Company: CRUS
Filing Date: 2025-05-23
Form Type: 10-K
Source: 0000772406-25-000014
Chunk: 105

Company: CIRRUS LOGIC, INC.
Filing Date: 2025-05-23
Form: 10-K
Item: Item 8
Chunk 105
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 Granted711 105.87 Vested(1,163)81.45 Forfeited(115)78.41 March 29, 20252,532 $81.04 The aggregate intrinsic value of RSUs outstanding as of March 29, 2025, March 30, 2024, and March 25, 2023 was $252.0 million, $286.9 million, and $326.3 million, respectively.  Intrinsic value is calculated using the closing stock price on the last day of trading in fiscal 2025.  Additional information with regards to outstanding RSUs that are expected to vest as of March 29, 2025, is as follows (in thousands, except year and per share amounts): SharesWeightedAverageFair ValueWeighted AverageRemaining ContractualTerm (years)Expected to vest2,396 $80.75 1.43RSUs outstanding that are expected to vest are presented net of estimated future forfeitures, which are estimated as compensation costs are recognized.  RSUs with a fair value of $94.7 million, $64.6 million, and $61.4 million became vested during fiscal years 2025, 2024, and 2023, respectively.  The majority of RSUs that vested in 2025, 2024 and 2023 were net settled such that the Company withheld a portion of the shares to satisfy tax withholding requirements.  In fiscal years 2025, 2024, and 2023 the vesting of RSUs reduced the authorized and unissued share balance by approximately 1.2 million, 0.9 million, and 0.9 million, respectively.  Total shares withheld and subsequently retired out of the Plan were approximately 0.3 million, 0.3 million, and 0.2 million and total payments for the employees’ tax obligations to taxing authorities were $36.4 million, $18.9 million, and $18.0 million for fiscal years 2025, 2024, and 2023, respectively. Market Stock UnitsMarket stock units (“MSUs”) granted prior to February 2024 vest based upon the relative total shareholder return (“TSR”) of the Company as compared to that of the Philadelphia Semiconductor Index, while MSUs granted after February 2024 vest based on the TSR of the Company as compared to that of the Russell 3000 Index (collect