0001604778-19-000053 | 10-Q | XBRL Viewer

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Business Acquisition Schedule of Goodwill (Details) $ in Thousands	3 Months Ended
	Jun. 29, 2019 USD ($)
Goodwill [Line Items]
Balance as of March 30, 2019	$ 2,173,889
Goodwill resulting from Active-Semi acquisition	127,023
Balance at June 29, 2019	2,300,912
MP
Goodwill [Line Items]
Balance as of March 30, 2019	1,751,503
Goodwill resulting from Active-Semi acquisition	0
Balance at June 29, 2019	1,751,503
IDP
Goodwill [Line Items]
Balance as of March 30, 2019	422,386
Goodwill resulting from Active-Semi acquisition	127,023
Balance at June 29, 2019	$ 549,409

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 29, 2019	Mar. 30, 2019
Current assets:
Cash and cash equivalents	$ 629,599	$ 711,035
Accounts receivable, less allowance of $32 and $40 as of June 29, 2019 and March 30, 2019, respectively	326,714	378,172
Inventories (Note 3)	517,755	511,793
Prepaid expenses	31,894	25,766
Other receivables	16,506	21,934
Other current assets	34,365	36,141
Total current assets	1,556,833	1,684,841
Property and equipment, net of accumulated depreciation of $1,271,785 at June 29, 2019 and $1,218,507 at March 30, 2019	1,309,471	1,366,513
Goodwill (Note 4)	2,300,912	2,173,889
Intangible assets, net (Note 4)	508,159	408,210
Long-term investments (Note 5)	97,990	97,786
Other non-current assets (Note 6)	153,016	76,785
Total assets	5,926,381	5,808,024
Current liabilities:
Accounts payable	224,735	233,307
Accrued liabilities	168,643	160,516
Current portion of long-term debt	1,732	80
Other current liabilities (Note 6)	57,036	41,711
Total current liabilities	452,146	435,614
Long-term debt (Note 7)	1,018,614	920,935
Other long-term liabilities (Note 6)	118,278	91,796
Total liabilities	1,589,038	1,448,345
Stockholders’ equity:
Preferred stock, $.0001 par value; 5,000 shares authorized; no shares issued and outstanding	0	0
Common stock and additional paid-in capital, $.0001 par value; 405,000 shares authorized; 117,943 and 119,063 shares issued and outstanding at June 29, 2019 and March 30, 2019, respectively	4,625,566	4,687,455
Accumulated other comprehensive loss, net of tax	(6,681)	(6,624)
Accumulated deficit	(281,542)	(321,152)
Total stockholders’ equity	4,337,343	4,359,679
Total liabilities and stockholders’ equity	$ 5,926,381	$ 5,808,024

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 39,541	$ (29,993)
Other comprehensive loss:
Unrealized gain on marketable securities, net of tax	0	5
Foreign currency translation adjustment, including intra-entity foreign currency transactions that are of a long-term investment nature	(213)	(2,213)
Reclassification adjustments, net of tax:
Foreign currency loss included in net income (loss)	122	0
Amortization of pension actuarial loss	34	24
Other comprehensive loss	(57)	(2,184)
Total comprehensive income (loss)	$ 39,484	$ (32,177)

Restructuring Rollforward of restructuring accrual (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Restructuring
Restructuring Reserve	$ 8,614
Restructuring Charges	23,969	$ 2,802
Transfer to right-of-use asset	(1,248)
Payments for Restructuring	(5,239)
Restructuring Reserve, Non-Cash Activity	(17,773)
Restructuring Reserve	8,323
One-time Employee Termination Benefits
Restructuring
Restructuring Reserve	6,988
Restructuring Charges	3,395	2,638
Transfer to right-of-use asset	0
Payments for Restructuring	(2,720)
Restructuring Reserve, Non-Cash Activity	0
Restructuring Reserve	7,663
Accelerated Depreciation
Restructuring
Restructuring Reserve	0
Restructuring Charges	15,938	0
Transfer to right-of-use asset	0
Payments for Restructuring	0
Restructuring Reserve, Non-Cash Activity	(15,938)
Restructuring Reserve	0
Lease and other contract terminations
Restructuring
Restructuring Reserve	1,626
Restructuring Charges	4,636	$ 164
Transfer to right-of-use asset	(1,248)
Payments for Restructuring	(2,519)
Restructuring Reserve, Non-Cash Activity	(1,835)
Restructuring Reserve	$ 660

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Jun. 29, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The accompanying Condensed Consolidated Financial Statements of Qorvo, Inc. and Subsidiaries (together, the "Company" or "Qorvo") have been prepared in conformity with accounting principles generally accepted in the United States ("U.S. GAAP"). The preparation of these financial statements requires management to make estimates and assumptions, which could differ materially from actual results. In addition, certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed, or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, the financial statements include all adjustments (which are of a normal and recurring nature) necessary for the fair presentation of the results of the interim periods presented. These Condensed Consolidated Financial Statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in Qorvo’s Annual Report on Form 10-K for the fiscal year ended March 30, 2019. The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain items in the fiscal 2019 financial statements have been reclassified to conform with the fiscal 2020 presentation. The Company uses a 52- or 53-week fiscal year ending on the Saturday closest to March 31 of each year. The first fiscal quarter of each year ends on the Saturday closest to June 30, the second fiscal quarter of each year ends on the Saturday closest to September 30 and the third fiscal quarter of each year ends on the Saturday closest to December 31. Fiscal years 2020 and 2019 are 52-week years.

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Jun. 30, 2018
Disaggregation of Revenue
Revenue	$ 775,598	$ 692,670
China
Disaggregation of Revenue
Revenue	361,143	284,158
Taiwan
Disaggregation of Revenue
Revenue	40,989	52,696
United States
Disaggregation of Revenue
Revenue	267,496	269,454
Europe
Disaggregation of Revenue
Revenue	35,961	32,870
Other Asia
Disaggregation of Revenue
Revenue	$ 70,009	$ 53,492

Stock Repurchases	3 Months Ended
Stock Repurchases	Jun. 29, 2019
Equity [Abstract]
STOCK REPURCHASES	STOCK REPURCHASES On May 23, 2018, the Company announced that its Board of Directors authorized a share repurchase program to repurchase up to $1.0 billion of the Company's outstanding stock, which included approximately $126.3 million authorized under the prior program which was terminated concurrent with the new authorization. Under this program, share repurchases are made in accordance with applicable securities laws on the open market or in privately negotiated transactions. The extent to which the Company repurchases its shares, the number of shares and the timing of any repurchases depends on general market conditions, regulatory requirements, alternative investment opportunities and other considerations. The program does not require the Company to repurchase a minimum number of shares, does not have a fixed term, and may be modified, suspended or terminated at any time without prior notice. During the three months ended June 29, 2019, the Company repurchased approximately 1.5 million shares of its common stock for approximately $100.1 million under the current program. As of June 29, 2019, $297.8 million remains available for repurchases under the current share repurchase program. During the three months ended June 30, 2018, the Company repurchased approximately 1.2 million shares of its common stock for approximately $100.0 million (which included 0.4 million shares of its common stock for approximately $35.9 million under the prior share repurchase program).

Operating Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Revenue:
Revenue	$ 775,598	$ 692,670
Income from operations:
Income (loss) from operations	55,226	(19,215)
Interest expense (Note 7)	(11,864)	(14,353)
Interest income	2,946	3,394
Other expense (Note 7)	(1,111)	(31,955)
Income (loss) before income taxes	45,197	(62,129)
Operating Segments \| MP
Revenue:
Revenue	556,253	486,079
Income from operations:
Income (loss) from operations	139,935	89,171
Operating Segments \| IDP
Revenue:
Revenue	219,345	206,591
Income from operations:
Income (loss) from operations	50,124	55,204
All other
Income from operations:
Income (loss) from operations	$ (134,833)	$ (163,590)

Business Acquisition (Tables)

3 Months Ended

Jun. 29, 2019

Business Combinations [Abstract]

Schedule of Goodwill

The change in the carrying amount of goodwill for the three months ended June 29, 2019, is as follows (in thousands):



	Mobile Products		Infrastructure and Defense Products		Total
Balance as of March 30, 2019	$	1,751,503	$	422,386	$	2,173,889
Goodwill resulting from Active-Semi acquisition	—		127,023		127,023
Balance at June 29, 2019	$	1,751,503	$	549,409	$	2,300,912

Schedule of Finite-Lived Intangible Assets

The following summarizes information regarding the gross carrying amounts and accumulated amortization of intangible assets (in thousands):



	June 29, 2019				March 30, 2019
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Intangible assets:
Developed technology	$	840,772	$	519,348	$	1,246,335	$	960,793
Customer relationships	426,522		291,985		1,272,725		1,161,735
Trade names	200		67		29,391		29,391
Technology licenses	3,219		1,754		14,704		13,026
Non-compete agreement	—		—		1,026		1,026
IPRD	50,600		N/A		10,000		N/A
Total	$	1,321,313	$	813,154	$	2,574,181	$	2,165,971

Leases Schedule of lease maturities (Details) $ in Thousands	Jun. 29, 2019 USD ($)
Leases [Abstract]
2020	$ 11,558
2021	15,008
2022	11,777
2023	9,099
2024	7,723
Thereafter	32,166
Total lease payments	87,331
Less imputed interest	(14,215)
Present value of lease liabilities	$ 73,116

Inventories (Tables)

3 Months Ended

Jun. 29, 2019

Inventory Disclosure [Abstract]

Components of inventories

The components of inventories, net of reserves, are as follows (in thousands):



	June 29, 2019		March 30, 2019
Raw materials	$	109,603	$	118,608
Work in process	265,794		272,469
Finished goods	142,358		120,716
Total inventories	$	517,755	$	511,793

Restructuring (Details) $ in Millions	3 Months Ended
Restructuring (Details) $ in Millions	Jun. 29, 2019 USD ($)
Accelerated Depreciation
Restructuring
Restructuring and Related Cost, Expected Cost	$ 52.0
Impairment charges
Restructuring
Restructuring and Related Cost, Expected Cost	16.0
Other Exit Costs
Restructuring
Restructuring and Related Cost, Expected Cost	15.0
One-time Employee Termination Benefits
Restructuring
Restructuring and Related Cost, Expected Cost	16.0
Fiscal Year 2019 [Member]
Restructuring
Restructuring and Related Cost, Expected Cost	99.0
Fiscal Year 2019 [Member] \| Accelerated Depreciation
Restructuring
Restructuring and Related Cost, Incurred Cost	37.3
Fiscal Year 2019 [Member] \| Impairment charges
Restructuring
Restructuring and Related Cost, Incurred Cost	16.0
Fiscal Year 2019 [Member] \| Other Exit Costs
Restructuring
Restructuring and Related Cost, Incurred Cost	4.6
Fiscal Year 2019 [Member] \| One-time Employee Termination Benefits
Restructuring
Restructuring and Related Cost, Incurred Cost	10.9
Fiscal Year 2018 \| Impairment charges
Restructuring
Restructuring and Related Cost, Incurred Cost	46.3
Fiscal Year 2018 \| One-time Employee Termination Benefits
Restructuring
Restructuring and Related Cost, Incurred Cost	$ 23.4

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Jun. 30, 2018	Mar. 30, 2019
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (5,656)	$ 32,136
Effective tax rate	12.50%	51.70%
Gross unrecognized tax benefits	$ 106,700		$ 103,200

Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Numerator:
Numerator for basic and diluted net income (loss) per share — net income (loss) available to common stockholders	$ 39,541	$ (29,993)
Denominator:
Denominator for basic net income (loss) per share — weighted average shares	118,756	126,198
Effect of dilutive securities:
Stock-based awards	2,367	0
Denominator for diluted net income (loss) per share — adjusted weighted average shares and assumed conversions	121,123	126,198
Basic net income (loss) per share (in dollars per share)	$ 0.33	$ (0.24)
Diluted net income (loss) per share (in dollars per share)	$ 0.33	$ (0.24)

- 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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+ Details

- Definition

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

+ References + Details

Debt (Details Textual) - USD ($) $ in Thousands			3 Months Ended		12 Months Ended
Debt (Details Textual) - USD ($) $ in Thousands	Jun. 17, 2019	Dec. 05, 2017	Jun. 29, 2019	Jun. 30, 2018	Mar. 30, 2019	Mar. 05, 2019	Aug. 28, 2018	Jul. 16, 2018	Nov. 19, 2015
Debt Instrument [Line Items]
Gain (Loss) on Extinguishment of Debt			$ 0	$ (33,373)
Proceeds from borrowings (Note 7)			100,000	0
Long-term debt			$ 1,018,614		$ 920,935
6.75% Senior Notes due 2023
Debt Instrument [Line Items]
Debt Instrument, Face Amount									$ 450,000
Stated Interest Rate			6.75%
7.00% Senior Notes due 2025
Debt Instrument [Line Items]
Debt Instrument, Face Amount									$ 550,000
Stated Interest Rate			7.00%
Repayments of Senior Debt					526,600
Long-term Debt, Fair Value			$ 25,500		25,800
Long-term debt			23,404		23,404
Senior notes
Debt Instrument [Line Items]
Interest Expense, Borrowings			12,900	17,100
Interest Costs Capitalized			1,700	3,500
Interest Paid			800	34,200
5.5% Senior Notes due 2026
Debt Instrument [Line Items]
Interest Payable			22,700
Debt Instrument, Face Amount						$ 270,000	$ 130,000	$ 500,000
Stated Interest Rate								5.50%
Long-term Debt, Fair Value			947,300		929,300
Long-term debt			900,000		$ 900,000
Bank of America Syndicate [Member] \| Senior Delayed Draw Term Loan [Member] \| Credit Agreement [Member]
Debt Instrument [Line Items]
Senior Delayed Draw Term Loan, Maximum Amount		$ 400,000
Proceeds from borrowings (Note 7)	$ 100,000	100,000
Line of Credit Facility, Remaining Borrowing Capacity	$ 200,000
Bank of America Syndicate [Member] \| Revolving Credit Facility [Member] \| Credit Agreement [Member]
Debt Instrument [Line Items]
Proceeds from Lines of Credit			$ 0
Line of Credit Facility, Maximum Borrowing Capacity		300,000
Line of Credit Facility, Maximum amount of increase that may be requested		300,000
Bank of America Syndicate [Member] \| Standby Letters of Credit [Member] \| Credit Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		25,000
Bank of America Syndicate [Member] \| Swingline Loan [Member] \| Credit Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 10,000
Other Expense [Member] \| 6.75% Senior Notes due 2023
Debt Instrument [Line Items]
Gain (Loss) on Extinguishment of Debt				$ 33,400

Operating Segment Information

3 Months Ended

Jun. 29, 2019

Segment Reporting [Abstract]

OPERATING SEGMENT INFORMATION

The Company's operating segments as of June 29, 2019 and June 30, 2018 are Mobile Products (MP) and Infrastructure and Defense Products (IDP) based on the organizational structure and information reviewed by the Company's Chief Executive Officer, who is the Company's chief operating decision maker ("CODM"), and these segments are managed separately based on the end markets and applications they support. The CODM allocates resources and assesses the performance of each operating segment primarily based on non-GAAP operating income.

