Finisar (FNSR) 10-Q 7 Dec 17 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Oct. 29, 2017	Dec. 01, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	FINISAR CORP
Entity Central Index Key	1,094,739
Current Fiscal Year End Date	--04-29
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Oct. 29, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		114,024,083

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 29, 2017	Apr. 30, 2017
Current assets:
Cash and cash equivalents	$ 274,547	$ 260,228
Short-term investments	958,216	976,595
Accounts receivable, net of allowance for doubtful accounts of $281 at October 29, 2017 and $756 at April 30, 2017	260,870	272,377
Inventories	369,078	331,388
Other current assets	61,517	68,269
Total current assets	1,924,228	1,908,857
Property, equipment and improvements, net	443,733	383,919
Purchased intangible assets, net	10,424	13,019
Goodwill	106,736	106,736
Other assets	21,423	20,126
Deferred tax assets	116,055	107,225
Total assets	2,622,599	2,539,882
Current liabilities:
Accounts payable	152,047	140,568
Accrued compensation	36,614	54,520
Other accrued liabilities	40,130	43,698
Deferred revenue	17,716	13,015
Total current liabilities	246,507	251,801
Long-term liabilities:
Convertible debt	723,784	707,782
Other non-current liabilities	17,176	17,594
Total liabilities	987,467	977,177
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value, 5,000 shares authorized, no shares issued and outstanding at October 29, 2017 and April 30, 2017	0	0
Common stock, $0.001 par value, 750,000 shares authorized, 114,023 shares and 111,519 shares issued and outstanding at October 29, 2017 and April 30, 2017, respectively	114	112
Additional paid-in capital	2,814,713	2,784,204
Accumulated other comprehensive (loss) income	(41,664)	(57,864)
Accumulated deficit	(1,138,031)	(1,163,747)
Total stockholders' equity	1,635,132	1,562,705
Total liabilities and stockholders' equity	$ 2,622,599	$ 2,539,882

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Oct. 29, 2017	Apr. 30, 2017
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 281	$ 756
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (shares)	5,000,000	5,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	750,000,000	750,000,000
Common stock, shares issued (shares)	114,023,000	111,519,000
Common stock, shares outstanding (shares)	114,023,000	111,519,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 29, 2017	Oct. 30, 2016	Oct. 29, 2017	Oct. 30, 2016
Income Statement [Abstract]
Revenues	$ 332,205	$ 369,863	$ 674,011	$ 711,188
Cost of revenues	235,389	235,192	461,285	466,829
Amortization of acquired developed technology	611	990	1,222	2,513
Gross profit	96,205	133,681	211,504	241,846
Operating expenses:
Research and development	60,560	53,242	118,600	104,250
Sales and marketing	12,230	13,367	24,581	25,230
General and administrative	13,283	13,576	27,572	29,891
Amortization of purchased intangibles	665	668	1,372	1,336
Total operating expenses	86,738	80,853	172,125	160,707
Income from operations	9,467	52,828	39,379	81,139
Interest income	3,746	1,021	7,186	1,747
Interest expense	(9,131)	(3,025)	(18,144)	(6,011)
Other income (expense), net	1,111	795	(1,583)	736
Income before income taxes	5,193	51,619	26,838	77,611
Provision for (benefit from) income taxes	(664)	2,853	1,122	4,896
Net income	$ 5,857	$ 48,766	$ 25,716	$ 72,715
Net income per share:
Basic (in dollars per share)	$ 0.05	$ 0.44	$ 0.23	$ 0.66
Diluted (in dollars per share)	$ 0.05	$ 0.43	$ 0.22	$ 0.65
Shares used in computing net income per share:
Basic (shares)	113,960	110,407	113,252	109,614
Diluted (shares)	115,443	113,192	115,973	112,450

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 29, 2017	Oct. 30, 2016	Oct. 29, 2017	Oct. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 5,857	$ 48,766	$ 25,716	$ 72,715
Other comprehensive income (loss), net of tax:
Change in cumulative foreign currency translation adjustment	2,516	(11,663)	16,200	(24,584)
Total other comprehensive income (loss), net of tax	2,516	(11,663)	16,200	(24,584)
Total comprehensive income	$ 8,373	$ 37,103	$ 41,916	$ 48,131

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Oct. 29, 2017	Oct. 30, 2016
Operating activities
Net income	$ 25,716	$ 72,715
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	48,187	43,399
Amortization of intangible assets	2,594	3,849
Amortization of debt issuance costs	770	308
Stock-based compensation expense	28,677	25,829
Amortization of discount on held-to-maturity investments	(3,638)	0
Loss (gain) on sale or retirement of assets	0	(27)
Impairment of minority investment	2,347	0
Equity in losses of equity method investment	0	155
Amortization of discount on convertible debt	15,232	4,978
Changes in operating assets and liabilities:
Accounts receivable	11,507	(28,410)
Inventories	(31,418)	(30,578)
Other assets	(5,718)	(2,586)
Accounts payable	11,479	11,432
Accrued compensation	(17,906)	9,129
Other accrued liabilities	(3,986)	(6,937)
Deferred revenue	4,701	4,289
Net cash provided by operating activities	88,544	107,545
Investing activities
Additions to property, equipment and improvements	(97,491)	(49,625)
Net proceeds from sale of property and equipment	0	365
Purchases of short-term investments	(887,780)	(200,595)
Maturities of short-term investments	909,860	120,355
Purchase of intangible assets	0	(1,800)
Net cash used in investing activities	(75,411)	(131,300)
Financing activities
Repayments of term loans	0	(136)
Proceeds from the issuance of shares under equity plans and employee stock purchase plan	7,609	11,460
Shares repurchased for tax withholdings on vesting of restricted stock units	(6,423)	(3,827)
Net cash provided by financing activities	1,186	7,497
Net increase (decrease) in cash and cash equivalents	14,319	(16,258)
Cash and cash equivalents at beginning of period	260,228	299,221
Cash and cash equivalents at end of period	274,547	282,963
Supplemental disclosure of cash flow information
Cash paid for interest	2,085	649
Cash paid for taxes	$ 6,090	$ 4,404

