Company: CRUS
Filing Date: 2025-05-23
Form Type: 10-K
Source: 0000772406-25-000014
Chunk: 95

Company: CIRRUS LOGIC, INC.
Filing Date: 2025-05-23
Form: 10-K
Item: Item 8
Chunk 95
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IdenticalAssetsLevel 1SignificantOtherObservableInputsLevel 2SignificantUnobservableInputsLevel 3TotalAssets:Cash equivalentsMoney market funds$491,467 $— $— $491,467 Available-for-sale securitiesCorporate debt securities$— $286,465 $— $286,465 U.S. Treasury securities8,731 — — 8,731 $8,731 $286,465 $— $295,196 The following summarizes the fair value of our financial instruments at March 30, 2024 (in thousands):Quoted Pricesin ActiveMarkets forIdenticalAssetsLevel 1SignificantOtherObservableInputsLevel 2SignificantUnobservableInputsLevel 3TotalAssets:Cash equivalentsMoney market funds$439,065 $— $— $439,065 Certificates of deposit— 400 — 400 $439,065 $400 $— $439,465 Available-for-sale securitiesCorporate debt securities$— $185,393 $— $185,393 U.S. Treasury securities9,769 — — 9,769 Agency discount notes— 1,124 — 1,124 Commercial paper$— $866 $— $866 $9,769 $187,383 $— $197,152 

5.    Derivative Financial Instruments

Foreign Currency Forward ContractsThe Company uses foreign currency forward contracts to reduce the earnings impact that exchange rate fluctuations have on non-functional currency balance sheet exposures.  The Company recognizes both the gains and losses on foreign currency forward contracts and the gains and losses on the remeasurement of non-functional currency assets and liabilities within "Other income (expense)" in the consolidated statements of income.  The Company does not apply hedge accounting to these foreign currency derivative instruments.As of March 29, 2025, the Company held one foreign currency forward contract denominated in British Pound Sterling with a notional value of $21.5 million.  The fair value of this contract was not material as of March 29, 2025.The before-tax effect of derivative instruments not designated as hedging instruments was as follows (in thousands):Fiscal Years EndedMarch 29, 2025March 30, 2024March 25, 2023LocationLoss recognized in incomeForeign currency forward contracts$(2)$(431)$(564