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Business Combinations | 12 Months Ended
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Mar. 28, 2025
Business Combinations [Abstract] |
Business Combinations | 3. Business Combinations Crocus On August 7, 2023, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Crocus Technology International Corp., (“Crocus”). Pursuant to the terms and conditions of the Merger Agreement, on October 31, 2023 (the “Closing Date”), the Company acquired all of the outstanding equity interests of Crocus. The acquisition of Crocus complements and accelerates the Company’s tunnel magnetoresistance sensors roadmap and strengthens its position in the magnetic sensing market. Notes Receivable from Crocus On September 11, 2023, to fund the ongoing operations of Crocus prior to the Closing Date, the Company entered into a note purchase agreement with Crocus, wherein the Company agreed to purchase promissory notes of up to $7,000. An initial promissory note of $4,000 was issued on September 11, 2023, and an additional promissory note was issued on October 2, 2023 for $3,000. The promissory notes were repaid in full in connection with the closing of the merger and included within the estimated fair value of consideration paid. Allocation of Purchase Price The acquisition of Crocus has been accounted for as a business combination. The purchase price for the acquisition is allocated based upon a valuation of the fair values of assets acquired and liabilities assumed. Assets acquired and liabilities assumed have been recorded at their estimated fair values as of the acquisition date. Management applied the multi-period excess earnings method under the income approach to estimate the fair value of the completed technology asset and the distributor method under the income approach to estimate the fair value of the customer relationships asset. The fair value of intangible assets was based on estimates and assumptions developed by management. The process for estimating the fair values of identifiable intangible assets required the use of significant estimates and assumptions, including estimating future cash flows relating to revenue growth rates, operating margins, discount rates, and technology obsolescence curves. The excess of the purchase price over the fair values of tangible assets, identifiable intangible assets and assumed liabilities were recorded as goodwill for the acquisition. As of March 28, 2025, the allocation of the purchase price has been finalized. No material changes were made to the preliminary purchase price allocation. The final purchase price allocation is as follows:
Total purchase consideration |  | $ | 411,772 |
Cash |  |  | 4,155 |
Inventories |  |  | 4,208 |
Accounts receivable |  |  | 484 |
Prepaid expenses and other current assets |  |  | 2,400 |
Property, plant and equipment |  |  | 7,606 |
Right-of-use asset* |  |  | 9,770 |
Completed technology** |  |  | 234,000 |
Customer relationships** |  |  | 12,000 |
Other assets |  |  | 226 |
Total identifiable assets acquired |  |  | 274,849 |
Accounts payable |  |  | (5,317 | )
Accrued expenses and other current liabilities |  |  | (2,442 | )
Long-term debt |  |  | (842 | )
Lease liability*** |  |  | (10,390 | )
Other long-term liabilities |  |  | (2,813 | )
Deferred income tax liabilities |  |  | (15,889 | )
Total identifiable net assets |  |  | 237,156 |
Goodwill |  | $ | 174,616 |
*Primarily included in Property, plant and equipment, net in the consolidated balance sheets. **Included in Intangible assets, net in the consolidated balance sheets. ***Primarily included in Long-term debt in the consolidated balance sheets. The goodwill acquired is not deductible for U.S. income tax purposes. The amortization period for the intangible assets acquired is 12 years for completed technology and 15 years for customer relationships. The intangible assets are amortized using a method that approximates their economic benefit over their estimated useful lives. The goodwill recorded represents the anticipated incremental value of future cash flows potentially attributable to: (i) Crocus’ ability to grow the business with existing and new customers, including leveraging the Company’s customer base; (ii) Crocus’ ability to grow the business through new product introductions; and (iii) cost improvements due to the integration of Crocus’ operations into the Company’s existing infrastructure. Amortization of completed technology is included within cost of goods sold, and customer relationship is i ncluded within selling, general and administrative expenses. The Company has not presented pro forma results of operations for Crocus because they are not material to the Company’s consolidated results of operations, financial position, or cash flows. Acquisition-Related Costs Crocus acquisition-related costs were $722 and $8,229 for the fiscal years ended March 28, 2025 and March 29, 2024, respectively, and are included in the selling, general and administrative expenses in the consolidated statements of operations.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
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