Microchip Technology Inc 10-K for FY2025

Microchip Technology Inc (MCHP)

10-K 2025-05-23 For: 2025-03-31

Added on April 10, 2026

About this 10-K

Microchip Technology Inc filed this 10-K on May 23, 2025, covering the fiscal year ended March 31, 2025 (FY2025).

Headline figures

Fiscal year ended March 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $4.4B; down 42.3% from $7.63B a year earlier
Net loss: $500K; compared with net income of $1.91B a year earlier
Diluted EPS: -$0.01; compared with $3.48 a year earlier

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Delaware						86-0629024
(State or Other Jurisdiction of Incorporation or Organization)						(IRS Employer Identification No.)


Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, $0.001 par value per share	MCHP	NASDAQ Stock Market LLC
		(Nasdaq Global Select Market)
Depositary Shares, each representing a 1/20th interest in a share of 7.50% Series A Mandatory Convertible Preferred Stock, $0.001 par value per share	MCHPP	NASDAQ Stock Market LLC
		(Nasdaq Global Select Market)


☒			Yes			☐			No


☐			Yes			☒			No


☒			Yes			☐			No


Documents Incorporated by Reference
Document			Part of Form 10-K
Annual Report on Form 10-K for the fiscal year ended March 31, 2024			II
Proxy Statement for the 2025 Annual Meeting of Stockholders (will be filed within 120 days after the end of the fiscal year to which this report relates)			III


		Page

PART I

Item 1.	Business	5
Item 1A.	Risk Factors	13
Item 1B.	Unresolved Staff Comments	40
Item 1C.	Cybersecurity	40
Item 2.	Properties	43
Item 3.	Legal Proceedings	43
Item 4.	Mine Safety Disclosures	43

PART II

Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	44
Item 6.	[Reserved]	45
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	46
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	60
Item 8.	Financial Statements and Supplementary Data	60
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	60
Item 9A.	Controls and Procedures	60
Item 9B.	Other Information	61
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	61

PART III

Item 10.	Directors, Executive Officers and Corporate Governance	62
Item 11.	Executive Compensation	62
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	62
Item 13.	Certain Relationships and Related Transactions, and Director Independence	63
Item 14.	Principal Accountant Fees and Services	63

PART IV

Item 15.	Exhibits and Financial Statement Schedules	64
Item 16.	Form 10-K Summary	64
	Exhibit Index	65
	Signatures	70

	Power of Attorney	71


Term						Definition

4.333% 2023 Notes						2023 Senior Unsecured Notes, matured on June 1, 2023
2.670% 2023 Notes						2023 Senior Unsecured Notes, matured on September 1, 2023
0.972% 2024 Notes						2024 Senior Unsecured Notes, matured on February 15, 2024
0.983% 2024 Notes						2024 Senior Unsecured Notes, matured on September 1, 2024
4.250% 2025 Notes						2025 Senior Unsecured Notes, maturing on September 1, 2025
4.900% 2028 Notes						2028 Senior Unsecured Notes, maturing on March 15, 2028
5.050% 2029 Notes						2029 Senior Unsecured Notes, maturing on March 15, 2029
5.050% 2030 Notes						2030 Senior Unsecured Notes, maturing on February 15, 2030
2015 Senior Convertible Debt						2015 Senior Convertible Debt, matured on February 15, 2025
2017 Senior Convertible Debt						2017 Senior Convertible Debt, maturing on February 15, 2027
2020 Senior Convertible Debt						2020 Senior Convertible Debt, matured on November 15, 2024
2024 Senior Convertible Debt						2024 Senior Convertible Debt, maturing on June 1, 2030
2017 Junior Convertible Debt						2017 Junior Convertible Debt which was fully settled in May 2023
2025 Term Loan Facility						$750.0 million term loan facility created pursuant to the First Incremental Term Loan Amendment, dated as of August 31, 2023, as further amended by the Second Amendment to the Amended and Restated Credit Agreement, dated as of November 8, 2024 which was fully repaid in December 2024
ASU						Accounting Standards Update