Basis of Presentation

Basis of Presentation	6 Months Ended
	Oct. 29, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements as of October 29, 2017 and for the three and six month periods ended October 29, 2017 and October 30, 2016 have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), and include the accounts of Finisar Corporation and its controlled subsidiaries (collectively, “Finisar” or the “Company”). Intercompany accounts and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP and pursuant to the rules and regulations of the SEC have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the Company's financial position as of October 29, 2017 , its operating results for the three and six month periods ended October 29, 2017 and October 30, 2016 , and its cash flows for the six month periods ended October 29, 2017 and October 30, 2016 . Operating results for the three and six month periods ended October 29, 2017 are not necessarily indicative of the results that may be expected for the fiscal year ending April 29, 2018 . The condensed consolidated balance sheet as of April 30, 2017 has been derived from the audited consolidated financial statements as of that date, but does not include all the footnotes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2017 . The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Oct. 29, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies For a description of significant accounting policies, see Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements included in the Company's annual report on Form 10-K for the fiscal year ended April 30, 2017 . There have been no material changes to the Company's significant accounting policies since the filing of the annual report on Form 10-K. Pending Adoption of New Accounting Standards In May 2014, the FASB, jointly with the International Accounting Standards Board, issued a comprehensive new standard on revenue recognition from contracts with customers. The standard's core principle is that a reporting entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying this new guidance to contracts within its scope, an entity will: (1) identify the contract(s) with a customer, (2) identify the performance obligation in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. Additionally, this new guidance would require significantly expanded disclosures about revenue recognition. Provisions of this new standard are effective for annual reporting periods (including interim reporting periods within those annual periods) beginning after December 15, 2016. In April 2015, the FASB proposed a deferral of this standard's effective date by one year. The proposed deferral allows early adoption at the original effective date. Entities have the option of using either a full retrospective or a modified retrospective approach to adopt this new guidance. The Company plans to adopt this standard using a modified retrospective approach. The Company's assessment has identified a change in revenue recognition timing on sales made to distributors. The Company expects to recognize revenue upon delivery of products to the distributor (in accordance with established shipping and delivery terms) rather than deferring recognition until the distributor sells the product to the end customer. On the date of the initial application, the Company will remove the deferred revenue on sales to distributors through a cumulative adjustment to retained earnings. The Company is continuing its evaluation of any additional potential effects, such as the timing of revenue recognition on licensing arrangements with respect to the Company’s intellectual property, on its consolidated financial position, results of operations and cash flows, as well as changes to its accounting policies and disclosures, from the adoption of this standard. In February 2016, the FASB issued an accounting standards update which replaces the current lease accounting standard. The update will require lessees, among other items, to recognize a right-of-use asset and a lease liability for most leases. The update is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. The new standard must be adopted using a modified retrospective transition, and provides for certain optional practical expedients. Transition will require application of the new guidance at the beginning of the earliest comparative period presented. The Company expects to adopt this standard in the first quarter of its fiscal 2020. The Company is currently evaluating potential effects on its consolidated financial position, results of operations and cash flows from the adoption of this standard. From time to time, new accounting pronouncements are issued by the FASB, or other standards setting bodies, that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial position, results of operations and cash flows upon adoption.

Earnings per Share

Earnings per Share	6 Months Ended
	Oct. 29, 2017
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share Basic net income per share has been computed using the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share has been computed using the weighted-average number of shares of common stock outstanding during the period plus dilutive potential shares of common stock from (1) stock options and restricted stock units (under the treasury stock method) and (2) convertible debt (under the treasury stock method) outstanding during the period. The following table presents the calculation of basic and diluted net income per share: Three Months Ended Six Months Ended (in thousands, except per share amounts) October 29, 2017 October 30, 2016 October 29, 2017 October 30, 2016 Numerator: Net income $ 5,857 $ 48,766 $ 25,716 $ 72,715 Numerator for basic net income per share 5,857 48,766 25,716 72,715 Numerator for diluted net income per share $ 5,857 $ 48,766 $ 25,716 $ 72,715 Denominator: Denominator for basic net income per share - weighted average shares 113,960 110,407 113,252 109,614 Effect of dilutive securities: Stock options and restricted stock units 1,483 2,785 2,721 2,836 Dilutive potential common shares 1,483 2,785 2,721 2,836 Denominator for diluted net income per share 115,443 113,192 115,973 112,450 Net income per share: Basic $ 0.05 $ 0.44 $ 0.23 $ 0.66 Diluted $ 0.05 $ 0.43 $ 0.22 $ 0.65 The following table presents potential shares of common stock excluded from the calculation of diluted net income per share as their effect would have been anti-dilutive: Three Months Ended Six Months Ended (in thousands) October 29, 2017 October 30, 2016 October 29, 2017 October 30, 2016 Stock options and restricted stock units 2,185 271 1,629 569 0.50% Convertible Senior Notes due 2033 and 0.50% Convertible Senior Notes due 2036 were excluded from the calculation of diluted earnings per share under the treasury stock method for the periods when the conversion price exceeded the average market price for the Company's common stock.

Inventories

Inventories	6 Months Ended
	Oct. 29, 2017
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following: As of (in thousands) October 29, 2017 April 30, 2017 Raw materials $ 79,297 $ 66,560 Work-in-process 194,794 173,302 Finished goods 94,987 91,526 Total inventories $ 369,078 $ 331,388

Investments

Investments	6 Months Ended
	Oct. 29, 2017
Investments [Abstract]
Investments	Investments The Company's portfolio of fixed income securities consists of commercial paper notes and term bank certificates of deposit. All of the Company's investments in fixed income securities have original maturity (maturity at the purchase date) of less than 12 months and are reported as short-term investments in the consolidated balance sheets as of October 29, 2017 and April 30, 2017 . All of the Company's investments in fixed income securities are classified as held-to-maturity since the Company has the positive intent and ability to hold these investments until maturity. These investments are carried at amortized cost. The Company's investments in fixed income securities as of October 29, 2017 and April 30, 2017 were as follows: October 29, 2017 April 30, 2017 Gross Unrealized Gross Unrealized (in thousands) Amortized Cost Gains Losses Fair Value Amortized Cost Gains Losses Fair Value Commercial paper $ 548,479 $ — $ — $ 548,479 $ 571,592 $ — $ — $ 571,592 Certificates of deposit 409,737 — — 409,737 405,003 — — 405,003 Total $ 958,216 $ — $ — $ 958,216 $ 976,595 $ — $ — $ 976,595 During the three and six month periods ended October 29, 2017 and October 30, 2016 , there were no gross unrealized gains or losses, no realized gains or losses, and no other-than-temporary impairments.

