022	$	553		$	1,065
Additions		328			—
Redemptions		(280	)		—
Revaluation of equity securities		4			75
Change in foreign currency exchange rates		(19	)		(38	)
Balance at March 31, 2023	$	586		$	1,102
Additions		303			—
Redemptions		(295	)		—
Revaluation of equity securities		(1	)		(154	)
Change in foreign currency exchange rates		(19	)		(39	)
Balance at March 29, 2024	$	574		$	909

The investments in the Company’s major benefit plans largely consist of low-cost, broad-market index funds to mitigate risks of concentration within the market sectors. The appropriate mix of equity and bond investments is determined primarily through the use of detailed asset-liability modeling studies that look to balance the impact of changes in the discount rate against the need to provide asset growth to cover future service cost. The Company has added a greater proportion of fixed income securities to the non-U.S. defined benefit plan with return characteristics that are more closely aligned with changes in liabilities caused by discount rate volatility. There are no significant restrictions on the amount or nature of the investments that may be acquired or held by the plans.

Cash Flows

During the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022, the Company contributed approximately $1,230, $1,489 and $1,369 to its non-U.S. pension plan, respectively. The Company expects to contribute approximately $2,535 to its non-U.S. pension plan in fiscal year 2025.

Estimated Future Benefit Payments

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


	Pension Benefits
2025	$	1,415
2026		922
2027		1,157
2028		1,563
2029		1,445
Thereafter		10,491
Total	$	16,993

Defined Contribution Plan

The Company maintains a 401(k) retirement savings plan (the “401(k) Plan”) for U.S.-based employees who satisfy certain eligibility requirements. Eligible employees may defer a portion of their eligible compensation, within prescribed limits, through contributions to the 401(k) Plan. The Company matches participants’ contributions, up to a maximum of 5% of a participant’s eligible compensation, up to the statutory compensation limit, and these matching contributions are fully vested as of the date they are made. Matching contributions totaled $5,956, $4,708 and $4,074 for the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022, respectively.

The Company also has a defined contribution plan (the “Plan”) covering substantially all of its European employees. Contributions to the Plan totaled approximately $1,549, $1,248 and $1,065 for the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Leases

12 Months Ended

Mar. 29, 2024

Leases [Abstract]

Leases

12.

Leases

The Company leases real estate, equipment and vehicles under operating lease agreements that have initial terms ranging from one to 10 years. Some 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, while finance lease cost is amortized over the expected term on a straight-line basis. Information regarding the Company’s operating and finance leases are as follows:


	Fiscal Year Ended
	March 29, 2024			March 31, 2023			March 25, 2022
Operating leases
Operating lease expense	$	6,369		$	4,833		$	4,648
Short term lease expense		39			326			584
Other information:
Cash paid for operating leases	$	6,305		$	5,034		$	5,289
Weighted-average remaining lease term - operating leases	4.4 years			4.57 years			5.17 years
Weighted-average discount rate – operating leases		6.1	%		5.3	%		4.5	%


	Fiscal Year Ended
	March 29, 2024			March 31, 2023		March 25, 2022
Finance leases
Amortization of right-of-use assets	$	581		$	—	$	—
Interest on lease liabilities		29			—		—
Weighted-average remaining lease term - finance leases	5.6 years				—		—
Weighted-average discount rate - finance leases		7.7	%		—		—

Finance leases are recorded in the following line items within the consolidated balance sheets:


	March 29, 2024		March 31, 2023
Property, plant and equipment	$	7,641	$	—
Current portion of long-term debt		1,429		—
Long-term debt		7,009		—

As of March 29, 2024, future minimum lease payments under operating and finance leases as follows:


	Operating Leases			Finance Leases
2025	$	6,428		$	1,751
2026		5,680			1,751
2027		4,804			1,751
2028		3,890			1,751
2029		2,144			1,751
Thereafter		2,135			1,311
Total lease payments	$	25,081		$	10,066
Less: imputed interest		(3,414	)		(1,628	)
Total lease liabilities	$	21,667		$	8,438

Retirement Plans - Defined Contribution Plans, Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
AML US Employee, Defined Contribution Plan
Defined Contribution Plan Disclosure [Line Items]
Maximum employer contribution	5.00%
Total contributions	$ 5,956	$ 4,708	$ 4,074
AME Plan
Defined Contribution Plan Disclosure [Line Items]
Total contributions	$ 1,549	$ 1,248	$ 1,065

Retirement Plans - Defined Benefit Plans, Additional Information (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Defined Benefit Plan Disclosure [Line Items]
Company contributions	$ 1,230	$ 1,489	$ 1,369
Company contributions next fiscal year	$ 2,535

Revenue from Contracts with Customers (Tables)

12 Months Ended

Mar. 29, 2024

Revenue from Contract with Customer [Abstract]

Net Sales by Core End Market and Application


	Fiscal Year Ended
	March 29, 2024		March 31, 2023		March 25, 2022
Automotive	$	759,454	$	646,761	$	522,795
Industrial		223,810		208,604		143,266
Other		66,103		118,288		102,613
Total net sales	$	1,049,367	$	973,653	$	768,674

Revenue from External Customers by Products and Services

Net sales by product:


	Fiscal Year Ended
	March 29, 2024		March 31, 2023		March 25, 2022
Magnetic sensors (“MS”) and other	$	649,869	$	598,579	$	500,293
Power integrated circuits (“PIC”)		399,498		375,074		268,381
Total net sales	$	1,049,367	$	973,653	$	768,674

Revenue from External Customers by Geographic Areas

Net sales by geography:


	Fiscal Year Ended
	March 29, 2024		March 31, 2023		March 25, 2022
Americas:
United States	$	149,283	$	131,150	$	108,396
Other Americas		32,119		28,014		23,056
EMEA:
Europe		176,628		169,368		134,537
Asia:
Greater China		274,851		253,906		191,895
Japan		175,713		160,763		148,813
South Korea		113,877		96,549		80,451
Other Asia		126,896		133,903		81,526
Total net sales	$	1,049,367	$	973,653	$	768,674

Summary of Significant Accounting Policies

12 Months Ended

Mar. 29, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

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

Principles of Consolidation

Use of Estimates

Reclassifications

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

Business Segment Information

Business Combinations

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

Intangible assets, net

Impairment of Long-Lived Assets

Goodwill

Leases

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

Revenue Recognition

Sales channels

Variable consideration

Practical expedients elected

Other Revenue Recognition Policies

Contract Assets and Contract Liabilities

Stock-Based Compensation

Research and Development

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

Other Comprehensive Income (Loss)

Equity-method investments

Subsequent Events Considerations

Recently Accounting Pronouncements

All other recent accounting pronouncements were determined to not have a material impact on the Company’s financial position, results of operations, cash flows, or related disclosures.

Property, Plant and Equipment, net - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Total	$ 819,689	$ 742,840
Less accumulated depreciation	(498,514)	(479,741)
Total	321,175	263,099
Land
Property, Plant and Equipment [Line Items]
Total	25,595	15,384
Buildings, building improvements and leasehold improvements
Property, Plant and Equipment [Line Items]
Total	65,626	61,500
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total	674,220	611,459
Office equipment
Property, Plant and Equipment [Line Items]
Total	6,978	6,119
Right-of-use asset
Property, Plant and Equipment [Line Items]
Total	8,218
Construction in progress
Property, Plant and Equipment [Line Items]
Total	$ 39,052	$ 48,378

Other Long-Term Liabilities (Tables)

12 Months Ended

Mar. 29, 2024

Other Liabilities Disclosure [Abstract]

Schedule of Other Long-Term Liabilities

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


	March 29, 2024		March 31, 2023
Accrued retirement	$	9,069	$	8,032
Provision for uncertain tax positions		5,874		2,837
Other long-term liabilities		21		98
Total	$	14,964	$	10,967