ASU 2020-06						ASU 2020-06 - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity
CEMs						Client engagement managers
CHIPS Act						CHIPS and Science Act of 2022
Commercial Paper						Short-term unsecured promissory notes, of up to $2.75 billion outstanding at any one time
Convertible Debt						2015 Senior Convertible Debt, 2017 Senior Convertible Debt, 2020 Senior Convertible Debt, 2024 Senior Convertible Debt, and 2017 Junior Convertible Debt prior to the May 2023 settlement
Credit Agreement						Amended and Restated Credit Agreement, dated as of December 16, 2021, among the Company, as borrower, the lenders from time to time party thereto, and J.P. Morgan Chase Bank, N.A., as administrative agent, as amended by the Second Amended and Restated Credit Agreement, dated as of March 25, 2025
Depositary Shares						Depositary Shares, each representing a 1/20th interest in a share of Series A Preferred Stock

EAR						Export Administration Regulation
EEPROM						Electrically erasable programmable read only memory
EERAM						Electrically erasable random access memory
ESEs						Embedded solutions engineers
ESG						Environmental, social and governance
EURIBOR						Euro Interbank Offered Rate
Exchange Act						Securities Exchange Act of 1934, as amended
FASB						Financial Accounting Standards Board
FPGA						Field-programmable gate array

LTSAs						Long-term supply agreements
OEMs						Original equipment manufacturers
PSUs						RSUs with a market condition or a performance condition, and a service condition
R&D						Research and development
Revolving Credit Facility						$2.75 billion revolving credit facility created pursuant to the Credit Agreement, reduced to $2.25 billion pursuant to the Second Amended and Restated Credit Agreement
RF						Radio frequency
ROU						Right-of-use
RSUs						Restricted stock units

SEC						U.S. Securities and Exchange Commission
Senior Credit Facilities						Revolving Credit Facility and 2025 Term Loan Facility
Senior Indebtedness						Revolving Credit Facility, 2025 Term Loan Facility, Commercial Paper, 4.333% 2023 Notes, 2.670% 2023 Notes, 0.972% 2024 Notes, 0.983% 2024 Notes, 4.250% 2025 Notes, 4.900% 2028 Notes, 5.050% 2029 Notes, and 5.050% 2030 Notes
Senior Notes						2.670% 2023 Notes, 0.972% 2024 Notes, 0.983% 2024 Notes, 4.250% 2025 Notes, 4.900% 2028 Notes, 5.050% 2029 Notes, and 5.050% 2030 Notes


Series A Preferred Stock						7.50% Series A Mandatory Convertible Preferred Stock $0.001 par value
SiC						Silicon Carbide
SOFR						Secured Overnight Financing Rate
SONIA						Sterling Overnight Index Average
SRAM						Static random access memory
TCJA						Tax Cuts and Jobs Act of 2017


U.S. GAAP						U.S. Generally Accepted Accounting Principles


	Cumulative Total Return
	March
	2020	2021	2022	2023	2024	2025
Microchip Technology Incorporated	100.00	231.89	227.33	257.73	281.73	155.82
S&P 500 Stock Index	100.00	156.35	180.81	166.84	216.69	234.58
Philadelphia Semiconductor Index	100.00	209.98	233.18	233.07	342.64	301.01


	Fiscal Year Ended March 31,
		2025		2024
Net sales		100.0	%	100.0	%
Cost of sales		43.9		34.6
Gross profit		56.1		65.4

Research and development		22.4		14.4
Selling, general and administrative		14.0		9.6
Amortization of acquired intangible assets		11.2		7.9
Special charges (income) and other, net		1.8		(0.2)
Operating income		6.7	%	33.7	%


	As of March 31, 2025		As of March 31, 2024

Current assets, excluding intercompany	$	671.8	$	470.8
Intercompany receivables from Non-Guarantors	3,527.3		2,665.6
Goodwill and intangible assets	4,586.8		4,619.0
Non-current assets, excluding intercompany	1,213.6		915.7
Non-current intercompany receivables from Non-Guarantors	181.6		186.6
Total assets	$	10,181.1	$	8,857.7

Current liabilities, excluding intercompany	$	314.9	$	618.1
Intercompany payables due to Non-Guarantors	6,095.1		5,867.6
Long-term debt	5,630.4		5,000.4
Non-current liabilities, excluding intercompany	959.6		1,037.7
Non-current intercompany payables due to Non-Guarantors	2,116.2		2,158.3
Total liabilities	$	15,116.2	$	14,682.1