MP is a global supplier of cellular radio frequency ("RF") and Wi-Fi solutions for a variety of mobile devices, including smartphones, wearables, laptops, tablets and cellular-based applications for the Internet of Things ("IoT").

IDP is a global supplier of RF, system-on-a-chip and power management solutions for cellular base station, smart home, IoT and other wireless communications, defense, automotive and multiple analog power management applications.

The “All other” category includes operating expenses such as stock-based compensation, amortization of intangible assets, acquisition and integration related costs, restructuring costs, start-up costs, accelerated depreciation, (loss) gain on assets, and other miscellaneous corporate overhead expenses that the Company does not allocate to its reportable segments because these expenses are not included in the segment operating performance measures evaluated by the Company’s CODM. The CODM does not evaluate operating segments using discrete asset information. The Company’s operating segments do not record intercompany revenue. The Company does not allocate gains and losses from equity investments, interest and other income, or taxes to operating segments. Except as discussed above regarding the “All other” category, the Company’s accounting policies for segment reporting are the same as for the Company as a whole.

The following tables present details of the Company’s reportable segments and a reconciliation of the “All other” category (in thousands):



	Three Months Ended
	June 29, 2019			June 30, 2018
Revenue:
MP	$	556,253		$	486,079
IDP	219,345			206,591
Total revenue	$	775,598		$	692,670
Operating income (loss):
MP	$	139,935		$	89,171
IDP	50,124			55,204
All other	(134,833		)	(163,590		)
Operating income (loss)	55,226			(19,215		)
Interest expense	(11,864		)	(14,353		)
Interest income	2,946			3,394
Other expense (Note 7)	(1,111		)	(31,955		)
Income (loss) before income taxes	$	45,197		$	(62,129	)



	Three Months Ended
	June 29, 2019			June 30, 2018
Reconciliation of “All other” category:
Stock-based compensation expense	$	(24,953	)	$	(19,345	)
Amortization of intangible assets	(58,182		)	(133,175		)
Acquisition and integration related costs	(23,130		)	(1,082		)
Restructuring costs	(8,031		)	(2,802		)
Accelerated depreciation	(15,938		)	—
Other (including (loss) gain on assets, start-up costs and other miscellaneous corporate overhead)	(4,599		)	(7,186		)
Loss from operations for “All other”	$	(134,833	)	$	(163,590	)

Stock Repurchases (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	May 23, 2018
Class of Stock [Line Items]
Stock Repurchased During Period, Shares	1.5	1.2
Stock Repurchased During Period, Value	$ 100,073	$ 100,004
November 2016 Program
Class of Stock [Line Items]
Stock Repurchased During Period, Shares	0.0	0.4
Stock Repurchased During Period, Value	$ 0	$ 35,900
Stock Repurchase Program, Remaining Authorized Repurchase Amount			$ 126,300
May 2018 Program
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount	$ 297,800		$ 1,000,000
Stock Repurchased During Period, Shares	1.5
Stock Repurchased During Period, Value	$ 100,100

Leases

3 Months Ended

Jun. 29, 2019

Leases [Abstract]

Leases

LEASES

The Company leases certain of its corporate, manufacturing and other facilities from multiple third-party real estate developers. The Company also leases various machinery and office equipment. These operating leases expire at various dates through 2036, and some of these leases have renewal options, with the longest ranging up to two, ten-year periods.

In fiscal 2018, the Company entered into a finance lease which is expected to commence in fiscal 2021 and is not recorded in the Condensed Consolidated Balance Sheet as of June 29, 2019. The Company’s other finance lease is immaterial.

The Company determines that a contract contains a lease at lease inception if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In evaluating whether the right to control an identified asset exists, the Company assesses whether it has the right to direct the use of the identified asset and obtain substantially all of the economic benefit from the use of the identified asset.

Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate in determining the present value of lease payments considering the term of the lease, which is derived from information available at the lease commencement date. The lease term includes renewal options when it is reasonably certain that the option will be exercised, and excludes termination options. To the extent that the Company's agreements have variable lease payments, the Company includes variable lease payments that depend on an index or a rate and excludes those that depend on facts or circumstances occurring after the commencement date, other than the passage of time.

The components of lease expense for operating leases for the three months ended June 29, 2019, are as follows:



	Three Months Ended
	June 29, 2019
Operating lease expense	$	3,454
Short-term lease expense	1,965
Variable lease expense	414
Total lease expense	$	5,833

Supplemental cash information and non-cash activities related to operating leases are as follows (in thousands):



	Three Months Ended
	June 29, 2019
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	4,492

Non-cash activities:
Operating lease assets obtained in exchange for new lease liabilities	$	1,870

Supplemental balance sheet information related to operating leases is as follows (in thousands):



	Classification on the Condensed Consolidated Balance Sheet	June 29, 2019
Assets
Operating lease assets	Other non-current assets	$	66,232

Liabilities
Operating lease current liabilities	Other current liabilities	$	13,055
Operating lease non-current liabilities	Other long-term liabilities	$	60,061

Weighted-average remaining lease term and discount rate related to operating leases are as follows:



	June 29, 2019
Weighted-average remaining lease term (years) - operating leases	8.78
Weighted-average discount rate - operating leases	4.21	%

Maturities of lease liabilities under operating leases by fiscal year as of June 29, 2019 are as follows (in thousands):



	June 29, 2019
2020	$	11,558
2021	15,008
2022	11,777
2023	9,099
2024	7,723
Thereafter	32,166
Total lease payments	87,331
Less imputed interest	(14,215		)
Present value of lease liabilities	$	73,116

Consolidating Financial Information

3 Months Ended

Jun. 29, 2019

Consolidating Financial Information [Abstract]

CONSOLIDATING FINANCIAL INFORMATION

CONDENSED CONSOLIDATING FINANCIAL INFORMATION

In accordance with the applicable indentures governing the 2023 Notes, the 2025 Notes and the 2026 Notes, the Guarantors guaranteed the Company's obligations under the 2023 Notes, the 2025 Notes and the 2026 Notes. The 2023 Notes were, and the 2025 Notes and the 2026 Notes are, fully and unconditionally guaranteed on a joint and several basis by each Guarantor, each of which is 100% owned, directly or indirectly, by Qorvo, Inc. (the "Parent Company"). A Guarantor can be released in certain customary circumstances.

The following presents the condensed consolidating financial information separately for:


(i)	Parent Company, the issuer of the guaranteed obligations;


(ii)	Guarantor subsidiaries, on a combined basis, as specified in the 2015 Indenture and the 2018 Indenture;


(iii)	Non-guarantor subsidiaries, on a combined basis;


(iv)	Consolidating entries, eliminations and reclassifications representing adjustments to (a) eliminate intercompany transactions between or among the Parent Company, the guarantor subsidiaries and the non-guarantor subsidiaries, (b) eliminate intercompany profit in inventory, (c) eliminate the investments in the Company’s subsidiaries and (d) record consolidating entries; and


(v)	The Company, on a consolidated basis.

Each entity in the condensed consolidating financial information follows the same accounting policies as described in the consolidated financial statements, except for the use by the Parent Company and Guarantors of the equity method of accounting to reflect ownership interests in subsidiaries that are eliminated upon consolidation. The financial information may not necessarily be indicative of the financial position, results of operations, comprehensive income (loss), and cash flows, had the Parent Company, Guarantors or non-guarantor subsidiaries operated as independent entities.



	Condensed Consolidating Balance Sheet
	June 29, 2019
(in thousands)	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations and Reclassifications			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	229,039	$	400,560	$	—		$	629,599
Accounts receivable, less allowance	—		39,175		287,539		—			326,714
Intercompany accounts and notes receivable	—		411,655		54,939		(466,594		)	—
Inventories	—		153,792		385,298		(21,335		)	517,755
Prepaid expenses	—		22,658		9,236		—			31,894
Other receivables	—		3,161		13,345		—			16,506
Other current assets	—		31,823		2,542		—			34,365
Total current assets	—		891,303		1,153,459		(487,929		)	1,556,833
Property and equipment, net	—		1,074,569		233,328		1,574			1,309,471
Goodwill	—		1,122,629		1,178,283		—			2,300,912
Intangible assets, net	—		183,647		324,512		—			508,159
Long-term investments	—		5,535		92,455		—			97,990
Long-term intercompany accounts and notes receivable	—		1,191,496		116,187		(1,307,683		)	—
Investment in subsidiaries	6,608,062		2,452,986		—		(9,061,048		)	—
Other non-current assets	12,001		107,252		44,890		(11,127		)	153,016
Total assets	$	6,620,063	$	7,029,417	$	3,143,114	$	(10,866,213	)	$	5,926,381
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	—	$	75,829	$	148,906	$	—		$	224,735
Intercompany accounts and notes payable	—		54,939		411,655		(466,594		)	—
Accrued liabilities	23,152		91,994		52,943		554			168,643
Current portion of long-term debt	1,250		—		482		—			1,732
Other current liabilities	—		9,701		47,335		—			57,036
Total current liabilities	24,402		232,463		661,321		(466,040		)	452,146
Long-term debt	1,016,762		—		1,852		—			1,018,614
Long-term intercompany accounts and notes payable	1,241,556		66,127		—		(1,307,683		)	—
Other long-term liabilities	—		122,765		27,474		(31,961		)	118,278
Total liabilities	2,282,720		421,355		690,647		(1,805,684		)	1,589,038
Total stockholders’ equity	4,337,343		6,608,062		2,452,467		(9,060,529		)	4,337,343
Total liabilities and stockholders’ equity	$	6,620,063	$	7,029,417	$	3,143,114	$	(10,866,213	)	$	5,926,381



	Condensed Consolidating Balance Sheet
	March 30, 2019
(in thousands)	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations and Reclassifications			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	231,865	$	479,170	$	—		$	711,035
Accounts receivable, less allowance	—		47,181		330,991		—			378,172
Intercompany accounts and notes receivable	—		381,558		62,640		(444,198		)	—
Inventories	—		173,885		359,252		(21,344		)	511,793
Prepaid expenses	—		24,087		1,679		—			25,766
Other receivables	—		5,121		16,813		—			21,934
Other current assets	—		33,956		2,354		(169		)	36,141
Total current assets	—		897,653		1,252,899		(465,711		)	1,684,841
Property and equipment, net	—		1,090,171		268,040		8,302			1,366,513
Goodwill	—		1,122,629		1,051,260		—			2,173,889
Intangible assets, net	—		214,348		193,862		—			408,210
Long-term investments	—		4,969		92,817		—			97,786
Long-term intercompany accounts and notes receivable	—		1,239,474		93,923		(1,333,397		)	—
Investment in subsidiaries	6,540,081		2,321,170		—		(8,861,251		)	—
Other non-current assets	17,245		46,784		28,234		(15,478		)	76,785
Total assets	$	6,557,326	$	6,937,198	$	2,981,035	$	(10,667,535	)	$	5,808,024
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	—	$	95,089	$	138,218	$	—		$	233,307
Intercompany accounts and notes payable	—		62,640		381,558		(444,198		)	—
Accrued liabilities	11,174		96,238		51,781		1,323			160,516
Current portion of long-term debt	—		—		80		—			80
Other current liabilities	—		—		41,880		(169		)	41,711
Total current liabilities	11,174		253,967		613,517		(443,044		)	435,614
Long-term debt	919,270		—		1,665		—			920,935
Long-term intercompany accounts and notes payable	1,267,203		66,195		—		(1,333,398		)	—
Other long-term liabilities	—		76,955		45,202		(30,361		)	91,796
Total liabilities	2,197,647		397,117		660,384		(1,806,803		)	1,448,345
Total stockholders’ equity	4,359,679		6,540,081		2,320,651		(8,860,732		)	4,359,679
Total liabilities and stockholders’ equity	$	6,557,326	$	6,937,198	$	2,981,035	$	(10,667,535	)	$	5,808,024