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Net sales	$ 1,049,367	$ 973,653	$ 768,674
Cost of goods sold	471,894	348,390	286,855
Cost of goods sold to related party	2,944	79,184	74,359
Gross profit	574,529	546,079	407,460
Operating expenses:
Research and development	176,638	150,850	121,873
Selling, general and administrative	188,429	191,922	148,937
Impairment of long-lived assets	13,218	0	0
Total operating expenses	378,285	342,772	270,810
Operating income	196,244	203,307	136,650
Other income (expense):
Interest expense	(10,763)	(2,336)	(2,499)
Interest income	3,144	1,724	1,442
Foreign currency transaction gain (loss)	5,064	980	(568)
(Loss) income in earnings of equity investment	(538)	(406)	1,007
Other income, net	1,646	8,077	4,714
Income before income taxes	194,797	211,346	140,746
Income tax provision	41,909	23,852	21,191
Net income	152,888	187,494	119,555
Net income attributable to non-controlling interests	191	137	148
Net income attributable to Allegro MicroSystems, Inc.	$ 152,697	$ 187,357	$ 119,407
Net income per common share attributable to Allegro MicroSystems, Inc.:
Basic (in dollars per share)	$ 0.79	$ 0.98	$ 0.63
Diluted (in dollars per share)	$ 0.78	$ 0.97	$ 0.62
Weighted average shares outstanding:
Basic (in shares)	192,573,169	191,197,452	189,748,427
Diluted (in shares)	194,674,352	193,688,102	191,811,205
Non-Related Party Revenue
Net sales	$ 1,043,206	$ 812,890	$ 619,861
Related Party Revenue
Net sales	$ 6,161	$ 160,763	$ 148,813

Stock-Based Compensation - Schedule of Performance Units Fair Value Assumptions (Details) - Performance Stock Units (PSUs) - $ / shares	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance term	2 years 10 months 13 days	2 years 9 months 21 days
Volatility	47.70%	51.30%
Risk-free rate of return	3.68%	2.76%
Dividend yield	0.00%	0.00%
Weighted-average fair value per share (in dollars per share)	$ 43.83	$ 30.69

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes - Components of Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Current:
Federal	$ 16,086	$ 53,973	$ 7,779
State	1,319	472	1,553
Foreign	43,117	9,523	4,361
Total current	60,522	63,968	13,693
Deferred:
Federal	10,721	(36,276)	7,892
State	(131)	310	371
Foreign	(29,203)	(4,150)	(765)
Total deferred	(18,613)	(40,116)	7,498
Total income tax provision	$ 41,909	$ 23,852	$ 21,191

Inventories - Schedule Of Inventory (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 9,549	$ 15,049
Work in process	110,236	98,836
Finished goods	42,517	37,416
Total	$ 162,302	$ 151,301

Revenue from Contracts with Customers - Net Sales by Core End Market and Application (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Disaggregation of Revenue [Line Items]
Total net sales	$ 1,049,367	$ 973,653	$ 768,674
Automotive
Disaggregation of Revenue [Line Items]
Total net sales	759,454	646,761	522,795
Industrial
Disaggregation of Revenue [Line Items]
Total net sales	223,810	208,604	143,266
Other
Disaggregation of Revenue [Line Items]
Total net sales	$ 66,103	$ 118,288	$ 102,613

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Stock-Based Compensation - Schedule of RSU and PSU Activity (Details) - USD ($)	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Restricted Stock Units (RSUs)
Number of Shares
Beginning balance (in shares)	2,251,224
Granted (in shares)	1,112,545
Issued (in shares)	(979,332)
Forfeited (in shares)	(168,816)
Ending balance (in shares)	2,215,621	2,251,224
Weighted-Average Grant-Date Fair Value
Beginning balance (in dollars per share)	$ 23.85
Granted (in dollars per share)	36.14	$ 23.65	$ 26
Issued (in dollars per share)	23.57
Forfeited (in dollars per share)	28.52
Ending balance (in dollars per share)	$ 29.82	$ 23.85
Weighted-Average Remaining Contractual Life (In years)	1 year 10 days	1 year 3 months 7 days
Aggregate Intrinsic Value	$ 59,733	$ 108,036
Performance Shares [Member]
Number of Shares
Beginning balance (in shares)	2,748,347
Granted (in shares)	333,857
Excess shares issued due to achievement of performance conditions (in shares)	500,451
Issued (in shares)	(1,062,884)
Forfeited (in shares)	(90,378)
Ending balance (in shares)	2,429,393	2,748,347
Weighted-Average Grant-Date Fair Value
Beginning balance (in dollars per share)	$ 23.47
Granted (in dollars per share)	39.04
Excess shares issued due to achievement of performance condition (in dollars per share)	17.65
Issued (in dollars per share)	21.43
Forfeited (in dollars per share)	23.87
Ending balance (in dollars per share)	$ 25.64	$ 23.47
Weighted-Average Remaining Contractual Life (In years)	2 years 3 months 25 days	2 years 7 months 17 days
Aggregate Intrinsic Value	$ 65,496,000	$ 131,893,000

Other Long-Term Liabilities

12 Months Ended

Mar. 29, 2024

Other Liabilities Disclosure [Abstract]

Other Long-Term Liabilities

14.

Other Long-Term Liabilities

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


	March 29, 2024		March 31, 2023
Accrued retirement	$	9,069	$	8,032
Provision for uncertain tax positions		5,874		2,837
Other long-term liabilities		21		98
Total	$	14,964	$	10,967

Accrued Expenses and Other Current Liabilities

12 Months Ended

Mar. 29, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

11.

Accrued Expenses and Other Current Liabilities

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


	March 29, 2024		March 31, 2023
Accrued management incentives	$	26,229	$	40,484
Accrued salaries and wages		21,014		20,205
Accrued warranty costs		477		4,327
Accrued vacation		2,406		8,178
Accrued severance		3,013		200
Accrued professional fees		8,125		6,243
Accrued income taxes		3,478		5,625
Other current liabilities		6,384		9,632
Total	$	71,126	$	94,894

Leases (Tables)

12 Months Ended

Mar. 29, 2024

Leases [Abstract]

Lease, Cost


	Fiscal Year Ended
	March 29, 2024			March 31, 2023			March 25, 2022
Operating leases
Operating lease expense	$	6,369		$	4,833		$	4,648
Short term lease expense		39			326			584
Other information:
Cash paid for operating leases	$	6,305		$	5,034		$	5,289
Weighted-average remaining lease term - operating leases	4.4 years			4.57 years			5.17 years
Weighted-average discount rate – operating leases		6.1	%		5.3	%		4.5	%


	Fiscal Year Ended
	March 29, 2024			March 31, 2023		March 25, 2022
Finance leases
Amortization of right-of-use assets	$	581		$	—	$	—
Interest on lease liabilities		29			—		—
Weighted-average remaining lease term - finance leases	5.6 years				—		—
Weighted-average discount rate - finance leases		7.7	%		—		—

Finance leases are recorded in the following line items within the consolidated balance sheets:


	March 29, 2024		March 31, 2023
Property, plant and equipment	$	7,641	$	—
Current portion of long-term debt		1,429		—
Long-term debt		7,009		—

Schedule of Future Minimum Lease Payments under Operating and Finance Leases

As of March 29, 2024, future minimum lease payments under operating and finance leases as follows:


	Operating Leases			Finance Leases
2025	$	6,428		$	1,751
2026		5,680			1,751
2027		4,804			1,751
2028		3,890			1,751
2029		2,144			1,751
Thereafter		2,135			1,311
Total lease payments	$	25,081		$	10,066
Less: imputed interest		(3,414	)		(1,628	)
Total lease liabilities	$	21,667		$	8,438

Inventories (Tables)

12 Months Ended

Mar. 29, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

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


	March 29, 2024		March 31, 2023
Raw materials and supplies	$	9,549	$	15,049
Work in process		110,236		98,836
Finished goods		42,517		37,416
Total	$	162,302	$	151,301

Nature of the Business and Basis of Presentation

12 Months Ended

Mar. 29, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of the Business and Basis of Presentation

Allegro MicroSystems, Inc., together with its consolidated subsidiaries (the “Company”), is a global leader in designing, developing and manufacturing sensing and power solutions for motion control and energy-efficient systems in automotive and industrial markets. The Company is incorporated under the laws of Delaware. The Company is headquartered in Manchester, New Hampshire and has a global footprint, with 29 locations across four continents.

Financial Periods

The Company’s fiscal year is the 52-week or 53-week period ending on the Friday closest to the last day in March. The Company’s 2024 fiscal year ended March 29, 2024 (“fiscal year 2024”) was a 52-week period, the 2023 fiscal year ended March 31, 2023 (“fiscal year 2023”) was a 53-week period, and 2022 fiscal year ended March 25, 2022 (“fiscal year 2022”) was a 52-week period.