	For the Year Ended March 31, 2025		For the Year Ended March 31, 2024
Revenue, excluding intercompany	$	1,365.3	$	2,242.7
Revenue from Non-Guarantors	400.2		560.4
Total revenue	$	1,765.5	$	2,803.1
Gross profit, excluding intercompany	971.0		1,973.4
Gross loss from Non-Guarantors	(378.9)		(692.9)
Total gross profit	$	592.1	$	1,280.5
Operating income, excluding intercompany	483.0		1,419.9
Operating loss from Non-Guarantors	(378.9)		(692.9)
Total operating income	$	104.1	$	727.0
Net income, excluding intercompany	210.8		1,198.6
Net loss from Non-Guarantors	(402.8)		(733.4)
Total net income (loss)	$	(192.0)	$	465.2


		Page
(1)	Financial Statements:
	Report of Independent Registered Public Accounting Firm (PCAOB ID: 42)	F-1
	Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting	F-3
	Consolidated Balance Sheets as of March 31, 2025 and 2024	F-4
	Consolidated Statements of Operations for each of the three years in the period ended March 31, 2025	F-5
	Consolidated Statements of Comprehensive Income for each of the three years in the period ended March 31, 2025	F-6
	Consolidated Statements of Cash Flows for each of the three years in the period ended March 31, 2025	F-7
	Consolidated Statements of Changes in Equity for each of the three years in the period ended March 31, 2025	F-9
	Notes to Consolidated Financial Statements	F-11
(2)	Financial Statement Schedules	None
(3)	The Exhibits filed with this Form 10-K or incorporated herein by reference are set forth in the Exhibit Index, which is incorporated herein by this reference.


		Incorporated by Reference
Exhibit Number	Exhibit Description	Form	File Number	Exhibit	Filing Date	Filed or Furnished Herewith
3.1	Amended and Restated Certificate of Incorporation of Microchip Technology Incorporated	8-K	000-21184	3.1	August 26, 2021

3.2	Amended and Restated Bylaws effective August 22, 2023	8-K	000-21184	3.1	August 23, 2023

3.3	Certificate of Designations, filed with the Secretary of State of the State of Delaware and effective March 25, 2025	8-K	000-21184	3.1	March 25, 2025

4.1	Indenture dated as of February 15, 2017 between Microchip Technology Incorporated and Wells Fargo Bank, National Association (including Form of Global 1.625% Convertible Senior Subordinated Note due 2027)	8-K	000-21184	4.1	February 15, 2017

4.2	Description of Registered Securities					X

4.3	Senior Notes Indenture, dated as of May 29, 2020, by and among Microchip Technology Incorporated, the subsidiary guarantors named therein and Wells Fargo Bank, National Association, as trustee	8-K	000-21184	4.2	June 3, 2020

4.4	Form of 4.250% Senior Note due 2025 (included in Exhibit 4.2 of 8-K filed on June 3, 2020)	8-K	000-21184	4.4	June 3, 2020

4.5	Indenture, dated as of December 1, 2020, between Microchip Technology Incorporated and Wells Fargo Bank, National Association, as trustee	8-K	000-21184	4.1	December 2, 2020

4.6	Form of 0.125% Convertible Senior Note due 2024 (included in Exhibit 4.1 of the 8-K filed on December 2, 2020)	8-K	000-21184	4.2	December 2, 2020

4.7	Senior Secured Notes Indenture, dated as of May 28, 2021, by and among Microchip Technology Incorporated, the subsidiary guarantors named therein and Wells Fargo Bank, National Association, as trustee and collateral agent	8-K	000-21184	4.1	May 28, 2021

4.8	Form of 0.983% Senior Secured Note due 2024 (included in Exhibit 4.1 of 8-K filed on May 28, 2021)	8-K	000-21184	4.2	May 28, 2021

4.9	Indenture dated February 29, 2024, by and between Microchip Technology Incorporated and Computershare Trust Company, National Association, as trustee	S-3ASR	333-277512	4.1	February 29, 2024

4.10	First Supplemental Indenture, dated as of March 7, 2024, among Microchip Technology Incorporated, the subsidiary guarantors named therein and Computershare Trust Company, National Association, as trustee	8-K	000-21184	4.1	March 7, 2024