Debt

Debt	6 Months Ended
	Oct. 29, 2017
Debt Disclosure [Abstract]
Debt	Debt 0.50% Convertible Senior Notes Due 2036 In December 2016, the Company issued and sold $575.0 million in aggregate principal amount of 0.50% Convertible Senior Notes due 2036 (the "2036 Notes") at par. The terms of the notes are governed by an indenture by and between the Company and Wells Fargo Bank, National Association, as Trustee. The notes will mature on December 15, 2036, unless earlier repurchased, redeemed or converted. The notes are senior unsecured and unsubordinated obligations of the Company, and are effectively subordinated to the Company's secured indebtedness and the indebtedness and other liabilities of the Company's subsidiaries. The notes bear interest at a rate of 0.5% per year, payable semi-annually in arrears on June 15 and December 15 each year. Holders of the notes may convert their notes at their option prior to the close of business on the business day immediately preceding June 15, 2036 only under the following circumstances: (1) during any fiscal quarter commencing after the fiscal quarter ending on January 29, 2017 (and only during such fiscal quarter), if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the applicable conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period ("measurement period"), in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company's common stock and the applicable conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events. On or after June 15, 2036 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their notes at any time, regardless of whether any of the foregoing circumstances have occurred. The conversion rate will initially equal 22.6388 shares of common stock per $1,000 principal amount of notes (which is equivalent to an initial conversion price of approximately $44.17 per share of common stock), subject to adjustment. Upon conversion of a note, the Company will pay or deliver, as the case may be, either cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company's election, as provided in the indenture. If holders elect to convert their notes in connection with a "fundamental change" (as defined in the indenture) that occurs on or before December 22, 2021, the Company will, to the extent provided in the indenture, increase the conversion rate applicable to such notes ("make-whole feature"). Holders will have the option to require the Company to redeem for cash any notes held by them in the event of a fundamental change at a purchase price equal to 100% of the principal amount of the notes plus accrued and unpaid interest to, but excluding, the redemption date. Holders also have the option to require the Company to redeem for cash any notes held by them on December 15, 2021, December 15, 2026 and December 15, 2031 at a redemption price equal to 100% of the principal amount of the notes plus accrued and unpaid interest to, but excluding, the redemption date. The Company may redeem the notes in whole or in part at any time on or after December 22, 2021 at 100% of the principal amount, plus accrued and unpaid interest to, but excluding, the redemption date. The Company considered the features embedded in the notes, that is, the conversion feature, the holders' put feature, the Company's call feature, and the make-whole feature, and concluded that they are not required to be bifurcated and accounted for separately from the host debt instrument. Because of its option to settle conversion of the notes in cash, the Company separated the liability and equity components of the notes. The carrying amount of the liability component at issuance date of $465.1 million was calculated by estimating the fair value of similar liabilities without a conversion feature. The residual principal amount of the notes of $109.9 million was allocated to the equity component. The resulting debt discount is amortized as interest expense. As of October 29, 2017 , the remaining debt discount amortization period was 50 months . As of October 29, 2017 , the 2036 Notes consisted of the following (in thousands): Liability component: Principal $ 575,000 Unamortized debt discount (93,014 ) Unamortized debt issuance costs (3,820 ) Net carrying amount of the liability component $ 478,166 Carrying amount of the equity component $ 109,881 The Company incurred approximately $5.7 million in transaction costs in connection with the issuance of the notes. These costs were allocated to the liability and equity components in proportion to the allocation of proceeds. Transaction costs of $4.6 million , allocated to the liability component, were recognized as a debt discount and are amortized. Transaction costs of $1.1 million , allocated to the equity component, were recognized as a reduction of additional paid-in capital. The following table sets forth interest expense information related to the 2036 Notes: Three Months Ended Six Months Ended (in thousands, except percentages) October 29, 2017 October 30, 2016 October 29, 2017 October 30, 2016 Contractual interest expense $ 719 n/a $ 1,438 n/a Amortization of the debt discount 5,044 n/a 10,008 n/a Amortization of issuance costs 231 n/a 462 n/a Total interest cost $ 5,994 n/a $ 11,908 n/a Effective interest rate on the liability component 4.85 % n/a 4.85 % n/a The Company applies the treasury stock method to determine the potential dilutive effect of the 2036 Notes on net income per share as a result of the Company's intent and stated policy to settle the principal amount of the 2036 Notes in cash. Convertible Senior Notes Due 2033 In December 2013, the Company issued and sold $258.8 million in aggregate principal amount of 0.50% Convertible Senior Notes due 2033 (the "2033 Notes") at par. The terms of the notes are governed by an indenture by and between the Company and Wells Fargo Bank, National Association, as Trustee. The notes will mature on December 15, 2033, unless earlier repurchased, redeemed or converted. The notes are senior unsecured and unsubordinated obligations of the Company, and are effectively subordinated to the Company's secured indebtedness and the indebtedness and other liabilities of the Company's subsidiaries. The