	Condensed Consolidating Statement of Income and Comprehensive Income
	Three Months Ended June 29, 2019
(in thousands)	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations and Reclassifications			Consolidated
Revenue	$	—		$	256,942		$	725,114		$	(206,458	)	$	775,598
Cost of goods sold	—			243,870			420,115			(182,676		)	481,309
Gross profit	—			13,072			304,999			(23,782		)	294,289
Operating expenses:
Research and development	6,889			15,583			97,268			(820		)	118,920
Selling, general and administrative	18,064			50,282			43,824			(23,191		)	88,979
Other operating expense	—			14,824			16,542			(202		)	31,164
Total operating expenses	24,953			80,689			157,634			(24,213		)	239,063
Operating income (loss)	(24,953		)	(67,617		)	147,365			431			55,226
Interest expense	(11,589		)	(492		)	(175		)	392			(11,864		)
Interest income	—			758			2,579			(391		)	2,946
Other (expense) income	—			572			(1,683		)	—			(1,111		)
Income (loss) before income taxes	(36,542		)	(66,779		)	148,086			432			45,197
Income tax (expense) benefit	7,806			2,740			(16,202		)	—			(5,656		)
Income in subsidiaries	68,277			131,884			—			(200,161		)	—
Net income	$	39,541		$	67,845		$	131,884		$	(199,729	)	$	39,541

Comprehensive income	$	39,484		$	67,845		$	131,891		$	(199,736	)	$	39,484



	Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income
	Three Months Ended June 30, 2018
(in thousands)	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations and Reclassifications			Consolidated
Revenue	$	—		$	231,939		$	625,961		$	(165,230	)	$	692,670
Cost of goods sold	—			190,311			409,697			(144,071		)	455,937
Gross profit	—			41,628			216,264			(21,159		)	236,733
Operating expenses:
Research and development	6,401			3,279			102,448			(1,225		)	110,903
Selling, general and administrative	12,795			57,956			86,379			(21,200		)	135,930
Other operating expense	150			7,940			1,054			(29		)	9,115
Total operating expenses	19,346			69,175			189,881			(22,454		)	255,948
Operating (loss) income	(19,346		)	(27,547		)	26,383			1,295			(19,215		)
Interest expense	(14,042		)	(537		)	(161		)	387			(14,353		)
Interest income	—			2,406			1,375			(387		)	3,394
Other (expense) income	(33,373		)	328			1,090			—			(31,955		)
Loss (income) before income taxes	(66,761		)	(25,350		)	28,687			1,295			(62,129		)
Income tax benefit	11,454			16,804			3,878			—			32,136
Income in subsidiaries	25,314			32,565			—			(57,879		)	—
Net (loss) income	$	(29,993	)	$	24,019		$	32,565		$	(56,584	)	$	(29,993	)

Comprehensive (loss) income	$	(32,177	)	$	24,024		$	30,255		$	(54,279	)	$	(32,177	)



	Condensed Consolidating Statement of Cash Flows
	Three Months Ended June 29, 2019
(in thousands)	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations and Reclassifications		Consolidated
Net cash provided by (used in) operating activities	$	(3,886	)	$	40,598		$	220,406		$	—	$	257,118
Investing activities:
Purchase of property and equipment	—			(43,216		)	(7,079		)	—		(50,295		)
Purchase of business, net of cash acquired	—			—			(291,551		)	—		(291,551		)
Proceeds from sales of available-for-sale debt securities	—			1,950			—			—		1,950
Other investing activities	—			(2,158		)	(78		)	—		(2,236		)
Net cash used in investing activities	—			(43,424		)	(298,708		)	—		(342,132		)
Financing activities:
Proceeds from borrowings	100,000			—			—			—		100,000
Repurchase of common stock, including transaction costs	(100,073		)	—			—			—		(100,073		)
Proceeds from the issuance of common stock	9,379			—			—			—		9,379
Tax withholding paid on behalf of employees for restricted stock units	(4,806		)	—			—			—		(4,806		)
Other financing activities	(614		)	—			(20		)	—		(634		)
Net cash provided by (used in) financing activities	3,886			—			(20		)	—		3,866
Effect of exchange rate changes on cash	—			—			(284		)	—		(284		)
Net decrease in cash, cash equivalents and restricted cash	—			(2,826		)	(78,606		)	—		(81,432		)
Cash, cash equivalents and restricted cash at the beginning of the period	—			231,865			479,517			—		711,382
Cash, cash equivalents and restricted cash at the end of the period	$	—		$	229,039		$	400,911		$	—	$	629,950



	Condensed Consolidating Statement of Cash Flows
	Three Months Ended June 30, 2018
(in thousands)	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations and Reclassifications			Consolidated
Net cash provided by (used in) operating activities	$	555,303		$	(566,340	)	$	86,296		$	—		$	75,259
Investing activities:
Purchase of property and equipment	—			(37,020		)	(6,544		)	—			(43,564		)
Purchase of available-for-sale debt securities	—			(132,729		)	—			—			(132,729		)
Proceeds from sales of available-for-sale debt securities	—			75,000			—			—			75,000
Other investing activities	—			234			(8,901		)	—			(8,667		)
Net transactions with related parties	—			110,047			—			(110,047		)	—
Net cash (used in) provided by investing activities	—			15,532			(15,445		)	(110,047		)	(109,960		)
Financing activities:
Repurchase of debt	(458,172		)	—			—			—			(458,172		)
Repurchase of common stock, including transaction costs	(100,004		)	—			—			—			(100,004		)
Proceeds from the issuance of common stock	9,889			—			—			—			9,889
Tax withholding paid on behalf of employees for restricted stock units	(6,802		)	—			—			—			(6,802		)
Other financing activities	(214		)	—			—			—			(214		)
Net transactions with related parties	—			345			(110,392		)	110,047			—
Net cash (used in) provided by financing activities	(555,303		)	345			(110,392		)	110,047			(555,303		)
Effect of exchange rate changes on cash	—			—			(2,014		)	—			(2,014		)
Net decrease in cash, cash equivalents and restricted cash	—			(550,463		)	(41,555		)	—			(592,018		)
Cash, cash equivalents and restricted cash at the beginning of the period	—			629,314			297,088			—			926,402
Cash, cash equivalents and restricted cash at the end of the period	$	—		$	78,851		$	255,533		$	—		$	334,384

Debt

3 Months Ended

Jun. 29, 2019

Debt Disclosure [Abstract]

DEBT

Long-term debt as of June 29, 2019 and March 30, 2019 is as follows (in thousands):



	June 29, 2019			March 30, 2019
Term loan	$	100,000		$	—
7.00% senior notes due 2025	23,404			23,404
5.50% senior notes due 2026	900,000			900,000
Finance leases	2,334			1,745
Less unamortized premium and issuance costs	(5,392		)	(4,134		)
Less current portion of long-term debt	(1,732		)	(80		)
Total long-term debt	$	1,018,614		$	920,935

Senior Notes due 2023 and 2025

On November 19, 2015, the Company issued $450.0 million aggregate principal amount 6.75% senior notes due December 1, 2023 (the "2023 Notes") and $550.0 million aggregate principal amount 7.00% senior notes due December 1, 2025 (the "2025 Notes"). The 2023 Notes were, and the 2025 Notes are, senior unsecured obligations of the Company and guaranteed, jointly and severally, by the Company and certain of its U.S. subsidiaries (the "Guarantors"). The 2023 Notes and the 2025 Notes were issued pursuant to an indenture dated as of November 19, 2015 (the "2015 Indenture"), by and among the Company, the Guarantors and MUFG Union Bank, N.A., as trustee. The 2015 Indenture contains customary events of default, including payment default, failure to provide certain notices and certain provisions related to bankruptcy events.

In fiscal years 2018 and 2019, the Company retired all of the issued and outstanding 2023 Notes. In connection with certain purchases of the 2023 Notes, the Company recognized a loss on debt extinguishment of $33.4 million as "Other expense" in the Condensed Consolidated Statement of Operations during the three months ended June 30, 2018.

In fiscal years 2018 and 2019, the Company retired $526.6 million of the 2025 Notes. As of June 29, 2019, an aggregate principal amount of $23.4 million of the 2025 Notes remained outstanding.

With respect to the 2023 Notes, interest was payable on June 1 and December 1 of each year at a rate of 6.75% per annum, and with respect to the 2025 Notes, interest is payable on June 1 and December 1 of each year at a rate of 7.00% per annum. Interest paid on the 2025 Notes during the three months ended June 29, 2019 was $0.8 million. Interest paid on the 2023 Notes and the 2025 Notes during the three months ended June 30, 2018 was $34.2 million.

Senior Notes due 2026

On July 16, 2018, the Company issued $500.0 million aggregate principal amount 5.50% senior notes due 2026 (the “Initial 2026 Notes”). On August 28, 2018 and March 5, 2019, the Company issued an additional $130.0 million and $270.0 million, respectively, aggregate principal amount of such notes (together, the "Additional 2026 Notes" and together with the Initial 2026 Notes, the "2026 Notes"). The 2026 Notes will mature on July 15, 2026, unless earlier redeemed in accordance with their terms. The 2026 Notes are senior unsecured obligations of the Company and are initially guaranteed, jointly and severally, by the Guarantors.

The Initial 2026 Notes were issued pursuant to an indenture, dated as of July 16, 2018 by and among the Company, the Guarantors and MUFG Union Bank, N.A., as trustee, and the Additional 2026 Notes were issued pursuant to supplemental indentures, dated as of August 28, 2018 and March 5, 2019, respectively (such indenture and supplemental indentures, collectively, the "2018 Indenture"). The 2018 Indenture contains customary events of default, including payment default, exchange default, failure to provide certain notices thereunder and certain provisions related to bankruptcy events and also contains customary negative covenants.

In connection with the offerings of the 2026 Notes, the Company agreed to provide the holders of the 2026 Notes with an opportunity to exchange the 2026 Notes for registered notes having terms substantially identical to the 2026 Notes. On June 25, 2019, the Company completed the exchange offer, in which all of the privately placed 2026 Notes were exchanged for new notes that have been registered under the Securities Act of 1933, as amended (the "Securities Act").

Interest is payable on January 15 and July 15 of each year at a rate of 5.50% per annum. As of June 29, 2019, interest payable on the 2026 Notes was $22.7 million.

Credit Agreement

On December 5, 2017, the Company and the Guarantors entered into a five-year unsecured senior credit facility pursuant to a credit agreement with Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”), swing line lender and L/C issuer, and a syndicate of lenders (the "Credit Agreement"). The Credit Agreement includes a senior delayed draw term loan of up to $400.0 million (the "Term Loan") and a $300.0 million senior revolving line of credit (the "Revolving Facility", together with the Term Loan, the "Credit Facility"). On the closing date, $100.0 million of the Term Loan was funded (and subsequently repaid in March 2018). On June 17, 2019, the Company drew $100.0 million of the Term Loan, with the remaining $200.0 million available, at the discretion of the Company, in a final draw. Subsequent amendments to the Credit Agreement have, among other things, extended the delayed draw availability period to December 31, 2019. The Revolving Facility includes a $25.0 million sublimit for the issuance of standby letters of credit and a $10.0 million sublimit for swing line loans. The Company may request that the Credit Facility be increased by up to $300.0 million, subject to securing additional funding commitments from the existing or new lenders. The Credit Facility is available to finance working capital, capital expenditures and other corporate purposes. Outstanding amounts are due in full on the maturity date of December 5, 2022 (with amounts borrowed under the swingline option due in full no later than ten business days after such loan is made), subject to scheduled amortization of the Term Loan principal as set forth in the Credit Agreement prior to the maturity date. During the three months ended June 29, 2019, there were no borrowings under the Revolving Facility.

The Credit Agreement contains various conditions, covenants and representations with which the Company must be in compliance in order to borrow funds and to avoid an event of default. As of June 29, 2019, the Company was in compliance with these covenants.

Fair Value of Long-Term Debt

The Company's long-term debt is carried at amortized cost and is measured at fair value quarterly for disclosure purposes. The estimated fair value of the 2025 Notes and the 2026 Notes as of June 29, 2019 was $25.5 million and $947.3 million, respectively (compared to a carrying value of $23.4 million and $900.0 million, respectively). The estimated fair value of the 2025 Notes and the 2026 Notes as of March 30, 2019 was $25.8 million and $929.3 million, respectively. The Company considers its long-term debt to be Level 2 in the fair value hierarchy. Fair values are estimated based on quoted market prices for identical or similar instruments. The 2025 Notes and 2026 Notes trade over the counter, and their fair values were estimated based upon the value of their last trade at the end of the period.

The Company had no outstanding amounts under the Revolving Facility as of June 29, 2019. The Term Loan carries a variable interest rate set at current market rates, and as such, the fair value of the Term Loan approximated book value as of June 29, 2019.

Interest Expense

During the three months ended June 29, 2019, the Company recognized $12.9 million of interest expense related to the 2025 Notes, the 2026 Notes and the Term Loan, which was partially offset by $1.7 million of interest capitalized to property and equipment. During the three months ended June 30, 2018, the Company recognized $17.1 million of interest expense related to the 2023 Notes and the 2025 Notes, which was partially offset by $3.5 million of interest capitalized to property and equipment.

