Acquisition

3 Months Ended

Jun. 27, 2015

Acquisition [Abstract]

Acquisition

7.Acquisition

Cirrus Logic completed the acquisition of Wolfson Microelectronics plc (the “Acquisition”), a public limited company incorporated in Scotland (“Wolfson”) in the second quarter of fiscal year 2015.  Upon completion of the acquisition, Wolfson was re-registered as a private limited company. 

The Acquisition was accounted for as a business purchase pursuant to ASC Topic 805, Business Combinations, and the operations of Wolfson have been included in the Company’s consolidated financial statements since August 21, 2014, the date of acquisition. The following table presents the final allocation of the purchase price to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition as of June 27, 2015 (in thousands):

		Amount
Cash and cash equivalents	$	25,342
Inventory		30,530
Other current assets		16,226
Property, plant and equipment		27,398
Intangible assets		175,987
Pension assets		1,625
Total identifiable assets acquired	$	277,108
Deferred tax liability - current		(12,426)
Deferred revenue		(551)
Other accrued liabilities		(39,417)
Other long-term liabilities		(2,449)
Total identifiable liabilities assumed	$	(54,843)
Net identifiable assets acquired	$	222,265
Goodwill		247,216
Net assets acquired	$	469,481

The goodwill of $247.2 million arising from the Acquisition is attributable primarily to expected synergies and the product and customer base of Wolfson.  None of the goodwill is expected to be deductible for income tax purposes. 

The components of the acquired intangible assets and related weighted average amortization periods are detailed below (in thousands):

Intangible assets		Amount	Weighted-average Amortization Period (years)
Developed technology	$	74,247	6.2
Technology intellectual property		14,572	5.3
Trademark		1,437	1.3
IPR&D		72,750	7.3
Customer relationships		12,981	10.0
Total	$	175,987