notes bear interest at a rate of 0.5% per year, payable semi-annually in arrears on June 15 and December 15 each year. Holders of the notes may convert their notes at their option prior to the close of business on the business day immediately preceding June 15, 2033 only under the following circumstances: (1) during any fiscal quarter commencing after the fiscal quarter ending on January 26, 2014 (and only during such fiscal quarter), if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the applicable conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period ("measurement period"), in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company's common stock and the applicable conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events. On or after June 15, 2033 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their notes at any time, regardless of whether any of the foregoing circumstances have occurred. The conversion rate will initially equal 33.1301 shares of common stock per $1,000 principal amount of notes (which is equivalent to an initial conversion price of approximately $30.18 per share of common stock), subject to adjustment. Upon conversion of a note, the Company will pay or deliver, as the case may be, either cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company's election, as provided in the indenture. If holders elect to convert their notes in connection with a "fundamental change" (as defined in the indenture) that occurs on or before December 22, 2018, the Company will, to the extent provided in the indenture, increase the conversion rate applicable to such notes ("make-whole feature"). Holders will have the option to require the Company to redeem for cash any notes held by them in the event of a fundamental change at a purchase price equal to 100% of the principal amount of the notes plus accrued and unpaid interest to, but excluding, the redemption date. Holders also have the option to require the Company to redeem for cash any notes held by them on December 15, 2018, December 15, 2023 and December 15, 2028 at a redemption price equal to 100% of the principal amount of the notes plus accrued and unpaid interest to, but excluding, the redemption date. The Company may redeem the notes in whole or in part at any time on or after December 22, 2018 at 100% of the principal amount, plus accrued and unpaid interest to, but excluding, the redemption date. The Company considered the features embedded in the notes, that is, the conversion feature, the holders' put feature, the Company's call feature, and the make-whole feature, and concluded that they are not required to be bifurcated and accounted for separately from the host debt instrument. Because of its option to settle conversion of the notes in cash, the Company separated the liability and equity components of the notes. The carrying amount of the liability component at issuance date of $209.1 million was calculated by estimating the fair value of similar liabilities without a conversion feature. The residual principal amount of the notes of $49.6 million was allocated to the equity component. The resulting debt discount is amortized as interest expense. As of October 29, 2017 , the remaining debt discount amortization period was 13 months . As of October 29, 2017 , the 2033 Notes consisted of the following (in thousands): Liability component: Principal $ 258,750 Unamortized debt discount (12,438 ) Unamortized debt issuance costs (694 ) Net carrying amount of the liability component $ 245,618 Carrying amount of the equity component $ 49,648 The Company incurred approximately $3.8 million in transaction costs in connection with the issuance of the notes. These costs were allocated to the liability and equity components in proportion to the allocation of proceeds. Transaction costs of $3.1 million , allocated to the liability component, were recognized as a non-current asset and are amortized. Transaction costs of $725,000 , allocated to the equity component, were recognized as a reduction of additional paid-in capital. The following table sets forth interest expense information related to the 2033 Notes: Three Months Ended Six Months Ended (in thousands, except percentages) October 29, 2017 October 30, 2016 October 29, 2017 October 30, 2016 Contractual interest expense $ 324 $ 324 $ 648 $ 648 Amortization of the debt discount 2,633 2,509 5,224 4,978 Amortization of issuance costs 154 154 308 308 Total interest cost $ 3,111 $ 2,987 $ 6,180 $ 5,934 Effective interest rate on the liability component 4.87 % 4.87 % 4.87 % 4.87 % The Company applies the treasury stock method to determine the potential dilutive effect of the 2033 Notes on net income per share as a result of the Company's intent and stated policy to settle the principal amount of the 2033 Notes in cash.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Oct. 29, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company's financial instruments not measured at fair value on a recurring basis as of October 29, 2017 and April 30, 2017 were as follows: October 29, 2017 April 30, 2017 Carrying Fair Value Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Total Amount Level 1 Level 2 Level 3 Total Commercial paper $ 548,479 $ — $ 548,479 $ — $ 548,479 $ 571,592 $ — $ 571,592 $ — $ 571,592 Certificates of deposit $ 409,737 $ — $ 409,737 $ — $ 409,737 $ 405,003 $ — $ 405,003 $ — $ 405,003 2033 Notes $ 245,618 $ 268,777 $ — $ — $ 268,777 $ 240,085 $ 273,628 $ — $ — $ 273,628 2036 Notes $ 478,166 $ 539,063 $ — $ — $ 539,063 $ 467,697 $ 534,391 $ — $ — $ 534,391 The fair values of the Company's investments in commercial papers and certificates of deposit are based on quoted market prices for similar instruments or non-binding market prices that are corroborated by observable market data. The fair values of the 2033 Notes and the 2036 Notes are based on the price in the open market as of or close to the respective balance sheet dates. The difference between the carrying value and the fair value is primarily due to the spread between the conversion price and the market value of the shares underlying the conversion as of each respective balance sheet date.