Operating Segment Information (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Reconciliation of "All other" category:
Stock-based compensation expense	$ (24,953)	$ (19,345)
Amortization of intangible assets	(58,366)	(133,321)
Loss from operations for “All other”	55,226	(19,215)
All other
Reconciliation of "All other" category:
Stock-based compensation expense	(24,953)	(19,345)
Amortization of intangible assets	(58,182)	(133,175)
Acquisition and integration related costs	(23,130)	(1,082)
Restructuring costs	(8,031)	(2,802)
Accelerated depreciation	(15,938)	0
Other (including (loss) gain on assets, start-up costs and other miscellaneous corporate overhead)	(4,599)	(7,186)
Loss from operations for “All other”	$ (134,833)	$ (163,590)

Investments and Fair Value Measurements (Details Textual) $ in Millions	Jun. 29, 2019 USD ($)
Investments and Fair Value Measurements [Abstract]
Equity Securities without Readily Determinable Fair Value, Amount	$ 60.0

Inventories (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Mar. 30, 2019
Components of inventories
Raw materials	$ 109,603	$ 118,608
Work in process	265,794	272,469
Finished goods	142,358	120,716
Total inventories	$ 517,755	$ 511,793

Leases Schedule of supplemental cash flow and non-cash activities (Details) $ in Thousands	3 Months Ended
	Jun. 29, 2019 USD ($)
Leases [Abstract]
Operating Lease, Payments	$ 4,492
Operating lease assets obtained in exchange for new lease liabilities	$ 1,870

Cover Page - shares	3 Months Ended
Cover Page - shares	Jun. 29, 2019	Jul. 26, 2019
Cover page.
Document Transition Report	false
Document Quarterly Report	true
Title of 12(b) Security	Common Stock, $0.0001 par value
Entity Current Reporting Status	Yes
Entity Incorporation, State or Country Code	DE
Entity Registrant Name	Qorvo, Inc.
City Area Code	336
Entity Central Index Key	0001604778
Document Type	10-Q
Document Period End Date	Jun. 29, 2019
Entity File Number	001-36801
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--03-28
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		117,784,657
Entity Address, Address Line One	7628 Thorndike Road
Local Phone Number	664-1233
Entity Interactive Data Current	Yes
Entity Shell Company	false
Trading Symbol	QRVO
Security Exchange Name	NASDAQ
Entity Tax Identification Number	46-5288992
Entity Address, City or Town	Greensboro
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27409-9421

Net Income (Loss) Per Share (Tables)

3 Months Ended

Jun. 29, 2019

Earnings Per Share [Abstract]

Reconciliation of the numerators and denominators in the computation of basic and diluted net loss per share

The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except per share data):



	Three Months Ended
	June 29, 2019		June 30, 2018
Numerator:
Numerator for basic and diluted net income (loss) per share — net income (loss) available to common stockholders	$	39,541	$	(29,993	)
Denominator:
Denominator for basic net income (loss) per share — weighted average shares	118,756		126,198
Effect of dilutive securities:
Stock-based awards	2,367		—
Denominator for diluted net income (loss) per share — adjusted weighted average shares and assumed conversions	121,123		126,198
Basic net income (loss) per share	$	0.33	$	(0.24	)
Diluted net income (loss) per share	$	0.33	$	(0.24	)

Net Income (Loss) Per Share

3 Months Ended

Jun. 29, 2019

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER SHARE

The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except per share data):



	Three Months Ended
	June 29, 2019		June 30, 2018
Numerator:
Numerator for basic and diluted net income (loss) per share — net income (loss) available to common stockholders	$	39,541	$	(29,993	)
Denominator:
Denominator for basic net income (loss) per share — weighted average shares	118,756		126,198
Effect of dilutive securities:
Stock-based awards	2,367		—
Denominator for diluted net income (loss) per share — adjusted weighted average shares and assumed conversions	121,123		126,198
Basic net income (loss) per share	$	0.33	$	(0.24	)
Diluted net income (loss) per share	$	0.33	$	(0.24	)

In the computation of diluted net income (loss) per share for the three months ended June 29, 2019 and June 30, 2018, less than 0.1 million and approximately 3.3 million outstanding shares, respectively, were excluded because the effect of their inclusion would have been anti-dilutive.

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 29, 2019	Mar. 30, 2019
Statement of Financial Position [Abstract]
Allowance for accounts receivable	$ 32	$ 40
Property and equipment, accumulated depreciation	$ 1,271,785	$ 1,218,507
Preferred Stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	405,000,000	405,000,000
Common stock, shares issued	117,943,000	119,063,000
Common stock, shares outstanding	117,943,000	119,063,000

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Accumulated Other Comprehensive Loss	Accumulated Deficit
Common Stock, Shares, Outstanding		126,322
Stockholders' Equity Attributable to Parent	$ 4,775,564	$ 5,237,085	$ (2,752)	$ (458,769)
Net income (loss)	(29,993)			(29,993)
Other Comprehensive Income (Loss), Net of Tax	(2,184)		(2,184)
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes Shares		266
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes	(4,575)	$ (4,575)	0	0
Stock Issued During Period, Shares, Employee Stock Purchase Plans		249
Stock Issued During Period, Value, Employee Stock Purchase Plan	14,282	$ 14,282	0	0
Cumulative-effect adoption of ASU 2014-09	$ 4,492	$ 0	0	4,492
Stock Repurchased During Period, Shares	(1,200)	(1,239)
Stock Repurchased During Period, Value	$ (100,004)	$ (100,004)	0	0
Stock-based compensation	20,523	$ 20,523	0	0
Payments for Repurchase of Common Stock	100,004
Common Stock, Shares, Outstanding		125,598
Stockholders' Equity Attributable to Parent	$ 4,678,105	$ 5,167,311	(4,936)	(484,270)
Common Stock, Shares, Outstanding	119,063	119,063
Stockholders' Equity Attributable to Parent	$ 4,359,679	$ 4,687,455	(6,624)	(321,152)
Net income (loss)	39,541			39,541
Other Comprehensive Income (Loss), Net of Tax	(57)		(57)
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes Shares		185
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes	(3,576)	$ (3,576)	0	0
Stock Issued During Period, Shares, Employee Stock Purchase Plans		239
Stock Issued During Period, Value, Employee Stock Purchase Plan	14,948	$ 14,948	0	0
Cumulative-effect adoption of ASU 2016-02	$ 69	$ 0	0	69
Stock Repurchased During Period, Shares	(1,500)	(1,544)
Stock Repurchased During Period, Value	$ (100,073)	$ (100,073)	0	0
Stock-based compensation	26,812	$ 26,812	0	0
Payments for Repurchase of Common Stock	$ 100,073
Common Stock, Shares, Outstanding	117,943	117,943
Stockholders' Equity Attributable to Parent	$ 4,337,343	$ 4,625,566	$ (6,681)	$ (281,542)

Investments and Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($)
$ in Thousands

Jun. 29, 2019

Mar. 30, 2019

Schedule of Available-for-sale debt securities

Deferred Compensation Plan Assets

^[1]

$ 20,101

$ 18,737

Assets, Fair Value Disclosure

20,726

21,601

Deferred Compensation Liability, Current and Noncurrent

^[1]

20,101

18,737

Financial and Nonfinancial Liabilities, Fair Value Disclosure

20,101

18,737

Auction Rate Securities

Schedule of Available-for-sale debt securities

Debt Securities, Available-for-sale

^[2]

1,950

Equity Securities

Schedule of Available-for-sale debt securities

Marketable Securities

625

901

Money Market Funds

Schedule of Available-for-sale debt securities

Cash Equivalents, at Carrying Value

Quoted Prices In Active Markets For Identical Assets (Level 1)

Schedule of Available-for-sale debt securities

Deferred Compensation Plan Assets

^[1]

20,101

18,737

Assets, Fair Value Disclosure

20,726

19,651

Deferred Compensation Liability, Current and Noncurrent

^[1]

20,101

18,737

Financial and Nonfinancial Liabilities, Fair Value Disclosure

20,101

18,737

Quoted Prices In Active Markets For Identical Assets (Level 1) | Equity Securities

Schedule of Available-for-sale debt securities

Marketable Securities

625

901

Quoted Prices In Active Markets For Identical Assets (Level 1) | Money Market Funds

Schedule of Available-for-sale debt securities

Cash Equivalents, at Carrying Value

Significant Other Observable Inputs (Level 2)

Schedule of Available-for-sale debt securities

Deferred Compensation Plan Assets

^[1]

Assets, Fair Value Disclosure

1,950

Financial and Nonfinancial Liabilities, Fair Value Disclosure

Significant Other Observable Inputs (Level 2) | Auction Rate Securities

Schedule of Available-for-sale debt securities

Debt Securities, Available-for-sale

^[2]

1,950

Significant Other Observable Inputs (Level 2) | Equity Securities

Schedule of Available-for-sale debt securities

Marketable Securities

$ 0

[1]

The Company's non-qualified deferred compensation plan provides eligible employees and members of the Board of Directors with the opportunity to defer a specified percentage of their cash compensation. The Company includes the assets deferred by the participants in the “Other current assets” and “Other non-current assets” line items of its Condensed Consolidated Balance Sheets and the Company's obligation to deliver the deferred compensation in the "Other current liabilities" and “Other long-term liabilities” line items of its Condensed Consolidated Balance Sheets.

[2]

The Company's Level 2 auction rate securities were debt instruments with interest rates that reset through periodic short-term auctions and were valued based on quoted prices for identical or similar instruments in markets that were not active. During the first quarter of fiscal 2020, the Company sold its auction rate securities at par value.

Investments and Fair Value Measurements (Tables)

3 Months Ended

Jun. 29, 2019

Investments and Fair Value Measurements [Abstract]

Fair value of the financial assets measured at fair value on a recurring basis

The fair value of the financial assets measured at fair value on a recurring basis was determined using the following levels of inputs as of June 29, 2019 and March 30, 2019 (in thousands):



				Total		Quoted Prices In Active Markets For Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
June 29, 2019
	Assets
		Marketable equity securities		$	625	$	625	$	—
		Invested funds in deferred compensation plan (1)		20,101		20,101		—
			Total assets measured at fair value	$	20,726	$	20,726	$	—
	Liabilities
		Deferred compensation plan obligation (1)		$	20,101	$	20,101	$	—
			Total liabilities measured at fair value	$	20,101	$	20,101	$	—

March 30, 2019
	Assets
		Money market funds		$	13	$	13	$	—
		Marketable equity securities		901		901		—
		Auction rate securities (2)		1,950		—		1,950
		Invested funds in deferred compensation plan (1)		18,737		18,737		—
			Total assets measured at fair value	$	21,601	$	19,651	$	1,950
	Liabilities
		Deferred compensation plan obligation (1)		$	18,737	$	18,737	$	—
			Total liabilities measured at fair value	$	18,737	$	18,737	$	—

(1) The Company's non-qualified deferred compensation plan provides eligible employees and members of the Board of Directors with the opportunity to defer a specified percentage of their cash compensation. The Company includes the assets deferred by the participants in the “Other current assets” and “Other non-current assets” line items of its Condensed Consolidated Balance Sheets and the Company's obligation to deliver the deferred compensation in the "Other current liabilities" and “Other long-term liabilities” line items of its Condensed Consolidated Balance Sheets.

(2) The Company's Level 2 auction rate securities were debt instruments with interest rates that reset through periodic short-term auctions and were valued based on quoted prices for identical or similar instruments in markets that were not active. During the first quarter of fiscal 2020, the Company sold its auction rate securities at par value.

Recent Accounting Pronouncements Recent Accounting Pronouncements (Details) $ in Millions	3 Months Ended
	Jun. 29, 2019 USD ($)
Accumulated Deficit \| Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Effect of adoption	$ 0.1

Restructuring

3 Months Ended

Jun. 29, 2019

Restructuring and Related Activities [Abstract]

RESTRUCTURING

In the third quarter of fiscal 2019, the Company initiated restructuring actions to reduce operating expenses and improve its manufacturing cost structure, including the phased closure of a wafer fabrication facility in Florida and idling production at a wafer fabrication facility in Texas. As a result of these actions, the Company expects to record total restructuring charges of approximately $99.0 million, including accelerated depreciation of $52.0 million (to reflect changes in estimated useful lives of certain property and equipment), impairment charges of $16.0 million (to adjust the carrying value of certain property and equipment to reflect its fair value), employee termination benefits of $16.0 million, and other exit costs of $15.0 million. As of the end of the first quarter of fiscal 2020, the Company has recorded cumulative expenses of approximately $37.3 million, $16.0 million, $10.9 million and $4.6 million for accelerated depreciation, impairment charges, employee termination benefits and other exit costs, respectively, as a result of this restructuring action (which is expected to be substantially completed by the end of fiscal 2020).

During fiscal 2018, the Company initiated restructuring actions to improve operating efficiencies. As a result of these actions, the Company has recorded cumulative expenses of $46.3 million and $23.4 million for impairment charges and employee termination benefits, respectively. The Company believes these amounts approximate the total costs to be recognized as this restructuring action is substantially complete.

In addition, the Company recorded immaterial restructuring expenses in the three months ended June 29, 2019 and June 30, 2018, related to employee termination benefits and exited leased facilities associated with restructuring events initiated prior to fiscal 2018.

The Company does not allocate restructuring costs to its reportable segments.