4.11	Form of Global Note for the 5.050% Senior Notes due 2029 (included as Exhibit A to Exhibit 4.1)	8-K	000-21184	4.2	March 7, 2024


	Fiscal Year Ended March 31,

		2025		%	2024		%
Mixed-signal Microcontrollers		$	2,249.7	51.1	$	4,272.4	56.0
Analog		1,157.0		26.3	2,016.4		26.4
Other		994.9		22.6	1,345.6		17.6
Total net sales		$	4,401.6	100.0	$	7,634.4	100.0


	Fiscal Year Ended March 31,
		2025		%	2024		%
Americas		$	1,325.7	30.2	$	2,215.4	29.0
Europe		878.1		19.9	1,851.7		24.3
Asia		2,197.8		49.9	3,567.3		46.7
Total net sales		$	4,401.6	100.0	$	7,634.4	100.0


			MICROCHIP TECHNOLOGY INCORPORATED
			(Registrant)

May 22, 2025			By: /s/ Steve Sanghi
			Steve Sanghi
			Chief Executive Officer and President
			(Principal Executive Officer)


Description of the Matter						As more fully described in Note 12 to the consolidated financial statements, the Company operates in a number of tax jurisdictions and some of its income tax returns are being examined by local tax authorities that have challenged select tax positions taken on their local returns. Because the matters challenged by authorities can be complex and subject to interpretation, their ultimate outcome can be uncertain. For select tax positions the Company uses significant judgment in (1) determining whether, based on its technical merits, it is more-likely-than-not to be sustained upon examination and (2) measuring the amount of tax benefit that qualifies for recognition. Auditing the recognition and measurement of unrecognized tax benefits for the select positions that are currently being challenged by local tax authorities was challenging and required a high degree of auditor judgment and increased extent of effort, including the involvement of our tax professionals, because interpreting and applying tax laws can be complex.

How We Addressed the Matter in Our Audit						We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company’s accounting process for the select tax positions that are currently being challenged by local tax authorities. This included testing controls over management’s review of the technical merits of these select tax positions, including the process to evaluate whether there is new information relevant to the select tax positions that are being challenged by local tax authorities. Our audit procedures included, among others, evaluating the judgments the Company made to develop the select tax positions and related unrecognized tax benefit. We involved our tax professionals, including international tax, transfer pricing and local professionals located in the relevant jurisdictions, who used their knowledge and experience to assess the technical merits of these tax positions and to evaluate the application of relevant tax laws in the Company’s recognition determination. We assessed the Company’s correspondence with the relevant tax authorities and, as applicable, evaluated tax opinions or other third-party advice obtained by the Company. We also evaluated the adequacy of the Company’s disclosures included in Note 12 in relation to these select tax positions.


ASSETS
	March 31,		March 31,
	2025		2024
Cash and cash equivalents	$	771.7	$	319.7

Accounts receivable, net	689.7		1,143.7
Inventories	1,293.5		1,316.0
Other current assets	236.4		233.6
Total current assets	2,991.3		3,013.0
Property, plant and equipment, net	1,183.7		1,194.6

Goodwill	6,684.8		6,675.4
Intangible assets, net	2,389.0		2,781.8
Long-term deferred tax assets	1,728.1		1,596.5
Other assets	397.7		611.9
Total assets	$	15,374.6	$	15,873.2
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	$	160.6	$	213.0
Accrued liabilities	994.5		1,307.0
Current portion of long-term debt	—		999.4
Total current liabilities	1,155.1		2,519.4
Long-term debt	5,630.4		5,000.4
Long-term income tax payable	633.4		649.2
Long-term deferred tax liability	33.8		28.8
Other long-term liabilities	843.6		1,017.6
Stockholders' equity:
Preferred stock, $0.001 par value; authorized 5,000,000 shares; 7.50% Series A mandatory convertible preferred stock, 1,485,000 shares issued and outstanding at March 31, 2025 with a liquidation preference of $1,000 per share, or $1,485.0 million in the aggregate; no shares issued or outstanding at March 31, 2024	—		—
Common stock, $0.001 par value; authorized 900,000,000 shares; 577,996,915 shares issued and 538,704,604 shares outstanding at March 31, 2025; 577,806,659 shares issued and 536,663,691 shares outstanding at March 31, 2024	0.6		0.5
Additional paid-in capital	3,909.9		2,482.9
Common stock held in treasury: 39,292,311 shares at March 31, 2025; 41,142,968 shares at March 31, 2024	(2,611.6)		(2,581.6)
Accumulated other comprehensive loss	(1.7)		(3.5)
Retained earnings	5,781.1		6,759.5
Total stockholders' equity	7,078.3		6,657.8
Total liabilities and stockholders' equity	$	15,374.6	$	15,873.2