Legal Matters

Legal Matters	6 Months Ended
	Oct. 29, 2017
Commitments and Contingencies Disclosure [Abstract]
Legal Matters	Legal Matters The Company accrues a liability for legal contingencies when it believes that it is both probable that a liability has been incurred and that it can reasonably estimate the amount of the loss. The Company reviews these accruals and adjusts them to reflect ongoing negotiations, settlements, rulings, advice of legal counsel and other relevant information. To the extent new information is obtained and the Company's views on the probable outcomes of claims, suits, assessments, investigations or legal proceedings change, changes in the Company's accrued liabilities would be recorded in the period in which such determination is made. For the matters referenced below, the amount of liability is not probable or the amount cannot be reasonably estimated; and, therefore, accruals have not been made. In addition, in accordance with the relevant authoritative guidance, for matters which the likelihood of material loss is at least reasonably possible, the Company provides disclosure of the possible loss or range of loss; however, if a reasonable estimate cannot be made, the Company will provide disclosure to that effect. Due to the nature of the Company's business, it is subject to claims alleging infringement by various Company products and services. The Company believes that it has meritorious defenses to the allegations made in its pending cases and intends to vigorously defend these lawsuits; however, it is currently unable to determine the ultimate outcome of these or similar matters. In addition, the Company is a defendant in various litigation matters generally arising out of the normal course of business. Although it is difficult to predict the ultimate outcomes of these cases, the Company believes that it is not reasonably possible that the ultimate outcomes will materially and adversely affect its business, financial position, results of operations or cash flows. Class Action and Shareholder Derivative Litigation Several securities class action lawsuits related to the Company's March 8, 2011 earnings announcement alleging claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 have been filed in the United States District Court for the Northern District of California on behalf of a purported class of persons who purchased stock between December 2, 2010 through March 8, 2011. The named defendants are the Company and Jerry Rawls, its Chief Executive Officer and Chairman of the Board, and Eitan Gertel, its former Chief Executive Officer. To date, no specific amount of damages has been alleged. The cases were consolidated, lead plaintiff was appointed and a consolidated complaint was filed. The Company filed a motion to dismiss the case. On January 16, 2013, the District Court granted the Company's motion to dismiss and granted the lead plaintiffs leave to amend the consolidated complaint. An amended consolidated complaint was filed on February 6, 2013. Thereafter, the Company filed a renewed motion to dismiss the case. On September 30, 2013, the District Court granted the Company's motion and dismissed the case with prejudice, and plaintiff appealed. On January 8, 2016, the Ninth Circuit Court of Appeals reversed the judgment in part for further proceedings in the District Court. On July 15, 2016, lead plaintiff filed a Second Amended Complaint in the District Court. On August 19, 2016, the Company moved to dismiss. On May 1, 2017, the District Court denied the motion and a case scheduling order has been issued. On December 5, 2017, the District Court issued an order denying class certification. In addition, two purported shareholder derivative lawsuits related to the Company's March 8, 2011 earnings announcement have been filed in the California Superior Court for the County of Santa Clara, and a third derivative lawsuit has been filed in the United States District Court for the Northern District of California. The complaints assert claims for alleged breach of fiduciary duty, unjust enrichment, and waste on behalf of the Company. Named as defendants are the members of the Company's board of directors and certain officers, including Jerry Rawls, the Company's Chief Executive Officer and Chairman of the Board, Eitan Gertel, the Company’s former Chief Executive Officer, and Kurt Adzema, the Company’s Chief Financial Officer. No specific amount of damages has been alleged and, by the derivative nature of the lawsuits, no damages will be alleged, against the Company. The state court cases have been consolidated and a lead plaintiff has been appointed to file a consolidated complaint. The derivative cases were stayed pending a ruling in the federal class action case. On August 7, 2017, the plaintiff in the federal case filed an amended complaint.

Guarantees and Indemnifications

Guarantees and Indemnifications	6 Months Ended
	Oct. 29, 2017
Guarantees [Abstract]
Guarantees and Indemnifications	Guarantees and Indemnifications Upon issuance of a guarantee, the guarantor must recognize a liability for the fair value of the obligations it assumes under that guarantee. As permitted under Delaware law and in accordance with the Company's Bylaws, the Company indemnifies its officers and directors for certain events or occurrences, subject to certain limits, while the officer or director is or was serving in such capacity at the Company's request. The term of the indemnification period is for the officer's or director's lifetime. The Company may terminate the indemnification agreements with its officers and directors upon 90 days written notice, but termination will not affect claims for indemnification relating to events occurring prior to the effective date of termination. The maximum amount of potential future indemnification is unlimited; however, the Company has a director and officer liability insurance policy that may enable it to recover a portion of any future amounts paid. The Company enters into indemnification obligations under its agreements with other companies in its ordinary course of business, including agreements with customers, business partners and insurers. Under these provisions the Company generally indemnifies and holds harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of the Company's activities or the use of the Company's products. These indemnification provisions generally survive termination of the underlying agreement. In some cases, the maximum potential amount of future payments the Company could be required to make under these indemnification provisions is unlimited. The Company believes the fair value of these indemnification obligations is immaterial. Accordingly, the Company has not recorded any liabilities for these agreements as of October 29, 2017 . To date, the Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification agreements.

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Oct. 29, 2017
Accounting Policies [Abstract]
Consolidation	The accompanying unaudited condensed consolidated financial statements as of October 29, 2017 and for the three and six month periods ended October 29, 2017 and October 30, 2016 have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), and include the accounts of Finisar Corporation and its controlled subsidiaries (collectively, “Finisar” or the “Company”). Intercompany accounts and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP and pursuant to the rules and regulations of the SEC have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the Company's financial position as of October 29, 2017 , its operating results for the three and six month periods ended October 29, 2017 and October 30, 2016 , and its cash flows for the six month periods ended October 29, 2017 and October 30, 2016 .
Use of Estimates	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates.
Pending Adoption of New Accounting Standards	Pending Adoption of New Accounting Standards In May 2014, the FASB, jointly with the International Accounting Standards Board, issued a comprehensive new standard on revenue recognition from contracts with customers. The standard's core principle is that a reporting entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying this new guidance to contracts within its scope, an entity will: (1) identify the contract(s) with a customer, (2) identify the performance obligation in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. Additionally, this new guidance would require significantly expanded disclosures about revenue recognition. Provisions of this new standard are effective for annual reporting periods (including interim reporting periods within those annual periods) beginning after December 15, 2016. In April 2015, the FASB proposed a deferral of this standard's effective date by one year. The proposed deferral allows early adoption at the original effective date. Entities have the option of using either a full retrospective or a modified retrospective approach to adopt this new guidance. The Company plans to adopt this standard using a modified retrospective approach. The Company's assessment has identified a change in revenue recognition timing on sales made to distributors. The Company expects to recognize revenue upon delivery of products to the distributor (in accordance with established shipping and delivery terms) rather than deferring recognition until the distributor sells the product to the end customer. On the date of the initial application, the Company will remove the deferred revenue on sales to distributors through a cumulative adjustment to retained earnings. The Company is continuing its evaluation of any additional potential effects, such as the timing of revenue recognition on licensing arrangements with respect to the Company’s intellectual property, on its consolidated financial position, results of operations and cash flows, as well as changes to its accounting policies and disclosures, from the adoption of this standard. In February 2016, the FASB issued an accounting standards update which replaces the current lease accounting standard. The update will require lessees, among other items, to recognize a right-of-use asset and a lease liability for most leases. The update is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. The new standard must be adopted using a modified retrospective transition, and provides for certain optional practical expedients. Transition will require application of the new guidance at the beginning of the earliest comparative period presented. The Company expects to adopt this standard in the first quarter of its fiscal 2020. The Company is currently evaluating potential effects on its consolidated financial position, results of operations and cash flows from the adoption of this standard. From time to time, new accounting pronouncements are issued by the FASB, or other standards setting bodies, that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial position, results of operations and cash flows upon adoption.
Earnings per Share	Basic net income per share has been computed using the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share has been computed using the weighted-average number of shares of common stock outstanding during the period plus dilutive potential shares of common stock from (1) stock options and restricted stock units (under the treasury stock method) and (2) convertible debt (under the treasury stock method) outstanding during the period.