Related Party Transactions

12 Months Ended

Mar. 29, 2024

Related Party Transactions

20.

Related Party Transactions

Transactions Involving Sanken

The Company sells products to, and purchases in-process products from Sanken. As of March 29, 2024, Sanken held approximately 51.0% of the Company’s outstanding common stock.

Net sales of the Company’s products to Sanken totaled $6,161 and $160,763 for the fiscal years ended March 29, 2024 and March 31, 2023, respectively. Although certain costs are shared or allocated, cost of goods sold and gross margins attributable to related party sales are consistent with those of third-party customers. There were no trade accounts receivable, net from Sanken as of March 29, 2024. Trade accounts receivables net of allowances of $4,200 from Sanken, totaled $13,253 as of March 31, 2023. Other accounts receivable from Sanken totaled $160 and $241 for the fiscal years ended March 29, 2024 and March 31, 2023, respectively.

Termination of Sanken Distribution Agreement

On March 30, 2023, the Company entered into a termination of the distribution agreement with Sanken (the “Termination Agreement”). The Termination Agreement formally terminated the distribution agreement dated as of July 5, 2007, by and between the Company and Sanken (the “Distribution Agreement”), effective March 31, 2023. The Distribution Agreement provided Sanken the exclusive right to distribute the Company’s products in Japan. In connection with the termination of the Distribution Agreement, and, as provided for in the Termination Agreement, the Company made a one-time payment of $5,000 to Sanken in exchange for the cancellation of Sanken’s exclusive distribution rights in Japan, which was recorded in selling, general and administrative expenses in the consolidated statements of operations. Concurrent with the Termination Agreement, AML and Sanken also entered into a short-term, nonexclusive distribution agreement (the “Short-Term Distribution Agreement”) and a consulting agreement (the “Consulting Agreement”), each of which were effective April 1, 2023. In addition, the Company allowed a one-time sales return from Sanken of resalable inventory of $4,200. The Short-Term Distribution Agreement provides for the management and sale of Company product inventory for a period of twenty-four months. Under the terms of the Consulting Agreement, Sanken agreed to continue to provide

transition services for a period of six months to a strategic customer as orders for the customer are transitioned from Sanken to the Company, and the Company agreed to pay Sanken for providing these transition services.

Transactions involving Polar Semiconductor, LLC (“PSL”)

The Company purchases in-process products from PSL, which is 70% owned by Sanken and 30% owned by the Company.

Purchases of various products from PSL totaled $60,426 and $58,056 for the fiscal years ended March 29, 2024 and March 31, 2023, respectively. Accounts payable to PSL included in amounts due to related party totaled $1,621 and $4,682 as of March 29, 2024 and March 31, 2023, respectively.

Effective January 26, 2023, the Company and PSL entered into a new Wafer Foundry Agreement (“WFA”) for the fabrication of wafers. The WFA replaced the previous Wafer Foundry Agreement with PSL, dated April 12, 2013, which was due to expire on March 31, 2023. The WFA has a three-year term, and auto renews for subsequent one-year terms, unless terminated by either party providing two years notice. Pursuant to the WFA, the Company will provide a rolling annual forecast for three years, the first two years of which will be binding. If the Company fails to purchase the forecasted number of wafers for either of the first two years, it will pay a penalty for any shortfall for the given year. The parties also agreed upon production lead-times, as well as wafer, alignment, and mask pricing for the first two years of the term. Any changes to such pricing are subject to mutual agreement.

On April 25, 2024, the Company, Sanken, PSL and PS Investment Aggregator, L.P. (“Subscriber”) entered into a Sale and Subscription Agreement pursuant to which Subscriber and an affiliate of Subscriber will make capital contributions to PSL of, in the aggregate, $175,000 in exchange for equity interests in PSL (the “PSL Transaction”). The PSL Transaction is subject to a number of conditions to closing, including the contribution of outstanding PSL indebtedness held by each of the Company (the PSL Promissory Notes described below) and Sanken in exchange for new PSL equity units to recapitalize PSL prior to Closing and PSL receiving confirmation from the United States Department of Commerce, the United States Department of the Treasury and/or the State of Minnesota that it or they have awarded at least $310,700 in aggregate direct funding and tax credits pursuant to the Creating Helpful Incentives to Produce Semiconductors and Science Act of 2022 (the “CHIPS Act”) or other grant-based funding program on terms and conditions acceptable to the Subscriber as well as other customary closing conditions. The PSL Agreement also contemplates that following closing, the Company, Sanken and Subscriber shall engage in a series of reorganization transactions after which the Company will no longer directly own PSL and will instead own approximately 10.2% of PSL’s ultimate parent entity (“Polar Parent”). In connection with this reorganization, it is contemplated that the Company, Sanken and Subscriber shall enter into a new partnership agreement for Polar Parent to account for the reorganization into a limited partnership structure.

Notes Receivable from PSL

On December 2, 2021, AML entered into a loan agreement with PSL wherein PSL provided an initial promissory note to AML for a principal amount of $7,500 (the “Initial PSL Loan”). The Initial PSL Loan will be repaid in equal installments of principal and interest accrued at 1.26% per annum, over a term of four years, with payments due on the first day of each calendar year quarter (April 1st, July 1st, October 1st, and January 1st). On July 1, 2022, PSL borrowed an additional $7,500 under the same terms of the PSL Loan (the “Secondary PSL Loan” and, together with the Initial PSL Loan, the “PSL Promissory Notes”). The Secondary PSL Loan will be repaid in equal installments of principal and interest accrued at 2.99% per annum, over a term of four years, with payments due on the first day of each calendar year quarter (April 1st, July 1st, October 1st, and January 1st). The loan funds were used by PSL to procure a deep ultraviolet scanner and other associated manufacturing tools necessary to increase wafer fabrication capacity in support of the Company’s increasing wafer demand. As of March 29, 2024, the outstanding balance of the PSL Promissory Notes was $8,438. During the year ended March 29, 2024, PSL made quarterly payments to AML totaling $3,987, which included $237 of interest income.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Debt and Other Borrowings - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (4,273)	$ 0
Total loans outstanding	245,102	25,000
Finance lease liabilities	8,438	0
Total debt	253,540	25,000
Current portion of long-term debt and finance lease obligations	(3,929)	0
Total long-term debt and finance lease liabilities, less current portion	249,611	25,000
2023 Term Loan Facility
Debt Instrument [Line Items]
Total loans outstanding	249,375	0
2020 Term Loan Facility
Debt Instrument [Line Items]
Total loans outstanding	$ 0	$ 25,000

Stock-Based Compensation - Schedule of ESPP Fair Value Assumptions (Details) - Employee Stock Purchase Plan (ESPP) - $ / shares	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance term	6 months	6 months	6 months
Volatility	40.97%	44.99%	48.10%
Risk-free rate of return	5.35%	3.58%	0.10%
Dividend yield	0.00%	0.00%	0.00%
Weighted-average fair value per share (in dollars per share)	$ 9.51	$ 6.83	$ 8.25

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Goodwill and Intangible Assets

12 Months Ended

Mar. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

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


	Total
Balance at March 25, 2022	$	20,009
Acquisition		7,096
Foreign currency translation		586
Balance at March 31, 2023	$	27,691
Acquisition		174,519
Adjustments		280
Foreign currency translation		(65	)
Balance at March 29, 2024	$	202,425

Intangible assets, net were as follows:


	March 29, 2024
Description	Gross		Accumulated Amortization			Net Carrying Amount		Weighted-Average Lives
Patents	$	44,894	$	(22,016	)	$	22,878	4 years
Customer relationships		14,977		(3,315	)		11,662	15 years
Completed technologies		249,758		(9,719	)		240,039	12 years
Indefinite-lived process technology and trademarks		2,275		—			2,275
Trademarks and other		87		(87	)		—
Total	$	311,991	$	(35,137	)	$	276,854


	March 31, 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
Completed technologies		28,508		(2,963	)		25,545	12 years
Indefinite-lived process technology and trademarks		4,696		—			4,696
Trademarks and other		287		(194	)		93	5 years
Total	$	76,985	$	(24,607	)	$	52,378

Intangible assets amortization expense was $14,587, $5,209 and $4,219 for the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022, respectively.