The following table summarizes the restructuring activity primarily resulting from these restructuring events:



	Three months ended June 29, 2019						Three months ended June 30, 2018
	Cost of Goods Sold		Other Operating Expense		Total		Cost of Goods Sold		Other Operating Expense		Total
One-time employee termination benefits	$	—	$	3,395	$	3,395	$	—	$	2,638	$	2,638
Lease and other contract termination costs	1,835		2,801		4,636		—		164		164
Accelerated depreciation	15,938		—		15,938		—		—		—
Total	$	17,773	$	6,196	$	23,969	$	—	$	2,802	$	2,802

The following table presents a roll-forward of the Company's restructuring liabilities for the three months ended June 29, 2019:



	One-Time Employee Termination Benefits			Accelerated Depreciation			Lease and Other Contract Terminations			Total
Accrued restructuring balance as of March 30, 2019	$	6,988		$	—		$	1,626		$	8,614
Costs incurred and charged to expense	3,395			15,938			4,636			23,969
Transfer to right-of-use asset	—			—			(1,248		)	(1,248		)
Cash payments	(2,720		)	—			(2,519		)	(5,239		)
Non-cash activity	—			(15,938		)	(1,835		)	(17,773		)
Accrued restructuring balance as of June 29, 2019	$	7,663		$	—		$	660		$	8,323

Leases (Tables)

3 Months Ended

Jun. 29, 2019

Leases [Abstract]

Lease, Cost [Table Text Block]

The components of lease expense for operating leases for the three months ended June 29, 2019, are as follows:



	Three Months Ended
	June 29, 2019
Operating lease expense	$	3,454
Short-term lease expense	1,965
Variable lease expense	414
Total lease expense	$	5,833

Schedule of supplemental cash information and non-cash activities related to operating leases [Table Text Block]

Supplemental cash information and non-cash activities related to operating leases are as follows (in thousands):



	Three Months Ended
	June 29, 2019
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	4,492

Non-cash activities:
Operating lease assets obtained in exchange for new lease liabilities	$	1,870

Schedule of supplemental balance sheet information related to operating leases [Table Text Block]

Supplemental balance sheet information related to operating leases is as follows (in thousands):



	Classification on the Condensed Consolidated Balance Sheet	June 29, 2019
Assets
Operating lease assets	Other non-current assets	$	66,232

Liabilities
Operating lease current liabilities	Other current liabilities	$	13,055
Operating lease non-current liabilities	Other long-term liabilities	$	60,061

Schedule of weighted-average remaining lease term and discount rate related to operating leases

Weighted-average remaining lease term and discount rate related to operating leases are as follows:



	June 29, 2019
Weighted-average remaining lease term (years) - operating leases	8.78
Weighted-average discount rate - operating leases	4.21	%

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Maturities of lease liabilities under operating leases by fiscal year as of June 29, 2019 are as follows (in thousands):



	June 29, 2019
2020	$	11,558
2021	15,008
2022	11,777
2023	9,099
2024	7,723
Thereafter	32,166
Total lease payments	87,331
Less imputed interest	(14,215		)
Present value of lease liabilities	$	73,116

Revenue

3 Months Ended

Jun. 29, 2019

Revenue from Contract with Customer [Abstract]

REVENUE

The following table presents the Company's revenue disaggregated by geography, based on the location of the customers' headquarters (in thousands):



	Three Months Ended
	June 29, 2019		June 30, 2018
Revenue:
China	$	361,143	$	284,158
United States	267,496		269,454
Other Asia	70,009		53,492
Taiwan	40,989		52,696
Europe	35,961		32,870
Total Revenue	$	775,598	$	692,670

During the first quarter of fiscal 2020, the Company changed its presentation of net revenue based on the "sold to" address of the customer to the above presentation of net revenue based on the location of the customers' headquarters. The June 30, 2018 information above has been reclassified to reflect this change. The Company believes that the disaggregation of revenue based on the location of the customers' headquarters is more representative of how its revenue and cash flows are impacted by geographically-sensitive changes in economic factors.

The Company also disaggregates revenue by operating segments (see Note 11).

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 29, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Leases Policy	The Company determines that a contract contains a lease at lease inception if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In evaluating whether the right to control an identified asset exists, the Company assesses whether it has the right to direct the use of the identified asset and obtain substantially all of the economic benefit from the use of the identified asset. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate in determining the present value of lease payments considering the term of the lease, which is derived from information available at the lease commencement date. The lease term includes renewal options when it is reasonably certain that the option will be exercised, and excludes termination options. To the extent that the Company's agreements have variable lease payments, the Company includes variable lease payments that depend on an index or a rate and excludes those that depend on facts or circumstances occurring after the commencement date, other than the passage of time.
Intangible Assets Amortization Policy	In the first quarter of each fiscal year, the Company removes the fully amortized balances from the gross asset and accumulated amortization amounts of those intangible assets that were fully amortized as of the prior fiscal year end.
Fair Value of Debt Policy	The Company's long-term debt is carried at amortized cost and is measured at fair value quarterly for disclosure purposes. The estimated fair value of the 2025 Notes and the 2026 Notes as of June 29, 2019 was $25.5 million and $947.3 million, respectively (compared to a carrying value of $23.4 million and $900.0 million, respectively). The estimated fair value of the 2025 Notes and the 2026 Notes as of March 30, 2019 was $25.8 million and $929.3 million, respectively. The Company considers its long-term debt to be Level 2 in the fair value hierarchy. Fair values are estimated based on quoted market prices for identical or similar instruments. The 2025 Notes and 2026 Notes trade over the counter, and their fair values were estimated based upon the value of their last trade at the end of the period.
Equity Securities without Readily Determinable Fair Value Policy	As of June 29, 2019, the Company has invested $60.0 million to acquire preferred shares of a private limited company. This investment was determined to be an equity investment without a readily determinable fair value and is accounted for using the measurement alternative in accordance with ASC 321, "Investments - Equity Securities.
Income Tax Policy	The Company’s provision for income taxes for the three months ended June 29, 2019 and June 30, 2018 has been calculated by applying an estimate of the annual effective tax rate for the full fiscal year to “ordinary” income or loss (pre-tax income or loss excluding unusual or infrequently occurring discrete items) for the three months ended June 29, 2019 and June 30, 2018.
Fair Value Measurements Policy	The carrying values of cash and cash equivalents, accounts receivable, accounts payable and other accrued liabilities approximate fair values because of the relatively short-term maturities of these instruments.
Operating Segment Policy	The Company's operating segments as of June 29, 2019 and June 30, 2018 are Mobile Products (MP) and Infrastructure and Defense Products (IDP) based on the organizational structure and information reviewed by the Company's Chief Executive Officer, who is the Company's chief operating decision maker ("CODM"), and these segments are managed separately based on the end markets and applications they support. The CODM allocates resources and assesses the performance of each operating segment primarily based on non-GAAP operating income.
Fair Value of Financial Instruments Policy	Marketable securities are measured at fair value and recorded in "Cash and cash equivalents," "Other current assets" and "Long-term investments" in the Condensed Consolidated Balance Sheets, and the related unrealized gains and losses are included in "Accumulated other comprehensive loss," a component of stockholders’ equity, net of tax (debt securities) and "Other income (expense)" in the Condensed Consolidated Statements of Operations (equity securities).

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32847-109319

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 954
-SubTopic 740
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6491622&loc=d3e9504-115650

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84158767&loc=d3e18780-107790

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=116657188&loc=SL116659661-227067

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 45
-Paragraph 25
-URI http://asc.fasb.org/extlink&oid=116821951&loc=d3e32247-109318

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=116821951&loc=d3e32280-109318

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 05
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=65884525&loc=d3e40913-109327

+ Details

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Income Statement [Abstract]
Revenue	$ 775,598	$ 692,670
Cost of goods sold	481,309	455,937
Gross profit	294,289	236,733
Operating expenses:
Research and development	118,920	110,903
Selling, general and administrative	88,979	135,930
Other operating expense (Notes 4 and 10)	31,164	9,115
Total operating expenses	239,063	255,948
Operating income (loss)	55,226	(19,215)
Interest expense (Note 7)	(11,864)	(14,353)
Interest Income	2,946	3,394
Other expense (Note 7)	(1,111)	(31,955)
Income (loss) before income taxes	45,197	(62,129)
Income tax (expense) benefit (Note 12)	(5,656)	32,136
Net income (loss)	$ 39,541	$ (29,993)
Net income (loss) per share (Note 13):
Basic	$ 0.33	$ (0.24)
Diluted	$ 0.33	$ (0.24)
Weighted average shares of common stock outstanding (Note 13):
Basic	118,756	126,198
Diluted	121,123	126,198

Consolidating Financial Information Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Mar. 30, 2019	Jun. 30, 2018	Mar. 31, 2018
Cash and cash equivalents	$ 629,599	$ 711,035	$ 334,039
Accounts receivable, less allowance	326,714	378,172
Intercompany accounts and notes receivable	0	0
Inventories	517,755	511,793
Prepaid expenses	31,894	25,766
Other receivables	16,506	21,934
Other current assets	34,365	36,141
Total current assets	1,556,833	1,684,841
Property and equipment, net	1,309,471	1,366,513
Goodwill	2,300,912	2,173,889
Intangible assets, net	508,159	408,210
Long-term Investments	97,990	97,786
Long-term intercompany accounts and notes receivable	0	0
Investment in subsidiaries	0	0
Other non-current assets (Note 6)	153,016	76,785
Total assets	5,926,381	5,808,024
Accounts payable	224,735	233,307
Intercompany accounts and notes payable	0	0
Accrued liabilities	168,643	160,516
Current portion of long-term debt	1,732	80
Other current liabilities (Note 6)	57,036	41,711
Total current liabilities	452,146	435,614
Long-term debt	1,018,614	920,935
Long-term intercompany accounts and notes payable	0	0
Other long-term liabilities (Note 6)	118,278	91,796
Total liabilities	1,589,038	1,448,345
Total stockholders’ equity	4,337,343	4,359,679	$ 4,678,105	$ 4,775,564
Total liabilities and stockholders’ equity	5,926,381	5,808,024
Guarantor Subsidiaries
Cash and cash equivalents	229,039	231,865
Accounts receivable, less allowance	39,175	47,181
Intercompany accounts and notes receivable	411,655	381,558
Inventories	153,792	173,885
Prepaid expenses	22,658	24,087
Other receivables	3,161	5,121
Other current assets	31,823	33,956
Total current assets	891,303	897,653
Property and equipment, net	1,074,569	1,090,171
Goodwill	1,122,629	1,122,629
Intangible assets, net	183,647	214,348
Long-term Investments	5,535	4,969
Long-term intercompany accounts and notes receivable	1,191,496	1,239,474
Investment in subsidiaries	2,452,986	2,321,170
Other non-current assets (Note 6)	107,252	46,784
Total assets	7,029,417	6,937,198
Accounts payable	75,829	95,089
Intercompany accounts and notes payable	54,939	62,640
Accrued liabilities	91,994	96,238
Current portion of long-term debt	0	0
Other current liabilities (Note 6)	9,701	0
Total current liabilities	232,463	253,967
Long-term debt	0	0
Long-term intercompany accounts and notes payable	66,127	66,195
Other long-term liabilities (Note 6)	122,765	76,955
Total liabilities	421,355	397,117
Total stockholders’ equity	6,608,062	6,540,081
Total liabilities and stockholders’ equity	7,029,417	6,937,198
Non-Guarantor Subsidiaries
Cash and cash equivalents	400,560	479,170
Accounts receivable, less allowance	287,539	330,991
Intercompany accounts and notes receivable	54,939	62,640
Inventories	385,298	359,252
Prepaid expenses	9,236	1,679
Other receivables	13,345	16,813
Other current assets	2,542	2,354
Total current assets	1,153,459	1,252,899
Property and equipment, net	233,328	268,040
Goodwill	1,178,283	1,051,260
Intangible assets, net	324,512	193,862
Long-term Investments	92,455	92,817
Long-term intercompany accounts and notes receivable	116,187	93,923
Investment in subsidiaries	0	0
Other non-current assets (Note 6)	44,890	28,234
Total assets	3,143,114	2,981,035
Accounts payable	148,906	138,218
Intercompany accounts and notes payable	411,655	381,558
Accrued liabilities	52,943	51,781
Current portion of long-term debt	482	80
Other current liabilities (Note 6)	47,335	41,880
Total current liabilities	661,321	613,517
Long-term debt	1,852	1,665
Long-term intercompany accounts and notes payable	0	0
Other long-term liabilities (Note 6)	27,474	45,202
Total liabilities	690,647	660,384
Total stockholders’ equity	2,452,467	2,320,651
Total liabilities and stockholders’ equity	3,143,114	2,981,035
Parent Company
Cash and cash equivalents	0	0
Accounts receivable, less allowance	0	0
Intercompany accounts and notes receivable	0	0
Inventories	0	0
Prepaid expenses	0	0
Other receivables	0	0
Other current assets	0	0
Total current assets	0	0
Property and equipment, net	0	0
Goodwill	0	0
Intangible assets, net	0	0
Long-term Investments	0	0
Long-term intercompany accounts and notes receivable	0	0
Investment in subsidiaries	6,608,062	6,540,081
Other non-current assets (Note 6)	12,001	17,245
Total assets	6,620,063	6,557,326
Accounts payable	0	0
Intercompany accounts and notes payable	0	0
Accrued liabilities	23,152	11,174
Current portion of long-term debt	1,250	0
Other current liabilities (Note 6)	0	0
Total current liabilities	24,402	11,174
Long-term debt	1,016,762	919,270
Long-term intercompany accounts and notes payable	1,241,556	1,267,203
Other long-term liabilities (Note 6)	0	0
Total liabilities	2,282,720	2,197,647
Total stockholders’ equity	4,337,343	4,359,679
Total liabilities and stockholders’ equity	6,620,063	6,557,326
Eliminations and Reclassifications
Cash and cash equivalents	0	0
Accounts receivable, less allowance	0	0
Intercompany accounts and notes receivable	(466,594)	(444,198)
Inventories	(21,335)	(21,344)
Prepaid expenses	0	0
Other receivables	0	0
Other current assets	0	(169)
Total current assets	(487,929)	(465,711)
Property and equipment, net	1,574	8,302
Goodwill	0	0
Intangible assets, net	0	0
Long-term Investments	0	0
Long-term intercompany accounts and notes receivable	(1,307,683)	(1,333,397)
Investment in subsidiaries	(9,061,048)	(8,861,251)
Other non-current assets (Note 6)	(11,127)	(15,478)
Total assets	(10,866,213)	(10,667,535)
Accounts payable	0	0
Intercompany accounts and notes payable	(466,594)	(444,198)
Accrued liabilities	554	1,323
Current portion of long-term debt	0	0
Other current liabilities (Note 6)	0	(169)
Total current liabilities	(466,040)	(443,044)
Long-term debt	0	0
Long-term intercompany accounts and notes payable	(1,307,683)	(1,333,398)
Other long-term liabilities (Note 6)	(31,961)	(30,361)
Total liabilities	(1,805,684)	(1,806,803)
Total stockholders’ equity	(9,060,529)	(8,860,732)
Total liabilities and stockholders’ equity	$ (10,866,213)	$ (10,667,535)

Income Taxes	3 Months Ended
Income Taxes	Jun. 29, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income Tax Expense The Company’s provision for income taxes for the three months ended June 29, 2019 and June 30, 2018 has been calculated by applying an estimate of the annual effective tax rate for the full fiscal year to “ordinary” income or loss (pre-tax income or loss excluding unusual or infrequently occurring discrete items) for the three months ended June 29, 2019 and June 30, 2018. The Company’s income tax expense and income tax benefit were $5.7 million and $32.1 million, respectively, for the three months ended June 29, 2019 and June 30, 2018, respectively. The Company’s effective tax rate was 12.5% for the three months ended June 29, 2019 and 51.7% for the three months ended June 30, 2018. The Company's effective tax rate for the first quarter of fiscal 2020 differed from the statutory rate primarily due to tax rate differences in foreign jurisdictions, global intangible low tax income (“GILTI”), domestic tax credits generated, foreign permanent differences and the discrete treatment of postcombination compensation related expenses due to the Active-Semi acquisition. The Company's effective tax rate for the first quarter of fiscal 2019 differed from the statutory rate primarily due to tax rate differences in foreign jurisdictions, foreign permanent differences, state income taxes, domestic tax credits generated, changes in unrecognized tax benefits, GILTI, and a discrete tax benefit for changes in provisional estimates related to the one-time transition tax on certain unrepatriated earnings of foreign subsidiaries enacted in the Tax Cuts and Jobs Act. Uncertain Tax Positions The Company’s gross unrecognized tax benefits increased from $103.2 million as of the end of fiscal 2019 to $106.7 million as of the end of the first quarter of fiscal 2020, due primarily to an increase related to tax positions taken with respect to the current fiscal year and positions provisionally recognized as part of Active-Semi purchase accounting.