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Oct. 29, 2017
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted Net Income per Share	The following table presents the calculation of basic and diluted net income per share: Three Months Ended Six Months Ended (in thousands, except per share amounts) October 29, 2017 October 30, 2016 October 29, 2017 October 30, 2016 Numerator: Net income $ 5,857 $ 48,766 $ 25,716 $ 72,715 Numerator for basic net income per share 5,857 48,766 25,716 72,715 Numerator for diluted net income per share $ 5,857 $ 48,766 $ 25,716 $ 72,715 Denominator: Denominator for basic net income per share - weighted average shares 113,960 110,407 113,252 109,614 Effect of dilutive securities: Stock options and restricted stock units 1,483 2,785 2,721 2,836 Dilutive potential common shares 1,483 2,785 2,721 2,836 Denominator for diluted net income per share 115,443 113,192 115,973 112,450 Net income per share: Basic $ 0.05 $ 0.44 $ 0.23 $ 0.66 Diluted $ 0.05 $ 0.43 $ 0.22 $ 0.65
Schedule of Antidilutive Securities Excluded from Computation of Net Income per Share	The following table presents potential shares of common stock excluded from the calculation of diluted net income per share as their effect would have been anti-dilutive: Three Months Ended Six Months Ended (in thousands) October 29, 2017 October 30, 2016 October 29, 2017 October 30, 2016 Stock options and restricted stock units 2,185 271 1,629 569

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Oct. 29, 2017
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: As of (in thousands) October 29, 2017 April 30, 2017 Raw materials $ 79,297 $ 66,560 Work-in-process 194,794 173,302 Finished goods 94,987 91,526 Total inventories $ 369,078 $ 331,388

Investments Investments (Tables

Investments Investments (Tables)	6 Months Ended
	Oct. 29, 2017
Investments [Abstract]
Investments in Fixed Income Securities	The Company's investments in fixed income securities as of October 29, 2017 and April 30, 2017 were as follows: October 29, 2017 April 30, 2017 Gross Unrealized Gross Unrealized (in thousands) Amortized Cost Gains Losses Fair Value Amortized Cost Gains Losses Fair Value Commercial paper $ 548,479 $ — $ — $ 548,479 $ 571,592 $ — $ — $ 571,592 Certificates of deposit 409,737 — — 409,737 405,003 — — 405,003 Total $ 958,216 $ — $ — $ 958,216 $ 976,595 $ — $ — $ 976,595

Debt (Tables)

Debt (Tables)	6 Months Ended
	Oct. 29, 2017
Debt Disclosure [Abstract]
Schedule of Notes	As of October 29, 2017 , the 2036 Notes consisted of the following (in thousands): Liability component: Principal $ 575,000 Unamortized debt discount (93,014 ) Unamortized debt issuance costs (3,820 ) Net carrying amount of the liability component $ 478,166 Carrying amount of the equity component $ 109,881 As of October 29, 2017 , the 2033 Notes consisted of the following (in thousands): Liability component: Principal $ 258,750 Unamortized debt discount (12,438 ) Unamortized debt issuance costs (694 ) Net carrying amount of the liability component $ 245,618 Carrying amount of the equity component $ 49,648
Schedule of Interest Expense Information	The following table sets forth interest expense information related to the 2036 Notes: Three Months Ended Six Months Ended (in thousands, except percentages) October 29, 2017 October 30, 2016 October 29, 2017 October 30, 2016 Contractual interest expense $ 719 n/a $ 1,438 n/a Amortization of the debt discount 5,044 n/a 10,008 n/a Amortization of issuance costs 231 n/a 462 n/a Total interest cost $ 5,994 n/a $ 11,908 n/a Effective interest rate on the liability component 4.85 % n/a 4.85 % n/a The following table sets forth interest expense information related to the 2033 Notes: Three Months Ended Six Months Ended (in thousands, except percentages) October 29, 2017 October 30, 2016 October 29, 2017 October 30, 2016 Contractual interest expense $ 324 $ 324 $ 648 $ 648 Amortization of the debt discount 2,633 2,509 5,224 4,978 Amortization of issuance costs 154 154 308 308 Total interest cost $ 3,111 $ 2,987 $ 6,180 $ 5,934 Effective interest rate on the liability component 4.87 % 4.87 % 4.87 % 4.87 %

Fair Value of Financial Instr21

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Oct. 29, 2017
Fair Value Disclosures [Abstract]
Financial Instruments Not Measured at Fair Value on a Recurring Basis	The Company's financial instruments not measured at fair value on a recurring basis as of October 29, 2017 and April 30, 2017 were as follows: October 29, 2017 April 30, 2017 Carrying Fair Value Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Total Amount Level 1 Level 2 Level 3 Total Commercial paper $ 548,479 $ — $ 548,479 $ — $ 548,479 $ 571,592 $ — $ 571,592 $ — $ 571,592 Certificates of deposit $ 409,737 $ — $ 409,737 $ — $ 409,737 $ 405,003 $ — $ 405,003 $ — $ 405,003 2033 Notes $ 245,618 $ 268,777 $ — $ — $ 268,777 $ 240,085 $ 273,628 $ — $ — $ 273,628 2036 Notes $ 478,166 $ 539,063 $ — $ — $ 539,063 $ 467,697 $ 534,391 $ — $ — $ 534,391