In February 2024, the Company initiated a realignment of resources associated with our photonics and advanced 3D imaging solutions business to refocus spending on other technologies. As a result of the change in strategy, the Company recorded impairment charges of $11.6 million in the fourth quarter of fiscal year 2024 related to intangible assets, net, and long-lived assets from our 2021 acquisition of Voxtel, Inc. The results of the annual impairment test did not indicate any impairments of any other long-lived intangible assets for fiscal years 2024, 2023 and 2022.

As of March 29, 2024, amortization expense of intangible assets is expected to be as follows:


2025	$	24,827
2026		24,481
2027		24,106
2028		23,812
2029		23,495
Thereafter		153,858
Total	$	274,579

Stock-Based Compensation - Narrative (Details)		12 Months Ended
Stock-Based Compensation - Narrative (Details)	Nov. 02, 2020 shares	Mar. 29, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 25, 2022 USD ($) $ / shares	Sep. 29, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined contribution plan, age		62 years
Years of service		5 years
Common stock, shares outstanding (in shares)		193,164,609	191,754,292
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Grant date fair value (in dollars per share) \| $ / shares		$ 36.14	$ 23.65	$ 26
Options, vested in period, fair value \| $		$ 23,032,000	$ 29,732,000	$ 12,650,000
Stock-based compensation expense not yet recorded \| $					$ 43,404,000
Weighted average useful life		1 year 10 days	1 year 3 months 7 days
Performance Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value (in dollars per share) \| $ / shares		$ 39.04
Options, vested in period, fair value \| $		$ 22,777,000	$ 12,127,000	$ 0
Stock-based compensation expense not yet recorded \| $		$ 16,201,000
Common stock, shares outstanding (in shares)		76,306	396,171
Weighted average useful life		2 years 3 months 25 days	2 years 7 months 17 days
Performance Stock Units (PSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant percentage of target shares granted		0
Inclusion percentage of target goals		0.00%
Performance Stock Units (PSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant percentage of target shares granted		2
Inclusion percentage of target goals		200.00%
Employee Stock Purchase Plan (ESPP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	3,265,315
Number of shares immediately available for grant (in shares)	832,400
Number of shares that may become available for grant (in shares)	2,432,915
Purchase price of common stock, percentage of fair market value	85.00%
Offering period	6 months

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 212,143	$ 351,576
Restricted cash	10,018	7,129
Trade accounts receivable, net of provision for expected credit losses of $145 and $102 at March 29, 2024 and March 31, 2023, respectively	118,508	111,290
Accounts receivable - other	2,703	1,943
Inventories	162,302	151,301
Prepaid income taxes	31,908	2,090
Prepaid expenses and other current assets	30,674	23,256
Total current assets	572,213	665,829
Property, plant and equipment, net	321,175	263,099
Operating lease right-of-use assets, net	20,374	16,866
Deferred income tax assets	54,496	50,359
Goodwill	202,425	27,691
Intangible assets, net	276,854	52,378
Related party notes receivable, less current portion	4,688	8,438
Equity investment in related party	26,727	27,265
Other assets	51,651	69,230
Total assets	1,530,603	1,181,155
Current liabilities:
Trade accounts payable	35,964	56,256
Accrued expenses and other current liabilities	71,126	94,894
Current portion of operating lease liabilities	5,263	4,493
Current portion of long-term debt	3,929
Total current liabilities	117,908	165,325
Long-term debt	249,611	25,000
Operating lease liabilities, less current portion	16,404	13,048
Other long-term liabilities	14,964	10,967
Total liabilities	398,887	214,340
Commitments and contingencies (Note 16)
Stockholders' Equity:
Preferred Stock, $0.01 par value; 20,000,000 shares authorized, no shares issued or outstanding at March 29, 2024 and March 31, 2023
Common stock, $0.01 par value; 1,000,000,000 shares authorized, 193,164,609 shares issued and outstanding at March 29, 2024; 1,000,000,000 shares authorized, 191,754,292 issued and outstanding at March 31, 2023	1,932	1,918
Additional paid-in capital	694,332	674,179
Retained earnings	463,012	310,315
Accumulated other comprehensive loss	(28,841)	(20,784)
Equity attributable to Allegro MicroSystems, Inc.	1,130,435	965,628
Non-controlling interests	1,281	1,187
Total stockholders' equity	1,131,716	966,815
Total liabilities, non-controlling interests and stockholders' equity	1,530,603	1,181,155
Related Party
Current assets:
Trade and other accounts receivable due from related party	207	13,494
Current portion of related party notes receivable	3,750	3,750
Current liabilities:
Amounts due to related party	$ 1,626	$ 9,682

Retirement Plans - Schedule of Changes in Fair Value of Level 3 Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at beginning of year	$ 7,168	$ 7,097
Change in foreign currency exchange rates	(248)	(251)
Fair value of plan assets at end of year	7,665	7,168	$ 7,097
Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at beginning of year	1,688
Fair value of plan assets at end of year	1,483	1,688
Loans \| Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at beginning of year	586	553	584
Additions	303	328	308
Redemptions	(295)	(280)	(289)
Revaluation of equity securities	(1)	4	(5)
Change in foreign currency exchange rates	(19)	(19)	(45)
Fair value of plan assets at end of year	574	586	553
Stocks \| Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at beginning of year	1,102	1,065	1,133
Additions	0	0	0
Redemptions	0	0	0
Revaluation of equity securities	(154)	75	13
Change in foreign currency exchange rates	(39)	(38)	(81)
Fair value of plan assets at end of year	$ 909	$ 1,102	$ 1,065

Other Assets, net

12 Months Ended

Mar. 29, 2024

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

Other Assets, net

10.

Other Assets, net

The composition of other assets, net was as follows:


	March 29, 2024		March 31, 2023
VAT receivables long-term, net	$	16,943	$	13,633
Income taxes receivable long-term		11,091		13,133
Investments in equity securities (1)		—		19,929
Deposits		17,928		17,319
Debt issuance costs		1,233		—
Long-term prepaid contracts		1,015		436
Other		3,441		4,780
Total	$	51,651	$	69,230

(1)

Trade Accounts Receivable, Net - Summary of Trade Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade accounts receivable	$ 163,450	$ 150,914
Less:
Provision for expected credit losses	(145)	(102)
Returns and sales allowances	(44,797)	(26,269)
Trade accounts receivable, net	118,508	111,290
Related Party
Less:
Related party trade accounts receivable, net of returns and sales allowances	$ 0	$ (13,253)

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 152,888	$ 187,494	$ 119,555
Net income attributable to non-controlling interests	191	137	148
Net income attributable to Allegro MicroSystems, Inc.	152,697	187,357	119,407
Other comprehensive (loss) income:
Foreign currency translation adjustment	(7,720)	(2,892)	(8,110)
Net actuarial (loss) gain amortization of net transition obligation and prior service costs related to defined benefit plans, net of tax of $145, $(164) and $(472) in fiscal years 2024, 2023 and 2022, respectively	(434)	492	1,416
Comprehensive income	144,543	184,957	112,713
Other comprehensive gain attributable to non-controlling interests	97	64	111
Comprehensive income attributable to Allegro MicroSystems, Inc.	$ 144,640	$ 185,021	$ 112,824

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Mar. 29, 2024	Mar. 31, 2023	May 20, 2024	Sep. 29, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 29, 2024
Current Fiscal Year End Date	--03-29
Document Transition Report	false
Entity File Number	001-39675
Entity Registrant Name	ALLEGRO MICROSYSTEMS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-2405937
Entity Address, Address Line One	955 Perimeter Road
Entity Address, City or Town	Manchester
Entity Address, State or Province	NH
Entity Address, Postal Zip Code	03103
City Area Code	603
Local Phone Number	626-2300
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ALGM
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float				$ 2,567,653,518
Entity Common Stock, Shares Outstanding (in shares)			193,748,130
Documents Incorporated by Reference	Portions of the registrant’s proxy statement for its 2024 Annual Meeting of Stockholders to be filed pursuant to Regulation 14A within 120 days of the end of the registrant’s fiscal year ended March 29, 2024 are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent stated herein.
Entity Central Index Key	0000866291
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	true
Auditor Name	PricewaterhouseCoopers LLP	Grant Thornton LLP
Auditor Firm ID	238	248
Auditor Location	Boston, Massachusetts	Boston, Massachusetts