Consolidating Financial Information Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Net Cash Provided by (Used in) Operating Activities	$ 257,118	$ 75,259
Payments to Acquire Property, Plant, and Equipment	(50,295)	(43,564)
Purchase of a business, net of cash acquired (Note 4)	291,551	0
Purchase of available-for-sale debt securities	0	(132,729)
Proceeds from sales of available-for-sale debt securities	1,950	75,000
Other investing activities	(2,236)	(8,667)
Net transactions with related parties, investing	0	0
Net cash used in investing activities	(342,132)	(109,960)
Repurchase of debt (Note 7)	0	(458,172)
Proceeds from borrowings (Note 7)	100,000	0
Repurchase of common stock, including transaction costs (Note 8)	(100,073)	(100,004)
Proceeds from the issuance of common stock	9,379	9,889
Tax withholding paid on behalf of employees for restricted stock units	(4,806)	(6,802)
Other financing activities	(634)	(214)
Net transactions with related parties	0	0
Net cash provided by (used in) financing activities	3,866	(555,303)
Effect of Exchange Rate on Cash and Cash Equivalents	(284)	(2,014)
Net decrease in cash, cash equivalents and restricted cash	(81,432)	(592,018)
Cash, cash equivalents and restricted cash at the beginning of the period	711,382	926,402
Cash, cash equivalents and restricted cash at the end of the period	629,950	334,384
Parent Company
Net Cash Provided by (Used in) Operating Activities	(3,886)	555,303
Payments to Acquire Property, Plant, and Equipment	0	0
Purchase of a business, net of cash acquired (Note 4)	0
Purchase of available-for-sale debt securities	0	0
Proceeds from sales of available-for-sale debt securities	0	0
Other investing activities	0	0
Net transactions with related parties, investing	0	0
Net cash used in investing activities	0	0
Repurchase of debt (Note 7)	0	(458,172)
Proceeds from borrowings (Note 7)	100,000
Repurchase of common stock, including transaction costs (Note 8)	(100,073)	(100,004)
Proceeds from the issuance of common stock	9,379	9,889
Tax withholding paid on behalf of employees for restricted stock units	(4,806)	(6,802)
Other financing activities	(614)	(214)
Net transactions with related parties	0	0
Net cash provided by (used in) financing activities	3,886	(555,303)
Effect of Exchange Rate on Cash and Cash Equivalents	0	0
Net decrease in cash, cash equivalents and restricted cash	0	0
Cash, cash equivalents and restricted cash at the beginning of the period	0	0
Cash, cash equivalents and restricted cash at the end of the period	0	0
Guarantor Subsidiaries
Net Cash Provided by (Used in) Operating Activities	40,598	(566,340)
Payments to Acquire Property, Plant, and Equipment	(43,216)	(37,020)
Purchase of a business, net of cash acquired (Note 4)	0
Purchase of available-for-sale debt securities	0	(132,729)
Proceeds from sales of available-for-sale debt securities	1,950	75,000
Other investing activities	(2,158)	234
Net transactions with related parties, investing	0	110,047
Net cash used in investing activities	(43,424)	15,532
Repurchase of debt (Note 7)	0	0
Proceeds from borrowings (Note 7)	0
Repurchase of common stock, including transaction costs (Note 8)	0	0
Proceeds from the issuance of common stock	0	0
Tax withholding paid on behalf of employees for restricted stock units	0	0
Other financing activities	0	0
Net transactions with related parties	0	345
Net cash provided by (used in) financing activities	0	345
Effect of Exchange Rate on Cash and Cash Equivalents	0	0
Net decrease in cash, cash equivalents and restricted cash	(2,826)	(550,463)
Cash, cash equivalents and restricted cash at the beginning of the period	231,865	629,314
Cash, cash equivalents and restricted cash at the end of the period	229,039	78,851
Non-Guarantor Subsidiaries
Net Cash Provided by (Used in) Operating Activities	220,406	86,296
Payments to Acquire Property, Plant, and Equipment	(7,079)	(6,544)
Purchase of a business, net of cash acquired (Note 4)	291,551
Purchase of available-for-sale debt securities	0	0
Proceeds from sales of available-for-sale debt securities	0	0
Other investing activities	(78)	(8,901)
Net transactions with related parties, investing	0	0
Net cash used in investing activities	(298,708)	(15,445)
Repurchase of debt (Note 7)	0	0
Proceeds from borrowings (Note 7)	0
Repurchase of common stock, including transaction costs (Note 8)	0	0
Proceeds from the issuance of common stock	0	0
Tax withholding paid on behalf of employees for restricted stock units	0	0
Other financing activities	(20)	0
Net transactions with related parties	0	(110,392)
Net cash provided by (used in) financing activities	(20)	(110,392)
Effect of Exchange Rate on Cash and Cash Equivalents	(284)	(2,014)
Net decrease in cash, cash equivalents and restricted cash	(78,606)	(41,555)
Cash, cash equivalents and restricted cash at the beginning of the period	479,517	297,088
Cash, cash equivalents and restricted cash at the end of the period	400,911	255,533
Eliminations and Reclassifications
Net Cash Provided by (Used in) Operating Activities	0	0
Payments to Acquire Property, Plant, and Equipment	0	0
Purchase of a business, net of cash acquired (Note 4)	0
Purchase of available-for-sale debt securities	0	0
Proceeds from sales of available-for-sale debt securities	0	0
Other investing activities	0	0
Net transactions with related parties, investing	0	(110,047)
Net cash used in investing activities	0	(110,047)
Repurchase of debt (Note 7)	0	0
Proceeds from borrowings (Note 7)	0
Repurchase of common stock, including transaction costs (Note 8)	0	0
Proceeds from the issuance of common stock	0	0
Tax withholding paid on behalf of employees for restricted stock units	0	0
Other financing activities	0	0
Net transactions with related parties	0	110,047
Net cash provided by (used in) financing activities	0	110,047
Effect of Exchange Rate on Cash and Cash Equivalents	0	0
Net decrease in cash, cash equivalents and restricted cash	0	0
Cash, cash equivalents and restricted cash at the beginning of the period	0	0
Cash, cash equivalents and restricted cash at the end of the period	$ 0	$ 0

Revenue (Tables)

3 Months Ended

Jun. 29, 2019

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents the Company's revenue disaggregated by geography, based on the location of the customers' headquarters (in thousands):



	Three Months Ended
	June 29, 2019		June 30, 2018
Revenue:
China	$	361,143	$	284,158
United States	267,496		269,454
Other Asia	70,009		53,492
Taiwan	40,989		52,696
Europe	35,961		32,870
Total Revenue	$	775,598	$	692,670

The Company also disaggregates revenue by operating segments (see Note 11).

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Jun. 29, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS The Company assesses recently issued accounting standards by the Financial Accounting Standards Board ("FASB") to determine the expected impacts on the Company's financial statements. The summary below describes impacts from newly issued standards as well as material updates to our previous assessments, if any, from Qorvo’s Annual Report on Form 10-K for the fiscal year ended March 30, 2019. In February 2016, the FASB issued Accounting Standards Update 2016-02, "Leases (Topic 842)," with multiple amendments subsequently issued. The new guidance requires that lease arrangements be presented on the lessee's balance sheet by recording a right-of-use asset and a lease liability equal to the present value of the related future minimum lease payments. The Company adopted the standard in the first quarter of fiscal 2020, using the modified retrospective approach which permits lessees to recognize a cumulative-effect adjustment to the opening balance of accumulated deficit in the period of adoption. Upon adoption, the Company recorded a right-of-use asset of $70.7 million and a lease liability of $75.0 million. The difference between the right-of-use asset and lease liability is primarily attributed to a deferred rent liability which existed under Accounting Standards Codification ("ASC") 840, "Leases." The Company elected the transition package of practical expedients, under which the Company does not have to reassess (1) whether any expired or existing contracts are leases, or contain leases, (2) the lease classification for any expired or existing leases, and (3) initial direct costs for any existing leases. Further, the Company elected the practical expedient not to separate lease and non-lease components for substantially all of its classes of leases and to account for the combined lease and non-lease components as a single lease component. In addition, the Company made an accounting policy election to exclude leases with an initial term of 12 months or less from the balance sheet. The adoption of this standard resulted in a cumulative-effect adjustment to accumulated deficit of less than $0.1 million. This standard did not have a material impact on the Condensed Consolidated Statement of Operations or Condensed Consolidated Statement of Cash Flows. See Note 6 for further disclosures resulting from the adoption of this new standard.

Business Acquisition

3 Months Ended

Jun. 29, 2019

Business Combinations [Abstract]

BUSINESS ACQUISITION

On May 6, 2019, the Company completed its acquisition of Active-Semi International, Inc. ("Active-Semi"), a private fabless supplier of programmable analog power solutions. The acquisition expanded the Company's product offerings for existing customers and new customers in power management markets. The purchase price of $309.4 million was allocated to Active-Semi's net tangible assets (approximately $24.1 million) and intangible assets (approximately $158.3 million) based on their estimated fair values as of May 6, 2019. The excess of the purchase price over the value of the net tangible assets and intangible assets resulted in goodwill of approximately $127.0 million. The more significant intangible assets acquired included developed technology of $76.6 million (being amortized over 5 to 9 years), customer relationships of $40.9 million (being amortized over 5 years) and in-process research and development ("IPRD") of $40.6 million. The purchase price allocation is based on the estimated fair value of assets acquired and liabilities assumed. The Company will continue to evaluate certain assets, liabilities and tax estimates that are subject to change within the measurement period (up to one year from the acquisition date).

During the three months ended June 29, 2019, total cash payments associated with this acquisition were $291.6 million.

At the acquisition date, the Company recognized approximately $15.0 million in postcombination compensation expense.

The change in the carrying amount of goodwill for the three months ended June 29, 2019, is as follows (in thousands):



	Mobile Products		Infrastructure and Defense Products		Total
Balance as of March 30, 2019	$	1,751,503	$	422,386	$	2,173,889
Goodwill resulting from Active-Semi acquisition	—		127,023		127,023
Balance at June 29, 2019	$	1,751,503	$	549,409	$	2,300,912

The following summarizes information regarding the gross carrying amounts and accumulated amortization of intangible assets (in thousands):



	June 29, 2019				March 30, 2019
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Intangible assets:
Developed technology	$	840,772	$	519,348	$	1,246,335	$	960,793
Customer relationships	426,522		291,985		1,272,725		1,161,735
Trade names	200		67		29,391		29,391
Technology licenses	3,219		1,754		14,704		13,026
Non-compete agreement	—		—		1,026		1,026
IPRD	50,600		N/A		10,000		N/A
Total	$	1,321,313	$	813,154	$	2,574,181	$	2,165,971

In the first quarter of each fiscal year, the Company removes the fully amortized balances from the gross asset and accumulated amortization amounts of those intangible assets that were fully amortized as of the prior fiscal year end.

Total intangible assets amortization expense was $58.4 million for the three months ended June 29, 2019 and $133.3 million for the three months ended June 30, 2018.