Earnings per Share - Schedule o

Earnings per Share - Schedule of Calculation of Basic and Diluted Net Income per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 29, 2017	Oct. 30, 2016	Oct. 29, 2017	Oct. 30, 2016
Numerator:
Net income	$ 5,857	$ 48,766	$ 25,716	$ 72,715
Numerator for basic net income per share	5,857	48,766	25,716	72,715
Numerator for diluted net income per share	$ 5,857	$ 48,766	$ 25,716	$ 72,715
Denominator:
Denominator for basic net income per share - weighted average shares (shares)	113,960	110,407	113,252	109,614
Effect of dilutive securities:
Stock options and restricted stock units (shares)	1,483	2,785	2,721	2,836
Dilutive potential common shares (shares)	1,483	2,785	2,721	2,836
Denominator for diluted net income per share (shares)	115,443	113,192	115,973	112,450
Net income per share:
Basic (in dollars per share)	$ 0.05	$ 0.44	$ 0.23	$ 0.66
Diluted (in dollars per share)	$ 0.05	$ 0.43	$ 0.22	$ 0.65

Earnings per Share - Schedule23

Earnings per Share - Schedule of Antidilutive Securities Excluded from Calculation of Diluted Net Income Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Oct. 29, 2017	Oct. 30, 2016	Oct. 29, 2017	Oct. 30, 2016
Stock Options and Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share
Stock options and restricted stock units (shares)	2,185	271	1,629	569

Earnings per Share - Narrative

Earnings per Share - Narrative (Details) - Convertible Debt	Oct. 29, 2017	Dec. 31, 2013
0.5% Convertible Senior Notes Due 2033
Debt Instrument:
Interest rate	0.50%	0.50%
0.5% Convertible Senior Notes Due 2036
Debt Instrument:
Interest rate	0.50%

Inventories - Schedule of Inve

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Oct. 29, 2017	Apr. 30, 2017
Inventory, Net [Abstract]
Raw materials	$ 79,297	$ 66,560
Work-in-process	194,794	173,302
Finished goods	94,987	91,526
Total inventories	$ 369,078	$ 331,388

Investments - Schedule of Fixed

Investments - Schedule of Fixed Income Securities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 29, 2017	Oct. 30, 2016	Oct. 29, 2017	Oct. 30, 2016	Apr. 30, 2017
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 958,216,000		$ 958,216,000		$ 976,595,000
Gross unrealized gains	0	$ 0	0	$ 0	0
Gross unrealized losses	0	0	0	0	0
Fair Value	958,216,000		958,216,000		976,595,000
Realized gains or losses	0	0	0	0
Other-than-temporary impairments	0	$ 0	0	$ 0
Commercial paper
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	548,479,000		548,479,000		571,592,000
Gross unrealized gains	0		0		0
Gross unrealized losses	0		0		0
Fair Value	548,479,000		548,479,000		571,592,000
Certificates of deposit
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	409,737,000		409,737,000		405,003,000
Gross unrealized gains	0		0		0
Gross unrealized losses	0		0		0
Fair Value	$ 409,737,000		$ 409,737,000		$ 405,003,000

Debt - Narrative (Details)

Debt - Narrative (Details) - Convertible Debt	1 Months Ended		6 Months Ended
	Dec. 31, 2016USD ($)day$ / shares	Dec. 31, 2013USD ($)day$ / shares	Oct. 29, 2017USD ($)
0.5% Convertible Senior Notes Due 2036
Debt Instrument:
Principal	$ 575,000,000
Interest rate	0.50%
Conversion ratio	0.0226388
Conversion price (in dollars per share) | $ / shares	$ 44.17
Carrying amount of liability component	$ 465,100,000
Carrying amount of the equity component	109,900,000		$ 109,881,000
Remaining discount amortization period			50 months
Transaction costs	5,700,000
0.5% Convertible Senior Notes Due 2036 | Additional Paid-in Capital
Debt Instrument:
Transaction costs	1,100,000
0.5% Convertible Senior Notes Due 2036 | Other Noncurrent Assets
Debt Instrument:
Transaction costs	$ 4,600,000
0.5% Convertible Senior Notes Due 2036 | In The Event Of Fundamental Change in Control
Debt Instrument:
Redemption price (percentage)	100.00%
0.5% Convertible Senior Notes Due 2036 | December 15, 2018/December 15, 2021, by Holders
Debt Instrument:
Redemption price (percentage)	100.00%
0.5% Convertible Senior Notes Due 2036 | December 15, 2023/December 15, 2026, by Holders
Debt Instrument:
Redemption price (percentage)	100.00%
0.5% Convertible Senior Notes Due 2036 | December 15, 2028/December 15, 2031, by Holders
Debt Instrument:
Redemption price (percentage)	100.00%
0.5% Convertible Senior Notes Due 2036 | On or after December 22, 2018/December 22, 2021
Debt Instrument:
Redemption price (percentage)	100.00%
0.5% Convertible Senior Notes Due 2036 | Conversion Option One
Debt Instrument:
Threshold trading days | day	20
Threshold consecutive trading days | day	30
Threshold percentage of stock price trigger	130.00%
0.5% Convertible Senior Notes Due 2036 | Conversion Option Two
Debt Instrument:
Threshold trading days | day	5
Threshold consecutive trading days | day	5
Threshold percentage of stock price trigger	98.00%
0.5% Convertible Senior Notes Due 2033
Debt Instrument:
Principal		$ 258,800,000
Interest rate		0.50%	0.50%
Conversion ratio		0.0331301
Conversion price (in dollars per share) | $ / shares		$ 30.18
Carrying amount of liability component		$ 209,100,000
Carrying amount of the equity component		49,600,000	$ 49,648,000
Remaining discount amortization period			13 months
Transaction costs		3,800,000
0.5% Convertible Senior Notes Due 2033 | Additional Paid-in Capital
Debt Instrument:
Transaction costs		725,000
0.5% Convertible Senior Notes Due 2033 | Other Noncurrent Assets
Debt Instrument:
Transaction costs		$ 3,100,000
0.5% Convertible Senior Notes Due 2033 | In The Event Of Fundamental Change in Control
Debt Instrument:
Redemption price (percentage)		100.00%
0.5% Convertible Senior Notes Due 2033 | December 15, 2018/December 15, 2021, by Holders
Debt Instrument:
Redemption price (percentage)		100.00%
0.5% Convertible Senior Notes Due 2033 | December 15, 2023/December 15, 2026, by Holders
Debt Instrument:
Redemption price (percentage)		100.00%
0.5% Convertible Senior Notes Due 2033 | December 15, 2028/December 15, 2031, by Holders
Debt Instrument:
Redemption price (percentage)		100.00%
0.5% Convertible Senior Notes Due 2033 | On or after December 22, 2018/December 22, 2021
Debt Instrument:
Redemption price (percentage)		100.00%
0.5% Convertible Senior Notes Due 2033 | Conversion Option One
Debt Instrument:
Threshold trading days | day		20
Threshold consecutive trading days | day		30
Threshold percentage of stock price trigger		130.00%
0.5% Convertible Senior Notes Due 2033 | Conversion Option Two
Debt Instrument:
Threshold trading days | day		5
Threshold consecutive trading days | day		5
Threshold percentage of stock price trigger		98.00%