	Preferred Stock Par Value		Common Stock Par Value		Additional Paid-in-Capital Amount		Common Stock Held in Treasury Amount		Accumulated Other Comprehensive Loss		Retained Earnings		Total Equity


Balance at March 31, 2022	$	—	$	0.6	$	2,535.9	$	(796.3)	$	(20.6)	$	4,175.2	$	5,894.8
Adoption of ASU 2020-06, cumulative adjustment	—		—		(128.3)		—		—		46.5		(81.8)
Net income	—		—		—		—		—		2,237.7		2,237.7
Other comprehensive income	—		—		—		—		16.5		—		16.5




Proceeds from sales of common stock through employee equity incentive plans	—		—		82.4		—		—		—		82.4
RSU withholdings	—		—		(75.8)		—		—		—		(75.8)
Treasury stock used for new issuances	—		—		(81.9)		81.9		—		—		—
Repurchase of common stock	—		(0.1)		—		(945.8)		—		—		(945.9)

Settlement of convertible debt	—		—		(91.1)		—		—		—		(91.1)


Share-based compensation	—		—		172.1		—		—		—		172.1

Dividends on common stock	—		—		—		—		—		(695.3)		(695.3)
Balance at March 31, 2023	—		0.5		2,413.3		(1,660.2)		(4.1)		5,764.1		6,513.6





































Net income	—		—		—		—		—		1,906.9		1,906.9
Other comprehensive income	—		—		—		—		0.6		—		0.6

Proceeds from sales of common stock through employee equity incentive plans	—		—		82.1		—		—		—		82.1
RSU withholdings	—		—		(61.1)		—		—		—		(61.1)
Treasury stock used for new issuances	—		—		(67.5)		67.5		—		—		—
Repurchase of common stock	—		—		—		(988.9)		—		—		(988.9)

Settlement of convertible debt	—		—		(65.3)		—		—		—		(65.3)


Share-based compensation	—		—		181.4		—		—		—		181.4

Dividends on common stock	—		—		—		—		—		(911.5)		(911.5)
Balance at March 31, 2024	—		0.5		2,482.9		(2,581.6)		(3.5)		6,759.5		6,657.8











































Net (loss)	—		—		—		—		—		(0.5)		(0.5)
Other comprehensive income	—		—		—		—		1.8		—		1.8
Issuance of Series A Preferred Stock	—		—		1,449.5		—		—		—		1,449.5
Proceeds from sales of common stock through employee equity incentive plans	—		—		65.4		—		—		—		65.4
RSU withholdings	—		—		(57.6)		—		—		—		(57.6)
Treasury stock used for new issuances	—		0.1		(59.7)		59.6		—		—		—
Repurchase of common stock	—		—		—		(89.6)		—		—		(89.6)


Purchase of capped call options	—		—		(160.1)		—		—		—		(160.1)

Share-based compensation	—		—		189.5		—		—		—		189.5
Dividends on Series A Preferred Stock	—		—		—		—		—		(2.2)		(2.2)


	Fiscal Year Ended March 31, 2025
	Semiconductor products		Technology licensing		Total
Net sales	$	4,270.5	$	131.1	$	4,401.6
Cost of sales	1,933.7		—		1,933.7
Gross profit	$	2,336.8	$	131.1	$	2,467.9


	Fiscal Year Ended March 31, 2024
	Semiconductor products		Technology licensing		Total
Net sales	$	7,531.1	$	103.3	$	7,634.4
Cost of sales	2,638.7		—		2,638.7
Gross profit	$	4,892.4	$	103.3	$	4,995.7