Consolidating Financial Information Condensed Consolidating Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Revenue	$ 775,598	$ 692,670
Cost of goods sold	481,309	455,937
Gross profit	294,289	236,733
Research and development	118,920	110,903
Selling, general and administrative	88,979	135,930
Other operating expense (Notes 4 and 10)	31,164	9,115
Total operating expenses	239,063	255,948
Income (loss) from operations	55,226	(19,215)
Interest expense	(11,864)	(14,353)
Interest Income	2,946	3,394
Other expense (income)	(1,111)	(31,955)
Income (loss) before income taxes	45,197	(62,129)
Income tax (expense) benefit (Note 12)	(5,656)	32,136
Income in subsidiaries	0	0
Net income (loss)	39,541	(29,993)
Comprehensive income (loss)	39,484	(32,177)
Parent Company
Revenue	0	0
Cost of goods sold	0	0
Gross profit	0	0
Research and development	6,889	6,401
Selling, general and administrative	18,064	12,795
Other operating expense (Notes 4 and 10)	0	150
Total operating expenses	24,953	19,346
Income (loss) from operations	(24,953)	(19,346)
Interest expense	(11,589)	(14,042)
Interest Income	0	0
Other expense (income)	0	(33,373)
Income (loss) before income taxes	(36,542)	(66,761)
Income tax (expense) benefit (Note 12)	7,806	11,454
Income in subsidiaries	68,277	25,314
Net income (loss)	39,541	(29,993)
Comprehensive income (loss)	39,484	(32,177)
Guarantor Subsidiaries
Revenue	256,942	231,939
Cost of goods sold	243,870	190,311
Gross profit	13,072	41,628
Research and development	15,583	3,279
Selling, general and administrative	50,282	57,956
Other operating expense (Notes 4 and 10)	14,824	7,940
Total operating expenses	80,689	69,175
Income (loss) from operations	(67,617)	(27,547)
Interest expense	(492)	(537)
Interest Income	758	2,406
Other expense (income)	572	328
Income (loss) before income taxes	(66,779)	(25,350)
Income tax (expense) benefit (Note 12)	2,740	16,804
Income in subsidiaries	131,884	32,565
Net income (loss)	67,845	24,019
Comprehensive income (loss)	67,845	24,024
Non-Guarantor Subsidiaries
Revenue	725,114	625,961
Cost of goods sold	420,115	409,697
Gross profit	304,999	216,264
Research and development	97,268	102,448
Selling, general and administrative	43,824	86,379
Other operating expense (Notes 4 and 10)	16,542	1,054
Total operating expenses	157,634	189,881
Income (loss) from operations	147,365	26,383
Interest expense	(175)	(161)
Interest Income	2,579	1,375
Other expense (income)	(1,683)	1,090
Income (loss) before income taxes	148,086	28,687
Income tax (expense) benefit (Note 12)	(16,202)	3,878
Income in subsidiaries	0	0
Net income (loss)	131,884	32,565
Comprehensive income (loss)	131,891	30,255
Eliminations and Reclassifications
Revenue	(206,458)	(165,230)
Cost of goods sold	(182,676)	(144,071)
Gross profit	(23,782)	(21,159)
Research and development	(820)	(1,225)
Selling, general and administrative	(23,191)	(21,200)
Other operating expense (Notes 4 and 10)	(202)	(29)
Total operating expenses	(24,213)	(22,454)
Income (loss) from operations	431	1,295
Interest expense	392	387
Interest Income	(391)	(387)
Other expense (income)	0	0
Income (loss) before income taxes	432	1,295
Income tax (expense) benefit (Note 12)	0	0
Income in subsidiaries	(200,161)	(57,879)
Net income (loss)	(199,729)	(56,584)
Comprehensive income (loss)	$ (199,736)	$ (54,279)

Debt (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Mar. 30, 2019
Debt Instrument [Line Items]
Long-term debt	$ 1,018,614	$ 920,935
Unamortized premium and issuance costs	5,392	4,134
Current portion of long-term debt	(1,732)	(80)
Term Loan
Debt Instrument [Line Items]
Long-term debt	100,000	0
7.00% Senior Notes due 2025
Debt Instrument [Line Items]
Long-term debt	23,404	23,404
5.5% Senior Notes due 2026
Debt Instrument [Line Items]
Long-term debt	900,000	900,000
Finance leases
Debt Instrument [Line Items]
Long-term debt	$ 2,334	$ 1,745

Restructuring (Tables)

3 Months Ended

Jun. 29, 2019

Restructuring and Related Activities [Abstract]

Schedule of restructuring activity

The following table summarizes the restructuring activity primarily resulting from these restructuring events:



	Three months ended June 29, 2019						Three months ended June 30, 2018
	Cost of Goods Sold		Other Operating Expense		Total		Cost of Goods Sold		Other Operating Expense		Total
One-time employee termination benefits	$	—	$	3,395	$	3,395	$	—	$	2,638	$	2,638
Lease and other contract termination costs	1,835		2,801		4,636		—		164		164
Accelerated depreciation	15,938		—		15,938		—		—		—
Total	$	17,773	$	6,196	$	23,969	$	—	$	2,802	$	2,802

The following table presents a roll-forward of the Company's restructuring liabilities for the three months ended June 29, 2019:



	One-Time Employee Termination Benefits			Accelerated Depreciation			Lease and Other Contract Terminations			Total
Accrued restructuring balance as of March 30, 2019	$	6,988		$	—		$	1,626		$	8,614
Costs incurred and charged to expense	3,395			15,938			4,636			23,969
Transfer to right-of-use asset	—			—			(1,248		)	(1,248		)
Cash payments	(2,720		)	—			(2,519		)	(5,239		)
Non-cash activity	—			(15,938		)	(1,835		)	(17,773		)
Accrued restructuring balance as of June 29, 2019	$	7,663		$	—		$	660		$	8,323

Net Income Per Share (Details Textual) - shares shares in Millions	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Antidilutive shares excluded from the computation of diluted shares outstanding	0.1	3.3

Debt (Tables)

3 Months Ended

Jun. 29, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt as of June 29, 2019 and March 30, 2019 is as follows (in thousands):



	June 29, 2019			March 30, 2019
Term loan	$	100,000		$	—
7.00% senior notes due 2025	23,404			23,404
5.50% senior notes due 2026	900,000			900,000
Finance leases	2,334			1,745
Less unamortized premium and issuance costs	(5,392		)	(4,134		)
Less current portion of long-term debt	(1,732		)	(80		)
Total long-term debt	$	1,018,614		$	920,935

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income (loss)	$ 39,541	$ (29,993)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	63,904	43,451
Intangible assets amortization (Note 4)	58,366	133,321
Loss on debt extinguishment (Note 7)	0	33,373
Deferred income taxes	(11,015)	(26,684)
Stock-based compensation expense	24,953	19,345
Other, net	4,400	(2,796)
Changes in operating assets and liabilities:
Accounts receivable, net	57,298	(14,849)
Inventories	6,371	(29,587)
Prepaid expenses and other current and non-current assets	581	(11,503)
Accounts payable and accrued liabilities	7,564	(20,625)
Income tax payable and receivable	1,868	(16,571)
Other liabilities	3,287	(1,623)
Net cash provided by operating activities	257,118	75,259
Investing activities:
Purchase of property and equipment	(50,295)	(43,564)
Purchase of available-for-sale debt securities	0	(132,729)
Purchase of a business, net of cash acquired (Note 4)	291,551	0
Proceeds from sales of available-for-sale debt securities	1,950	75,000
Other investing activities	(2,236)	(8,667)
Net cash used in investing activities	(342,132)	(109,960)
Financing activities:
Repurchase of debt (Note 7)	0	(458,172)
Proceeds from borrowings (Note 7)	100,000	0
Repurchase of common stock, including transaction costs (Note 8)	(100,073)	(100,004)
Proceeds from the issuance of common stock	9,379	9,889
Tax withholding paid on behalf of employees for restricted stock units	(4,806)	(6,802)
Other financing activities	(634)	(214)
Net cash provided by (used in) financing activities	3,866	(555,303)
Effect of exchange rate changes on cash	(284)	(2,014)
Net decrease in cash, cash equivalents and restricted cash	(81,432)	(592,018)
Cash, cash equivalents and restricted cash at the beginning of the period	711,382	926,402
Cash, cash equivalents and restricted cash at the end of the period	629,950	334,384
Capital expenditure adjustments included in accounts payable and accrued liabilities	25,270	35,394
Cash and cash equivalents	629,599	334,039
Restricted Cash	$ 351	$ 345

Leases (Details) $ in Thousands	3 Months Ended
Leases (Details) $ in Thousands	Jun. 29, 2019 USD ($)
Leases [Abstract]
Operating lease expense	$ 3,454
Short-term lease expense	1,965
Variable lease expense	414
Total lease expense	$ 5,833

Consolidating Financial Information Consolidating Financial Information (Tables)

3 Months Ended

Jun. 29, 2019

Consolidating Financial Information [Abstract]

Condensed Balance Sheet



	Condensed Consolidating Balance Sheet
	June 29, 2019
(in thousands)	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations and Reclassifications			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	229,039	$	400,560	$	—		$	629,599
Accounts receivable, less allowance	—		39,175		287,539		—			326,714
Intercompany accounts and notes receivable	—		411,655		54,939		(466,594		)	—
Inventories	—		153,792		385,298		(21,335		)	517,755
Prepaid expenses	—		22,658		9,236		—			31,894
Other receivables	—		3,161		13,345		—			16,506
Other current assets	—		31,823		2,542		—			34,365
Total current assets	—		891,303		1,153,459		(487,929		)	1,556,833
Property and equipment, net	—		1,074,569		233,328		1,574			1,309,471
Goodwill	—		1,122,629		1,178,283		—			2,300,912
Intangible assets, net	—		183,647		324,512		—			508,159
Long-term investments	—		5,535		92,455		—			97,990
Long-term intercompany accounts and notes receivable	—		1,191,496		116,187		(1,307,683		)	—
Investment in subsidiaries	6,608,062		2,452,986		—		(9,061,048		)	—
Other non-current assets	12,001		107,252		44,890		(11,127		)	153,016
Total assets	$	6,620,063	$	7,029,417	$	3,143,114	$	(10,866,213	)	$	5,926,381
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	—	$	75,829	$	148,906	$	—		$	224,735
Intercompany accounts and notes payable	—		54,939		411,655		(466,594		)	—
Accrued liabilities	23,152		91,994		52,943		554			168,643
Current portion of long-term debt	1,250		—		482		—			1,732
Other current liabilities	—		9,701		47,335		—			57,036
Total current liabilities	24,402		232,463		661,321		(466,040		)	452,146
Long-term debt	1,016,762		—		1,852		—			1,018,614
Long-term intercompany accounts and notes payable	1,241,556		66,127		—		(1,307,683		)	—
Other long-term liabilities	—		122,765		27,474		(31,961		)	118,278
Total liabilities	2,282,720		421,355		690,647		(1,805,684		)	1,589,038
Total stockholders’ equity	4,337,343		6,608,062		2,452,467		(9,060,529		)	4,337,343
Total liabilities and stockholders’ equity	$	6,620,063	$	7,029,417	$	3,143,114	$	(10,866,213	)	$	5,926,381



	Condensed Consolidating Balance Sheet
	March 30, 2019
(in thousands)	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations and Reclassifications			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	231,865	$	479,170	$	—		$	711,035
Accounts receivable, less allowance	—		47,181		330,991		—			378,172
Intercompany accounts and notes receivable	—		381,558		62,640		(444,198		)	—
Inventories	—		173,885		359,252		(21,344		)	511,793
Prepaid expenses	—		24,087		1,679		—			25,766
Other receivables	—		5,121		16,813		—			21,934
Other current assets	—		33,956		2,354		(169		)	36,141
Total current assets	—		897,653		1,252,899		(465,711		)	1,684,841
Property and equipment, net	—		1,090,171		268,040		8,302			1,366,513
Goodwill	—		1,122,629		1,051,260		—			2,173,889
Intangible assets, net	—		214,348		193,862		—			408,210
Long-term investments	—		4,969		92,817		—			97,786
Long-term intercompany accounts and notes receivable	—		1,239,474		93,923		(1,333,397		)	—
Investment in subsidiaries	6,540,081		2,321,170		—		(8,861,251		)	—
Other non-current assets	17,245		46,784		28,234		(15,478		)	76,785
Total assets	$	6,557,326	$	6,937,198	$	2,981,035	$	(10,667,535	)	$	5,808,024
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	—	$	95,089	$	138,218	$	—		$	233,307
Intercompany accounts and notes payable	—		62,640		381,558		(444,198		)	—
Accrued liabilities	11,174		96,238		51,781		1,323			160,516
Current portion of long-term debt	—		—		80		—			80
Other current liabilities	—		—		41,880		(169		)	41,711
Total current liabilities	11,174		253,967		613,517		(443,044		)	435,614
Long-term debt	919,270		—		1,665		—			920,935
Long-term intercompany accounts and notes payable	1,267,203		66,195		—		(1,333,398		)	—
Other long-term liabilities	—		76,955		45,202		(30,361		)	91,796
Total liabilities	2,197,647		397,117		660,384		(1,806,803		)	1,448,345
Total stockholders’ equity	4,359,679		6,540,081		2,320,651		(8,860,732		)	4,359,679
Total liabilities and stockholders’ equity	$	6,557,326	$	6,937,198	$	2,981,035	$	(10,667,535	)	$	5,808,024

Condensed Statement of Comprehensive Income



	Condensed Consolidating Statement of Income and Comprehensive Income
	Three Months Ended June 29, 2019
(in thousands)	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations and Reclassifications			Consolidated
Revenue	$	—		$	256,942		$	725,114		$	(206,458	)	$	775,598
Cost of goods sold	—			243,870			420,115			(182,676		)	481,309
Gross profit	—			13,072			304,999			(23,782		)	294,289
Operating expenses:
Research and development	6,889			15,583			97,268			(820		)	118,920
Selling, general and administrative	18,064			50,282			43,824			(23,191		)	88,979
Other operating expense	—			14,824			16,542			(202		)	31,164
Total operating expenses	24,953			80,689			157,634			(24,213		)	239,063
Operating income (loss)	(24,953		)	(67,617		)	147,365			431			55,226
Interest expense	(11,589		)	(492		)	(175		)	392			(11,864		)
Interest income	—			758			2,579			(391		)	2,946
Other (expense) income	—			572			(1,683		)	—			(1,111		)
Income (loss) before income taxes	(36,542		)	(66,779		)	148,086			432			45,197
Income tax (expense) benefit	7,806			2,740			(16,202		)	—			(5,656		)
Income in subsidiaries	68,277			131,884			—			(200,161		)	—
Net income	$	39,541		$	67,845		$	131,884		$	(199,729	)	$	39,541