Debt - Convertible Debt (Detail

Debt - Convertible Debt (Details) - Convertible Debt - USD ($) $ in Thousands	Oct. 29, 2017	Dec. 31, 2016	Dec. 31, 2013
0.5% Convertible Senior Notes Due 2036
Liability component:
Principal	$ 575,000
Unamortized debt discount	(93,014)
Unamortized debt issuance costs	(3,820)
Net carrying amount of the liability component	478,166
Carrying amount of the equity component	109,881	$ 109,900
0.5% Convertible Senior Notes Due 2033
Liability component:
Principal	258,750
Unamortized debt discount	(12,438)
Unamortized debt issuance costs	(694)
Net carrying amount of the liability component	245,618
Carrying amount of the equity component	$ 49,648		$ 49,600

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 29, 2017	Oct. 30, 2016	Oct. 29, 2017	Oct. 30, 2016
Debt Instrument:
Amortization of the debt discount			$ 15,232	$ 4,978
Convertible Debt | 0.5% Convertible Senior Notes Due 2036
Debt Instrument:
Contractual interest expense	$ 719		1,438
Amortization of the debt discount	5,044		10,008
Amortization of issuance costs	231		462
Total interest cost	$ 5,994		$ 11,908
Effective interest rate on the liability component	4.85%		4.85%
Convertible Debt | 0.5% Convertible Senior Notes Due 2033
Debt Instrument:
Contractual interest expense	$ 324	$ 324	$ 648	648
Amortization of the debt discount	2,633	2,509	5,224	4,978
Amortization of issuance costs	154	154	308	308
Total interest cost	$ 3,111	$ 2,987	$ 6,180	$ 5,934
Effective interest rate on the liability component	4.87%	4.87%	4.87%	4.87%

Fair Value of Financial Instr30

Fair Value of Financial Instruments - Financial Instruments Not Measured at Fair Value on a Recurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands	Oct. 29, 2017	Apr. 30, 2017
Carrying Amount | 0.5% Convertible Senior Notes Due 2033
Financial Assets
Convertible notes	$ 245,618	$ 240,085
Carrying Amount | 0.5% Convertible Senior Notes Due 2036
Financial Assets
Convertible notes	478,166	467,697
Carrying Amount | Commercial paper
Financial Assets
Cash and cash equivalents	548,479	571,592
Carrying Amount | Certificates of deposit
Financial Assets
Investments	409,737	405,003
Fair Value | 0.5% Convertible Senior Notes Due 2033
Financial Assets
Convertible notes	268,777	273,628
Fair Value | 0.5% Convertible Senior Notes Due 2036
Financial Assets
Convertible notes	539,063	534,391
Fair Value | Commercial paper
Financial Assets
Cash and cash equivalents	548,479	571,592
Fair Value | Certificates of deposit
Financial Assets
Investments	409,737	405,003
Fair Value | Level 1 | 0.5% Convertible Senior Notes Due 2033
Financial Assets
Convertible notes	268,777	273,628
Fair Value | Level 1 | 0.5% Convertible Senior Notes Due 2036
Financial Assets
Convertible notes	539,063	534,391
Fair Value | Level 1 | Commercial paper
Financial Assets
Cash and cash equivalents	0	0
Fair Value | Level 1 | Certificates of deposit
Financial Assets
Investments	0	0
Fair Value | Level 2 | 0.5% Convertible Senior Notes Due 2033
Financial Assets
Convertible notes	0	0
Fair Value | Level 2 | 0.5% Convertible Senior Notes Due 2036
Financial Assets
Convertible notes	0	0
Fair Value | Level 2 | Commercial paper
Financial Assets
Cash and cash equivalents	548,479	571,592
Fair Value | Level 2 | Certificates of deposit
Financial Assets
Investments	409,737	405,003
Fair Value | Level 3 | 0.5% Convertible Senior Notes Due 2033
Financial Assets
Convertible notes	0	0
Fair Value | Level 3 | 0.5% Convertible Senior Notes Due 2036
Financial Assets
Convertible notes	0	0
Fair Value | Level 3 | Commercial paper
Financial Assets
Cash and cash equivalents	0	0
Fair Value | Level 3 | Certificates of deposit
Financial Assets
Investments	$ 0	$ 0

Legal Matters (Details)

Legal Matters (Details)	6 Months Ended
	Oct. 29, 2017USD ($)	Mar. 08, 2011lawsuit
Loss Contingencies
Damages | $	$ 0
Class Action and Shareholder Derivative Litigation | Pending Litigation
Loss Contingencies
Number of pending claims | lawsuit		2

Guarantees and Indemnificatio32

Guarantees and Indemnifications (Details)	6 Months Ended
	Oct. 29, 2017
Guarantees [Abstract]
Period of written notification to terminate agreement	90 days