Summary of Significant Accounting Policies - Concentrations of Credit Risk and Significant Customers (Details)	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Trade Accounts Receivable \| Customer Concentration Risk \| Sanken
Concentration Risk [Line Items]
Concentration risk, percentage		10.60%
Trade Accounts Receivable \| Customer Concentration Risk \| Other Customer
Concentration Risk [Line Items]
Concentration risk, percentage		17.30%
Revenue Benchmark \| Customer Concentration Risk \| Sanken
Concentration Risk [Line Items]
Concentration risk, percentage	0.60%	16.50%	19.40%
Revenue Benchmark \| Customer Concentration Risk \| Largest Distributor
Concentration Risk [Line Items]
Concentration risk, percentage	10.20%	10.80%	11.00%
Revenue Benchmark \| Geographic Concentration Risk \| Non-US
Concentration Risk [Line Items]
Concentration risk, percentage	85.80%	86.50%	85.90%
Revenue Benchmark \| Geographic Concentration Risk \| Japan
Concentration Risk [Line Items]
Concentration risk, percentage	16.70%	16.50%	19.40%
Revenue Benchmark \| Geographic Concentration Risk \| Greater China
Concentration Risk [Line Items]
Concentration risk, percentage	26.20%	26.10%	25.00%
Revenue Benchmark \| Geographic Concentration Risk \| South Korea
Concentration Risk [Line Items]
Concentration risk, percentage	10.90%		10.50%

Income Taxes (Tables)

12 Months Ended

Mar. 29, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Provision for Income Tax, Domestic and Foreign

The components of income before provision for income taxes include the following:


	Fiscal Year Ended
	March 29, 2024		March 31, 2023		March 25, 2022
Income before provision for income taxes attributable to:
Domestic operations	$	183,524	$	190,107	$	121,883
Foreign operations		11,273		21,239		18,863
Total	$	194,797	$	211,346	$	140,746

Schedule of Tax Provision

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


	Fiscal Year Ended
	March 29, 2024			March 31, 2023			March 25, 2022
Current:
Federal	$	16,086		$	53,973		$	7,779
State		1,319			472			1,553
Foreign		43,117			9,523			4,361
Total current		60,522			63,968			13,693
Deferred:
Federal		10,721			(36,276	)		7,892
State		(131	)		310			371
Foreign		(29,203	)		(4,150	)		(765	)
Total deferred		(18,613	)		(40,116	)		7,498
Total income tax provision	$	41,909		$	23,852		$	21,191

Schedule of Income Taxes Reconciliation

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


	Fiscal Year Ended
	March 29, 2024			March 31, 2023			March 25, 2022
Tax provision at U.S. statutory rate	$	40,907		$	44,383		$	29,557
State income taxes, net of federal benefit		1,106			1,027			2,370
Foreign derived intangible income		(25,612	)		(25,391	)		(9,066	)
Research and development tax credit		(6,188	)		(3,641	)		(2,823	)
Stock-based compensation		(956	)		(1,025	)		(230	)
Cumulative provision-to-return		(1,147	)		(914	)		(590	)
Gain on contingent purchase price reduction		—			(588	)		(420	)
Subpart F income, net of credits		(168	)		(307	)		283
Provision for uncertain tax positions		827			(81	)		(17	)
162(m) limitation		3,010			8,931			3,988
Foreign tax rate		2,632			954			(157	)
Deferred tax remeasurement		—			651			—
Transaction costs		1,848			338			307
CARES carryback claim and amended returns		—			—			(2,031	)
Entity restructuring		25,921			—			—
Other		(271	)		(485	)		20
Total income tax provision	$	41,909		$	23,852		$	21,191

Schedule of Deferred Tax Assets and Liabilities


	March 29, 2024			March 31, 2023
Deferred income tax assets:
Capitalized research and development costs	$	62,651		$	30,582
Bonuses, sales commissions and other compensation		9,407			11,506
Inventory and sales related		16,766			8,730
Stock-based compensation		4,544			3,842
Tax credits		3,290			3,220
Lease liability		2,388			2,479
Property, plant and equipment, net		157			—
Other accruals and reserves		2,653			2,803
Net operating loss carryforward		8,589			361
Gross deferred income tax assets		110,445			63,523
Valuation allowance for deferred income tax assets		(3,160	)		(3,581	)
Total deferred income tax assets		107,285			59,942
Deferred income tax liabilities:
Equity method and other investments		(1,782	)		(4,172	)
Intangibles, net		(48,875	)		(1,090	)
Property, plant and equipment, net		—			(1,930	)
Right-of-use asset		(2,132	)		(2,391	)
Total deferred income tax liabilities		(52,789	)		(9,583	)
Net deferred income tax assets	$	54,496		$	50,359

Schedule of Unrecognized Tax Benefits Roll Forward


	Fiscal Year Ended
	March 29, 2024			March 31, 2023			March 25, 2022
Beginning balance	$	2,408		$	2,459		$	2,554
Gross acquired - tax positions from prior periods		2,210			—			—
Gross increases - tax positions in prior period		378			—			—
Lapse in statute of limitations		(16	)		(51	)		(95	)
Balance at end of period	$	4,980		$	2,408		$	2,459

Leases - Finance Lease (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Finance Lease (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Finance Lease, Assets And Liabilities, Lessee [Abstract]
Amortization of right-of-use assets	$ 581	$ 0	$ 0
Interest on lease liabilities	$ 29	$ 0	$ 0
Weighted-average remaining lease term - finance leases	5 years 7 months 6 days	0 years	0 years
Weighted-average discount rate - finance leases	7.70%	0.00%	0.00%
Property, plant and equipment	$ 7,641	$ 0
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Current portion of long-term debt	$ 1,429	$ 0
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Long-Term Debt, Current Maturities	Long-Term Debt, Current Maturities
Long-term debt	$ 7,009	$ 0
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-Term Debt, Excluding Current Maturities	Long-Term Debt, Excluding Current Maturities

Stock-Based Compensation

12 Months Ended

Mar. 29, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

18.

Stock-Based Compensation

The Company accounts for stock-based compensation through the measurement and recognition of compensation expense for share-based payment awards made to employees over the related requisite service period, including PSUs, RSUs and restricted shares (all part of our 2020 Omnibus Incentive Compensation Plan). Upon meeting the time-based vesting and, if applicable, any performance conditions, common shares of the Company (net of applicable tax withholding) are issued to the employee in exchange for each share-based unit.

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

Restricted Stock Units

The following table summarizes RSU activity for the fiscal year ended March 29, 2024:


	Number of Shares			Weighted-Average Grant-Date Fair Value		Weighted-Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value
Outstanding - March 31, 2023		2,251,224		$	23.85		1.27	$	108,036
Granted		1,112,545			36.14
Issued		(979,332	)		23.57
Forfeited		(168,816	)		28.52
Outstanding - March 29, 2024		2,215,621		$	29.82	1.03		$	59,733

The weighted-average grant fair value per share for RSUs granted during the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022 was $36.14, $23.65, $26.00, respectively. The stock-based compensation expense related to non-vested awards not yet recorded at March 29, 2024 was $43,404, which is expected to be recognized over a weighted-average of 1.03 years.

The total fair value of RSUs vested was $23,032, $29,732 and $12,650 during the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022, respectively.

Performance Stock Units

The Company also awards PSUs to its senior personnel based on achievement of metrics tied to financial plans approved by its Board of Directors for establishing target performances. Each award reflects a target number of shares (“Target Shares”) that may be issued to the award recipient. PSU awards are generally earned upon the completion of a multi-year performance period. Whether units are earned at the end of the performance period is determined based on the achievement of certain performance objectives over the performance period. The performance objectives include achieving various metrics such as revenue targets and cumulative earnings before income taxes, depreciation and amortization levels for the performance period, and also include a performance objective relating to relative total shareholder return. Depending on the results achieved over the multi-year performance period, the actual number of shares that a grant recipient may receive during and at the end of the period ranges from 0% to 200% of the Target Shares granted.