Comprehensive income	$	39,484		$	67,845		$	131,891		$	(199,736	)	$	39,484



	Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income
	Three Months Ended June 30, 2018
(in thousands)	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations and Reclassifications			Consolidated
Revenue	$	—		$	231,939		$	625,961		$	(165,230	)	$	692,670
Cost of goods sold	—			190,311			409,697			(144,071		)	455,937
Gross profit	—			41,628			216,264			(21,159		)	236,733
Operating expenses:
Research and development	6,401			3,279			102,448			(1,225		)	110,903
Selling, general and administrative	12,795			57,956			86,379			(21,200		)	135,930
Other operating expense	150			7,940			1,054			(29		)	9,115
Total operating expenses	19,346			69,175			189,881			(22,454		)	255,948
Operating (loss) income	(19,346		)	(27,547		)	26,383			1,295			(19,215		)
Interest expense	(14,042		)	(537		)	(161		)	387			(14,353		)
Interest income	—			2,406			1,375			(387		)	3,394
Other (expense) income	(33,373		)	328			1,090			—			(31,955		)
Loss (income) before income taxes	(66,761		)	(25,350		)	28,687			1,295			(62,129		)
Income tax benefit	11,454			16,804			3,878			—			32,136
Income in subsidiaries	25,314			32,565			—			(57,879		)	—
Net (loss) income	$	(29,993	)	$	24,019		$	32,565		$	(56,584	)	$	(29,993	)

Comprehensive (loss) income	$	(32,177	)	$	24,024		$	30,255		$	(54,279	)	$	(32,177	)

Condensed Cash Flow Statement



	Condensed Consolidating Statement of Cash Flows
	Three Months Ended June 29, 2019
(in thousands)	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations and Reclassifications		Consolidated
Net cash provided by (used in) operating activities	$	(3,886	)	$	40,598		$	220,406		$	—	$	257,118
Investing activities:
Purchase of property and equipment	—			(43,216		)	(7,079		)	—		(50,295		)
Purchase of business, net of cash acquired	—			—			(291,551		)	—		(291,551		)
Proceeds from sales of available-for-sale debt securities	—			1,950			—			—		1,950
Other investing activities	—			(2,158		)	(78		)	—		(2,236		)
Net cash used in investing activities	—			(43,424		)	(298,708		)	—		(342,132		)
Financing activities:
Proceeds from borrowings	100,000			—			—			—		100,000
Repurchase of common stock, including transaction costs	(100,073		)	—			—			—		(100,073		)
Proceeds from the issuance of common stock	9,379			—			—			—		9,379
Tax withholding paid on behalf of employees for restricted stock units	(4,806		)	—			—			—		(4,806		)
Other financing activities	(614		)	—			(20		)	—		(634		)
Net cash provided by (used in) financing activities	3,886			—			(20		)	—		3,866
Effect of exchange rate changes on cash	—			—			(284		)	—		(284		)
Net decrease in cash, cash equivalents and restricted cash	—			(2,826		)	(78,606		)	—		(81,432		)
Cash, cash equivalents and restricted cash at the beginning of the period	—			231,865			479,517			—		711,382
Cash, cash equivalents and restricted cash at the end of the period	$	—		$	229,039		$	400,911		$	—	$	629,950



	Condensed Consolidating Statement of Cash Flows
	Three Months Ended June 30, 2018
(in thousands)	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations and Reclassifications			Consolidated
Net cash provided by (used in) operating activities	$	555,303		$	(566,340	)	$	86,296		$	—		$	75,259
Investing activities:
Purchase of property and equipment	—			(37,020		)	(6,544		)	—			(43,564		)
Purchase of available-for-sale debt securities	—			(132,729		)	—			—			(132,729		)
Proceeds from sales of available-for-sale debt securities	—			75,000			—			—			75,000
Other investing activities	—			234			(8,901		)	—			(8,667		)
Net transactions with related parties	—			110,047			—			(110,047		)	—
Net cash (used in) provided by investing activities	—			15,532			(15,445		)	(110,047		)	(109,960		)
Financing activities:
Repurchase of debt	(458,172		)	—			—			—			(458,172		)
Repurchase of common stock, including transaction costs	(100,004		)	—			—			—			(100,004		)
Proceeds from the issuance of common stock	9,889			—			—			—			9,889
Tax withholding paid on behalf of employees for restricted stock units	(6,802		)	—			—			—			(6,802		)
Other financing activities	(214		)	—			—			—			(214		)
Net transactions with related parties	—			345			(110,392		)	110,047			—
Net cash (used in) provided by financing activities	(555,303		)	345			(110,392		)	110,047			(555,303		)
Effect of exchange rate changes on cash	—			—			(2,014		)	—			(2,014		)
Net decrease in cash, cash equivalents and restricted cash	—			(550,463		)	(41,555		)	—			(592,018		)
Cash, cash equivalents and restricted cash at the beginning of the period	—			629,314			297,088			—			926,402
Cash, cash equivalents and restricted cash at the end of the period	$	—		$	78,851		$	255,533		$	—		$	334,384

Leases Supplemental balance sheet information (Details) $ in Thousands	Jun. 29, 2019 USD ($)
Leases [Abstract]
Operating lease asset	$ 66,232
Current operating lease liability	13,055
Non-current operating lease liability	$ 60,061

Business Acquisition Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2019	Mar. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Document Period End Date	Jun. 29, 2019
Intangible assets, accumulated amortization	$ 813,154	$ 2,165,971
Intangible Assets, Gross (Excluding Goodwill)	1,321,313	2,574,181
Developed Technology
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	840,772	1,246,335
Intangible assets, accumulated amortization	519,348	960,793
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	426,522	1,272,725
Intangible assets, accumulated amortization	291,985	1,161,735
Trade Names
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	200	29,391
Intangible assets, accumulated amortization	67	29,391
Technology Licenses
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	3,219	14,704
Intangible assets, accumulated amortization	1,754	13,026
Non-compete agreement
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	0	1,026
Intangible assets, accumulated amortization	0	1,026
IPRD
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 50,600	$ 10,000

Restructuring Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Restructuring
Restructuring Charges	$ 23,969	$ 2,802
Cost of Sales [Member]
Restructuring
Restructuring Charges	17,773	0
Other Operating Income (Expense) [Member]
Restructuring
Restructuring Charges	6,196	2,802
One-time Employee Termination Benefits
Restructuring
Restructuring Charges	3,395	2,638
One-time Employee Termination Benefits \| Cost of Sales [Member]
Restructuring
Restructuring Charges	0	0
One-time Employee Termination Benefits \| Other Operating Income (Expense) [Member]
Restructuring
Restructuring Charges	3,395	2,638
Accelerated Depreciation
Restructuring
Restructuring Charges	15,938	0
Accelerated Depreciation \| Cost of Sales [Member]
Restructuring
Restructuring Charges	15,938	0
Accelerated Depreciation \| Other Operating Income (Expense) [Member]
Restructuring
Restructuring Charges	0	0
Lease and other contract terminations
Restructuring
Restructuring Charges	4,636	164
Lease and other contract terminations \| Cost of Sales [Member]
Restructuring
Restructuring Charges	1,835	0
Lease and other contract terminations \| Other Operating Income (Expense) [Member]
Restructuring
Restructuring Charges	$ 2,801	$ 164

Inventories

3 Months Ended

Jun. 29, 2019

Inventory Disclosure [Abstract]

INVENTORIES

The components of inventories, net of reserves, are as follows (in thousands):



	June 29, 2019		March 30, 2019
Raw materials	$	109,603	$	118,608
Work in process	265,794		272,469
Finished goods	142,358		120,716
Total inventories	$	517,755	$	511,793

Business Acquisition Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	May 06, 2019	Jun. 29, 2019	Jun. 30, 2018	Mar. 30, 2019
Business Acquisition [Line Items]
Amortization of intangible assets		$ 58,366	$ 133,321
Goodwill		$ 2,300,912		$ 2,173,889
Document Period End Date		Jun. 29, 2019
Purchase of a business, net of cash acquired		$ 291,551	$ 0
Active-Semi
Business Acquisition [Line Items]
Purchase price	$ 309,400
Net Tangible Assets Acquired	24,100
Intangible Assets Acquired	158,300
Goodwill	127,000
In-process reserach and development	40,600
Purchase of a business, net of cash acquired		$ 291,600
Postcombination compensation expense	15,000
Developed Technology \| Active-Semi
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired	$ 76,600
Customer Relationships \| Active-Semi
Business Acquisition [Line Items]
Useful Life	5 years
Finite-lived Intangible Assets Acquired	$ 40,900
Minimum \| Developed Technology \| Active-Semi
Business Acquisition [Line Items]
Useful Life	5 years
Maximum \| Developed Technology \| Active-Semi
Business Acquisition [Line Items]
Useful Life	9 years

Operating Segment Information (Tables)

3 Months Ended

Jun. 29, 2019

Segment Reporting [Abstract]

Summary of details of reportable segments

The following tables present details of the Company’s reportable segments and a reconciliation of the “All other” category (in thousands):



	Three Months Ended
	June 29, 2019			June 30, 2018
Revenue:
MP	$	556,253		$	486,079
IDP	219,345			206,591
Total revenue	$	775,598		$	692,670
Operating income (loss):
MP	$	139,935		$	89,171
IDP	50,124			55,204
All other	(134,833		)	(163,590		)
Operating income (loss)	55,226			(19,215		)
Interest expense	(11,864		)	(14,353		)
Interest income	2,946			3,394
Other expense (Note 7)	(1,111		)	(31,955		)
Income (loss) before income taxes	$	45,197		$	(62,129	)



	Three Months Ended
	June 29, 2019			June 30, 2018
Reconciliation of “All other” category:
Stock-based compensation expense	$	(24,953	)	$	(19,345	)
Amortization of intangible assets	(58,182		)	(133,175		)
Acquisition and integration related costs	(23,130		)	(1,082		)
Restructuring costs	(8,031		)	(2,802		)
Accelerated depreciation	(15,938		)	—
Other (including (loss) gain on assets, start-up costs and other miscellaneous corporate overhead)	(4,599		)	(7,186		)
Loss from operations for “All other”	$	(134,833	)	$	(163,590	)

Summary of reconciliation of "All other" category



	Three Months Ended
	June 29, 2019			June 30, 2018
Reconciliation of “All other” category:
Stock-based compensation expense	$	(24,953	)	$	(19,345	)
Amortization of intangible assets	(58,182		)	(133,175		)
Acquisition and integration related costs	(23,130		)	(1,082		)
Restructuring costs	(8,031		)	(2,802		)
Accelerated depreciation	(15,938		)	—
Other (including (loss) gain on assets, start-up costs and other miscellaneous corporate overhead)	(4,599		)	(7,186		)
Loss from operations for “All other”	$	(134,833	)	$	(163,590	)

Investments and Fair Value Measurements

3 Months Ended

Jun. 29, 2019

Investments and Fair Value Measurements [Abstract]

INVESTMENTS AND FAIR VALUE MEASUREMENTS

Recurring Fair Value Measurements

The fair value of the financial assets measured at fair value on a recurring basis was determined using the following levels of inputs as of June 29, 2019 and March 30, 2019 (in thousands):



				Total		Quoted Prices In Active Markets For Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
June 29, 2019
	Assets
		Marketable equity securities		$	625	$	625	$	—
		Invested funds in deferred compensation plan (1)		20,101		20,101		—
			Total assets measured at fair value	$	20,726	$	20,726	$	—
	Liabilities
		Deferred compensation plan obligation (1)		$	20,101	$	20,101	$	—
			Total liabilities measured at fair value	$	20,101	$	20,101	$	—

March 30, 2019
	Assets
		Money market funds		$	13	$	13	$	—
		Marketable equity securities		901		901		—
		Auction rate securities (2)		1,950		—		1,950
		Invested funds in deferred compensation plan (1)		18,737		18,737		—
			Total assets measured at fair value	$	21,601	$	19,651	$	1,950
	Liabilities
		Deferred compensation plan obligation (1)		$	18,737	$	18,737	$	—
			Total liabilities measured at fair value	$	18,737	$	18,737	$	—

As of June 29, 2019 and March 30, 2019, the Company did not have any Level 3 assets or liabilities.

Equity Investment Without a Readily Determinable Fair Value

As of June 29, 2019, the Company has invested $60.0 million to acquire preferred shares of a private limited company. This investment was determined to be an equity investment without a readily determinable fair value and is accounted for using the measurement alternative in accordance with ASC 321, "Investments - Equity Securities." As of June 29, 2019, there was no impairment or observable price change for this investment. This investment is classified in "Long-term investments" in the Condensed Consolidated Balance Sheets.

Fair Value of Financial Instruments

Marketable securities are measured at fair value and recorded in "Cash and cash equivalents," "Other current assets" and "Long-term investments" in the Condensed Consolidated Balance Sheets, and the related unrealized gains and losses are included in "Accumulated other comprehensive loss," a component of stockholders’ equity, net of tax (debt securities) and "Other income (expense)" in the Condensed Consolidated Statements of Operations (equity securities).

Other Fair Value Disclosures

The carrying values of cash and cash equivalents, accounts receivable, accounts payable and other accrued liabilities approximate fair values because of the relatively short-term maturities of these instruments. See Note 7 for further disclosures related to the fair value of the Company's long-term debt.

Leases Weighted average remaining lease term and discount rate (Details)	Jun. 29, 2019
Leases [Abstract]
Weighted-average remaining lease term (years) - operating leases	8 years 9 months 10 days
Weighted-average discount rate - operating leases	4.21%