	Fiscal Year Ended March 31, 2023
	Semiconductor products		Technology licensing		Total
Net sales	$	8,277.7	$	161.0	$	8,438.7
Cost of sales	2,740.8		—		2,740.8
Gross profit	$	5,536.9	$	161.0	$	5,697.9


	Restructuring
	Employee Separation Costs		Contract Exit Costs		Other		Total






Balance at March 31, 2024	$	—	$	—	$	—	$	—

Charges	27.1		45.7		3.7		76.5
Payments	(9.9)		—		(3.3)		(13.2)
Non-cash - Other	(0.1)		(41.1)		—		(41.2)


Balance at March 31, 2025	$	17.1	$	4.6	$	0.4	$	22.1
Current							$	19.0
Non-current							3.1
Total							$	22.1


	Coupon Interest Rate	Effective Interest Rate
			March 31,
			2025			2024

2025 Term Loan Facility				$	—		$	750.0
Commercial Paper				175.0			1,359.0






0.983% 2024 Notes(2)	0.983%	1.1%		—			1,000.0
4.250% 2025 Notes(2)	4.250%	4.6%		1,200.0			1,200.0
4.900% 2028 Notes(2)	4.900%	5.1%		1,000.0			—
5.050% 2029 Notes(2)	5.050%	5.2%		1,000.0			1,000.0
5.050% 2030 Notes(2)	5.050%	5.2%		1,000.0			—
Total Senior Indebtedness(3)				4,375.0			5,309.0
Senior Subordinated Convertible Debt - Principal Outstanding
2015 Senior Convertible Debt	1.625%	1.8%		—			6.7
2017 Senior Convertible Debt	1.625%	1.8%		38.0			38.0
2020 Senior Convertible Debt	0.125%	0.5%		—			665.5



2024 Senior Convertible Debt	0.750%	1.0%		1,250.0			—
Total Convertible Debt				1,288.0			710.2

Gross long-term debt including current maturities				5,663.0			6,019.2
Less: Debt discount(4)				(13.1)			(13.9)
Less: Debt issuance costs(5)				(19.5)			(5.5)
Net long-term debt including current maturities				5,630.4			5,999.8
Less: Current maturities(6)				—			(999.4)
Net long-term debt				$	5,630.4		$	5,000.4


Fiscal year ending March 31,	Amount
2026	$	1,375.0
2027	38.0
2028	1,000.0
2029	1,000.0
2030	1,000.0
Thereafter	1,250.0
Total	$	5,663.0


	Dividend adjusted rates as of March 31, 2025
	Conversion Rate	Approximate Conversion Price		Incremental Share Factor	Maximum Conversion Rate

2017 Senior Convertible Debt(1)	22.8256	$	43.81	11.4137	32.5264

2024 Senior Convertible Debt(1)	8.2086	$	121.82	—	10.4659



	Principal Amount Settled		Total Cash Consideration		Net Loss on Inducements and Settlements
March 2025(1)
Revolving Credit Facility	$	—	$	—	$	1.4
February 2025(2)
2015 Senior Convertible Debt	$	0.4	$	0.4	$	—
December 2024(3)
2025 Term Loan Facility	$	750.0	$	750.0	$	0.3
November 2024(4)
2020 Senior Convertible Debt	$	665.5	$	665.5	$	—
September 2024(4)
0.983% 2024 Notes	$	1,000.0	$	1,000.0	$	—
February 2024(5)
0.972% 2024 Notes	$	1,400.0	$	1,400.0	$	—
September 2023(6)
2.670% 2023 Notes	$	1,000.0	$	1,000.0	$	—
August 2023(7)
2017 Senior Convertible Debt	$	18.2	$	42.7	$	3.1
June 2023(8)
4.333% 2023 Notes	$	1,000.0	$	1,000.0	$	—
May 2023(7)
2015 Senior Convertible Debt	$	5.6	$	18.9	$	0.4
2017 Senior Convertible Debt	$	25.9	$	56.3	$	6.6
2017 Junior Convertible Debt	$	6.5	$	14.9	$	2.1
August 2022(2)(7)
2015 Senior Convertible Debt	$	22.0	$	67.7	$	1.3
2017 Senior Convertible Debt	$	14.9	$	29.2	$	0.8
May 2022(2)(7)
2017 Senior Convertible Debt	$	31.0	$	65.3	$	5.9
2017 Junior Convertible Debt	$	3.6	$	8.2	$	0.3