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


	Fiscal Year Ended
	March 29, 2024	March 31, 2023
Performance term	2.87 years	2.81 years
Volatility	47.70%	51.30%
Risk-free rate of return	3.68%	2.76%
Dividend yield	—%	—%
Weighted-average fair value per share	$43.83	$30.69

The following table summarizes PSU activity for the fiscal year ended March 29, 2024:


	Number of Shares			Weighted-Average Grant-Date Fair Value		Weighted-Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value
Outstanding - March 31, 2023		2,748,347		$	23.47		2.63	$	131,893
Granted		333,857			39.04
Excess shares issued due to achievement of performance conditions		500,451			17.65
Issued		(1,062,884	)		21.43
Forfeited		(90,378	)		23.87
Outstanding - March 29, 2024		2,429,393		$	25.64	2.32		$	65,496

Included in the outstanding shares are 76,306 and 396,171 PSUs as of March 29, 2024 and March 31, 2023, respectively, that have vested but have not been issued. PSUs are included at 0% - 200% of target goals. The total compensation cost related to unvested awards not yet recorded at March 29, 2024 was $16,201, which is expected to be recognized over a weighted average of 2.32 years.

The total grant fair value of PSUs vested was $22,777 and $12,127 during the fiscal years ended March 29, 2024 and March 31, 2023, respectively. There were no PSUs that had vested during fiscal year March 25, 2022.

Employee Stock Purchase Plan

3,265,315 shares of the Company’s common stock are available for future issuance under the ESPP, which includes (a) 832,400 shares of common stock initially available for issuance under the ESPP, and (b) an additional 2,432,915 shares of common stock that may become issuable under the ESPP pursuant to its terms.

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

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


	Fiscal Year Ended
	March 29, 2024			March 31, 2023			March 25, 2022
Expected performance term	0.50 years			0.50 years			0.50 years
Volatility		40.97	%		44.99	%		48.10	%
Risk-free rate of return		5.35	%		3.58	%		0.10	%
Dividend yield		—	%		—	%		—	%
Weighted-average fair value per share	$	9.51		$	6.83		$	8.25

The Company recorded stock-based compensation expense on its consolidated statements of operations as follows:


	Fiscal Year Ended
	March 29, 2024		March 31, 2023		March 25, 2022
RSUs	$	28,162	$	33,708	$	19,918
PSUs		12,825		26,890		11,997
ESPP		1,438		921		1,099
Other		32		279		534
Total	$	42,457	$	61,798	$	33,548


	Fiscal Year Ended
	March 29, 2024		March 31, 2023		March 25, 2022
Cost of sales	$	5,359	$	5,090	$	3,176
Research and development		13,894		9,496		3,933
Selling, general and administrative		23,204		47,212		26,439
Total stock-based compensation	$	42,457	$	61,798	$	33,548

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details)	Mar. 29, 2024
Buildings
Property, Plant and Equipment [Line Items]
Useful Life	31 years
Buildings improvements
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeTermOfLeaseMember
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life	10 years
Office equipment
Property, Plant and Equipment [Line Items]
Useful Life	3 years

Stock-Based Compensation (Tables)

12 Months Ended

Mar. 29, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Units Activity

The following table summarizes RSU activity for the fiscal year ended March 29, 2024:


	Number of Shares			Weighted-Average Grant-Date Fair Value		Weighted-Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value
Outstanding - March 31, 2023		2,251,224		$	23.85		1.27	$	108,036
Granted		1,112,545			36.14
Issued		(979,332	)		23.57
Forfeited		(168,816	)		28.52
Outstanding - March 29, 2024		2,215,621		$	29.82	1.03		$	59,733

Schedule of Performance Units Fair Value Assumptions

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


	Fiscal Year Ended
	March 29, 2024	March 31, 2023
Performance term	2.87 years	2.81 years
Volatility	47.70%	51.30%
Risk-free rate of return	3.68%	2.76%
Dividend yield	—%	—%
Weighted-average fair value per share	$43.83	$30.69

Summary of Performance Stock Units Activity

The following table summarizes PSU activity for the fiscal year ended March 29, 2024:


	Number of Shares			Weighted-Average Grant-Date Fair Value		Weighted-Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value
Outstanding - March 31, 2023		2,748,347		$	23.47		2.63	$	131,893
Granted		333,857			39.04
Excess shares issued due to achievement of performance conditions		500,451			17.65
Issued		(1,062,884	)		21.43
Forfeited		(90,378	)		23.87
Outstanding - March 29, 2024		2,429,393		$	25.64	2.32		$	65,496

Schedule of Stock-Based Compensation Expense

The Company recorded stock-based compensation expense on its consolidated statements of operations as follows:


	Fiscal Year Ended
	March 29, 2024		March 31, 2023		March 25, 2022
RSUs	$	28,162	$	33,708	$	19,918
PSUs		12,825		26,890		11,997
ESPP		1,438		921		1,099
Other		32		279		534
Total	$	42,457	$	61,798	$	33,548


	Fiscal Year Ended
	March 29, 2024		March 31, 2023		March 25, 2022
Cost of sales	$	5,359	$	5,090	$	3,176
Research and development		13,894		9,496		3,933
Selling, general and administrative		23,204		47,212		26,439
Total stock-based compensation	$	42,457	$	61,798	$	33,548

Schedule of ESPP Fair Value Assumptions

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


	Fiscal Year Ended
	March 29, 2024			March 31, 2023			March 25, 2022
Expected performance term	0.50 years			0.50 years			0.50 years
Volatility		40.97	%		44.99	%		48.10	%
Risk-free rate of return		5.35	%		3.58	%		0.10	%
Dividend yield		—	%		—	%		—	%
Weighted-average fair value per share	$	9.51		$	6.83		$	8.25

Property, Plant and Equipment, net

12 Months Ended

Mar. 29, 2024

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 29, 2024			March 31, 2023
Land	$	25,595		$	15,384
Buildings, building improvements and leasehold improvements		65,626			61,500
Machinery and equipment		674,220			611,459
Office equipment		6,978			6,119
Right-of-use asset		8,218			—
Construction in progress		39,052			48,378
Total		819,689			742,840
Less accumulated depreciation		(498,514	)		(479,741	)
Total	$	321,175		$	263,099

The Company retired $1,094, $1,638 and $10,976 of fully depreciated assets during the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022, respectively. Total depreciation expense amounted to $56,214, $45,469 and $44,178 for the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022, respectively. Total amortization expense for the right-of-use asset, amounted to $581 for the fiscal year ended March 29, 2024.

The geographic locations of the Company’s property, plant and equipment, net, which includes the right-of-use asset, based on physical location of the assets, as of March 29, 2024 and March 31, 2023 are as follows:


	March 29, 2024		March 31, 2023
United States	$	37,596	$	36,229
Philippines		246,164		207,671
Other		37,415		19,199
Total	$	321,175	$	263,099

Debt and Other Borrowings

12 Months Ended

Mar. 29, 2024

Debt Disclosure [Abstract]

Debt and Other Borrowings

13.

Debt and Other Borrowings

The Company’s debt obligations consisted of the following:


	Fiscal Year Ended
	March 29, 2024			March 31, 2023

2023 Term Loan Facility	$	249,375		$	—
2020 Term Loan Facility		—			25,000
Unamortized debt issuance costs		(4,273	)		—
Total loans outstanding		245,102			25,000
Finance lease liabilities		8,438			—
Total debt		253,540			25,000
Current portion of long-term debt and finance lease liabilities		(3,929	)		—
Total long-term debt and finance lease liabilities, less current portion	$	249,611		$	25,000

2023 Revolving Credit Facility

On June 21, 2023, the Company entered into a revolving facility credit agreement (the “2023 Revolving Credit Agreement”) with Morgan Stanley Senior Funding, Inc., as administrative agent, collateral agent, a letter of credit issuer and a lender, and other agents, lenders and letter of credit issuers parties. The agreement provides for a $224,000 secured revolving credit facility (the “2023 Revolving Credit Facility”), which includes a $20,000 letter of credit subfacility. The 2023 Revolving Credit Facility is available until, and loans made thereunder will mature on, June 21, 2028. Under the terms of the 2023 Revolving Credit Agreement, interest is calculated at a rate equal to (i) Term SOFR (as defined in the agreement) in effect, plus the applicable spread (ranging from 1.50% to 1.75%) or (ii) the highest of (x) the Federal funds rate, as published by the Federal Reserve Bank of New York, plus 0.50%, (y) the prime lending rate or (z) the one-month term SOFR plus 1.0% in effect, plus the applicable spread (ranging from 0.50% to 0.75%). The applicable spreads are based on the Company’s Total Net Leverage Ratio (as defined in the agreement) at the time of the applicable borrowing. The 2023 Revolving Credit Facility was not in place as of March 31, 2023, and as of March 29, 2024, there were no outstanding borrowings under the 2023 Revolving Credit Facility.

The Company will also pay a quarterly commitment fee of 0.20% to 0.25% on the daily amount by which the commitments under the 2023 Revolving Credit Facility exceed the outstanding loans and letters of credit under the 2023 Revolving Credit Facility. The agreement contains certain covenants applicable to the Company and its subsidiaries, including limitations on additional indebtedness, liens, various fundamental changes, dividends and distributions, investments (including acquisitions), transactions with affiliates, asset sales, prepayment of junior financing, changes in business and other limitations customary in senior secured credit facilities. In addition, the Company is required to maintain a Total Net Leverage Ratio of no more than 4.00 to 1.00 at the end of each fiscal quarter, which may, subject to certain limitations, be increased to 4.50 to 1.00 for four fiscal quarters subsequent to the Company completing an acquisition in excess of $500,000. The Company is in compliance with its loan debt covenants as of March 29, 2024.

The 2023 Revolving Credit Agreement provides for customary events of default. Upon an event of default, the administrative agent with the consent of, or at the request of, the holders of more than 50% in principal amount of the loans and commitments, may terminate the commitments and accelerate the maturity of the loans and enforce certain other remedies.

2023 Term Loan Facility

On October 31, 2023, the Company entered into a $250,000 term loan maturing in 2030 (the “2023 Term Loan Facility”), the proceeds of which were used to refinance the $25,000 outstanding balance under the 2020 Term Loan Facility (as defined below) and to finance, in part, the acquisition of Crocus. The 2023 Term Loan Facility was executed as an incremental amendment to the 2023 Revolving Credit Agreement. The Term Loan Facility amortizes at a rate of 0.25% per quarter and the initial margin applicable to the 2023 Term Loan Facility is 2.75% for SOFR-based loans and 1.75% for base rate loans.

A payment of $50,000 was applied to the term loan balance on April 30, 2024, which has eliminated future, required minimum quarterly payments. The balance of the loan is required to be paid upon the expected maturity date of October 31, 2030.

2020 Term Loan Facility

On September 30, 2020, the Company entered into a term loan credit agreement with Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent, and the other agents, arrangers and lenders party thereto, providing for a $325,000 senior secured term loan facility due in fiscal year 2028 (the “2020 Term Loan Facility”). On June 28, 2023, the Company amended the 2020

Term Loan Facility to replace the LIBOR rate with a Term SOFR-based rate as the applicable interest rate benchmark. On October 31, 2023, the 2020 Term Loan Facility was paid in full in connection with the entry into the 2023 Term Loan Facility.

2020 Revolving Credit Facility

On September 30, 2020, the Company entered into a revolving facility credit agreement with Mizuho Bank, Ltd., as administrative agent and collateral agent, and the other agents, arrangers and lenders party thereto, providing for a $50,000 senior secured revolving credit facility expiring in 2023 (the “2020 Revolving Credit Facility”). The 2020 Revolving Credit Facility was secured by a lien on the same collateral and on the same basis as the 2020 Term Loan Facility. Interest on the 2020 Revolving Credit Facility was calculated at LIBOR plus 3.75% to 4.00% based on the Company’s net leverage ratio, and LIBOR was subject to a 0.5% floor. Following the entry into the 2023 Revolving Credit Agreement on June 21, 2023, the Company terminated all commitments and obligations under the 2020 Revolving Credit Facility, and there were no outstanding borrowings at the time of termination. The 2020 Revolving Credit Facility was replaced by the 2023 Revolving Credit Facility.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Business Combinations (Tables)

12 Months Ended

Mar. 29, 2024

Crocus

Business Acquisition [Line Items]

Summary of Preliminary and Final Purchase Price Allocation

The preliminary purchase price allocation is as follows:


Total purchase consideration	$	412,274
Cash		4,155
Inventories		4,208
Accounts receivable		484
Prepaid expenses and other current assets		2,400
Property, plant and equipment		7,640
Right-of-use asset*		9,770
Completed technology**		234,000
Customer relationships**		12,000
Other assets		229
Total identifiable assets acquired		274,886
Accounts payable		(5,134	)
Accrued expenses and other current liabilities		(2,707	)
Long-term debt		(842	)
Lease liability***		(10,390	)
Other long-term liabilities		(2,813	)
Deferred income tax liabilities		(15,245	)
Total identifiable net assets		237,755
Goodwill	$	174,519

*Primarily included in Property, plant and equipment in the consolidated balance sheets.

**Included in Intangible assets, net in the consolidated balance sheets.

***Primarily included in Long-Term debt in the consolidated balance sheets.

Heyday

Business Acquisition [Line Items]

Summary of Preliminary and Final Purchase Price Allocation

The final purchase price allocation is as follows:



Cash	$	324
Property, plant and equipment		16
Completed technology		15,100
In-process research and development		1,600
Total identifiable assets acquired	$	17,040
Current liabilities assumed		(282	)
Deferred income tax liabilities		(3,609	)
Net assets acquired	$	13,149
Total identifiable net assets		(20,245	)
Goodwill	$	7,096

Property, Plant and Equipment, net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Property, Plant and Equipment [Abstract]
Fully depreciated assets retired during period	$ 1,094	$ 1,638	$ 10,976
Depreciation expense	56,214	45,469	44,178
Amortization of right-of-use assets	$ 581	$ 0	$ 0

Inventories - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Inventories - Narrative (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Inventory Disclosure [Abstract]
Recorded inventory provisions	$ 9,055	$ 10,009	$ 5,809

Summary of Significant Accounting Policies - Product Warranties (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023
Accounting Policies [Abstract]
Accrued warranty reserves	$ 477	$ 4,327

Retirement Plans - Obligations and Asset Information for Defined Benefit Plans with Projected Benefit Obligation in Excess of Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands	Dec. 29, 2024	Mar. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligations	$ 16,194	$ 14,730
Plan assets	7,665	7,168
Accumulated benefit obligations	$ 9,666	$ 8,868

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 2,408	$ 2,459	$ 2,554
Gross acquired tax positions from prior periods	2,210	0	0
Gross increases-tax positions in prior period	378	0	0
Lapse in statute of limitations	(16)	(51)	(95)
Balance at end of period	$ 4,980	$ 2,408	$ 2,459

Net Income per Share

12 Months Ended

Mar. 29, 2024

Earnings Per Share [Abstract]

Net Income per Share

17.

Net Income per Share

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


	Fiscal Year Ended
	March 29, 2024		March 31, 2023		March 25, 2022
Net income attributable to Allegro MicroSystems, Inc.	$	152,697	$	187,357	$	119,407

Basic weighted average common shares		192,573,169		191,197,452		189,748,427
Dilutive effect of common stock equivalents		2,101,183		2,490,650		2,062,778
Diluted weighted average common shares		194,674,352		193,688,102		191,811,205

Basic net income per common share attributable to Allegro MicroSystems, Inc. stockholders	$	0.79	$	0.98	$	0.63

Diluted net income per common share attributable to Allegro MicroSystems, Inc. stockholders	$	0.78	$	0.97	$	0.62


	Fiscal Year Ended
	March 29, 2024		March 31, 2023		March 25, 2022
RSUs		40,257		17,586		—
PSUs		129,837		—		—
ESPP		—		—		3,622
Total		170,094		17,586		3,622

The following represents issued and issuable weighted average share information underlying our outstanding RSUs, PSUs and participation in the ESPP for the respective periods:


	Fiscal Year Ended
	March 29, 2024		March 31, 2023		March 25, 2022
RSUs		888,811		1,039,547		1,066,406
PSUs		1,210,124		1,435,883		996,372
ESPP		2,248		15,220		—
Total		2,101,183		2,490,650		2,062,778

Summary of Significant Accounting Policies - Contract Assets and Contract Liabilities (Details) - USD ($)	Mar. 29, 2024	Mar. 31, 2023
Accounting Policies [Abstract]
Contract assets	$ 0	$ 0
Contract liabilities	$ 0	$ 0

Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023
Other Liabilities Disclosure [Abstract]
Accrued retirement	$ 9,069	$ 8,032
Provision for uncertain tax positions	5,874	2,837
Other long-term liabilities	21	98
Total	$ 14,964	$ 10,967