	March 31, 2025
	Gross Amount		Accumulated Amortization		Net Amount
Core and developed technology	$	7,149.9	$	(4,981.6)	$	2,168.3
Customer-related	199.5		(152.8)		46.7


In-process research and development	50.8		—		50.8
Software licenses	259.3		(136.1)		123.2

Total	$	7,659.5	$	(5,270.5)	$	2,389.0


	March 31, 2024
	Gross Amount		Accumulated Amortization		Net Amount
Core and developed technology	$	7,221.3	$	(4,590.9)	$	2,630.4
Customer-related	196.7		(140.8)		55.9



Software licenses	230.7		(135.2)		95.5

Total	$	7,648.7	$	(4,866.9)	$	2,781.8


Fiscal Year Ending March 31,	Amortization Expense
2026	$	520.8
2027	$	423.7
2028	$	313.9
2029	$	240.4
2030	$	236.7


	Semiconductor Products Reporting Unit		Technology Licensing Reporting Unit
Balance at March 31, 2023	$	6,654.4	$	19.2
Additions	1.8		—
Balance at March 31, 2024	$	6,656.2	$	19.2
Additions	9.4		—
Balance at March 31, 2025	$	6,665.6	$	19.2


Fiscal year ending March 31,	Operating Leases
2026	$	43.0
2027	39.7
2028	28.8
2029	18.7
2030	15.5
Thereafter	25.2
Total lease payments	170.9
Less: Imputed lease interests	20.1
Total lease liabilities	$	150.8



Weighted average remaining lease-term (years)	4.90
Weighted average discount rate	4.55	%


Fiscal Year Ending March 31,	Purchase Commitments
2026	$	221.6
2027	129.9
2028	112.5
2029	64.3
2030	70.5
Thereafter	72.1
Total	$	670.9


	Balance at Beginning of Year		Additions Charged to Costs and Expenses		Deductions		Balance at End of Year
Fiscal 2025	$	270.8	$	22.2	$	(5.6)	$	287.4
Fiscal 2024	$	299.4	$	6.5	$	(35.1)	$	270.8
Fiscal 2023	$	290.3	$	19.3	$	(10.2)	$	299.4


	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested shares at March 31, 2022	9,848,955	$	52.74
Granted	3,054,320	$	61.76

Forfeited	(815,738)	$	55.14
Vested	(3,423,935)	$	45.08
Nonvested shares at March 31, 2023	8,663,602	$	58.72
Granted	2,535,772	$	77.28
Forfeited	(474,397)	$	64.37
Vested	(2,510,781)	$	48.56
Nonvested shares at March 31, 2024	8,214,196	$	67.22
Granted	4,921,190	$	70.74

Forfeited	(1,191,134)	$	71.27
Vested	(2,365,815)	$	60.12
Nonvested shares at March 31, 2025	9,578,437	$	70.28


	Series A Preferred Stock	Common Stock	Treasury Stock
Balance at March 31, 2022	—	577.8	23.3
Repurchase of common stock	—	—	12.9
Common stock issued under employee equity incentive plans	—	4.9	—
Common stock withheld for tax withholdings on employee equity awards	—	(1.0)	—
Treasury stock used for new issuances	—	(3.9)	(3.9)
Balance at March 31, 2023	—	577.8	32.3
Repurchase of common stock	—	—	11.9
Common stock issued under employee equity incentive plans	—	4.0	—
Common stock withheld for tax withholdings on employee equity awards	—	(0.9)	—
Treasury stock used for new issuances	—	(3.1)	(3.1)
Balance at March 31, 2024	—	577.8	41.1
Repurchase of common stock	—	—	1.0
Issuance of Series A Preferred Stock	1.5	—	—
Common stock issued under employee equity incentive plans	—	3.6	—
Common stock withheld for tax withholdings on employee equity awards	—	(0.8)	—
Treasury stock used for new issuances	—	(2.8)	(2.8)
Shares issued to settle convertible debt	—	0.2	—
Balance at March 31, 2025	1.5	578.0	39.3