Fair Value Measurements - Unrealized Gains and Losses on Marketable Securities with a Readily Determinable Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Net gains and losses recognized during the period on equity securities	$ (3,579)	$ 7,471
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date	$ 0	$ 7,471

Retirement Plans - Schedule of Expense Related to Defined Benefit Plan (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,345	$ 1,358	$ 1,554
Interest cost	907	763	637
Expected return on plan assets	(468)	(301)	(304)
Amortization of prior service cost	(8)	(8)	1
Actuarial loss	33	77	205
Net periodic pension expense	$ 1,809	$ 1,889	$ 2,093

Fair Value Measurements - Assets And Liabilities Measured At Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023
Assets:
Money market fund deposits	$ 46,210
Investments in marketable securities		$ 19,929
Total assets		129,077
Level 1
Assets:
Money market fund deposits	46,210
Investments in marketable securities		19,929
Total assets		129,077
Money Market Funds
Assets:
Money market fund deposits	36,192	102,019
Money market fund deposits	10,018	7,129
Money Market Funds \| Level 1
Assets:
Money market fund deposits	36,192	102,019
Money market fund deposits	$ 10,018	$ 7,129

Inventories

12 Months Ended

Mar. 29, 2024

Inventory Disclosure [Abstract]

Inventories

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


	March 29, 2024		March 31, 2023
Raw materials and supplies	$	9,549	$	15,049
Work in process		110,236		98,836
Finished goods		42,517		37,416
Total	$	162,302	$	151,301

The Company recorded inventory provisions totaling $9,055, $10,009 and $5,809 for the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022, respectively.

Trade Accounts Receivable, Net (Tables)

12 Months Ended

Mar. 29, 2024

Receivables [Abstract]

Schedule of Trade Accounts Receivable, Net

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


	March 29, 2024			March 31, 2023
Trade accounts receivable	$	163,450		$	150,914
Less:
Provision for expected credit losses		(145	)		(102	)
Returns and sales allowances		(44,797	)		(26,269	)
Related party trade accounts receivable, net of returns and sales allowances		—			(13,253	)
Total	$	118,508		$	111,290

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023
Allowances for doubtful accounts	$ 145	$ 102
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	193,164,609	191,754,292
Common stock, shares outstanding (in shares)	193,164,609	191,754,292

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Preferred Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, shares outstanding (in shares)			0
Beginning balance (in shares) at Mar. 26, 2021		189,588,161
Beginning balance at Mar. 26, 2021	$ 586,871	$ 1,896	$ 0	$ 592,170	$ 3,551	$ (11,865)	$ 1,119
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	119,555				119,407		148
Employee stock purchase plan issuances (shares)		125,767
Employee stock purchase plan issuances	2,832	$ 1		2,831
Stock-based compensation, net of forfeitures and restricted stock vested (in shares)		759,667
Stock-based compensation, net of forfeitures and restricted stock vested	33,437	$ 8		33,429
Payments of taxes withheld on net settlement of equity awards	(638)			(638)
Foreign currency translation adjustment	(8,110)					(7,999)	(111)
Net actuarial gain and amortization of net transition obligation and prior service costs related to defined benefit plans, net of tax	(1,416)					(1,416)
Ending balance (in shares) at Mar. 25, 2022		190,473,595
Ending balance at Mar. 25, 2022	735,363	$ 1,905	$ 0	627,792	122,958	(18,448)	1,156
Preferred stock, ending balance (in shares) at Mar. 25, 2022			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, shares outstanding (in shares)			0
Net income	187,494				187,357		137
Cash dividends to non-controlling interest	(42)						(42)
Employee stock purchase plan issuances (shares)		161,726
Employee stock purchase plan issuances	2,793	$ 2		2,791
Stock-based compensation, net of forfeitures and restricted stock vested (in shares)		1,118,971
Stock-based compensation, net of forfeitures and restricted stock vested	61,668	$ 11		61,657
Payments of taxes withheld on net settlement of equity awards	(18,061)			(18,061)
Foreign currency translation adjustment	(2,892)					(2,828)	(64)
Net actuarial gain and amortization of net transition obligation and prior service costs related to defined benefit plans, net of tax	$ (492)					(492)
Ending balance (in shares) at Mar. 31, 2023	191,754,292	191,754,292
Ending balance at Mar. 31, 2023	$ 966,815	$ 1,918	$ 0	674,179	310,315	(20,784)	1,187
Preferred stock, ending balance (in shares) at Mar. 31, 2023	0		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, shares outstanding (in shares)	0		0
Net income	$ 152,888				152,697		191
Employee stock purchase plan issuances (shares)		144,226
Employee stock purchase plan issuances	3,635	$ 1		3,634
Stock-based compensation, net of forfeitures and restricted stock vested (in shares)		1,266,091
Stock-based compensation, net of forfeitures and restricted stock vested	42,432	$ 13		42,419
Payments of taxes withheld on net settlement of equity awards	(25,900)			(25,900)
Foreign currency translation adjustment	(7,720)					(7,623)	(97)
Net actuarial gain and amortization of net transition obligation and prior service costs related to defined benefit plans, net of tax	$ 434					434
Ending balance (in shares) at Mar. 29, 2024	193,164,609	193,164,609
Ending balance at Mar. 29, 2024	$ 1,131,716	$ 1,932	$ 0	$ 694,332	$ 463,012	$ (28,841)	$ 1,281
Preferred stock, ending balance (in shares) at Mar. 29, 2024	0		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, shares outstanding (in shares)	0		0

Trade Accounts Receivable, Net

12 Months Ended

Mar. 29, 2024

Receivables [Abstract]

Trade Accounts Receivable, Net

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


	March 29, 2024			March 31, 2023
Trade accounts receivable	$	163,450		$	150,914
Less:
Provision for expected credit losses		(145	)		(102	)
Returns and sales allowances		(44,797	)		(26,269	)
Related party trade accounts receivable, net of returns and sales allowances		—			(13,253	)
Total	$	118,508		$	111,290

The provisions for expected credit losses and the changes in the provisions for expected credit losses were not material for any of the periods presented.

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization expense		$ 14,587	$ 5,209	$ 4,219
Impairment of long-lived assets		$ 13,218,000	$ 0	$ 0
Voxtel
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of long-lived assets	$ 11,600,000

Income Taxes - Components of Income before Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Income before provision for income taxes attributable to:
Domestic operations	$ 183,524	$ 190,107	$ 121,883
Foreign operations	11,273	21,239	18,863
Income before income taxes	$ 194,797	$ 211,346	$ 140,746

- 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
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Trade Accounts Receivable, Net - Schedule of Changes in Allowance For Doubtful Accounts and Sales Returns and Sales Allowances (Details) $ in Thousands	Mar. 29, 2024 USD ($)
Provision for Expected Credit Losses
Balance at the beginning of the period	$ 102
Balance at the end of the period	145
Returns and Sales Allowances
Balance at the beginning of the period	26,269
Balance at the end of the period	$ 44,797

Leases - Operating Lease (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Operating Lease (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023	Mar. 25, 2022
Operating leases
Operating lease expense	$ 6,369	$ 4,833	$ 4,648
Short term lease expense	39	326	584
Other information:
Cash paid for operating leases	$ 6,305	$ 5,034	$ 5,289
Weighted-average remaining lease term – operating leases	4 years 4 months 24 days	4 years 6 months 25 days	5 years 2 months 1 day
Weighted-average discount rate – operating leases	6.10%	5.30%	4.50%

Property, Plant and Equipment, net (Tables)

12 Months Ended

Mar. 29, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant, and Equipment

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


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

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


	March 29, 2024			March 31, 2023
Land	$	25,595		$	15,384
Buildings, building improvements and leasehold improvements		65,626			61,500
Machinery and equipment		674,220			611,459
Office equipment		6,978			6,119
Right-of-use asset		8,218			—
Construction in progress		39,052			48,378
Total		819,689			742,840
Less accumulated depreciation		(498,514	)		(479,741	)
Total	$	321,175		$	263,099

Schedule of Long-lived Assets


	March 29, 2024		March 31, 2023
United States	$	37,596	$	36,229
Philippines		246,164		207,671
Other		37,415		19,199
Total	$	321,175	$	263,099